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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-07343
Exact name of registrant as specified in charter:	The Prudential Investment Portfolios, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	9/30/2018
Date of reporting period:	3/31/2018

Item 1 – Reports to Stockholders

PRUDENTIAL BALANCED FUND

SEMIANNUAL REPORT

MARCH 31, 2018

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

Objective: Income and long-term growth of capital

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

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

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

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

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PRUDENTIAL FUNDS — UPDATE

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

- Not part of the Semiannual Report -

Prudential Balanced Fund 3

PRUDENTIAL FUNDS — UPDATE

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

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

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

- Not part of the Semiannual Report -

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

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

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

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

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

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

- Not part of the Semiannual Report -

Prudential Balanced Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Fees and Expenses	11
Holdings and Financial Statements	13

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Letter from the President

Dear Shareholder:

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

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

Prudential Mutual Funds will be renamed from Prudential to PGIM Funds. Renaming our funds is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name is changing. Your Fund’s management and operation, along with the Fund’s symbols, will remain the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Balanced Fund

May 15, 2018

*Note: The Prudential Day One Funds will not be changing their names.

Prudential Balanced Fund 7

Your Fund’s Performance (unaudited)

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

	Total Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	2.68	2.70	7.06	6.09	—
Class B	2.27	2.84	7.37	5.95	—
Class C	2.37	6.95	7.54	5.96	—
Class R	2.46	8.33	8.04	6.44	—
Class Z	2.88	9.07	8.63	7.03	—
Class Q	0.14**	N/A	N/A	N/A	N/A (11/28/17)
Customized Blend Index
	2.82	8.74	8.32	7.14	—
Bloomberg Barclays US Aggregate Bond Index
	–1.08	1.20	1.82	3.63	—
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Mixed-Asset Target Allocation Growth Funds Average
	3.24	9.94	7.67	6.13	—

*Not Annualized

**Since Inception

Source: PGIM Investments LLC and Lipper Inc.

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

	Class A**	Class B*	Class C**	Class R**	Class Z**	Class Q***
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS—UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Customized Blend Index—The Customized Blend Index is made up of the S&P 500 Index (50%), the Bloomberg Barclays US Aggregate Bond Index (40%), the Russell 2000 Index (5%), and the Morgan Stanley Capital International Europe, Australasia and Far East Net Dividend (MSCI EAFE ND) Index (5%). The Net Dividend (ND) version of the MSCI EAFE Index reflects the impact of the maximum withholding taxes on reinvested dividends. Each component of the Customized Blend Index is an unmanaged index generally considered to represent the performance of its asset class. The Customized Blend Index is intended to provide a theoretical comparison to the Fund’s performance based on the amounts allocated to each class under the Fund’s investment strategies.

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the US Government and its agencies and by corporations with between one and 10 years remaining to maturity on the securities. It gives a broad look at how US investment-grade bonds have performed.

Prudential Balanced Fund 9

Your Fund’s Performance (continued)

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Mixed-Asset Target Allocation Growth Funds Average—The Lipper Mixed-Asset Target Allocation Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Mixed-Asset Target Allocation Growth Funds universe for the periods noted. Funds in the Lipper Average are funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock:bond ratio ranges around 60%:40%.

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

Presentation of Fund Holdings

Five Largest Equity Holdings expressed as a percentage of net assets as of 3/31/18 (%)
Microsoft Corp., Software	1.5
Apple, Inc., Technology Hardware, Storage & Peripherals	1.5
JPMorgan Chase & Co., Banks	1.3
Facebook, Inc., Internet Software & Services	1.1
Bank of America Corp., Banks	1.0

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

Five Largest Equity Industries expressed as a percentage of net assets as of 3/31/18 (%)
Banks	4.6
Software	3.4
Internet Software & Services	2.9
Oil, Gas & Consumable Fuels	2.9
Semiconductors & Semiconductor Equipment	2.8

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

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Fees and Expenses (unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Prudential Balanced Fund 11

Fees and Expenses (continued)

period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential Balanced Fund		Beginning  Account Value October 1, 2017		Ending  Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,026.80		1.16	%	$	5.86
	Hypothetical	$	1,000.00	$	1,019.15		1.16	%	$	5.84
Class B	Actual	$	1,000.00	$	1,022.70		2.08	%	$	10.49
	Hypothetical	$	1,000.00	$	1,014.56		2.08	%	$	10.45
Class C	Actual	$	1,000.00	$	1,023.70		1.86	%	$	9.38
	Hypothetical	$	1,000.00	$	1,015.66		1.86	%	$	9.35
Class R	Actual	$	1,000.00	$	1,024.60		1.63	%	$	8.23
	Hypothetical	$	1,000.00	$	1,016.80		1.63	%	$	8.20
Class Z	Actual	$	1,000.00	$	1,028.80		0.86	%	$	4.35
	Hypothetical	$	1,000.00	$	1,020.64		0.86	%	$	4.33
Class Q**	Actual	$	1,000.00	$	1,001.40		0.88	%	$	2.97
	Hypothetical	$	1,000.00	$	1,020.54		0.88	%	$	4.43

*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 182 days in the six-month period ended March 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**“Actual” expenses are calculated using the 123 days in the period ended March 31, 2018 due to the class’ inception date of November 28, 2017.

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Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    97.5%
COMMON STOCKS    61.4%
Aerospace & Defense    2.1%
AAR Corp.		2,300	$	101,453
Airbus SE (France)		1,162		134,511
BAE Systems PLC (United Kingdom)		6,388		52,265
Boeing Co. (The)		12,700		4,164,076
Cobham PLC (United Kingdom)*		5,420		9,340
Curtiss-Wright Corp.		1,300		175,591
Dassault Aviation SA (France)		5		9,552
Ducommun, Inc.*		800		24,304
Elbit Systems Ltd. (Israel)		45		5,418
Engility Holdings, Inc.*		200		4,880
Esterline Technologies Corp.*		1,000		73,150
Harris Corp.		12,300		1,983,744
Huntington Ingalls Industries, Inc.		5,500		1,417,680
Leonardo SpA (Italy)		776		8,975
Lockheed Martin Corp.		8,200		2,771,026
Meggitt PLC (United Kingdom)		1,504		9,124
Moog, Inc. (Class A Stock)*		1,500		123,615
MTU Aero Engines AG (Germany)		103		17,359
Raytheon Co.		1,200		258,984
Rolls-Royce Holdings PLC (United Kingdom)*		3,315		40,529
Safran SA (France)		678		71,956
Singapore Technologies Engineering Ltd. (Singapore)		3,100		8,528
Spirit AeroSystems Holdings, Inc. (Class A Stock)		8,300		694,710
Thales SA (France)		222		27,045
Vectrus, Inc.*		2,300		85,652
Wesco Aircraft Holdings, Inc.*		4,000		41,000
				12,314,467
Air Freight & Logistics    0.4%
Bollore SA (France)		1,631		8,701
Deutsche Post AG (Germany) (Registered Shares)		1,968		86,197
FedEx Corp.		8,800		2,112,968
Royal Mail PLC (United Kingdom)		1,955		14,838
United Parcel Service, Inc. (Class B Stock)		2,500		261,650
Yamato Holdings Co. Ltd. (Japan)		700		17,595
				2,501,949
Airlines    0.0%
ANA Holdings, Inc. (Japan)		230		8,913
Deutsche Lufthansa AG (Germany) (Registered Shares)		458		14,641
easyJet PLC (United Kingdom)		281		6,334

See Notes to Financial Statements.

Prudential Balanced Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Airlines (cont’d.)
International Consolidated Airlines Group SA (United Kingdom)		1,236	$	10,701
Japan Airlines Co. Ltd. (Japan)		200		8,143
Singapore Airlines Ltd. (Singapore)		1,200		9,972
Southwest Airlines Co.		2,100		120,288
				178,992
Auto Components    0.3%
Aisin Seiki Co. Ltd. (Japan)		350		19,101
BorgWarner, Inc.		24,700		1,240,681
Bridgestone Corp. (Japan)		1,300		57,192
Cie Generale des Etablissements Michelin SCA (France)		346		51,223
Continental AG (Germany)		220		60,767
Cooper-Standard Holdings, Inc.*		1,200		147,372
Denso Corp. (Japan)		950		52,254
Faurecia SA (France)		150		12,137
GKN PLC (United Kingdom)		3,442		22,310
Koito Manufacturing Co. Ltd. (Japan)		200		13,967
Minth Group Ltd. (China)		2,000		9,176
Modine Manufacturing Co.*		500		10,575
NGK Spark Plug Co. Ltd. (Japan)		300		7,229
NOK Corp. (Japan)		200		3,905
Nokian Renkaat OYJ (Finland)		253		11,490
Stanley Electric Co. Ltd. (Japan)		300		11,264
Sumitomo Electric Industries Ltd. (Japan)		1,500		22,925
Sumitomo Rubber Industries Ltd. (Japan)		400		7,375
Tenneco, Inc.		3,200		175,584
Tower International, Inc.		1,500		41,625
Toyoda Gosei Co. Ltd. (Japan)		150		3,474
Toyota Industries Corp. (Japan)		350		21,159
Valeo SA (France)		471		31,157
Yokohama Rubber Co. Ltd. (The) (Japan)		300		6,953
				2,040,895
Automobiles    0.6%
Bayerische Motoren Werke AG (Germany)		663		72,114
Daimler AG (Germany) (Registered Shares)		1,927		164,181
Ferrari NV (Italy)		240		28,851
Fiat Chrysler Automobiles NV (United Kingdom)		2,153		43,913
General Motors Co.		53,900		1,958,726
Honda Motor Co. Ltd. (Japan)		3,500		121,158
Isuzu Motors Ltd. (Japan)		1,150		17,620
Mazda Motor Corp. (Japan)		1,160		15,514

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles (cont’d.)
Mitsubishi Motors Corp. (Japan)		1,470	$	10,513
Nissan Motor Co. Ltd. (Japan)		4,600		47,482
Peugeot SA (France)		1,160		27,932
Renault SA (France)		382		46,355
Subaru Corp. (Japan)		1,200		39,723
Suzuki Motor Corp. (Japan)		700		38,005
Thor Industries, Inc.		6,800		783,156
Toyota Motor Corp. (Japan)		5,254		341,151
Volkswagen AG (Germany)		61		12,209
Winnebago Industries, Inc.		1,500		56,400
Yamaha Motor Co. Ltd. (Japan)		600		17,851
				3,842,854
Banks    4.6%
ABN AMRO Group NV (Netherlands), CVA, 144A		838		25,269
AIB Group PLC (Ireland)		1,607		9,672
American National Bankshares, Inc.		300		11,280
Aozora Bank Ltd. (Japan)		260		10,435
Australia & New Zealand Banking Group Ltd. (Australia)		5,878		122,341
BancFirst Corp.		1,200		63,720
Banco Bilbao Vizcaya Argentaria SA (Spain)		13,343		105,671
Banco de Sabadell SA (Spain)		10,534		21,547
Banco Santander SA (Spain)		32,324		211,573
Bancorp, Inc. (The)*		7,600		82,080
Bank Hapoalim BM (Israel)		2,045		14,063
Bank Leumi Le-Israel BM (Israel)		3,069		18,538
Bank of America Corp.		192,200		5,764,078
Bank of East Asia Ltd. (The) (Hong Kong)		2,600		10,418
Bank of Ireland Group PLC (Ireland)*		1,882		16,492
Bank of Kyoto Ltd. (The) (Japan)		120		6,800
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		1,100		49,368
Bank of Queensland Ltd. (Australia)		843		7,156
Bankia SA (Spain)		2,469		11,076
Bankinter SA (Spain)		1,265		13,024
BankUnited, Inc.		4,900		195,902
Barclays PLC (United Kingdom)		34,088		99,609
Bendigo & Adelaide Bank Ltd. (Australia)		1,072		8,162
Berkshire Hills Bancorp, Inc.		1,700		64,515
BNP Paribas SA (France)		2,248		166,713
BOC Hong Kong Holdings Ltd. (China)		7,500		36,793
Boston Private Financial Holdings, Inc.		1,700		25,585
Brookline Bancorp, Inc.		4,800		77,760
CaixaBank SA (Spain)		7,086		33,784

See Notes to Financial Statements.

Prudential Balanced Fund 15

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Cathay General Bancorp		1,400	$	55,972
Chiba Bank Ltd. (The) (Japan)		1,500		12,264
Citigroup, Inc.		56,770		3,831,975
Commerzbank AG (Germany)*		2,152		27,938
Commonwealth Bank of Australia (Australia)		3,506		196,062
Community Trust Bancorp, Inc.		200		9,040
Concordia Financial Group Ltd. (Japan)		2,400		13,551
Credit Agricole SA (France)		2,271		37,029
Danske Bank A/S (Denmark)		1,500		56,202
DBS Group Holdings Ltd. (Singapore)		3,613		76,315
DNB ASA (Norway)		1,956		38,528
Erste Group Bank AG (Austria)		624		31,371
Farmers National Banc Corp.		1,500		20,775
FB Financial Corp.*		300		12,177
Financial Institutions, Inc.		3,400		100,640
First Bancorp.		1,900		67,735
First BanCorp. (Puerto Rico)*		17,500		105,350
First Busey Corp.		600		17,832
First Citizens BancShares, Inc. (Class A Stock)		500		206,620
First Community Bancshares, Inc.		1,600		47,760
First Financial Corp.		1,300		54,080
First Interstate BancSystem, Inc. (Class A Stock)		3,800		150,290
Flushing Financial Corp.		900		24,264
Fukuoka Financial Group, Inc. (Japan)		1,700		9,313
Great Southern Bancorp, Inc.		800		39,960
Hachijuni Bank Ltd. (The) (Japan)		800		4,348
Hancock Holding Co.		4,300		222,310
Hang Seng Bank Ltd. (Hong Kong)		1,500		34,852
Heartland Financial USA, Inc.		2,000		106,100
Hilltop Holdings, Inc.		7,600		178,296
HSBC Holdings PLC (United Kingdom)		40,000		375,628
IBERIABANK Corp.		1,600		124,800
Independent Bank Corp.		3,000		68,700
ING Groep NV (Netherlands)		7,775		131,205
International Bancshares Corp.		1,900		73,910
Intesa Sanpaolo SpA (Italy)		26,976		98,220
Intesa Sanpaolo SpA (Italy), RSP		1,831		6,935
Japan Post Bank Co. Ltd. (Japan)		800		10,857
JPMorgan Chase & Co.		67,130		7,382,286
KBC Group NV (Belgium)		497		43,278
Kyushu Financial Group, Inc. (Japan)		700		3,496
Lloyds Banking Group PLC (United Kingdom)		143,975		130,963
Mebuki Financial Group, Inc. (Japan)		1,804		7,007

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Mediobanca Banca di Credito Finanziario SpA (Italy)		1,171	$	13,767
Metropolitan Bank Holding Corp.*		400		16,844
MidWestOne Financial Group, Inc.		900		29,961
Mitsubishi UFJ Financial Group, Inc. (Japan)		23,900		158,830
Mizrahi Tefahot Bank Ltd. (Israel)		326		6,245
Mizuho Financial Group, Inc. (Japan)		48,260		87,948
National Australia Bank Ltd. (Australia)		5,374		118,639
Nordea Bank AB (Sweden)		6,078		65,034
OFG Bancorp (Puerto Rico)		2,000		20,900
Old Second Bancorp, Inc.		2,600		36,140
Oversea-Chinese Banking Corp. Ltd. (Singapore)		6,427		63,312
Peapack Gladstone Financial Corp.		1,500		50,085
Peoples Bancorp, Inc.		1,200		42,540
Preferred Bank		900		57,780
QCR Holdings, Inc.		1,700		76,245
Raiffeisen Bank International AG (Austria)*		280		10,906
Republic Bancorp, Inc. (Class A Stock)		500		19,150
Resona Holdings, Inc. (Japan)		4,600		24,725
Royal Bank of Scotland Group PLC (United Kingdom)*		7,070		25,719
Seven Bank Ltd. (Japan)		1,200		3,850
Shinsei Bank Ltd. (Japan)		320		4,964
Shizuoka Bank Ltd. (The) (Japan)		1,100		10,578
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		3,040		31,939
Societe Generale SA (France)		1,535		83,366
Standard Chartered PLC (United Kingdom)		6,587		66,017
State Bank Financial Corp.		600		18,006
Sumitomo Mitsui Financial Group, Inc. (Japan)		2,717		115,267
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		618		25,263
Suruga Bank Ltd. (Japan)		400		5,614
Svenska Handelsbanken AB (Sweden) (Class A Stock)		3,041		38,064
Swedbank AB (Sweden) (Class A Stock)		1,812		40,716
TriState Capital Holdings, Inc.*		1,700		39,525
UniCredit SpA (Italy)*		4,008		83,772
United Community Banks, Inc.		6,300		199,395
United Overseas Bank Ltd. (Singapore)		2,686		56,519
Wells Fargo & Co.		69,641		3,649,885
West Bancorporation, Inc.		500		12,800
Westpac Banking Corp. (Australia)		6,791		150,417
Wintrust Financial Corp.		2,700		232,335
Yamaguchi Financial Group, Inc. (Japan)		400		4,950
				27,327,670

See Notes to Financial Statements.

Prudential Balanced Fund 17

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages    1.1%
Anheuser-Busch InBev SA/NV (Belgium)		1,525	$	167,669
Asahi Group Holdings Ltd. (Japan)		750		40,334
Carlsberg A/S (Denmark) (Class B Stock)		214		25,550
Coca-Cola Amatil Ltd. (Australia)		1,132		7,580
Coca-Cola Bottlers Japan Holdings, Inc. (Japan)		200		8,260
Coca-Cola Co. (The)		50,000		2,171,500
Coca-Cola European Partners PLC (United Kingdom)		430		17,914
Coca-Cola HBC AG (Switzerland)*		342		12,656
Davide Campari-Milano SpA (Italy)		1,146		8,676
Diageo PLC (United Kingdom)		5,040		170,451
Heineken Holding NV (Netherlands)		228		23,509
Heineken NV (Netherlands)		514		55,283
Kirin Holdings Co. Ltd. (Japan)		1,800		47,920
PepsiCo, Inc.		33,400		3,645,610
Pernod Ricard SA (France)		425		70,766
Remy Cointreau SA (France)		40		5,706
Suntory Beverage & Food Ltd. (Japan)		300		14,604
Treasury Wine Estates Ltd. (Australia)		1,555		20,316
				6,514,304
Biotechnology    1.8%
AbbVie, Inc.		41,500		3,927,975
Acorda Therapeutics, Inc.*		6,700		158,455
AMAG Pharmaceuticals, Inc.*		1,600		32,240
Amgen, Inc.		10,300		1,755,944
Biogen, Inc.*		4,100		1,122,662
BioSpecifics Technologies Corp.*		1,900		84,246
Catalyst Pharmaceuticals, Inc.*		2,600		6,214
Celgene Corp.*		5,000		446,050
CSL Ltd. (Australia)		905		109,033
Emergent BioSolutions, Inc.*		3,500		184,275
Enanta Pharmaceuticals, Inc.*		2,200		178,002
FibroGen, Inc.*		3,600		166,320
Genmab A/S (Denmark)*		117		25,207
Genomic Health, Inc.*		5,200		162,708
Gilead Sciences, Inc.		15,900		1,198,701
Grifols SA (Spain)		581		16,472
Halozyme Therapeutics, Inc.*		10,300		201,777
Karyopharm Therapeutics, Inc.*		1,600		21,472
MiMedx Group, Inc.*(a)		12,600		87,822
Myriad Genetics, Inc.*		700		20,685
PDL BioPharma, Inc.*		6,700		19,698
Retrophin, Inc.*		5,100		114,036

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Sangamo Therapeutics, Inc.*		4,200	$	79,800
Shire PLC		1,817		90,432
Vanda Pharmaceuticals, Inc.*		10,400		175,240
Xencor, Inc.*		2,200		65,956
				10,451,422
Building Products    0.1%
Asahi Glass Co. Ltd. (Japan)		380		15,925
Assa Abloy AB (Sweden) (Class B Stock)		1,977		42,852
Builders FirstSource, Inc.*		8,300		164,672
Cie de Saint-Gobain (France)		1,009		53,280
Continental Building Products, Inc.*		4,200		119,910
Daikin Industries Ltd. (Japan)		500		55,547
Geberit AG (Switzerland) (Registered Shares)		73		32,282
LIXIL Group Corp. (Japan)		600		13,310
NCI Building Systems, Inc.*		7,800		138,060
PGT Innovations, Inc.*		2,000		37,300
TOTO Ltd. (Japan)		250		13,108
Universal Forest Products, Inc.		5,100		165,495
				851,741
Capital Markets    1.5%
3i Group PLC (United Kingdom)		1,959		23,645
Affiliated Managers Group, Inc.		9,100		1,725,178
Ameriprise Financial, Inc.		11,500		1,701,310
Amundi SA (France), 144A		119		9,557
ASX Ltd. (Australia)		375		16,252
BlackRock, Inc.		1,500		812,580
Credit Suisse Group AG (Switzerland) (Registered Shares)*		4,925		82,715
Daiwa Securities Group, Inc. (Japan)		3,000		19,308
Deutsche Bank AG (Germany) (Registered Shares)		4,136		57,699
Deutsche Boerse AG (Germany)		386		52,767
Donnelley Financial Solutions, Inc.*		3,500		60,095
Evercore, Inc. (Class A Stock)		2,500		218,000
GAMCO Investors, Inc. (Class A Stock)		500		12,415
Hargreaves Lansdown PLC (United Kingdom)		491		11,270
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2,400		79,049
Houlihan Lokey, Inc.		3,000		133,800
INTL. FCStone, Inc.*		1,600		68,288
Investec PLC (South Africa)		1,252		9,676
Japan Exchange Group, Inc. (Japan)		1,000		18,724
Julius Baer Group Ltd. (Switzerland)*		455		28,001
Kingston Financial Group Ltd. (Hong Kong)		8,000		3,599

See Notes to Financial Statements.

Prudential Balanced Fund 19

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
London Stock Exchange Group PLC (United Kingdom)		631	$	36,537
Macquarie Group Ltd. (Australia)		659		52,547
Natixis SA (France)		1,881		15,434
Nomura Holdings, Inc. (Japan)		7,500		43,735
Partners Group Holding AG (Switzerland)		34		25,300
Raymond James Financial, Inc.		6,500		581,165
S&P Global, Inc.		13,900		2,655,734
SBI Holdings, Inc. (Japan)		480		11,278
Schroders PLC (United Kingdom)		239		10,723
Singapore Exchange Ltd. (Singapore)		1,600		9,033
St. James’s Place PLC (United Kingdom)		1,085		16,542
Stifel Financial Corp.		2,100		124,383
UBS Group AG (Switzerland) (Registered Shares)*		7,395		130,292
				8,856,631
Chemicals    1.4%
AdvanSix, Inc.*		4,304		149,693
Air Liquide SA (France)		855		104,924
Air Products & Chemicals, Inc.		1,800		286,254
Air Water, Inc. (Japan)		300		5,864
Akzo Nobel NV (Netherlands)		516		48,753
Arkema SA (France)		143		18,669
Asahi Kasei Corp. (Japan)		2,500		33,415
BASF SE (Germany)		1,838		186,405
Chemours Co. (The)		30,400		1,480,784
Chr Hansen Holding A/S (Denmark)		198		17,136
Clariant AG (Switzerland) (Registered Shares)*		458		10,957
Covestro AG (Germany), 144A		323		31,805
Croda International PLC (United Kingdom)		272		17,474
Daicel Corp. (Japan)		600		6,589
EMS-Chemie Holding AG (Switzerland) (Registered Shares)		16		10,122
Evonik Industries AG (Germany)		357		12,589
Frutarom Industries Ltd. (Israel)		73		6,712
Givaudan SA (Switzerland) (Registered Shares)		19		43,345
Hitachi Chemical Co. Ltd. (Japan)		200		4,468
Huntsman Corp.		39,000		1,140,750
Incitec Pivot Ltd. (Australia)		3,496		9,514
Ingevity Corp.*		3,100		228,439
Israel Chemicals Ltd. (Israel)		1,407		5,973
Johnson Matthey PLC (United Kingdom)		399		17,022
JSR Corp. (Japan)		350		7,877
K+S AG (Germany) (Registered Shares)		426		12,304
Kaneka Corp. (Japan)		500		4,974

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
Kansai Paint Co. Ltd. (Japan)		400	$	9,349
Koninklijke DSM NV (Netherlands)		360		35,783
Koppers Holdings, Inc.*		2,400		98,640
Kuraray Co. Ltd. (Japan)		700		12,137
LANXESS AG (Germany)		175		13,415
Linde AG (Germany)*		372		78,607
LyondellBasell Industries NV (Class A Stock)		20,400		2,155,872
Mitsubishi Chemical Holdings Corp. (Japan)		2,800		27,262
Mitsubishi Gas Chemical Co., Inc. (Japan)		350		8,446
Mitsui Chemicals, Inc. (Japan)		400		12,700
Nippon Paint Holdings Co. Ltd. (Japan)		350		12,892
Nissan Chemical Industries Ltd. (Japan)		200		8,308
Nitto Denko Corp. (Japan)		330		24,941
Novozymes A/S (Denmark) (Class B Stock)		455		23,687
Orica Ltd. (Australia)		716		9,855
PolyOne Corp.		4,300		182,836
Shin-Etsu Chemical Co. Ltd. (Japan)		780		81,361
Sika AG (Switzerland) (Bearer Shares)		4		31,377
Solvay SA (Belgium)		147		20,430
Stepan Co.		2,100		174,678
Sumitomo Chemical Co. Ltd. (Japan)		3,000		17,405
Symrise AG (Germany)		252		20,291
Taiyo Nippon Sanso Corp. (Japan)		300		4,546
Teijin Ltd. (Japan)		380		7,221
Toray Industries, Inc. (Japan)		3,000		28,537
Tosoh Corp. (Japan)		600		11,832
Trinseo SA		1,200		88,860
Umicore SA (Belgium)		419		22,197
Westlake Chemical Corp.		11,100		1,233,765
Yara International ASA (Norway)		345		14,742
				8,374,783
Commercial Services & Supplies    0.1%
ACCO Brands Corp.		1,900		23,845
Babcock International Group PLC (United Kingdom)		446		4,186
Brambles Ltd. (Australia)		3,216		24,821
Cimpress NV (Netherlands)*		460		71,162
Dai Nippon Printing Co. Ltd. (Japan)		550		11,430
Edenred (France)		431		14,991
Ennis, Inc.		2,100		41,370
G4S PLC (United Kingdom)		3,243		11,287
Herman Miller, Inc.		3,800		121,410
ISS A/S (Denmark)		338		12,553

See Notes to Financial Statements.

Prudential Balanced Fund 21

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
Kimball International, Inc. (Class B Stock)		800	$	13,632
McGrath RentCorp		1,800		96,642
Park24 Co. Ltd. (Japan)		200		5,457
Quad/Graphics, Inc.		4,400		111,540
Secom Co. Ltd. (Japan)		400		29,794
Securitas AB (Sweden) (Class B Stock)		587		9,995
Societe BIC SA (France)		55		5,467
Sohgo Security Services Co. Ltd. (Japan)		150		7,372
SP Plus Corp.*		1,200		42,720
Toppan Printing Co. Ltd. (Japan)		1,100		9,042
				668,716
Communications Equipment    0.3%
Cisco Systems, Inc.		38,200		1,638,398
Comtech Telecommunications Corp.		1,500		44,835
Extreme Networks, Inc.*		2,600		28,782
Lumentum Holdings, Inc.*		400		25,520
Nokia OYJ (Finland)		11,696		64,587
Plantronics, Inc.		3,200		193,184
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)		6,050		38,526
				2,033,832
Construction & Engineering    0.1%
ACS Actividades de Construccion y Servicios SA (Spain)		488		19,040
Ameresco, Inc. (Class A Stock)*		1,300		16,900
Boskalis Westminster (Netherlands)		165		4,836
Bouygues SA (France)		429		21,509
CIMIC Group Ltd. (Australia)		227		7,813
Eiffage SA (France)		143		16,286
EMCOR Group, Inc.		3,300		257,169
Ferrovial SA (Spain)		980		20,489
HOCHTIEF AG (Germany)		37		6,916
JGC Corp. (Japan)		400		8,709
Kajima Corp. (Japan)		1,600		15,042
KBR, Inc.		6,400		103,616
Obayashi Corp. (Japan)		1,300		14,321
Shimizu Corp. (Japan)		1,200		10,705
Skanska AB (Sweden) (Class B Stock)		743		15,234
Taisei Corp. (Japan)		380		19,490
Vinci SA (France)		1,015		99,973
				658,048

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Construction Materials    0.0%
Boral Ltd. (Australia)		2,275	$	13,123
CRH PLC (Ireland)		1,703		57,684
Fletcher Building Ltd. (New Zealand)		1,286		5,639
HeidelbergCement AG (Germany)		304		29,865
Imerys SA (France)		75		7,289
James Hardie Industries PLC (Ireland), CDI		843		14,961
LafargeHolcim Ltd. (Switzerland) (Registered Shares)*		918		50,301
Taiheiyo Cement Corp. (Japan)		250		8,980
United States Lime & Minerals, Inc.		300		21,954
				209,796
Consumer Finance    0.8%
Acom Co. Ltd. (Japan)*		700		3,143
AEON Financial Service Co. Ltd. (Japan)		200		4,638
Capital One Financial Corp.		24,300		2,328,426
Credit Saison Co. Ltd. (Japan)		300		5,021
Curo Group Holdings Corp*		1,100		18,920
Enova International, Inc.*		2,100		46,305
Green Dot Corp. (Class A Stock)*		2,800		179,648
Navient Corp.		73,700		966,944
Nelnet, Inc. (Class A Stock)		1,500		78,615
OneMain Holdings, Inc.*		31,800		952,092
Santander Consumer USA Holdings, Inc.		6,900		112,470
				4,696,222
Containers & Packaging    0.1%
Amcor Ltd. (Australia)		2,370		25,952
Greif, Inc. (Class A Stock)		3,200		167,200
Owens-Illinois, Inc.*		25,600		554,496
Toyo Seikan Group Holdings Ltd. (Japan)		300		4,477
				752,125
Distributors    0.2%
Jardine Cycle & Carriage Ltd. (Singapore)		200		5,283
LKQ Corp.*		31,100		1,180,245
				1,185,528
Diversified Consumer Services    0.1%
Benesse Holdings, Inc. (Japan)		150		5,457
Grand Canyon Education, Inc.*		2,800		293,776
				299,233

See Notes to Financial Statements.

Prudential Balanced Fund 23

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Financial Services    0.8%
AMP Ltd. (Australia)		5,710	$	22,036
Berkshire Hathaway, Inc. (Class B Stock)*		19,300		3,849,964
Cannae Holdings, Inc.*		4,500		84,870
Challenger Ltd. (Australia)		1,072		9,601
Eurazeo SA (France)		85		7,827
EXOR NV (Netherlands)		227		16,159
First Pacific Co. Ltd. (Hong Kong)		4,000		2,174
Groupe Bruxelles Lambert SA (Belgium)		161		18,414
Industrivarden AB (Sweden) (Class C Stock)		317		7,393
Investor AB (Sweden) (Class B Stock)		899		39,937
Kinnevik AB (Sweden) (Class B Stock)		478		17,269
L E Lundbergforetagen AB (Sweden) (Class B Stock)		73		5,248
Leucadia National Corp.		13,200		300,036
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		900		5,392
ORIX Corp. (Japan)		2,640		47,311
Pargesa Holding SA (Switzerland) (Bearer Shares)		80		7,098
Standard Life Aberdeen PLC (United Kingdom)		5,376		27,136
Wendel SA (France)		54		8,420
				4,476,285
Diversified Telecommunication Services    1.5%
AT&T, Inc.		113,800		4,056,970
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		3,777		4,841
BT Group PLC (United Kingdom)		16,869		53,843
Deutsche Telekom AG (Germany) (Registered Shares)		6,669		109,110
Elisa OYJ (Finland)		302		13,659
HKT Trust & HKT Ltd. (Hong Kong)		7,720		9,733
IDT Corp. (Class B Stock)*		2,700		16,929
Iliad SA (France)		54		11,179
Koninklijke KPN NV (Netherlands)		6,976		20,977
Nippon Telegraph & Telephone Corp. (Japan)		1,400		65,314
Orange SA (France)		4,056		68,943
PCCW Ltd. (Hong Kong)		7,400		4,295
Proximus SADP (Belgium)		300		9,328
Singapore Telecommunications Ltd. (Singapore)		16,300		42,098
Spark New Zealand Ltd. (New Zealand)		3,547		8,607
Swisscom AG (Switzerland) (Registered Shares)		53		26,294
TDC A/S (Denmark)*		1,587		13,151
Telecom Italia SpA (Italy)*		23,896		22,689
Telecom Italia SpA (Italy), RSP		13,379		11,139
Telefonica Deutschland Holding AG (Germany)		1,630		7,659
Telefonica SA (Spain)		9,348		92,609
Telenor ASA (Norway)		1,486		33,793

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services (cont’d.)
Telia Co. AB (Sweden)		5,626	$	26,508
Telstra Corp. Ltd. (Australia)		8,027		19,431
TPG Telecom Ltd. (Australia)		611		2,596
Verizon Communications, Inc.		86,250		4,124,475
Vonage Holdings Corp.*		12,500		133,125
				9,009,295
Electric Utilities    0.6%
AusNet Services (Australia)		4,251		5,499
Chubu Electric Power Co., Inc. (Japan)		1,300		18,657
Chugoku Electric Power Co., Inc. (The) (Japan)		600		7,330
CK Infrastructure Holdings Ltd. (Hong Kong)		1,300		10,655
CLP Holdings Ltd. (Hong Kong)		3,500		35,686
EDP—Energias de Portugal SA (Portugal)		4,553		17,300
Electricite de France SA (France)		1,116		16,158
Endesa SA (Spain)		596		13,130
Enel SpA (Italy)		16,275		99,590
Exelon Corp.		55,700		2,172,857
Fortum OYJ (Finland)		934		20,065
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong), 144A		6,000		5,818
Iberdrola SA (Spain)		11,598		85,285
Kansai Electric Power Co., Inc. (The) (Japan)		1,400		18,304
Kyushu Electric Power Co., Inc. (Japan)		800		9,662
Mercury NZ Ltd. (New Zealand)		1,892		4,424
MGE Energy, Inc.		1,400		78,540
NextEra Energy, Inc.		2,000		326,660
Orsted A/S (Denmark), 144A		376		24,463
Otter Tail Corp.		500		21,675
Power Assets Holdings Ltd. (Hong Kong)		3,000		26,800
PPL Corp.		14,600		413,034
Red Electrica Corp. SA (Spain)		897		18,516
SSE PLC (United Kingdom)		2,033		36,471
Terna Rete Elettrica Nazionale SpA (Italy)		2,933		17,140
Tohoku Electric Power Co., Inc. (Japan)		900		12,243
Tokyo Electric Power Co. Holdings, Inc. (Japan)*		2,800		10,968
				3,526,930
Electrical Equipment    0.4%
ABB Ltd. (Switzerland) (Registered Shares)		3,688		87,694
AMETEK, Inc.		21,200		1,610,564
Atkore International Group, Inc.*		8,200		162,770
Encore Wire Corp.		1,600		90,720

See Notes to Financial Statements.

Prudential Balanced Fund 25

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment (cont’d.)
EnerSys		2,600	$	180,362
Fuji Electric Co. Ltd. (Japan)		1,500		10,335
Legrand SA (France)		530		41,584
Mabuchi Motor Co. Ltd. (Japan)		100		4,975
Mitsubishi Electric Corp. (Japan)		3,900		63,299
Nidec Corp. (Japan)		480		73,876
OSRAM Licht AG (Germany)		196		14,423
Prysmian SpA (Italy)		448		14,068
Schneider Electric SE (France)		1,134		99,862
Siemens Gamesa Renewable Energy SA (Spain)		463		7,442
Vestas Wind Systems A/S (Denmark)		437		31,268
				2,493,242
Electronic Equipment, Instruments & Components    0.3%
Alps Electric Co. Ltd. (Japan)		400		9,902
Anixter International, Inc.*		2,500		189,375
Benchmark Electronics, Inc.		3,100		92,535
CDW Corp.		2,500		175,775
ePlus, Inc.*		1,400		108,780
Hamamatsu Photonics KK (Japan)		300		11,541
Hexagon AB (Sweden) (Class B Stock)		517		30,859
Hirose Electric Co. Ltd. (Japan)		73		10,085
Hitachi High-Technologies Corp. (Japan)		150		7,131
Hitachi Ltd. (Japan)		9,700		70,651
Ingenico Group SA (France)		117		9,496
Insight Enterprises, Inc.*		3,200		111,776
Keyence Corp. (Japan)		190		118,685
Kyocera Corp. (Japan)		640		36,287
Murata Manufacturing Co. Ltd. (Japan)		370		51,072
Nippon Electric Glass Co. Ltd. (Japan)		180		5,218
Omron Corp. (Japan)		400		23,383
PC Connection, Inc.		1,200		30,000
Sanmina Corp.*		2,100		54,915
ScanSource, Inc.*		1,600		56,880
Shimadzu Corp. (Japan)		500		13,792
SYNNEX Corp.		1,300		153,920
Systemax, Inc.		1,800		51,390
TDK Corp. (Japan)		250		22,272
Tech Data Corp.*		1,900		161,747
Vishay Intertechnology, Inc.		1,100		20,460
Yaskawa Electric Corp. (Japan)		500		22,678
Yokogawa Electric Corp. (Japan)		500		10,138
				1,660,743

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services    0.3%
Bristow Group, Inc.		6,500	$	84,500
Exterran Corp.*		3,600		96,120
Halliburton Co.		25,200		1,182,888
John Wood Group PLC (United Kingdom)		1,333		10,129
Matrix Service Co.*		4,600		63,020
McDermott International, Inc.*		4,700		28,623
SEACOR Holdings, Inc.*		1,500		76,650
Smart Sand, Inc.*		2,700		15,714
Superior Energy Services, Inc.*		2,000		16,860
Tenaris SA (Luxembourg)		966		16,698
Unit Corp.*		4,100		81,016
				1,672,218
Equity Real Estate Investment Trusts (REITs)    1.4%
American Assets Trust, Inc.		1,100		36,751
Apple Hospitality REIT, Inc.		77,200		1,356,404
Armada Hoffler Properties, Inc.		5,200		71,188
Ascendas Real Estate Investment Trust (Singapore)		4,700		9,467
Ashford Hospitality Prime, Inc.		6,900		67,068
Ashford Hospitality Trust, Inc.		12,800		82,688
British Land Co. PLC (The) (United Kingdom)		1,998		18,011
Brixmor Property Group, Inc.		68,300		1,041,575
CapitaLand Commercial Trust (Singapore)		5,464		7,659
CapitaLand Mall Trust (Singapore)		4,700		7,482
Chesapeake Lodging Trust		6,600		183,546
CoreCivic, Inc.		17,400		339,648
Daiwa House REIT Investment Corp. (Japan)		3		7,254
DDR Corp.		18,300		134,139
Dexus (Australia)		1,946		14,013
DiamondRock Hospitality Co.		18,000		187,920
Fonciere Des Regions (France)		71		7,833
Franklin Street Properties Corp.		15,800		132,878
Gecina SA (France)		97		16,833
GEO Group, Inc. (The)		9,100		186,277
Gladstone Commercial Corp.		2,300		39,882
Goodman Group (Australia)		3,633		23,622
GPT Group (The) (Australia)		3,611		13,234
Gramercy Property Trust		2,700		58,671
Hammerson PLC (United Kingdom)		1,610		12,136
Host Hotels & Resorts, Inc.		36,500		680,360
ICADE (France)		67		6,505
InfraREIT, Inc.		2,700		52,461
Japan Prime Realty Investment Corp. (Japan)		2		7,266

See Notes to Financial Statements.

Prudential Balanced Fund 27

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Japan Real Estate Investment Corp. (Japan)		2	$	10,396
Japan Retail Fund Investment Corp. (Japan)		5		9,696
Kimco Realty Corp.		31,500		453,600
Klepierre SA (France)		443		17,856
Land Securities Group PLC (United Kingdom)		1,463		19,249
Lexington Realty Trust		3,000		23,610
Link REIT (Hong Kong)		4,500		38,573
Mirvac Group (Australia)		6,944		11,540
Nippon Building Fund, Inc. (Japan)		3		16,640
Nippon Prologis REIT, Inc. (Japan)		4		8,688
Nomura Real Estate Master Fund, Inc. (Japan)		8		11,134
Prologis, Inc.		12,500		787,375
Ramco-Gershenson Properties Trust		8,500		105,060
RLJ Lodging Trust		600		11,664
Ryman Hospitality Properties, Inc.		1,900		147,155
Scentre Group (Australia)		10,654		31,439
Segro PLC (United Kingdom)		1,912		16,136
Spirit Realty Capital, Inc.		131,300		1,018,888
Stockland (Australia)		4,619		14,332
Summit Hotel Properties, Inc.		7,700		104,797
Suntec Real Estate Investment Trust (Singapore)		5,100		7,394
Tier REIT, Inc.		3,800		70,224
Unibail-Rodamco SE (France)		200		45,685
United Urban Investment Corp. (Japan)		6		9,399
Urstadt Biddle Properties, Inc. (Class A Stock)		1,100		21,230
Vicinity Centres (Australia)		6,933		12,886
Westfield Corp. (Australia)		3,830		25,121
Xenia Hotels & Resorts, Inc.		9,400		185,368
				8,037,906
Food & Staples Retailing    1.1%
Aeon Co. Ltd. (Japan)		1,300		23,120
Carrefour SA (France)		1,146		23,768
Casino Guichard Perrachon SA (France)		107		5,241
Colruyt SA (Belgium)		134		7,417
CVS Health Corp.		11,200		696,752
FamilyMart UNY Holdings Co. Ltd. (Japan)		200		16,663
ICA Gruppen AB (Sweden)		166		5,885
Ingles Markets, Inc. (Class A Stock)		2,900		98,165
J Sainsbury PLC (United Kingdom)		3,615		12,127
Jeronimo Martins SGPS SA (Portugal)		494		8,985
Koninklijke Ahold Delhaize NV (Netherlands)		2,538		60,140
Kroger Co. (The)		72,900		1,745,226

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Food & Staples Retailing (cont’d.)
Lawson, Inc. (Japan)		100	$	6,836
METRO AG (Germany)		337		5,962
Performance Food Group Co.*		3,600		107,460
Seven & i Holdings Co. Ltd. (Japan)		1,550		66,390
SpartanNash Co.		2,300		39,583
Sundrug Co. Ltd. (Japan)		150		7,021
Tesco PLC (United Kingdom)		19,487		56,399
Tsuruha Holdings, Inc. (Japan)		70		10,075
Village Super Market, Inc. (Class A Stock)		900		23,733
Walmart, Inc.		36,300		3,229,611
Wesfarmers Ltd. (Australia)		2,269		72,710
Wm Morrison Supermarkets PLC (United Kingdom)		4,764		14,294
Woolworths Group Ltd. (Australia)		2,592		52,610
				6,396,173
Food Products    0.9%
Ajinomoto Co., Inc. (Japan)		1,100		19,976
Associated British Foods PLC (United Kingdom)		722		25,242
Barry Callebaut AG (Switzerland) (Registered Shares)		5		9,779
Calbee, Inc. (Japan)		200		6,796
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		2		12,408
Conagra Brands, Inc.		19,200		708,096
Danone SA (France)		1,208		97,948
Darling Ingredients, Inc.*		4,100		70,930
Golden Agri-Resources Ltd. (Singapore)		16,600		4,450
J.M. Smucker Co. (The)		10,300		1,277,303
Kerry Group PLC (Ireland) (Class A Stock)		332		33,665
Kikkoman Corp. (Japan)		300		12,163
Marine Harvest ASA (Norway)		825		16,676
MEIJI Holdings Co. Ltd. (Japan)		250		19,204
Nestle SA (Switzerland) (Registered Shares)		6,261		494,879
NH Foods Ltd. (Japan)		150		6,159
Nisshin Seifun Group, Inc. (Japan)		405		8,048
Nissin Foods Holdings Co. Ltd. (Japan)		100		6,938
Orkla ASA (Norway)		1,720		18,537
Pilgrim’s Pride Corp.*		25,100		617,711
Sanderson Farms, Inc.		1,300		154,726
Toyo Suisan Kaisha Ltd. (Japan)		200		7,903
Tyson Foods, Inc. (Class A Stock)		23,900		1,749,241
WH Group Ltd. (Hong Kong), 144A		17,500		18,751
Wilmar International Ltd. (Singapore)		3,600		8,777
Yakult Honsha Co. Ltd. (Japan)		200		14,992
Yamazaki Baking Co. Ltd. (Japan)		300		6,285
				5,427,583

See Notes to Financial Statements.

Prudential Balanced Fund 29

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.2%
APA Group (Australia)		2,239	$	13,634
Chesapeake Utilities Corp.		900		63,315
Gas Natural SDG SA (Spain)		734		17,519
Hong Kong & China Gas Co. Ltd. (Hong Kong)		16,489		33,980
Osaka Gas Co. Ltd. (Japan)		800		15,911
Southwest Gas Holdings, Inc.		2,600		175,838
Spire, Inc.		300		21,690
Toho Gas Co. Ltd. (Japan)		160		5,001
Tokyo Gas Co. Ltd. (Japan)		800		21,376
UGI Corp.		19,800		879,516
				1,247,780
Health Care Equipment & Supplies    2.1%
Abbott Laboratories		49,300		2,954,056
Analogic Corp.		800		76,720
AngioDynamics, Inc.*		6,000		103,500
Atrion Corp.		100		63,130
Baxter International, Inc.		33,900		2,204,856
BioMerieux (France)		82		6,753
Boston Scientific Corp.*		11,400		311,448
Cantel Medical Corp.		1,900		211,679
Cochlear Ltd. (Australia)		109		15,309
Coloplast A/S (Denmark) (Class B Stock)		240		20,356
CONMED Corp.		2,000		126,660
ConvaTec Group PLC (United Kingdom), 144A		2,704		7,544
CYBERDYNE, Inc. (Japan)*		200		2,868
Danaher Corp.		25,400		2,486,914
Essilor International Cie Generale d’Optique SA (France)		419		56,523
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		1,126		10,786
Getinge AB (Sweden) (Class B Stock)		451		5,136
Haemonetics Corp.*		2,300		168,268
Hill-Rom Holdings, Inc.		2,800		243,600
Hoya Corp. (Japan)		800		40,410
IDEXX Laboratories, Inc.*		2,200		421,058
Inogen, Inc.*		1,700		208,828
Integer Holdings Corp.*		2,000		113,100
Intuitive Surgical, Inc.*		1,200		495,396
Koninklijke Philips NV (Netherlands)		1,883		72,104
Lantheus Holdings, Inc.*		500		7,950
Masimo Corp.*		2,600		228,670
Medtronic PLC		21,200		1,700,664
Meridian Bioscience, Inc.		10,200		144,840
Olympus Corp. (Japan)		580		22,179

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Smith & Nephew PLC (United Kingdom)		1,740	$	32,550
Sonova Holding AG (Switzerland) (Registered Shares)		107		17,011
Straumann Holding AG (Switzerland) (Registered Shares)		21		13,250
Sysmex Corp. (Japan)		300		27,259
Terumo Corp. (Japan)		600		31,207
William Demant Holding A/S (Denmark)*		266		9,909
				12,662,491
Health Care Providers & Services    1.9%
Alfresa Holdings Corp. (Japan)		400		9,032
Anthem, Inc.		6,000		1,318,200
Chemed Corp.		100		27,286
Cigna Corp.		4,100		687,734
Express Scripts Holding Co.*		33,400		2,307,272
Fresenius Medical Care AG & Co. KGaA (Germany)		424		43,304
Fresenius SE & Co. KGaA (Germany)		846		64,689
HCA Healthcare, Inc.		4,300		417,100
HealthEquity, Inc.*		1,000		60,540
Healthscope Ltd. (Australia)		3,777		5,659
Humana, Inc.		2,200		591,426
Magellan Health, Inc.*		2,200		235,620
Mediclinic International PLC (South Africa)		668		5,636
Medipal Holdings Corp. (Japan)		300		6,261
National HealthCare Corp.		900		53,667
Providence Service Corp. (The)*		2,900		200,506
Ramsay Health Care Ltd. (Australia)		300		14,454
Ryman Healthcare Ltd. (New Zealand)		734		5,649
Select Medical Holdings Corp.*		5,900		101,775
Sonic Healthcare Ltd. (Australia)		842		14,899
Suzuken Co. Ltd. (Japan)		165		6,943
UnitedHealth Group, Inc.		20,500		4,387,000
WellCare Health Plans, Inc.*		3,700		716,431
				11,281,083
Health Care Technology    0.0%
Cotiviti Holdings, Inc.*		5,300		182,532
M3, Inc. (Japan)		500		22,974
				205,506
Hotels, Restaurants & Leisure    1.2%
Accor SA (France)		397		21,448
Aristocrat Leisure Ltd. (Australia)		1,073		20,033

See Notes to Financial Statements.

Prudential Balanced Fund 31

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Biglari Holdings, Inc.*		110	$	44,925
BJ’s Restaurants, Inc.		300		13,470
Bloomin’ Brands, Inc.		6,600		160,248
Brinker International, Inc.		2,300		83,030
Carnival PLC		373		24,008
Compass Group PLC (United Kingdom)		3,164		64,605
Crown Resorts Ltd. (Australia)		735		7,219
Del Frisco’s Restaurant Group, Inc.*		2,200		33,550
Del Taco Restaurants, Inc.*		2,000		20,720
Domino’s Pizza Enterprises Ltd. (Australia)		109		3,512
Drive Shack, Inc.*		1,800		8,604
El Pollo Loco Holdings, Inc.*		1,600		15,200
Flight Centre Travel Group Ltd. (Australia)		111		4,886
Galaxy Entertainment Group Ltd. (Hong Kong)		4,400		40,386
Genting Singapore PLC (Singapore)		12,000		9,953
GVC Holdings PLC (United Kingdom)		1,089		14,072
Hilton Grand Vacations, Inc.*		10,400		447,408
Hilton Worldwide Holdings, Inc.		23,300		1,835,108
InterContinental Hotels Group PLC (United Kingdom)		378		22,647
Jack in the Box, Inc.		1,100		93,863
Las Vegas Sands Corp.		4,700		337,930
McDonald’s Corp.		22,068		3,450,994
McDonald’s Holdings Co. Japan Ltd. (Japan)		100		4,733
Melco Resorts & Entertainment Ltd. (Hong Kong), ADR		538		15,591
Merlin Entertainments PLC (United Kingdom), 144A		1,367		6,647
MGM China Holdings Ltd. (Macau)		1,600		4,161
Monarch Casino & Resort, Inc.*		200		8,458
Oriental Land Co. Ltd. (Japan)		440		45,020
Paddy Power Betfair PLC (Ireland)		159		16,332
Sands China Ltd. (Macau)		4,800		26,085
Shangri-La Asia Ltd. (Hong Kong)		2,000		4,061
SJM Holdings Ltd. (Hong Kong)		5,000		4,380
Sodexo SA (France)		180		18,117
Tabcorp Holdings Ltd. (Australia)		4,066		13,788
Texas Roadhouse, Inc.		4,200		242,676
TUI AG (Germany)		841		18,034
Whitbread PLC (United Kingdom)		368		19,102
Wynn Macau Ltd. (Macau)		2,900		10,629
				7,235,633
Household Durables    0.1%
Barratt Developments PLC (United Kingdom)		2,131		15,857
Berkeley Group Holdings PLC (United Kingdom)		259		13,768

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables (cont’d.)
Casio Computer Co. Ltd. (Japan)		400	$	5,958
Electrolux AB (Sweden) Series B		474		14,969
Husqvarna AB (Sweden) (Class B Stock)		847		8,188
Iida Group Holdings Co. Ltd. (Japan)		300		5,608
La-Z-Boy, Inc.		5,200		155,740
New Home Co., Inc. (The)*		2,000		22,160
Nikon Corp. (Japan)		700		12,653
Panasonic Corp. (Japan)		4,400		63,186
Persimmon PLC (United Kingdom)		597		21,189
Rinnai Corp. (Japan)		70		6,657
SEB SA (France)		43		8,225
Sekisui Chemical Co. Ltd. (Japan)		800		14,030
Sekisui House Ltd. (Japan)		1,200		21,957
Sharp Corp. (Japan)*		280		8,386
Sony Corp. (Japan)		2,500		123,001
Taylor Morrison Home Corp. (Class A Stock)*		6,900		160,632
Taylor Wimpey PLC (United Kingdom)		6,355		16,464
Techtronic Industries Co. Ltd. (Hong Kong)		3,000		17,607
TRI Pointe Group, Inc.*		6,000		98,580
				814,815
Household Products    0.5%
Central Garden & Pet Co. (Class A Stock)*		1,200		47,532
Essity AB (Sweden) (Class B Stock)*		1,212		33,588
Henkel AG & Co. KGaA (Germany)		203		25,575
Kimberly-Clark Corp.		15,800		1,740,054
Lion Corp. (Japan)		500		10,261
Procter & Gamble Co. (The)		8,775		695,682
Reckitt Benckiser Group PLC (United Kingdom)		1,337		112,853
Unicharm Corp. (Japan)		800		23,075
				2,688,620
Independent Power & Renewable Electricity Producers    0.5%
AES Corp.		124,300		1,413,291
Electric Power Development Co. Ltd. (Japan)		300		7,733
Meridian Energy Ltd. (New Zealand)		2,404		4,972
NRG Energy, Inc.		41,400		1,263,942
Uniper SE (Germany)		397		12,099
				2,702,037
Independent Power Producers & Energy Traders    0.0%
NRG Yield, Inc. (Class A Stock)		1,800		29,592

See Notes to Financial Statements.

Prudential Balanced Fund 33

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Industrial Conglomerates    1.1%
3M Co.		15,000	$	3,292,800
CK Hutchison Holdings Ltd. (Hong Kong)		5,357		64,366
DCC PLC (United Kingdom)		177		16,308
Honeywell International, Inc.		20,700		2,991,357
Jardine Matheson Holdings Ltd. (Hong Kong)		400		24,648
Jardine Strategic Holdings Ltd. (Hong Kong)		400		15,336
Keihan Holdings Co. Ltd. (Japan)		200		6,205
Keppel Corp. Ltd. (Singapore)		2,900		17,340
NWS Holdings Ltd. (Hong Kong)		2,900		5,282
Seibu Holdings, Inc. (Japan)		400		7,013
Sembcorp Industries Ltd. (Singapore)		2,300		5,500
Siemens AG (Germany) (Registered Shares)		1,531		195,352
Smiths Group PLC (United Kingdom)		781		16,613
Toshiba Corp. (Japan)*		13,700		39,959
				6,698,079
Insurance    1.3%
Admiral Group PLC (United Kingdom)		447		11,569
Aegon NV (Netherlands)		3,648		24,612
Ageas (Belgium)		374		19,300
AIA Group Ltd. (Hong Kong)		24,100		206,023
Allianz SE (Germany) (Registered Shares)		900		203,452
Allstate Corp. (The)		20,800		1,971,840
American Equity Investment Life Holding Co.		6,400		187,904
American Financial Group, Inc.		2,000		224,440
Assicurazioni Generali SpA (Italy)		2,500		48,056
Assured Guaranty Ltd.		2,300		83,260
Aviva PLC (United Kingdom)		8,067		56,300
AXA SA (France)		3,881		103,169
Baldwin & Lyons, Inc. (Class B Stock)		1,000		22,000
Baloise Holding AG (Switzerland) (Registered Shares)		105		16,063
CNA Financial Corp.		2,200		108,570
CNP Assurances (France)		354		8,936
Dai-ichi Life Holdings, Inc. (Japan)		2,127		39,268
Direct Line Insurance Group PLC (United Kingdom)		2,971		15,908
FBL Financial Group, Inc. (Class A Stock)		600		41,610
Genworth Financial, Inc. (Class A Stock)*		24,900		70,467
Gjensidige Forsikring ASA (Norway)		423		7,780
Hannover Rueck SE (Germany)		121		16,508
Hanover Insurance Group, Inc. (The)		1,400		165,046
Insurance Australia Group Ltd. (Australia)		4,738		27,433
Japan Post Holdings Co. Ltd. (Japan)		3,100		37,673
Legal & General Group PLC (United Kingdom)		11,920		43,189

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Lincoln National Corp.		2,000	$	146,120
Mapfre SA (Spain)		2,259		7,516
Medibank Private Ltd. (Australia)		5,681		12,751
MetLife, Inc.		22,800		1,046,292
MS&AD Insurance Group Holdings, Inc. (Japan)		990		30,753
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) (Registered Shares)		307		71,390
National General Holdings Corp.		7,600		184,756
National Western Life Group, Inc. (Class A Stock)		60		18,293
NN Group NV (Netherlands)		622		27,636
Old Mutual PLC (United Kingdom)		9,643		32,448
Old Republic International Corp.		15,100		323,895
Poste Italiane SpA (Italy), 144A		1,175		10,733
Prudential PLC (United Kingdom)		5,174		129,291
QBE Insurance Group Ltd. (Australia)		2,677		19,972
RSA Insurance Group PLC (United Kingdom)		1,969		17,432
Sampo OYJ (Finland) (Class A Stock)		881		49,083
SCOR SE (France)		364		14,860
Selective Insurance Group, Inc.		300		18,210
Sompo Holdings, Inc. (Japan)		725		29,213
Sony Financial Holdings, Inc. (Japan)		300		5,478
Suncorp Group Ltd. (Australia)		2,560		26,402
Swiss Life Holding AG (Switzerland) (Registered Shares)*		65		23,164
Swiss Re AG (Switzerland)		641		65,425
T&D Holdings, Inc. (Japan)		1,100		17,497
Tokio Marine Holdings, Inc. (Japan)		1,370		62,120
Tryg A/S (Denmark)		242		5,638
UnipolSai Assicurazioni SpA (Italy)		1,765		4,197
Unum Group		32,200		1,533,042
Zurich Insurance Group AG (Switzerland)		304		100,278
				7,794,261
Internet & Direct Marketing Retail    1.6%
1-800-Flowers.com, Inc. (Class A Stock)*		5,200		61,360
Amazon.com, Inc.*		3,300		4,776,222
FTD Cos., Inc.*		2,300		8,372
Groupon, Inc.*		33,300		144,522
Liberty Interactive Corp. QVC Group (Class A Stock)*		67,000		1,686,390
Netflix, Inc.*		8,500		2,510,475
Rakuten, Inc. (Japan)		1,910		15,783
Start Today Co. Ltd. (Japan)		400		10,411
Zalando SE (Germany), 144A*		216		11,787
				9,225,322

See Notes to Financial Statements.

Prudential Balanced Fund 35

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Internet Software & Services    2.9%
Alphabet, Inc. (Class A Stock)*		4,100	$	4,252,274
Alphabet, Inc. (Class C Stock)*		5,415		5,587,143
Appfolio, Inc. (Class A Stock)*		1,300		53,105
Auto Trader Group PLC (United Kingdom), 144A		1,940		9,536
Blucora, Inc.*		6,300		154,980
Care.com, Inc.*		3,100		50,437
DeNA Co. Ltd. (Japan)		200		3,642
Endurance International Group Holdings, Inc.*		12,500		92,500
Envestnet, Inc.*		3,500		200,550
Etsy, Inc.*		9,900		277,794
Facebook, Inc. (Class A Stock)*		41,100		6,567,369
Kakaku.com, Inc. (Japan)		300		5,309
Mixi, Inc. (Japan)		100		3,741
REA Group Ltd. (Australia)		123		7,552
SPS Commerce, Inc.*		2,800		179,396
United Internet AG (Germany) (Registered Shares)		254		16,005
XO Group, Inc.*		3,500		72,625
Yahoo Japan Corp. (Japan)		3,156		14,773
				17,548,731
IT Services    2.0%
Accenture PLC (Class A Stock)		18,800		2,885,800
Amadeus IT Group SA (Spain) (Registered Shares)		878		64,975
Atos SE (France)		183		25,073
Automatic Data Processing, Inc.		2,600		295,048
Booz Allen Hamilton Holding Corp.		13,700		530,464
CACI International, Inc. (Class A Stock)*		1,500		227,025
Capgemini SE (France)		317		39,554
Cognizant Technology Solutions Corp. (Class A Stock)		32,000		2,576,000
Computershare Ltd. (Australia)		941		12,619
ExlService Holdings, Inc.*		900		50,193
Fujitsu Ltd. (Japan)		3,800		23,092
Hackett Group, Inc. (The)		2,100		33,726
MAXIMUS, Inc.		1,600		106,784
Nomura Research Institute Ltd. (Japan)		302		14,269
NTT Data Corp. (Japan)		1,245		13,082
Obic Co. Ltd. (Japan)		140		11,798
Otsuka Corp. (Japan)		220		11,216
Science Applications International Corp.		2,400		189,120
Sykes Enterprises, Inc.*		2,900		83,926
Travelport Worldwide Ltd.		6,800		111,112
Virtusa Corp.*		500		24,230

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
Visa, Inc. (Class A Stock)		38,100	$	4,557,522
Wirecard AG (Germany)		232		27,502
				11,914,130
Leisure Products    0.1%
Bandai Namco Holdings, Inc. (Japan)		400		12,946
Johnson Outdoors, Inc. (Class A Stock)		500		31,000
MCBC Holdings, Inc.*		3,000		75,600
Sankyo Co. Ltd. (Japan)		50		1,749
Sega Sammy Holdings, Inc. (Japan)		400		6,481
Shimano, Inc. (Japan)		150		21,646
Vista Outdoor, Inc.*		10,600		172,992
Yamaha Corp. (Japan)		300		13,177
				335,591
Life Sciences Tools & Services    0.4%
Bruker Corp.		9,900		296,208
Eurofins Scientific SE (Luxembourg)		23		12,120
Illumina, Inc.*		8,800		2,080,496
Lonza Group AG (Switzerland) (Registered Shares)*		153		36,083
Medpace Holdings, Inc.*		4,100		143,131
QIAGEN NV*		428		13,837
				2,581,875
Machinery    1.6%
Alamo Group, Inc.		900		98,910
Alfa Laval AB (Sweden)		631		14,953
Alstom SA (France)		324		14,613
Amada Holdings Co. Ltd. (Japan)		700		8,509
ANDRITZ AG (Austria)		139		7,773
Atlas Copco AB (Sweden) (Class A Stock)		1,344		58,372
Atlas Copco AB (Sweden) (Class B Stock)		789		30,807
Caterpillar, Inc.		18,400		2,711,792
CNH Industrial NV (United Kingdom)		2,013		24,875
Cummins, Inc.		11,500		1,864,035
Daifuku Co. Ltd. (Japan)		200		11,857
FANUC Corp. (Japan)		380		97,794
Federal Signal Corp.		2,300		50,646
GEA Group AG (Germany)		393		16,713
Global Brass & Copper Holdings, Inc.		4,900		163,905
Harsco Corp.*		9,000		185,850
Hillenbrand, Inc.		3,300		151,470

See Notes to Financial Statements.

Prudential Balanced Fund 37

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Hino Motors Ltd. (Japan)		500	$	6,502
Hitachi Construction Machinery Co. Ltd. (Japan)		200		7,763
Hoshizaki Corp. (Japan)		100		8,915
IHI Corp. (Japan)		270		8,424
Illinois Tool Works, Inc.		12,000		1,879,920
IMI PLC (United Kingdom)		601		9,117
JTEKT Corp. (Japan)		400		5,894
Kawasaki Heavy Industries Ltd. (Japan)		260		8,390
KION Group AG (Germany)		140		13,070
Komatsu Ltd. (Japan)		1,900		63,648
Kone OYJ (Finland) (Class B Stock)		671		33,488
Kubota Corp. (Japan)		2,100		37,018
Kurita Water Industries Ltd. (Japan)		200		6,457
Makita Corp. (Japan)		450		22,290
MAN SE (Germany)		66		7,696
Metso OYJ (Finland)		227		7,162
Milacron Holdings Corp.*		3,400		68,476
MINEBEA MITSUMI, Inc. (Japan)		800		17,201
Mitsubishi Heavy Industries Ltd. (Japan)		600		23,135
Mueller Industries, Inc.		4,800		125,568
Mueller Water Products, Inc. (Class A Stock)		1,800		19,566
Nabtesco Corp. (Japan)		300		11,685
NGK Insulators Ltd. (Japan)		500		8,661
NSK Ltd. (Japan)		800		10,763
Oshkosh Corp.		12,900		996,783
Rexnord Corp.*		2,700		80,136
Sandvik AB (Sweden)		2,259		41,388
Schindler Holding AG (Switzerland) (Part. Cert.)		87		18,772
Schindler Holding AG (Switzerland) (Registered Shares)		40		8,380
SKF AB (Sweden) (Class B Stock)		776		15,898
SMC Corp. (Japan)		110		44,748
SPX Corp.*		2,700		87,696
SPX FLOW, Inc.*		3,900		191,841
Standex International Corp.		200		19,070
Sumitomo Heavy Industries Ltd. (Japan)		240		9,170
THK Co. Ltd. (Japan)		250		10,400
TriMas Corp.*		800		21,000
Volvo AB (Sweden) (Class B Stock)		3,087		56,506
Wabash National Corp.		4,600		95,726
Wartsila OYJ Abp (Finland)		861		19,024
Weir Group PLC (The) (United Kingdom)		447		12,530
Yangzijiang Shipbuilding Holdings Ltd. (China)		4,800		4,471
				9,657,222

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Marine    0.0%
AP Moller—Maersk A/S (Denmark) (Class A Stock)		7	$	10,313
AP Moller—Maersk A/S (Denmark) (Class B Stock)		13		20,287
Kuehne + Nagel International AG (Switzerland) (Registered Shares)		112		17,641
Mitsui OSK Lines Ltd. (Japan)		220		6,247
Nippon Yusen KK (Japan)		290		5,694
				60,182
Media    1.2%
Altice NV (Netherlands) (Class A Stock)*		1,062		8,777
Axel Springer SE (Germany)		94		7,863
Comcast Corp. (Class A Stock)		98,600		3,369,162
Dentsu, Inc. (Japan)		400		17,677
Entravision Communications Corp. (Class A Stock)		3,800		17,860
Eutelsat Communications SA (France)		377		7,472
Hakuhodo DY Holdings, Inc. (Japan)		460		6,350
ITV PLC (United Kingdom)		7,198		14,571
JCDecaux SA (France)		176		6,121
John Wiley & Sons, Inc. (Class A Stock)		2,300		146,510
Lagardere SCA (France)		229		6,541
News Corp. (Class A Stock)		78,500		1,240,300
Pearson PLC (United Kingdom)		1,601		16,879
ProSiebenSat.1 Media SE (Germany)		460		15,933
Publicis Groupe SA (France)		406		28,271
RTL Group SA (Luxembourg)		70		5,812
Schibsted ASA (Norway) (Class B Stock)		194		4,965
SES SA (Luxembourg)		736		9,963
Sinclair Broadcast Group, Inc. (Class A Stock)		3,600		112,680
Singapore Press Holdings Ltd. (Singapore)		3,000		5,788
Sky PLC (United Kingdom)		2,079		37,863
TEGNA, Inc.		15,300		174,267
Telenet Group Holding NV (Belgium)*		110		7,353
Toho Co. Ltd. (Japan)		200		6,657
Townsquare Media, Inc. (Class A Stock)		1,600		12,688
tronc, Inc.*		2,100		34,482
Twenty-First Century Fox, Inc. (Class A Stock)		8,200		300,858
Twenty-First Century Fox, Inc. (Class B Stock)		31,700		1,152,929
Vivendi SA (France)		2,067		53,607
WPP PLC (United Kingdom)		2,525		40,126
				6,870,325

See Notes to Financial Statements.

Prudential Balanced Fund 39

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining    0.7%
Alumina Ltd. (Australia)		4,410	$	8,092
Anglo American PLC (United Kingdom)		2,670		62,197
Antofagasta PLC (Chile)		866		11,196
ArcelorMittal (Luxembourg)*		1,329		42,212
BHP Billiton Ltd. (Australia)		6,427		142,458
BHP Billiton PLC (Australia)		4,226		83,519
BlueScope Steel Ltd. (Australia)		1,112		13,083
Boliden AB (Sweden)		544		19,143
Commercial Metals Co.		1,900		38,874
Fortescue Metals Group Ltd. (Australia)		2,922		9,843
Freeport-McMoRan, Inc.*		127,500		2,240,175
Fresnillo PLC (Mexico)		403		7,196
Glencore PLC (Switzerland)*		24,484		121,666
Hitachi Metals Ltd. (Japan)		400		4,701
JFE Holdings, Inc. (Japan)		1,100		22,188
Kobe Steel Ltd. (Japan)*		610		6,051
Maruichi Steel Tube Ltd. (Japan)		100		3,047
Materion Corp.		1,000		51,050
Mitsubishi Materials Corp. (Japan)		210		6,225
Newcrest Mining Ltd. (Australia)		1,601		24,147
Nippon Steel & Sumitomo Metal Corp. (Japan)		1,517		33,306
Norsk Hydro ASA (Norway)		2,673		15,855
Olympic Steel, Inc.		1,700		34,867
Randgold Resources Ltd. (United Kingdom)		182		15,120
Reliance Steel & Aluminum Co.		1,200		102,888
Rio Tinto Ltd. (United Kingdom)		856		48,494
Rio Tinto PLC (United Kingdom)		2,425		123,054
Schnitzer Steel Industries, Inc. (Class A Stock)		1,000		32,350
South32 Ltd. (Australia)		10,231		25,712
Southern Copper Corp. (Peru)		3,800		205,884
Steel Dynamics, Inc.		11,900		526,218
Sumitomo Metal Mining Co. Ltd. (Japan)		500		20,681
SunCoke Energy, Inc.*		10,500		112,980
thyssenkrupp AG (Germany)		864		22,561
voestalpine AG (Austria)		244		12,800
				4,249,833
Mortgage Real Estate Investment Trusts (REITs)    0.1%
Annaly Capital Management, Inc.		37,100		386,953
Ladder Capital Corp.		12,600		190,008
Resource Capital Corp.		2,850		27,104
Western Asset Mortgage Capital Corp.		8,500		82,365
				686,430

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities    0.2%
AGL Energy Ltd. (Australia)		1,277	$	21,403
CenterPoint Energy, Inc.		8,400		230,160
Centrica PLC (United Kingdom)		11,268		22,562
E.ON SE (Germany)		4,340		48,226
Engie SA (France)		3,615		60,365
Innogy SE (Germany), 144A		261		12,371
MDU Resources Group, Inc.		9,000		253,440
National Grid PLC (United Kingdom)		6,893		77,591
NorthWestern Corp.		3,700		199,060
RWE AG (Germany)*		1,006		24,867
Suez (France)		715		10,360
Veolia Environnement SA (France)		958		22,760
				983,165
Multiline Retail    0.7%
Dollar General Corp.		1,100		102,905
Don Quijote Holdings Co. Ltd. (Japan)		200		11,462
Harvey Norman Holdings Ltd. (Australia)		1,203		3,440
Isetan Mitsukoshi Holdings Ltd. (Japan)		700		7,746
J Front Retailing Co. Ltd. (Japan)		450		7,600
Kohl’s Corp.		26,200		1,716,362
Macy’s, Inc.		63,500		1,888,490
Marks & Spencer Group PLC (United Kingdom)		3,045		11,566
Marui Group Co. Ltd. (Japan)		400		8,066
Next PLC (United Kingdom)		286		19,119
Ollie’s Bargain Outlet Holdings, Inc.*		1,300		78,390
Ryohin Keikaku Co. Ltd. (Japan)		50		16,704
Takashimaya Co. Ltd. (Japan)		600		5,768
				3,877,618
Oil, Gas & Consumable Fuels    2.9%
Adams Resources & Energy, Inc.		300		13,050
Anadarko Petroleum Corp.		38,300		2,313,703
BP PLC (United Kingdom)		39,526		266,606
Caltex Australia Ltd. (Australia)		492		11,951
Chevron Corp.		900		102,636
ConocoPhillips		45,600		2,703,624
CVR Energy, Inc.		6,000		181,320
Devon Energy Corp.		31,400		998,206
Earthstone Energy Inc. (Class A Stock)*		1,500		15,180
Enagas SA (Spain)		479		13,117
Eni SpA (Italy)		5,087		89,609

See Notes to Financial Statements.

Prudential Balanced Fund 41

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Evolution Petroleum Corp.		3,100	$	24,955
Exxon Mobil Corp.		17,954		1,339,548
Galp Energia SGPS SA (Portugal)		1,086		20,481
Idemitsu Kosan Co. Ltd. (Japan)		300		11,478
Inpex Corp. (Japan)		1,981		24,583
JXTG Holdings, Inc. (Japan)		6,285		38,317
Koninklijke Vopak NV (Netherlands)		138		6,776
Lundin Petroleum AB (Sweden)*		427		10,787
Marathon Oil Corp.		25,100		404,863
Marathon Petroleum Corp.		34,400		2,514,984
Midstates Petroleum Co., Inc.*		1,200		15,996
Neste OYJ (Finland)		257		17,889
Noble Energy, Inc.		20,400		618,120
Oil Search Ltd. (Australia)		2,929		16,270
OMV AG (Austria)		285		16,623
Origin Energy Ltd. (Australia)*		3,498		23,606
Pacific Ethanol, Inc.*		4,700		14,100
Panhandle Oil and Gas, Inc. (Class A Stock)		900		17,370
Par Pacific Holdings, Inc.*		800		13,736
Phillips 66		12,800		1,227,776
Pioneer Natural Resources Co.		3,800		652,764
Repsol SA (Spain)		2,569		45,666
REX American Resources Corp.*		1,200		87,360
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		9,091		287,625
Royal Dutch Shell PLC (Netherlands) (Class B Stock)		7,495		241,177
Santos Ltd. (Australia)*		4,039		15,930
Showa Shell Sekiyu KK (Japan)		400		5,445
Snam SpA (Italy)		4,630		21,283
Statoil ASA (Norway)		2,319		54,886
TOTAL SA (France)		4,833		277,026
Valero Energy Corp.		27,300		2,532,621
W&T Offshore, Inc.*		15,500		68,665
Woodside Petroleum Ltd. (Australia)		1,873		42,475
				17,420,183
Paper & Forest Products    0.1%
Clearwater Paper Corp.*		1,500		58,650
Louisiana-Pacific Corp.		7,800		224,406
Mondi PLC (South Africa)		746		20,051
Oji Holdings Corp. (Japan)		1,500		9,668
Stora Enso OYJ (Finland) (Class R Stock)		1,102		20,262
UPM-Kymmene OYJ (Finland)		1,068		39,595
				372,632

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Products    0.1%
Beiersdorf AG (Germany)		203	$	23,006
Kao Corp. (Japan)		1,000		75,073
Kose Corp. (Japan)		60		12,613
L’Oreal SA (France)		504		113,833
Medifast, Inc.		1,300		121,485
Pola Orbis Holdings, Inc. (Japan)		200		8,337
Shiseido Co. Ltd. (Japan)		750		48,163
Unilever NV (United Kingdom), CVA		3,277		184,972
Unilever PLC (United Kingdom)		2,465		136,715
				724,197
Pharmaceuticals    2.4%
Allergan PLC		8,700		1,464,123
Astellas Pharma, Inc. (Japan)		4,100		62,714
AstraZeneca PLC (United Kingdom)		2,533		174,121
Bayer AG (Germany) (Registered Shares)		1,655		186,575
Bristol-Myers Squibb Co.		12,900		815,925
Catalent, Inc.*		5,700		234,042
Chugai Pharmaceutical Co. Ltd. (Japan)		450		22,846
Daiichi Sankyo Co. Ltd. (Japan)		1,100		36,900
Depomed, Inc.*		15,600		102,804
Eisai Co. Ltd. (Japan)		500		32,193
Endo International PLC*		75,100		446,094
GlaxoSmithKline PLC (United Kingdom)		9,842		191,141
H. Lundbeck A/S (Denmark)		134		7,526
Hisamitsu Pharmaceutical Co., Inc. (Japan)		100		7,730
Ipsen SA (France)		73		11,347
Johnson & Johnson		24,300		3,114,045
Kyowa Hakko Kirin Co. Ltd. (Japan)		500		10,859
Merck & Co., Inc.		21,800		1,187,446
Merck KGaA (Germany)		257		24,659
Mitsubishi Tanabe Pharma Corp. (Japan)		500		10,102
Novartis AG (Switzerland) (Registered Shares)		4,475		361,942
Novo Nordisk A/S (Denmark) (Class B Stock)		3,731		183,512
Ono Pharmaceutical Co. Ltd. (Japan)		800		25,453
Orion OYJ (Finland) (Class B Stock)		214		6,551
Otsuka Holdings Co. Ltd. (Japan)		780		39,125
Pfizer, Inc.		53,819		1,910,036
Phibro Animal Health Corp. (Class A Stock)		3,000		119,100
Prestige Brands Holdings, Inc.*		300		10,116
Recordati SpA (Italy)		203		7,490
Roche Holding AG (Switzerland)		1,413		324,138
Sanofi (France)		2,274		182,466

See Notes to Financial Statements.

Prudential Balanced Fund 43

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Santen Pharmaceutical Co. Ltd. (Japan)		750	$	12,559
Shionogi & Co. Ltd. (Japan)		600		31,244
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		300		5,012
Supernus Pharmaceuticals, Inc.*		3,100		141,980
Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		60		5,932
Takeda Pharmaceutical Co. Ltd. (Japan)		1,400		68,266
Teva Pharmaceutical Industries Ltd. (Israel), ADR		1,797		30,711
UCB SA (Belgium)		254		20,685
Vifor Pharma AG (Switzerland)		107		16,500
Zoetis, Inc.		32,000		2,672,320
				14,318,330
Professional Services    0.1%
Adecco Group AG (Switzerland) (Registered Shares)		332		23,648
Bureau Veritas SA (France)		573		14,895
Capita PLC (United Kingdom)		1,423		2,878
Experian PLC (United Kingdom)		1,887		40,809
Heidrick & Struggles International, Inc.		1,800		56,250
Insperity, Inc.		3,800		264,290
Intertek Group PLC (United Kingdom)		329		21,536
Persol Holdings Co. Ltd. (Japan)		400		11,623
Randstad Holding NV (Netherlands)		238		15,675
Recruit Holdings Co. Ltd. (Japan)		2,200		55,140
RELX NV (United Kingdom)		1,933		40,069
RELX PLC (United Kingdom)		2,105		43,240
Resources Connection, Inc.		1,900		30,780
SEEK Ltd. (Australia)		633		9,130
SGS SA (Switzerland) (Registered Shares)		11		27,059
Teleperformance (France)		114		17,679
Wolters Kluwer NV (Netherlands)		604		32,124
				706,825
Real Estate Management & Development    0.5%
Aeon Mall Co. Ltd. (Japan)		220		4,627
Azrieli Group Ltd. (Israel)		75		3,605
CapitaLand Ltd. (Singapore)		5,100		13,966
CBRE Group, Inc. (Class A Stock)*		42,100		1,987,962
City Developments Ltd. (Singapore)		800		7,971
CK Asset Holdings Ltd. (Hong Kong)		5,357		45,208
Daito Trust Construction Co. Ltd. (Japan)		130		22,135
Daiwa House Industry Co. Ltd. (Japan)		1,100		42,376
Deutsche Wohnen SE (Germany) (Bearer Shares)		714		33,315

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development (cont’d.)
Hang Lung Group Ltd. (Hong Kong)		2,000	$	6,559
Hang Lung Properties Ltd. (Hong Kong)		4,000		9,388
Henderson Land Development Co. Ltd. (Hong Kong)		2,390		15,671
HFF, Inc. (Class A Stock)		1,600		79,520
Hongkong Land Holdings Ltd. (Hong Kong)		2,500		17,225
Hulic Co. Ltd. (Japan)		700		7,628
Hysan Development Co. Ltd. (Hong Kong)		1,400		7,430
Kerry Properties Ltd. (Hong Kong)		1,500		6,783
LendLease Group (Australia)		1,188		15,928
Marcus & Millichap, Inc.*		2,200		79,332
Mitsubishi Estate Co. Ltd. (Japan)		2,500		41,879
Mitsui Fudosan Co. Ltd. (Japan)		1,800		43,454
New World Development Co. Ltd. (Hong Kong)		11,800		16,818
Nomura Real Estate Holdings, Inc. (Japan)		300		7,044
Rafael Holdings, Inc. (Class B Stock)*		1,350		6,548
RMR Group, Inc. (The) (Class A Stock)		2,600		181,870
Sino Land Co. Ltd. (Hong Kong)		7,300		11,832
Sumitomo Realty & Development Co. Ltd. (Japan)		690		25,783
Sun Hung Kai Properties Ltd. (Hong Kong)		2,800		44,444
Swire Pacific Ltd. (Hong Kong) (Class A Stock)		1,000		10,127
Swire Properties Ltd. (Hong Kong)		2,600		9,145
Swiss Prime Site AG (Switzerland) (Registered Shares)*		138		13,355
Tokyo Tatemono Co. Ltd. (Japan)		450		6,812
Tokyu Fudosan Holdings Corp. (Japan)		1,000		7,195
UOL Group Ltd. (Singapore)		1,054		6,911
Vonovia SE (Germany)		971		48,152
Wharf Holdings Ltd. (The) (Hong Kong)		2,400		8,309
Wharf Real Estate Investment Co. Ltd. (Hong Kong)*		2,400		15,687
Wheelock & Co. Ltd. (Hong Kong)		1,400		10,269
				2,922,263
Road & Rail    0.7%
Aurizon Holdings Ltd. (Australia)		3,945		12,942
Central Japan Railway Co. (Japan)		278		53,054
ComfortDelGro Corp. Ltd. (Singapore)		4,300		6,750
Covenant Transportation Group, Inc. (Class A Stock)*		1,300		38,779
CSX Corp.		14,600		813,366
DSV A/S (Denmark)		375		29,606
East Japan Railway Co. (Japan)		660		61,706
Hankyu Hanshin Holdings, Inc. (Japan)		500		18,727
Keikyu Corp. (Japan)		500		8,788
Keio Corp. (Japan)		220		9,482
Keisei Electric Railway Co. Ltd. (Japan)		250		7,695

See Notes to Financial Statements.

Prudential Balanced Fund 45

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail (cont’d.)
Kintetsu Group Holdings Co. Ltd. (Japan)		350	$	13,752
Kyushu Railway Co. (Japan)		300		9,359
MTR Corp. Ltd. (Hong Kong)		3,000		16,195
Nagoya Railroad Co. Ltd. (Japan)		400		10,207
Nippon Express Co. Ltd. (Japan)		160		10,586
Norfolk Southern Corp.		15,400		2,091,012
Odakyu Electric Railway Co. Ltd. (Japan)		550		11,204
Tobu Railway Co. Ltd. (Japan)		380		11,611
Tokyu Corp. (Japan)		1,050		16,535
Union Pacific Corp.		4,800		645,264
West Japan Railway Co. (Japan)		300		21,269
				3,917,889
Semiconductors & Semiconductor Equipment    2.8%
Advanced Energy Industries, Inc.*		3,000		191,700
Alpha & Omega Semiconductor Ltd.*		2,000		30,900
Amkor Technology, Inc.*		7,900		80,027
Applied Materials, Inc.		54,000		3,002,940
ASM Pacific Technology Ltd. (Hong Kong)		600		8,453
ASML Holding NV (Netherlands)		777		154,074
Broadcom Ltd.		10,700		2,521,455
Cabot Microelectronics Corp.		2,100		224,931
Diodes, Inc.*		3,000		91,380
Disco Corp. (Japan)		60		12,825
Entegris, Inc.		5,800		201,840
Infineon Technologies AG (Germany)		2,273		61,128
Intel Corp.		64,200		3,343,536
Maxim Integrated Products, Inc.		1,900		114,418
Micron Technology, Inc.*		3,500		182,490
MKS Instruments, Inc.		2,400		277,560
NVIDIA Corp.		14,600		3,381,214
NXP Semiconductors NV (Netherlands)*		675		78,975
Renesas Electronics Corp. (Japan)*		1,300		13,069
Rohm Co. Ltd. (Japan)		200		18,984
SMART Global Holdings, Inc.*		900		44,856
STMicroelectronics NV (Switzerland)		1,268		28,218
SUMCO Corp. (Japan)		500		13,059
Texas Instruments, Inc.		23,400		2,431,026
Tokyo Electron Ltd. (Japan)		315		58,272
				16,567,330

See Notes to Financial Statements.

46

Description	Shares		Value
COMMON STOCKS (Continued)
Software    3.4%
ACI Worldwide, Inc.*		1,000	$	23,720
Activision Blizzard, Inc.		34,200		2,307,132
Adobe Systems, Inc.*		7,400		1,598,992
American Software, Inc. (Class A Stock)		1,600		20,800
ANSYS, Inc.*		3,600		564,084
Aspen Technology, Inc.*		2,200		173,558
Check Point Software Technologies Ltd. (Israel)*		270		26,822
Dassault Systemes SE (France)		259		35,222
Dell Technologies, Inc. (Class V Stock)*		13,900		1,017,619
Fair Isaac Corp.*		530		89,766
Intuit, Inc.		13,400		2,322,890
Konami Holdings Corp. (Japan)		200		10,185
LINE Corp. (Japan)*		100		3,936
Micro Focus International PLC (United Kingdom)		868		12,120
Microsoft Corp.		97,513		8,900,011
MicroStrategy, Inc. (Class A Stock)*		1,300		167,687
Monotype Imaging Holdings, Inc.		2,100		47,145
Nexon Co. Ltd. (Japan)*		800		13,563
Nice Ltd. (Israel)*		136		12,707
Nintendo Co. Ltd. (Japan)		230		102,183
Oracle Corp. (Japan)		100		8,299
Oracle Corp.		42,700		1,953,525
Paycom Software, Inc.*		300		32,217
Progress Software Corp.		4,800		184,560
Qualys, Inc.*		2,200		160,050
Rosetta Stone, Inc.*		1,300		17,095
Sage Group PLC (The) (United Kingdom)		2,085		18,735
SAP SE (Germany)		1,967		206,500
Trend Micro, Inc. (Japan)		230		13,564
Ubisoft Entertainment SA (France)*		157		13,287
Verint Systems, Inc.*		4,800		204,480
				20,262,454
Specialty Retail    0.9%
ABC-Mart, Inc. (Japan)		100		6,585
Asbury Automotive Group, Inc.*		600		40,500
Bed Bath & Beyond, Inc.		29,000		608,710
Burlington Stores, Inc.*		6,400		852,160
Chico’s FAS, Inc.		9,100		82,264
Dufry AG (Switzerland) (Registered Shares)*		68		8,932
Fast Retailing Co. Ltd. (Japan)		100		40,173
Five Below, Inc.*		2,800		205,352
Foot Locker, Inc.		4,000		182,160

See Notes to Financial Statements.

Prudential Balanced Fund 47

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Gap, Inc. (The)		23,100	$	720,720
Genesco, Inc.*		1,900		77,140
Group 1 Automotive, Inc.		1,900		124,146
Hennes & Mauritz AB (Sweden) (Class B Stock)		1,871		27,951
Hikari Tsushin, Inc. (Japan)		30		4,839
Industria de Diseno Textil SA (Spain)		2,177		68,442
J. Jill, Inc.*		8,600		38,012
Kingfisher PLC (United Kingdom)		4,263		17,488
Nitori Holdings Co. Ltd. (Japan)		150		26,305
Office Depot, Inc.		20,800		44,720
Ross Stores, Inc.		26,000		2,027,480
Shimamura Co. Ltd. (Japan)		50		6,235
Sonic Automotive, Inc. (Class A Stock)		2,100		39,795
Tailored Brands, Inc.		300		7,518
Tilly’s, Inc. (Class A Stock)		9,500		107,350
USS Co. Ltd. (Japan)		400		8,187
Yamada Denki Co. Ltd. (Japan)		1,360		8,264
				5,381,428
Technology Hardware, Storage & Peripherals    2.6%
Apple, Inc.		52,700		8,842,006
Brother Industries Ltd. (Japan)		500		11,594
Canon, Inc. (Japan)		2,150		77,998
FUJIFILM Holdings Corp. (Japan)		850		33,944
Hewlett Packard Enterprise Co.		106,300		1,864,502
HP, Inc.		100,300		2,198,576
Konica Minolta, Inc. (Japan)		900		7,651
NEC Corp. (Japan)		510		14,335
Ricoh Co. Ltd. (Japan)		1,500		14,818
Seiko Epson Corp. (Japan)		600		10,398
Western Digital Corp.		23,200		2,140,664
				15,216,486
Textiles, Apparel & Luxury Goods    0.5%
adidas AG (Germany)		382		92,940
Asics Corp. (Japan)		300		5,588
Burberry Group PLC (United Kingdom)		853		20,332
Cie Financiere Richemont SA (Switzerland) (Registered Shares)		1,041		93,546
Columbia Sportswear Co.		2,300		175,789
Hermes International (France)		63		37,343
HUGO BOSS AG (Germany)		141		12,284
Kering SA (France)		152		72,902

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (cont’d.)
Li & Fung Ltd. (Hong Kong)		11,000	$	5,423
Lululemon Athletica, Inc.*		16,000		1,425,920
Luxottica Group SpA (Italy)		339		21,060
LVMH Moet Hennessy Louis Vuitton SE (France)		558		171,961
Movado Group, Inc.		400		15,360
Oxford Industries, Inc.		600		44,736
Pandora A/S (Denmark)		220		23,803
PVH Corp.		4,700		711,721
Swatch Group AG (The) (Switzerland) (Bearer Shares)		63		27,798
Swatch Group AG (The) (Switzerland) (Registered Shares)		123		10,315
Wolverine World Wide, Inc.		6,600		190,740
Yue Yuen Industrial Holdings Ltd. (Hong Kong)		1,500		6,010
				3,165,571
Thrifts & Mortgage Finance    0.1%
Flagstar Bancorp, Inc.*		800		28,320
Merchants Bancorp		900		19,350
MGIC Investment Corp.*		17,200		223,600
Radian Group, Inc.		2,200		41,888
United Financial Bancorp, Inc.		900		14,580
Walker & Dunlop, Inc.		2,300		136,666
				464,404
Tobacco    0.6%
Altria Group, Inc.		45,800		2,854,256
British American Tobacco PLC (United Kingdom)		4,589		265,275
Imperial Brands PLC (United Kingdom)		1,918		65,307
Japan Tobacco, Inc. (Japan)		2,203		62,933
Swedish Match AB (Sweden)		387		17,538
				3,265,309
Trading Companies & Distributors    0.3%
AerCap Holdings NV (Ireland)*		261		13,238
Applied Industrial Technologies, Inc.		3,000		218,700
Ashtead Group PLC (United Kingdom)		1,041		28,385
Beacon Roofing Supply, Inc.*		300		15,921
Brenntag AG (Germany)		312		18,574
Bunzl PLC (United Kingdom)		672		19,761
Ferguson PLC (Switzerland)		507		38,131
Foundation Building Materials, Inc.*		1,000		14,910
GMS, Inc.*		3,800		116,128
ITOCHU Corp. (Japan)		3,000		58,581

See Notes to Financial Statements.

Prudential Balanced Fund 49

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
Marubeni Corp. (Japan)		3,200	$	23,368
MISUMI Group, Inc. (Japan)		600		16,617
Mitsubishi Corp. (Japan)		3,000		80,757
Mitsui & Co. Ltd. (Japan)		3,400		58,507
Rexel SA (France)		666		11,282
Rush Enterprises, Inc. (Class A Stock)*		400		16,996
Sumitomo Corp. (Japan)		2,400		40,206
Toyota Tsusho Corp. (Japan)		450		15,208
Travis Perkins PLC (United Kingdom)		523		9,068
Veritiv Corp.*		3,900		152,880
WESCO International, Inc.*		13,800		856,290
				1,823,508
Transportation Infrastructure    0.0%
Abertis Infraestructuras SA (Spain)		1,405		31,497
Aena SME SA (Spain), 144A		131		26,415
Aeroports de Paris (France)		57		12,418
Atlantia SpA (Italy)		882		27,330
Auckland International Airport Ltd. (New Zealand)		2,225		9,873
Fraport AG Frankfurt Airport Services Worldwide (Germany)		77		7,599
Getlink SE (France) (Registered Shares)		987		14,090
Hutchison Port Holdings Trust (Hong Kong), UTS		11,700		3,452
Japan Airport Terminal Co. Ltd. (Japan)		100		3,883
Kamigumi Co. Ltd. (Japan)		200		4,484
SATS Ltd. (Singapore)		1,300		5,109
Sydney Airport (Australia)		2,078		10,774
Transurban Group (Australia)		4,541		40,045
				196,969
Water Utilities    0.0%
Middlesex Water Co.		600		22,020
Severn Trent PLC (United Kingdom)		452		11,702
SJW Group		2,900		152,859
United Utilities Group PLC (United Kingdom)		1,384		13,899
				200,480
Wireless Telecommunication Services    0.1%
1&1 Drillisch AG (Germany)		105		7,085
KDDI Corp. (Japan)		3,600		92,716
Millicom International Cellular SA (Colombia)		146		9,991
NTT DOCOMO, Inc. (Japan)		2,704		68,934
Shenandoah Telecommunications Co.		1,700		61,200

See Notes to Financial Statements.

50

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services (cont’d.)
SoftBank Group Corp. (Japan)		1,630	$	121,584
StarHub Ltd. (Singapore)		1,000		1,760
Tele2 AB (Sweden) (Class B Stock)		718		8,646
Vodafone Group PLC (United Kingdom)		53,363		146,003
				517,919
TOTAL COMMON STOCKS (cost $285,572,913)				365,254,081
EXCHANGE TRADED FUND    0.1%
iShares MSCI EAFE ETF (cost $770,690)		13,500		940,680
PREFERRED STOCKS    0.1%
Auto Components    0.0%
Schaeffler AG (Germany), PRFC		295		4,556
Automobiles    0.0%
Bayerische Motoren Werke AG (Germany), PRFC		122		11,448
Porsche Automobil Holding SE (Germany), PRFC		310		25,841
Volkswagen AG (Germany), PRFC		372		74,145
				111,434
Banks    0.0%
Citigroup Capital XIII 7.748%, (Capital security, fixed to floating preferred)		3,000		81,570
Capital Markets    0.1%
State Street Corp. 5.350%, (Capital Security, fixed to floating preferred)		5,000		133,950
Chemicals    0.0%
FUCHS PETROLUB SE (Germany), PRFC		151		8,197
Household Products    0.0%
Henkel AG & Co. KGaA (Germany), PRFC		357		46,929
TOTAL PREFERRED STOCKS (cost $304,227)				386,636
	Units
RIGHTS*    0.0%
Biotechnology
Dyax Corporation CVR, expiring 12/31/19 (cost $238)^		900		2,845

See Notes to Financial Statements.

Prudential Balanced Fund 51

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES    6.0%
Automobiles    2.1%
AmeriCredit Automobile Receivables Trust,
Series 2016-3, Class A2B, 1 Month LIBOR + 0.560%		2.271	%(c)		11/08/19		6	$	6,126
Series 2016-4, Class C		2.410			07/08/22		200		196,687
Series 2017-3, Class C		2.690			06/19/23		170		167,666
Series 2017-4, Class C		2.600			09/18/23		300		294,526
Avis Budget Rental Car Funding AESOP LLC,
Series 2013-1A, Class A, 144A		1.920			09/20/19		300		299,446
Series 2015-1A, Class A, 144A		2.500			07/20/21		800		791,326
Series 2015-2A, Class A, 144A		2.630			12/20/21		400		396,264
Drive Auto Receivables Trust 2018-1, Series 2018-1B		2.880			02/15/22		300		299,497
Enterprise Fleet Financing LLC,
Series 2016-2, Class A2, 144A		1.740			02/22/22		182		180,720
Series 2017-1, Class A2, 144A		2.130			07/20/22		433		431,069
Series 2017-2, Class A2, 144A		1.970			01/20/23		300		297,825
Ford Credit Auto Owner Trust,
Series 2016-1, Class A, 144A		2.310			08/15/27		600		590,642
Series 2016-2, Class A, 144A		2.030			12/15/27		400		388,843
Series 2017-1, Class A, 144A		2.620			08/15/28		1,100		1,086,930
Series 2017-2, Class A, 144A		2.360			03/15/29		1,000		971,805
Ford Credit Floorplan Master Owner Trust A,
Series 2017-3, Class A		2.480			09/15/24		700		687,474
Series 2018-2, Class A		3.170			03/15/25		2,100		2,107,193
GMF Floorplan Owner Revolving Trust,
Series 2015-1, Class A2, 144A, 1 Month LIBOR + 0.500%		2.277	(c)		05/15/20		200		200,077
Series 2016-1, Class A2, 144A, 1 Month LIBOR + 0.850%		2.627	(c)		05/17/21		300		302,016
Hertz Vehicle Financing II LP, Series 2016-1A, Class A, 144A		2.320			03/25/20		400		397,865
OneMain Direct Auto Receivables Trust,
Series 2016-1A, Class A, 144A		2.040			01/15/21		15		14,701
Series 2017-1A, Class A, 144A		2.160			10/15/20		1,124		1,118,340
Series 2017-2A, Class B, 144A		2.550			11/14/23		900		884,023
Series 2017-2A, Class C, 144A		2.820			07/15/24		200		196,666
Santander Drive Auto Receivables Trust, Series 2018-1, Class C		2.960			03/15/24		200		198,991
									12,506,718
Collateralized Loan Obligations    1.1%
ALM VIII Ltd. (Cayman Islands), Series 2013-8A, Class A1R, 144A, 3 Month LIBOR + 1.490%		3.212	(c)		10/15/28		250		250,953
Anchorage Capital CLO 8 Ltd. (Cayman Islands), Series 2016-8A, Class A1, 144A, 3 Month LIBOR + 1.650%		3.410	(c)		07/28/28		500		501,394

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Atlas Sr. Loan Fund V Ltd. (Cayman Islands), Series 2014-1A, Class AR2, 144A, 3 Month LIBOR + 1.260%		2.982	%(c)		07/16/29		250	$	251,195
Burnham Park CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A, 3 Month LIBOR + 1.430%		3.175	(c)		10/20/29		250		252,525
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class AR, 144A, 3 Month LIBOR + 1.450%		3.195	(c)		01/20/29		250		251,284
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-1A, Class A1B, 144A, 3 Month LIBOR + 1.230%		2.975	(c)		04/20/31		250		250,839
Eaton Vance CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.200%		2.922	(c)		07/15/26		250		249,985
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A, 3 Month LIBOR + 1.450%		3.172	(c)		07/15/26		250		250,173
Jefferson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1, 144A, 3 Month LIBOR + 1.500%		3.245	(c)		07/20/27		350		351,374
KVK CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.139	(c)		05/15/26		250		250,283
Mountain View CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.240%		2.962	(c)		10/15/26		250		250,245
OZLM Funding II Ltd. (Cayman Islands), Series 2012-2A, Class A1R, 144A, 3 Month LIBOR + 1.440%		3.207	(c)		10/30/27		250		250,041
OZLM XV Ltd. (Cayman Islands), Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.235	(c)		01/20/29		750		754,071
Regatta VIII Funding Ltd. (Cayman Islands), Series 2016-1A, Class A1, 144A, 3 Month LIBOR + 1.520%		3.722	(c)		12/20/28		250		251,438
TIAA CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A, 3 Month LIBOR + 1.700%		3.445	(c)		07/20/28		250		250,622
TICP CLO Ltd. (Cayman Islands), Series 2016-6A, Class A, 144A, 3 Month LIBOR + 1.550%		3.272	(c)		01/15/29		500		502,571
Trinitas CLO Ltd. (Cayman Islands),
Series 2016-4A, Class A, 144A, 3 Month LIBOR + 1.750%		3.484	(c)		04/18/28		500		500,275
Series 2016-5A, Class A, 144A, 3 Month LIBOR + 1.700%		3.445	(c)		10/25/28		500		500,796
Tyron Park CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A, 3 Month LIBOR + 1.120%		2.842	(c)		07/15/25		186		186,045
Wellfleet CLO Ltd. (Cayman Islands), Series 2016-2A, Class A1, 144A, 3 Month LIBOR + 1.650%		3.395	(c)		10/20/28		250		251,128
									6,557,237
Consumer Loans    0.4%
OneMain Financial Issuance Trust,
Series 2015-2A, Class A, 144A		2.570			07/18/25		135		135,047
Series 2017-1a, Class A2, 144A, 1 Month LIBOR + 0.800%		2.565	(c)		09/14/32		500		501,407
Series 2018-1A, Class A, 144A		3.300			03/14/29		190		190,331

See Notes to Financial Statements.

Prudential Balanced Fund 53

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050	%		04/25/29		248	$	247,749
Springleaf Funding Trust,
Series 2015-AA, Class A, 144A		3.160			11/15/24		706		706,866
Series 2017-AA, Class A, 144A		2.680			07/15/30		500		492,115
									2,273,515
Credit Cards    0.7%
American Express Credit Account Master Trust,
Series 2017-2, Class A, 1 Month LIBOR + 0.450%		2.227	(c)		09/16/24		900		908,155
Series 2017-5, Class A, 1 Month LIBOR + 0.380%		2.157	(c)		02/18/25		300		301,617
Chase Issuance Trust, Series 2017-A2, Class A, 1 Month LIBOR + 0.400%		2.177	(c)		03/15/24		400		402,408
Citibank Credit Card Issuance Trust,
Series 2016-A3, Class A3, 1 Month LIBOR + 0.490%		2.192	(c)		12/07/23		700		705,799
Series 2017-A5, Class A5, 1 Month LIBOR + 0.620%		2.474	(c)		04/22/26		500		503,432
Series 2017-A7, Class A7, 1 Month LIBOR + 0.370%		2.081	(c)		08/08/24		500		501,698
Discover Card Execution Note Trust,
Series 2017-A1, Class A1, 1 Month LIBOR + 0.490%		2.267	(c)		07/15/24		600		605,448
Series 2017-A5, Class A5, 1 Month LIBOR + 0.600%		2.377	(c)		12/15/26		300		302,575
									4,231,132
Equipment    0.2%
MMAF Equipment Finance LLC,
Series 2017-AA, Class A4, 144A		2.410			08/16/24		500		491,885
Series 2017-B, Class A4, 144A		2.410			11/15/24		300		293,542
Series 2017-B, Class A5, 144A		2.720			06/15/40		400		388,826
									1,174,253
Home Equity Loans    0.1%
CDC Mortgage Capital Trust, Series 2002-HE3, Class M1, 1 Month LIBOR + 1.650%		3.522	(c)		03/25/33		22		21,997
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2002-HE1, Class M1, 1 Month LIBOR + 0.900%		2.772	(c)		07/25/32		28		28,442
Series 2002-NC4, Class M1, 1 Month LIBOR + 1.275%		3.147	(c)		09/25/32		54		53,869
New Residential Mortgage Trust, Series 2018-1A, Class A1A, 144A		4.000	(cc)		12/25/57		359		365,070
RASC Trust, Series 2004-KS2, Class MI1		4.710	(cc)		03/25/34		22		21,367
									490,745

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Other    0.0%
Sierra Timeshare Receivables Funding LLC, Series 2013-3A, Class A, 144A		2.200	%		10/20/30		107	$	106,210
Residential Mortgage-Backed Securities    0.9%
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 144A, 1 Month LIBOR + 1.350%		3.222	(c)		10/25/37		373		374,822
Credit Suisse Mortgage Trust,
Series 2016-RPL1, Class A1, 144A, 1 Month LIBOR + 3.150%		4.814	(c)		12/26/46		652		672,612
Series 2017-6R, 1 Month LIBOR + 1.550%		3.214	(c)		03/06/47		319		321,120
Series 2018-3R		3.071	(c)		12/25/46		300		300,000
Credit-Based Asset Servicing & Securitization LLC, Series 2005-CB6, Class A3		3.715	(cc)		07/25/35		47		46,717
CWABS, Inc., Asset-Backed Certificates, Series 2004-1, Class M1, 1 Month LIBOR + 0.750%		2.622	(c)		03/25/34		191		191,834
Equity One Mortgage Pass-Through Trust, Series 2004-3, Class M1		4.633	(cc)		07/25/34		46		45,279
Mill City Mortgage Loan Trust, Series 2017-3, Class A1, 144A		2.750	(cc)		01/25/61		546		539,771
Towd Point Mortgage Trust,
Series 2017-4, Class A1, 144A		2.750	(cc)		06/25/57		1,247		1,229,318
Series 2017-5, Class A1, 144A, 1 Month LIBOR + 0.600%		2.472	(c)		02/25/57		890		893,570
Series 2017-6, Class A1, 144A		2.750	(cc)		10/25/57		771		759,688
VOLT LVII LLC, Series 2017-NPL4, Class A1, 144A		3.375			04/25/47		58		58,152
VOLT LX LLC, Series 2017-NPL7, Class A1, 144A		3.250			06/25/47		75		74,450
									5,507,333
Student Loans    0.5%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A		2.680			09/25/42		557		546,966
Series 2018-AGS, Class A1, 144A		3.210			02/25/44		400		400,705
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 144A		2.810			11/25/42		300		294,321
Navient Private Education Refi Loan Trust, Series 2018-A, Class A2, 144A		3.190			02/18/42		700		698,085
Navient Student Loan Trust, Series 2016-2A, Class A1, 144A, 1 Month LIBOR + 0.750%		2.622	(c)		06/25/65		53		53,556
Sofi Professional Loan Program Trust,
Series 2018-B, Class A1FX, 144A		2.640			08/25/47		500		498,703
Series 2018-B, Class A2FX, 144A		3.340			08/25/47		700		703,097
									3,195,433
TOTAL ASSET-BACKED SECURITIES (cost $36,134,033)									36,042,576

See Notes to Financial Statements.

Prudential Balanced Fund 55

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.0%
BANK, Series 2017-BNK4, Class A3		3.362	%		05/15/50		1,000	$	987,004
BENCHMARK Mortgage Trust, Series 2018-B3, Class A4		3.761			04/10/51		800		813,805
Citigroup Commercial Mortgage Trust,
Series 2013-GC11, Class A3		2.815			04/10/46		100		98,265
Series 2014-GC21, Class A4		3.575			05/10/47		420		425,444
Series 2015-GC29, Class A3		2.935			04/10/48		200		193,867
Series 2015-P1, Class A4		3.462			09/15/48		600		599,781
Series 2017-P8, Class A3		3.203			09/15/50		1,000		973,658
COMM Mortgage Trust,
Series 2013-CR7, Class A3		2.929			03/10/46		151		149,497
Series 2013-CR8, Class A4		3.334			06/10/46		600		603,733
Series 2014-CR15, Class A2		2.928			02/10/47		366		367,013
Series 2014-CR18, Class A4		3.550			07/15/47		400		404,624
Series 2014-UBS3, Class A2		2.844			06/10/47		300		300,451
Series 2014-UBS4, Class A4		3.420			08/10/47		700		702,816
Series 2015-LC21, Class A3		3.445			07/10/48		700		699,844
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class A3		3.231			06/15/57		800		787,128
Series 2017-C8, Class A3		3.127			06/15/50		800		771,834
Deutsche Bank JPMorgan Chase Mortgage Trust, Series 2016-C1, Class A3A		3.015			05/10/49		800		776,905
Fannie Mae-Aces,
Series 2014-M2, Class A2		3.513	(cc)		12/25/23		375		384,550
Series 2015-M10, Class A2		3.092	(cc)		04/25/27		800		792,496
Series 2015-M17, Class A2		2.938	(cc)		11/25/25		500		495,188
Series 2017-M1, Class A2		2.417	(cc)		10/25/26		300		283,291
Series 2017-M4, Class A2		2.597	(cc)		12/25/26		1,750		1,670,269
Series 2017-M8, Class A2		3.061	(cc)		05/25/27		1,250		1,230,635
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO		1.423	(cc)		05/25/22		2,747		131,784
Series K021, Class X1, IO		1.462	(cc)		06/25/22		831		41,973
Series K025, Class X1, IO		0.866	(cc)		10/25/22		1,412		45,571
Series K030, Class A2		3.250	(cc)		04/25/23		300		304,305
Series K055, Class X1, IO		1.367	(cc)		03/25/26		2,319		207,996
Series K064, Class AM		3.327	(cc)		03/25/27		900		902,583
Series K068, Class AM		3.315			08/25/27		900		899,292
Series K069, Class A2		3.187	(cc)		09/25/27		750		746,426
Series K069, Class AM		3.248	(cc)		09/25/27		150		149,057
Series K070, Class A2		3.303	(cc)		11/25/27		1,225		1,230,603
Series K070, Class AM		3.364	(cc)		12/25/27		225		226,215
Series K072, Class A2		3.444			12/25/27		300		304,085
Series K074, Class A2		3.600			01/25/28		1,950		2,001,734
Series K710, Class X1, IO		1.731	(cc)		05/25/19		2,224		30,792

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series K711, Class X1, IO		1.681	%(cc)		07/25/19		2,304	$	32,721
Series KS03, Class A4		3.161	(cc)		05/25/25		300		298,687
GS Mortgage Securities Trust, Series 2015-GC28, Class A4		3.136			02/10/48		400		393,210
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2012-CBX, Class A3		3.139			06/15/45		57		57,353
Series 2012-LC9, Class A4		2.611			12/15/47		200		197,100
Series 2013-C10, Class A4		2.875			12/15/47		240		238,378
Series 2013-C16, Class A2		3.070			12/15/46		256		256,405
Series 2013-LC11, Class A4		2.694			04/15/46		157		153,307
Series 2017-JP7, Class ASB		3.241			09/15/50		400		395,333
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C8, Class A3		2.863			12/15/48		180		177,471
Series 2015-C23, Class A3		3.451			07/15/50		600		600,164
Series 2015-C25, Class A4		3.372			10/15/48		700		695,859
Series 2016-C29, Class A3		3.058			05/15/49		800		777,134
Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3		2.531			08/15/49		1,300		1,209,902
UBS Commercial Mortgage Trust,
Series 2017-C2, Class ASB		3.264			08/15/50		500		497,905
Series 2017-C5, Class A4		3.212			11/15/50		1,000		970,976
Series 2018-C9, Class A3		3.854			03/15/51		400		406,210
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C4, Class A4		2.792			12/10/45		200		197,346
Series 2013-C5, Class A3		2.920			03/10/46		483		477,998
Series 2013-C6, Class A3		2.971			04/10/46		200		198,520
Wells Fargo Commercial Mortgage Trust,
Series 2016-C33, Class A3		3.162			03/15/59		900		878,978
Series 2015-NXS2, Class A4		3.498			07/15/58		800		801,733
Series 2016-C34, Class A3		2.834			06/15/49		800		762,473
Series 2016-C35, Class A3		2.674			07/15/48		1,200		1,131,548
Series 2016-NXS6, Class A3		2.642			11/15/49		1,500		1,411,778
Series 2017-C38, Class A4		3.190			07/15/50		700		681,311
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $36,524,362)									35,634,314
CORPORATE BONDS    9.6%
Agriculture    0.1%
BAT Capital Corp. (United Kingdom), Gtd. Notes, 144A		3.222			08/15/24		570		549,551
Bunge Ltd. Finance Corp., Gtd. Notes		8.500			06/15/19		110		116,875
Reynolds American, Inc. (United Kingdom), Gtd. Notes		8.125			06/23/19		50		53,071
									719,497

See Notes to Financial Statements.

Prudential Balanced Fund 57

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines    0.1%
American Airlines, Pass Through Trust, Pass-Through Certificates, Series 2016-1, Class AA		3.575	%		07/15/29		195	$	192,713
Continental Airlines, Pass Through Trust, Pass-Through Certificates,
Series 2009-2, Class A		7.250			05/10/21		82		86,467
Series 2001-1, Class A-1		6.703			12/15/22		4		4,426
Series 2012-2, Class A		4.000			04/29/26		92		93,310
Delta Air Lines, Pass Through Trust, Pass-Through Certificates,
Series 2007-1, Class A		6.821			02/10/24		51		56,658
Series 2007-1, Class A, Sr. Unsec’d. Notes		2.875			03/13/20		205		203,664
Series 2011-1, Class A		5.300			10/15/20		105		106,521
United Airlines, Pass Through Trust, Pass-Through Certificates, Series 2014-1, Class A		4.000			10/11/27		77		78,190
									821,949
Auto Manufacturers    0.3%
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750			01/15/43		175		159,586
Sr. Unsec’d. Notes		5.291			12/08/46		425		415,606
General Motors Co.,
Sr. Unsec’d. Notes		4.875			10/02/23		155		161,745
Sr. Unsec’d. Notes		6.250			10/02/43		135		148,270
Sr. Unsec’d. Notes		6.600			04/01/36		80		91,685
General Motors Financial Co., Inc, Gtd. Notes		3.950			04/13/24		500		495,755
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.850			01/15/21		565		559,462
									2,032,109
Banks     2.4%
Bank Nederlandse Gemeenten NV (Netherlands), Sr. Unsec’d. Notes, 144A		2.625			04/28/21		230		229,400
Bank of America Corp.,
Jr. Sub. Notes		8.125			12/29/49		380		381,520
Sr. Unsec’d. Notes, GMTN		3.300			01/11/23		250		249,269
Sr. Unsec’d. Notes, GMTN		3.593			07/21/28		160		155,404
Sr. Unsec’d. Notes, MTN		4.100			07/24/23		130		134,200
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		620		638,182
Sr. Unsec’d. Notes, MTN		4.443			01/20/48		470		490,656
Sr. Unsec’d. Notes, 144A		3.004			12/20/23		286		280,525
Sub. Notes, MTN		4.450			03/03/26		365		372,862

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		2.950	%		01/29/23		170	$	167,864
Sr. Unsec’d. Notes, MTN		2.200			08/16/23		550		517,062
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		4.375			01/12/26		200		200,207
Sr. Unsec’d. Notes		4.950			01/10/47		200		205,130
BNP Paribas SA (France), Sr. Unsec’d. Notes, 144A, MTN		2.950			05/23/22		275		269,550
Citigroup, Inc.,
Jr. Sub. Notes		5.950			12/29/49		280		290,153
Jr. Sub. Notes		6.125			12/29/49		150		157,815
Jr. Sub. Notes		6.250			12/29/49		105		110,906
Sr. Unsec’d. Notes		3.700			01/12/26		200		197,502
Sr. Unsec’d. Notes		4.281			04/24/48		130		131,552
Sr. Unsec’d. Notes		8.125			07/15/39		200		302,861
Sub. Notes		4.400			06/10/25		540		549,659
Sub. Notes		4.450			09/29/27		195		197,308
Sub. Notes		4.750			05/18/46		55		55,888
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, GMTN		3.375			05/12/21		220		217,448
Development Bank of Japan, Inc. (Japan), Gov’t. Gtd. Notes, 144A, MTN		2.125			09/01/22		200		192,991
Dexia Credit Local SA (France), Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		250		241,757
Discover Bank, Sr. Unsec’d. Notes		4.250			03/13/26		315		316,193
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes		5.375			12/29/49		265		272,044
Sr. Unsec’d. Notes		3.750			02/25/26		50		49,127
Sr. Unsec’d. Notes		3.850			01/26/27		410		404,840
Sr. Unsec’d. Notes, MTN		4.800			07/08/44		400		431,182
Sr. Unsec’d. Notes		5.750			01/24/22		250		270,514
Sub. Notes		6.750			10/01/37		275		344,496
Huntington Bancshares, Inc., Sr. Unsec’d. Notes		2.600			08/02/18		195		194,967
JPMorgan Chase & Co.,
Jr. Sub. Notes		7.900			12/29/49		300		301,530
Sr. Unsec’d. Notes		2.950			10/01/26		210		197,612
Sr. Unsec’d. Notes		3.200			06/15/26		750		719,487
Sr. Unsec’d. Notes		3.509			01/23/29		265		257,236
Sr. Unsec’d. Notes		4.032			07/24/48		365		353,444
Sub. Notes		3.875			09/10/24		90		89,851
Lloyds Bank PLC (United Kingdom), Gtd. Notes, 144A, MTN		5.800			01/13/20		195		204,315
Lloyds Banking Group PLC (United Kingdom), Gtd. Notes		4.375			03/22/28		275		277,749

See Notes to Financial Statements.

Prudential Balanced Fund 59

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley,
Jr. Sub. Notes		5.450	%		12/29/49		125	$	127,253
Sr. Unsec’d. Notes, GMTN		3.125			01/23/23		45		44,357
Sr. Unsec’d. Notes, GMTN		3.772			01/24/29		230		226,440
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		370		369,678
Sr. Unsec’d. Notes, MTN		3.971			07/22/38		90		87,924
Sr. Unsec’d. Notes		4.375			01/22/47		435		445,148
Sr. Unsec’d. Notes, GMTN		5.500			07/28/21		60		64,083
Sr. Unsec’d. Notes, MTN		5.625			09/23/19		285		295,845
Sr. Unsec’d. Notes, MTN		6.375			07/24/42		120		155,262
Nordea Bank AB (Sweden), Sr. Unsec’d. Notes, 144A, MTN (original cost $259,277; purchased 09/09/15)(f)		1.875			09/17/18		260		259,223
State Street Corp., Jr. Sub. Notes		5.250			12/29/49		190		194,750
Sumitomo Mitsui Banking Corp. (Japan), Gtd. Notes		2.450			01/10/19		250		249,353
									14,141,574
Beverages    0.1%
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		4.700			02/01/36		190		201,032
Gtd. Notes		4.000			01/17/43		120		113,756
Gtd. Notes		4.900			02/01/46		50		53,926
									368,714
Biotechnology    0.1%
Amgen, Inc., Sr. Unsec’d. Notes		4.663			06/15/51		374		386,068
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		4.150			03/01/47		10		9,792
Sr. Unsec’d. Notes		4.800			04/01/44		20		21,590
									417,450
Building Materials    0.1%
Griffon Corp., Gtd. Notes		5.250			03/01/22		65		65,264
Owens Corning, Gtd. Notes		4.200			12/15/22		90		92,065
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		120		121,500
									278,829
Chemicals    0.1%
CF Industries, Inc., Gtd. Notes		5.375			03/15/44		90		81,590
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22		410		396,414
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.625			10/01/44		10		10,277
Sr. Unsec’d. Notes		9.400			05/15/39		67		107,936

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Mosaic Co. (The),
Sr. Unsec’d. Notes		5.450	%		11/15/33		55	$	58,237
Sr. Unsec’d. Notes		5.625			11/15/43		60		62,733
Union Carbide Corp., Sr. Unsec’d. Notes		7.500			06/01/25		100		119,577
									836,764
Commercial Services    0.2%
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23		820		787,507
Gtd. Notes, 144A		7.000			10/15/37		20		26,067
President & Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		270		250,456
United Rentals North America, Inc., Gtd. Notes		5.875			09/15/26		65		67,600
									1,131,630
Computers    0.3%
Apple, Inc.,
Sr. Unsec’d. Notes		2.850			05/11/24		1,045		1,018,653
Sr. Unsec’d. Notes		3.250			02/23/26		330		325,360
Dell International LLC/EMC Corp., Sr. Sec’d. Notes, 144A		3.480			06/01/19		145		145,656
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes		2.850			10/05/18		90		90,092
Seagate HDD Cayman, Gtd. Notes		3.750			11/15/18		90		90,531
									1,670,292
Diversified Financial Services    0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Netherlands), Gtd. Notes		3.750			05/15/19		150		150,939
CPPIB Capital, Inc. (Canada), Gtd. Notes, 144A, MTN		2.750			11/02/27		250		242,630
GE Capital International Funding Co. Unlimited Co., Gtd. Notes		2.342			11/15/20		500		488,979
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		65		72,087
Lehman Brothers Holdings, Inc.,
Sr. Unsec’d. Notes, MTN(d)		5.250			02/06/12		345		13,800
Sr. Unsec’d. Notes, MTN(d)		6.875			05/02/18		100		4,120
Navient Corp., Sr. Unsec’d. Notes, MTN		8.450			06/15/18		90		90,765
Private Export Funding Corp.,
Gov’t. Gtd. Notes		2.450			07/15/24		65		63,437
Sr. Unsec’d. Notes, 144A		2.650			02/16/21		385		384,411
Synchrony Financial, Sr. Unsec’d. Notes		2.700			02/03/20		125		123,678
									1,634,846

See Notes to Financial Statements.

Prudential Balanced Fund 61

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric    1.1%
Baltimore Gas & Electric Co., Sr. Unsec’d. Notes		6.350	%		10/01/36		115	$	152,101
Berkshire Hathaway Energy Co., Sr. Unsec’d. Notes		6.125			04/01/36		117		149,112
Black Hills Corp., Sr. Unsec’d. Notes		2.500			01/11/19		150		149,887
CenterPoint Energy Houston Electric LLC,
Gen. Ref. Mtg.		2.400			09/01/26		170		157,241
Gen. Ref. Mtg.		6.950			03/15/33		120		160,449
Commonwealth Edison Co., First Mortgage		3.750			08/15/47		530		508,103
Dominion Energy, Inc., Jr. Sub. Notes		4.104	(cc)		04/01/21		400		408,525
DPL, Inc., Sr. Unsec’d. Notes		7.250			10/15/21		200		216,750
DTE Electric Co., Genl Rfe. Mtg.		3.750			08/15/47		505		494,193
Duke Energy Carolinas LLC, First Mortgage		6.050			04/15/38		55		70,486
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26		210		191,656
El Paso Electric Co., Sr. Unsec’d. Notes		6.000			05/15/35		135		157,097
Enel Finance International NV (Italy), Gtd. Notes, 144A		2.875			05/25/22		500		487,960
Eversource Energy, Sr. Unsec’d. Notes		4.500			11/15/19		90		92,426
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		50		57,382
Florida Power & Light Co., First Mortgage		5.950			10/01/33		60		74,793
Iberdrola International BV (Spain), Gtd. Notes		6.750			09/15/33		30		36,088
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		235		230,258
Sr. Unsec’d. Notes, 144A		9.375			01/28/20		230		251,047
Monongahela Power Co., First Mortgage, 144A		4.100			04/15/24		280		290,019
Niagara Mohawk Power Corp., Sr. Unsec’d. Notes, 144A		4.881			08/15/19		100		102,609
NRG Energy, Inc., Gtd. Notes		7.250			05/15/26		120		126,936
Ohio Power Co., Sr. Unsec’d. Notes		4.150			04/01/48		175		178,350
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		3.400			08/15/24		1,020		1,000,472
Public Service Co. of Colorado, First Mortgage		4.300			03/15/44		35		37,254
Public Service Co. of New Mexico, Sr. Unsec’d. Notes		7.950			05/15/18		55		55,345
Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN		5.800			05/01/37		125		155,309
Southwestern Public Service Co., First Mortgage		3.700			08/15/47		250		240,195
State Grid Overseas Investment 2014 Ltd. (China), Gtd. Notes, 144A		2.750			05/07/19		200		199,583
Xcel Energy, Inc., Sr. Unsec’d. Notes		4.800			09/15/41		105		115,735
									6,547,361
Engineering & Construction    0.0%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		192,500

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods    0.1%
Kraft Heinz Foods Co.,
Gtd. Notes		3.000	%		06/01/26		220	$	203,068
Gtd. Notes		4.375			06/01/46		60		55,019
Gtd. Notes		5.000			07/15/35		100		103,686
Kroger Co. (The), Sr. Unsec’d. Notes		4.450			02/01/47		55		52,000
									413,773
Forest Products & Paper    0.1%
Georgia-Pacific LLC, Gtd. Notes, 144A		5.400			11/01/20		40		42,287
International Paper Co.,
Sr. Unsec’d. Notes		4.350			08/15/48		160		151,794
Sr. Unsec’d. Notes		6.000			11/15/41		30		34,352
Sr. Unsec’d. Notes		7.300			11/15/39		175		229,239
									457,672
Gas    0.1%
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		4.100			09/01/47		200		195,196
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		10		10,708
NiSource, Inc.,
Sr. Unsec’d. Notes		3.490			05/15/27		445		430,064
Sr. Unsec’d. Notes		4.800			02/15/44		40		42,400
									678,368
Healthcare-Products    0.3%
Abbott Laboratories,
Sr. Unsec’d. Notes		2.000			09/15/18		605		603,656
Sr. Unsec’d. Notes		2.900			11/30/21		465		460,080
Becton Dickinson and Co.,
Sr. Unsec’d. Notes		3.700			06/06/27		720		695,143
Sr. Unsec’d. Notes		3.734			12/15/24		65		63,911
Medtronic, Inc., Gtd. Notes		4.375			03/15/35		174		184,616
									2,007,406
Healthcare-Services    0.3%
Anthem, Inc.,
Sr. Unsec’d. Notes		4.625			05/15/42		45		45,591
Sr. Unsec’d. Notes		4.650			01/15/43		30		30,218
Ascension Health, Sr. Unsec’d. Notes		3.945			11/15/46		245		248,663
Duke University Health System, Inc., Sr. Unsec’d. Notes		3.920			06/01/47		95		96,410
Fresenius Medical Care US Finance II, Inc. (Germany), Gtd. Notes, 144A		4.125			10/15/20		75		76,286

See Notes to Financial Statements.

Prudential Balanced Fund 63

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
HCA, Inc.,
Sr. Sec’d. Notes		4.750	%		05/01/23		255	$	257,869
Sr. Sec’d. Notes		5.250			04/15/25		100		102,220
Kaiser Foundation Hospitals, Gtd. Notes		4.150			05/01/47		140		144,813
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		3.200			02/01/22		20		19,904
Sr. Unsec’d. Notes		3.600			09/01/27		200		193,513
Providence St. Joseph Health Obligated Group, Unsec’d. Notes		2.746			10/01/26		50		47,202
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		4.625			07/15/35		60		65,621
Sr. Unsec’d. Notes		6.625			11/15/37		80		106,981
Sr. Unsec’d. Notes		6.875			02/15/38		95		130,510
									1,565,801
Housewares    0.0%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		100		99,002
Insurance    0.3%
Allied World Assurance Co. Holdings Ltd., Gtd. Notes		5.500			11/15/20		80		84,086
American International Group, Inc., Sr. Unsec’d. Notes		4.500			07/16/44		125		123,379
AXIS Specialty Finance LLC, Gtd. Notes		5.875			06/01/20		160		168,256
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		3.125			03/15/26		100		97,468
Chubb Corp. (The), Gtd. Notes, 3 Month LIBOR + 2.250%		3.972	(c)		04/15/37		210		209,937
Hartford Financial Services Group, Inc. (The), Sr. Unsec’d. Notes, MTN		6.000			01/15/19		90		92,197
Liberty Mutual Group, Inc., Gtd. Notes, 144A		7.000			03/15/34		180		226,220
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		110		132,884
Markel Corp., Sr. Unsec’d. Notes		5.000			03/30/43		25		26,426
New York Life Insurance Co., Sub. Notes, 144A		6.750			11/15/39		110		149,235
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		60		76,000
Ohio National Financial Services, Inc., Sr. Unsec’d. Notes, 144A		6.375			04/30/20		105		111,693
Principal Financial Group, Inc., Gtd. Notes		4.625			09/15/42		15		15,504
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270			05/15/47		240		240,037
Sub. Notes, 144A		6.850			12/16/39		22		29,356
Unum Group, Sr. Unsec’d. Notes		5.625			09/15/20		50		52,833
W.R. Berkley Corp., Sr. Unsec’d. Notes		6.150			08/15/19		90		93,759
									1,929,270

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging    0.2%
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.125	%		06/15/26		455	$	431,241
Sr. Unsec’d. Notes		3.250			09/15/22		130		128,890
Sr. Unsec’d. Notes		6.750			05/15/18		500		502,409
									1,062,540
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		160		169,258
Media    0.4%
21st Century Fox America, Inc., Gtd. Notes		7.625			11/30/28		125		161,903
AMC Networks, Inc., Gtd. Notes		5.000			04/01/24		215		212,457
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A		5.375			05/01/25		120		118,200
Charter Communications Operating LLC / Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		110		122,876
Sr. Sec’d. Notes		6.484			10/23/45		172		188,802
Sr. Sec’d. Notes		5.375			05/01/47		20		19,345
Comcast Corp.,
Gtd. Notes		3.969			11/01/47		94		89,127
Gtd. Notes		6.450			03/15/37		35		44,554
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A		3.150			08/15/24		520		498,688
Discovery Communications LLC,
Gtd. Notes		5.000			09/20/37		25		24,916
Gtd. Notes		5.200			09/20/47		100		99,786
Time Warner Cable LLC, Sr. Sec’d. Notes		5.500			09/01/41		140		139,094
Time Warner, Inc., Gtd. Notes		3.800			02/15/27		180		174,029
Viacom, Inc., Sr. Unsec’d. Notes		5.250			04/01/44		65		65,788
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		150		152,250
									2,111,815
Mining    0.1%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		280		326,051
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes		5.000			09/30/43		35		40,432
Gtd. Notes, 144A		6.250			10/19/75		65		68,413
Goldcorp, Inc. (Canada), Sr. Unsec’d. Notes		3.625			06/09/21		110		110,896
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		5.875			04/23/45		10		11,297
Sr. Unsec’d. Notes		7.500			07/27/35		95		122,918
									680,007

See Notes to Financial Statements.

Prudential Balanced Fund 65

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Miscellaneous Manufacturing    0.1%
Actuant Corp., Gtd. Notes		5.625	%		06/15/22		160	$	162,000
General Electric Co.,
Sr. Unsec’d. Notes, GMTN		6.000			08/07/19		172		178,308
Sub. Notes, MTN		5.300			02/11/21		100		104,860
									445,168
Multi-National    0.1%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.000			05/10/19		180		178,651
Sr. Unsec’d. Notes		2.125			09/27/21		355		344,315
Sr. Unsec’d. Notes		2.750			01/06/23		70		68,515
North American Development Bank (Supranational Bank),
Sr. Unsec’d. Notes		2.400			10/26/22		150		145,436
Sr. Unsec’d. Notes		4.375			02/11/20		100		103,024
									839,941
Oil & Gas    0.6%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		6.450			09/15/36		200		239,793
BP Capital Markets PLC (United Kingdom), Gtd. Notes		4.500			10/01/20		70		72,549
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.400			06/15/47		413		415,701
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		35		37,148
ConocoPhillips Co., Gtd. Notes		4.950			03/15/26		225		245,611
ConocoPhillips Holding Co., Sr. Unsec’d. Notes		6.950			04/15/29		150		190,796
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.000			06/15/45		15		15,942
Sr. Unsec’d. Notes		5.600			07/15/41		35		39,403
Encana Corp. (Canada),
Sr. Unsec’d. Notes		6.500			08/15/34		340		404,793
Sr. Unsec’d. Notes		6.500			02/01/38		50		60,407
EOG Resources, Inc., Sr. Unsec’d. Notes		3.900			04/01/35		120		117,738
Helmerich & Payne International Drilling Co., Gtd. Notes		4.650			03/15/25		240		249,183
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.375			03/13/22		70		72,765
Gtd. Notes		5.500			01/21/21		310		322,710
Gtd. Notes		6.500			06/02/41		170		168,725
Gtd. Notes, MTN		6.750			09/21/47		415		419,930
Gtd. Notes, MTN		6.875			08/04/26		230		252,770
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		200		197,019
									3,522,983

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas Services    0.1%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		4.000	%		12/21/25		345	$	350,822
Packaging & Containers    0.1%
WestRock RKT Co.,
Gtd. Notes		4.900			03/01/22		95		99,973
Gtd. Notes		4.000			03/01/23		550		563,077
									663,050
Pharmaceuticals    0.4%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25		315		310,440
Sr. Unsec’d. Notes		4.500			05/14/35		235		240,688
Allergan Funding SCS,
Gtd. Notes		3.800			03/15/25		115		112,974
Gtd. Notes		4.550			03/15/35		430		420,962
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780			03/25/38		100		101,353
Sr. Unsec’d. Notes		5.050			03/25/48		175		184,063
Sr. Unsec’d. Notes		5.125			07/20/45		105		111,371
Sr. Unsec’d. Notes		5.300			12/05/43		35		37,850
Express Scripts Holding Co., Gtd. Notes		4.500			02/25/26		680		692,345
Mylan, Inc., Gtd. Notes, 144A		4.550			04/15/28		400		400,650
									2,612,696
Pipelines    0.3%
Enterprise Products Operating LLC,
Gtd. Notes		3.700			02/15/26		20		19,819
Gtd. Notes		4.850			03/15/44		185		193,754
MPLX LP,
Sr. Unsec’d. Notes		4.500			04/15/38		175		172,782
Sr. Unsec’d. Notes		4.875			06/01/25		375		391,557
Sr. Unsec’d. Notes		5.200			03/01/47		20		20,900
ONEOK Partners LP, Gtd. Notes		6.200			09/15/43		205		239,054
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		50		50,732
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.550			10/01/26		360		342,586
Spectra Energy Partners LP, Sr. Unsec’d. Notes		3.375			10/15/26		165		155,730
Williams Partners LP,
Sr. Unsec’d. Notes		4.850			03/01/48		20		19,798
Sr. Unsec’d. Notes		4.900			01/15/45		220		216,930
Sr. Unsec’d. Notes		5.400			03/04/44		175		183,333
									2,006,975

See Notes to Financial Statements.

Prudential Balanced Fund 67

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs)    0.0%
Simon Property Group LP, Sr. Unsec’d. Notes		3.375	%		03/15/22		30	$	30,119
Welltower, Inc., Sr. Unsec’d. Notes		4.250			04/01/26		160		161,987
									192,106
Retail    0.2%
Home Depot, Inc. (The), Sr. Unsec’d. Notes		4.200			04/01/43		110		113,749
L Brands, Inc., Gtd. Notes		6.625			04/01/21		225		239,062
Lowe’s Cos., Inc., Sr. Unsec’d. Notes		6.500			03/15/29		21		25,957
Macy’s Retail Holdings, Inc., Gtd. Notes		3.875			01/15/22		45		45,038
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		3.700			01/30/26		320		321,804
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		170		168,088
Target Corp., Sr. Unsec’d. Notes		3.500			07/01/24		60		60,926
									974,624
Semiconductors    0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		345		335,541
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		5.750			03/15/23		200		205,750
									541,291
Software    0.2%
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		2.850			10/15/18		200		200,091
Sr. Unsec’d. Notes		3.625			10/15/20		151		152,897
Microsoft Corp.,
Sr. Unsec’d. Notes		4.000			02/12/55		80		81,256
Sr. Unsec’d. Notes		4.500			02/06/57		240		263,068
Oracle Corp., Sr. Unsec’d. Notes		4.300			07/08/34		145		153,080
									850,392
Telecommunications    0.2%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.900			08/14/37		100		100,565
Sr. Unsec’d. Notes		5.300			08/14/58		115		115,961
Sr. Unsec’d. Notes		3.400			05/15/25		320		308,335
Sr. Unsec’d. Notes		5.150			03/15/42		200		206,053
Sr. Unsec’d. Notes		5.250			03/01/37		60		63,472
Sr. Unsec’d. Notes		5.350			09/01/40		4		4,199
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes		9.125			12/15/30		50		73,058

See Notes to Financial Statements.

68

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Sr. Sec’d. Notes, 144A		3.360	%		03/20/23		241	$	239,121
Telefonos de Mexico SAB de CV (Mexico), Gtd. Notes		5.500			11/15/19		40		41,521
Verizon Communications, Inc., Sr. Unsec’d. Notes		4.500			08/10/33		185		187,280
									1,339,565
Transportation    0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		4.450			03/15/43		100		105,428
Sr. Unsec’d. Notes		6.700			08/01/28		135		169,419
CSX Corp., Sr. Unsec’d. Notes		6.150			05/01/37		170		211,059
Norfolk Southern Corp.,
Sr. Unsec’d. Notes		2.903			02/15/23		97		95,245
Sr. Unsec’d. Notes		5.590			05/17/25		20		22,355
									603,506
TOTAL CORPORATE BONDS (cost $56,594,342)									56,911,546
MUNICIPAL BONDS    0.5%
Alabama    0.0%
Alabama Economic Settlement Auth. Rev., Taxable BP Settlement, Ser. B (Pre-refunded date 09/15/32)		4.263			09/15/32		35		36,446
California    0.1%
Bay Area Toll Authority, Taxable, Revenue Bonds, BABs (Pre-refunded date 04/01/49)		6.263			04/01/49		220		309,047
California Educational Facilities Authority, Stanford Univ., Revenue Bonds, Ser. U-7 (Pre-refunded date 06/01/46)		5.000			06/01/46		100		131,016
State of California, GO, BABs (Pre-refunded date 10/01/39)		7.300			10/01/39		210		306,254
State of California, Tax. Var. Purp., GO, BABs (Pre-refunded date 04/01/34)		7.500			04/01/34		15		21,636
									767,953
Illinois    0.1%
Chicago O’Hare International Airport, Revenue Bonds, Ser. B, BABs (Pre-refunded date 01/01/40)		6.395			01/01/40		160		216,974
State of Illinois, GO, Ser D (Pre-refunded date 11/01/22)		5.000			11/01/22		500		522,625
									739,599

See Notes to Financial Statements.

Prudential Balanced Fund 69

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.1%
New Jersey State Turnpike Authority, Tax. Issuer Subs., Revenue Bonds, Ser. F, BABs (Pre-refunded date 01/01/40)		7.414	%		01/01/40		165	$	243,027
New York    0.1%
New York City Transitional Finance Authority Future Tax Secured Revenue, Tax. Future, Tax. Sec’d. Rev., Ser. C-2, BABs (Pre-refunded date 08/01/36)		5.767			08/01/36		190		231,021
Ohio    0.0%
Ohio State University (The), Revenue Bonds, Taxable, Ser. C, BABs (Pre-refunded date 06/01/40)		4.910			06/01/40		65		76,170
Ohio State Water Development Auth. Wtr. Poll. Ctl. Rev., Taxable Ld. Fd. B-2 Wtr. Quality, BABs (Pre-refunded date 12/01/34)		4.879			12/01/34		45		49,902
									126,072
Oregon    0.0%
Oregon State Department of Transportation Highway, Revenue Bonds, Taxable, Ser. A, BABs (Pre-refunded date 11/15/34)		5.834			11/15/34		70		87,295
Pennsylvania    0.0%
Pennsylvania Turnpike Commission, Ser. B, BABs (Pre-refunded date 12/01/45)		5.511			12/01/45		80		100,897
Tennessee    0.0%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Taxable Sub. B, Direct Pay, Revenue Bonds, BABs (Pre-refunded date 07/01/43)		6.731			07/01/43		160		217,960
Texas    0.1%
University of Texas System (The), Revenue Bonds, Ser. F, Rfdg. (Pre-refunded date 08/15/47)		5.000			08/15/47		230		293,977
Virginia    0.0%
University of Virginia, Revenue Bonds, Taxable, Ser. C (Pre-refunded date 09/01/2117)		4.179			09/01/2117		80		80,081
TOTAL MUNICIPAL BONDS (cost $2,476,510)									2,924,328

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.3%
Alternative Loan Trust, Series 2004-18CB, Class 3A1		5.250	%		09/25/19		14		$	14,262
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1		3.692	(cc)		02/25/35		27			26,532
Series 2005-B, Class 2A1		3.908	(cc)		03/25/35		30			28,898
Bayview Opportunity Master Fund IVb Trust, Series 2017-CRT1, Class M, 144A, 1 Month LIBOR + 2.150%		4.027	(c)		10/25/28		191			191,137
Bellemeade Re Ltd. (Bermuda), Series 2017-1, Class M1, 144A, 1 Month LIBOR + 1.700%		3.572	(c)		10/25/27		154			155,026
Chase Mortgage Finance Trust, Series 2007-A1, Class 1A5		3.714	(cc)		02/25/37		75			75,045
CIM Trust,
Series 2017-2, Class A1, 144A, 1 Month LIBOR + 2.000%		3.664	(c)		12/25/57		309			311,942
Series 2017-3, Class A1, 144A, 1 Month LIBOR + 2.000%		3.664	(c)		01/25/57		646			659,435
Series 2017-6, Class A1, 144A		3.015	(cc)		06/25/57		301			295,105
Series 2017-8, Class A1, 144A		3.000	(cc)		12/25/65		610			608,714
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M1, 1 Month LIBOR + 2.150%		4.022	(c)		09/25/28		64			64,148
Series 2016-C03, Class 2M1, 1 Month LIBOR + 2.200%		4.072	(c)		10/25/28		61			61,802
Series 2016-C04, Class 1M1, 1 Month LIBOR + 1.450%		3.322	(c)		01/25/29		133			134,307
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA1, Class M1, 1 Month LIBOR + 0.900%		2.772	(c)		10/25/27		68			68,422
Series 2016-DNA1, Class M1, 1 Month LIBOR + 1.450%		3.322	(c)		07/25/28		11			11,166
Series 2016-HQA4, Class M2, 1 Month LIBOR + 1.300%		3.172	(c)		04/25/29		290			294,312
Series 2017-DNA1, Class M1, 1 Month LIBOR + 1.200%		3.072	(c)		07/25/29		448			452,375
Series 2017-DNA3, Class M1, 1 Month LIBOR + 0.750%		2.622	(c)		03/25/30		969			971,961
Holmes Master Issuer PLC (United Kingdom), Series 2018-1A, Class A2, 144A, 3 Month LIBOR + 0.360%		2.146	(c)		10/15/54		400			399,774
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1		3.739	(cc)		07/25/35		39			39,641
Lanark Master Issuer PLC (United Kingdom), Series 2018-1A, Class 1A, 144A, 3 Month LIBOR + 0.420%		2.236	(c)		12/22/69		300			300,023
LSTAR Securities Investment Ltd., Series 2017-3, Class A1, 144A, 1 Month LIBOR + 2.000%^		3.664	(c)		04/01/22		248			248,738
LSTAR Securities Investment Ltd. (Cayman Islands),
Series 2017-4, Class A, 144A, 1 Month LIBOR + 2.000%		3.664	(c)		05/01/22		820			819,965
Series 2017-5, Class A, 144A, 1 Month LIBOR + 2.000%		3.664	(c)		05/01/22		556			555,894
LSTAR Securities Investment Ltd., Series 2017-6, Class A, 144A, 1 Month LIBOR + 1.750%		3.414	(c)		09/01/22		196			197,021
LSTAR Securities Investment Ltd. (Cayman Islands), Series 2017-8, Class A, 144A, 1 Month LIBOR + 1.650%		3.314	(c)		11/01/22		242			243,044
MASTR Alternative Loan Trust,
Series 2003-8, Class 4A1		7.000			12/25/33		—	(r)		61
Series 2004-4, Class 4A1		5.000			04/25/19		7			6,717

See Notes to Financial Statements.

Prudential Balanced Fund 71

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
OBX Trust, Series 2018-1, Class A2, 144A, 1 Month LIBOR + 0.650%		2.527	%(c)		06/25/57		400	$	400,256
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A3		3.689	(cc)		02/25/34		46		46,761
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1, Class 3A		5.000			03/25/20		7		6,582
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $7,646,723)									7,689,066
SOVEREIGN BONDS    1.2%
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes, 144A		3.125			10/11/27		685		647,325
Belgium Government International Bond (Belgium), Sr. Unsec’d. Notes, 144A, EMTN		1.125			08/03/19		200		196,699
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		7.375			09/18/37		100		128,000
Sr. Unsec’d. Notes		4.375			07/12/21		200		207,000
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A		3.875			02/01/28		200		193,786
Export-Import Bank of Korea (South Korea), Sr. Unsec’d. Notes		5.125			06/29/20		100		104,160
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		6.375			03/29/21		280		304,864
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		4.350			01/11/48		295		281,262
Sr. Unsec’d. Notes		4.750			01/08/26		200		208,898
Sr. Unsec’d. Notes, 144A, MTN		2.150			07/18/24		EUR  315		399,220
Sr. Unsec’d. Notes, 144A		3.375			07/30/25		EUR  350		472,673
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		2.125			07/21/20		200		197,193
Gov’t. Gtd. Notes		2.125			11/16/20		200		196,572
Gov’t. Gtd. Notes		2.250			02/24/20		200		198,310
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		2.000			09/08/20		200		195,835
Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		189,380
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		393,485
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes		4.000			10/02/23		76		77,824
Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		160		158,486
Province of Alberta (Canada), Sr. Unsec’d. Notes		3.300			03/15/28		180		181,278
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125			06/22/26		100		92,265

See Notes to Financial Statements.

72

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Province of Ontario (Canada),
Sr. Unsec’d. Notes		2.550	%		02/12/21		85	$	84,529
Sr. Unsec’d. Notes		2.250			05/18/22		120		116,656
Province of Quebec (Canada),
Sr. Unsec’d. Notes		2.750			04/12/27		290		280,389
Unsec’d. Notes, MTN		7.140	(cc)		02/27/26		135		166,175
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		205		197,415
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		285		274,228
Svensk Exportkredit AB (Sweden), Sr. Unsec’d. Notes, GMTN		1.750			03/10/21		380		370,089
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, 144A		2.500			06/08/22		200		195,194
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		190		201,311
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		5.100			06/18/50		100		102,500
TOTAL SOVEREIGN BONDS (cost $7,084,258)									7,013,001
U.S. GOVERNMENT AGENCY OBLIGATIONS    8.6%
Federal Home Loan Banks		5.500			07/15/36		135		179,905
Federal Home Loan Mortgage Corp.		3.000			07/01/43		415		407,836
Federal Home Loan Mortgage Corp.		4.000			02/01/41		422		437,196
Federal Home Loan Mortgage Corp.		1.375			08/15/19		230		227,322
Federal Home Loan Mortgage Corp.		1.625			09/29/20		60		58,876
Federal Home Loan Mortgage Corp.		3.000			06/01/29		262		261,557
Federal Home Loan Mortgage Corp.		3.000			01/01/37		199		197,959
Federal Home Loan Mortgage Corp.		3.000			TBA		3,000		2,921,133
Federal Home Loan Mortgage Corp.		3.500			08/01/26		234		238,625
Federal Home Loan Mortgage Corp.		3.500			TBA		2,500		2,502,024
Federal Home Loan Mortgage Corp.		4.000			06/01/26		82		85,663
Federal Home Loan Mortgage Corp.		4.000			09/01/26		69		71,354
Federal Home Loan Mortgage Corp.		4.000			TBA		500		512,363
Federal Home Loan Mortgage Corp.		4.000			11/01/39		266		274,913
Federal Home Loan Mortgage Corp.		4.000			04/01/42		354		364,684
Federal Home Loan Mortgage Corp.		4.500			10/01/39		236		249,528
Federal Home Loan Mortgage Corp.		4.500			10/01/46		449		470,759
Federal Home Loan Mortgage Corp.		5.000			07/01/18		1		1,288
Federal Home Loan Mortgage Corp.		5.000			07/01/19		9		9,382
Federal Home Loan Mortgage Corp.		5.000			01/01/21		14		14,255
Federal Home Loan Mortgage Corp.		5.000			04/01/34		18		19,526
Federal Home Loan Mortgage Corp.		5.000			05/01/34		37		39,314
Federal Home Loan Mortgage Corp.		5.000			10/01/35		52		56,387
Federal Home Loan Mortgage Corp.		5.500			12/01/33		37		40,919

See Notes to Financial Statements.

Prudential Balanced Fund 73

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		5.500	%		05/01/34		18	$	19,512
Federal Home Loan Mortgage Corp.		5.500			07/01/34		81		89,464
Federal Home Loan Mortgage Corp.		5.500			05/01/37		14		15,029
Federal Home Loan Mortgage Corp.		5.500			10/01/37		28		30,769
Federal Home Loan Mortgage Corp.		6.000			01/01/34		47		51,921
Federal Home Loan Mortgage Corp.		7.000			10/01/31		1		864
Federal Home Loan Mortgage Corp.		7.000			05/01/32		20		22,166
Federal National Mortgage Assoc.		2.500			04/01/28		855		843,717
Federal National Mortgage Assoc.		2.500			10/01/46		489		460,923
Federal National Mortgage Assoc.		3.000			08/01/30		1,101		1,102,018
Federal National Mortgage Assoc.		3.000			02/01/31		353		352,816
Federal National Mortgage Assoc.		3.000			01/01/43		1,293		1,273,254
Federal National Mortgage Assoc.		3.500			08/01/42		350		352,695
Federal National Mortgage Assoc.		3.500			06/01/43		454		458,131
Federal National Mortgage Assoc.		3.500			06/01/45		1,418		1,423,488
Federal National Mortgage Assoc.		4.500			02/01/44		239		253,271
Federal National Mortgage Assoc.		4.500			08/01/44		444		468,366
Federal National Mortgage Assoc.		1.875			09/24/26		75		69,123
Federal National Mortgage Assoc.		2.000			08/01/31		341		325,706
Federal National Mortgage Assoc.		3.000			TBA		4,500		4,488,516
Federal National Mortgage Assoc.		3.000			11/01/36		438		435,516
Federal National Mortgage Assoc.		3.000			10/01/42		255		251,064
Federal National Mortgage Assoc.		3.000			12/01/42		418		411,791
Federal National Mortgage Assoc.		3.000			12/01/42		303		298,399
Federal National Mortgage Assoc.		3.000			TBA		1,000		974,080
Federal National Mortgage Assoc.		3.000			07/01/43		709		698,073
Federal National Mortgage Assoc.		3.500			06/01/39		167		168,137
Federal National Mortgage Assoc.		3.500			TBA		2,250		2,251,321
Federal National Mortgage Assoc.		3.500			05/01/42		1,651		1,666,102
Federal National Mortgage Assoc.		3.500			08/01/42		445		449,177
Federal National Mortgage Assoc.		3.500			04/01/43		727		734,239
Federal National Mortgage Assoc.		3.500			04/01/43		388		390,696
Federal National Mortgage Assoc.		4.000			09/01/40		716		740,436
Federal National Mortgage Assoc.		4.000			TBA		750		768,332
Federal National Mortgage Assoc.		4.000			04/01/42		970		1,003,017
Federal National Mortgage Assoc.		4.000			12/01/46		474		487,070
Federal National Mortgage Assoc.		4.500			07/01/19		10		9,648
Federal National Mortgage Assoc.		4.500			10/01/33		41		43,228
Federal National Mortgage Assoc.		4.500			03/01/34		27		28,818
Federal National Mortgage Assoc.		4.500			TBA		250		261,323
Federal National Mortgage Assoc.		4.500			09/01/39		194		205,098
Federal National Mortgage Assoc.		4.500			08/01/40		155		164,098
Federal National Mortgage Assoc.		4.500			01/01/45		435		456,676

See Notes to Financial Statements.

74

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		5.000	%		10/01/18		3	$	2,791
Federal National Mortgage Assoc.		5.000			07/01/35		38		40,810
Federal National Mortgage Assoc.		5.000			02/01/36		79		85,688
Federal National Mortgage Assoc.		5.000			TBA		1,000		1,068,125
Federal National Mortgage Assoc.		5.500			06/01/33		15		15,969
Federal National Mortgage Assoc.		5.500			08/01/33		22		24,435
Federal National Mortgage Assoc.		5.500			09/01/33		51		55,814
Federal National Mortgage Assoc.		5.500			09/01/33		81		89,160
Federal National Mortgage Assoc.		5.500			01/01/34		34		36,866
Federal National Mortgage Assoc.		5.500			01/01/34		45		48,946
Federal National Mortgage Assoc.		5.500			07/01/34		57		62,538
Federal National Mortgage Assoc.		6.000			09/01/21		2		2,008
Federal National Mortgage Assoc.		6.000			11/01/33		47		52,311
Federal National Mortgage Assoc.		6.000			01/01/34		12		13,372
Federal National Mortgage Assoc.		6.000			01/01/34		133		149,215
Federal National Mortgage Assoc.		6.000			02/01/34		16		18,013
Federal National Mortgage Assoc.		6.000			02/01/34		8		8,471
Federal National Mortgage Assoc.		6.000			10/01/34		5		5,714
Federal National Mortgage Assoc.		6.000			10/01/34		6		6,524
Federal National Mortgage Assoc.		6.000			11/01/34		91		102,030
Federal National Mortgage Assoc.		6.000			11/01/34		29		31,675
Federal National Mortgage Assoc.		6.000			11/01/34		11		12,580
Federal National Mortgage Assoc.		6.000			01/01/35		23		25,671
Federal National Mortgage Assoc.		6.000			01/01/35		76		84,894
Federal National Mortgage Assoc.		6.000			02/01/35		72		81,796
Federal National Mortgage Assoc.		6.000			08/01/36		39		43,677
Federal National Mortgage Assoc.		6.000			08/01/38		8		8,660
Federal National Mortgage Assoc.		6.250			05/15/29		70		90,939
Federal National Mortgage Assoc.		6.500			05/01/24		14		15,883
Federal National Mortgage Assoc.		6.500			07/01/29		18		20,261
Federal National Mortgage Assoc.		6.500			07/01/32		20		21,821
Federal National Mortgage Assoc.		6.500			09/01/32		5		5,430
Federal National Mortgage Assoc.		6.500			04/01/33		17		18,657
Federal National Mortgage Assoc.		6.500			01/01/34		30		33,393
Federal National Mortgage Assoc.		6.500			01/01/34		13		14,896
Federal National Mortgage Assoc.		6.500			10/01/36		33		37,594
Federal National Mortgage Assoc.		6.500			09/01/37		86		95,863
Federal National Mortgage Assoc.		6.500			10/01/37		83		92,761
Federal National Mortgage Assoc.(k)		6.625			11/15/30		145		198,532
Federal National Mortgage Assoc.		7.000			06/01/32		17		19,748
Federal National Mortgage Assoc.(k)		7.125			01/15/30		380		531,839
Federal National Mortgage Assoc.		7.500			09/01/30		1		1,525
Federal National Mortgage Assoc.		8.000			12/01/23		2		1,755

See Notes to Financial Statements.

Prudential Balanced Fund 75

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		8.500	%		02/01/28		3	$	3,580
Government National Mortgage Assoc.		4.500			11/20/46		784		824,917
Government National Mortgage Assoc.		2.500			12/20/46		137		130,800
Government National Mortgage Assoc.		3.000			09/20/43		309		305,825
Government National Mortgage Assoc.		3.000			01/20/44		94		92,940
Government National Mortgage Assoc.		3.000			03/15/45		316		311,502
Government National Mortgage Assoc.		3.000			05/20/45		447		441,789
Government National Mortgage Assoc.		3.000			06/20/46		644		635,128
Government National Mortgage Assoc.		3.000			12/20/46		457		450,986
Government National Mortgage Assoc.		3.000			01/20/47		908		895,647
Government National Mortgage Assoc.		3.000			03/20/47		450		444,205
Government National Mortgage Assoc.		3.500			11/20/41		413		419,423
Government National Mortgage Assoc.		3.500			12/20/42		413		419,432
Government National Mortgage Assoc.		3.500			03/20/45		295		298,719
Government National Mortgage Assoc.		3.500			04/20/45		334		337,406
Government National Mortgage Assoc.		3.500			07/20/46		2,062		2,084,409
Government National Mortgage Assoc.		4.000			12/20/42		832		865,892
Government National Mortgage Assoc.		4.000			TBA		1,500		1,539,463
Government National Mortgage Assoc.		4.000			11/20/45		477		494,089
Government National Mortgage Assoc.		4.000			10/20/46		127		131,238
Government National Mortgage Assoc.		4.000			11/20/46		173		178,997
Government National Mortgage Assoc.		4.500			06/20/41		358		376,784
Government National Mortgage Assoc.		4.500			06/20/45		260		273,261
Government National Mortgage Assoc.		5.000			10/20/37		21		22,544
Government National Mortgage Assoc.		5.000			04/20/45		153		163,159
Government National Mortgage Assoc.		5.500			07/15/33		32		35,160
Government National Mortgage Assoc.		5.500			12/15/33		22		24,415
Government National Mortgage Assoc.		5.500			09/15/34		112		121,818
Government National Mortgage Assoc.		5.500			01/15/36		73		81,875
Government National Mortgage Assoc.		5.500			02/15/36		134		145,797
Government National Mortgage Assoc.		6.500			09/15/23		12		13,782
Government National Mortgage Assoc.		6.500			10/15/23		4		4,502
Government National Mortgage Assoc.		6.500			11/15/23		14		15,388
Government National Mortgage Assoc.		6.500			12/15/23		7		8,216
Government National Mortgage Assoc.		6.500			12/15/23		4		4,813
Government National Mortgage Assoc.		6.500			12/15/23		1		1,294
Government National Mortgage Assoc.		6.500			04/15/24		52		58,166
Government National Mortgage Assoc.		6.500			07/15/32		3		3,149
Government National Mortgage Assoc.		6.500			08/15/32		1		856
Government National Mortgage Assoc.		6.500			08/15/32		1		628
Government National Mortgage Assoc.		6.500			08/15/32		2		1,939
Government National Mortgage Assoc.		6.500			08/15/32		14		16,547
Government National Mortgage Assoc.		7.000			06/15/24		15		16,308

See Notes to Financial Statements.

76

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		7.000	%		05/15/31		8	$	9,006
Government National Mortgage Assoc.		7.500			04/15/29		1		701
Government National Mortgage Assoc.		7.500			12/15/29		3		3,244
Government National Mortgage Assoc.		8.000			08/15/22		1		1,040
Government National Mortgage Assoc.		8.000			12/15/22		7		7,509
Government National Mortgage Assoc.		8.000			12/15/22		4		3,803
Government National Mortgage Assoc.		8.000			06/15/25		22		24,115
Hashemite Kingdom of Jordan Government AID Bond, Gov’t. Gtd. Notes		3.000			06/30/25		315		317,036
Tennessee Valley Authority, Sr. Unsec’d. Notes		7.125			05/01/30		90		125,952
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $51,653,846)									51,208,700
U.S. TREASURY OBLIGATIONS    2.7%
U.S. Treasury Bonds		2.750			11/15/47		1,030		984,656
U.S. Treasury Notes		1.000			09/15/18		25		24,901
U.S. Treasury Notes		1.250			12/31/18		5		4,970
U.S. Treasury Notes		1.500			01/31/19		55		54,721
U.S. Treasury Notes		1.625			04/30/23		365		348,490
U.S. Treasury Notes		1.875			04/30/22		505		492,513
U.S. Treasury Notes		2.000			11/30/22		635		619,844
U.S. Treasury Notes		2.125			09/30/21		565		558,533
U.S. Treasury Notes		2.125			05/15/25		5,755		5,542,110
U.S. Treasury Notes		2.250			02/29/20		60		59,972
U.S. Treasury Notes		2.375			08/15/24		335		329,334
U.S. Treasury Notes		2.500			03/31/23		1,270		1,266,081
U.S. Treasury Notes		2.500			01/31/25		5		4,944
U.S. Treasury Notes(k)		2.625			02/28/23		1,264		1,267,851
U.S. Treasury Notes		2.750			02/28/25		1,174		1,178,907
U.S. Treasury Strips Coupon(k)		2.404	(s)		08/15/21		460		423,601
U.S. Treasury Strips Coupon		2.499	(s)		02/15/22		245		222,256
U.S. Treasury Strips Coupon		2.502	(s)		11/15/30		640		444,693
U.S. Treasury Strips Coupon		2.752	(s)		08/15/30		605		423,720
U.S. Treasury Strips Coupon		2.783	(s)		08/15/29		200		144,535
U.S. Treasury Strips Coupon		2.878	(s)		05/15/31		200		137,093
U.S. Treasury Strips Coupon		2.972	(s)		02/15/37		725		414,592
U.S. Treasury Strips Coupon		3.042	(s)		11/15/35		400		238,506
U.S. Treasury Strips Coupon		3.202	(s)		08/15/40		400		205,517
U.S. Treasury Strips Principal, PO		2.351	(s)		05/15/43		195		92,462
U.S. Treasury Strips Principal, PO		2.543	(s)		02/15/45		230		103,052
U.S. Treasury Strips Principal, PO		2.952	(s)		05/15/45		385		171,250
U.S. Treasury Strips Principal, PO		2.993	(s)		11/15/43		75		34,966

See Notes to Financial Statements.

Prudential Balanced Fund 77

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Principal, PO		3.682	%(s)		05/15/44		450	$	206,737
TOTAL U.S. TREASURY OBLIGATIONS (cost $16,057,015)									16,000,807
TOTAL LONG-TERM INVESTMENTS (cost $500,819,157)									580,008,580
SHORT-TERM INVESTMENTS    5.5%
						Shares
AFFILIATED MUTUAL FUNDS    5.5%
Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund(w)							2,274,039		21,080,346
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)							11,687,785		11,687,785
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $91,397; includes $90,589 of cash collateral for securities on loan)(b)(w)							91,399		91,380
TOTAL AFFILIATED MUTUAL FUNDS (cost $33,746,606)									32,859,511
						Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)    0.0%
U.S. Treasury Bill (cost $288,977)		1.758	(s)		06/14/18		290		289,025
TOTAL SHORT-TERM INVESTMENTS (cost $34,035,583)									33,148,536
TOTAL INVESTMENTS    103.0% (cost $534,854,740)									613,157,116
Liabilities in excess of other assets(z)    (3.0)%									(17,991,695	)
NET ASSETS    100.0%								$	595,165,421

The following abbreviations are used in the semi-annual report:

A—Annual payment frequency for swaps

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

See Notes to Financial Statements.

78

T—Swap payment upon termination

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

ABS—Asset-Backed Security

Aces—Alternative Credit Enhancements Securities

ADR—American Depositary Receipt

BABs—Build America Bonds

CDI—Chess Depository Interest

CLO—Collateralized Loan Obligation

CPI—Consumer Price Index

CVA—Certificate Van Aandelen (Bearer)

CVR—Contingent Value Rights

EAFE—Europe, Australasia and Far East

EMTN—Euro Medium Term Note

ETF—Exchange Traded Fund

EUR—Euro

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

FTSE—Financial Times Stock Exchange

GMTN—Global Medium Term Note

GO—General Obligation

IO—Interest Only (Principal amount represents notional)

LIBOR—London Interbank Offered Rate

MSCI —Morgan Stanley Capital International

MTN—Medium Term Note

NASDAQ—National Association of Securities Dealers Automated Quotations

NSA—Non-Seasonally Adjusted

OTC—Over-the-counter

PO—Principal Only

PRFC—Preference Shares

REIT—Real Estate Investment Trusts

RSP—Non-Voting Shares

STOXX—Stock Index of the Eurozone

STRIPS—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

TIPS—Treasury Inflation-Protected Securities

TOPIX—Tokyo Stock Price Index

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

UTS—Unit Trust Security

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $251,583 and 0.0% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $87,125; cash collateral of $90,589 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

See Notes to Financial Statements.

Prudential Balanced Fund 79

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post maturity.

(f) Indicates a restricted security; the original cost of such securities is $259,277. The value of $259,223 is 0.0% of net assets.

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

(n) Rate quoted represents yield to maturity as of purchase date.

(r) Less than $500 par.

(s) Represents zero coupon bond or principal only securities. Rate represents yield to maturity at purchase date.

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

(z) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts outstanding at March 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	45	10 Year U.S. Treasury Notes		Jun. 2018	$	5,451,328	$	14,148
	165	2 Year U.S. Treasury Notes		Jun. 2018		35,080,547		28,295
	59	30 Year U.S. Ultra Treasury Bonds		Jun. 2018		9,467,656		380,026
	280	5 Year U.S. Treasury Notes		Jun. 2018		32,049,062		160,185
	6	Euro STOXX 50 Index		Jun. 2018		242,227		(1,901	)
	1	FTSE 100 Index		Jun. 2018		98,119		(1,393	)
	3	MSCI EAFE		Jun. 2018		300,090		(4,643	)
	11	S&P 500 E-Mini Index		Jun. 2018		1,453,650		(80,343	)
	1	TOPIX Index		Jun. 2018		160,378		1,634
								496,008
		Short Positions:
	14	10 Year U.S. Ultra Treasury Notes		Jun. 2018		1,818,031		(25,944	)
	28	20 Year U.S. Treasury Bonds		Jun. 2018		4,105,500		(106,030	)
	52	90 day Euro Dollar		Dec. 2018		12,675,650		71,392
								(60,582	)
							$	435,426

Securities with combined market values of $588,788 and $289,025 have been segregated with Citigroup Global Markets and Goldman Sachs & Co., respectively, to cover requirements for open futures contracts at March 31, 2018.

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at March 31, 2018:

Sale Contract	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contract:
Euro,
Expiring 04/26/2018	Citigroup Global Markets	EUR	699	$	871,804	$	862,105	$	9,699	$	—

Inflation Swap Agreements outstanding at March 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at March 31, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	270		10/25/27		2.160%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	6	$	(4,220	)	$	(4,226	)

Interest rate swap agreements outstanding at March 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	715		05/11/24		0.396%(A)	6 Month EURIBOR(1)(S)	$	4,843		$	2,681		$	(2,162	)
	9,880		06/30/19		1.487%(A)	1 Day USOIS(1)(A)		(3,767	)		52,169			55,936
	1,935		06/30/19		1.502%(A)	1 Day USOIS(1)(A)		(1,120	)		9,684			10,804
	3,615		09/30/19		1.707%(A)	1 Day USOIS(1)(A)		1,017			15,898			14,881
	5,545		12/31/19		1.840%(A)	1 Day USOIS(1)(A)		3,250			28,411			25,161
	2,755		12/31/19		1.950%(A)	1 Day USOIS(1)(A)		726			8,909			8,183
	1,270		12/31/19		2.040%(A)	1 Day USOIS(1)(A)		16			2,141			2,125
	425		12/31/19		2.107%(A)	1 Day USOIS(1)(A)		—			—			—
	4,030		03/23/21		2.370%(A)	1 Day USOIS(1)(A)		—			(12,647	)		(12,647	)
	235		09/27/21		2.330%(A)	1 Day USOIS(1)(A)		(65	)		(357	)		(292	)
	2,400		11/30/21		1.762%(S)	3 Month LIBOR(2)(Q)		—			(66,194	)		(66,194	)
	115		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(197	)		(197	)
	790		05/31/23		1.399%(S)	3 Month LIBOR(1)(Q)		(14,222	)		47,417			61,639
	2,790		08/15/23		1.459%(S)	3 Month LIBOR(1)(Q)		138,418			175,603			37,185
	946		11/15/23		2.209%(S)	3 Month LIBOR(1)(Q)		90			18,895			18,805
	610		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		1,555			19,638			18,083
	1,469		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)		(1,707	)		44,343			46,050
	375		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(3,436	)		10,984			14,420
	850		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(1,674	)		23,992			25,666
	500		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			15,926			15,926

See Notes to Financial Statements.

Prudential Balanced Fund 81

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Interest rate swap agreements outstanding at March 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
	4,805		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)	$	14,820		$	152,566		$	137,746
	3,435		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		6,488			107,913			101,425
	2,215		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		6,716			52,445			45,729
	1,605		02/12/25		2.408%(A)	1 Day USOIS(1)(A)		—			(8,607	)		(8,607	)
	300		02/14/25		—(3)	—(3)		—			558			558
	930		09/04/25		2.214%(S)	3 Month LIBOR(1)(Q)		157			32,583			32,426
	3,430		01/08/26		2.210%(S)	3 Month LIBOR(1)(Q)		85			125,664			125,579
	921		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		12,290			39,701			27,411
	390		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		495			14,407			13,912
	265		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			8,363			8,363
	655		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(362	)		15,160			15,522
	130		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			4,452			4,452
	1,055		02/15/36		2.338%(S)	3 Month LIBOR(2)(Q)		(7,015	)		(76,182	)		(69,167	)
							$	157,598		$	866,319		$	708,721

Securities with a combined market value of $998,151 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared swap contracts at March 31, 2018.

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

(3) The Fund pays the floating rate of 3 Month LIBOR quarterly and receives the floating rate of 1 Day USOIS plus 38.25 bps quarterly.

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ 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.

82

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

	Level 1		Level 2			Level 3
Investments in Securities
Common Stocks	$	336,034,119	$	29,219,962		$	—
Exchange Traded Fund		940,680		—			—
Preferred Stocks		215,520		171,116			—
Rights		—		—			2,845
Asset-Backed Securities
Automobiles		—		12,506,718			—
Collateralized Loan Obligations		—		6,557,237			—
Consumer Loans		—		2,273,515			—
Credit Cards		—		4,231,132			—
Equipment		—		1,174,253			—
Home Equity Loans		—		490,745			—
Other		—		106,210			—
Residential Mortgage-Backed Securities		—		5,507,333			—
Student Loans		—		3,195,433			—
Commercial Mortgage-Backed Securities		—		35,634,314			—
Corporate Bonds		—		56,911,546			—
Municipal Bonds		—		2,924,328			—
Residential Mortgage-Backed Securities		—		7,440,328			248,738
Sovereign Bonds		—		7,013,001			—
U.S. Government Agency Obligations		—		51,208,700			—
U.S. Treasury Obligations		—		16,289,832			—
Affiliated Mutual Funds		32,859,511		—			—
Other Financial Instruments*
Futures Contracts		435,426		—			—
OTC Forward Foreign Currency Exchange Contract		—		9,699			—
Centrally Cleared Inflation Swaps Agreements		—		(4,226	)		—
Centrally Cleared Interest Rate Swap Agreements		—		708,721			—
Total	$	370,485,256	$	243,569,897		$	251,583

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

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

See Notes to Financial Statements.

Prudential Balanced Fund 83

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Industry Classification:

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

U.S. Government Agency Obligations	8.6	%
Banks	7.0
Commercial Mortgage-Backed Securities	6.0
Affiliated Mutual Funds (including 0.0% of collateral for securities on loan)	5.5
Software	3.6
Internet Software & Services	2.9
Oil, Gas & Consumable Fuels	2.9
Pharmaceuticals	2.8
Semiconductors & Semiconductor Equipment	2.8
Automobiles	2.7
U.S. Treasury Obligations	2.7
Technology Hardware, Storage & Peripherals	2.6
Residential Mortgage-Backed Securities	2.2
Health Care Equipment & Supplies	2.1
Aerospace & Defense	2.1
IT Services	2.0
Health Care Providers & Services	1.9
Biotechnology	1.9
Insurance	1.6
Machinery	1.6
Internet & Direct Marketing Retail	1.6
Capital Markets	1.6
Media	1.6
Chemicals	1.5
Diversified Telecommunication Services	1.5
Equity Real Estate Investment Trusts (REITs)	1.4
Hotels, Restaurants & Leisure	1.2
Sovereign Bonds	1.2
Beverages	1.2
Industrial Conglomerates	1.1
Collateralized Loan Obligations	1.1
Electric	1.1
Food & Staples Retailing	1.1
Diversified Financial Services	1.1
Food Products	0.9
Specialty Retail	0.9
Consumer Finance	0.8
Metals & Mining	0.7
Credit Cards	0.7
Road & Rail	0.7
Multiline Retail	0.7
Electric Utilities	0.6
Oil & Gas	0.6
Tobacco	0.6
Student Loans	0.5
Textiles, Apparel & Luxury Goods	0.5
Municipal Bonds	0.5	%
Real Estate Management & Development	0.5
Household Products	0.5
Independent Power & Renewable Electricity Producers	0.5
Life Sciences Tools & Services	0.4
Air Freight & Logistics	0.4
Electrical Equipment	0.4
Consumer Loans	0.4
Auto Components	0.3
Communications Equipment	0.3
Auto Manufacturers	0.3
Healthcare-Products	0.3
Pipelines	0.3
Trading Companies & Distributors	0.3
Energy Equipment & Services	0.3
Computers	0.3
Electronic Equipment, Instruments & Components	0.3
Healthcare-Services	0.3
Telecommunications	0.2
Gas Utilities	0.2
Distributors	0.2
Equipment	0.2
Commercial Services	0.2
Lodging	0.2
Multi-Utilities	0.2
Retail	0.2
Airlines	0.1
Exchange Traded Fund	0.1
Building Products	0.1
Multi-National	0.1
Household Durables	0.1
Containers & Packaging	0.1
Personal Products	0.1
Agriculture	0.1
Professional Services	0.1
Mortgage Real Estate Investment Trusts (REITs)	0.1
Mining	0.1
Gas	0.1
Commercial Services & Supplies	0.1
Packaging & Containers	0.1
Construction & Engineering	0.1
Transportation	0.1
Semiconductors	0.1
Wireless Telecommunication Services	0.1
Home Equity Loans	0.1
Thrifts & Mortgage Finance	0.1

See Notes to Financial Statements.

84

Industry (cont’d.)

Forest Products & Paper	0.1	%
Miscellaneous Manufacturing	0.1
Foods	0.1
Paper & Forest Products	0.1
Oil & Gas Services	0.1
Leisure Products	0.1
Diversified Consumer Services	0.1
Building Materials	0.1
Construction Materials	0.0	*
Health Care Technology	0.0	*
Water Utilities	0.0	*
Transportation Infrastructure	0.0	*
Engineering & Construction	0.0	%*
Real Estate Investment Trusts (REITs)	0.0	*
Machinery-Diversified	0.0	*
Other	0.0	*
Housewares	0.0	*
Marine	0.0	*
Independent Power Producers & Energy Traders	0.0	*
	103.0
Liabilities in excess of other assets	(3.0	)
	100.0	%

* Less than +/- 0.05%

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

The Series invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. The effect of such derivative instruments on the Series’ financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of March 31, 2018, as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Equity contracts	Due from/to broker—variation margin futures	$	1,634	*	Due from/to broker—variation margin futures	$	88,280	*
Equity contracts	Unaffiliated investments		2,845		—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		9,699		—		—
Interest rate contracts	Due from/to broker—variation margin futures		654,046	*	Due from/to broker—variation margin futures		131,974	*
Interest rate contracts	Due from/to broker—variation margin swaps		867,987	*	Due from/to broker—variation margin swaps		163,492	*
Total		$	1,536,211			$	383,746

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

See Notes to Financial Statements.

Prudential Balanced Fund 85

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2018 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)		Options Purchased(1)			Options Written		Futures			Forward Currency Contracts			Swaps
Credit contracts	$	—	$	7,342		$	700	$	—		$	—		$	—
Equity contracts		448		—			—		190,924			—			—
Foreign exchange contracts		—		—			—		—			(26,544	)		—
Interest rate contracts		—		(147,504	)		68,115		(1,738,684	)		—			(10,172	)
Total	$	448	$	(140,162	)	$	68,815	$	(1,547,760	)	$	(26,544	)	$	(10,172	)

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(2)			Options Purchased(2)			Options Written			Futures			Forward Currency Contracts		Swaps
Credit contracts	$	—		$	(3,242	)	$	(202	)	$	—		$	—	$	—
Equity contracts		(145	)		—			—			(132,832	)		—		—
Foreign exchange contracts		—			—			—			—			14,339		—
Interest rate contracts		—			78,339			(34,396	)		679,509			—		741,377
Total	$	(145	)	$	75,097		$	(34,598	)	$	546,677		$	14,339	$	741,377

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended March 31, 2018, the Series’ average volume of derivative activities is as follows:

Options Purchased(1)	Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Sold(3)		Interest Rate Swap Agreements(2)		Inflation Swap Agreements(2)
$32,454	$	740,000	$	87,359,790	$	22,947,090	$	841,663	$	58,245,221	$	180,000

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

See Notes to Financial Statements.

86

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	87,125	$	(87,125	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)		Net Amounts of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount
Citigroup Global Markets	$	9,699	$	—	$	9,699	$	—	$	9,699

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Series is limited to the market value of financial instruments/transactions and the Series’ OTC derivative exposure by counterparty.

See Notes to Financial Statements.

Prudential Balanced Fund 87

Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Investments at value, including securities on loan of $87,125:
Unaffiliated investments (cost $501,108,134)	$	580,297,605
Affiliated investments (cost $33,746,606)		32,859,511
Cash		105,442
Foreign currency, at value (cost $540,420)		587,805
Receivable for investments sold		19,198,551
Dividends and interest receivable		1,587,895
Receivable for Series shares sold		1,004,259
Due from broker—variation margin futures		91,090
Tax reclaim receivable		70,341
Unrealized appreciation on OTC forward foreign currency exchange contracts		9,699
Prepaid expenses		2,216
Total Assets		635,814,414
Liabilities
Payable for investments purchased		39,174,247
Payable for Series shares reacquired		576,364
Management fee payable		328,074
Accrued expenses and other liabilities		227,029
Distribution fee payable		169,542
Payable to broker for collateral for securities on loan		90,589
Affiliated transfer agent fee payable		56,691
Due to broker—variation margin swaps		26,457
Total Liabilities		40,648,993
Net Assets	$	595,165,421
Net assets were comprised of:
Common stock, at par	$	38,083
Paid-in capital in excess of par		507,104,751
		507,142,834
Undistributed net investment income		320,284
Accumulated net realized gain on investment and foreign currency transactions		8,200,636
Net unrealized appreciation on investments and foreign currencies		79,501,667
Net assets, March 31, 2018	$	595,165,421

See Notes to Financial Statements.

88

Class A
Net asset value and redemption price per share ($346,806,110 ÷ 22,252,669 shares of common stock issued and outstanding)	$	15.58
Maximum sales charge (5.50% of offering price)		0.91
Maximum offering price to public	$	16.49
Class B
Net asset value, offering price and redemption price per share
($10,192,376 ÷ 650,019 shares of common stock issued and outstanding)	$	15.68
Class C
Net asset value, offering price and redemption price per share
($82,312,553 ÷ 5,249,662 shares of common stock issued and outstanding)	$	15.68
Class R
Net asset value, offering price and redemption price per share
($1,827,349 ÷ 117,185 shares of common stock issued and outstanding)	$	15.59
Class Z
Net asset value, offering price and redemption price per share
($153,994,099 ÷ 9,811,509 shares of common stock issued and outstanding)	$	15.70
Class Q
Net asset value, offering price and redemption price per share
($32,934 ÷ 2,098 shares of common stock issued and outstanding)	$	15.70

See Notes to Financial Statements.

Prudential Balanced Fund 89

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $31,679)	$	3,310,900
Interest income		2,957,033
Affiliated dividend income		364,995
Income from securities lending, net (including affiliated income of $241)		8,259
Total income		6,641,187
Expenses
Management fee		1,918,119
Distribution fee(a)		984,605
Transfer agent’s fees and expenses (affiliated expense of $134,471)(a)		362,314
Custodian and accounting fees		140,904
Registration fees(a)		41,773
Shareholders’ reports		30,522
Audit fee		22,498
Legal fees and expenses		10,372
Directors’ fees		8,726
Miscellaneous		65,687
Total expenses		3,585,520
Less: Fee waiver and/or expense reimbursement(a)		(50,139	)
Distribution fee waiver(a)		(2,087	)
Net expenses		3,533,294
Net investment income (loss)		3,107,893
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $991)		14,669,862
Futures transactions		(1,547,760	)
Forward currency contracts transactions		(26,544	)
Options written transactions		68,815
Swap agreement transactions		(10,172	)
Foreign currency transactions		(7,474	)
		13,146,727
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of: ($90,116))		(2,376,353	)
Futures		546,677
Forward currency contracts		14,339
Options written		(34,598	)
Swap agreements		741,377
Foreign currencies		28,215
		(1,080,343	)
Net gain (loss) on investment and foreign currency transactions		12,066,384
Net Increase (Decrease) In Net Assets Resulting From Operations	$	15,174,277

See Notes to Financial Statements.

90

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

	Class A			Class B			Class C		Class R			Class Z			Class Q
Distribution fee		524,258			55,183			398,942		6,222			—			—
Transfer agent’s fees and expenses		217,454			13,600			37,560		2,363			91,301			36
Registration fees		8,978			6,125			6,911		6,805			6,466			6,488
Fee waiver and/or expense reimbursement		(24,123	)		(1,104	)		—		(5,951	)		(12,442	)		(6,519	)
Distribution fee waiver		—			—			—		(2,087	)		—			—

See Notes to Financial Statements.

Prudential Balanced Fund 91

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,107,893		$	5,677,328
Net realized gain (loss) on investment and foreign currency transactions		13,146,727			23,149,783
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(1,080,343	)		26,791,672
Net increase (decrease) in net assets resulting from operations		15,174,277			55,618,783
Dividends and Distributions
Dividends from net investment income
Class A		(1,964,669	)		(3,839,217	)
Class B		(12,281	)		(52,670	)
Class C		(167,073	)		(305,032	)
Class R		(5,823	)		(9,532	)
Class Z		(1,056,162	)		(1,731,154	)
Class Q		(112	)		—
		(3,206,120	)		(5,937,605	)
Distributions from net realized gains
Class A		(14,743,277	)		(10,385,532	)
Class B		(465,067	)		(370,499	)
Class C		(3,313,753	)		(1,928,302	)
Class R		(68,936	)		(23,286	)
Class Z		(6,197,978	)		(3,104,100	)
Class Q		(420	)		—
		(24,789,431	)		(15,811,719	)
		��
Series share transactions (Net of share conversions)
Net proceeds from shares sold		59,964,920			125,968,668
Net asset value of shares issued in reinvestment of dividends and distributions		26,605,556			20,632,637
Cost of shares reacquired		(48,653,865	)		(97,656,581	)
Net increase (decrease) in net assets from Series share transactions		37,916,611			48,944,724
Total increase (decrease)		25,095,337			82,814,183
Net Assets:
Beginning of period		570,070,084			487,255,901
End of period(a)	$	595,165,421		$	570,070,084
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	320,284		$	418,511

See Notes to Financial Statements.

92

Notes to Financial Statements (unaudited)

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company consists of six series: Prudential Balanced Fund, Prudential Jennison Equity Opportunity Fund and Prudential Jennison Growth Fund, each of which are diversified funds and Prudential Conservative Allocation Fund, Prudential Growth Allocation Fund and Prudential Moderate Allocation Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non­diversified fund. These financial statements relate only to the Prudential Balanced Fund (the “Series”).

The investment objective of the Series is to seek income and long-term growth of capital.

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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

Prudential Balanced Fund 93

Notes to Financial Statements (unaudited) (continued)

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

Various inputs determine how the Series’ 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.

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.

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

Investments in open-end, 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.

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

94

spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Series utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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.

Prudential Balanced Fund 95

Notes to Financial Statements (unaudited) (continued)

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

Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR): The Series purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the Series. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Series could lose some or all of its principal if the underlying mortgages experience credit defaults.

Foreign Currency Translation: The books and records of the Series 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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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

96

foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Series does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Series’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Series enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (depreciation) on investments and foreign currencies. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Series’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

Prudential Balanced Fund 97

Notes to Financial Statements (unaudited) (continued)

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

Swap Agreements: The Series may enter into credit default, interest rate and other types of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Series is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Series used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed-rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. The Series’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Master Netting Arrangements: The Company, on behalf of the Series, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating

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factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Company, on behalf of the Series, is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Series is held in a segregated account by the Series’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Series is segregated by the Series’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Series and the applicable counterparty. Collateral requirements are determined based on the Series’ net position with each counterparty. Termination events applicable to the Series may occur upon a decline in the Series’ net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Series’ counterparties to elect early termination could impact the Series’ future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Prudential Balanced Fund 99

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2018, the Series has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

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

The Series 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 Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Series to meet their obligations may be

100

affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. 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, distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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.

Prudential Balanced Fund 101

Notes to Financial Statements (unaudited) (continued)

2. Agreements

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

PGIM Investments has entered into a subadvisory agreement with each of PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit, and Quantitative Management Associates LLC (“QMA”). Each subadvisory agreement provides that PGIM, Inc. and QMA will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. and QMA are obligated to keep certain books and records of the Series. PGIM Investments pays for the services of PGIM, Inc. and QMA, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly, at an annual rate of 0.65% of the Series’ average daily net assets up to and including $1 billion and 0.60% of such average daily net assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.65% for the six months ended March 31, 2018.

PGIM Investments entered into a contractual agreement that waives management fees in an amount up to 0.02% of the Series’ average daily net assets through January 31, 2019, to the extent that the Series’ net annual operating expenses (exclusive of taxes, interest, distribution (12b-1) fees and certain extraordinary expenses) exceed 0.86% of the Series’ average daily net assets on an annualized basis. Separately, PGIM Investments has contractually agreed, through January 31, 2020, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual Series Operating Expenses to exceed 0.88% of average daily

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net assets for Class Q shares or 1.63% of average daily net assets for Class R shares. This contractual expense limitation 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. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The effective management fee rate, net of waivers and/or expense reimbursements was 0.63%, for the six months ended March 31, 2018.

The Company, on behalf of the Series, 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 R, Class Z and Class Q shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or services fees are paid to PIMS as distributor of the Class Z and Class Q shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, B, C and R shares, respectively. PIMS has contractually agreed through January 31, 2019 to limit such fees to 0.50% of the average daily net assets of Class R shares.

PIMS has advised the Series that it has received $293,417 in front-end sales charges resulting from sales of Class A shares during the six months ended March 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Series that for the six months ended March 31, 2018 it received $3,879 and $7,548 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class B shareholders, respectively.

PGIM Investments, PGIM, Inc., 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 Series’ 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 Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act,

Prudential Balanced Fund 103

Notes to Financial Statements (unaudited) (continued)

that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended March 31, 2018 no such transactions were entered into by the Series.

The Series may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Series also invests in the Prudential Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities and Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with Prudential Core Ultra Short Bond Fund, the “Core Funds”), registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended March 31, 2018, PGIM, Inc. was compensated $413 by PGIM Investments for managing the Series’ securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Funds and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended March 31, 2018, were $405,594,497 and $392,344,787, respectively.

5. Tax Information

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

Tax Basis	$	536,497,198
Gross Unrealized Appreciation		92,243,866
Gross Unrealized Depreciation		(14,434,328	)
Net Unrealized Appreciation	$	77,809,538

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

Management has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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6. Capital and Ownership

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

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

The Company is authorized to issue 6.625 billion shares of common stock at $0.001 par value per shares. There are 923 million shares authorized for the Series, divided into seven classes, designated Class A, Class B, Class C, Class R, Class Z, Class Q and Class T common stock, each of which consists of 125 million, 3 million, 25 million, 125 million, 280 million, 290 million and 75 million authorized shares, respectively.

The Series currently does not have any Class T shares outstanding.

As of March 31, 2018, Prudential, through its affiliates, owned 638 Class Q shares of the Series. At reporting period end, three shareholders of record held 30% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		1,067,680		$	17,079,365
Shares issued in reinvestment of dividends and distributions		1,043,616			16,416,963
Shares reacquired		(1,450,541	)		(23,252,831	)
Net increase (decrease) in shares outstanding before conversion		660,755			10,243,497
Shares issued upon conversion from other share class(es)		57,839			929,480
Shares reacquired upon conversion into other share class(es)		(32,658	)		(520,289	)
Net increase (decrease) in shares outstanding		685,936		$	10,652,688
Year ended September 30, 2017:
Shares sold		2,514,509		$	37,992,401
Shares issued in reinvestment of dividends and distributions		937,107			13,911,744
Shares reacquired		(3,058,535	)		(46,399,474	)
Net increase (decrease) in shares outstanding before conversion		393,081			5,504,671
Shares issued upon conversion from other share class(es)		152,354			2,334,216
Shares reacquired upon conversion into other share class(es)		(618,239	)		(9,279,826	)
Net increase (decrease) in shares outstanding		(72,804	)	$	(1,440,939	)

Prudential Balanced Fund 105

Notes to Financial Statements (unaudited) (continued)

Class B	Shares			Amount
Six months ended March 31, 2018:
Shares sold		31,440		$	510,944
Shares issued in reinvestment of dividends and distributions		28,893			457,390
Shares reacquired		(55,900	)		(897,330	)
Net increase (decrease) in shares outstanding before conversion		4,433			71,004
Shares reacquired upon conversion into other share class(es)		(43,349	)		(706,526	)
Net increase (decrease) in shares outstanding		(38,916	)	$	(635,522	)
Year ended September 30, 2017:
Shares sold		80,892		$	1,226,822
Shares issued in reinvestment of dividends and distributions		27,001			401,662
Shares reacquired		(118,638	)		(1,802,332	)
Net increase (decrease) in shares outstanding before conversion		(10,745	)		(173,848	)
Shares reacquired upon conversion into other share class(es)		(102,859	)		(1,589,127	)
Net increase (decrease) in shares outstanding		(113,604	)	$	(1,762,975	)
Class C
Six months ended March 31, 2018:
Shares sold		863,616		$	13,902,090
Shares issued in reinvestment of dividends and distributions		208,853			3,306,723
Shares reacquired		(448,633	)		(7,195,585	)
Net increase (decrease) in shares outstanding before conversion		623,836			10,013,228
Shares reacquired upon conversion into other share class(es)		(25,899	)		(415,424	)
Net increase (decrease) in shares outstanding		597,937		$	9,597,804
Year ended September 30, 2017:
Shares sold		1,841,293		$	28,019,593
Shares issued in reinvestment of dividends and distributions		136,892			2,036,756
Shares reacquired		(887,964	)		(13,559,270	)
Net increase (decrease) in shares outstanding before conversion		1,090,221			16,497,079
Shares reacquired upon conversion into other share class(es)		(249,204	)		(3,810,107	)
Net increase (decrease) in shares outstanding		841,017		$	12,686,972
Class R
Six months ended March 31, 2018:
Shares sold		36,326		$	587,938
Shares issued in reinvestment of dividends and distributions		3,217			50,654
Shares reacquired		(13,779	)		(222,909	)
Net increase (decrease) in shares outstanding		25,764		$	415,683
Year ended September 30, 2017:
Shares sold		49,000		$	754,000
Shares issued in reinvestment of dividends and distributions		1,309			19,489
Shares reacquired		(7,075	)		(106,903	)
Net increase (decrease) in shares outstanding		43,234		$	666,586

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Class Z	Shares			Amount
Six months ended March 31, 2018:
Shares sold		1,725,623		$	27,851,229
Shares issued in reinvestment of dividends and distributions		402,262			6,373,294
Shares reacquired		(1,059,026	)		(17,085,206	)
Net increase (decrease) in shares outstanding before conversion		1,068,859			17,139,317
Shares issued upon conversion from other share class(es)		57,536			923,791
Shares reacquired upon conversion into other share class(es)		(13,393	)		(211,032	)
Net increase (decrease) in shares outstanding		1,113,002		$	17,852,076
Year ended September 30, 2017:
Shares sold		3,809,479		$	57,975,852
Shares issued in reinvestment of dividends and distributions		284,391			4,262,986
Shares reacquired		(2,344,631	)		(35,788,602	)
Net increase (decrease) in shares outstanding before conversion		1,749,239			26,450,236
Shares issued upon conversion from other shares class(es)		817,647			12,394,597
Shares reacquired upon conversion into other share class(es)		(3,199	)		(49,753	)
Net increase (decrease) in shares outstanding		2,563,687		$	38,795,080
Class Q
Period ended March 31, 2018*:
Shares sold		2,064		$	33,354
Shares issued in reinvestment of dividends and distributions		34			532
Shares reacquired		—			(4	)
Net increase (decrease) in shares outstanding		2,098		$	33,882

* Commencement of offering was November 28, 2017

7. Borrowings

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

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios

Prudential Balanced Fund 107

Notes to Financial Statements (unaudited) (continued)

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 Series did not utilize the SCA during the reporting period ended March 31, 2018.

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Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.93			$14.99			$14.67			$16.45			$14.70			$13.37
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.17			0.18			0.18			0.20			0.21
Net realized and unrealized gain (loss) on investment transactions		0.34			1.43			1.25			(0.09	)		1.76			1.34
Total from investment operations		0.43			1.60			1.43			0.09			1.96			1.55
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)		(0.18	)		(0.19	)		(0.33	)		(0.21	)		(0.22	)
Distributions from net realized gains		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-			-
Total dividends and distributions		(0.78	)		(0.66	)		(1.11	)		(1.87	)		(0.21	)		(0.22	)
Net asset value, end of period		$15.58			$15.93			$14.99			$14.67			$16.45			$14.70
Total Return(b):		2.68%			10.99%			10.15%			0.17%			13.43%			11.78%
Ratios/Supplemental Data:
Net assets, end of period (000)		$346,806			$343,550			$324,422			$295,456			$303,153			$281,499
Average net assets (000)		$350,465			$332,088			$308,458			$309,664			$295,552			$273,250
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.16%	(e)		1.18%			1.23%			1.23%			1.22%			1.22%
Expenses before waivers and/or expense reimbursement		1.17%	(e)		1.20%			1.25%			1.25%			1.24%			1.24%
Net investment income (loss)		1.09%	(e)		1.11%			1.23%			1.16%			1.27%			1.50%
Portfolio turnover rate(d)		73%	(f)		180%			230%			216%			215%			234%

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

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Balanced Fund 109

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.02			$15.08			$14.75			$16.45			$14.71			$13.38
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.06			0.08			0.07			0.09			0.11
Net realized and unrealized gain (loss) on investment transactions		0.36			1.43			1.25			(0.09	)		1.75			1.35
Total from investment operations		0.37			1.49			1.33			(0.02	)		1.84			1.46
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.07	)		(0.08	)		(0.14	)		(0.10	)		(0.13	)
Distributions from net realized gains		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-			-
Total dividends and distributions		(0.71	)		(0.55	)		(1.00	)		(1.68	)		(0.10	)		(0.13	)
Net asset value, end of period		$15.68			$16.02			$15.08			$14.75			$16.45			$14.71
Total Return(b):		2.27%			10.16%			9.41%			(0.49)%			12.60%			11.01%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,192			$11,040			$12,101			$12,376			$14,899			$13,222
Average net assets (000)		$11,067			$11,624			$12,405			$14,068			$14,806			$11,466
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.08%	(e)		1.88%			1.93%			1.93%			1.92%			1.92%
Expenses before waivers and/or expense reimbursement		2.10%	(e)		1.90%			1.95%			1.95%			1.94%			1.94%
Net investment income (loss)		0.17%	(e)		0.41%			0.54%			0.46%			0.57%			0.80%
Portfolio turnover rate(d)		73%	(f)		180%			230%			216%			215%			234%

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

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

110

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.02			$15.08			$14.74			$16.45			$14.71			$13.37
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			0.08			0.07			0.09			0.11
Net realized and unrealized gain (loss) on investment transactions		0.36			1.43			1.26			(0.10	)		1.75			1.36
Total from investment operations		0.39			1.49			1.34			(0.03	)		1.84			1.47
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.07	)		(0.08	)		(0.14	)		(0.10	)		(0.13	)
Distributions from net realized gains		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-			-
Total dividends and distributions		(0.73	)		(0.55	)		(1.00	)		(1.68	)		(0.10	)		(0.13	)
Net asset value, end of period		$15.68			$16.02			$15.08			$14.74			$16.45			$14.71
Total Return(b):		2.37%			10.16%			9.49%			(0.56)%			12.60%			11.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$82,313			$74,527			$57,448			$30,093			$20,838			$15,926
Average net assets (000)		$80,008			$66,532			$43,525			$26,353			$17,899			$12,912
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.86%	(e)		1.88%			1.93%			1.93%			1.92%			1.92%
Expenses before waivers and/or expense reimbursement		1.86%	(e)		1.90%			1.95%			1.95%			1.94%			1.94%
Net investment income (loss)		0.40%	(e)		0.41%			0.53%			0.47%			0.58%			0.79%
Portfolio turnover rate(d)		73%	(f)		180%			230%			216%			215%			234%

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

(b) Total return does not consider the effect of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Balanced Fund 111

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.94			$15.00			$14.68			$16.43			$14.69			$13.36
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.14			0.15			0.15			0.17			0.18
Net realized and unrealized gain (loss) on investment transactions		0.35			1.43			1.25			(0.09	)		1.75			1.35
Total from investment operations		0.40			1.57			1.40			0.06			1.92			1.53
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.15	)		(0.16	)		(0.27	)		(0.18	)		(0.20	)
Distributions from net realized gains		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-			-
Total dividends and distributions		(0.75	)		(0.63	)		(1.08	)		(1.81	)		(0.18	)		(0.20	)
Net asset value, end of period		$15.59			$15.94			$15.00			$14.68			$16.43			$14.69
Total Return(b):		2.46%			10.77%			9.93%			0.02%			13.16%			11.58%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,827			$1,457			$723			$553			$482			$305
Average net assets (000)		$1,674			$947			$739			$528			$395			$273
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.38%			1.43%			1.43%			1.42%			1.42%
Expenses before waivers and/or expense reimbursement		2.59%	(e)		1.65%			1.70%			1.70%			1.69%			1.69%
Net investment income (loss)		0.62%	(e)		0.92%			1.04%			0.96%			1.08%			1.30%
Portfolio turnover rate(d)		73%	(f)		180%			230%			216%			215%			234%

(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 Series invests.

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

112

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.04			$15.09			$14.75			$16.57			$14.80			$13.46
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.22			0.22			0.23			0.25			0.25
Net realized and unrealized gain (loss) on investment transactions		0.36			1.43			1.27			(0.10	)		1.77			1.35
Total from investment operations		0.47			1.65			1.49			0.13			2.02			1.60
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.22	)		(0.23	)		(0.41	)		(0.25	)		(0.26	)
Distributions from net realized gains		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-			-
Total dividends and distributions		(0.81	)		(0.70	)		(1.15	)		(1.95	)		(0.25	)		(0.26	)
Net asset value, end of period		$15.70			$16.04			$15.09			$14.75			$16.57			$14.80
Total Return(b):		2.88%			11.32%			10.57%			0.41%			13.80%			12.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$153,994			$139,497			$92,562			$63,516			$98,321			$85,068
Average net assets (000)		$148,591			$118,555			$79,518			$59,423			$89,928			$70,535
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.86%	(e)		0.88%			0.93%			0.93%			0.92%			0.92%
Expenses before waivers and/or expense reimbursement		0.88%	(e)		0.90%			0.95%			0.95%			0.94%			0.94%
Net investment income (loss)		1.39%	(e)		1.41%			1.53%			1.45%			1.57%			1.76%
Portfolio turnover rate(d)		73%	(f)		180%			230%			216%			215%			234%

(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 Series invests.

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Balanced Fund 113

Financial Highlights (unaudited) (continued)

Class Q Shares
	November 28, 2017(e) through March 31,
	2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.07
Net realized and unrealized gain (loss) on investment transactions		(0.04	)
Total from investment operations		0.03
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)
Distributions from net realized gains		(0.69	)
Total dividends and distributions		(0.81	)
Net asset value, end of period		$15.70
Total Return(b):		0.14%
Ratios/Supplemental Data:
Net assets, end of period (000)		$33
Average net assets (000)		$14
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.88%	(f)
Expenses before waivers and/or expense reimbursement		141.45%	(f)
Net investment income (loss)		1.43%	(f)
Portfolio turnover rate(d)		73%	(g)

(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 Series invests.

(d) The Series accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) Commencement of offering.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

114

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL BALANCED FUND

SHARE CLASS	A	B	C	R	Z	Q
NASDAQ	PIBAX	PBFBX	PABCX	PALRX	PABFX	PIBQX
CUSIP	74437E883	74437E875	74437E867	74437E636	74437E859	74437E461

MF185 E2

PRUDENTIAL JENNISON

EQUITY OPPORTUNITY FUND

SEMIANNUAL REPORT

MARCH 31, 2018

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

Objective: Long-term growth of capital

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

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

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

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

2 Visit our website at pgiminvestments.com

PRUDENTIAL FUNDS — UPDATE

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

- Not part of the Semiannual Report -

Prudential Jennison Equity Opportunity Fund 3

PRUDENTIAL FUNDS — UPDATE

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

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

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

- Not part of the Semiannual Report -

4 Visit our website at pgiminvestments.com

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

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

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

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

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

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

- Not part of the Semiannual Report -

Prudential Jennison Equity Opportunity Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Fees and Expenses	11
Holdings and Financial Statements	13

6 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

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

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds will be renamed from Prudential to PGIM Funds. Renaming our funds is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name is changing. Your Fund’s management and operation, along with the Fund’s symbols, will remain the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Jennison Equity Opportunity Fund

May 15, 2018

*Note: The Prudential Day One Funds will not be changing their names.

Prudential Jennison Equity Opportunity Fund 7

Your Fund’s Performance (unaudited)

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

	Total Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	7.23	4.74	10.30	8.58	—
Class B	6.71	5.24	10.62	8.43	—
Class C	6.83	9.10	10.77	8.43	—
Class R	6.96	10.46	11.31	8.96	—
Class Z	7.35	11.14	11.89	9.53	—
Class Q	7.36	11.25	N/A	N/A	8.71 (11/25/14)
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Customized Blend Funds Average**
	4.45	11.26	10.90	8.01	—
Lipper Multi-Cap Core Funds Average**
	5.06	12.48	11.22	8.20	—

* Not Annualized

**The Lipper Customized Blend Funds Average is a blend of the Lipper Multi-Cap Core Funds and Lipper Multi-Cap Value Funds Averages. The Lipper Customized Blend Funds Average was utilized because the Fund’s manager believes that a blend of the Lipper Multi-Cap Core Funds and Lipper Multi-Cap Value Funds Averages provides a more appropriate basis for Fund performance comparisons, although Lipper classifies the Fund in its Multi-Cap Core Funds universe.

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 and the Lipper Averages are measured from the closest month-end to the class’ inception date.

8 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 B*	Class C**	Class R**	Class Z**	Class Q***
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr.6) 0.00% (Yr.7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS—UPDATE” on page 3 of this report for more information.

Benchmark Definitions

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class Q shares through 3/31/18 is 9.87%.

Lipper Customized Blend Funds Average—The Lipper Customized Blend Funds Average (Lipper Average) is a 50/50 blend of the Lipper Multi-Cap Value Funds and Lipper Multi-Cap Core Funds Averages. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class Q shares through 3/31/18 is 7.35%.

Lipper Multi-Cap Core Funds Average—The Lipper Multi-Cap Core Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Multi-Cap Core Funds universe for the periods noted. Funds in the Lipper Average invest in a variety of market capitalization ranges without concentrating 75% of their

Prudential Jennison Equity Opportunity Fund 9

Your Fund’s Performance (continued)

equity assets in any one market capitalization range over an extended period of time. Multi-Cap Core Funds in the Lipper Average typically have between 25% and 75% of their assets invested in companies with market capitalizations of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-Cap Core Funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SuperComposite 1500 Index. The average annual total return for the Average measured from the month-end closest to the inception date of the Fund’s Class Q shares through 3/31/18 is 7.66%.

Lipper Multi-Cap Value Funds Average—The Lipper Multi-Cap Value Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Multi-Cap Value Funds universe for the periods noted. Funds in the Lipper Average invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap Value Funds in the Lipper Average typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P SuperComposite 1500 Index. The average annual total return for the Average measured from the month-end closest to the inception date of the Fund’s Class Q shares through 3/31/18 is 6.69%.

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 Averages reflect the deduction of operating expenses, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 3/31/18 (%)
JPMorgan Chase & Co., Banks	2.4
Twenty-First Century Fox, Inc., Media	2.3
Tapestry, Inc., Textiles, Apparel & Luxury Goods	2.2
Bank of America Corp., Banks	2.1
Microsoft Corp., Software	2.1

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

Five Largest Industries expressed as a percentage of net assets as of 3/31/18 (%)
Banks	10.7
Hotels, Restaurants & Leisure	9.3
Software	8.4
Media	6.6
Pharmaceuticals	6.2

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

10 Visit our website at pgiminvestments.com

Fees and Expenses (unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Prudential Jennison Equity Opportunity Fund 11

Fees and Expenses (continued)

period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential Jennison Equity Opportunity Fund		Beginning Account Value October 1, 2017		Ending  Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,072.30		1.06	%	$	5.48
	Hypothetical	$	1,000.00	$	1,019.65		1.06	%	$	5.34
Class B	Actual	$	1,000.00	$	1,067.10		2.03	%	$	10.46
	Hypothetical	$	1,000.00	$	1,014.81		2.03	%	$	10.20
Class C	Actual	$	1,000.00	$	1,068.30		1.79	%	$	9.23
	Hypothetical	$	1,000.00	$	1,016.01		1.79	%	$	9.00
Class R	Actual	$	1,000.00	$	1,069.60		1.53	%	$	7.89
	Hypothetical	$	1,000.00	$	1,017.30		1.53	%	$	7.70
Class Z	Actual	$	1,000.00	$	1,073.50		0.76	%	$	3.93
	Hypothetical	$	1,000.00	$	1,021.14		0.76	%	$	3.83
Class Q	Actual	$	1,000.00	$	1,073.60		0.72	%	$	3.72
	Hypothetical	$	1,000.00	$	1,021.34		0.72	%	$	3.63

*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 182 days in the six-month period ended March 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

12 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS
Aerospace & Defense    1.4%
United Technologies Corp.		46,785	$	5,886,489
Airlines    1.3%
Delta Air Lines, Inc.		99,928		5,477,054
Banks    10.7%
Bank of America Corp.		300,660		9,016,794
BB&T Corp.		141,653		7,371,622
Citigroup, Inc.		89,205		6,021,338
JPMorgan Chase & Co.		91,994		10,116,580
Pinnacle Financial Partners, Inc.		66,207		4,250,489
PNC Financial Services Group, Inc. (The)		55,796		8,438,587
				45,215,410
Biotechnology    4.1%
Alexion Pharmaceuticals, Inc.*		34,372		3,831,103
Biogen, Inc.*		14,821		4,058,286
BioMarin Pharmaceutical, Inc.*		67,525		5,474,252
Shire PLC, ADR		26,684		3,986,323
				17,349,964
Capital Markets    3.5%
Goldman Sachs Group, Inc. (The)		31,022		7,813,201
Morgan Stanley		128,366		6,926,629
				14,739,830
Commercial Services & Supplies    1.1%
Mobile Mini, Inc.		105,679		4,597,036
Diversified Consumer Services    1.7%
Houghton Mifflin Harcourt Co.*		468,398		3,255,366
Laureate Education, Inc. (Class A Stock)*		296,374		4,075,143
				7,330,509
Electrical Equipment    1.2%
Emerson Electric Co.		71,993		4,917,122
Electronic Equipment, Instruments & Components    2.5%
Benchmark Electronics, Inc.		117,166		3,497,405
FLIR Systems, Inc.		141,867		7,094,769
				10,592,174

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services    1.8%
Halliburton Co.		165,413	$	7,764,486
Equity Real Estate Investment Trusts (REITs)    1.0%
CoreCivic, Inc.		205,248		4,006,441
Food & Staples Retailing    1.2%
Walmart, Inc.		56,763		5,050,204
Food Products    2.1%
Conagra Brands, Inc.		70,850		2,612,948
Mondelez International, Inc. (Class A Stock)		149,643		6,244,602
				8,857,550
Health Care Equipment & Supplies    0.7%
Siemens Healthineers AG (Germany), 144A*		70,434		2,894,631
Health Care Providers & Services    1.4%
Cigna Corp.		34,244		5,744,089
Holding Companies—Diversified    0.7%
TPG Pace Holdings Corp.*		297,321		3,112,951
Hotels, Restaurants & Leisure    9.3%
Carnival Corp.		73,907		4,846,821
Hyatt Hotels Corp. (Class A Stock)		108,942		8,307,917
International Game Technology PLC		190,948		5,104,040
MGM Resorts International		193,580		6,779,172
Playa Hotels & Resorts N.V.*		490,360		5,011,479
SeaWorld Entertainment, Inc.*(a)		256,521		3,804,206
Wendy’s Co. (The)		301,966		5,299,503
				39,153,138
Insurance    3.4%
Brighthouse Financial, Inc.*		79,833		4,103,416
Chubb Ltd.		23,677		3,238,304
MetLife, Inc.		147,735		6,779,559
				14,121,279
Internet & Direct Marketing Retail    1.1%
Liberty Interactive Corp. QVC Group (Class A Stock)*		181,761		4,574,924
Internet Software & Services    1.8%
Alphabet, Inc. (Class C Stock)*		7,267		7,498,018

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services    1.2%
Teradata Corp.*		130,530	$	5,178,125
Machinery    1.9%
Caterpillar, Inc.		16,914		2,492,785
Trinity Industries, Inc.		164,163		5,356,639
				7,849,424
Media    6.6%
Comcast Corp. (Class A Stock)		111,637		3,814,636
Liberty Global PLC (United Kingdom) (Class C Stock)*		146,123		4,446,523
Live Nation Entertainment, Inc.*		80,947		3,411,107
Twenty-First Century Fox, Inc. (Class A Stock)		263,850		9,680,657
Viacom, Inc. (Class B Stock)		207,690		6,450,851
				27,803,774
Metals & Mining    3.1%
Agnico Eagle Mines Ltd. (Canada)		116,694		4,909,317
Rio Tinto PLC (United Kingdom), ADR		104,198		5,369,323
United States Steel Corp.		83,113		2,924,746
				13,203,386
Multi-Utilities    1.1%
Sempra Energy		41,170		4,578,927
Oil, Gas & Consumable Fuels    5.3%
Anadarko Petroleum Corp.		105,591		6,378,752
Andeavor		25,160		2,530,090
Arch Coal, Inc. (Class A Stock)		29,178		2,680,875
Concho Resources, Inc.*		28,989		4,357,916
Noble Energy, Inc.		209,546		6,349,244
				22,296,877
Pharmaceuticals    6.2%
Allergan PLC		36,283		6,106,066
Bristol-Myers Squibb Co.		125,586		7,943,314
Merck & Co., Inc.		54,940		2,992,582
Mylan NV*		145,927		6,007,815
Pfizer, Inc.		84,236		2,989,536
				26,039,313
Road & Rail    3.0%
Schneider National, Inc. (Class B Stock)		201,440		5,249,526
Union Pacific Corp.		53,995		7,258,548
				12,508,074

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 15

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    3.6%
Intel Corp.		148,561	$	7,737,057
QUALCOMM, Inc.		93,203		5,164,378
Versum Materials, Inc.		55,696		2,095,841
				14,997,276
Software    8.4%
BlackBerry Ltd. (Canada)*		316,083		3,634,954
Fortinet, Inc.*		83,031		4,448,801
Guidewire Software, Inc.*		31,410		2,538,870
Microsoft Corp.		96,329		8,791,948
Oracle Corp.		119,818		5,481,673
PTC, Inc.*		70,073		5,466,395
Verint Systems, Inc.*		121,531		5,177,221
				35,539,862
Technology Hardware, Storage & Peripherals    2.0%
Apple, Inc.		39,363		6,604,324
Diebold Nixdorf, Inc.(a)		126,665		1,950,641
				8,554,965
Textiles, Apparel & Luxury Goods    3.7%
Lululemon Athletica, Inc.*		69,560		6,199,187
Tapestry, Inc.		175,253		9,220,060
				15,419,247
Trading Companies & Distributors    1.1%
Univar, Inc.*		168,017		4,662,472
TOTAL LONG-TERM INVESTMENTS (cost $325,551,148)				417,515,021
SHORT-TERM INVESTMENTS    1.6%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		1,246,950		1,246,950
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $5,759,697; includes $5,750,129 of cash collateral for securities on loan)(b)(w)		5,760,169		5,759,016
TOTAL SHORT-TERM INVESTMENTS (cost $7,006,647)				7,005,966
TOTAL INVESTMENTS    100.8% (cost $332,557,795)				424,520,987
Liabilities in excess of other assets    (0.8)%				(3,533,663	)
NET ASSETS    100.0%			$	420,987,324

See Notes to Financial Statements.

16

The following abbreviations are used in the semi-annual report:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

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

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $5,746,120; cash collateral of $5,750,129 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ 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 March 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	5,886,489	$	—	$	—
Airlines		5,477,054		—		—
Banks		45,215,410		—		—
Biotechnology		17,349,964		—		—
Capital Markets		14,739,830		—		—
Commercial Services & Supplies		4,597,036		—		—
Diversified Consumer Services		7,330,509		—		—
Electrical Equipment		4,917,122		—		—
Electronic Equipment, Instruments & Components		10,592,174		—		—
Energy Equipment & Services		7,764,486		—		—
Equity Real Estate Investment Trusts (REITs)		4,006,441		—		—
Food & Staples Retailing		5,050,204		—		—

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 17

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Food Products	$	8,857,550	$	—	$	—
Health Care Equipment & Supplies		—		2,894,631		—
Health Care Providers & Services		5,744,089		—		—
Holding Companies—Diversified		—		3,112,951		—
Hotels, Restaurants & Leisure		39,153,138		—		—
Insurance		14,121,279		—		—
Internet & Direct Marketing Retail		4,574,924		—		—
Internet Software & Services		7,498,018		—		—
IT Services		5,178,125		—		—
Machinery		7,849,424		—		—
Media		27,803,774		—		—
Metals & Mining		13,203,386		—		—
Multi-Utilities		4,578,927		—		—
Oil, Gas & Consumable Fuels		22,296,877		—		—
Pharmaceuticals		26,039,313		—		—
Road & Rail		12,508,074		—		—
Semiconductors & Semiconductor Equipment		14,997,276		—		—
Software		35,539,862		—		—
Technology Hardware, Storage & Peripherals		8,554,965		—		—
Textiles, Apparel & Luxury Goods		15,419,247		—		—
Trading Companies & Distributors		4,662,472		—		—
Affiliated Mutual Funds		7,005,966		—		—
Total	$	418,513,405	$	6,007,582	$	—

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

Industry Classification:

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

Banks	10.7	%
Hotels, Restaurants & Leisure	9.3
Software	8.4
Media	6.6
Pharmaceuticals	6.2
Oil, Gas & Consumable Fuels	5.3
Biotechnology	4.1
Textiles, Apparel & Luxury Goods	3.7
Semiconductors & Semiconductor Equipment	3.6
Capital Markets	3.5
Insurance	3.4
Metals & Mining	3.1
Road & Rail	3.0	%
Electronic Equipment, Instruments & Components	2.5
Food Products	2.1
Technology Hardware, Storage & Peripherals	2.0
Machinery	1.9
Energy Equipment & Services	1.8
Internet Software & Services	1.8
Diversified Consumer Services	1.7
Affiliated Mutual Funds (including 1.4% of collateral for securities on loan)	1.6
Aerospace & Defense	1.4
Health Care Providers & Services	1.4

See Notes to Financial Statements.

18

Industry (cont’d.)
Airlines	1.3	%
IT Services	1.2
Food & Staples Retailing	1.2
Electrical Equipment	1.2
Trading Companies & Distributors	1.1
Commercial Services & Supplies	1.1
Multi-Utilities	1.1
Internet & Direct Marketing Retail	1.1
Equity Real Estate Investment Trusts (REITs)	1.0	%
Holding Companies—Diversified	0.7
Health Care Equipment & Supplies	0.7
	100.8
Liabilities in excess of other assets	(0.8	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	5,746,120	$	(5,746,120	)	$	—

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

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 19

Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Investments at value, including securities on loan of $5,746,120:
Unaffiliated investments (cost $325,551,148)	$	417,515,021
Affiliated investments (cost $7,006,647)		7,005,966
Cash		75,496
Receivable for investments sold		3,399,843
Dividends receivable		661,301
Receivable for Series shares sold		377,827
Tax reclaim receivable		272,749
Prepaid expenses		1,675
Total Assets		429,309,878
Liabilities
Payable to broker for collateral for securities on loan		5,750,129
Payable for investments purchased		1,714,884
Payable for Series shares reacquired		382,653
Management fee payable		214,967
Accrued expenses and other liabilities		138,048
Distribution fee payable		96,479
Affiliated transfer agent fee payable		25,394
Total Liabilities		8,322,554
Net Assets	$	420,987,324
Net assets were comprised of:
Common stock, at par	$	21,786
Paid-in capital in excess of par		311,054,766
		311,076,552
Undistributed net investment income		633,345
Accumulated net realized gain on investment and foreign currency transactions		17,290,479
Net unrealized appreciation on investments and foreign currencies		91,986,948
Net assets, March 31, 2018	$	420,987,324

See Notes to Financial Statements.

20

Class A
Net asset value and redemption price per share ($230,685,120 ÷ 11,835,268 shares of common stock issued and outstanding)	$	19.49
Maximum sales charge (5.50% of offering price)		1.13
Maximum offering price to public	$	20.62
Class B
Net asset value, offering price and redemption price per share ($5,464,428 ÷ 344,085 shares of common stock issued and outstanding)	$	15.88
Class C
Net asset value, offering price and redemption price per share ($34,035,605 ÷ 2,142,070 shares of common stock issued and outstanding)	$	15.89
Class R
Net asset value, offering price and redemption price per share ($4,378,840 ÷ 256,556 shares of common stock issued and outstanding)	$	17.07
Class Z
Net asset value, offering price and redemption price per share ($128,186,944 ÷ 6,310,559 shares of common stock issued and outstanding)	$	20.31
Class Q
Net asset value, offering price and redemption price per share ($18,236,387 ÷ 897,292 shares of common stock issued and outstanding)	$	20.32

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 21

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $1,925)	$	5,072,352
Income from securities lending, net (including affiliated income of $2,943)		47,864
Affiliated dividend income		33,010
Total income		5,153,226
Expenses
Management fee		1,268,596
Distribution fee(a)		578,110
Transfer agent’s fees and expenses (including affiliated expense of $66,819)(a)		239,464
Registration fees(a)		44,220
Custodian and accounting fees		37,081
Shareholders’ reports		20,835
Audit fee		11,873
Legal fees and expenses		9,978
Directors’ fees		7,609
Miscellaneous		11,128
Total expenses		2,228,894
Less: Fee waiver and/or expense reimbursement(a)		(6,486	)
Distribution fee waiver(a)		(6,022	)
Net expenses		2,216,386
Net investment income (loss)		2,936,840
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $1,771)		25,973,062
Foreign currency transactions		(1,071	)
		25,971,991
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1,097))		1,097,157
Foreign currencies		10,763
		1,107,920
Net gain (loss) on investment and foreign currency transactions		27,079,911
Net Increase (Decrease) In Net Assets Resulting From Operations	$	30,016,751

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

	Class A		Class B			Class C		Class R			Class Z		Class Q
Distribution fee		351,709		30,464			177,960		17,977			—		—
Transfer agent’s fees and expenses		133,384		9,913			19,832		3,950			72,309		76
Registration fees		8,176		6,978			7,149		7,037			7,850		7,030
Fee waiver and/or expense reimbursement		—		(4,948	)		—		(1,538	)		—		—
Distribution fee waiver		—		—			—		(6,022	)		—		—

See Notes to Financial Statements.

22

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,936,840		$	1,725,136
Net realized gain (loss) on investment and foreign currency transactions		25,971,991			45,183,930
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,107,920			20,196,739
Net increase (decrease) in net assets resulting from operations		30,016,751			67,105,805
Dividends and Distributions
Dividends from net investment income
Class A		(2,088,750	)		(1,787,242	)
Class B		(25,855	)		(24,068	)
Class C		(172,299	)		(125,231	)
Class R		(36,612	)		(42,479	)
Class Z		(1,460,530	)		(1,049,595	)
Class Q		(219,570	)		(178,312	)
		(4,003,616	)		(3,206,927	)
Distributions from net realized gains and capital gain distributions received
Class A		(28,302,850	)		(15,484,653	)
Class B		(865,699	)		(570,058	)
Class C		(5,171,433	)		(2,966,179	)
Class R		(614,183	)		(442,240	)
Class Z		(15,099,851	)		(6,756,621	)
Class Q		(2,089,917	)		(1,047,774	)
		(52,143,933	)		(27,267,525	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		20,781,734			46,678,814
Net asset value of shares issued in reinvestment of dividends and distributions		54,563,378			29,444,765
Cost of shares reacquired		(46,071,421	)		(91,668,331	)
Net increase (decrease) in net assets from Series share transactions		29,273,691			(15,544,752	)
Total increase (decrease)		3,142,893			21,086,601
Net Assets:
Beginning of period		417,844,431			396,757,830
End of period(a)	$	420,987,324		$	417,844,431
(a) Includes undistributed net investment income of:	$	633,345		$	1,700,121

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 23

Notes to Financial Statements (unaudited)

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company consists of six series: Prudential Balanced Fund, Prudential Jennison Equity Opportunity Fund and Prudential Jennison Growth Fund, each of which are diversified funds and Prudential Growth Allocation Fund, Prudential Moderate Allocation Fund and Prudential Conservative Allocation Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the Prudential Jennison Equity Opportunity Fund (the “Series”).

The investment objective of the Series is to achieve long-term growth of capital.

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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

24

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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ 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.

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.

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

Investments in open-end, 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

Prudential Jennison Equity Opportunity Fund 25

Notes to Financial Statements (unaudited) (continued)

comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

Foreign Currency Translation: The books and records of the Series 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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series 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.

26

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

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

Securities Lending: The Series may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Series. Upon termination of the loan, the borrower will return to the Series securities identical to the loaned securities. Should the borrower of the securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral. The Series 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 Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Prudential Jennison Equity Opportunity Fund 27

Notes to Financial Statements (unaudited) (continued)

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

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. 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, distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

28

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 Company, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series 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 Series’ custodian (the Custodian), and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.60% of the average daily net assets of the Series up to $300 million and 0.575% of the average daily net assets of the Series over $300 million. The effective management fee rate before any waivers and/or expense reimbursements was 0.59% for the six months ended March 31, 2018.

PGIM Investments has contractually agreed through January 31, 2020, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 2.03% of average daily net assets for Class B shares or 1.53% of average daily net assets for Class R shares. This contractual expense limitation 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 Series expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such

Prudential Jennison Equity Opportunity Fund 29

Notes to Financial Statements (unaudited) (continued)

recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The effective management fee, net of waivers and/or expense reimbursements was 0.59% for the six months ended March 31, 2018.

The Company, on behalf of the Series, 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 R, Class Z and Class Q shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class Q shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2019 to limit such fees to 0.50% of the average daily net assets of Class R shares.

PIMS has advised the Series that it has received $76,562 in front-end sales charges resulting from sales of Class A shares during the six months ended March 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Series that for the six months ended March 31, 2018 it received $3,154 and $736 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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 Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a

30

common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended March 31, 2018 no such transactions were entered into by the Series.

The Series may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended March 31, 2018, PGIM, Inc. was compensated $5,740 by PGIM Investments for managing the Series’ securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended March 31, 2018, were $122,933,052 and $149,674,454, respectively.

5. Tax Information

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

Tax Basis	$	333,366,079
Gross Unrealized Appreciation		106,110,314
Gross Unrealized Depreciation		(14,955,406	)
Net Unrealized Appreciation	$	91,154,908

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

Management has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class R, Class Z and Class Q shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not

Prudential Jennison Equity Opportunity Fund 31

Notes to Financial Statements (unaudited) (continued)

subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class R, Class Z and Class Q shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 6.625 billion shares of common stock at $0.001 par value per shares. There are 1.02 billion shares authorized for the Series equally divided into seven classes, designated Class A, Class B, Class C, Class R, Class Z, Class Q and Class T common stock, each of which consists of 100 million, 2 million, 25 million, 200 million, 325 million, 320 million and 50 million authorized shares, respectively.

The Series currently does not have any Class T shares outstanding.

At reporting period end, three shareholders of record held 46% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		237,116		$	4,765,158
Shares issued in reinvestment of dividends and distributions		1,559,883			29,684,573
Shares reacquired		(923,835	)		(18,760,883	)
Net increase (decrease) in shares outstanding before conversion		873,164			15,688,848
Shares issued upon conversion from other share class(es)		43,893			920,531
Shares reacquired upon conversion into other share class(es)		(48,280	)		(986,458	)
Net increase (decrease) in shares outstanding		868,777		$	15,622,921
Year ended September 30, 2017:
Shares sold		721,253		$	14,428,089
Shares issued in reinvestment of dividends and distributions		865,729			16,795,140
Shares reacquired		(2,105,817	)		(42,105,703	)
Net increase (decrease) in shares outstanding before conversion		(518,835	)		(10,882,474	)
Shares issued upon conversion from other share class(es)		112,309			2,283,260
Shares reacquired upon conversion into other share class(es)		(497,651	)		(9,998,223	)
Net increase (decrease) in shares outstanding		(904,177	)	$	(18,597,437	)

32

Class B	Shares			Amount
Six months ended March 31, 2018:
Shares sold		12,374		$	204,665
Shares issued in reinvestment of dividends and distributions		55,276			859,544
Shares reacquired		(38,032	)		(634,290	)
Net increase (decrease) in shares outstanding before conversion		29,618			429,919
Shares reacquired upon conversion into other share class(es)		(40,907	)		(708,060	)
Net increase (decrease) in shares outstanding		(11,289	)	$	(278,141	)
Year ended September 30, 2017:
Shares sold		23,066		$	388,054
Shares issued in reinvestment of dividends and distributions		35,274			576,029
Shares reacquired		(69,462	)		(1,164,819	)
Net increase (decrease) in shares outstanding before conversion		(11,122	)		(200,736	)
Shares reacquired upon conversion into other share class(es)		(90,937	)		(1,557,244	)
Net increase (decrease) in shares outstanding		(102,059	)	$	(1,757,980	)
Class C
Six months ended March 31, 2018:
Shares sold		47,437		$	790,630
Shares issued in reinvestment of dividends and distributions		332,205			5,165,783
Shares reacquired		(241,402	)		(3,994,435	)
Net increase (decrease) in shares outstanding before conversion		138,240			1,961,978
Shares reacquired upon conversion into other share class(es)		(14,803	)		(244,849	)
Net increase (decrease) in shares outstanding		123,437		$	1,717,129
Year ended September 30, 2017:
Shares sold		200,709		$	3,392,531
Shares issued in reinvestment of dividends and distributions		178,318			2,911,925
Shares reacquired		(535,046	)		(9,017,836	)
Net increase (decrease) in shares outstanding before conversion		(156,019	)		(2,713,380	)
Shares reacquired upon conversion into other share class(es)		(118,093	)		(1,999,010	)
Net increase (decrease) in shares outstanding		(274,112	)	$	(4,712,390	)
Class R
Six months ended March 31, 2018:
Shares sold		21,175		$	365,167
Shares issued in reinvestment of dividends and distributions		27,100			452,296
Shares reacquired		(80,524	)		(1,501,041	)
Net increase (decrease) in shares outstanding before conversion		(32,249	)		(683,578	)
Shares reacquired upon conversion into other share class(es)		(82	)		(1,430	)
Net increase (decrease) in shares outstanding		(32,331	)	$	(685,008	)
Year ended September 30, 2017:
Shares sold		60,416		$	1,069,583
Shares issued in reinvestment of dividends and distributions		19,144			331,771
Shares reacquired		(132,221	)		(2,364,000	)
Net increase (decrease) in shares outstanding before conversion		(52,661	)		(962,646	)
Shares reacquired upon conversion into other share class(es)		(223	)		(3,951	)
Net increase (decrease) in shares outstanding		(52,884	)	$	(966,597	)

Prudential Jennison Equity Opportunity Fund 33

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended March 31, 2018:
Shares sold		639,693		$	13,606,792
Shares issued in reinvestment of dividends and distributions		811,892			16,091,695
Shares reacquired		(910,759	)		(19,204,043	)
Net increase (decrease) in shares outstanding before conversion		540,826			10,494,444
Shares issued upon conversion from other share class(es)		36,956			787,170
Shares reacquired upon conversion into other share class(es)		(9,104	)		(198,160	)
Net increase (decrease) in shares outstanding		568,678		$	11,083,454
Year ended September 30, 2017:
Shares sold		1,237,852		$	25,754,320
Shares issued in reinvestment of dividends and distributions		378,488			7,603,814
Shares reacquired		(1,596,331	)		(33,098,949	)
Net increase (decrease) in shares outstanding before conversion		20,009			259,185
Shares issued upon conversion from other shares class(es)		537,994			11,197,914
Shares reacquired upon conversion into other share class(es)		(1,326	)		(27,395	)
Net increase (decrease) in shares outstanding		556,677		$	11,429,704
Class Q
Six months ended March 31, 2018:
Shares sold		50,230		$	1,049,322
Shares issued in reinvestment of dividends and distributions		116,523			2,309,487
Shares reacquired		(93,333	)		(1,976,729	)
Net increase (decrease) in shares outstanding before conversion		73,420			1,382,080
Shares issued upon conversion from other share class(es)		20,444			431,256
Net increase (decrease) in shares outstanding		93,864		$	1,813,336
Year ended September 30, 2017:
Shares sold		78,233		$	1,646,237
Shares issued in reinvestment of dividends and distributions		60,999			1,226,086
Shares reacquired		(187,659	)		(3,917,024	)
Net increase (decrease) in shares outstanding before conversion		(48,427	)		(1,044,701	)
Shares issued upon conversion from other share class(es)		4,981			104,649
Net increase (decrease) in shares outstanding		(43,446	)	$	(940,052	)

7. Borrowings

The Company, on behalf of the Series, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Series’ portion of the

34

commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Series utilized the SCA during the reporting period ended March 31, 2018. The average daily balance for the 14 days that the Series had loans outstanding during the period was $315,929, borrowed at a weighted average interest rate of 2.85%. The maximum loan balance outstanding during the period was $535,000. At March 31, 2018, the Series did not have an outstanding loan balance.

Prudential Jennison Equity Opportunity Fund 35

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$20.89			$19.11			$18.46			$21.48			$19.56			$15.40
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.08			0.14			0.12			0.05			0.06
Net realized and unrealized gain (loss) on investment transactions		1.29			3.21			1.97			(1.20	)		2.63			4.18
Total from investment operations		1.43			3.29			2.11			(1.08	)		2.68			4.24
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.13	)		(0.04	)		(0.04	)		(0.08	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)		-
Total dividends and distributions		(2.83	)		(1.51	)		(1.46	)		(1.94	)		(0.76	)		(0.08	)
Net asset value, end of period		$19.49			$20.89			$19.11			$18.46			$21.48			$19.56
Total Return(b):		7.18%			17.80%			12.14%			(5.38)%			14.00%			27.64%
Ratios/Supplemental Data:
Net assets, end of period (000)		$230,685			$229,043			$226,889			$245,320			$303,859			$260,720
Average net assets (000)		$235,116			$231,082			$235,287			$290,318			$291,978			$231,545
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.06%	(d)		1.09%			1.07%			1.10%			1.07%			1.10%
Expenses before waivers and/or expense reimbursement		1.06%	(d)		1.09%			1.07%			1.10%			1.07%			1.10%
Net investment income (loss)		1.35%	(d)		0.39%			0.78%			0.59%			0.26%			0.36%
Portfolio turnover rate		29%	(e)		49%			59%			69%			47%			55%

(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 Series invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

36

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$17.48			$16.24			$15.90			$18.86			$17.33			$13.70
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.05	)		0.01			(0.02	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investment transactions		1.09			2.70			1.68			(1.04	)		2.33			3.70
Total from investment operations		1.12			2.65			1.69			(1.06	)		2.25			3.65
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.06	)		(0.02	)		-			-			(0.02	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)		-
Total dividends and distributions		(2.72	)		(1.41	)		(1.35	)		(1.90	)		(0.72	)		(0.02	)
Net asset value, end of period		$15.88			$17.48			$16.24			$15.90			$18.86			$17.33
Total Return(b):		6.71%			16.91%			11.34%			(6.04)%			13.30%			26.66%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,464			$6,213			$7,429			$8,997			$13,049			$10,406
Average net assets (000)		$6,110			$7,088			$8,184			$11,632			$13,038			$9,405
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.03%	(d)		1.79%			1.77%			1.80%			1.77%			1.80%
Expenses before waivers and/or expense reimbursement		2.19%	(d)		1.79%			1.77%			1.80%			1.77%			1.80%
Net investment income (loss)		0.41%	(d)		(0.30)%			0.08%			(0.10)%			(0.43)%			(0.33)%
Portfolio turnover rate		29%	(e)		49%			59%			69%			47%			55%

(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 Series invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 37

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$17.48			$16.24			$15.89			$18.86			$17.33			$13.70
Income (loss) from investment operations:
Net investment income (loss)		0.05			(0.05	)		0.01			(0.02	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.08			2.70			1.69			(1.05	)		2.33			3.70
Total from investment operations		1.13			2.65			1.70			(1.07	)		2.25			3.65
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.06	)		(0.02	)		-			-			(0.02	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)		-
Total dividends and distributions		(2.72	)		(1.41	)		(1.35	)		(1.90	)		(0.72	)		(0.02	)
Net asset value, end of period		$15.89			$17.48			$16.24			$15.89			$18.86			$17.33
Total Return(b):		6.83%			16.91%			11.41%			(6.10)%			13.30%			26.66%
Ratios/Supplemental Data:
Net assets, end of period (000)		$34,036			$35,289			$37,229			$42,644			$48,927			$33,179
Average net assets (000)		$35,690			$37,497			$40,176			$49,176			$42,781			$28,668
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.79%	(d)		1.79%			1.77%			1.80%			1.77%			1.80%
Expenses before waivers and/or expense reimbursement		1.79%	(d)		1.79%			1.77%			1.80%			1.77%			1.80%
Net investment income (loss)		0.62%	(d)		(0.31)%			0.08%			(0.10)%			(0.44)%			(0.34)%
Portfolio turnover rate		29%	(e)		49%			59%			69%			47%			55%

(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 Series invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

38

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$18.63			$17.21			$16.76			$19.69			$17.99			$14.18
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.03			0.09			0.07			0.01			0.03
Net realized and unrealized gain (loss) on investment transactions		1.15			2.87			1.79			(1.10	)		2.42			3.83
Total from investment operations		1.23			2.90			1.88			(1.03	)		2.43			3.86
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.13	)		(0.10	)		-	(d)		(0.01	)		(0.05	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)		-
Total dividends and distributions		(2.79	)		(1.48	)		(1.43	)		(1.90	)		(0.73	)		(0.05	)
Net asset value, end of period		$17.07			$18.63			$17.21			$16.76			$19.69			$17.99
Total Return(b):		6.96%			17.49%			11.98%			(5.59)%			13.81%			27.34%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,379			$5,382			$5,880			$6,430			$8,188			$4,418
Average net assets (000)		$4,831			$5,859			$6,281			$7,693			$6,569			$3,599
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.53%	(e)		1.29%			1.27%			1.30%			1.27%			1.30%
Expenses before waivers and/or expense reimbursement		1.84%	(e)		1.54%			1.52%			1.55%			1.52%			1.55%
Net investment income (loss)		0.86%	(e)		0.19%			0.57%			0.39%			0.07%			0.17%
Portfolio turnover rate		29%	(f)		49%			59%			69%			47%			55%

(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 Series invests.

(d) Less than $0.005 per share

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 39

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$21.68			$19.78			$19.06			$22.12			$20.11			$15.83
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.14			0.20			0.19			0.12			0.12
Net realized and unrealized gain (loss) on investment transactions		1.35			3.32			2.04			(1.25	)		2.70			4.28
Total from investment operations		1.52			3.46			2.24			(1.06	)		2.82			4.40
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.21	)		(0.19	)		(0.10	)		(0.09	)		(0.12	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)		-
Total dividends and distributions		(2.89	)		(1.56	)		(1.52	)		(2.00	)		(0.81	)		(0.12	)
Net asset value, end of period		$20.31			$21.68			$19.78			$19.06			$22.12			$20.11
Total Return(b):		7.35%			18.11%			12.49%			(5.10)%			14.38%			28.01%
Ratios/Supplemental Data:
Net assets, end of period (000)		$128,187			$124,480			$102,564			$147,716			$194,498			$120,082
Average net assets (000)		$129,550			$115,507			$123,372			$177,458			$161,815			$104,364
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.76%	(d)		0.79%			0.77%			0.80%			0.77%			0.80%
Expenses before waivers and/or expense reimbursement		0.76%	(d)		0.79%			0.77%			0.80%			0.77%			0.80%
Net investment income (loss)		1.65%	(d)		0.70%			1.06%			0.90%			0.57%			0.66%
Portfolio turnover rate		29%	(e)		49%			59%			69%			47%			55%

(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 Series invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

40

Class Q Shares
	Six Months Ended March 31,			Year Ended September 30,						November 25, 2014(a) through September 30,
	2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$21.70			$19.80			$19.09			$22.73
Income from investment operations:
Net investment income (loss)		0.18			0.17			0.23			0.18
Net realized and unrealized gain (loss) on investment transactions		1.35			3.31			2.03			(1.82	)
Total from investment operations		1.53			3.48			2.26			(1.64	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.23	)		(0.22	)		(0.10	)
Distributions from net realized gains		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(2.91	)		(1.58	)		(1.55	)		(2.00	)
Net asset value, end of period		$20.32			$21.70			$19.80			$19.09
Total Return(c):		7.41%			18.21%			12.61%			(7.49)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,236			$17,438			$16,766			$16,611
Average net assets (000)		$18,122			$16,981			$16,698			$17,054
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.72%	(e)		0.66%			0.66%			0.66%	(e)
Expenses before waivers and/or expense reimbursement		0.72%	(e)		0.66%			0.66%			0.66%	(e)
Net investment income (loss)		1.70%	(e)		0.81%			1.20%			1.01%	(e)
Portfolio turnover rate		29%	(f)		49%			59%			69%	(f)

(a) Commencement of offering.

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Equity Opportunity Fund 41

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Jennison Equity Opportunity Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL JENNISON EQUITY OPPORTUNITY FUND

SHARE CLASS	A	B	C	R	Z	Q
NASDAQ	PJIAX	PJIBX	PJGCX	PJORX	PJGZX	PJOQX
CUSIP	74437E503	74437E602	74437E701	74437E644	74437E800	74437E552

MF172 E2

     PRUDENTIAL JENNISON GROWTH FUND

SEMIANNUAL REPORT

MARCH 31, 2018

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

Objective: Long-term growth of capital

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

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

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

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

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PRUDENTIAL FUNDS — UPDATE

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

- Not part of the Semiannual Report -

Prudential Jennison Growth Fund 3

PRUDENTIAL FUNDS — UPDATE

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

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

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

- Not part of the Semiannual Report -

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

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

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

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

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

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

- Not part of the Semiannual Report -

Prudential Jennison Growth Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Fees and Expenses	11
Holdings and Financial Statements	13

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Letter from the President

Dear Shareholder:

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

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

Prudential Mutual Funds will be renamed from Prudential to PGIM Funds. Renaming our funds is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name is changing. Your Fund’s management and operation, along with the Fund’s symbols, will remain the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Jennison Growth Fund

May 15, 2018

*Note: The Prudential Day One Funds will not be changing their names.

Prudential Jennison Growth Fund 7

Your Fund’s Performance (unaudited)

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

	Total Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	11.69	21.24	15.57	10.97	—
Class B	11.18	22.24	15.93	10.82	—
Class C	11.30	26.39	16.07	10.85	—
Class R	11.54	28.01	16.64	11.39	—
Class Z	11.84	28.67	17.24	11.94	—
Class R2	3.74**	N/A	N/A	N/A	N/A (11/28/17)
Class R4	3.84**	N/A	N/A	N/A	N/A (11/28/17)
Class Q	11.93	N/A	N/A	N/A	N/A (9/27/17)
Russell 1000 Growth Index
	9.39	21.25	15.53	11.34	—
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Large-Cap Growth Funds Average
	9.69	22.08	14.44	10.03	—

*Not Annualized

**Since Inception

Source: PGIM Investments LLC and Lipper Inc.

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

	Class A**	Class B*	Class C**	Class R**	Class Z**	Class R2	Class R4	Class Q***
Maximum Initial Sales Charge	5.50% of the public offering price	None	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual Distribution or Distribution and Service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder Service fees	None	None	None	None	None	0.10%	0.10%	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS– UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Russell 1000 Growth Index—The Russell 1000 Growth Index is an unmanaged index which contains those securities in the Russell 1000 Growth Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book ratios and price-to-earnings ratios, lower dividend yields, and higher forecasted growth rates.

Prudential Jennison Growth Fund 9

Your Fund’s Performance (continued)

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Large-Cap Growth Funds Average—The Lipper Large-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index.

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

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 3/31/18 (%)
Amazon.com, Inc., Internet & Direct Marketing Retail	5.6
Apple, Inc., Technology Hardware, Storage & Peripherals	4.3
Alibaba Group Holding Ltd. (China), Internet Software & Services	4.0
Netflix, Inc., Internet & Direct Marketing Retail	4.0
Microsoft Corp., Software	3.9

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

Five Largest Industries expressed as a percentage of net assets as of 3/31/18 (%)
Software	14.6
Internet Software & Services	14.6
Internet & Direct Marketing Retail	11.0
IT Services	10.0
Semiconductors & Semiconductor Equipment	5.6

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

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Fees and Expenses (unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Prudential Jennison Growth Fund 11

Fees and Expenses (continued)

period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential  Jennison Growth Fund		Beginning Account Value October 1, 2017		Ending  Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,116.90		1.02	%	$	5.38
	Hypothetical	$	1,000.00	$	1,019.85		1.02	%	$	5.14
Class B	Actual	$	1,000.00	$	1,111.80		1.95	%	$	10.27
	Hypothetical	$	1,000.00	$	1,015.21		1.95	%	$	9.80
Class C	Actual	$	1,000.00	$	1,113.00		1.69	%	$	8.90
	Hypothetical	$	1,000.00	$	1,016.50		1.69	%	$	8.50
Class R	Actual	$	1,000.00	$	1,115.40		1.23	%	$	6.49
	Hypothetical	$	1,000.00	$	1,018.80		1.23	%	$	6.19
Class Z	Actual	$	1,000.00	$	1,118.40		0.69	%	$	3.64
	Hypothetical	$	1,000.00	$	1,021.49		0.69	%	$	3.48
Class R2**	Actual	$	1,000.00	$	1,037.40		1.10	%	$	3.78
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class R4**	Actual	$	1,000.00	$	1,038.40		0.85	%	$	2.92
	Hypothetical	$	1,000.00	$	1,020.69		0.85	%	$	4.28
Class Q	Actual	$	1,000.00	$	1,119.30		0.60	%	$	3.17
	Hypothetical	$	1,000.00	$	1,021.94		0.60	%	$	3.02

*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 182 days in the six-month period ended March 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**“Actual” expenses are calculated using the 123 days in the period ended March 31, 2018 due to the class’ inception date of November 28, 2017.

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Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.6%
COMMON STOCKS
Aerospace & Defense    3.1%
Boeing Co. (The)		438,747	$	143,856,366
Air Freight & Logistics    2.0%
FedEx Corp.		393,359		94,449,429
Automobiles    1.1%
Tesla, Inc.*(a)		198,536		52,836,386
Banks    3.3%
JPMorgan Chase & Co.		966,912		106,331,313
PNC Financial Services Group, Inc. (The)		315,450		47,708,658
				154,039,971
Beverages    1.1%
Monster Beverage Corp.*		890,175		50,926,912
Biotechnology    4.9%
AbbVie, Inc.		356,389		33,732,219
Alexion Pharmaceuticals, Inc.*		424,152		47,275,982
BioMarin Pharmaceutical, Inc.*		525,279		42,584,368
Celgene Corp.*		574,455		51,247,131
Vertex Pharmaceuticals, Inc.*		354,897		57,841,113
				232,680,813
Capital Markets    1.8%
Goldman Sachs Group, Inc. (The)		338,839		85,339,991
Chemicals    0.9%
Albemarle Corp.		455,448		42,238,248
Food & Staples Retailing    1.7%
Costco Wholesale Corp.(a)		436,275		82,207,298
Health Care Providers & Services    1.4%
UnitedHealth Group, Inc.		313,998		67,195,572
Hotels, Restaurants & Leisure    3.5%
Marriott International, Inc. (Class A Stock)		699,676		95,141,942
McDonald’s Corp.		459,107		71,795,153
				166,937,095

See Notes to Financial Statements.

Prudential Jennison Growth Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail    11.0%
Amazon.com, Inc.*		182,054	$	263,494,036
Booking Holdings, Inc.*		31,652		65,848,504
Netflix, Inc.*		630,562		186,236,487
				515,579,027
Internet Software & Services    14.6%
Alibaba Group Holding Ltd. (China), ADR*(a)		1,015,113		186,313,840
Alphabet, Inc (Class A Stock)*		93,126		96,584,700
Alphabet, Inc. (Class C Stock)*		92,992		95,948,216
Facebook, Inc. (Class A Stock)*		887,655		141,838,392
Tencent Holdings Ltd. (China), 144A		339,147		18,205,265
Tencent Holdings Ltd. (China)		2,707,203		145,321,492
				684,211,905
IT Services    10.0%
FleetCor Technologies, Inc.*		304,295		61,619,737
Mastercard, Inc. (Class A Stock)		881,785		154,453,460
PayPal Holdings, Inc.*		966,032		73,292,848
Square, Inc. (Class A Stock)*		682,183		33,563,404
Visa, Inc. (Class A Stock)		1,233,022		147,494,092
				470,423,541
Life Sciences Tools & Services    1.2%
Illumina, Inc.*		233,238		55,142,128
Machinery    2.8%
Caterpillar, Inc.		483,727		71,291,685
Parker-Hannifin Corp.		344,152		58,860,317
				130,152,002
Media    1.2%
Charter Communications, Inc. (Class A Stock)*		178,708		55,617,504
Oil, Gas & Consumable Fuels    1.3%
Concho Resources, Inc.*		413,740		62,197,534
Personal Products    1.8%
Estee Lauder Cos., Inc. (The) (Class A Stock)(a)		578,076		86,549,539
Pharmaceuticals    1.9%
Bristol-Myers Squibb Co.		1,405,206		88,879,279

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    5.6%
Broadcom Ltd.		398,746	$	93,964,495
NVIDIA Corp.		435,939		100,959,113
Texas Instruments, Inc.		654,432		67,988,940
				262,912,548
Software    14.6%
Activision Blizzard, Inc.		959,745		64,744,398
Adobe Systems, Inc.*		609,097		131,613,680
Microsoft Corp.		2,023,393		184,675,079
Red Hat, Inc.*		543,696		81,287,989
salesforce.com, Inc.*(a)		1,034,218		120,279,553
Splunk, Inc.*		514,790		50,650,188
Workday, Inc. (Class A Stock)*(a)		417,455		53,062,705
				686,313,592
Specialty Retail    2.0%
Home Depot, Inc. (The)		517,699		92,274,670
Technology Hardware, Storage & Peripherals    4.3%
Apple, Inc.		1,195,814		200,633,673
Textiles, Apparel & Luxury Goods    2.5%
Kering (France)		151,422		72,624,674
NIKE, Inc. (Class B Stock)		657,061		43,655,133
				116,279,807
TOTAL LONG-TERM INVESTMENTS (cost $2,392,099,978)				4,679,874,830
SHORT-TERM INVESTMENTS    8.7%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		23,339,212		23,339,212
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $386,091,374; includes $385,580,467 of cash collateral for securities on loan)(b)(w)		386,104,182		386,026,962
TOTAL SHORT-TERM INVESTMENTS (cost $409,430,586)				409,366,174
TOTAL INVESTMENTS    108.3% (cost $2,801,530,564)				5,089,241,004
Liabilities in excess of other assets    (8.3)%				(388,800,983	)
NET ASSETS    100.0%			$	4,700,440,021

See Notes to Financial Statements.

Prudential Jennison Growth Fund 15

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

The following abbreviations are used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $386,468,396; cash collateral of $385,580,467 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ 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 March 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	143,856,366	$	—	$	—
Air Freight & Logistics		94,449,429		—		—
Automobiles		52,836,386		—		—
Banks		154,039,971		—		—
Beverages		50,926,912		—		—
Biotechnology		232,680,813		—		—
Capital Markets		85,339,991		—		—
Chemicals		42,238,248		—		—
Food & Staples Retailing		82,207,298		—		—
Health Care Providers & Services		67,195,572		—		—
Hotels, Restaurants & Leisure		166,937,095		—		—
Internet & Direct Marketing Retail		515,579,027		—		—
Internet Software & Services		520,685,148		163,526,757		—

See Notes to Financial Statements.

16

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
IT Services	$	470,423,541	$	—	$	—
Life Sciences Tools & Services		55,142,128		—		—
Machinery		130,152,002		—		—
Media		55,617,504		—		—
Oil, Gas & Consumable Fuels		62,197,534		—		—
Personal Products		86,549,539		—		—
Pharmaceuticals		88,879,279		—		—
Semiconductors & Semiconductor Equipment		262,912,548		—		—
Software		686,313,592		—		—
Specialty Retail		92,274,670		—		—
Technology Hardware, Storage & Peripherals		200,633,673		—		—
Textiles, Apparel & Luxury Goods		43,655,133		72,624,674		—
Affiliated Mutual Funds		409,366,174		—		—
Total	$	4,853,089,573	$	236,151,431	$	—

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

Industry Classification:

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

Software	14.6	%
Internet Software & Services	14.6
Internet & Direct Marketing Retail	11.0
IT Services	10.0
Affiliated Mutual Funds (including 8.2% of collateral for securities on loan)	8.7
Semiconductors & Semiconductor Equipment	5.6
Biotechnology	4.9
Technology Hardware, Storage & Peripherals	4.3
Hotels, Restaurants & Leisure	3.5
Banks	3.3
Aerospace & Defense	3.1
Machinery	2.8
Textiles, Apparel & Luxury Goods	2.5
Air Freight & Logistics	2.0
Specialty Retail	2.0
Pharmaceuticals	1.9	%
Personal Products	1.8
Capital Markets	1.8
Food & Staples Retailing	1.7
Health Care Providers & Services	1.4
Oil, Gas & Consumable Fuels	1.3
Media	1.2
Life Sciences Tools & Services	1.2
Automobiles	1.1
Beverages	1.1
Chemicals	0.9
	108.3
Liabilities in excess of other assets	(8.3	)
	100.0	%

See Notes to Financial Statements.

Prudential Jennison Growth Fund 17

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	386,468,396	$	(385,580,467	)	$	887,929

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

See Notes to Financial Statements.

18

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Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Investments at value, including securities on loan of $386,468,396:
Unaffiliated investments (cost $2,392,099,978)	$	4,679,874,830
Affiliated investments (cost $409,430,586)		409,366,174
Cash		231,372
Receivable for investments sold		29,151,957
Receivable for Series shares sold		6,571,870
Dividends receivable		1,065,539
Tax reclaim receivable		456,122
Prepaid expenses		16,404
Total Assets		5,126,734,268
Liabilities
Payable to broker for collateral for securities on loan		385,580,467
Payable for investments purchased		29,099,830
Payable for Series shares reacquired		7,377,357
Management fee payable		2,326,698
Accrued expenses and other liabilities		968,191
Distribution fee payable		604,812
Affiliated transfer agent fee payable		336,884
Shareholder servicing fee payable		8
Total Liabilities		426,294,247
Net Assets	$	4,700,440,021
Net assets were comprised of:
Common stock, at par	$	121,087
Paid-in capital in excess of par		2,253,617,579
		2,253,738,666
Accumulated net investment loss		(840,294	)
Accumulated net realized gain on investment and foreign currency transactions		159,816,296
Net unrealized appreciation on investments and foreign currencies		2,287,725,353
Net assets, March 31, 2018	$	4,700,440,021

See Notes to Financial Statements.

20

Class A
Net asset value and redemption price per share ($1,215,517,601 ÷ 32,202,648 shares of common stock issued and outstanding)	$	37.75
Maximum sales charge (5.50% of offering price)		2.20
Maximum offering price to public	$	39.95
Class B
Net asset value, offering price and redemption price per share
($15,407,525 ÷ 508,682 shares of common stock issued and outstanding)	$	30.29
Class C
Net asset value, offering price and redemption price per share
($143,843,192 ÷ 4,732,926 shares of common stock issued and outstanding)	$	30.39
Class R
Net asset value, offering price and redemption price per share
($320,849,695 ÷ 9,672,736 shares of common stock issued and outstanding)	$	33.17
Class Z
Net asset value, offering price and redemption price per share
($2,973,380,654 ÷ 73,196,110 shares of common stock issued and outstanding)	$	40.62
Class R2
Net asset value, offering price and redemption price per share
($10,375 ÷ 256 shares of common stock issued and outstanding)	$	40.57
Class R4
Net asset value, offering price and redemption price per share
($10,384 ÷ 256 shares of common stock issued and outstanding)	$	40.61
Class Q
Net asset value, offering price and redemption price per share
($31,420,595 ÷ 772,897 shares of common stock issued and outstanding)	$	40.65

See Notes to Financial Statements.

Prudential Jennison Growth Fund 21

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $73,879)	$	18,545,592
Income from securities lending, net (including affiliated income of $97,666)		363,560
Total income		18,909,152
Expenses
Management fee		13,203,725
Distribution fee(a)		3,840,725
Transfer agent’s fees and expenses (including affiliated expense of $914,526)(a)		2,683,333
Custodian and accounting fees		186,201
Registration fees(a)		92,420
Shareholders’ reports		77,870
Directors’ fees		32,753
Legal fees and expenses		19,241
Audit fee		14,294
Shareholder servicing fees		8
Miscellaneous		54,694
Total expenses		20,205,264
Less: Fee waiver and/or expense reimbursement(a)		(38,544	)
Distribution fee waiver(a)		(417,524	)
Net expenses		19,749,196
Net investment income (loss)		(840,044	)
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $40,396)		213,100,973
Foreign currency transactions		11,370
		213,112,343
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(80,134))		291,312,970
Foreign currencies		9,138
		291,322,108
Net gain (loss) on investment and foreign currency transactions		504,434,451
Net Increase (Decrease) In Net Assets Resulting From Operations	$	503,594,407

(a) Class specific expenses were as follows:

	Class A		Class B			Class C		Class R			Class Z		Class R2			Class R4			Class Q
Distribution fee		1,828,754		82,057			677,334		1,252,571			—		9			—			—
Transfer agent’s fees and expenses		817,784		39,829			61,498		233,492			1,529,556		562			562			50
Registration fees		14,301		8,456			9,685		9,204			29,932		6,432			6,432			7,978
Shareholder serving fees		—		—			—		—			—		4			4			—
Fee waiver and/or expense reimbursement		—		(18,336	)		—		—			—		(6,986	)		(6,987	)		(6,235	)
Distribution fee waiver		—		—			—		(417,524	)		—		—			—

See Notes to Financial Statements.

22

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(840,044	)	$	(1,005,921	)
Net realized gain (loss) on investment and foreign currency transactions		213,112,343			237,206,723
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		291,322,108			611,253,463
Net increase (decrease) in net assets resulting from operations		503,594,407			847,454,265
Distributions from net realized gains
Class A		(66,625,885	)		(39,167,677	)
Class B		(1,079,287	)		(791,375	)
Class C		(8,851,870	)		(5,175,628	)
Class R		(20,922,621	)		(12,570,604	)
Class Z		(149,280,992	)		(74,652,783	)
Class R2		(513	)		—
Class R4		(513	)		—
Class Q		(1,587,854	)		—
		(248,349,535	)		(132,358,067	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		575,053,429			974,327,663
Net asset value of shares issued in reinvestment of dividends and distributions		227,088,868			120,797,163
Cost of shares reacquired		(736,524,970	)		(913,621,980	)
Net increase (decrease) in net assets from Series share transactions		65,617,327			181,502,846
Total increase (decrease)		320,862,199			896,599,044
Net Assets:
Beginning of period		4,379,577,822			3,482,978,778
End of period(a)	$	4,700,440,021		$	4,379,577,822
(a) Includes (accumulated net investment loss) of:	$	(840,294	)	$	(250	)

See Notes to Financial Statements.

Prudential Jennison Growth Fund 23

Notes to Financial Statements (unaudited)

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company consists of six series: Prudential Balanced Fund, Prudential Jennison Equity Opportunity Fund and Prudential Jennison Growth Fund, each of which are diversified funds and Prudential Growth Allocation Fund, Prudential Moderate Allocation Fund and Prudential Conservative Allocation Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the Prudential Jennison Growth Fund (the “Series”).

The investment objective of the Series is to achieve long-term growth of capital.

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series 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 Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

24

Various inputs determine how the Series’ 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.

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.

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

Investments in open-end, 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.

Prudential Jennison Growth Fund 25

Notes to Financial Statements (unaudited) (continued)

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

Foreign Currency Translation: The books and records of the Series 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 Series are presented at the foreign exchange rates and market values at the close of the period, the Series 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 Series does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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

26

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

Securities Lending: The Series may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Series. Upon termination of the loan, the borrower will return to the Series securities identical to the loaned securities. Should the borrower of the securities fail financially, the Series has the right to repurchase the securities in the open market using the collateral. The Series 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 Series also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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

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. Expenses are recorded on an accrual basis, which may require the use of certain estimates

Prudential Jennison Growth Fund 27

Notes to Financial Statements (unaudited) (continued)

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, distribution fee waivers, shareholder servicing fee, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

2. Agreements

The Company, on behalf of the Series, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Series. PGIM Investments administers the corporate affairs of the Series 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 Series’ custodian (the Custodian), and the Series’ transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

28

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.60% of the Series’ average daily net assets up to $300 million, 0.575% of the average daily net assets on the next $2.7 billion and 0.55% of the average daily net assets in excess of $3 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.57% for the six months ended March 31, 2018.

PGIM Investments has contractually agreed, through January 31, 2020, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.95% of average daily net assets for Class B shares and 0.60% of average daily net assets for Class Q shares. Separately, PGIM Investments has contractually agreed, through January 31, 2020, to limit transfer agency, shareholder servicing, sub-transfer, and blue sky fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 1.10% of average daily net assets for Class R2 shares or 0.85% of average daily net assets for Class R4 shares. The contractual waiver and expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, and certain other Series expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The effective management fee, net of waivers and/or expense reimbursements was 0.57% for the six months ended March 31, 2018.

The Company, on behalf of the Series, 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 R, Class Z, Class R2, Class R4 and Class Q shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C, Class R and Class R2 shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class Q shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1%, 0.75% and 0.25%, of the average daily net assets of the Class A, Class B, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through January 31, 2019 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

Prudential Jennison Growth Fund 29

Notes to Financial Statements (unaudited) (continued)

PIMS has advised the Series that it has received $630,508 in front-end sales charges resulting from sales of Class A shares during the six months ended March 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Series that for the six months ended March 31, 2018 it received $1,145, $3,339 and $5,744 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ 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 Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended March 31, 2018 no such transactions were entered into by the Series.

The Series may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended March 31, 2018, PGIM, Inc. was compensated $110,619 by PGIM Investments for managing the Series’ securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended March 31, 2018, were $981,702,608 and $1,133,196,236, respectively.

30

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of March 31, 2018 were as follows: .

Tax Basis	$	2,816,971,075
Gross Unrealized Appreciation		2,286,005,390
Gross Unrealized Depreciation		(13,735,461	)
Net Unrealized Appreciation	$	2,272,269,929

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

Management has analyzed the Series’ 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 Series’ financial statements for the current reporting period. The Series’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class Q shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class R, Class Z, Class R2, Class R4 and Class Q shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 6.625 billion shares of common stock at $0.001 par value per shares. There are 1.897 billion shares aurthorized for the Series equally divided into nine classes, designated Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4, Class Q and Class T common stock, each of which consists of 125 million, 2 million, 25 million, 220 million, 825 million, 125 million, 250 million, 275 million and 50 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

Prudential Jennison Growth Fund 31

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2018, Prudential, through its affiliate entities, including affiliated funds, owned 256 Class R2 shares, 256 Class R4 shares and 314,939 Class Q shares of the Series. At reporting period end, six shareholders of record held 50% of the Series’ outstanding shares, of which 6% were held by an affiliate of Prudential.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		1,810,776		$	68,573,892
Shares issued in reinvestment of dividends and distributions		1,741,675			62,874,456
Shares reacquired		(3,323,350	)		(125,609,002	)
Net increase (decrease) in shares outstanding before conversion		229,101			5,839,346
Shares issued upon conversion from other share class(es)		81,035			3,149,354
Shares reacquired upon conversion into other share class(es)		(189,036	)		(7,175,211	)
Net increase (decrease) in shares outstanding		121,100		$	1,813,489
Year ended September 30, 2017:
Shares sold		3,137,085		$	99,030,337
Shares issued in reinvestment of dividends and distributions		1,282,873			36,510,582
Shares reacquired		(6,336,257	)		(197,975,558	)
Net increase (decrease) in shares outstanding before conversion		(1,916,299	)		(62,434,639	)
Shares issued upon conversion from other share class(es)		248,504			7,954,210
Shares reacquired upon conversion into other share class(es)		(1,220,633	)		(37,120,508	)
Net increase (decrease) in shares outstanding		(2,888,428	)	$	(91,600,937	)
Class B
Six months ended March 31, 2018:
Shares sold		29,296		$	899,113
Shares issued in reinvestment of dividends and distributions		35,853			1,041,541
Shares reacquired		(30,793	)		(935,316	)
Net increase (decrease) in shares outstanding before conversion		34,356			1,005,338
Shares reacquired upon conversion into other share class(es)		(63,876	)		(2,035,303	)
Net increase (decrease) in shares outstanding		(29,520	)	$	(1,029,965	)
Year ended September 30, 2017:
Shares sold		59,197		$	1,542,022
Shares issued in reinvestment of dividends and distributions		32,673			763,887
Shares reacquired		(110,690	)		(2,829,851	)
Net increase (decrease) in shares outstanding before conversion		(18,820	)		(523,942	)
Shares reacquired upon conversion into other share class(es)		(146,084	)		(3,790,333	)
Net increase (decrease) in shares outstanding		(164,904	)	$	(4,314,275	)

32

Class C	Shares			Amount
Six months ended March 31, 2018:
Shares sold		756,942		$	23,236,804
Shares issued in reinvestment of dividends and distributions		282,277			8,222,731
Shares reacquired		(343,831	)		(10,569,600	)
Net increase (decrease) in shares outstanding before conversion		695,388			20,889,935
Shares reacquired upon conversion into other share class(es)		(96,406	)		(2,940,604	)
Net increase (decrease) in shares outstanding		598,982		$	17,949,331
Year ended September 30, 2017:
Shares sold		718,973		$	18,637,677
Shares issued in reinvestment of dividends and distributions		194,171			4,549,427
Shares reacquired		(940,625	)		(23,906,022	)
Net increase (decrease) in shares outstanding before conversion		(27,481	)		(718,918	)
Shares reacquired upon conversion into other share class(es)		(471,883	)		(12,360,435	)
Net increase (decrease) in shares outstanding		(499,364	)	$	(13,079,353	)
Class R
Six months ended March 31, 2018:
Shares sold		370,759		$	12,457,898
Shares issued in reinvestment of dividends and distributions		643,869			20,442,842
Shares reacquired		(1,373,086	)		(45,375,937	)
Net increase (decrease) in shares outstanding before conversion		(358,458	)		(12,475,197	)
Shares reacquired upon conversion into other share class(es)		(1,450	)		(47,025	)
Net increase (decrease) in shares outstanding		(359,908	)	$	(12,522,222	)
Year ended September 30, 2017:
Shares sold		1,399,575		$	37,406,860
Shares issued in reinvestment of dividends and distributions		489,026			12,352,803
Shares reacquired		(2,749,118	)		(77,386,132	)
Net increase (decrease) in shares outstanding before conversion		(860,517	)		(27,626,469	)
Shares issued upon conversion from other share class(es)		1,894			51,964
Shares reacquired upon conversion into other share class(es)		(1,296	)		(37,521	)
Net increase (decrease) in shares outstanding		(859,919	)	$	(27,612,026	)
Class Z
Six months ended March 31, 2018:
Shares sold		11,483,559		$	469,005,720
Shares issued in reinvestment of dividends and distributions		3,424,850			132,918,418
Shares reacquired		(13,433,310	)		(542,170,114	)
Net increase (decrease) in shares outstanding before conversion		1,475,099			59,754,024
Shares issued upon conversion from other share class(es)		239,151			9,720,624
Shares reacquired upon conversion into other share class(es)		(667,419	)		(27,025,251	)
Net increase (decrease) in shares outstanding		1,046,831		$	42,449,397
Year ended September 30, 2017:
Shares sold		23,964,788		$	817,575,767
Shares issued in reinvestment of dividends and distributions		2,192,906			66,620,464
Shares reacquired		(18,463,162	)		(611,524,417	)
Net increase (decrease) in shares outstanding before conversion		7,694,532			272,671,814
Shares issued upon conversion from other shares class(es)		1,447,559			47,437,712
Shares reacquired upon conversion into other share class(es)		(412,523	)		(15,407,342	)
Net increase (decrease) in shares outstanding		8,729,568		$	304,702,184

Prudential Jennison Growth Fund 33

Notes to Financial Statements (unaudited) (continued)

Class R2	Shares			Amount
Period ended March 31, 2018**:
Shares sold		243		$	10,000
Shares issued in reinvestment of dividends and distributions		13			513
Net increase (decrease) in shares outstanding		256		$	10,513
Class R4	��
Period ended March 31, 2018**:
Shares sold		243		$	10,000
Shares issued in reinvestment of dividends and distributions		13			513
Net increase (decrease) in shares outstanding		256		$	10,513
Class Q
Six months ended March 31, 2018:
Shares sold		21,249		$	860,002
Shares issued in reinvestment of dividends and distributions		40,903			1,587,854
Shares reacquired		(293,652	)		(11,865,001	)
Net increase (decrease) in shares outstanding before conversion		(231,500	)		(9,417,145	)
Shares issued upon conversion from other share class(es)		650,862			26,353,416
Net increase (decrease) in shares outstanding		419,362		$	16,936,271
Period ended September 30, 2017*:
Shares sold		3,528		$	135,000
Net increase (decrease) in shares outstanding before conversion		3,528			135,000
Shares issued upon conversion from other share class(es)		350,007			13,272,253
Net increase (decrease) in shares outstanding		353,535		$	13,407,253

* Commencement of offering was September 27, 2017.

** Commencement of offering was November 29, 2017.

7. Borrowings

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

34

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

The Series utilized the SCA during the reporting period ended March 31, 2018. The average daily balance for the 12 days that the Series had loans outstanding during the period was $13,090,417 borrowed at a weighted average interest rate of 2.76%. The maximum loan balance outstanding during the period was $22,869,000. At March 31, 2018, the Series did not have an outstanding loan balance.

Prudential Jennison Growth Fund 35

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$35.78			$29.86			$29.37			$29.31			$25.59			$21.16
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.05	)		(0.06	)		(0.08	)		(0.08	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.13			7.13			2.60			1.70			4.79			4.44
Total from investment operations		4.09			7.08			2.54			1.62			4.71			4.43
Less Distributions:
Distributions from net realized gains		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)		-
Net asset value, end of period		$37.75			$35.78			$29.86			$29.37			$29.31			$25.59
Total Return(b):		11.69%			24.70%			8.63%			5.89%			18.72%			20.94%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,215,518			$1,147,941			$1,044,317			$1,026,140			$1,086,552			$1,006,407
Average net assets (000)		$1,222,515			$1,055,913			$1,061,391			$1,079,867			$1,079,657			$933,021
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.02%			1.02%			1.03%			1.05%			1.05%			1.06%
Expenses before waivers and/or expense reimbursement		1.02%			1.02%			1.03%			1.05%			1.05%			1.06%
Net investment income (loss)		(0.21)%			(0.16)%			(0.19)%			(0.26)%			(0.27)%			(0.04)%
Portfolio turnover rate		21%			54%	(d)		36%			41%			38%			43%

(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 Series invests.

(d) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

36

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014				2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$29.23			$24.78			$24.85			$25.21			$22.29		��		$18.55
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.22	)		(0.21	)		(0.25	)		(0.23	)			(0.14	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.35			5.83			2.19			1.45			4.14				3.88
Total from investment operations		3.18			5.61			1.98			1.20			3.91				3.74
Less Distributions:
Distributions from net realized gains		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)			-
Net asset value, end of period		$30.29			$29.23			$24.78			$24.85			$25.21				$22.29
Total Return(b):		11.18%			23.80%			7.90%			5.14%			17.87%				20.16%
Ratios/Supplemental Data:
Net assets, end of period (000)		$15,408			$15,734			$17,421			$21,843			$26,222				$28,166
Average net assets (000)		$16,457			$16,248			$20,138			$25,070			$28,811				$28,518
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.95%			1.72%			1.73%			1.75%			1.75%				1.76%
Expenses before waivers and/or expense reimbursement		2.17%			1.72%			1.73%			1.75%			1.75%				1.76%
Net investment income (loss)		(1.13)%			(0.86)%			(0.89)%			(0.96)%			(0.97)%				(0.72)%
Portfolio turnover rate		21%			54%	(d)		36%			41%			38%				43%

(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 Series invests.

(d) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Growth Fund 37

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$29.29			$24.82			$24.89			$25.25			$22.32			$18.58
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.22	)		(0.21	)		(0.25	)		(0.24	)		(0.15	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.35			5.85			2.19			1.45			4.16			3.89
Total from investment operations		3.22			5.63			1.98			1.20			3.92			3.74
Less Distributions:
Distributions from net realized gains		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)		-
Net asset value, end of period		$30.39			$29.29			$24.82			$24.89			$25.25			$22.32
Total Return(b):		11.30%			23.84%			7.89%			5.13%			17.89%			20.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$143,843			$121,092			$115,018			$91,552			$75,620			$64,213
Average net assets (000)		$135,839			$113,836			$110,677			$83,892			$71,867			$59,245
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.69%			1.72%			1.73%			1.75%			1.75%			1.76%
Expenses before waivers and/or expense reimbursement		1.69%			1.72%			1.73%			1.75%			1.75%			1.76%
Net investment income (loss)		(0.88)%			(0.86)%			(0.88)%			(0.96)%			(0.97)%			(0.74)%
Portfolio turnover rate		21%			54%	(d)		36%			41%			38%			43%

(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 Series invests.

(d) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

38

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$31.72			$26.65			$26.47			$26.62			$23.37			$19.36
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.10	)		(0.10	)		(0.16	)		(0.12	)		(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.64			6.33			2.33			1.57			4.36			4.06
Total from investment operations		3.57			6.23			2.23			1.41			4.24			4.01
Less Distributions:
Distributions from net realized gains		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)		-
Net asset value, end of period		$33.17			$31.72			$26.65			$26.47			$26.62			$23.37
Total Return(b):		11.54%			24.48%			8.39%			5.68%			18.48%			20.71%
Ratios/Supplemental Data:
Net assets, end of period (000)		$320,850			$318,202			$290,328			$261,304			$47,957			$37,198
Average net assets (000)		$334,937			$306,004			$277,093			$122,239			$43,736			$38,280
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.23%			1.22%			1.23%			1.25%			1.25%			1.26%
Expenses before waivers and/or expense reimbursement		1.48%			1.47%			1.48%			1.50%			1.50%			1.51%
Net investment income (loss)		(0.42)%			(0.36)%			(0.39)%			(0.57)%			(0.48)%			(0.25)%
Portfolio turnover rate		21%			54%	(d)		36%			41%			38%			43%

(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 Series invests.

(d) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Growth Fund 39

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$38.30			$31.79			$31.05			$30.81			$26.78			$22.07
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.04			0.03			0.01			0.01			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.42			7.63			2.76			1.79			5.01			4.65
Total from investment operations		4.44			7.67			2.79			1.80			5.02			4.71
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			-			-	(d)		-
Distributions from net realized gains		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)		-
Total dividends and distributions		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)		-
Net asset value, end of period		$40.62			$38.30			$31.79			$31.05			$30.81			$26.78
Total Return(b):		11.84%			25.07%			8.99%			6.20%			19.07%			21.34%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,973,381			$2,763,070			$2,015,895			$1,801,158			$1,465,227			$1,241,434
Average net assets (000)		$2,926,650			$2,264,779			$1,944,589			$1,701,486			$1,398,654			$1,077,941
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.69%			0.72%			0.73%			0.75%			0.75%			0.76%
Expenses before waivers and/or expense reimbursement		0.69%			0.72%			0.73%			0.75%			0.75%			0.76%
Net investment income (loss)		0.12%			0.13%			0.11%			0.03%			0.03%			0.25%
Portfolio turnover rate		21%			54%	(e)		36%			41%			38%			43%

(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 Series invests.

(d) Less than $0.005 per share.

(e) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

40

Class R2 Shares
	November 28, 2017(d) through March 31, 2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.49
Total from investment operations		1.45
Less Distributions:
Distributions from net realized gains		(2.12	)
Net asset value, end of period		$40.57
Total Return(b):		3.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.10%
Expenses before waivers and/or expense reimbursement		199.95%
Net investment income (loss)		(0.31)%
Portfolio turnover rate		21%

(a) Calculated based upon 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 Series invests.

(d) Commencement of offering.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Growth Fund 41

Financial Highlights (unaudited) (continued)

Class R4 Shares
	November 28, 2017(d) through March 31, 2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.50
Total from investment operations		1.49
Less Distributions:
Distributions from net realized gains		(2.12	)
Net asset value, end of period		$40.61
Total Return(b):		3.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.85%
Expenses before waivers and/or expense reimbursement		199.62%
Net investment income (loss)		(0.06)%
Portfolio turnover rate		21%

(a) Calculated based upon 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 Series invests.

(d) Commencement of offering.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

42

Class Q Shares
	Six Months Ended March 31, 2018			September 27, 2017(a) through September 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$38.30			$37.92
Income (loss) from investment operations:
Net investment income (loss)		0.06			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.41			0.38
Total from investment operations		4.47			0.38
Less Distributions:
Distributions from net realized gains		(2.12	)		-
Net asset value, end of period		$40.65			$38.30
Total Return(d):		11.92%			1.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$31,421			$13,539
Average net assets (000)		$28,137			$13,296
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.60%			0.58%	(f)
Expenses before waivers and/or expense reimbursement		0.64%			0.58%	(f)
Net investment income (loss)		0.28%			(0.43)%	(f)
Portfolio turnover rate		21%			54%	(g)(h)

(a) Commencement of offering.

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

(c) Less than $0.005 per share.

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

(e) Does not include expenses of the underlying portfolios in which the Series invests.

(f) Annualized.

(g) Not annualized.

(h) The portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

Prudential Jennison Growth Fund 43

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Jennison Growth Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL JENNISON GROWTH FUND

SHARE CLASS	A	B	C	R	Z	R2	R4	Q
NASDAQ	PJFAX	PJFBX	PJFCX	PJGRX	PJFZX	PJFOX	PJFPX	PJFQX
CUSIP	74437E107	74437E206	74437E305	74437E651	74437E404	74437E420	74437E412	74437E479

MF168 E2    

     PRUDENTIAL ASSET ALLOCATION FUNDS

SEMIANNUAL REPORT

MARCH 31, 2018

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

Objective: Balanced / Allocation

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

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

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

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

2 Visit our website at pgiminvestments.com

PRUDENTIAL FUNDS — UPDATE

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

- Not part of the Semiannual Report -

Prudential Asset Allocation Funds 3

PRUDENTIAL FUNDS — UPDATE

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

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

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

- Not part of the Semiannual Report -

4 Visit our website at pgiminvestments.com

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

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

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

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

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

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

- Not part of the Semiannual Report -

Prudential Asset Allocation Funds 5

Table of Contents

Letter from the President	7
Your Fund’s Performance:	8
Conservative Allocation Fund	8
Moderate Allocation Fund	12
Growth Allocation Fund	16
Fees and Expenses	20
Holdings and Financial Statements	23

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Letter from the President

Dear Shareholder:

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

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds will be renamed from Prudential to PGIM Funds. Renaming our funds is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name is changing. Your Fund’s management and operation, along with the Fund’s symbols, will remain the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Asset Allocation Funds

May 15, 2018

*Note: The Prudential Day One Funds will not be changing their names.

Prudential Asset Allocation Funds 7

Conservative Allocation Fund

Your Fund’s Performance (unaudited)

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

	Total  Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year  (%)	Five Years  (%)	Ten Years  (%)	Since Inception  (%)
Class A	2.01	1.34	3.52	4.51	—
Class B	1.65	1.48	3.75	4.31	—
Class C	1.66	5.48	3.94	4.32	—
Class R	1.88	7.02	4.45	4.84	—
Class Z	2.19	7.54	4.97	5.36	—
Class Q	0.38**	N/A	N/A	N/A	N/A (11/28/17)
Conservative Customized Blend Index
	1.37	5.71	4.95	4.78	—
Russell 1000 Index
	5.85	13.98	13.17	9.61	—
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Mixed-Asset Target Allocation Conservative Funds Average
	0.85	4.81	3.97	4.46	—

*Not Annualized

**Since Inception

Source: PGIM Investments LLC and Lipper Inc.

8 Visit our website at pgiminvestments.com

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund, or any gains you may realize if you sell your shares.

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

	Class A**	Class B*	Class C**	Class R**	Class Z**	Class Q***
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr.6) 0.00% (Yr.7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS—UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Conservative Customized Blend Index—The Conservative Customized Blend is a model portfolio consisting of the Russell 3000 Index (25.5%), the MSCI ACWI ex-US ND Index (10%), the Bloomberg Barclays US Aggregate Bond Index (29%), the Bloomberg Barclays 1-3 Year Government/Credit Index (29%), the FTSE EPRA/NAREIT Developed Net Index (5%), and the Citigroup 3-Month T-Bill Index (1.5%).

Russell 1000 Index—The Russell 1000 Index is an unmanaged index that consists of the stocks of the 1,000 largest firms in the Russell 3000 Index, an index that represents approximately 98% of the US market.

Prudential Asset Allocation Funds 9

Conservative Allocation Fund

Your Fund’s Performance (continued)

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Mixed-Asset Target Allocation Conservative Funds Average—The Lipper Mixed-Asset Target Allocation Conservative Funds Average (Lipper Average) is based on an average return of all funds in the Lipper Mixed-Asset Target Allocation Conservative Funds universe for the periods noted. Funds in the Lipper Average maintain a mix of between 20% and 40% in equity securities with the remainder in bonds, cash, and cash equivalents.

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

10 Visit our website at pgiminvestments.com

Conservative Allocation Fund

Performance Target

The Prudential Conservative Allocation Fund seeks to exceed a performance target—the Conservative Customized Blend Index—consisting of a weighted average return of six securities indexes that are generally considered representative of the asset classes in which the Fund may invest. The chart below shows both the total returns of these indexes for the six-month period ended March 31, 2018, and their weightings in the Conservative Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific Prudential mutual funds. In response to market developments, the Fund’s investment subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the US Government and its agencies and by corporations with between one and 10 years remaining to maturity. It gives a broad look at how prices of short- and intermediate-term bonds have performed.

The Bloomberg Barclays 1-3 Year Government/Credit Index is considered representative of the performance of short-term US corporate bonds and US government bonds with maturities from one to three years.

The Citigroup 3-Month T-Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-month Treasury Bill issues.

The FTSE EPRA/NAREIT Developed Net Index is designed to track the performance of listed real estate companies and REITs worldwide.

The MSCI ACWI ex-US ND Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the US. It comprises approximately 22 developed and 24 emerging market country indexes. The Net Dividend (ND) version of the MSCI ACWI ex-US ND Index reflects the impact of the maximum withholding taxes on reinvested dividends.

The Russell 3000 Index is an unmanaged index that represents the US equity market—it covers about 98% of all investable stocks in the US.

Prudential Asset Allocation Funds 11

Moderate Allocation Fund

Your Fund’s Performance (unaudited)

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

	Total Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	3.35	4.53	5.64	5.30	—
Class B	2.92	4.70	5.87	5.10	—
Class C	2.99	8.78	6.04	5.10	—
Class R	3.25	10.34	6.52	5.60	—
Class Z	3.52	10.87	7.12	6.15	—
Class Q	0.87**	N/A	N/A	N/A	N/A (11/28/17)
Moderate Customized Blend Index
	2.82	9.02	7.46	6.16	—
Russell 1000 Index
	5.85	13.98	13.17	9.61	—
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Mixed-Asset Target Allocation Moderate Funds Average***
	1.97	7.55	5.99	5.40	—
Lipper Mixed-Asset Target Allocation Growth Funds Average***
	3.24	9.94	7.67	6.13	—

*Not Annualized

**Since Inception

***The Fund is compared to the Lipper Mixed-Asset Target Allocation Moderate Funds Performance Universe, although Lipper classifies the Fund in the Lipper Mixed-Asset Target Allocation Growth Funds Performance Universe. The Lipper Mixed-Asset Target Allocation Moderate Funds Performance Universe is utilized because the Fund’s manager believes that the funds included in this Universe provide a more appropriate basis for Fund performance comparisons.

Source: PGIM Investments LLC and Lipper Inc.

12 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 B*	Class C**	Class R**	Class Z**	Class Q***
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr.6) 0.00% (Yr.7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS—UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Moderate Customized Blend Index—The Moderate Customized Blend is a model portfolio consisting of the Russell 3000 Index (45%), the MSCI ACWI ex-US ND Index (15%), the Bloomberg Barclays US Aggregate Bond Index (19%), the Bloomberg Barclays 1-3 Year Government/Credit Index (14%), the FTSE EPRA/NAREIT Developed Net Index (5%), and the Citigroup 3-Month T-Bill Index (2%).

Russell 1000 Index—The Russell 1000 Index is an unmanaged index that consists of the stocks of the 1,000 largest firms in the Russell 3000 Index, an index that represents approximately 98% of the US market.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Prudential Asset Allocation Funds 13

Moderate Allocation Fund

Your Fund’s Performance (continued)

Lipper Mixed-Asset Target Allocation Moderate Funds Average—The Lipper Mixed-Asset Target Allocation Moderate Funds Average (Lipper Average) is based on an average return of all funds in the Lipper Mixed-Asset Target Allocation Moderate Funds universe for the periods noted. These are funds that, by portfolio practice, maintain a mix of between 40%-60% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Lipper Mixed-Asset Target Allocation Growth Funds Average—The Lipper Mixed-Asset Target Allocation Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Mixed-Asset Target Allocation Growth Funds universe for the periods noted. These are funds that, by portfolio practice, maintain a mix of between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

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

14 Visit our website at pgiminvestments.com

Moderate Allocation Fund

Performance Target

The Prudential Moderate Allocation Fund seeks to exceed a performance target—the Moderate Customized Blend Index—consisting of a weighted average return of six securities indexes that are generally considered representative of the asset classes in which the Fund may invest. The chart below shows both the total returns of these indexes for the six-month period ended March 31, 2018, and their weightings in the Moderate Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific Prudential mutual funds. In response to market developments, the Fund’s investment subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the US Government and its agencies and by corporations with between one and 10 years remaining to maturity. It gives a broad look at how prices of short- and intermediate-term bonds have performed.

The Bloomberg Barclays 1-3 Year Government/Credit Index is considered representative of the performance of short-term US corporate bonds and US Government bonds with maturities from one to three years.

The Citigroup 3-Month T-Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-month Treasury Bill issues.

The FTSE EPRA/NAREIT Developed Net Index is designed to track the performance of listed real estate companies and REITs worldwide.

The MSCI ACWI ex-US ND Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the US. It comprises approximately 22 developed and 24 emerging market country indexes. The Net Dividend (ND) version of the MSCI ACWI ex-US ND Index reflects the impact of the maximum withholding taxes on reinvested dividends.

The Russell 3000 Index is an unmanaged index that represents the US equity market—it covers about 98% of all investable stocks in the US.

Prudential Asset Allocation Funds 15

Growth Allocation Fund

Your Fund’s Performance (unaudited)

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

	Total Returns as of 3/31/18 (without sales charges)	Average Annual Total Returns as of 3/31/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	4.68	7.89	7.50	5.72	—
Class B	4.31	8.37	7.77	5.53	—
Class C	4.30	12.35	7.92	5.53	—
Class R	4.59	13.94	8.46	6.07	—
Class Z	4.81	14.50	8.99	6.59	—
Class Q	1.37**	N/A	N/A	N/A	N/A (11/28/17)
Growth Customized Blend Index
	4.18	12.53	9.69	7.11	—
Russell 1000 Index
	5.85	13.98	13.17	9.61	—
S&P 500 Index
	5.84	13.98	13.29	9.49	—
Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Average
	4.43	13.22	9.05	6.22	—

*Not Annualized

**Since Inception

Source: PGIM Investments LLC and Lipper Inc.

16 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 B*	Class C**	Class R**	Class Z**	Class Q***
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	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) 1.00% (Yr.6) 0.00% (Yr.7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

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

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS—UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Growth Customized Blend Index—The Growth Customized Blend is a model portfolio consisting of the Russell 3000 Index (60.5%), the MSCI ACWI ex-US ND Index (24%), the Bloomberg Barclays US Aggregate Bond Index (8%), the FTSE EPRA/NAREIT Developed Net Index (5%), and the Citigroup 3-Month T-Bill Index (2.5%).

Russell 1000 Index—The Russell 1000 Index is an unmanaged index that consists of the stocks of the 1,000 largest firms in the Russell 3000 Index, an index that represents approximately 98% of the US market.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Prudential Asset Allocation Funds 17

Growth Allocation Fund

Your Fund’s Performance (continued)

Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Average—The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds universe for the periods noted. Funds in the Lipper Average are funds of funds that, by portfolio practice, maintain at least 80% of assets in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

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

18 Visit our website at pgiminvestments.com

Growth Allocation Fund

Performance Target

The Prudential Growth Allocation Fund seeks to exceed a performance target—the Growth Customized Blend Index—consisting of a weighted average return of five securities indexes that are generally considered representative of the asset classes in which the Fund may invest. The chart below shows both the total returns of these indexes for the six-month period ended March 31, 2018, and their weightings in the Growth Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific Prudential mutual funds. In response to market developments, the Fund’s investment subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the US Government and its agencies and by corporations with between one and 10 years remaining to maturity. It gives a broad look at how prices of short- and intermediate-term bonds have performed.

The Citigroup 3-Month T-Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-month Treasury Bill issues.

The FTSE EPRA/NAREIT Developed Net Index is designed to track the performance of listed real estate companies and REITs worldwide.

The MSCI ACWI ex-US ND Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the US. It comprises approximately 22 developed and 24 emerging market country indexes. The Net Dividend (ND) version of the MSCI ACWI ex-US ND Index reflects the impact of the maximum withholding taxes on reinvested dividends.

The Russell 3000 Index is an unmanaged index that represents the US equity market—it covers about 98% of all investable stocks in the US.

Prudential Asset Allocation Funds 19

Fees and Expenses (unaudited)

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

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

Actual Expenses

The first line for each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the 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 tables below 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 tables on the following pages. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the tables, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of Prudential funds, including the 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

20 Visit our website at pgiminvestments.com

paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense tables. Additional fees have the effect of reducing investment returns.

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

Prudential  Conservative Allocation Fund		Beginning  Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,020.10		1.26	%	$	6.35
	Hypothetical	$	1,000.00	$	1,018.65		1.26	%	$	6.34
Class B	Actual	$	1,000.00	$	1,016.50		2.01	%	$	10.11
	Hypothetical	$	1,000.00	$	1,014.91		2.01	%	$	10.10
Class C	Actual	$	1,000.00	$	1,016.60		2.01	%	$	10.11
	Hypothetical	$	1,000.00	$	1,014.91		2.01	%	$	10.10
Class R	Actual	$	1,000.00	$	1,018.80		1.51	%	$	7.60
	Hypothetical	$	1,000.00	$	1,017.40		1.51	%	$	7.59
Class Z	Actual	$	1,000.00	$	1,021.90		1.01	%	$	5.09
	Hypothetical	$	1,000.00	$	1,019.90		1.01	%	$	5.09
Class Q**	Actual	$	1,000.00	$	1,003.80		1.01	%	$	3.41
	Hypothetical	$	1,000.00	$	1,019.90		1.01	%	$	5.09

Prudential Asset Allocation Funds 21

Fees and Expenses (continued)

Prudential  Moderate Allocation Fund		Beginning  Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,033.50		1.27	%	$	6.44
	Hypothetical	$	1,000.00	$	1,018.60		1.27	%	$	6.39
Class B	Actual	$	1,000.00	$	1,029.20		2.04	%	$	10.32
	Hypothetical	$	1,000.00	$	1,014.76		2.04	%	$	10.25
Class C	Actual	$	1,000.00	$	1,029.90		2.04	%	$	10.32
	Hypothetical	$	1,000.00	$	1,014.76		2.04	%	$	10.25
Class R	Actual	$	1,000.00	$	1,032.50		1.54	%	$	7.80
	Hypothetical	$	1,000.00	$	1,017.25		1.54	%	$	7.75
Class Z	Actual	$	1,000.00	$	1,035.20		1.04	%	$	5.28
	Hypothetical	$	1,000.00	$	1,019.75		1.04	%	$	5.24
Class Q**	Actual	$	1,000.00	$	1,008.70		1.04	%	$	3.52
	Hypothetical	$	1,000.00	$	1,019.75		1.04	%	$	5.24

Prudential  Growth Allocation Fund		Beginning  Account Value October 1, 2017		Ending Account Value March 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,046.80		1.34	%	$	6.84
	Hypothetical	$	1,000.00	$	1,018.25		1.34	%	$	6.74
Class B	Actual	$	1,000.00	$	1,043.10		2.09	%	$	10.65
	Hypothetical	$	1,000.00	$	1,014.51		2.09	%	$	10.50
Class C	Actual	$	1,000.00	$	1,043.00		2.09	%	$	10.65
	Hypothetical	$	1,000.00	$	1,014.51		2.09	%	$	10.50
Class R	Actual	$	1,000.00	$	1,045.90		1.59	%	$	8.11
	Hypothetical	$	1,000.00	$	1,017.00		1.59	%	$	8.00
Class Z	Actual	$	1,000.00	$	1,048.10		1.09	%	$	5.57
	Hypothetical	$	1,000.00	$	1,019.50		1.09	%	$	5.49
Class Q**	Actual	$	1,000.00	$	1,013.70		1.09	%	$	3.70
	Hypothetical	$	1,000.00	$	1,019.50		1.09	%	$	5.49

* 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 182 days in the six-month period ended March 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**”Actual” expenses are calculated using the 123 days in the period ended March 31, 2018 due to the class’ inception date of November 28, 2017.

22 Visit our website at pgiminvestments.com

Prudential Conservative Allocation Fund

Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
AFFILIATED MUTUAL FUNDS
Prudential Absolute Return Bond Fund (Class Q)		516,735	$	5,141,512
Prudential Global Real Estate Fund (Class Q)		277,941		6,437,109
Prudential Government Income Fund (Class Q)		813,670		7,575,266
Prudential High Yield Fund (Class Q)		477,738		2,584,563
Prudential Jennison 20/20 Focus Fund (Class Q)*		78,036		1,297,736
Prudential Jennison Equity Opportunity Fund (Class Q)		127,519		2,591,185
Prudential Jennison Growth Fund (Class Q)*		73,949		3,005,269
Prudential Jennison International Opportunities Fund (Class Q)		279,299		5,080,444
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)*		45,238		1,757,062
Prudential Jennison Natural Resources Fund, Inc. (Class Q)*		3,316		129,243
Prudential Jennison Small Company Fund, Inc. (Class Q)		170,494		4,533,438
Prudential Jennison Value Fund (Class Q)		143,402		2,842,221
Prudential QMA International Equity Fund (Class Q)		953,070		7,643,620
Prudential QMA Large-Cap Core Equity Fund (Class Q)		316,791		5,325,253
Prudential QMA Long-Short Equity Fund (Class Q)*		305,172		3,869,583
Prudential QMA Mid-Cap Value Fund (Class Q)		92,247		2,007,299
Prudential QMA Small-Cap Value Fund (Class Q)		26,511		519,343
Prudential QMA Strategic Value Fund (Class Q)		546,514		7,902,592
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		4,069,570		39,189,957
Prudential Short-Term Corporate Bond Fund, Inc. (Class Q)		59,596		645,425
Prudential Total Return Bond Fund (Class Q)		1,234,288		17,637,969
TOTAL LONG-TERM INVESTMENTS (cost $108,024,763)				127,716,089
SHORT-TERM INVESTMENT    1.0%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,358,372)		1,358,372		1,358,372
TOTAL INVESTMENTS    100.2% (cost $109,383,135)(w)				129,074,461
Liabilities in excess of other assets    (0.2)%				(275,152	)
NET ASSETS    100.0%			$	128,799,309

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

* 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.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 23

Prudential Conservative Allocation Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2018

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	129,074,461	$	—	$	—

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

Investment Allocation:

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

Multi-Sector Debt	48.1	%
International	9.9
Large-Cap Value	8.4
U.S. Government Debt	5.9
Large/Mid-Cap Growth	5.7
Large-Cap Core	5.1
Global Real Estate	5.0
Small-Cap Core	3.5
Long-Short Cap	3.0
High Yield	2.0	%
Small/Mid-Cap Value	2.0
Short-Term Debt	0.5
Natural Resources	0.1
	99.2
Short-Term Investment	1.0
Liabilities in excess of other assets	(0.2	)
	100.0	%

See Notes to Financial Statements.

24

This Page Intentionally Left Blank

Prudential Conservative Allocation Fund

Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Affiliated investments (cost $109,383,135)	$	129,074,461
Receivable for investments sold		690,000
Dividends receivable		188,495
Receivable for Fund shares sold		115,006
Prepaid expenses		373
Total Assets		130,068,335
Liabilities
Payable for investments purchased		1,004,749
Payable for Fund shares reacquired		137,975
Accrued expenses and other liabilities		46,789
Distribution fee payable		45,727
Administration fee payable		19,104
Affiliated transfer agent fee payable		10,237
Management fee payable		4,445
Total Liabilities		1,269,026
Net Assets	$	128,799,309
Net assets were comprised of:
Common stock, at par	$	9,994
Paid-in capital in excess of par		106,535,183
		106,545,177
Distribution in excess of net investment income		(180,274	)
Accumulated net realized gain on investment transactions		2,743,080
Net unrealized appreciation on investments		19,691,326
Net assets, March 31, 2018	$	128,799,309

See Notes to Financial Statements.

26

Class A
Net asset value and redemption price per share ($88,963,566 ÷ 6,896,640 shares of common stock issued and outstanding)	$	12.90
Maximum sales charge (5.50% of offering price)		0.75
Maximum offering price to public	$	13.65
Class B
Net asset value, offering price and redemption price per share ($6,018,879 ÷ 469,153 shares of common stock issued and outstanding)	$	12.83
Class C
Net asset value, offering price and redemption price per share ($25,935,910 ÷ 2,020,789 shares of common stock issued and outstanding)	$	12.83
Class R
Net asset value, offering price and redemption price per share ($168,068 ÷ 12,982 shares of common stock issued and outstanding)	$	12.95
Class Z
Net asset value, offering price and redemption price per share ($7,702,848 ÷ 594,158 shares of common stock issued and outstanding)	$	12.96
Class Q
Net asset value, offering price and redemption price per share ($10,038 ÷ 775 shares of common stock issued and outstanding)	$	12.95

See Notes to Financial Statements.

Prudential Asset Allocation Funds 27

Prudential Conservative Allocation Fund

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Affiliated dividend income	$	1,745,845
Expenses
Management fee		64,842
Distribution fee(a)		299,605
Transfer agent’s fees and expenses (including affiliated expense of $25,910)(a)		71,169
Custodian and accounting fees		44,660
Registration fees(a)		40,860
Audit fee		11,873
Shareholders’ reports		10,622
Legal fees and expenses		8,908
Directors’ fees		5,905
Miscellaneous		6,218
Total expenses		564,662
Less: Expense subsidy(a)		(38,107	)
Distribution fee waiver(a)		(22,275	)
Net expenses		504,280
Net investment income (loss)		1,241,565
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		1,083,224
Net capital gain distributions received		2,516,591
		3,599,815
Net change in unrealized appreciation (depreciation) on investments		(2,410,706	)
Net gain (loss) on investment transactions		1,189,109
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,430,674

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

	Class A			Class B			Class C			Class R			Class Z			Class Q
Distribution fee		131,682			35,209			132,099			615			—			—
Transfer agent’s fees and expenses		45,945			9,753			12,933			110			2,388			40
Registration fees		7,028			6,807			6,954			6,807			6,807			6,457
Expense subsidy		(2,679	)		(12,530	)		(4,825	)		(6,823	)		(4,757	)		(6,493	)
Distribution fee waiver		(22,069	)		—			—			(206	)		—			—

See Notes to Financial Statements.

28

Prudential Conservative Allocation Fund

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,241,565		$	1,601,383
Net realized gain (loss) on investment transactions		1,083,224			2,065,233
Net capital gain (loss) distributions received		2,516,591			1,872,021
Net change in unrealized appreciation (depreciation) on investments		(2,410,706	)		4,538,476
Net increase (decrease) in net assets resulting from operations		2,430,674			10,077,113
Dividends and Distributions
Dividends from net investment income
Class A		(1,454,623	)		(1,329,492	)
Class B		(87,099	)		(115,917	)
Class C		(343,287	)		(232,637	)
Class R		(2,511	)		(1,762	)
Class Z		(135,858	)		(142,125	)
Class Q		(140	)		—
		(2,023,518	)		(1,821,933	)
Distributions from net realized gains and capital gain distributions received
Class A		(1,645,904	)		(897,459	)
Class B		(122,528	)		(152,058	)
Class C		(490,474	)		(300,939	)
Class R		(3,060	)		(1,440	)
Class Z		(141,291	)		(82,721	)
Class Q		(184	)		—
		(2,403,441	)		(1,434,617	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		7,244,470			12,950,865
Net asset value of shares issued in reinvestment of dividends and distributions		4,310,068			3,125,805
Cost of shares reacquired		(10,227,353	)		(30,786,101	)
Net increase (decrease) in net assets from Fund share transactions		1,327,185			(14,709,431	)
Total increase (decrease)		(669,100	)		(7,888,868	)
Net Assets:
Beginning of period		129,468,409			137,357,277
End of period(a)	$	128,799,309		$	129,468,409
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(180,274	)	$	601,679

See Notes to Financial Statements.

Prudential Asset Allocation Funds 29

Prudential Moderate Allocation Fund

Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.7%
AFFILIATED MUTUAL FUNDS
Prudential Absolute Return Bond Fund (Class Q)		417,657	$	4,155,683
Prudential Global Real Estate Fund (Class Q)		359,302		8,321,434
Prudential Government Income Fund (Class Q)		499,258		4,648,091
Prudential High Yield Fund (Class Q)		306,417		1,657,717
Prudential Jennison 20/20 Focus Fund (Class Q)*		201,863		3,356,979
Prudential Jennison Equity Opportunity Fund (Class Q)		330,969		6,725,285
Prudential Jennison Growth Fund (Class Q)*		128,509		5,222,587
Prudential Jennison International Opportunities Fund (Class Q)		540,707		9,835,454
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)*		107,938		4,192,310
Prudential Jennison Natural Resources Fund, Inc. (Class Q)*		4,442		173,101
Prudential Jennison Small Company Fund, Inc. (Class Q)		371,961		9,890,454
Prudential Jennison Value Fund (Class Q)		350,126		6,939,492
Prudential QMA International Equity Fund (Class Q)		1,815,010		14,556,383
Prudential QMA Large-Cap Core Equity Fund (Class Q)		928,881		15,614,497
Prudential QMA Long-Short Equity Fund (Class Q)*		525,463		6,662,869
Prudential QMA Mid-Cap Value Fund (Class Q)		219,246		4,770,803
Prudential QMA Small-Cap Value Fund (Class Q)		72,307		1,416,488
Prudential QMA Strategic Value Fund (Class Q)		1,089,673		15,756,678
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		2,671,990		25,731,262
Prudential Total Return Bond Fund (Class Q)		1,106,595		15,813,249
TOTAL LONG-TERM INVESTMENTS (cost $127,090,869)				165,440,816
SHORT-TERM INVESTMENT    0.8%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,360,944)		1,360,944		1,360,944
TOTAL INVESTMENTS    100.5% (cost $128,451,813)(w)				166,801,760
Liabilities in excess of other assets    (0.5)%				(833,111	)
NET ASSETS    100.0%			$	165,968,649

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

* 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.

See Notes to Financial Statements.

30

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 March 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	166,801,760	$	—	$	—

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

Investment Allocation:

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

Multi-Sector Debt	27.5	%
International	14.7
Large-Cap Value	13.7
Large-Cap Core	11.4
Large/Mid-Cap Growth	9.7
Small-Cap Core	6.0
Global Real Estate	5.0
Long-Short Cap	4.0
Small/Mid-Cap Value	3.8
U.S. Government Debt	2.8	%
High Yield	1.0
Natural Resources	0.1
	99.7
Short-Term Investment	0.8
Liabilities in excess of other assets	(0.5	)
	100.0	%

See Notes to Financial Statements.

Prudential Asset Allocation Funds 31

Prudential Moderate Allocation Fund

Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Affiliated investments (cost $128,451,813)	$	166,801,760
Receivable for investments sold		1,430,000
Dividends receivable		137,587
Receivable for Fund shares sold		42,813
Prepaid expenses		374
Total Assets		168,412,534
Liabilities
Payable for investments purchased		1,272,206
Payable for Fund shares reacquired		1,010,471
Accrued expenses and other liabilities		78,218
Distribution fee payable		58,267
Affiliated transfer agent fee payable		17,129
Management fee payable		7,594
Total Liabilities		2,443,885
Net Assets	$	165,968,649
Net assets were comprised of:
Common stock, at par	$	11,048
Paid-in capital in excess of par		121,622,907
		121,633,955
Distribution in excess of net investment income		(1,128,063	)
Accumulated net realized gain on investment transactions		7,112,810
Net unrealized appreciation on investments		38,349,947
Net assets, March 31, 2018	$	165,968,649

See Notes to Financial Statements.

32

Class A
Net asset value and redemption price per share ($126,341,504 ÷ 8,395,456 shares of common stock issued and outstanding)	$	15.05
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	15.93
Class B
Net asset value, offering price and redemption price per share ($10,497,622 ÷ 702,929 shares of common stock issued and outstanding)	$	14.93
Class C
Net asset value, offering price and redemption price per share ($25,691,791 ÷ 1,720,822 shares of common stock issued and outstanding)	$	14.93
Class R
Net asset value, offering price and redemption price per share ($148,413 ÷ 9,918 shares of common stock issued and outstanding)	$	14.96
Class Z
Net asset value, offering price and redemption price per share ($3,279,231 ÷ 217,739 shares of common stock issued and outstanding)	$	15.06
Class Q
Net asset value, offering price and redemption price per share ($10,088 ÷ 670 shares of common stock issued and outstanding)	$	15.06

See Notes to Financial Statements.

Prudential Asset Allocation Funds 33

Prudential Moderate Allocation Fund

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Income
Affiliated dividend income	$	2,128,242
Expenses
Management fee		84,811
Distribution fee(a)		383,041
Transfer agent’s fees and expenses (affiliated expense of $42,820)(a)		107,752
Custodian and accounting fees		44,687
Registration fees(a)		42,579
Audit fee		11,873
Shareholders’ reports		11,219
Legal fees and expenses		9,019
Directors’ fees		6,421
Miscellaneous		6,309
Total expenses		707,711
Less: Expense subsidy(a)		(38,814	)
Distribution fee waiver(a)		(32,054	)
Net expenses		636,843
Net investment income (loss)		1,491,399
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		1,676,813
Net capital gain distributions received		6,207,118
		7,883,931
Net change in unrealized appreciation (depreciation) on investments		(3,917,876	)
Net gain (loss) on investment transactions		3,966,055
Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,457,454

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

	Class A			Class B			Class C			Class R			Class Z			Class Q
Distribution fee		190,450			61,219			130,960			412			—			—
Transfer agent’s fees and expenses		73,278			17,791			14,307			26			2,312			38
Registration fees		7,914			6,914			7,463			6,914			6,914			6,460
Expense subsidy		—			(15,843	)		(2,858	)		(6,861	)		(6,759	)		(6,493	)
Distribution fee waiver		(31,915	)		—			—			(139	)		—			—

See Notes to Financial Statements.

34

Prudential Moderate Allocation Fund

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,491,399		$	1,348,166
Net realized gain (loss) on investment transactions		1,676,813			2,935,444
Net capital gain (loss) distributions received		6,207,118			3,742,657
Net change in unrealized appreciation (depreciation) on investments		(3,917,876	)		11,749,432
Net increase (decrease) in net assets resulting from operations		5,457,454			19,775,699
Dividends and Distributions
Dividends from net investment income
Class A		(2,679,512	)		(1,266,793	)
Class B		(162,867	)		(97,019	)
Class C		(371,059	)		(124,143	)
Class R		(1,876	)		(79	)
Class Z		(77,331	)		(38,832	)
Class Q		(232	)		—
		(3,292,877	)		(1,526,866	)
Distributions from net realized gains and capital gain distributions received
Class A		(2,840,983	)		(2,451,148	)
Class B		(258,639	)		(483,523	)
Class C		(589,254	)		(618,707	)
Class R		(2,252	)		(193	)
Class Z		(73,692	)		(62,254	)
Class Q		(221	)		—
		(3,765,041	)		(3,615,825	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		5,869,663			14,504,912
Net asset value of shares issued in reinvestment of dividends and distributions		6,875,301			4,977,834
Cost of shares reacquired		(12,776,780	)		(29,688,388	)
Net increase (decrease) in net assets from Fund share transactions		(31,816	)		(10,205,642	)
Total increase (decrease)		(1,632,280	)		4,427,366
Net Assets:
Beginning of period		167,600,929			163,173,563
End of period(a)	$	165,968,649		$	167,600,929
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(1,128,063	)	$	673,415

See Notes to Financial Statements.

Prudential Asset Allocation Funds 35

Prudential Growth Allocation Fund

Schedule of Investments (unaudited)

as of March 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.1%
AFFILIATED MUTUAL FUNDS
Prudential Absolute Return Bond Fund (Class Q)		81,887	$	814,778
Prudential Global Real Estate Fund (Class Q)		236,424		5,475,581
Prudential High Yield Fund (Class Q)		100,673		544,642
Prudential Jennison 20/20 Focus Fund (Class Q)*		200,131		3,328,186
Prudential Jennison Equity Opportunity Fund (Class Q)		381,565		7,753,409
Prudential Jennison Growth Fund (Class Q)*		112,204		4,559,968
Prudential Jennison International Opportunities Fund (Class Q)		572,834		10,419,844
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)*		91,083		3,537,658
Prudential Jennison Natural Resources Fund, Inc. (Class Q)*		2,837		110,558
Prudential Jennison Small Company Fund, Inc. (Class Q)		321,963		8,560,994
Prudential Jennison Value Fund (Class Q)		319,688		6,336,222
Prudential QMA International Equity Fund (Class Q)		1,912,685		15,339,736
Prudential QMA Large-Cap Core Equity Fund (Class Q)		767,395		12,899,918
Prudential QMA Long-Short Equity Fund (Class Q)*		432,942		5,489,702
Prudential QMA Mid-Cap Value Fund (Class Q)		172,741		3,758,842
Prudential QMA Small-Cap Value Fund (Class Q)		56,489		1,106,625
Prudential QMA Strategic Value Fund (Class Q)		970,582		14,034,619
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		198,415		1,910,733
Prudential Total Return Bond Fund (Class Q)		234,602		3,352,458
TOTAL LONG-TERM INVESTMENTS (cost $81,039,308)				109,334,473
SHORT-TERM INVESTMENT    1.0%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,053,537)		1,053,537		1,053,537
TOTAL INVESTMENTS    100.1% (cost $82,092,845)(w)				110,388,010
Liabilities in excess of other assets    (0.1)%				(100,570	)
NET ASSETS    100.0%			$	110,287,440

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

* 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.

See Notes to Financial Statements.

36

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 March 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	110,388,010	$	—	$	—

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

Investment Allocation:

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

International	23.4	%
Large-Cap Value	18.5
Large-Cap Core	14.7
Large/Mid-Cap Growth	14.3
Small-Cap Core	7.8
Multi-Sector Debt	5.4
Long-Short Cap	5.0
Global Real Estate	5.0
Small/Mid-Cap Value	4.4	%
High Yield	0.5
Natural Resources	0.1
	99.1
Short-Term Investment	1.0
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

Prudential Asset Allocation Funds 37

Prudential Growth Allocation Fund

Statement of Assets & Liabilities (unaudited)

as of March 31, 2018

Assets
Affiliated investments (cost $82,092,845)	$	110,388,010
Receivable for investments sold		1,270,000
Receivable for Fund shares sold		36,818
Dividends receivable		19,441
Due from Manager		3,227
Prepaid expenses		374
Total Assets		111,717,870
Liabilities
Payable for investments purchased		1,140,125
Payable for Fund shares reacquired		167,149
Accrued expenses and other liabilities		50,533
Distribution fee payable		37,268
Administration fee payable		19,104
Affiliated transfer agent fee payable		16,251
Total Liabilities		1,430,430
Net Assets	$	110,287,440
Net assets were comprised of:
Common stock, at par	$	6,094
Paid-in capital in excess of par		77,420,042
		77,426,136
Distribution in excess of net investment income		(1,148,298	)
Accumulated net realized gain on investment transactions		5,714,437
Net unrealized appreciation on investments		28,295,165
Net assets, March 31, 2018	$	110,287,440

See Notes to Financial Statements.

38

Class A
Net asset value and redemption price per share ($83,391,809 ÷ 4,568,455 shares of common stock issued and outstanding)	$	18.25
Maximum sales charge (5.50% of offering price)		1.06
Maximum offering price to public	$	19.31
Class B
Net asset value, offering price and redemption price per share ($7,426,522 ÷ 424,818 shares of common stock issued and outstanding)	$	17.48
Class C
Net asset value, offering price and redemption price per share ($15,429,724 ÷ 881,552 shares of common stock issued and outstanding)	$	17.50
Class R
Net asset value, offering price and redemption price per share ($203,980 ÷ 11,265 shares of common stock issued and outstanding)	$	18.11
Class Z
Net asset value, offering price and redemption price per share ($3,825,268 ÷ 206,986 shares of common stock issued and outstanding)	$	18.48
Class Q
Net asset value, offering price and redemption price per share ($10,137 ÷ 549 shares of common stock issued and outstanding)	$	18.46

See Notes to Financial Statements.

Prudential Asset Allocation Funds 39

Prudential Growth Allocation Fund

Statement of Operations (unaudited)

Six Months Ended March 31, 2018

Net Investment Income (Loss)
Income
Affiliated dividend income	$	1,281,127
Total income		1,281,127
Expenses
Management fee		55,000
Distribution fee(a)		244,877
Transfer agent’s fees and expenses (affiliated expense of $40,697)(a)		88,452
Custodian and accounting fees		44,660
Registration fees(a)		40,719
Audit fee		11,873
Shareholders’ reports		10,897
Legal fees and expenses		8,882
Directors’ fees		5,835
Miscellaneous		6,157
Total expenses		517,352
Less: Expense subsidy(a)		(79,974	)
Distribution fee waiver(a)		(20,944	)
Net expenses		416,434
Net investment income (loss)		864,693
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		748,076
Net capital gain distributions received		5,388,102
		6,136,178
Net change in unrealized appreciation (depreciation) on investments		(2,173,324	)
Net gain (loss) on investment transactions		3,962,854
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,827,547

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

	Class A			Class B			Class C			Class R			Class Z			Class Q
Distribution fee		123,554			43,302			77,309			712			—			—
Transfer agent’s fees and expenses		62,245			14,558			9,555			35			2,019			40
Registration fees		7,161			6,740			6,927			6,740			6,740			6,411
Expense subsidy		(32,362	)		(17,418	)		(9,570	)		(6,690	)		(7,486	)		(6,448	)
Distribution fee waiver		(20,706	)		—			—			(238	)		—			—

See Notes to Financial Statements.

40

Prudential Growth Allocation Fund

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2018			Year Ended September 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	864,693		$	412,949
Net realized gain (loss) on investment transactions		748,076			1,396,557
Net capital gain distributions received		5,388,102			2,860,032
Net change in unrealized appreciation (depreciation) on investments		(2,173,324	)		11,303,894
Net increase (decrease) in net assets resulting from operations		4,827,547			15,973,432
Dividends and Distributions
Dividends from net investment income
Class A		(1,771,051	)		(720,738	)
Class B		(129,341	)		(50,040	)
Class C		(240,693	)		(54,686	)
Class R		(3,963	)		(210	)
Class Z		(67,459	)		(23,756	)
Class Q		(235	)		—
		(2,212,742	)		(849,430	)
Distributions from net realized gains and capital gain distributions received
Class A		(1,144,763	)		(1,903,452	)
Class B		(120,159	)		(346,254	)
Class C		(223,606	)		(378,406	)
Class R		(2,885	)		(712	)
Class Z		(39,367	)		(51,505	)
Class Q		(137	)		—
		(1,530,917	)		(2,680,329	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		6,971,795			9,325,472
Net asset value of shares issued in reinvestment of dividends and distributions		3,675,942			3,441,557
Cost of shares reacquired		(6,325,281	)		(13,035,435	)
Net increase (decrease) in net assets from Fund share transactions		4,322,456			(268,406	)
Total increase (decrease)		5,406,344			12,175,267
Net Assets:
Beginning of period		104,881,096			92,705,829
End of period(a)	$	110,287,440		$	104,881,096
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(1,148,298	)	$	199,751

See Notes to Financial Statements.

Prudential Asset Allocation Funds 41

Notes to Financial Statements (unaudited)

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company was incorporated in Maryland on August 10, 1995 and consists of six series (“Fund” or “Funds”): Prudential Balanced Fund, Prudential Jennison Equity Opportunity Fund and Prudential Jennison Growth Fund, each of which are diversified funds and Prudential Conservative Allocation Fund (“Conservative Allocation Fund”), Prudential Moderate Allocation Fund (“Moderate Allocation Fund”) and Prudential Growth Allocation Fund (“Growth Allocation Fund”), each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the Conservative Allocation Fund, Moderate Allocation Fund and Growth Allocation Fund (collectively referred to as the “Allocation Funds”).

The investment objective of the Conservative Allocation Fund is current income and a reasonable level of capital appreciation. The investment objective of the Moderate Allocation Fund is capital appreciation and a reasonable level of current income. The investment objective of the Growth Allocation Fund is long-term capital appreciation. Each of the three Allocation Funds is typically referred to as a “Fund of Funds” because it invests in other mutual funds. The Allocation 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 Allocation Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Company and the Allocation Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: Each Allocation Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising

42

the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Allocation 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 Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how each Allocation 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.

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. 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

Prudential Asset Allocation Funds 43

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

2. Agreements

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

44

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

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

The management fee paid to PGIM Investments is accrued daily and payable monthly, at an annual rate of 0.10% of each of the Allocation Funds’ average daily net assets up to $5 billion and 0.08% of average daily net assets in excess of $5 billion. The effective management fee rate, before any waivers and/or expense reimbursements were 0.10%, 0.10% and 0.10% for the Conservative Allocation Fund, Moderate Allocation Fund and Growth Allocation Fund, respectively, for the six months ended March 31, 2018.

PGIM Investments LLC (PGIM Investments) has contractually agreed, through January 31, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.60% of average daily net assets for Class A shares, 1.35% of average daily net assets for Class B shares, 1.35% of average daily net assets for Class C shares, 0.85% of average daily net assets for Class R shares, 0.35% of average daily net assets for Class Z shares, and 0.35% of average daily net assets for Class Q 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. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such wavier/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 effective management fee rates net of waivers and/or expense reimbursements were 0.04% and 0.05% for the Conservative Allocation Fund and Moderate Allocation Fund, respectively for the six months ended March 31, 2018. The management fee waiver and/or expense reimbursement exceeded the management fee for the Growth Allocation Fund for the six months ended March 31, 2018.

The Company, on behalf of the Allocation Funds, 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 R, Class Z and Class Q shares of the Allocation Funds. The Allocation Funds compensate PIMS for distributing and servicing the Allocation Funds’

Prudential Asset Allocation Funds 45

Notes to Financial Statements (unaudited) (continued)

Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class Q shares of the Allocation Funds.

Pursuant to the Distribution Plans, the Allocation Funds compensate PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2019 to limit such expenses to 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively.

PIMS has advised the Allocation Funds of its receipt of front-end sales charges resulting from sales of Class A shares during the six months ended March 31, 2018. These amounts were as follows:

Fund	Class A
Conservative Allocation Fund	$	84,979
Moderate Allocation Fund		111,948
Growth Allocation Fund		96,360

From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Allocation Funds of its receipt of contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders for the six months ended March 31, 2018. These amounts were as follows:

Fund	Class A		Class B		Class C
Conservative Allocation Fund	$	0	$	1,329	$	453
Moderate Allocation Fund		0		3,091		3,285
Growth Allocation Fund		0		2,945		705

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 Company’s transfer agent. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

46

The Allocation Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended March 31, 2018 no such transactions were entered into by the Allocation Funds.

The Allocation Funds may invest their overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Earnings from the Core Fund and other affiliated mutual funds are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended March 31, 2018, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
Conservative Allocation Fund	$	15,614,357	$	14,860,000
Moderate Allocation Fund		24,425,500		22,855,000
Growth Allocation Fund		16,666,624		9,885,000

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

Prudential Asset Allocation Funds 47

Notes to Financial Statements (unaudited) (continued)

Conservative Allocation Fund:

Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)
Prudential Absolute Return Bond Fund (Class Q)	$	9,113,753	$	166,085	$	—	$	4,200,000	$	(54,547	)
Prudential Global Real Estate Fund (Class Q)		6,384,456		782,440		—		430,000		(313,682	)
Prudential Government Income Fund (Class Q)		7,584,285		498,113		—		320,000		(180,686	)
Prudential High Yield Fund (Class Q)		2,609,669		130,766		—		75,000		(79,876	)
Prudential Jennison 20/20 Focus Fund (Class Q)		1,300,389		257,569		—		150,000		(125,557	)
Prudential Jennison Equity Opportunity Fund (Class Q)		2,597,968		425,793		—		290,000		(210,131	)
Prudential Jennison Growth Fund (Class Q)		3,254,029		426,202		—		890,000		86,205
Prudential Jennison International Opportunities Fund (Class Q)		5,347,222		221,060		—		950,000		275,647
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)		1,887,875		266,686		—		305,000		(218,293	)
Prudential Jennison Natural Resources Fund, Inc. (Class Q)		144,262		—		—		20,000		4,058
Prudential Jennison Small Company Fund (Class Q)		4,876,811		482,977		—		735,000		(146,914	)
Prudential Jennison Value Fund (Class Q)		2,596,163		580,577		—		260,000		(81,964	)
Prudential QMA International Equity Fund (Class Q)		7,932,236		376,441		—		825,000		(8,002	)
Prudential QMA Large-Cap Core Equity Fund (Class Q)		4,937,573		1,390,201		—		590,000		(421,351	)
Prudential QMA Long-Short Equity Fund (Class Q)		3,888,483		70,000		—		160,000		47,780
Prudential QMA Mid-Cap Value Fund (Class Q)		788,040		1,430,490		—		145,000		(68,411	)
Prudential QMA Small-Cap Value Fund (Class Q)		1,575,505		81,624		—		1,080,000		(275,016	)
Prudential QMA Strategic Value Fund (Class Q)		7,139,825		1,537,534		—		750,000		(44,664	)
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		35,583,667		5,608,259		—		1,680,000		(262,620	)
Prudential Short-Term Corporate Bond Fund, Inc. (Class Q)		651,525		29,484		—		20,000		(15,252	)
Prudential Total Return Bond Fund (Class Q)		18,095,478		852,056		—		985,000		(317,430	)
	$	128,289,214	$	15,614,357	$	—	$	14,860,000	$	(2,410,706	)

48

Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
$	116,221		$	5,141,512	$	516,735	$	126,266	$	—
	13,895			6,437,109		277,941		152,261		110,179
	(6,446)			7,575,266		813,670		88,033		—
	(996	)		2,584,563		477,738		80,761		—
	15,335			1,297,736		78,036		—		207,569
	67,555			2,591,185		127,519		31,925		303,868
	128,833			3,005,269		73,949		—		156,202
	186,515			5,080,444		279,299		11,060		—
	125,794			1,757,062		45,238		—		206,686
	923			129,243		3,316		—		—
	55,564			4,533,438		170,494		20,124		333,120
	7,445			2,842,221		143,402		34,551		146,026
	167,945			7,643,620		953,070		186,441		—
	8,830			5,325,253		316,791		67,794		672,407
	23,320			3,869,583		305,172		—		—
	2,180			2,007,299		92,247		35,132		95,358
	217,230			519,343		26,511		8,645		52,979
	19,897			7,902,592		546,514		105,337		232,197
	(59,349)			39,189,957		4,069,570		502,448		—
	(332)			645,425		59,596		9,482		—
	(7,135)			17,637,969		1,234,288		276,898		—
$	1,083,224		$	127,716,089			$	1,737,158	$	2,516,591

Prudential Asset Allocation Funds 49

Notes to Financial Statements (unaudited) (continued)

Moderate Allocation Fund:

Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)
Prudential Absolute Return Bond Fund (Class Q)	$	8,389,642	$	204,731	$	—	$	4,500,000	$	(88,511	)
Prudential Global Real Estate Fund (Class Q)		8,276,327		1,044,352		—		600,000		(386,326	)
Prudential Government Income Fund (Class Q)		4,630,165		374,542		—		240,000		(109,435	)
Prudential High Yield Fund (Class Q)		1,687,924		102,829		—		80,000		(51,400	)
Prudential Jennison 20/20 Focus Fund (Class Q)		3,376,217		685,260		—		415,000		(315,838	)
Prudential Jennison Equity Opportunity Fund (Class Q)		6,723,943		1,060,666		—		680,000		(434,498	)
Prudential Jennison Growth Fund (Class Q)		5,737,901		617,239		—		1,510,000		172,744
Prudential Jennison International Opportunities Fund (Class Q)		10,310,727		311,584		—		1,675,000		547,091
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)		4,454,549		512,371		—		545,000		(436,434	)
Prudential Jennison Natural Resources Fund, Inc. (Class Q)		186,499		—		—		20,000		5,679
Prudential Jennison Small Company Fund (Class Q)		10,506,439		870,382		—		1,280,000		(277,880	)
Prudential Jennison Value Fund (Class Q)		6,374,293		1,309,437		—		555,000		(203,176	)
Prudential QMA International Equity Fund (Class Q)		15,478,098		668,780		—		1,890,000		(101,385	)
Prudential QMA Large-Cap Core Equity Fund (Class Q)		14,777,624		3,483,749		—		1,410,000		(1,250,424	)
Prudential QMA Long-Short Equity Fund (Class Q)		6,696,845		20,000		—		175,000		97,229
Prudential QMA Mid-Cap Value Fund (Class Q)		2,769,688		2,462,461		—		305,000		(161,965	)
Prudential QMA Small-Cap Value Fund (Class Q)		3,800,472		241,319		—		2,460,000		(379,437	)
Prudential QMA Strategic Value Fund (Class Q)		13,414,876		3,633,168		—		1,225,000		(96,792	)
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		21,771,995		5,820,177		—		1,650,000		(150,379	)
Prudential Total Return Bond Fund (Class Q)		16,747,155		1,002,453		—		1,640,000		(296,739	)
	$	166,111,379	$	24,425,500	$	—	$	22,855,000	$	(3,917,876	)

50

Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
$	149,821		$	4,155,683	$	417,657	$	114,948	$	—
	(12,919	)		8,321,434		359,302		199,584		144,768
	(7,181)			4,648,091		499,258		54,493		—
	(1,636	)		1,657,717		306,417		52,807		—
	26,340			3,356,979		201,863		—		545,260
	55,174			6,725,285		330,969		83,728		796,938
	204,703			5,222,587		128,509		—		277,239
	341,052			9,835,454		540,707		21,584		—
	206,824			4,192,310		107,938		—		502,371
	923			173,101		4,442		—		—
	71,513			9,890,454		371,961		43,899		736,483
	13,938			6,939,492		350,126		85,997		363,440
	400,890			14,556,383		1,815,010		368,780		—
	13,548			15,614,497		928,881		201,839		2,001,910
	23,795			6,662,869		525,463		—		—
	5,619			4,770,803		219,246		84,124		228,337
	214,134			1,416,488		72,307		24,034		147,285
	30,426			15,756,678		1,089,673		210,081		463,087
	(60,531)			25,731,262		2,671,990		319,479		—
	380			15,813,249		1,106,595		252,294		—
$	1,676,813		$	165,440,816			$	2,117,671	$	6,207,118

Prudential Asset Allocation Funds 51

Notes to Financial Statements (unaudited) (continued)

Growth Allocation Fund:

Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)
Prudential Absolute Return Bond Fund (Class Q)	$	847,438	$	43,794	$	—	$	80,000	$	3,250
Prudential Global Real Estate Fund (Class Q)		5,179,917		911,171		—		350,000		(249,910	)
Prudential High Yield Fund (Class Q)		519,882		72,105		—		30,000		(16,407	)
Prudential Jennison 20/20 Focus Fund (Class Q)		3,161,703		660,867		—		210,000		(291,174	)
Prudential Jennison Equity Opportunity Fund (Class Q)		7,356,523		1,124,263		—		290,000		(435,303	)
Prudential Jennison Growth Fund (Class Q)		4,538,357		484,539		—		765,000		214,159
Prudential Jennison International Opportunities Fund (Class Q)		10,354,191		367,253		—		1,200,000		691,836
Prudential Jennison Mid-Cap Growth Fund, Inc. (Class Q)		3,370,851		461,910		—		100,000		(198,848	)
Prudential Jennison Natural Resources Fund, Inc. (Class Q)		106,473		—		—		—		4,085
Prudential Jennison Small Company Fund (Class Q)		9,105,293		862,042		—		1,230,000		(262,704	)
Prudential Jennison Value Fund (Class Q)		4,992,782		1,648,315		—		140,000		(166,275	)
Prudential QMA International Equity Fund (Class Q)		15,465,354		1,052,910		—		1,455,000		209,819
Prudential QMA Large-Cap Core Equity Fund (Class Q)		11,650,975		2,615,351		—		345,000		(1,000,495	)
Prudential QMA Long-Short Equity Fund (Class Q)		5,245,350		335,000		—		180,000		92,917
Prudential QMA Mid-Cap Value Fund (Class Q)		1,687,823		2,311,601		—		110,000		(131,780	)
Prudential QMA Small-Cap Value Fund (Class Q)		3,098,850		293,915		—		2,160,000		(445,541	)
Prudential QMA Strategic Value Fund (Class Q)		11,792,723		2,712,435		—		370,000		(107,025	)
Prudential Short Duration Multi-Sector Bond Fund (Class Q)		1,667,095		409,696		—		150,000		(14,533	)
Prudential Total Return Bond Fund (Class Q)		3,836,517		299,457		—		720,000		(69,395	)
	$	103,978,097	$	16,666,624	$	—	$	9,885,000	$	(2,173,324	)

52

Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
$	296		$	814,778	$	81,887	$	13,767	$	—
	(15,597	)		5,475,581		236,424		127,919		93,251
	(938)			544,642		100,673		17,083		—
	6,790			3,328,186		200,131		—		525,867
	(2,074)			7,753,409		381,565		94,052		895,210
	87,913			4,559,968		112,204		—		234,539
	206,564			10,419,844		572,834		22,253		—
	3,745			3,537,658		91,083		—		411,910
	—			110,558		2,837		—		—
	86,363			8,560,994		321,963		36,961		620,081
	1,400			6,336,222		319,688		69,530		293,785
	66,653			15,339,736		1,912,685		377,910		—
	(20,913)			12,899,918		767,395		162,145		1,608,207
	(3,565)			5,489,702		432,942		—		—
	1,198			3,758,842		172,741		65,046		176,555
	319,401			1,106,625		56,489		18,085		110,829
	6,486			14,034,619		970,582		189,567		417,868
	(1,525)			1,910,733		198,415		24,640		—
	5,879			3,352,458		234,602		54,437		—
$	748,076		$	109,334,473			$	1,273,395	$	5,388,102

Prudential Asset Allocation Funds 53

Notes to Financial Statements (unaudited) (continued)

5. Tax Information

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

	Conservative Allocation Fund			Moderate Allocation Fund			Growth Allocation Fund
Tax Basis	$	110,124,335		$	129,107,164		$	82,469,629
Gross Unrealized Appreciation		19,801,029			38,364,684			28,151,370
Gross Unrealized Depreciation		(850,903	)		(670,088	)		(232,989	)
Net Unrealized Appreciation	$	18,950,126		$	37,694,596		$	27,918,381

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

Management has analyzed the Allocation Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provisions for income tax is required in the Allocation Funds’ financial statements for the current reporting period. The Allocation Funds’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

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

Under certain circumstances, an exchange may be made from specified share classes of the Allocation Funds to one or more other share classes of the Allocation Funds as presented in the table of transactions in shares of common stock.

The Company is authorized to issue 6.625 billion shares of common stock, with a par value of $0.001 per share, which are divided into six series. Of the Company’s authorized capital stock, 938 million authorized shares have been allocated to the Conservative Allocation Fund and divided into seven classes, designated Class A, Class B, Class C, Class R, Class Z, Class Q and

54

Class T common stock, each of which consists of 125 million, 3 million, 25 million, 165 million, 285 million, 285 million and 50 million authorized shares, respectively. Of the Company’s authorized capital stock, 943 million authorized shares have been allocated to the Moderate Allocation Fund and divided into seven classes, designated Class A, Class B, Class C, Class R, Class Z, Class Q and Class T common stock, each of which consists of 125 million, 3 million, 25 million, 135 million, 305 million, 300 million and 50 million authorized shares, respectively. Of the Company’s authorized capital stock, 902 million authorized shares have been allocated to the Growth Allocation Fund and divided into seven classes, designated Class A, Class B, Class C, Class R, Class Z, Class Q and Class T common stock, each of which consists of 125 million, 2 million, 25 million, 100 million, 300 million, 300 million and 50 million authorized shares, respectively.

Each of the Allocation Funds do not have any Class T shares outstanding.

As of March 31, 2018, Prudential through its affiliates entities, including affiliateds, owned the following number of shares of the Fund:

	Class R		Class Q
Conservative Allocation Fund		302		775
Moderate Allocation Fund		274		670
Growth Allocation Fund		232		549

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

	Number of Shareholders		% of Outstanding Shares
Conservative Allocation Fund		2		44
Moderate Allocation Fund		2		44
Growth Allocation Fund		3		40

Transactions in shares of common stock were as follows:

Conservative Allocation Fund:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		411,387		$	5,386,312
Shares issued in reinvestment of dividends and distributions		235,289			3,051,003
Shares reacquired		(509,903	)		(6,680,720	)
Net increase (decrease) in shares outstanding before conversion		136,773			1,756,595
Shares issued upon conversion from other share class(es)		129,521			1,711,269
Shares reacquired upon conversion into other share class(es)		(742	)		(9,614	)
Net increase (decrease) in shares outstanding		265,552		$	3,458,250
Year ended September 30, 2017:
Shares sold		727,911		$	9,141,833
Shares issued in reinvestment of dividends and distributions		177,708			2,178,051
Shares reacquired		(1,593,151	)		(19,938,933	)
Net increase (decrease) in shares outstanding before conversion		(687,532	)		(8,619,049	)
Shares issued upon conversion from other share class(es)		523,463			6,621,416
Shares reacquired upon conversion into other share class(es)		(56,963	)		(710,683	)
Net increase (decrease) in shares outstanding		(221,032	)	$	(2,708,316	)

Prudential Asset Allocation Funds 55

Notes to Financial Statements (unaudited) (continued)

Conservative Allocation Fund (cont’d.):

Class B	Shares			Amount
Six months ended March 31, 2018:
Shares sold		16,922		$	217,512
Shares issued in reinvestment of dividends and distributions		14,914			192,659
Shares reacquired		(42,073	)		(548,413	)
Net increase (decrease) in shares outstanding before conversion		(10,237	)		(138,242	)
Shares reacquired upon conversion into other share class(es)		(125,993	)		(1,658,363	)
Net increase (decrease) in shares outstanding		(136,230	)	$	(1,796,605	)
Year ended September 30, 2017:
Shares sold		6,856		$	85,528
Shares issued in reinvestment of dividends and distributions		20,045			243,200
Shares reacquired		(205,661	)		(2,559,540	)
Net increase (decrease) in shares outstanding before conversion		(178,760	)		(2,230,812	)
Shares reacquired upon conversion into other share class(es)		(518,367	)		(6,524,816	)
Net increase (decrease) in shares outstanding		(697,127	)	$	(8,755,628	)
Class C
Six months ended March 31, 2018:
Shares sold		101,008		$	1,321,605
Shares issued in reinvestment of dividends and distributions		61,262			791,281
Shares reacquired		(165,047	)		(2,151,832	)
Net increase (decrease) in shares outstanding before conversion		(2,777	)		(38,946	)
Shares reacquired upon conversion into other share class(es)		(4,168	)		(53,522	)
Net increase (decrease) in shares outstanding		(6,945	)	$	(92,468	)
Year ended September 30, 2017:
Shares sold		242,521		$	3,028,905
Shares issued in reinvestment of dividends and distributions		39,858			484,172
Shares reacquired		(525,532	)		(6,573,487	)
Net increase (decrease) in shares outstanding before conversion		(243,153	)		(3,060,410	)
Shares reacquired upon conversion into other share class(es)		(18,549	)		(235,434	)
Net increase (decrease) in shares outstanding		(261,702	)	$	(3,295,844	)
Class R
Six months ended March 31, 2018:
Shares sold		971		$	12,835
Shares issued in reinvestment of dividends and distributions		428			5,571
Shares reacquired		(55	)		(719	)
Net increase (decrease) in shares outstanding		1,344		$	17,687
Year ended September 30, 2017:
Shares sold		2,327		$	29,287
Shares issued in reinvestment of dividends and distributions		260			3,202
Shares reacquired		(150	)		(1,899	)
Net increase (decrease) in shares outstanding		2,437		$	30,590

56

Conservative Allocation Fund (cont’d.):

Class Z	Shares			Amount
Six months ended March 31, 2018:
Shares sold		22,488		$	296,206
Shares issued in reinvestment of dividends and distributions		20,661			269,230
Shares reacquired		(63,899	)		(845,669	)
Net increase (decrease) in shares outstanding before conversion		(20,750	)		(280,233	)
Shares issued upon conversion from other share class(es)		785			10,230
Net increase (decrease) in shares outstanding		(19,965	)	$	(270,003	)
Year ended September 30, 2017:
Shares sold		53,057		$	665,312
Shares issued in reinvestment of dividends and distributions		17,618			217,180
Shares reacquired		(135,676	)		(1,712,242	)
Net increase (decrease) in shares outstanding before conversion		(65,001	)		(829,750	)
Shares issued upon conversion from other shares class(es)		72,711			915,118
Shares reacquired upon conversion into other share class(es)		(5,109	)		(65,601	)
Net increase (decrease) in shares outstanding		2,601		$	19,767
Class Q
Period ended March 31, 2018*:
Shares sold		750		$	10,000
Shares issued in reinvestment of dividends and distributions		25			324
Net increase (decrease) in shares outstanding		775		$	10,324

* Commencement of offering was November 28, 2017.

Moderate Allocation Fund:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		213,711		$	3,282,687
Shares issued in reinvestment of dividends and distributions		360,295			5,451,257
Shares reacquired		(563,157	)		(8,639,645	)
Net increase (decrease) in shares outstanding before conversion		10,849			94,299
Shares issued upon conversion from other share class(es)		190,113			2,958,969
Shares reacquired upon conversion into other share class(es)		(10,157	)		(157,612	)
Net increase (decrease) in shares outstanding		190,805		$	2,895,656
Year ended September 30, 2017:
Shares sold		783,420		$	11,093,144
Shares issued in reinvestment of dividends and distributions		267,043			3,655,812
Shares reacquired		(1,264,081	)		(18,007,937	)
Net increase (decrease) in shares outstanding before conversion		(213,618	)		(3,258,981	)
Shares issued upon conversion from other share class(es)		807,581			11,629,593
Shares reacquired upon conversion into other share class(es)		(13,404	)		(196,719	)
Net increase (decrease) in shares outstanding		580,559		$	8,173,893

Prudential Asset Allocation Funds 57

Notes to Financial Statements (unaudited) (continued)

Moderate Allocation Fund (cont’d.):

Class B	Shares			Amount
Six months ended March 31, 2018:
Shares sold		5,146		$	78,514
Shares issued in reinvestment of dividends and distributions		27,490			413,453
Shares reacquired		(37,614	)		(571,687	)
Net increase (decrease) in shares outstanding before conversion		(4,978	)		(79,720	)
Shares reacquired upon conversion into other share class(es)		(188,709	)		(2,907,766	)
Net increase (decrease) in shares outstanding		(193,687	)	$	(2,987,486	)
Year ended September 30, 2017:
Shares sold		12,213		$	171,412
Shares issued in reinvestment of dividends and distributions		42,026			572,399
Shares reacquired		(189,519	)		(2,665,371	)
Net increase (decrease) in shares outstanding before conversion		(135,280	)		(1,921,560	)
Shares reacquired upon conversion into other share class(es)		(810,708	)		(11,571,103	)
Net increase (decrease) in shares outstanding		(945,988	)	$	(13,492,663	)
Class C
Six months ended March 31, 2018:
Shares sold		147,801		$	2,248,597
Shares issued in reinvestment of dividends and distributions		59,242			891,011
Shares reacquired		(186,858	)		(2,845,481	)
Net increase (decrease) in shares outstanding before conversion		20,185			294,127
Shares reacquired upon conversion into other share class(es)		(11,499	)		(174,838	)
Net increase (decrease) in shares outstanding		8,686		$	119,289
Year ended September 30, 2017:
Shares sold		216,557		$	3,051,946
Shares issued in reinvestment of dividends and distributions		47,997			653,717
Shares reacquired		(544,745	)		(7,695,796	)
Net increase (decrease) in shares outstanding before conversion		(280,191	)		(3,990,133	)
Shares reacquired upon conversion into other share class(es)		(61,145	)		(881,249	)
Net increase (decrease) in shares outstanding		(341,336	)	$	(4,871,382	)
Class R
Six months ended March 31, 2018:
Shares sold		6,317		$	96,998
Shares issued in reinvestment of dividends and distributions		274			4,128
Shares reacquired		(45	)		(684	)
Net increase (decrease) in shares outstanding		6,546		$	100,442
Year ended September 30, 2017:
Shares sold		3,165		$	46,595
Shares issued in reinvestment of dividends and distributions		20			271
Shares reacquired		(106	)		(1,563	)
Net increase (decrease) in shares outstanding		3,079		$	45,303

58

Moderate Allocation Fund (cont’d.):

Class Z	Shares			Amount
Six months ended March 31, 2018:
Shares sold		10,060		$	152,867
Shares issued in reinvestment of dividends and distributions		7,601			114,998
Shares reacquired		(46,517	)		(719,283	)
Net increase (decrease) in shares outstanding before conversion		(28,856	)		(451,418	)
Shares issued upon conversion from other share class(es)		18,141			281,247
Net increase (decrease) in shares outstanding		(10,715	)	$	(170,171	)
Year ended September 30, 2017:
Shares sold		9,947		$	141,815
Shares issued in reinvestment of dividends and distributions		6,991			95,635
Shares reacquired		(93,707	)		(1,317,721	)
Net increase (decrease) in shares outstanding before conversion		(76,769	)		(1,080,271	)
Shares issued upon conversion from other shares class(es)		69,842			1,019,478
Net increase (decrease) in shares outstanding		(6,927	)	$	(60,793	)
Class Q
Period ended March 31, 2018*:
Shares sold		640		$	10,000
Shares issued in reinvestment of dividends and distributions		30			454
Net increase (decrease) in shares outstanding		670		$	10,454

* Commencement of offering was November 28, 2017.

Growth Allocation Fund:

Class A	Shares			Amount
Six months ended March 31, 2018:
Shares sold		188,378		$	3,499,628
Shares issued in reinvestment of dividends and distributions		156,094			2,864,318
Shares reacquired		(232,219	)		(4,317,707	)
Net increase (decrease) in shares outstanding before conversion		112,253			2,046,239
Shares issued upon conversion from other share class(es)		88,853			1,670,857
Shares reacquired upon conversion into other share class(es)		(522	)		(9,495	)
Net increase (decrease) in shares outstanding		200,584		$	3,707,601
Year ended September 30, 2017:
Shares sold		391,803		$	6,499,312
Shares issued in reinvestment of dividends and distributions		162,185			2,559,286
Shares reacquired		(538,908	)		(8,929,518	)
Net increase (decrease) in shares outstanding before conversion		15,080			129,080
Shares issued upon conversion from other share class(es)		290,678			4,880,104
Shares reacquired upon conversion into other share class(es)		(17,538	)		(286,809	)
Net increase (decrease) in shares outstanding		288,220		$	4,722,375

Prudential Asset Allocation Funds 59

Notes to Financial Statements (unaudited) (continued)

Growth Allocation Fund (cont’d.):

Class B	Shares			Amount
Six months ended March 31, 2018:
Shares sold		4,272		$	76,553
Shares issued in reinvestment of dividends and distributions		14,068			247,735
Shares reacquired		(32,201	)		(573,910	)
Net increase (decrease) in shares outstanding before conversion		(13,861	)		(249,622	)
Shares reacquired upon conversion into other share class(es)		(94,108	)		(1,691,220	)
Net increase (decrease) in shares outstanding		(107,969	)	$	(1,940,842	)
Year ended September 30, 2017:
Shares sold		23,168		$	372,581
Shares issued in reinvestment of dividends and distributions		25,952			393,955
Shares reacquired		(90,417	)		(1,434,155	)
Net increase (decrease) in shares outstanding before conversion		(41,297	)		(667,619	)
Shares reacquired upon conversion into other share class(es)		(298,783	)		(4,805,506	)
Net increase (decrease) in shares outstanding		(340,080	)	$	(5,473,125	)
Class C
Six months ended March 31, 2018:
Shares sold		77,560		$	1,373,055
Shares issued in reinvestment of dividends and distributions		25,763			454,206
Shares reacquired		(58,028	)		(1,030,706	)
Net increase (decrease) in shares outstanding before conversion		45,295			796,555
Shares reacquired upon conversion into other share class(es)		(2,935	)		(53,038	)
Net increase (decrease) in shares outstanding		42,360		$	743,517
Year ended September 30, 2017:
Shares sold		124,547		$	1,989,057
Shares issued in reinvestment of dividends and distributions		27,407			416,595
Shares reacquired		(118,976	)		(1,897,509	)
Net increase (decrease) in shares outstanding before conversion		32,978			508,143
Shares reacquired upon conversion into other share class(es)		(9,281	)		(147,845	)
Net increase (decrease) in shares outstanding		23,697		$	360,298
Class R
Six months ended March 31, 2018:
Shares sold		9,684		$	175,470
Shares issued in reinvestment of dividends and distributions		376			6,849
Shares reacquired		(434	)		(7,976	)
Net increase (decrease) in shares outstanding		9,626		$	174,343
Year ended September 30, 2017:
Shares sold		706		$	11,154
Shares issued in reinvestment of dividends and distributions		59			923
Net increase (decrease) in shares outstanding		765		$	12,077

60

Growth Allocation Fund (cont’d.):

Class Z	Shares			Amount
Six months ended March 31, 2018:
Shares sold		97,414		$	1,837,089
Shares issued in reinvestment of dividends and distributions		5,518			102,463
Shares reacquired		(21,113	)		(394,982	)
Net increase (decrease) in shares outstanding before conversion		81,819			1,544,570
Shares issued upon conversion from other share class(es)		4,402			82,896
Net increase (decrease) in shares outstanding		86,221		$	1,627,466
Year ended September 30, 2017:
Shares sold		27,136		$	453,368
Shares issued in reinvestment of dividends and distributions		4,436			70,798
Shares reacquired		(46,936	)		(774,253	)
Net increase (decrease) in shares outstanding before conversion		(15,364	)		(250,087	)
Shares issued upon conversion from other shares class(es)		21,782			360,056
Net increase (decrease) in shares outstanding		6,418		$	109,969
Class Q
Period ended March 31, 2018*:
Shares sold		529		$	10,000
Shares issued in reinvestment of dividends and distributions		20			371
Net increase (decrease) in shares outstanding		549		$	10,371

* Commencement of offering was November 28, 2017.

7. Borrowings

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

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios

Prudential Asset Allocation Funds 61

Notes to Financial Statements (unaudited) (continued)

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 Allocation Funds did not utilize the SCA during the reporting period ended March 31, 2018.

8. Dividends to Shareholders

Subsequent to the six months ended March 31, 2018, the Conservative Allocation Fund declared ordinary income dividends on April 11, 2018 to shareholders of record on April 12, 2018. The ex-date was April 13, 2018. The per share amounts declared were as follows:

	Ordinary Income
Class A	$	0.04302
Class B	$	0.01726
Class C	$	0.01726
Class Q	$	0.05134
Class R	$	0.03480
Class Z	$	0.05134

62

Prudential Conservative Allocation Fund

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.10			$12.43			$12.49			$13.30			$13.03			$12.39
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.18			0.16			0.24			0.20			0.22
Net realized and unrealized gain (loss) on investment transactions		0.12			0.83			0.62			(0.41	)		0.53			0.70
Total from investment operations		0.26			1.01			0.78			(0.17	)		0.73			0.92
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.20	)		(0.21	)		(0.29	)		(0.22	)		(0.28	)
Distributions from net realized gains		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)		-
Total dividends and distributions		(0.46	)		(0.34	)		(0.84	)		(0.64	)		(0.46	)		(0.28	)
Net asset value, end of period		$12.90			$13.10			$12.43			$12.49			$13.30			$13.03
Total Return(b):		2.01%			8.33%			6.61%			(1.42)%			5.67%			7.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$88,964			$86,890			$85,173			$73,273			$72,292			$64,535
Average net assets (000)		$88,515			$82,763			$81,813			$75,170			$66,510			$60,521
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.60%	(d)		0.71%			0.73%			0.72%			0.71%			0.72%
Expenses before waivers and/or expense reimbursement		0.65%	(d)		0.77%			0.78%			0.77%			0.76%			0.77%
Net investment income (loss)		2.10%	(d)		1.43%			1.36%			1.86%			1.48%			1.74%
Portfolio turnover rate		12%	(e)		17%			25%			42%			46%			25%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 63

Prudential Conservative Allocation Fund

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.04			$12.37			$12.43			$13.24			$12.98			$12.33
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.10			0.08			0.15			0.10			0.13
Net realized and unrealized gain (loss) on investment transactions		0.12			0.81			0.61			(0.42	)		0.52			0.70
Total from investment operations		0.21			0.91			0.69			(0.27	)		0.62			0.83
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.10	)		(0.12	)		(0.19	)		(0.12	)		(0.18	)
Distributions from net realized gains		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)		-
Total dividends and distributions		(0.42	)		(0.24	)		(0.75	)		(0.54	)		(0.36	)		(0.18	)
Net asset value, end of period		$12.83			$13.04			$12.37			$12.43			$13.24			$12.98
Total Return(b):		1.58%			7.54%			5.84%			(2.17)%			4.82%			6.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,019			$7,892			$16,107			$30,118			$40,863			$43,767
Average net assets (000)		$7,061			$12,187			$23,560			$37,344			$43,801			$43,407
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.47%			1.48%			1.47%			1.46%			1.47%
Expenses before waivers and/or expense reimbursement		1.71%	(d)		1.48%			1.48%			1.47%			1.46%			1.47%
Net investment income (loss)		1.33%	(d)		0.77%			0.67%			1.17%			0.73%			1.01%
Portfolio turnover rate		12%	(e)		17%			25%			42%			46%			25%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

64

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.04			$12.37			$12.44			$13.24			$12.98			$12.34
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.09			0.08			0.14			0.10			0.12
Net realized and unrealized gain (loss) on investment transactions		0.12			0.82			0.60			(0.40	)		0.52			0.70
Total from investment operations		0.21			0.91			0.68			(0.26	)		0.62			0.82
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.10	)		(0.12	)		(0.19	)		(0.12	)		(0.18	)
Distributions from net realized gains		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)		-
Total dividends and distributions		(0.42	)		(0.24	)		(0.75	)		(0.54	)		(0.36	)		(0.18	)
Net asset value, end of period		$12.83			$13.04			$12.37			$12.44			$13.24			$12.98
Total Return(b):		1.58%			7.54%			5.75%			(2.09)%			4.82%			6.75%
Ratios/Supplemental Data:
Net assets, end of period (000)		$25,936			$26,447			$28,325			$31,091			$28,724			$22,055
Average net assets (000)		$26,492			$27,069			$30,257			$30,647			$26,250			$19,308
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.46%			1.48%			1.47%			1.46%			1.47%
Expenses before waivers and/or expense reimbursement		1.39%	(d)		1.47%			1.48%			1.47%			1.46%			1.47%
Net investment income (loss)		1.34%	(d)		0.70%			0.63%			1.09%			0.69%			0.98%
Portfolio turnover rate		12%	(e)		17%			25%			42%			46%			25%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 65

Prudential Conservative Allocation Fund

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.15			$12.47			$12.53			$13.34			$13.07			$12.42
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.15			0.13			0.21			0.17			0.19
Net realized and unrealized gain (loss) on investment transactions		0.13			0.84			0.62			(0.41	)		0.53			0.71
Total from investment operations		0.25			0.99			0.75			(0.20	)		0.70			0.90
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.17	)		(0.18	)		(0.26	)		(0.19	)		(0.25	)
Distributions from net realized gains		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)		-
Total dividends and distributions		(0.45	)		(0.31	)		(0.81	)		(0.61	)		(0.43	)		(0.25	)
Net asset value, end of period		$12.95			$13.15			$12.47			$12.53			$13.34			$13.07
Total Return(b):		1.88%			8.11%			6.32%			(1.66)%			5.38%			7.32%
Ratios/Supplemental Data:
Net assets, end of period (000)		$168			$153			$115			$107			$95			$59
Average net assets (000)		$165			$136			$101			$101			$76			$54
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.85%	(d)		0.96%			0.98%			0.97%			0.96%			0.97%
Expenses before waivers and/or expense reimbursement		9.37%	(d)		1.22%			1.23%			1.22%			1.21%			1.22%
Net investment income (loss)		1.85%	(d)		1.18%			1.10%			1.59%			1.18%			1.48%
Portfolio turnover rate		12%	(e)		17%			25%			42%			46%			25%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

66

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.17			$12.49			$12.55			$13.36			$13.09			$12.44
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.21			0.19			0.27			0.22			0.24
Net realized and unrealized gain (loss) on investment transactions		0.12			0.84			0.63			(0.40	)		0.54			0.72
Total from investment operations		0.27			1.05			0.82			(0.13	)		0.76			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.23	)		(0.25	)		(0.33	)		(0.25	)		(0.31	)
Distributions from net realized gains		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)		-
Total dividends and distributions		(0.48	)		(0.37	)		(0.88	)		(0.68	)		(0.49	)		(0.31	)
Net asset value, end of period		$12.96			$13.17			$12.49			$12.55			$13.36			$13.09
Total Return(b):		2.04%			8.65%			6.85%			(1.16)%			5.90%			7.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,703			$8,086			$7,637			$6,404			$5,572			$6,097
Average net assets (000)		$7,802			$7,804			$6,800			$6,058			$5,941			$5,492
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.35%	(d)		0.46%			0.48%			0.47%			0.46%			0.47%
Expenses before waivers and/or expense reimbursement		0.47%	(d)		0.47%			0.48%			0.47%			0.46%			0.47%
Net investment income (loss)		2.33%	(d)		1.67%			1.59%			2.09%			1.75%			1.90%
Portfolio turnover rate		12%	(e)		17%			25%			42%			46%			25%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 67

Prudential Conservative Allocation Fund

Financial Highlights (unaudited) (continued)

Class Q Shares
	November 28, 2017(a) through March 31,
	2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.34
Income (loss) from investment operations:
Net investment income (loss)		0.12
Net realized and unrealized gain (loss) on investment transactions		(0.08	)
Total from investment operations		0.04
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)
Distributions from net realized gains		(0.25	)
Total dividends and distributions		(0.43	)
Net asset value, end of period		$12.95
Total Return(c):		0.31%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)
Expenses before waivers and/or expense reimbursement		191.16%	(e)
Net investment income (loss)		2.80%	(e)
Portfolio turnover rate		12%	(f)

(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 portfolios in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

68

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.21			$13.93			$13.96			$15.17			$14.21			$12.80
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.14			0.12			0.18			0.15			0.16
Net realized and unrealized gain (loss) on investment transactions		0.36			1.62			0.94			(0.55	)		0.97			1.49
Total from investment operations		0.51			1.76			1.06			(0.37	)		1.12			1.65
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.17	)		(0.21	)		(0.31	)		(0.16	)		(0.24	)
Distributions from net realized gains		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-			-
Total dividends and distributions		(0.67	)		(0.48	)		(1.09	)		(0.84	)		(0.16	)		(0.24	)
Net asset value, end of period		$15.05			$15.21			$13.93			$13.96			$15.17			$14.21
Total Return(b):		3.35%			12.99%			8.00%			(2.79)%			7.91%			13.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$126,342			$124,808			$106,173			$96,846			$93,752			$81,788
Average net assets (000)		$128,008			$114,527			$100,247			$98,271			$89,611			$74,440
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.58%	(d)		0.70%			0.75%			0.71%			0.70%			0.71%
Expenses before waivers and/or expense reimbursement		0.63%	(d)		0.76%			0.80%			0.76%			0.75%			0.76%
Net investment income (loss)		1.93%	(d)		1.00%			0.90%			1.17%			1.00%			1.22%
Portfolio turnover rate		14%	(e)		19%			20%			45%			35%			30%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 69

Prudential Moderate Allocation Fund

Financial Highlights (unaudited)

Prudential Moderate Allocation Fund

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.05			$13.79			$13.83			$15.04			$14.09			$12.69
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.06			0.03			0.07			0.04			0.07
Net realized and unrealized gain (loss) on investment transactions		0.35			1.58			0.91			(0.56	)		0.97			1.48
Total from investment operations		0.44			1.64			0.94			(0.49	)		1.01			1.55
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.07	)		(0.10	)		(0.19	)		(0.06	)		(0.15	)
Distributions from net realized gains		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-			-
Total dividends and distributions		(0.56	)		(0.38	)		(0.98	)		(0.72	)		(0.06	)		(0.15	)
Net asset value, end of period		$14.93			$15.05			$13.79			$13.83			$15.04			$14.09
Total Return(b):		2.92%			12.16%			7.13%			(3.55)%			7.15%			12.35%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,498			$13,496			$25,407			$38,084			$53,127			$54,574
Average net assets (000)		$12,277			$19,480			$32,651			$48,273			$56,302			$54,466
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.46%			1.50%			1.46%			1.45%			1.46%
Expenses before waivers and/or expense reimbursement		1.61%	(d)		1.47%			1.50%			1.46%			1.45%			1.46%
Net investment income (loss)		1.14%	(d)		0.40%			0.22%			0.49%			0.28%			0.51%
Portfolio turnover rate		14%	(e)		19%			20%			45%			35%			30%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

70

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.05			$13.78			$13.83			$15.03			$14.08			$12.69
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.04			0.03			0.06			0.04			0.06
Net realized and unrealized gain (loss) on investment transactions		0.35			1.61			0.90			(0.54	)		0.97			1.48
Total from investment operations		0.44			1.65			0.93			(0.48	)		1.01			1.54
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.07	)		(0.10	)		(0.19	)		(0.06	)		(0.15	)
Distributions from net realized gains		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-			-
Total dividends and distributions		(0.56	)		(0.38	)		(0.98	)		(0.72	)		(0.06	)		(0.15	)
Net asset value, end of period		$14.93			$15.05			$13.78			$13.83			$15.03			$14.08
Total Return(b):		2.92%			12.24%			7.06%			(3.48)%			7.15%			12.27%
Ratios/Supplemental Data:
Net assets, end of period (000)		$25,692			$25,765			$28,306			$30,872			$29,564			$24,604
Average net assets (000)		$26,264			$26,925			$29,628			$31,776			$28,118			$21,933
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.45%			1.50%			1.46%			1.45%			1.46%
Expenses before waivers and/or expense reimbursement		1.37%	(d)		1.46%			1.50%			1.46%			1.45%			1.46%
Net investment income (loss)		1.16%	(d)		0.31%			0.19%			0.40%			0.24%			0.43%
Portfolio turnover rate		14%	(e)		19%			20%			45%			35%			30%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 71

Prudential Moderate Allocation Fund

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.11			$13.83			$13.87			$15.11			$14.15			$12.76
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.07			0.09			0.18			0.11			0.05
Net realized and unrealized gain (loss) on investment transactions		0.36			1.65			0.93			(0.62	)		0.97			1.55
Total from investment operations		0.48			1.72			1.02			(0.44	)		1.08			1.60
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.13	)		(0.18	)		(0.27	)		(0.12	)		(0.21	)
Distributions from net realized gains		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-			-
Total dividends and distributions		(0.63	)		(0.44	)		(1.06	)		(0.80	)		(0.12	)		(0.21	)
Net asset value, end of period		$14.96			$15.11			$13.83			$13.87			$15.11			$14.15
Total Return(b):		3.18%			12.80%			7.68%			(3.26)%			7.67%			12.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$148			$51			$4			$4			$177			$153
Average net assets (000)		$111			$15			$4			$140			$167			$15
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.85%	(d)		0.88%			1.00%			0.96%			0.95%			0.90%
Expenses before waivers and/or expense reimbursement		13.48%	(d)		1.16%			1.25%			1.21%			1.20%			1.15%
Net investment income (loss)		1.54%	(d)		0.51%			0.64%			1.18%			0.76%			0.40%
Portfolio turnover rate		14%	(e)		19%			20%			45%			35%			30%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

72

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017(a)			2016(a)			2015(a)			2014			2013(a)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.24			$13.95			$13.99			$15.20			$14.23			$12.81
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.18			0.17			0.21			0.17			0.21
Net realized and unrealized gain (loss) on investment transactions		0.36			1.62			0.92			(0.54	)		0.99			1.49
Total from investment operations		0.53			1.80			1.09			(0.33	)		1.16			1.70
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.20	)		(0.25	)		(0.35	)		(0.19	)		(0.28	)
Distributions from net realized gains		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-			-
Total dividends and distributions		(0.71	)		(0.51	)		(1.13	)		(0.88	)		(0.19	)		(0.28	)
Net asset value, end of period		$15.06			$15.24			$13.95			$13.99			$15.20			$14.23
Total Return(b):		3.45%			13.32%			8.21%			(2.54)%			8.22%			13.48%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,279			$3,481			$3,283			$3,601			$3,767			$2,684
Average net assets (000)		$3,422			$2,928			$3,319			$3,537			$3,190			$2,874
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.35%	(d)		0.45%			0.50%			0.46%			0.45%			0.46%
Expenses before waivers and/or expense reimbursement		0.75%	(d)		0.45%			0.50%			0.46%			0.45%			0.46%
Net investment income (loss)		2.17%	(d)		1.27%			1.24%			1.43%			1.20%			1.57%
Portfolio turnover rate		14%	(e)		19%			20%			45%			35%			30%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 73

Prudential Moderate Allocation Fund

Financial Highlights (unaudited)(continued)

Class Q Shares
	November 28, 2017(a) through March 31,
	2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.63
Income (loss) from investment operations:
Net investment income (loss)		0.15
Net realized and unrealized gain (loss) on investment transactions		(0.01	)
Total from investment operations		0.14
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)
Distributions from net realized gains		(0.35	)
Total dividends and distributions		(0.71	)
Net asset value, end of period		$15.06
Total Return(c):		0.87%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)
Expenses before waivers and/or expense reimbursement		189.44%	(e)
Net investment income (loss)		2.83%	(e)
Portfolio turnover rate		14%	(f)

(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 portfolios in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

74

Prudential Growth Allocation Fund

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.07			$15.94			$16.15			$17.41			$16.02			$13.58
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.10			0.07			0.08			0.08			0.10
Net realized and unrealized gain (loss) on investment transactions		0.68			2.67			1.33			(0.84	)		1.42			2.46
Total from investment operations		0.84			2.77			1.40			(0.76	)		1.50			2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.18	)		(0.16	)		(0.35	)		(0.11	)		(0.12	)
Distributions from net realized gains		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-			-
Total dividends and distributions		(0.66	)		(0.64	)		(1.61	)		(0.50	)		(0.11	)		(0.12	)
Net asset value, end of period		$18.25			$18.07			$15.94			$16.15			$17.41			$16.02
Total Return(b):		4.63%			17.95%			9.13%			(4.58)%			9.37%			19.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$83,392			$78,919			$65,038			$57,536			$56,293			$46,911
Average net assets (000)		$83,049			$70,830			$60,610			$59,770			$52,609			$41,896
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.60%	(d)		0.71%			0.75%			0.75%			0.75%			0.75%
Expenses before waivers and/or expense reimbursement		0.73%	(d)		0.90%			0.97%			0.93%			0.90%			0.92%
Net investment income (loss)		1.73%	(d)		0.58%			0.47%			0.48%			0.46%			0.65%
Portfolio turnover rate		9%	(e)		23%			24%			44%			24%			23%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 75

Prudential Growth Allocation Fund

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(b)			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.28			$15.28			$15.53			$16.76			$15.44			$13.10
Income (loss) from investment operations:
Net investment income (loss)		0.09			-	(d)		(0.03	)		(0.03	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		0.65			2.53			1.27			(0.82	)		1.36			2.38
Total from investment operations		0.74			2.53			1.24			(0.85	)		1.32			2.37
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.07	)		(0.04	)		(0.23	)		-			(0.03	)
Distributions from net realized gains		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-			-
Total dividends and distributions		(0.54	)		(0.53	)		(1.49	)		(0.38	)		-			(0.03	)
Net asset value, end of period		$17.48			$17.28			$15.28			$15.53			$16.76			$15.44
Total Return(b):		4.25%			17.04%			8.35%			(5.28)%			8.55%			18.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,427			$9,205			$13,335			$18,670			$27,929			$29,785
Average net assets (000)		$8,684			$11,120			$16,171			$24,591			$30,822			$29,020
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.47%			1.50%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		1.75%	(d)		1.61%			1.67%			1.63%			1.60%			1.62%
Net investment income (loss)		0.99%	(d)		0.01%			(0.18)%			(0.16)%			(0.22)%			(0.06)%
Portfolio turnover rate		9%	(e)		23%			24%			44%			24%			23%

(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 portfolios in which the Fund invests.

(d) Less than $0.005 per share.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

76

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.30			$15.30			$15.54			$16.78			$15.45			$13.11
Income (loss) from investment operations:
Net investment income (loss)		0.09			(0.02	)		(0.04	)		(0.05	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		0.65			2.55			1.29			(0.81	)		1.38			2.38
Total from investment operations		0.74			2.53			1.25			(0.86	)		1.33			2.37
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.07	)		(0.04	)		(0.23	)		-			(0.03	)
Distributions from net realized gains		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-			-
Total dividends and distributions		(0.54	)		(0.53	)		(1.49	)		(0.38	)		-			(0.03	)
Net asset value, end of period		$17.50			$17.30			$15.30			$15.54			$16.78			$15.45
Total Return(b):		4.24%			17.01%			8.41%			(5.33)%			8.61%			18.11%
Ratios/Supplemental Data:
Net assets, end of period (000)		$15,430			$14,517			$12,473			$12,025			$11,858			$10,416
Average net assets (000)		$15,504			$13,311			$12,092			$12,540			$11,625			$9,377
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(d)		1.46%			1.50%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		1.47%	(d)		1.60%			1.67%			1.63%			1.60%			1.62%
Net investment income (loss)		0.98%	(d)		(0.14%	)		(0.26)%			(0.28)%			(0.29)%			(0.10)%
Portfolio turnover rate		9%	(e)		23%			24%			44%			24%			23%

(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 the expenses of the underlying portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 77

Prudential Growth Allocation Fund

Financial Highlights (unaudited)(continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.91			$15.80			$16.01			$17.27			$15.90			$13.48
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.06			(0.04	)		0.04			0.04			0.06
Net realized and unrealized gain (loss) on investment transactions		0.67			2.65			1.40			(0.84	)		1.40			2.45
Total from investment operations		0.82			2.71			1.36			(0.80	)		1.44			2.51
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.14	)		(0.12	)		(0.31	)		(0.07	)		(0.09	)
Distributions from net realized gains		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-			-
Total dividends and distributions		(0.62	)		(0.60	)		(1.57	)		(0.46	)		(0.07	)		(0.09	)
Net asset value, end of period		$18.11			$17.91			$15.80			$16.01			$17.27			$15.90
Total Return(b):		4.53%			17.69%			8.91%			(4.85)%			9.07%			18.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$204			$29			$14			$3			$3			$3
Average net assets (000)		$192			$26			$8			$3			$3			$3
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.85%	(d)		0.96%			1.00%			1.00%			0.97%			1.00%
Expenses before waivers and/or expense reimbursement		8.10%	(d)		1.34%			1.42%			1.36%			1.31%			1.37%
Net investment income (loss)		1.66%	(d)		0.35%			(0.24)%			0.21%			0.25%			0.40%
Portfolio turnover rate		9%	(e)		23%			24%			44%			24%			23%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

78

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2018(a)			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.30			$16.14			$16.34			$17.61			$16.20			$13.73
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.14			0.13			0.15			0.11			0.13
Net realized and unrealized gain (loss) on investment transactions		0.69			2.70			1.33			(0.87	)		1.45			2.50
Total from investment operations		0.88			2.84			1.46			(0.72	)		1.56			2.63
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)		(0.22	)		(0.21	)		(0.40	)		(0.15	)		(0.16	)
Distributions from net realized gains		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-			-
Total dividends and distributions		(0.70	)		(0.68	)		(1.66	)		(0.55	)		(0.15	)		(0.16	)
Net asset value, end of period		$18.48			$18.30			$16.14			$16.34			$17.61			$16.20
Total Return(b):		4.81%			18.19%			9.39%			(4.36)%			9.64%			19.31%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,825			$2,211			$1,845			$1,573			$1,477			$989
Average net assets (000)		$2,868			$1,974			$1,794			$1,352			$1,278			$1,071
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.35%	(d)		0.46%			0.50%			0.50%			0.50%			0.50%
Expenses before waivers and/or expense reimbursement		0.87%	(d)		0.60%			0.67%			0.63%			0.60%			0.62%
Net investment income (loss)		2.01%	(d)		0.86%			0.81%			0.82%			0.62%			0.84%
Portfolio turnover rate		9%	(e)		23%			24%			44%			24%			23%

(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 portfolios in which the Fund invests.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Asset Allocation Funds 79

Prudential Growth Allocation Fund

Financial Highlights (unaudited) (continued)

Class Q Shares
	November 28, 2017(a) through March 31,
	2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$18.92
Income (loss) from investment operations:
Net investment income (loss)		0.18
Net realized and unrealized gain (loss) on investment transactions		0.06
Total from investment operations		0.24
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)
Distributions from net realized gains		(0.26	)
Total dividends and distributions		(0.70	)
Net asset value, end of period		$18.46
Total Return(c):		1.26%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)
Expenses before waivers and/or expense reimbursement		186.45%	(e)
Net investment income (loss)		2.88%	(e)
Portfolio turnover rate		9%	(f)

(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 portfolios in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

80

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Asset Allocation Funds, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL ASSET ALLOCATION FUNDS	NASDAQ	CUSIP		NASDAQ	CUSIP
Conservative Allocation (Class A)	JDUAX	74437E750	Moderate Allocation (Class R)	JMARX	74437E610
Conservative Allocation (Class B)	JDABX	74437E743	Moderate Allocation (Class Z)	JDMZX	74437E776
Conservative Allocation (Class C)	JDACX	74437E735	Moderate Allocation (Class Q)	JDTQX	74437E438
Conservative Allocation (Class R)	JDARX	74437E628	Growth Allocation (Class A)	JDAAX	74437E685
Conservative Allocation (Class Z)	JDAZX	74437E784	Growth Allocation (Class B)	JDGBX	74437E677
Conservative Allocation (Class Q)	JDAQX	74437E453	Growth Allocation (Class C)	JDGCX	74437E669
Moderate Allocation (Class A)	JDTAX	74437E727	Growth Allocation (Class R)	JGARX	74437E594
Moderate Allocation (Class B)	JDMBX	74437E719	Growth Allocation (Class Z)	JDGZX	74437E768
Moderate Allocation (Class C)	JDMCX	74437E693	Growth Allocation (Class Q)	JDGQX	74437E446

MF194E2

Item 2 –	Code of Ethics – Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

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

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

Item 12 – Exhibits

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

(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

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

SIGNATURES

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

Registrant:	The Prudential Investment Portfolios, Inc.
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	May 16, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	May 16, 2018
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	May 16, 2018