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:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	9/30/2019
Date of reporting period:	3/31/2019

Item 1 –  Reports to Stockholders

PGIM BALANCED FUND

(Formerly known as Prudential Balanced Fund)

SEMIANNUAL REPORT

MARCH 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. 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 QMA LLC, a wholly owned subsidiary of PGIM.^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Balanced Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

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

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Balanced Fund

May 15, 2019

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

PGIM Balanced Fund 5

Your Fund’s Performance(unaudited)

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

	Total Returns as of 3/31/19 (without sales charges)	Average Annual Total Returns as of 3/31/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–1.54	–1.55	5.20	10.06	—
Class B	–2.02	–1.75	5.41	9.88	—
Class C	–1.84	2.44	5.65	9.91	—
Class R	–1.80	3.58	6.08	10.38	—
Class Z	–1.34	4.43	6.71	11.02	—
Class R6**	–1.36	4.51	N/A	N/A	3.45 (11/28/17)
Customized Blend Index
	0.60	6.77	7.16	10.81	—
Bloomberg Barclays US Aggregate Bond Index
	4.63	4.48	2.74	3.77	—
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Mixed-Asset Target Allocation Growth Funds Average
	–1.17	3.25	5.56	10.54	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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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 R6**
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.

**Formerly known as Class Q shares.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 4.89%.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.56%.

PGIM Balanced Fund 7

Your Fund’s Performance(continued)

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.31%.

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%. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.53%.

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 3/31/19 (%)
Microsoft Corp.,Software	2.1
Apple, Inc.,Technology Hardware, Storage, & Peripherals	1.4
Facebook, Inc. (Class A Stock),Interactive Media & Services	1.1
Alphabet, Inc. (Class C Stock),Interactive Media & Services	1.1
Amazon.com, Inc.,Internet & Direct Marketing Retail	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 3/31/19 (%)
Software	4.0
Banks	3.8
Oil, Gas, & Consumable Fuels	3.2
Interactive Media & Services	2.9
Pharmaceuticals	2.5

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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Balanced Fund 9

Fees and Expenses(continued)

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

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

PGIM Balanced Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	984.60		1.00	%	$	4.95
	Hypothetical	$	1,000.00	$	1,019.95		1.00	%	$	5.04
Class B	Actual	$	1,000.00	$	979.80		2.10	%	$	10.37
	Hypothetical	$	1,000.00	$	1,014.46		2.10	%	$	10.55
Class C	Actual	$	1,000.00	$	981.60		1.75	%	$	8.65
	Hypothetical	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class R	Actual	$	1,000.00	$	982.00		1.63	%	$	8.05
	Hypothetical	$	1,000.00	$	1,016.80		1.63	%	$	8.20
Class Z	Actual	$	1,000.00	$	986.60		0.77	%	$	3.81
	Hypothetical	$	1,000.00	$	1,021.09		0.77	%	$	3.88
Class R6**	Actual	$	1,000.00	$	986.40		0.65	%	$	3.22
	Hypothetical	$	1,000.00	$	1,021.69		0.65	%	$	3.28

*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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments(unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    96.9%
COMMON STOCKS    60.5%
Aerospace & Defense    1.5%
AAR Corp.		5,100	$	165,801
Airbus SE (France)		1,285		170,464
Arconic, Inc.		39,200		749,112
BAE Systems PLC (United Kingdom)		7,092		44,630
Dassault Aviation SA (France)		6		8,873
Elbit Systems Ltd. (Israel)		61		7,871
General Dynamics Corp.		7,100		1,201,888
Leonardo SpA (Italy)		960		11,191
Lockheed Martin Corp.		6,500		1,951,040
Meggitt PLC (United Kingdom)		1,812		11,891
Moog, Inc. (Class A Stock)		1,400		121,730
MTU Aero Engines AG (Germany)		121		27,459
Raytheon Co.		5,500		1,001,440
Rolls-Royce Holdings PLC (United Kingdom)*		3,746		44,126
Safran SA (France)		736		101,105
Singapore Technologies Engineering Ltd. (Singapore)		3,100		8,563
Spirit AeroSystems Holdings, Inc. (Class A Stock)		16,700		1,528,551
Thales SA (France)		231		27,711
United Technologies Corp.		16,700		2,152,463
Vectrus, Inc.*		5,400		143,586
Wesco Aircraft Holdings, Inc.*		4,000		35,160
				9,514,655
Air Freight & Logistics    0.1%
Bollore SA (France)		1,864		8,429
Deutsche Post AG (Germany)		2,184		71,128
Hub Group, Inc. (Class A Stock)*		3,300		134,805
Radiant Logistics, Inc.*		16,100		101,430
Royal Mail PLC (United Kingdom)		1,955		6,071
SG Holdings Co. Ltd. (Japan)		200		5,825
United Parcel Service, Inc. (Class B Stock)		5,100		569,874
Yamato Holdings Co. Ltd. (Japan)		700		18,100
				915,662
Airlines    0.3%
ANA Holdings, Inc. (Japan)		230		8,434
Deutsche Lufthansa AG (Germany)		502		11,047
easyJet PLC (United Kingdom)		338		4,926
Japan Airlines Co. Ltd. (Japan)		300		10,564

See Notes to Financial Statements.

PGIM Balanced Fund 11

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Airlines (cont’d.)
Singapore Airlines Ltd. (Singapore)		1,200	$	8,569
Southwest Airlines Co.		36,800		1,910,288
				1,953,828
Auto Components    0.1%
Aisin Seiki Co. Ltd. (Japan)		350		12,497
American Axle & Manufacturing Holdings, Inc.*		10,700		153,117
Bridgestone Corp. (Japan)		1,360		52,434
Cie Generale des Etablissements Michelin SCA (France)		377		44,659
Continental AG (Germany)		243		36,592
Dana, Inc.		10,600		188,044
Denso Corp. (Japan)		950		37,040
Faurecia SA (France)		189		7,967
Koito Manufacturing Co. Ltd. (Japan)		200		11,338
Minth Group Ltd. (China)		2,000		6,330
NGK Spark Plug Co. Ltd. (Japan)		400		7,425
Nokian Renkaat OYJ (Finland)		253		8,478
Pirelli & C SpA (Italy), 144A*		811		5,228
Stanley Electric Co. Ltd. (Japan)		300		8,071
Sumitomo Electric Industries Ltd. (Japan)		1,700		22,555
Sumitomo Rubber Industries Ltd. (Japan)		400		4,792
Superior Industries International, Inc.		1,800		8,568
Tenneco, Inc. (Class A Stock)		5,200		115,232
Tower International, Inc.		300		6,309
Toyoda Gosei Co. Ltd. (Japan)		150		3,179
Toyota Industries Corp. (Japan)		350		17,561
Valeo SA (France)		510		14,825
Yokohama Rubber Co. Ltd. (The) (Japan)		300		5,570
				777,811
Automobiles    0.5%
Bayerische Motoren Werke AG (Germany)		735		56,759
Daimler AG (Germany)		2,007		117,879
Ferrari NV (Italy)		271		36,445
Fiat Chrysler Automobiles NV (United Kingdom)*		2,396		35,742
General Motors Co.		60,500		2,244,550
Honda Motor Co. Ltd. (Japan)		3,600		97,403
Isuzu Motors Ltd. (Japan)		1,250		16,446
Mazda Motor Corp. (Japan)		1,360		15,208
Mitsubishi Motors Corp. (Japan)		1,470		7,817
Nissan Motor Co. Ltd. (Japan)		5,100		41,823
Peugeot SA (France)		1,279		31,278
Renault SA (France)		440		29,170

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles (cont’d.)
Subaru Corp. (Japan)		1,400	$	31,902
Suzuki Motor Corp. (Japan)		800		35,359
Toyota Motor Corp. (Japan)		5,054		296,283
Volkswagen AG (Germany)		72		11,736
Yamaha Motor Co. Ltd. (Japan)		600		11,770
				3,117,570
Banks    3.8%
ABN AMRO Group NV (Netherlands), CVA, 144A		901		20,341
AIB Group PLC (Ireland)		1,970		8,853
Aozora Bank Ltd. (Japan)		260		6,414
Australia & New Zealand Banking Group Ltd. (Australia)		6,362		117,623
BancFirst Corp.		500		26,075
Banco Bilbao Vizcaya Argentaria SA (Spain)		14,720		84,331
Banco de Sabadell SA (Spain)		12,767		12,735
Banco Santander SA (Spain)		35,843		167,289
Bancorp, Inc. (The)*		7,600		61,408
Bank Hapoalim BM (Israel)		2,274		15,064
Bank LeumiLe-Israel BM (Israel)		3,396		22,161
Bank of America Corp.		192,200		5,302,798
Bank of East Asia Ltd. (The) (Hong Kong)		3,200		10,403
Bank of Ireland Group PLC (Ireland)		2,128		12,683
Bank of Kyoto Ltd. (The) (Japan)		120		5,018
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		3,300		118,404
Bank of Queensland Ltd. (Australia)		843		5,450
Bankia SA (Spain)		3,007		7,801
Bankinter SA (Spain)		1,436		10,951
Barclays PLC (United Kingdom)		37,818		76,243
Bendigo & Adelaide Bank Ltd. (Australia)		1,072		7,365
BNP Paribas SA (France)		2,483		118,977
BOC Hong Kong Holdings Ltd. (China)		8,500		35,215
CaixaBank SA (Spain)		8,246		25,837
Chemical Financial Corp.		2,900		119,364
Chiba Bank Ltd. (The) (Japan)		1,500		8,145
Citigroup, Inc.		61,470		3,824,663
Civista Bancshares, Inc.		1,600		34,928
Commerzbank AG (Germany)*		2,137		16,601
Commonwealth Bank of Australia (Australia)		3,908		196,041
Community Trust Bancorp, Inc.		300		12,318
Concordia Financial Group Ltd. (Japan)		2,400		9,257
ConnectOne Bancorp, Inc.		1,400		27,580
Credit Agricole SA (France)		2,531		30,615
Customers Bancorp, Inc.*		2,800		51,268
Danske Bank A/S (Denmark)		1,559		27,407

See Notes to Financial Statements.

PGIM Balanced Fund 13

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
DBS Group Holdings Ltd. (Singapore)		4,013	$	74,920
DNB ASA (Norway)		2,181		40,230
Enterprise Financial Services Corp.		600		24,462
Erste Group Bank AG (Austria)		654		24,074
Farmers National Banc Corp.		2,400		33,096
Fifth Third Bancorp		11,500		290,030
Financial Institutions, Inc.		5,500		149,490
First BanCorp. (Puerto Rico)		24,300		278,478
First Bancorp/Southern Pines NC		700		24,332
First Financial Corp.		1,000		42,000
First Midwest Bancorp, Inc.		5,600		114,576
Flushing Financial Corp.		1,300		28,509
Fukuoka Financial Group, Inc. (Japan)		340		7,551
Great Western Bancorp, Inc.		1,600		50,544
Hancock Whitney Corp.		5,200		210,080
Hang Seng Bank Ltd. (Hong Kong)		1,700		42,035
Hilltop Holdings, Inc.		7,600		138,700
HSBC Holdings PLC (United Kingdom)		44,445		360,767
IBERIABANK Corp.		2,900		207,959
Independent Bank Group, Inc.		400		20,516
ING Groep NV (Netherlands)		8,591		104,141
International Bancshares Corp.		1,900		72,257
Intesa Sanpaolo SpA (Italy)		32,855		80,129
Japan Post Bank Co. Ltd. (Japan)		1,000		10,913
JPMorgan Chase & Co.		57,530		5,823,762
KBC Group NV (Belgium)		546		38,227
KeyCorp		47,000		740,250
Lloyds Banking Group PLC (United Kingdom)		157,080		127,390
Mebuki Financial Group, Inc. (Japan)		1,804		4,610
Mediobanca Banca di Credito Finanziario SpA (Italy)		1,374		14,310
Metropolitan Bank Holding Corp.*		1,700		59,143
MidWestOne Financial Group, Inc.		3,200		87,200
Mitsubishi UFJ Financial Group, Inc. (Japan)		25,900		128,299
Mizrahi Tefahot Bank Ltd. (Israel)		326		6,703
Mizuho Financial Group, Inc. (Japan)		53,260		82,397
National Australia Bank Ltd. (Australia)		6,036		108,341
Nordea Bank Abp (Finland)		6,738		51,364
OFG Bancorp (Puerto Rico)		6,400		126,656
Old Second Bancorp, Inc.		2,700		33,993
Oversea-Chinese Banking Corp. Ltd. (Singapore)		7,053		57,503
Pacific City Financial Corp.		800		13,960
Peapack Gladstone Financial Corp.		1,500		39,330
Peoples Bancorp, Inc.		1,200		37,164
Popular, Inc. (Puerto Rico)		7,300		380,549

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
QCR Holdings, Inc.		1,700	$	57,664
Raiffeisen Bank International AG (Austria)		356		8,010
RBB Bancorp		1,000		18,800
Renasant Corp.		500		16,925
Republic Bancorp, Inc. (Class A Stock)		500		22,360
Resona Holdings, Inc. (Japan)		4,500		19,471
Royal Bank of Scotland Group PLC (United Kingdom)		10,639		34,295
Seven Bank Ltd. (Japan)		1,200		3,544
Shinsei Bank Ltd. (Japan)*		320		4,545
Shizuoka Bank Ltd. (The) (Japan)		900		6,847
Simmons First National Corp. (Class A Stock)		4,600		112,608
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		3,593		31,139
Societe Generale SA (France)		1,739		50,364
Southern National Bancorp of Virginia, Inc.		4,100		60,065
Standard Chartered PLC (United Kingdom)		6,206		47,814
Sumitomo Mitsui Financial Group, Inc. (Japan)		3,017		105,483
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		718		25,798
Svenska Handelsbanken AB (Sweden) (Class A Stock)		3,322		35,068
Swedbank AB (Sweden) (Class A Stock)		1,999		28,264
UniCredit SpA (Italy)		4,452		57,169
United Community Banks, Inc.		4,000		99,720
United Overseas Bank Ltd. (Singapore)		2,986		55,484
Univest Financial Corp.		2,200		53,812
Wells Fargo & Co.		52,300		2,527,136
WesBanco, Inc.		300		11,925
Westpac Banking Corp. (Australia)		7,583		139,448
Yamaguchi Financial Group, Inc. (Japan)		400		3,381
				24,665,705
Beverages    1.4%
Anheuser-Busch InBev SA/NV (Belgium)		1,682		141,491
Asahi Group Holdings Ltd. (Japan)		800		35,640
Carlsberg A/S (Denmark) (Class B Stock)		245		30,648
Coca-Cola Amatil Ltd. (Australia)		1,132		6,953
Coca-Cola Bottlers Japan Holdings, Inc. (Japan)		300		7,593
Coca-Cola Co. (The)		54,100		2,535,126
Coca-Cola Consolidated, Inc.		50		14,392
Coca-Cola European Partners PLC (United Kingdom)		465		24,059
Coca-Cola HBC AG (Switzerland)*		465		15,833
Davide Campari-Milano SpA (Italy)		1,374		13,499
Diageo PLC (United Kingdom)		5,377		219,883
Heineken Holding NV (Netherlands)		267		26,779
Heineken NV (Netherlands)		575		60,724
Keurig Dr. Pepper, Inc.		47,700		1,334,169

See Notes to Financial Statements.

PGIM Balanced Fund 15

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages (cont’d.)
Kirin Holdings Co. Ltd. (Japan)		1,800	$	42,920
Monster Beverage Corp.*		4,500		245,610
National Beverage Corp.		3,100		178,963
PepsiCo, Inc.		34,300		4,203,465
Pernod Ricard SA (France)		469		84,270
Remy Cointreau SA (France)		48		6,403
Suntory Beverage & Food Ltd. (Japan)		300		14,074
Treasury Wine Estates Ltd. (Australia)		1,530		16,232
				9,258,726
Biotechnology    1.9%
AbbVie, Inc.		1,500		120,885
ACADIA Pharmaceuticals, Inc.*		3,000		80,550
Acorda Therapeutics, Inc.*		9,600		127,584
Albireo Pharma, Inc.*		1,200		38,652
Alexion Pharmaceuticals, Inc.*		5,300		716,454
AMAG Pharmaceuticals, Inc.*		1,600		20,608
Arena Pharmaceuticals, Inc.*		400		17,932
Audentes Therapeutics, Inc.*		500		19,510
BeiGene Ltd. (China), ADR*		71		9,372
Biogen, Inc.*		7,700		1,820,126
BioSpecifics Technologies Corp.*		1,900		118,427
Blueprint Medicines Corp.*		700		56,035
Celgene Corp.*		32,800		3,094,352
Concert Pharmaceuticals, Inc.*		3,600		43,452
CSL Ltd. (Australia)		1,000		138,875
Emergent BioSolutions, Inc.*		3,500		176,820
Genmab A/S (Denmark)*		143		24,842
Genomic Health, Inc.*		3,300		231,165
Gilead Sciences, Inc.		40,100		2,606,901
Grifols SA (Spain)		635		17,818
Jounce Therapeutics, Inc.*		13,900		86,180
Karyopharm Therapeutics, Inc.*		1,600		9,344
MacroGenics, Inc.*		1,700		30,566
Myriad Genetics, Inc.*		5,500		182,600
OPKO Health, Inc.*		21,800		56,898
PDL BioPharma, Inc.*		13,500		50,220
PTC Therapeutics, Inc.*		800		30,112
Repligen Corp.*		3,300		194,964
Retrophin, Inc.*		6,400		144,832
Vanda Pharmaceuticals, Inc.*		7,300		134,320

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Veracyte, Inc.*		5,300	$	132,606
Vertex Pharmaceuticals, Inc.*		7,900		1,453,205
				11,986,207
Building Products    0.2%
AGC, Inc. (Japan)		440		15,406
Apogee Enterprises, Inc.		2,000		74,980
Armstrong World Industries, Inc.		2,400		190,608
Assa Abloy AB (Sweden) (Class B Stock)		2,213		47,830
Builders FirstSource, Inc.*		2,400		32,016
Cie de Saint-Gobain (France)		1,098		39,911
Continental Building Products, Inc.*		5,000		123,950
Daikin Industries Ltd. (Japan)		530		62,224
Geberit AG (Switzerland)		81		33,168
Griffon Corp.		1,400		25,872
Kingspan Group PLC (Ireland)		331		15,329
LIXIL Group Corp. (Japan)		600		8,001
NCI Building Systems, Inc.*		16,500		101,640
Resideo Technologies, Inc.*		30,683		591,875
TOTO Ltd. (Japan)		350		14,844
Universal Forest Products, Inc.		5,400		161,406
				1,539,060
Capital Markets    1.3%
3i Group PLC (United Kingdom)		2,238		28,725
Ameriprise Financial, Inc.		15,400		1,972,740
Amundi SA (France), 144A		134		8,448
ASX Ltd. (Australia)		416		20,643
BrightSphere Investment Group PLC		8,500		115,260
Credit Suisse Group AG (Switzerland)*		5,733		66,932
Daiwa Securities Group, Inc. (Japan)		3,500		17,050
Deutsche Bank AG (Germany)		4,334		35,386
Deutsche Boerse AG (Germany)		420		53,953
Donnelley Financial Solutions, Inc.*		3,900		58,032
GAMCO Investors, Inc. (Class A Stock)		300		6,150
Goldman Sachs Group, Inc. (The)		11,300		2,169,487
Greenhill & Co., Inc.		1,100		23,661
Hargreaves Lansdown PLC (United Kingdom)		653		15,860
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2,700		94,368
Houlihan Lokey, Inc.		2,400		110,040
INTL. FCStone, Inc.*		900		34,884
Investec PLC (South Africa)		1,426		8,230
Japan Exchange Group, Inc. (Japan)		1,100		19,620

See Notes to Financial Statements.

PGIM Balanced Fund 17

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Julius Baer Group Ltd. (Switzerland)*		523	$	21,147
London Stock Exchange Group PLC (United Kingdom)		692		42,884
LPL Financial Holdings, Inc.		5,100		355,215
Macquarie Group Ltd. (Australia)		726		66,695
Morgan Stanley		56,800		2,396,960
Natixis SA (France)		2,197		11,778
Nomura Holdings, Inc. (Japan)		7,900		28,453
Partners Group Holding AG (Switzerland)		40		29,092
SBI Holdings, Inc. (Japan)		580		12,942
Schroders PLC (United Kingdom)		293		10,327
Singapore Exchange Ltd. (Singapore)		2,000		10,802
St. James’s Place PLC (United Kingdom)		1,252		16,789
Stifel Financial Corp.		1,900		100,244
UBS Group AG (Switzerland)*		8,482		103,007
				8,065,804
Chemicals    1.0%
Air Liquide SA (France)		946		120,424
Air Water, Inc. (Japan)		300		4,350
Akzo Nobel NV (Netherlands)		488		43,317
Arkema SA (France)		162		15,449
Asahi Kasei Corp. (Japan)		2,900		29,948
BASF SE (Germany)		2,028		149,499
Chr Hansen Holding A/S (Denmark)		211		21,349
Clariant AG (Switzerland)*		461		9,690
Covestro AG (Germany), 144A		448		24,714
Croda International PLC (United Kingdom)		304		19,986
Daicel Corp. (Japan)		600		6,515
EMS-Chemie Holding AG (Switzerland)		19		10,332
Evonik Industries AG (Germany)		357		9,772
Givaudan SA (Switzerland)		21		53,864
Hitachi Chemical Co. Ltd. (Japan)		200		4,418
Huntsman Corp.		41,900		942,331
Incitec Pivot Ltd. (Australia)		3,496		7,737
Ingevity Corp.*		900		95,049
Innospec, Inc.		200		16,670
Israel Chemicals Ltd. (Israel)		1,407		7,321
Johnson Matthey PLC (United Kingdom)		451		18,477
JSR Corp. (Japan)		450		6,976
Kaneka Corp. (Japan)		100		3,747
Kansai Paint Co. Ltd. (Japan)		400		7,616
Koninklijke DSM NV (Netherlands)		395		43,143
Kraton Corp.*		800		25,744
Kuraray Co. Ltd. (Japan)		700		8,909

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
LANXESS AG (Germany)		207	$	11,087
LyondellBasell Industries NV (Class A Stock)		22,200		1,866,576
Mitsubishi Chemical Holdings Corp. (Japan)		2,800		19,723
Mitsubishi Gas Chemical Co., Inc. (Japan)		350		4,998
Mitsui Chemicals, Inc. (Japan)		400		9,658
Mosaic Co. (The)		48,100		1,313,611
Nippon Paint Holdings Co. Ltd. (Japan)		350		13,777
Nissan Chemical Corp. (Japan)		300		13,744
Nitto Denko Corp. (Japan)		330		17,356
Novozymes A/S (Denmark) (Class B Stock)		476		21,945
Olin Corp.		23,500		543,790
OMNOVA Solutions, Inc.*		2,100		14,742
Orica Ltd. (Australia)		805		10,077
PolyOne Corp.		1,800		52,758
Rayonier Advanced Materials, Inc.		4,300		58,308
Shin-Etsu Chemical Co. Ltd. (Japan)		790		66,317
Showa Denko KK (Japan)		300		10,590
Sika AG (Switzerland)		292		41,000
Solvay SA (Belgium)		158		17,134
Stepan Co.		1,500		131,280
Sumitomo Chemical Co. Ltd. (Japan)		3,500		16,289
Symrise AG (Germany)		275		24,872
Taiyo Nippon Sanso Corp. (Japan)		300		4,567
Teijin Ltd. (Japan)		380		6,269
Toray Industries, Inc. (Japan)		3,000		19,153
Tosoh Corp. (Japan)		600		9,323
Trinseo SA		4,300		194,790
Umicore SA (Belgium)		446		19,862
Yara International ASA (Norway)		378		15,503
				6,256,446
Commercial Services & Supplies    0.1%
ACCO Brands Corp.		2,000		17,120
Babcock International Group PLC (United Kingdom)		674		4,338
Brambles Ltd. (Australia)		3,518		29,394
CECO Environmental Corp.*		6,000		43,200
Dai Nippon Printing Co. Ltd. (Japan)		550		13,162
Deluxe Corp.		3,600		157,392
Edenred (France)		531		24,214
G4S PLC (United Kingdom)		3,243		7,757
Herman Miller, Inc.		3,800		133,684
ISS A/S (Denmark)		342		10,424
Knoll, Inc.		2,700		51,057
Park24 Co. Ltd. (Japan)		300		6,513

See Notes to Financial Statements.

PGIM Balanced Fund 19

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
Pitney Bowes, Inc.		7,000	$	48,090
Quad/Graphics, Inc.		4,800		57,120
RR Donnelley & Sons Co.		8,700		41,064
Secom Co. Ltd. (Japan)		450		38,544
Securitas AB (Sweden) (Class B Stock)		701		11,334
Societe BIC SA (France)		55		4,902
Sohgo Security Services Co. Ltd. (Japan)		150		6,530
SP Plus Corp.*		1,300		44,356
Steelcase, Inc. (Class A Stock)		4,100		59,655
Toppan Printing Co. Ltd. (Japan)		550		8,309
				818,159
Communications Equipment    1.1%
Acacia Communications, Inc.*		2,900		166,315
Arista Networks, Inc.*		1,800		566,028
Ciena Corp.*		1,500		56,010
Cisco Systems, Inc.		102,000		5,506,980
CommScope Holding Co., Inc.*		24,300		528,039
NetScout Systems, Inc.*		4,500		126,315
Nokia OYJ (Finland)		12,442		70,836
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)		6,816		62,778
Viavi Solutions, Inc.*		1,200		14,856
				7,098,157
Construction & Engineering    0.3%
ACS Actividades de Construccion y Servicios SA (Spain)		548		24,097
Arcosa, Inc.		133		4,063
Bouygues SA (France)		467		16,728
CIMIC Group Ltd. (Australia)		227		7,779
Comfort Systems USA, Inc.		700		36,673
Eiffage SA (France)		170		16,350
EMCOR Group, Inc.		3,300		241,164
Ferrovial SA (Spain)		1,109		26,004
Fluor Corp.		12,900		474,720
HOCHTIEF AG (Germany)		46		6,677
JGC Corp. (Japan)		500		6,647
Kajima Corp. (Japan)		1,000		14,774
KBR, Inc.		1,800		34,362
Obayashi Corp. (Japan)		1,500		15,106
Quanta Services, Inc.		18,900		713,286
Shimizu Corp. (Japan)		1,200		10,432
Skanska AB (Sweden) (Class B Stock)		798		14,486

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Construction & Engineering (cont’d.)
Taisei Corp. (Japan)		430	$	19,975
Vinci SA (France)		1,121		109,214
				1,792,537
Construction Materials    0.1%
Boral Ltd. (Australia)		2,497		8,152
CRH PLC (Ireland)		1,828		56,790
Fletcher Building Ltd. (New Zealand)		1,717		5,784
HeidelbergCement AG (Germany)		330		23,812
Imerys SA (France)		75		3,751
James Hardie Industries PLC (Ireland)		964		12,414
LafargeHolcim Ltd. (Switzerland)*		1,081		53,536
Taiheiyo Cement Corp. (Japan)		250		8,338
United States Lime & Minerals, Inc.		300		23,136
Vulcan Materials Co.		2,300		272,320
				468,033
Consumer Finance    0.5%
Acom Co. Ltd. (Japan)		700		2,499
AEON Financial Service Co. Ltd. (Japan)		300		6,108
Capital One Financial Corp.		26,100		2,132,109
Credit Saison Co. Ltd. (Japan)		300		3,959
Navient Corp.		22,600		261,482
OneMain Holdings, Inc.		17,200		546,100
				2,952,257
Containers & Packaging    0.1%
Amcor Ltd. (Australia)		2,578		28,177
Greif, Inc. (Class A Stock)		4,200		173,250
Packaging Corp. of America		1,800		178,884
Smurfit Kappa Group PLC (Ireland)		508		14,217
Toyo Seikan Group Holdings Ltd. (Japan)		300		6,146
				400,674
Distributors    0.5%
Core-Mark Holding Co., Inc.		5,100		189,363
Genuine Parts Co.		17,800		1,994,134
Jardine Cycle & Carriage Ltd. (Singapore)		200		4,803
LKQ Corp.*		27,300		774,774
				2,963,074

See Notes to Financial Statements.

PGIM Balanced Fund 21

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Consumer Services    0.1%
Adtalem Global Education, Inc.*		3,900	$	180,648
American Public Education, Inc.*		200		6,024
Benesse Holdings, Inc. (Japan)		150		3,892
Career Education Corp.*		1,000		16,520
Carriage Services, Inc.		4,800		92,400
Laureate Education, Inc. (Class A Stock)*		10,900		163,173
				462,657
Diversified Financial Services    0.7%
AMP Ltd. (Australia)		6,215		9,266
AXA Equitable Holdings, Inc.		8,900		179,246
Berkshire Hathaway, Inc. (Class B Stock)*		18,900		3,796,821
Challenger Ltd. (Australia)		1,432		8,423
Eurazeo SE (France)		119		8,953
EXOR NV (Netherlands)		227		14,781
FGL Holdings		3,300		25,971
Groupe Bruxelles Lambert SA (Belgium)		172		16,740
Industrivarden AB (Sweden) (Class C Stock)		418		8,772
Investor AB (Sweden) (Class B Stock)		1,006		45,345
Kinnevik AB (Sweden) (Class B Stock)		551		14,287
L E Lundbergforetagen AB (Sweden) (Class B Stock)		146		4,624
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		900		4,591
ORIX Corp. (Japan)		2,940		42,196
Pargesa Holding SA (Switzerland)		80		6,274
Standard Life Aberdeen PLC (United Kingdom)		5,524		19,017
Tokyo Century Corp. (Japan)		100		4,350
Wendel SA (France)		68		8,574
				4,218,231
Diversified Telecommunication Services    1.5%
AT&T, Inc.		121,100		3,797,696
ATN International, Inc.		2,100		118,419
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		3,777		2,710
BT Group PLC (United Kingdom)		19,059		55,431
CenturyLink, Inc.		26,700		320,133
Deutsche Telekom AG (Germany)		7,358		122,324
Elisa OYJ (Finland)		302		13,631
HKT Trust & HKT Ltd. (Hong Kong) (Class SS Stock)		8,720		14,026
Iliad SA (France)		54		5,435
Koninklijke KPN NV (Netherlands)		7,679		24,360
Nippon Telegraph & Telephone Corp. (Japan)		1,400		59,460
Orange SA (France)		4,479		72,991
PCCW Ltd. (Hong Kong)		11,400		7,097

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services (cont’d.)
Proximus SADP (Belgium)		386	$	11,155
Singapore Telecommunications Ltd. (Singapore)		18,300		40,824
Spark New Zealand Ltd. (New Zealand)		4,381		11,341
Swisscom AG (Switzerland)		58		28,420
Telecom Italia SpA (Italy)*		26,019		16,218
Telecom Italia SpA (Italy), RSP		12,084		6,883
Telefonica Deutschland Holding AG (Germany)		1,630		5,127
Telefonica SA (Spain)		10,316		86,555
Telenor ASA (Norway)		1,590		31,868
Telia Co. AB (Sweden)		6,479		29,255
Telstra Corp. Ltd. (Australia)		9,013		21,237
TPG Telecom Ltd. (Australia)		988		4,865
United Internet AG (Germany)		254		9,292
Verizon Communications, Inc.		84,950		5,023,094
				9,939,847
Electric Utilities    0.9%
AusNet Services (Australia)		3,660		4,610
Chubu Electric Power Co., Inc. (Japan)		1,300		20,293
Chugoku Electric Power Co., Inc. (The) (Japan)		600		7,480
CK Infrastructure Holdings Ltd. (Hong Kong)		1,300		10,684
CLP Holdings Ltd. (Hong Kong)		3,500		40,572
EDP - Energias de Portugal SA (Portugal)		5,736		22,536
Electricite de France SA (France)		1,410		19,280
Endesa SA (Spain)		691		17,636
Enel SpA (Italy)		17,955		115,167
Eversource Energy		13,200		936,540
Exelon Corp.		50,800		2,546,604
Fortum OYJ (Finland)		1,044		21,371
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)		5,500		5,627
Iberdrola SA (Spain)		13,715		120,386
Kansai Electric Power Co., Inc. (The) (Japan)		1,600		23,593
Kyushu Electric Power Co., Inc. (Japan)		800		9,441
MGE Energy, Inc.		1,000		67,970
Orsted A/S (Denmark), 144A		418		31,724
Portland General Electric Co.		4,800		248,832
Power Assets Holdings Ltd. (Hong Kong)		3,000		20,827
Red Electrica Corp. SA (Spain)		956		20,372
Southern Co. (The)		28,600		1,478,048
SSE PLC (United Kingdom)		2,266		35,043
Terna Rete Elettrica Nazionale SpA (Italy)		3,106		19,719
Tohoku Electric Power Co., Inc. (Japan)		900		11,472

See Notes to Financial Statements.

PGIM Balanced Fund 23

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont’d.)
Tokyo Electric Power Co. Holdings, Inc. (Japan)*		3,100	$	19,600
Verbund AG (Austria)		147		7,044
				5,882,471
Electrical Equipment    0.1%
ABB Ltd. (Switzerland)		4,068		76,630
Atkore International Group, Inc.*		7,200		155,016
Encore Wire Corp.		2,200		125,884
Fuji Electric Co. Ltd. (Japan)		300		8,514
Legrand SA (France)		589		39,486
Melrose Industries PLC (United Kingdom)		10,778		25,761
Mitsubishi Electric Corp. (Japan)		4,000		51,415
Nidec Corp. (Japan)		500		63,409
OSRAM Licht AG (Germany)		239		8,261
Prysmian SpA (Italy)		529		10,023
Schneider Electric SE (France)		1,214		95,348
Siemens Gamesa Renewable Energy SA (Spain)*		466		7,435
Vestas Wind Systems A/S (Denmark)		437		36,809
				703,991
Electronic Equipment, Instruments & Components    0.6%
Alps Alpine Co. Ltd. (Japan)		500		10,441
Anixter International, Inc.*		3,500		196,385
AVX Corp.		4,000		69,360
CDW Corp.		18,800		1,811,756
Hamamatsu Photonics KK (Japan)		300		11,614
Hexagon AB (Sweden) (Class B Stock)		575		30,073
Hirose Electric Co. Ltd. (Japan)		73		7,661
Hitachi High-Technologies Corp. (Japan)		150		6,135
Hitachi Ltd. (Japan)		2,140		69,300
Ingenico Group SA (France)		144		10,294
Insight Enterprises, Inc.*		1,700		93,602
Keyence Corp. (Japan)		215		134,247
Keysight Technologies, Inc.*		5,200		453,440
Kyocera Corp. (Japan)		740		43,456
Murata Manufacturing Co. Ltd. (Japan)		1,140		56,863
Nippon Electric Glass Co. Ltd. (Japan)		180		4,780
Omron Corp. (Japan)		400		18,718
Sanmina Corp.*		4,700		135,595
ScanSource, Inc.*		4,300		154,026
Shimadzu Corp. (Japan)		500		14,492
SYNNEX Corp.		2,500		238,475
TDK Corp. (Japan)		280		21,988

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Tech Data Corp.*		2,000	$	204,820
Venture Corp. Ltd. (Singapore)		600		7,961
Yaskawa Electric Corp. (Japan)		600		18,866
Yokogawa Electric Corp. (Japan)		500		10,349
				3,834,697
Energy Equipment & Services    0.1%
Archrock, Inc.		15,800		154,524
C&J Energy Services, Inc.*		3,600		55,872
Exterran Corp.*		800		13,480
John Wood Group PLC (United Kingdom)		1,443		9,549
Mammoth Energy Services, Inc.		5,000		83,250
Matrix Service Co.*		7,700		150,766
Superior Energy Services, Inc.*		22,200		103,674
TechnipFMC PLC (United Kingdom)		6,700		157,584
Tenaris SA (Luxembourg)		1,094		15,432
Unit Corp.*		6,300		89,712
WorleyParsons Ltd. (Australia)		694		6,967
				840,810
Entertainment    0.9%
DeNA Co. Ltd. (Japan)		200		3,006
Konami Holdings Corp. (Japan)		200		8,678
Marcus Corp. (The)		4,300		172,215
Nexon Co. Ltd. (Japan)*		1,100		17,237
Nintendo Co. Ltd. (Japan)		250		71,281
Toho Co. Ltd. (Japan)		300		12,042
Ubisoft Entertainment SA (France)*		177		15,791
Viacom, Inc. (Class B Stock)		45,100		1,265,957
Vivendi SA (France)		2,305		66,837
Walt Disney Co. (The)		34,800		3,863,844
				5,496,888
Equity Real Estate Investment Trusts (REITs)    1.6%
American Assets Trust, Inc.		3,300		151,338
American Tower Corp.		14,500		2,857,370
Apple Hospitality REIT, Inc.		77,200		1,258,360
Armada Hoffler Properties, Inc.		5,800		90,422
Ascendas Real Estate Investment Trust (Singapore)		5,700		12,242
Ashford Hospitality Trust, Inc.		5,000		23,750
British Land Co. PLC (The) (United Kingdom)		1,998		15,338
CapitaLand Commercial Trust (Singapore)		5,464		7,826

See Notes to Financial Statements.

PGIM Balanced Fund 25

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
CapitaLand Mall Trust (Singapore)		5,400	$	9,483
Chatham Lodging Trust		800		15,392
Chesapeake Lodging Trust		4,400		122,364
CoreCivic, Inc.		28,500		554,325
Cousins Properties, Inc.		4,700		45,402
Covivio (France)		112		11,895
Daiwa House REIT Investment Corp. (Japan)		4		8,870
Dexus (Australia)		2,223		20,113
DiamondRock Hospitality Co.		18,700		202,521
Empire State Realty Trust, Inc. (Class A Stock)		5,500		86,900
Franklin Street Properties Corp.		17,900		128,701
Gecina SA (France)		97		14,360
GEO Group, Inc. (The)		10,900		209,280
Gladstone Commercial Corp.		2,300		47,771
Goodman Group (Australia)		3,604		34,165
GPT Group (The) (Australia)		4,157		18,326
Hammerson PLC (United Kingdom)		1,610		7,048
Host Hotels & Resorts, Inc.		90,700		1,714,230
ICADE (France)		67		5,679
InfraREIT, Inc.*		1,300		27,261
Japan Prime Realty Investment Corp. (Japan)		2		8,236
Japan Real Estate Investment Corp. (Japan)		3		17,681
Japan Retail Fund Investment Corp. (Japan)		6		12,058
Klepierre SA (France)		445		15,588
Land Securities Group PLC (United Kingdom)		1,579		18,795
Lexington Realty Trust		5,900		53,454
Link REIT (Hong Kong)		4,500		52,663
Mirvac Group (Australia)		8,115		15,836
Nippon Building Fund, Inc. (Japan)		3		20,306
Nippon Prologis REIT, Inc. (Japan)		4		8,514
Nomura Real Estate Master Fund, Inc. (Japan)		8		11,775
Outfront Media, Inc.		6,000		140,400
Park Hotels & Resorts, Inc.		3,000		93,240
Pebblebrook Hotel Trust		2,900		90,074
RLJ Lodging Trust		10,900		191,513
Ryman Hospitality Properties, Inc.		2,700		222,048
Scentre Group (Australia)		12,135		35,397
Segro PLC (United Kingdom)		2,394		21,008
Spirit MTA REIT		5,230		33,943
Spirit Realty Capital, Inc.		24,480		972,590
Stockland (Australia)		5,291		14,464
Suntec Real Estate Investment Trust (Singapore)		5,100		7,348
Unibail-Rodamco-Westfield (France)		301		49,331
United Urban Investment Corp. (Japan)		6		9,473

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Vicinity Centres (Australia)		6,933	$	12,804
Xenia Hotels & Resorts, Inc.		10,000		219,100
				10,048,371
Food & Staples Retailing    0.6%
Aeon Co. Ltd. (Japan)		1,400		29,344
Carrefour SA (France)		1,307		24,469
Casino Guichard Perrachon SA (France)		107		4,647
Coles Group Ltd. (Australia)*		2,466		20,643
Colruyt SA (Belgium)		134		9,895
Dairy Farm International Holdings Ltd. (Hong Kong)		800		6,714
FamilyMart UNY Holdings Co. Ltd. (Japan)		540		13,765
ICA Gruppen AB (Sweden)		166		6,659
J Sainsbury PLC (United Kingdom)		3,636		11,173
Jeronimo Martins SGPS SA (Portugal)		636		9,386
Koninklijke Ahold Delhaize NV (Netherlands)		2,613		69,530
Lawson, Inc. (Japan)		100		5,541
METRO AG (Germany)		461		7,661
Seven & i Holdings Co. Ltd. (Japan)		1,700		64,146
Sundrug Co. Ltd. (Japan)		150		4,131
Tesco PLC (United Kingdom)		21,981		66,507
Tsuruha Holdings, Inc. (Japan)		80		6,502
Village Super Market, Inc. (Class A Stock)		900		24,597
Walgreens Boots Alliance, Inc.		32,300		2,043,621
Walmart, Inc.		10,900		1,063,077
Welcia Holdings Co. Ltd. (Japan)		100		3,392
Wm Morrison Supermarkets PLC (United Kingdom)		4,764		14,146
Woolworths Group Ltd. (Australia)		2,960		63,928
				3,573,474
Food Products    1.1%
a2 Milk Co. Ltd. (New Zealand)*		1,619		15,808
Ajinomoto Co., Inc. (Japan)		1,000		15,988
Archer-Daniels-Midland Co.		42,800		1,845,964
Associated British Foods PLC (United Kingdom)		759		24,134
Barry Callebaut AG (Switzerland)		5		9,042
Calbee, Inc. (Japan)		150		4,041
Campbell Soup Co.		22,000		838,860
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		3		20,381
Conagra Brands, Inc.		21,000		582,540
Danone SA (France)		1,361		104,950
Fresh Del Monte Produce, Inc.		1,400		37,842
Golden Agri-Resources Ltd. (Singapore)		13,000		2,686

See Notes to Financial Statements.

PGIM Balanced Fund 27

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont’d.)
Kerry Group PLC (Ireland) (Class A Stock)		351	$	39,233
Kikkoman Corp. (Japan)		350		17,194
Lancaster Colony Corp.		220		34,472
MEIJI Holdings Co. Ltd. (Japan)		250		20,294
Mondelez International, Inc. (Class A Stock)		7,400		369,408
Mowi ASA (Norway)		968		21,657
Nestle SA (Switzerland)		6,795		647,948
NH Foods Ltd. (Japan)		250		8,996
Nisshin Seifun Group, Inc. (Japan)		405		9,301
Nissin Foods Holdings Co. Ltd. (Japan)		100		6,869
Orkla ASA (Norway)		1,720		13,215
Pilgrim’s Pride Corp.*		22,700		505,983
Simply Good Foods Co. (The)*		2,600		53,534
Toyo Suisan Kaisha Ltd. (Japan)		200		7,614
Tyson Foods, Inc. (Class A Stock)		29,500		2,048,185
WH Group Ltd. (Hong Kong), 144A		20,500		21,981
Wilmar International Ltd. (Singapore)		4,500		10,989
Yakult Honsha Co. Ltd. (Japan)		300		20,983
Yamazaki Baking Co. Ltd. (Japan)		300		4,866
				7,364,958
Gas Utilities    0.2%
APA Group (Australia)		2,699		19,127
Chesapeake Utilities Corp.		1,300		118,573
Hong Kong & China Gas Co. Ltd. (Hong Kong)		20,237		48,552
Naturgy Energy Group SA (Spain)		813		22,740
New Jersey Resources Corp.		2,800		139,412
Osaka Gas Co. Ltd. (Japan)		800		15,791
Southwest Gas Holdings, Inc.		200		16,452
Spire, Inc.		2,800		230,412
Toho Gas Co. Ltd. (Japan)		160		7,188
Tokyo Gas Co. Ltd. (Japan)		800		21,623
UGI Corp.		14,800		820,216
				1,460,086
Health Care Equipment & Supplies    2.4%
Abbott Laboratories		32,800		2,622,032
AngioDynamics, Inc.*		4,500		102,870
Asahi Intecc Co. Ltd. (Japan)		200		9,403
Atrion Corp.		40		35,147
Baxter International, Inc.		10,300		837,493
Becton, Dickinson & Co.		6,900		1,723,137
BioMerieux (France)		82		6,786

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Boston Scientific Corp.*		8,900	$	341,582
Cardiovascular Systems, Inc.*		3,800		146,908
Cochlear Ltd. (Australia)		132		16,277
Coloplast A/S (Denmark) (Class B Stock)		275		30,205
CONMED Corp.		1,900		158,042
ConvaTec Group PLC (United Kingdom), 144A		2,704		4,991
Danaher Corp.		17,500		2,310,350
Demant A/S (Denmark)*		207		6,131
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		1,324		14,134
Haemonetics Corp.*		2,300		201,204
Hoya Corp. (Japan)		850		56,259
IDEXX Laboratories, Inc.*		2,700		603,720
Integer Holdings Corp.*		3,000		226,260
Koninklijke Philips NV (Netherlands)		2,047		83,619
Lantheus Holdings, Inc.*		7,300		178,704
LivaNova PLC*		2,500		243,125
Masimo Corp.*		2,100		290,388
Medtronic PLC		36,700		3,342,636
Olympus Corp. (Japan)		2,720		29,529
RTI Surgical Holdings, Inc.*		3,600		21,636
Siemens Healthineers AG (Germany), 144A		349		14,572
Smith & Nephew PLC (United Kingdom)		1,931		38,330
Sonova Holding AG (Switzerland)		130		25,749
Straumann Holding AG (Switzerland)		24		19,649
Stryker Corp.		5,400		1,066,608
Sysmex Corp. (Japan)		330		19,979
Terumo Corp. (Japan)		1,300		39,726
Varex Imaging Corp.*		800		27,104
Zimmer Biomet Holdings, Inc.		6,900		881,130
				15,775,415
Health Care Providers & Services    1.2%
Alfresa Holdings Corp. (Japan)		400		11,396
CVS Health Corp.		43,500		2,345,955
DaVita, Inc.*		400		21,716
Ensign Group, Inc. (The)		1,700		87,023
Fresenius Medical Care AG & Co. KGaA (Germany)		477		38,601
Fresenius SE & Co. KGaA (Germany)		925		51,755
HCA Healthcare, Inc.		11,000		1,434,180
Medipal Holdings Corp. (Japan)		400		9,507
National HealthCare Corp.		900		68,292
NMC Health PLC (United Arab Emirates)		211		6,288
Providence Service Corp. (The)*		1,400		93,268
Ramsay Health Care Ltd. (Australia)		300		13,720

See Notes to Financial Statements.

PGIM Balanced Fund 29

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
Ryman Healthcare Ltd. (New Zealand)		852	$	7,124
Select Medical Holdings Corp.*		4,100		57,769
Sonic Healthcare Ltd. (Australia)		938		16,358
Suzuken Co. Ltd. (Japan)		165		9,570
Tenet Healthcare Corp.*		6,700		193,228
UnitedHealth Group, Inc.		14,500		3,585,270
				8,051,020
Health Care Technology    0.0%
Computer Programs & Systems, Inc.		700		20,783
HealthStream, Inc.*		2,100		58,926
M3, Inc. (Japan)		900		15,142
Omnicell, Inc.*		2,500		202,100
				296,951
Hotels, Restaurants & Leisure    0.8%
Accor SA (France)		397		16,096
Aristocrat Leisure Ltd. (Australia)		1,224		21,304
Biglari Holdings, Inc. (Class B Stock)*		470		66,439
Bloomin’ Brands, Inc.		9,900		202,455
Brinker International, Inc.		500		22,190
Carnival PLC		392		19,257
Churchill Downs, Inc.		1,300		117,338
Compass Group PLC (United Kingdom)		3,501		82,296
Crown Resorts Ltd. (Australia)		727		5,944
Del Taco Restaurants, Inc.*		900		9,054
Dine Brands Global, Inc.		800		73,032
Domino’s Pizza Enterprises Ltd. (Australia)		160		4,922
Extended Stay America, Inc., UTS		26,200		470,290
Flight Centre Travel Group Ltd. (Australia)		111		3,312
Galaxy Entertainment Group Ltd. (Macau)		5,400		36,863
Genting Singapore Ltd. (Singapore)		14,700		11,312
GVC Holdings PLC (United Kingdom)		1,169		8,520
Hilton Grand Vacations, Inc.*		7,600		234,460
Hilton Worldwide Holdings, Inc.		7,500		623,325
InterContinental Hotels Group PLC (United Kingdom)		380		22,865
J Alexander’s Holdings, Inc.*		2,500		24,550
Marriott Vacations Worldwide Corp.		2,400		224,400
McDonald’s Holdings Co. Japan Ltd. (Japan)		100		4,624
Melco Resorts & Entertainment Ltd. (Hong Kong), ADR		538		12,153
Merlin Entertainments PLC (United Kingdom), 144A		1,793		8,022
MGM China Holdings Ltd. (Macau)		2,400		5,043
Norwegian Cruise Line Holdings Ltd.*		5,400		296,784

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Oriental Land Co. Ltd. (Japan)		440	$	50,014
Paddy Power Betfair PLC (Ireland)		194		14,979
Penn National Gaming, Inc.*		9,100		182,910
RCI Hospitality Holdings, Inc.		3,100		71,207
Royal Caribbean Cruises Ltd.		10,300		1,180,586
Sands China Ltd. (Macau)		5,600		28,222
Shangri-La Asia Ltd. (Hong Kong)		4,000		5,700
SJM Holdings Ltd. (Macau)		4,000		4,571
Sodexo SA (France)		193		21,266
Speedway Motorsports, Inc.		1,800		26,046
Starbucks Corp.		10,400		773,136
Tabcorp Holdings Ltd. (Australia)		4,066		13,339
TUI AG (Germany)		938		9,011
Whitbread PLC (United Kingdom)		424		28,058
Wynn Macau Ltd. (Macau)		3,300		7,806
				5,043,701
Household Durables    0.1%
Barratt Developments PLC (United Kingdom)		2,131		16,656
Berkeley Group Holdings PLC (United Kingdom)		257		12,352
Casio Computer Co. Ltd. (Japan)		400		5,217
Cavco Industries, Inc.*		110		12,928
Electrolux AB (Sweden) (Class B Stock)		571		14,694
Hooker Furniture Corp.		1,300		37,479
Husqvarna AB (Sweden) (Class B Stock)		847		6,931
Iida Group Holdings Co. Ltd. (Japan)		300		5,435
La-Z-Boy, Inc.		1,500		49,485
Meritage Homes Corp.*		600		26,826
Nikon Corp. (Japan)		700		9,885
Panasonic Corp. (Japan)		4,800		41,378
Persimmon PLC (United Kingdom)		698		19,761
Rinnai Corp. (Japan)		70		4,950
SEB SA (France)		55		9,266
Sekisui Chemical Co. Ltd. (Japan)		800		12,864
Sekisui House Ltd. (Japan)		1,400		23,164
Sharp Corp. (Japan)		480		5,295
Sony Corp. (Japan)		2,850		119,739
Taylor Wimpey PLC (United Kingdom)		6,977		15,962
Techtronic Industries Co. Ltd. (Hong Kong)		3,000		20,259
Tupperware Brands Corp.		6,500		166,270
				636,796

See Notes to Financial Statements.

PGIM Balanced Fund 31

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Household Products    0.7%
Essity AB (Sweden) (Class B Stock)		1,339	$	38,661
Henkel AG & Co. KGaA (Germany)		222		21,136
Lion Corp. (Japan)		500		10,515
Pigeon Corp. (Japan)		300		12,304
Procter & Gamble Co. (The)		40,275		4,190,613
Reckitt Benckiser Group PLC (United Kingdom)		1,483		123,429
Unicharm Corp. (Japan)		900		29,829
				4,426,487
Independent Power & Renewable Electricity Producers    0.4%
AES Corp.		73,900		1,336,112
Clearway Energy, Inc. (Class A Stock)		2,900		42,166
Clearway Energy, Inc. (Class C Stock)		1,000		15,110
Electric Power Development Co. Ltd. (Japan)		300		7,306
Meridian Energy Ltd. (New Zealand)		2,829		8,064
NRG Energy, Inc.		33,100		1,406,088
Uniper SE (Germany)		467		14,087
				2,828,933
Industrial Conglomerates    1.0%
CK Hutchison Holdings Ltd. (Hong Kong)		5,857		61,616
DCC PLC (United Kingdom)		210		18,167
General Electric Co.		290,700		2,904,093
Honeywell International, Inc.		18,900		3,003,588
Jardine Matheson Holdings Ltd. (Hong Kong)		500		31,157
Jardine Strategic Holdings Ltd. (Hong Kong)		500		18,747
Keihan Holdings Co. Ltd. (Japan)		200		8,409
Keppel Corp. Ltd. (Singapore)		3,300		15,178
NWS Holdings Ltd. (Hong Kong)		3,900		8,557
Sembcorp Industries Ltd. (Singapore)		2,300		4,336
Siemens AG (Germany)		1,689		181,997
Smiths Group PLC (United Kingdom)		843		15,777
Toshiba Corp. (Japan)		1,470		46,777
				6,318,399
Insurance    1.3%
Admiral Group PLC (United Kingdom)		447		12,648
Aegon NV (Netherlands)		4,136		19,972
Aflac, Inc.		5,700		285,000
Ageas (Belgium)		416		20,068
AIA Group Ltd. (Hong Kong)		26,700		267,206
Allianz SE (Germany)		939		209,429

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Allstate Corp. (The)		15,500	$	1,459,790
American Equity Investment Life Holding Co.		6,400		172,928
Assicurazioni Generali SpA (Italy)		2,591		48,025
Aviva PLC (United Kingdom)		8,655		46,550
AXA SA (France)		4,282		107,933
Baloise Holding AG (Switzerland)		105		17,379
CNO Financial Group, Inc.		10,800		174,744
CNP Assurances (France)		354		7,791
Dai-ichi Life Holdings, Inc. (Japan)		2,427		33,731
Direct Line Insurance Group PLC (United Kingdom)		2,971		13,676
FBL Financial Group, Inc. (Class A Stock)		1,500		94,080
FedNat Holding Co.		600		9,624
Genworth Financial, Inc. (Class A Stock)*		35,700		136,731
Gjensidige Forsikring ASA (Norway)		423		7,313
Hannover Rueck SE (Germany)		137		19,709
Insurance Australia Group Ltd. (Australia)		5,323		28,985
Japan Post Holdings Co. Ltd. (Japan)		3,600		42,129
Legal & General Group PLC (United Kingdom)		13,158		47,266
Lincoln National Corp.		7,200		422,640
Mapfre SA (Spain)		2,259		6,230
Medibank Private Ltd. (Australia)		5,681		11,124
MetLife, Inc.		52,300		2,226,411
MS&AD Insurance Group Holdings, Inc. (Japan)		1,090		33,129
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		330		78,184
National General Holdings Corp.		7,900		187,467
National Western Life Group, Inc. (Class A Stock)		110		28,872
NN Group NV (Netherlands)		678		28,209
Poste Italiane SpA (Italy), 144A		1,294		12,602
Protective Insurance Corp. (Class B Stock)		700		12,964
Prudential PLC (United Kingdom)		5,722		114,656
QBE Insurance Group Ltd. (Australia)		2,888		25,231
RSA Insurance Group PLC (United Kingdom)		2,222		14,714
Sampo OYJ (Finland) (Class A Stock)		989		44,900
SCOR SE (France)		362		15,434
Sompo Holdings, Inc. (Japan)		695		25,685
Sony Financial Holdings, Inc. (Japan)		400		7,527
Suncorp Group Ltd. (Australia)		2,988		29,218
Swiss Life Holding AG (Switzerland)*		79		34,889
Swiss Re AG (Switzerland)		673		65,829
T&D Holdings, Inc. (Japan)		1,200		12,593
Tokio Marine Holdings, Inc. (Japan)		1,470		71,139
Tryg A/S (Denmark)		242		6,644

See Notes to Financial Statements.

PGIM Balanced Fund 33

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Unum Group		52,300	$	1,769,309
Zurich Insurance Group AG (Switzerland)		334		110,758
				8,679,065
Interactive Media & Services    2.9%
Alphabet, Inc. (Class A Stock)*		3,900		4,589,871
Alphabet, Inc. (Class C Stock)*		5,815		6,822,798
Auto Trader Group PLC (United Kingdom), 144A		1,940		13,188
Facebook, Inc. (Class A Stock)*		41,000		6,834,290
Kakaku.com, Inc. (Japan)		300		5,762
LINE Corp. (Japan)*		200		7,056
REA Group Ltd. (Australia)		112		5,935
Yahoo Japan Corp. (Japan)		6,056		14,843
Yelp, Inc.*		5,700		196,650
				18,490,393
Internet & Direct Marketing Retail    2.3%
1-800-Flowers.com, Inc. (Class A Stock)*		7,100		129,433
Amazon.com, Inc.*		3,700		6,588,775
Booking Holdings, Inc.*		1,490		2,599,916
Delivery Hero SE (Germany), 144A*		186		6,729
eBay, Inc.		67,400		2,503,236
Expedia Group, Inc.		13,800		1,642,200
Liberty Expedia Holdings, Inc. (Class A Stock)*		1,000		42,800
Qurate Retail, Inc.*		60,600		968,388
Rakuten, Inc. (Japan)		1,910		18,104
Zalando SE (Germany), 144A*		238		9,296
ZOZO, Inc. (Japan)		500		9,415
				14,518,292
IT Services    2.4%
Accenture PLC (Class A Stock)		15,800		2,781,116
Adyen NV (Netherlands), 144A*		23		18,079
Amadeus IT Group SA (Spain)		969		77,723
Atos SE (France)		217		20,956
Automatic Data Processing, Inc.		4,300		686,882
Booz Allen Hamilton Holding Corp.		19,800		1,151,172
CACI International, Inc. (Class A Stock)*		1,500		273,030
Capgemini SE (France)		350		42,493
Cognizant Technology Solutions Corp. (Class A Stock)		32,000		2,318,400
Computershare Ltd. (Australia)		1,108		13,416
DXC Technology Co.		28,800		1,852,128

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
Endurance International Group Holdings, Inc.*		7,100	$	51,475
Fidelity National Information Services, Inc.		14,200		1,606,020
Fujitsu Ltd. (Japan)		430		31,019
International Business Machines Corp.		24,600		3,471,060
MAXIMUS, Inc.		2,200		156,156
Nomura Research Institute Ltd. (Japan)		202		9,185
NTT Data Corp. (Japan)		1,345		14,839
Obic Co. Ltd. (Japan)		140		14,108
Otsuka Corp. (Japan)		220		8,211
Perspecta, Inc.		800		16,176
Presidio, Inc.		9,800		145,040
Science Applications International Corp.		1,400		107,730
Sykes Enterprises, Inc.*		2,200		62,216
Virtusa Corp.*		2,600		138,970
Visa, Inc. (Class A Stock)(a)		3,200		499,808
Wirecard AG (Germany)		255		32,202
Wix.com Ltd. (Israel)*		94		11,358
				15,610,968
Leisure Products    0.0%
Bandai Namco Holdings, Inc. (Japan)		400		18,754
Johnson Outdoors, Inc. (Class A Stock)		1,000		71,360
Malibu Boats, Inc. (Class A Stock)*		1,500		59,370
MasterCraft Boat Holdings, Inc.*		1,100		24,827
Sankyo Co. Ltd. (Japan)		50		1,907
Sega Sammy Holdings, Inc. (Japan)		400		4,712
Shimano, Inc. (Japan)		150		24,403
Yamaha Corp. (Japan)		300		14,991
				220,324
Life Sciences Tools & Services    1.0%
Charles River Laboratories International, Inc.*		4,600		668,150
Eurofins Scientific SE (Luxembourg)		27		11,197
IQVIA Holdings, Inc.*		13,600		1,956,360
Lonza Group AG (Switzerland)*		165		51,365
Medpace Holdings, Inc.*		3,900		229,983
PRA Health Sciences, Inc.*		11,000		1,213,190
QIAGEN NV*		493		20,016
Sartorius Stedim Biotech (France)		60		7,613
Syneos Health, Inc.*		3,200		165,632
Thermo Fisher Scientific, Inc.		7,600		2,080,272
				6,403,778

See Notes to Financial Statements.

PGIM Balanced Fund 35

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery    0.7%
Alfa Laval AB (Sweden)		631	$	14,510
Alstom SA (France)		373		16,198
Altra Industrial Motion Corp.		1,800		55,890
Amada Holdings Co. Ltd. (Japan)		700		6,929
ANDRITZ AG (Austria)		159		6,828
Atlas Copco AB (Sweden) (Class A Stock)		1,482		39,857
Atlas Copco AB (Sweden) (Class B Stock)		831		20,606
Caterpillar, Inc.		2,500		338,725
CNH Industrial NV (United Kingdom)		2,168		22,081
Commercial Vehicle Group, Inc.*		7,000		53,690
Cummins, Inc.		4,700		741,989
Daifuku Co. Ltd. (Japan)		220		11,483
Epiroc AB (Sweden) (Class A Stock)*		1,556		15,707
Epiroc AB (Sweden) (Class B Stock)*		789		7,556
FANUC Corp. (Japan)		430		73,393
Federal Signal Corp.		3,400		88,366
GEA Group AG (Germany)		369		9,684
Global Brass & Copper Holdings, Inc.		5,700		196,308
Harsco Corp.*		3,200		64,512
Hillenbrand, Inc.		900		37,377
Hino Motors Ltd. (Japan)		500		4,209
Hitachi Construction Machinery Co. Ltd. (Japan)		300		7,976
Hoshizaki Corp. (Japan)		120		7,440
IHI Corp. (Japan)		320		7,693
JTEKT Corp. (Japan)		400		4,924
Kawasaki Heavy Industries Ltd. (Japan)		360		8,879
Kennametal, Inc.		1,800		66,150
KION Group AG (Germany)		175		9,165
Komatsu Ltd. (Japan)		2,100		48,850
Kone OYJ (Finland) (Class B Stock)		748		37,750
Kubota Corp. (Japan)		2,200		31,888
Kurita Water Industries Ltd. (Japan)		200		5,108
LB Foster Co. (Class A Stock)*		2,000		37,640
Makita Corp. (Japan)		450		15,687
Meritor, Inc.*		9,500		193,325
Metso OYJ (Finland)		227		7,819
Milacron Holdings Corp.*		9,100		103,012
MINEBEA MITSUMI, Inc. (Japan)		800		12,040
MISUMI Group, Inc. (Japan)		600		14,956
Mitsubishi Heavy Industries Ltd. (Japan)		700		29,070
Mueller Industries, Inc.		6,100		191,174
Nabtesco Corp. (Japan)		300		8,746
Navistar International Corp.*		3,400		109,820
NGK Insulators Ltd. (Japan)		600		8,725

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
NSK Ltd. (Japan)		800	$	7,492
Oshkosh Corp.		5,900		443,267
PACCAR, Inc.		12,500		851,750
Park-Ohio Holdings Corp.		1,300		42,094
Pentair PLC		6,400		284,864
Rexnord Corp.*		900		22,626
Sandvik AB (Sweden)		2,471		40,259
Schindler Holding AG (Switzerland)		49		10,159
Schindler Holding AG (Switzerland), (Part. Cert.)		96		19,945
SKF AB (Sweden) (Class B Stock)		905		15,050
SMC Corp. (Japan)		120		45,130
SPX FLOW, Inc.*		200		6,380
Sumitomo Heavy Industries Ltd. (Japan)		240		7,778
THK Co. Ltd. (Japan)		250		6,193
TriMas Corp.*		800		24,184
Volvo AB (Sweden) (Class B Stock)		3,407		52,863
Wabash National Corp.		4,600		62,330
Wartsila OYJ Abp (Finland)		945		15,266
Weir Group PLC (The) (United Kingdom)		598		12,146
Yangzijiang Shipbuilding Holdings Ltd. (China)		4,800		5,325
				4,768,836
Marine    0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		8		9,683
AP Moller - Maersk A/S (Denmark) (Class B Stock)		14		17,769
Kuehne + Nagel International AG (Switzerland)		125		17,147
Mitsui OSK Lines Ltd. (Japan)		220		4,731
Nippon Yusen KK (Japan)		290		4,248
				53,578
Media    0.4%
Axel Springer SE (Germany)		94		4,860
Comcast Corp. (Class A Stock)		49,400		1,975,012
CyberAgent, Inc. (Japan)		250		10,184
Dentsu, Inc. (Japan)		500		21,126
Eutelsat Communications SA (France)		377		6,604
Hakuhodo DY Holdings, Inc. (Japan)		560		9,004
Informa PLC (United Kingdom)		2,884		27,973
ITV PLC (United Kingdom)		7,715		12,790
JCDecaux SA (France)		176		5,372
Liberty Latin America Ltd. (Chile) (Class A Stock)*		700		13,538
Liberty Latin America Ltd. (Chile) (Class C Stock)*		1,800		35,010
Nexstar Media Group, Inc. (Class A Stock)		500		54,185

See Notes to Financial Statements.

PGIM Balanced Fund 37

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
Pearson PLC (United Kingdom)		1,784	$	19,431
ProSiebenSat.1 Media SE (Germany)		540		7,721
Publicis Groupe SA (France)		476		25,513
RTL Group SA (Luxembourg)		99		5,411
Schibsted ASA (Norway) (Class B Stock)		259		9,285
SES SA (Luxembourg)		847		13,187
Singapore Press Holdings Ltd. (Singapore)		4,100		7,299
TEGNA, Inc.		29,800		420,180
Telenet Group Holding NV (Belgium)		110		5,294
WideOpenWest, Inc.*		10,600		96,460
WPP PLC (United Kingdom)		2,834		29,975
				2,815,414
Metals & Mining    0.4%
Alcoa Corp.*		200		5,632
Alumina Ltd. (Australia)		5,441		9,369
Anglo American PLC (South Africa)		2,328		62,446
Antofagasta PLC (Chile)		866		10,917
ArcelorMittal (Luxembourg)		1,466		29,843
BHP Group Ltd. (Australia)		6,503		177,771
BHP Group PLC (Australia)		4,663		112,381
BlueScope Steel Ltd. (Australia)		1,295		12,864
Boliden AB (Sweden)		582		16,597
Fortescue Metals Group Ltd. (Australia)		3,315		16,771
Fresnillo PLC (Mexico)		581		6,585
Glencore PLC (Switzerland)*		25,089		104,159
Hitachi Metals Ltd. (Japan)		600		6,974
JFE Holdings, Inc. (Japan)		1,100		18,672
Kobe Steel Ltd. (Japan)		610		4,580
Maruichi Steel Tube Ltd. (Japan)		100		2,912
Materion Corp.		1,300		74,178
Mitsubishi Materials Corp. (Japan)		210		5,535
Newcrest Mining Ltd. (Australia)		1,739		31,413
Nippon Steel Corp. (Japan)		1,817		32,092
Norsk Hydro ASA (Norway)		2,864		11,623
Olympic Steel, Inc.		1,700		26,979
Rio Tinto Ltd. (Australia)		819		56,995
Rio Tinto PLC (Australia)		2,564		149,404
Ryerson Holding Corp.*		3,200		27,392
South32 Ltd. (Australia)		11,699		30,895
Steel Dynamics, Inc.		40,200		1,417,854
Sumitomo Metal Mining Co. Ltd. (Japan)		500		14,761
SunCoke Energy, Inc.*		10,500		89,145

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
thyssenkrupp AG (Germany)		928	$	12,795
voestalpine AG (Austria)		244		7,443
				2,586,977
Mortgage Real Estate Investment Trusts (REITs)    0.1%
AG Mortgage Investment Trust, Inc.		4,000		67,360
Exantas Capital Corp.		5,450		57,934
Great Ajax Corp.		1,000		13,740
Ladder Capital Corp.		12,511		212,937
Two Harbors Investment Corp.		23,900		323,367
Western Asset Mortgage Capital Corp.		17,200		175,956
				851,294
Multiline Retail    0.3%
Big Lots, Inc.		6,100		231,922
Harvey Norman Holdings Ltd. (Australia)		1,203		3,436
Isetan Mitsukoshi Holdings Ltd. (Japan)		700		7,075
J Front Retailing Co. Ltd. (Japan)		450		5,358
Kohl’s Corp.		7,100		488,267
Macy’s, Inc.		44,900		1,078,947
Marks & Spencer Group PLC (United Kingdom)		3,589		13,024
Marui Group Co. Ltd. (Japan)		400		8,085
Next PLC (United Kingdom)		316		22,969
Pan Pacific International Holdings Corp. (Japan)		300		19,915
Ryohin Keikaku Co. Ltd. (Japan)		50		12,667
Takashimaya Co. Ltd. (Japan)		300		3,997
Wesfarmers Ltd. (Australia)		2,556		62,915
				1,958,577
Multi-Utilities    0.5%
AGL Energy Ltd. (Australia)		1,436		22,189
CenterPoint Energy, Inc.		11,100		340,770
Centrica PLC (United Kingdom)		13,213		19,662
Dominion Energy, Inc.		24,300		1,862,838
E.ON SE (Germany)		4,859		54,036
Engie SA (France)		4,104		61,189
Innogy SE (Germany), 144A		330		15,252
MDU Resources Group, Inc.		23,200		599,256
National Grid PLC (United Kingdom)		7,503		83,178
RWE AG (Germany)		1,144		30,684

See Notes to Financial Statements.

PGIM Balanced Fund 39

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities (cont’d.)
Suez (France)		794	$	10,521
Veolia Environnement SA (France)		1,233		27,590
				3,127,165
Oil, Gas & Consumable Fuels    3.2%
Adams Resources & Energy, Inc.		300		11,718
Aker BP ASA (Norway)		219		7,829
Arch Coal, Inc. (Class A Stock)		1,200		109,524
BP PLC (United Kingdom)		45,132		328,625
Caltex Australia Ltd. (Australia)		578		10,762
Carrizo Oil & Gas, Inc.*		1,500		18,705
Chevron Corp.		39,500		4,865,610
ConocoPhillips		4,300		286,982
CONSOL Energy, Inc.*		5,400		184,788
CVR Energy, Inc.		2,200		90,640
Delek US Holdings, Inc.		1,300		47,346
Earthstone Energy, Inc. (Class A Stock)*		8,800		62,304
Enagas SA (Spain)		479		13,946
Eni SpA (Italy)		5,616		99,411
Equinor ASA (Norway)		2,636		57,798
Evolution Petroleum Corp.		3,100		20,925
Exxon Mobil Corp.		71,254		5,757,323
Galp Energia SGPS SA (Portugal)		1,079		17,310
Idemitsu Kosan Co. Ltd. (Japan)		464		15,470
Inpex Corp. (Japan)		2,281		21,600
JXTG Holdings, Inc. (Japan)		7,085		32,311
Kinder Morgan, Inc.		113,100		2,263,131
Koninklijke Vopak NV (Netherlands)		181		8,669
Lundin Petroleum AB (Sweden)		399		13,545
Marathon Petroleum Corp.		32,300		1,933,155
Neste OYJ (Finland)		294		31,373
Oil Search Ltd. (Australia)		2,929		16,270
OMV AG (Austria)		354		19,225
Origin Energy Ltd. (Australia)		3,746		19,075
Phillips 66		21,700		2,065,189
Repsol SA (Spain)		3,095		53,039
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		9,981		313,827
Royal Dutch Shell PLC (Netherlands) (Class B Stock)		8,309		262,879
Santos Ltd. (Australia)		3,771		18,217
Snam SpA (Italy)		4,905		25,225
Talos Energy, Inc.*		600		15,936
TOTAL SA (France)		5,357		297,908
Valero Energy Corp.		14,300		1,213,069
Washington H Soul Pattinson & Co. Ltd. (Australia)		233		4,357

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Woodside Petroleum Ltd. (Australia)		2,119	$	52,001
World Fuel Services Corp.		8,100		234,009
				20,921,026
Paper & Forest Products    0.0%
Mondi PLC (United Kingdom)		822		18,204
Oji Holdings Corp. (Japan)		1,900		11,801
Stora Enso OYJ (Finland) (Class R Stock)		1,173		14,361
UPM-Kymmene OYJ (Finland)		1,196		34,963
				79,329
Personal Products    0.2%
Beiersdorf AG (Germany)		237		24,662
Edgewell Personal Care Co.*		3,300		144,837
Kao Corp. (Japan)		1,100		86,806
Kobayashi Pharmaceutical Co. Ltd. (Japan)		100		8,447
Kose Corp. (Japan)		80		14,710
L’Oreal SA (France)		557		150,062
Pola Orbis Holdings, Inc. (Japan)		200		6,382
Shiseido Co. Ltd. (Japan)		800		57,773
Unilever NV (United Kingdom), CVA		3,407		198,312
Unilever PLC (United Kingdom)		2,444		140,185
USANA Health Sciences, Inc.*		1,700		142,579
				974,755
Pharmaceuticals    2.5%
Allergan PLC		9,600		1,405,536
Astellas Pharma, Inc. (Japan)		4,200		63,062
AstraZeneca PLC (United Kingdom)		2,811		223,957
Bayer AG (Germany)		2,059		133,229
Bristol-Myers Squibb Co.		19,300		920,803
Chugai Pharmaceutical Co. Ltd. (Japan)		500		34,608
Daiichi Sankyo Co. Ltd. (Japan)		1,300		61,405
Eisai Co. Ltd. (Japan)		550		30,939
GlaxoSmithKline PLC (United Kingdom)		11,006		228,744
H. Lundbeck A/S (Denmark)		170		7,357
Hisamitsu Pharmaceutical Co., Inc. (Japan)		100		4,601
Horizon Pharma PLC*		11,300		298,659
Ipsen SA (France)		80		10,979
Johnson & Johnson		42,600		5,955,054
Kyowa Hakko Kirin Co. Ltd. (Japan)		600		13,106
Mallinckrodt PLC*		8,900		193,486

See Notes to Financial Statements.

PGIM Balanced Fund 41

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Merck & Co., Inc.		55,500	$	4,615,935
Merck KGaA (Germany)		285		32,540
Mitsubishi Tanabe Pharma Corp. (Japan)		500		6,687
Novartis AG (Switzerland)		4,810		463,416
Novo Nordisk A/S (Denmark) (Class B Stock)		4,011		210,552
Ono Pharmaceutical Co. Ltd. (Japan)		900		17,652
Orion OYJ (Finland) (Class B Stock)		214		8,027
Otsuka Holdings Co. Ltd. (Japan)		880		34,583
Pfizer, Inc.		8,919		378,790
Prestige Consumer Healthcare, Inc.*		4,300		128,613
Recordati SpA (Italy)		231		9,002
Roche Holding AG (Switzerland)		1,559		430,714
Sanofi (France)		2,500		221,164
Santen Pharmaceutical Co. Ltd. (Japan)		850		12,673
Shionogi & Co. Ltd. (Japan)		600		37,224
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		400		9,908
Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		60		5,721
Takeda Pharmaceutical Co. Ltd. (Japan)		3,267		132,831
Teva Pharmaceutical Industries Ltd. (Israel), ADR*		2,156		33,806
UCB SA (Belgium)		293		25,177
Vifor Pharma AG (Switzerland)		104		14,067
				16,414,607
Professional Services    0.2%
Adecco Group AG (Switzerland)		367		19,588
ASGN, Inc.*		500		31,745
Bureau Veritas SA (France)		573		13,461
Experian PLC (United Kingdom)		2,009		54,459
Heidrick & Struggles International, Inc.		1,500		57,495
Insperity, Inc.		2,500		309,150
Intertek Group PLC (United Kingdom)		361		22,864
Kforce, Inc.		1,200		42,144
Korn Ferry		4,600		205,988
Persol Holdings Co. Ltd. (Japan)		400		6,488
Randstad NV (Netherlands)		272		13,291
Recruit Holdings Co. Ltd. (Japan)		2,500		71,496
RELX PLC (United Kingdom)		4,347		93,005
Robert Half International, Inc.		3,600		234,576
SEEK Ltd. (Australia)		710		8,834
SGS SA (Switzerland)		12		29,876
Teleperformance (France)		123		22,145

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
TriNet Group, Inc.*		1,100	$	65,714
Wolters Kluwer NV (Netherlands)		621		42,336
				1,344,655
Real Estate Management & Development    0.5%
Aeon Mall Co. Ltd. (Japan)		220		3,616
Aroundtown SA (Germany)		1,671		13,807
Azrieli Group Ltd. (Israel)		117		6,930
CapitaLand Ltd. (Singapore)		5,600		15,107
CBRE Group, Inc. (Class A Stock)*		42,100		2,081,845
City Developments Ltd. (Singapore)		800		5,351
CK Asset Holdings Ltd. (Hong Kong)		5,857		52,090
Daito Trust Construction Co. Ltd. (Japan)		150		20,887
Daiwa House Industry Co. Ltd. (Japan)		1,300		41,316
Deutsche Wohnen SE (Germany)		798		38,758
Hang Lung Group Ltd. (Hong Kong)		2,000		6,435
Hang Lung Properties Ltd. (Hong Kong)		4,000		9,780
Henderson Land Development Co. Ltd. (Hong Kong)		3,029		19,304
HFF, Inc. (Class A Stock)		3,800		181,450
Hongkong Land Holdings Ltd. (Hong Kong)		2,500		17,800
Hulic Co. Ltd. (Japan)		700		6,862
Hysan Development Co. Ltd. (Hong Kong)		1,400		7,511
Kerry Properties Ltd. (Hong Kong)		1,500		6,730
Lendlease Group (Australia)		1,350		11,867
Marcus & Millichap, Inc.*		1,800		73,314
Mitsubishi Estate Co. Ltd. (Japan)		2,600		47,136
Mitsui Fudosan Co. Ltd. (Japan)		2,000		50,396
New World Development Co. Ltd. (Hong Kong)		13,800		22,910
Newmark Group, Inc. (Class A Stock)		14,900		124,266
Nomura Real Estate Holdings, Inc. (Japan)		300		5,761
RMR Group, Inc. (The) (Class A Stock)		1,200		73,176
Sino Land Co. Ltd. (Hong Kong)		7,300		14,152
Sumitomo Realty & Development Co. Ltd. (Japan)		790		32,736
Sun Hung Kai Properties Ltd. (Hong Kong)		3,400		58,424
Swire Pacific Ltd. (Hong Kong) (Class A Stock)		1,000		12,908
Swire Properties Ltd. (Hong Kong)		2,600		11,182
Swiss Prime Site AG (Switzerland)*		177		15,527
Tokyu Fudosan Holdings Corp. (Japan)		1,300		7,779
UOL Group Ltd. (Singapore)		1,054		5,416
Vonovia SE (Germany)		1,087		56,449
Wharf Holdings Ltd. (The) (Hong Kong)		3,400		10,282

See Notes to Financial Statements.

PGIM Balanced Fund 43

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development (cont’d.)
Wharf Real Estate Investment Co. Ltd. (Hong Kong)		2,400	$	17,900
Wheelock & Co. Ltd. (Hong Kong)		1,400		10,268
				3,197,428
Road & Rail    0.9%
Aurizon Holdings Ltd. (Australia)		4,640		14,992
Avis Budget Group, Inc.*		1,300		45,318
Central Japan Railway Co. (Japan)		310		71,992
ComfortDelGro Corp. Ltd. (Singapore)		4,300		8,166
Covenant Transportation Group, Inc. (Class A Stock)*		4,100		77,818
CSX Corp.		34,800		2,603,736
DSV A/S (Denmark)		423		35,052
East Japan Railway Co. (Japan)		670		64,633
Hankyu Hanshin Holdings, Inc. (Japan)		550		20,613
Keikyu Corp. (Japan)		500		8,482
Keio Corp. (Japan)		220		14,208
Keisei Electric Railway Co. Ltd. (Japan)		300		10,895
Kintetsu Group Holdings Co. Ltd. (Japan)		410		19,094
Kyushu Railway Co. (Japan)		400		13,155
MTR Corp. Ltd. (Hong Kong)		3,500		21,681
Nagoya Railroad Co. Ltd. (Japan)		400		11,069
Nippon Express Co. Ltd. (Japan)		160		8,910
Norfolk Southern Corp.		15,000		2,803,350
Odakyu Electric Railway Co. Ltd. (Japan)		650		15,748
Seibu Holdings, Inc. (Japan)		500		8,752
Tobu Railway Co. Ltd. (Japan)		380		10,969
Tokyu Corp. (Japan)		1,150		20,085
USA Truck, Inc.*		1,500		21,660
West Japan Railway Co. (Japan)		400		30,115
				5,960,493
Semiconductors & Semiconductor Equipment    1.8%
Amkor Technology, Inc.*		11,100		94,794
ASM Pacific Technology Ltd. (Hong Kong)		600		6,734
ASML Holding NV (Netherlands)		905		170,443
Broadcom, Inc.		1,700		511,207
Cabot Microelectronics Corp.		900		100,764
Cirrus Logic, Inc.*		2,700		113,589
Diodes, Inc.*		5,300		183,910
Disco Corp. (Japan)		60		8,551
Infineon Technologies AG (Germany)		2,522		50,205
Intel Corp.		99,300		5,332,410
NXP Semiconductors NV (Netherlands)		5,560		491,449

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Qorvo, Inc.*		14,000	$	1,004,220
Renesas Electronics Corp. (Japan)*		1,700		7,863
Rohm Co. Ltd. (Japan)		200		12,478
SMART Global Holdings, Inc.*		5,500		105,600
STMicroelectronics NV (Switzerland)		1,578		23,438
SUMCO Corp. (Japan)		500		5,567
Synaptics, Inc.*		1,600		63,600
Tokyo Electron Ltd. (Japan)		345		49,897
Versum Materials, Inc.		36,400		1,831,284
Xilinx, Inc.		10,000		1,267,900
				11,435,903
Software    4.0%
Adobe, Inc.*		8,500		2,265,165
Altair Engineering, Inc. (Class A Stock)*		2,600		95,706
Check Point Software Technologies Ltd. (Israel)*		270		34,152
Cision Ltd.*		13,100		180,387
CommVault Systems, Inc.*		3,300		213,642
Dassault Systemes SE (France)		292		43,619
Envestnet, Inc.*		3,200		209,248
Intuit, Inc.		8,100		2,117,421
j2 Global, Inc.		2,800		242,480
Micro Focus International PLC (United Kingdom)		994		25,902
Microsoft Corp.		116,213		13,706,161
Monotype Imaging Holdings, Inc.		6,300		125,307
Nice Ltd. (Israel)*		136		16,116
Nuance Communications, Inc.*		31,200		528,216
Oracle Corp.		70,700		3,797,297
Oracle Corp. (Japan)		90		6,040
Paylocity Holding Corp.*		2,300		205,137
Progress Software Corp.		5,500		244,035
QAD, Inc. (Class A Stock)		400		17,228
Sage Group PLC (The) (United Kingdom)		2,328		21,276
SAP SE (Germany)		2,181		252,493
SPS Commerce, Inc.*		2,500		265,150
SS&C Technologies Holdings, Inc.		4,900		312,081
Synopsys, Inc.*		7,400		852,110
Temenos AG (Switzerland)*		129		19,089
Trend Micro, Inc. (Japan)		230		11,184
Verint Systems, Inc.*		4,500		269,370
				26,076,012

See Notes to Financial Statements.

PGIM Balanced Fund 45

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    1.0%
ABC-Mart, Inc. (Japan)		60	$	3,568
Asbury Automotive Group, Inc.*		2,800		194,208
AutoNation, Inc.*(a)		15,600		557,232
Dick’s Sporting Goods, Inc.		3,800		139,878
DSW, Inc. (Class A Stock)		7,300		162,206
Dufry AG (Switzerland)*		68		7,147
Fast Retailing Co. Ltd. (Japan)		125		58,805
Foot Locker, Inc.		22,400		1,357,440
Gap, Inc. (The)		2,500		65,450
Genesco, Inc.*		500		22,775
Group 1 Automotive, Inc.		1,200		77,640
Hennes & Mauritz AB (Sweden) (Class B Stock)		2,007		33,450
Hikari Tsushin, Inc. (Japan)		50		9,477
Industria de Diseno Textil SA (Spain)		2,444		71,931
J. Jill, Inc.		9,200		50,508
Kingfisher PLC (United Kingdom)		4,568		13,996
Lithia Motors, Inc. (Class A Stock)		900		83,475
Lowe’s Cos., Inc.		8,300		908,601
Michaels Cos., Inc. (The)*		50,800		580,136
Murphy USA, Inc.*		400		34,248
Nitori Holdings Co. Ltd. (Japan)		180		23,249
Office Depot, Inc.		19,300		70,059
Sally Beauty Holdings, Inc.*		6,800		125,188
Shimamura Co. Ltd. (Japan)		50		4,222
Sonic Automotive, Inc. (Class A Stock)		3,800		56,278
TJX Cos., Inc. (The)		21,700		1,154,657
Urban Outfitters, Inc.*		21,600		640,224
USS Co. Ltd. (Japan)		500		9,276
Yamada Denki Co. Ltd. (Japan)		1,360		6,701
				6,522,025
Technology Hardware, Storage & Peripherals    2.0%
Apple, Inc.		48,000		9,117,600
Brother Industries Ltd. (Japan)		500		9,253
Canon, Inc. (Japan)		2,250		65,239
Dell Technologies, Inc. (Class C Stock)*		5,814		341,224
Diebold Nixdorf, Inc.		14,400		159,408
FUJIFILM Holdings Corp. (Japan)		850		38,666
Hewlett Packard Enterprise Co.		88,500		1,365,555
HP, Inc.		100,300		1,948,829
Konica Minolta, Inc. (Japan)		1,100		10,839
NEC Corp. (Japan)		610		20,658

See Notes to Financial Statements.

46

Description	Shares		Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals (cont’d.)
Ricoh Co. Ltd. (Japan)		1,600	$	16,727
Seiko Epson Corp. (Japan)		600		9,179
				13,103,177
Textiles, Apparel & Luxury Goods    0.4%
adidas AG (Germany)		398		96,922
Asics Corp. (Japan)		300		4,019
Burberry Group PLC (United Kingdom)		891		22,692
Cie Financiere Richemont SA (Switzerland)		1,152		83,969
Deckers Outdoor Corp.*		1,500		220,485
EssilorLuxottica SA (France)		636		69,489
Hermes International (France)		69		45,608
HUGO BOSS AG (Germany)		142		9,711
Kering SA (France)		167		95,965
LVMH Moet Hennessy Louis Vuitton SE (France)		617		227,143
Moncler SpA (Italy)		409		16,516
Movado Group, Inc.		3,100		112,778
NIKE, Inc. (Class B Stock)		4,100		345,261
Pandora A/S (Denmark)		256		11,977
Puma SE (Germany)		17		9,873
Swatch Group AG (The) (Switzerland)		66		18,903
Swatch Group AG (The) (Switzerland)		123		6,820
Tapestry, Inc.		31,000		1,007,190
Yue Yuen Industrial Holdings Ltd. (Hong Kong)		1,500		5,168
				2,410,489
Thrifts & Mortgage Finance    0.1%
Essent Group Ltd.*		5,600		243,320
Federal Agricultural Mortgage Corp. (Class C Stock)		700		50,701
MGIC Investment Corp.*		19,200		253,248
Radian Group, Inc.		12,400		257,176
Sterling Bancorp, Inc.		3,400		34,476
Walker & Dunlop, Inc.		900		45,819
				884,740
Tobacco    0.8%
Altria Group, Inc.		45,000		2,584,350
British American Tobacco PLC (United Kingdom)		5,064		211,041
Imperial Brands PLC (United Kingdom)		2,137		73,104
Japan Tobacco, Inc. (Japan)		2,473		61,296
Philip Morris International, Inc.		24,200		2,139,038

See Notes to Financial Statements.

PGIM Balanced Fund 47

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco (cont’d.)
Swedish Match AB (Sweden)		412	$	21,015
Universal Corp.		800		46,104
				5,135,948
Trading Companies & Distributors    0.4%
AerCap Holdings NV (Ireland)*		261		12,147
Ashtead Group PLC (United Kingdom)		1,042		25,172
BMC Stock Holdings, Inc.*		9,400		166,098
Brenntag AG (Germany)		347		17,909
Bunzl PLC (United Kingdom)		780		25,735
Ferguson PLC		512		32,633
Foundation Building Materials, Inc.*		1,500		14,760
GMS, Inc.*		4,200		63,504
ITOCHU Corp. (Japan)		3,000		54,306
Marubeni Corp. (Japan)		3,500		24,209
Mitsubishi Corp. (Japan)		3,000		83,360
Mitsui & Co. Ltd. (Japan)		3,700		57,495
MonotaRO Co. Ltd. (Japan)		300		6,678
Rexel SA (France)		666		7,515
Rush Enterprises, Inc. (Class A Stock)		400		16,724
Sumitomo Corp. (Japan)		2,500		34,593
Toyota Tsusho Corp. (Japan)		450		14,667
United Rentals, Inc.*		1,400		159,950
Veritiv Corp.*		3,100		81,592
WESCO International, Inc.*		27,600		1,463,076
				2,362,123
Transportation Infrastructure    0.1%
Aena SME SA (Spain), 144A		156		28,128
Aeroports de Paris (France)		63		12,205
Atlantia SpA (Italy)		1,143		29,671
Auckland International Airport Ltd. (New Zealand)		2,225		12,316
Fraport AG Frankfurt Airport Services Worldwide (Germany)		98		7,522
Getlink SE (France)		987		14,974
Japan Airport Terminal Co. Ltd. (Japan)		100		4,230
Kamigumi Co. Ltd. (Japan)		300		6,951
Macquarie Infrastructure Corp.		12,000		494,640
SATS Ltd. (Singapore)		1,300		4,911
Sydney Airport (Australia)		2,351		12,400
Transurban Group (Australia)		5,898		55,320
				683,268

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Water Utilities    0.0%
Middlesex Water Co.		200	$	11,198
Severn Trent PLC (United Kingdom)		504		12,973
SJW Group		3,000		185,220
United Utilities Group PLC (United Kingdom)		1,505		15,973
				225,364
Wireless Telecommunication Services    0.3%
1&1 Drillisch AG (Germany)		105		3,748
KDDI Corp. (Japan)		3,900		83,939
Millicom International Cellular SA (Colombia), SDR		146		8,891
NTT DOCOMO, Inc. (Japan)		3,004		66,571
Shenandoah Telecommunications Co.		4,800		212,928
Softbank Corp. (Japan)		3,700		41,630
SoftBank Group Corp. (Japan)		1,830		177,927
Tele2 AB (Sweden) (Class B Stock)		1,091		14,566
T-Mobile US, Inc.*		14,400		995,040
Vodafone Group PLC (United Kingdom)		58,985		107,609
				1,712,849
TOTAL COMMON STOCKS (cost $324,506,438)				391,277,400
EXCHANGE-TRADED FUND    0.1%
iShares MSCI EAFE ETF(a) (cost $830,929)		15,000		972,900
PREFERRED STOCKS    0.1%
Automobiles    0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		122		8,038
Porsche Automobil Holding SE (Germany) (PRFC)		343		21,581
Volkswagen AG (Germany) (PRFC)		416		65,594
				95,213
Banks    0.0%
Citigroup Capital XIII 9.121%		3,000		82,050
Capital Markets    0.1%
State Street Corp. 5.350%		5,000		127,400
Chemicals    0.0%
FUCHS PETROLUB SE (Germany) (PRFC)		151		6,224

See Notes to Financial Statements.

PGIM Balanced Fund 49

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description						Shares		Value
PREFERRED STOCKS (Continued)
Health Care Equipment & Supplies    0.0%
Sartorius AG (Germany) (PRFC)							79	$	13,588
Household Products    0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)							393		40,140
TOTAL PREFERRED STOCKS (cost $324,670)									364,615
	Interest Rate			Maturity Date		Principal Amount (000)#
ASSET-BACKED SECURITIES    6.1%
Automobiles    2.0%
AmeriCredit Automobile Receivables Trust, Series2017-03, Class C		2.690	%		06/19/23		170		169,543
Series2017-04, Class C		2.600			09/18/23		300		298,375
Series2018-01, Class C		3.500			01/18/24		300		304,000
Series2019-01, Class B		3.130			02/18/25		100		100,774
Series2019-01, Class C		3.360			02/18/25		200		201,836
Avis Budget Rental Car Funding AESOP LLC, Series2015-01A, Class A, 144A		2.500			07/20/21		800		796,247
Series2015-02A, Class A, 144A		2.630			12/20/21		400		397,872
Series2018-01A, Class A, 144A		3.700			09/20/24		400		408,071
Series2018-02A, Class A, 144A		4.000			03/20/25		300		307,092
Drive Auto Receivables Trust, Series2018-01, Class B		2.880			02/15/22		236		235,944
Enterprise Fleet Financing LLC, Series2016-02, Class A2, 144A		1.740			02/22/22		51		50,925
Series2017-01, Class A2, 144A		2.130			07/20/22		213		212,209
Ford Credit Auto Owner Trust, Series2017-01, Class A, 144A		2.620			08/15/28		1,100		1,092,967
Series2017-02, Class A, 144A		2.360			03/15/29		500		491,765
Series2018-02, Class A, 144A		3.470			01/15/30		500		508,734
Ford Credit Floorplan Master Owner Trust, Series2017-03, Class A		2.480			09/15/24		700		695,093
Series2018-02, Class A		3.170			03/15/25		2,100		2,130,776
GM Financial Consumer Automobile Receivables Trust, Series2018-04, Class C		3.620			06/17/24		100		101,573
OneMain Direct Auto Receivables Trust, Series2017-01A, Class A, 144A		2.160			10/15/20		154		154,265
Series2017-02A, Class B, 144A		2.550			11/14/23		900		894,492
Series2017-02A, Class C, 144A		2.820			07/15/24		200		198,890

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
OneMain Direct Auto Receivables Trust, (cont’d.)
Series2018-01A, Class A, 144A		3.430	%		12/16/24		900	$	909,556
Series2019-01A, Class A, 144A		3.630			09/14/27		900		909,549
Santander Drive Auto Receivables Trust, Series2018-01, Class C		2.960			03/15/24		200		200,133
Series2018-02, Class C		3.350			07/17/23		170		170,820
Series2018-05, Class C		3.810			12/16/24		400		405,969
World Omni Select Auto Trust, Series2018-01A, Class B, 144A		3.680			07/15/23		370		376,145
Series2018-01A, Class C, 144A		3.860			01/15/25		440		448,933
									13,172,548
Collateralized Loan Obligations    1.6%
ALM Ltd. (Cayman Islands), Series2013-08A, Class A1R, 144A, 3 Month LIBOR + 1.490%		4.277	(c)		10/15/28		250		250,187
Atlas Senior Loan Fund Ltd. (Cayman Islands), Series2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260%		4.039	(c)		07/16/29		250		248,775
Battalion CLO Ltd., Series2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070%		3.753	(c)		05/17/31		1,000		981,507
Burnham Park CLO Ltd. (Cayman Islands), Series2016-01A, Class A, 144A, 3 Month LIBOR + 1.430%		4.191	(c)		10/20/29		250		250,052
Carlyle Global Market Strategies CLO Ltd., Series2012-04A, Class AR, 144A, 3 Month LIBOR + 1.450%		4.211	(c)		01/20/29		250		250,143
Series2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320%		3.876	(c)		01/20/32		750		749,909
Carlyle US CLO Ltd. (Cayman Islands), Series2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230%		3.991	(c)		04/20/31		250		248,998
Cent CLO Ltd. (Cayman Islands), Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030%		3.781	(c)		04/30/31		1,000		986,160
OZLM Ltd. (Cayman Islands), Series2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		4.251	(c)		01/20/29		750		750,602

See Notes to Financial Statements.

PGIM Balanced Fund 51

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OZLM Ltd. (Cayman Islands), (cont’d.)
Series2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050%		3.811	%(c)		04/20/31		1,500	$	1,479,484
Shackleton CLO Ltd. (Cayman Islands), Series 2015-07RA, Class A1, 144A, 3 Month LIBOR + 1.170%		3.957	(c)		07/15/31		500		494,197
Sound Point CLO Ltd. (Cayman Islands), Series 2014-03RA, Class A1, 144A, 3 Month LIBOR + 1.250%		3.532	(c)		10/23/31		750		746,529
TIAA CLO Ltd. (Cayman Islands), Series2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200%		3.961	(c)		07/20/31		250		247,625
TICP CLO Ltd. (Cayman Islands), Series2016-06A, Class A, 144A, 3 Month LIBOR + 1.550%		4.337	(c)		01/15/29		500		500,273
Trinitas CLO Ltd. (Cayman Islands), Series2016-04A, Class A1LR, 144A, 3 Month LIBOR + 1.180%		3.960	(c)		10/18/31		1,000		990,476
Series2016-05A, Class A, 144A, 3 Month LIBOR + 1.700%		4.471	(c)		10/25/28		500		500,339
Wellfleet CLO Ltd. (Cayman Islands), Series2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200%		3.638	(c)		10/20/31		500		495,545
									10,170,801
Consumer Loans    0.3%
OneMain Financial Issuance Trust, Series2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800%		3.289	(c)		09/14/32		600		601,973
Series2018-01A, Class A, 144A		3.300			03/14/29		190		190,883
Oportun Funding X LLC, Series2018-C, Class A, 144A		4.100			10/08/24		300		304,193
Oportun Funding XII LLC, Series2018-D, Class A, 144A		4.150			12/09/24		200		203,295
SpringCastle America Funding LLC, Series2016-AA, Class A, 144A		3.050			04/25/29		173		172,761
Springleaf Funding Trust, Series2017-AA, Class A, 144A		2.680			07/15/30		500		496,016
									1,969,121

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Credit Cards    0.3%
Citibank Credit Card Issuance Trust, Series2017-A05, Class A5, 1 Month LIBOR + 0.620%		3.111	%(c)		04/22/26		400	$	401,878
Series2018-A07, Class A7		3.960			10/13/30		1,200		1,285,961
Discover Card Execution Note Trust, Series2017-A05, Class A5, 1 Month LIBOR + 0.600%		3.084	(c)		12/15/26		300		300,420
									1,988,259
Equipment    0.3%
MMAF Equipment Finance LLC, Series2017-AA, Class A4, 144A		2.410			08/16/24		500		496,064
Series2017-B, Class A4, 144A		2.410			11/15/24		300		297,400
Series2017-B, Class A5, 144A		2.720			06/15/40		400		396,962
Series2018-A, Class A4, 144A		3.390			01/10/25		300		304,687
Series2018-A, Class A5, 144A		3.610			03/10/42		100		102,153
Series2019-A, Class A5, 144A		3.080			11/12/41		400		403,483
									2,000,749
Home Equity Loans    0.1%
CDC Mortgage Capital Trust, Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650%		4.136	(c)		03/25/33		16		16,126
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-HE01, Class M1, 1 Month LIBOR + 0.900%		3.386	(c)		07/25/32		15		15,433
Series 2002-NC04, Class M1, 1 Month LIBOR + 1.275%		3.761	(c)		09/25/32		44		43,879
New Residential Mortgage Loan Trust, Series2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		297		302,897
RASC Series Trust, Series 2004-KS02, Class MI1		4.710	(cc)		03/25/34		22		21,384
									399,719
Other    0.0%
Sierra Timeshare Receivables Funding LLC, Series2018-02A, Class A, 144A		3.500			06/20/35		341		345,145

See Notes to Financial Statements.

PGIM Balanced Fund 53

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities    0.7%
CIT Mortgage Loan Trust, Series2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350%		3.840	%(c)		10/25/37		296	$	298,774
Credit-Based Asset Servicing & Securitization LLC, Series 2005-CB06, Class A3		3.663	(cc)		07/25/35		36		35,874
CSMC Trust, Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.639	(c)		12/26/46		521		526,211
Series2018-11R, 144A, 1 Month LIBOR + 1.400%		3.902	(c)		08/25/37		191		190,267
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		380		381,311
CWABS, Inc., Asset-Backed Certificates, Series2004-01, Class M1, 1 Month LIBOR + 0.750%		3.236	(c)		03/25/34		136		136,283
Equity One Mortgage Pass-Through Trust, Series2004-03, Class M1		4.535	(cc)		07/25/34		40		40,139
Legacy Mortgage Asset Trust, Series 2019-GS02, Class A1, 144A		3.750	(cc)		01/25/59		200		200,131
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		100		99,909
Mill City Mortgage Loan Trust, Series2017-03, Class A1, 144A		2.750	(cc)		01/25/61		333		327,808
Series2018-01, Class A1, 144A		3.250	(cc)		05/25/62		180		179,220
Towd Point Mortgage Trust, Series2017-04, Class A1, 144A		2.750	(cc)		06/25/57		725		713,486
Series2017-05, Class A1, 144A, 1 Month LIBOR + 0.600%		3.086	(c)		02/25/57		630		624,944
Series2017-06, Class A1, 144A		2.750	(cc)		10/25/57		490		481,149
Series2018-05, Class A1, 144A		3.250	(cc)		07/25/58		189		188,503
Series2018-06, Class A1A, 144A		3.750	(cc)		03/25/58		367		370,974
									4,794,983
Student Loans    0.8%
Commonbond Student Loan Trust, Series2017-BGS, Class A1, 144A		2.680			09/25/42		418		412,109
Series2018-AGS, Class A1, 144A		3.210			02/25/44		317		315,868
Series2018-CGS, Class A1, 144A		3.870			02/25/46		192		194,956
Series2018-CGS, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)		3.286	(c)		02/25/46		186		184,971
Laurel Road Prime Student Loan Trust, Series2017-C, Class A2B, 144A		2.810			11/25/42		300		297,126
Series2018-B, Class A2FX, 144A		3.540			05/26/43		500		508,167
Navient Private Education Refi Loan Trust, Series2018-A, Class A2, 144A		3.190			02/18/42		700		701,561

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
Navient Private Education Refi Loan Trust, (cont’d.)
Series2018-CA, Class A2, 144A		3.520	%		06/16/42		300	$	303,913
Navient Student Loan Trust, Series2018-EA, Class A2, 144A		4.000			12/15/59		300		312,124
SLM Student Loan Trust, Series2004-02X, Class A6, 3 Month EURIBOR + 0.550%		0.242	(c)		07/25/39	EUR	400		433,289
SoFi Professional Loan Program LLC, Series2019-B, Class A2FX, 144A		3.090			08/17/48		400		399,423
SoFi Professional Loan Program Trust, Series2018-B, Class A1FX, 144A		2.640			08/25/47		333		332,770
Series2018-B, Class A2FX, 144A		3.340			08/25/47		500		505,371
									4,901,648
TOTAL ASSET-BACKED SECURITIES (cost $39,629,491)									39,742,973
COMMERCIAL MORTGAGE-BACKED SECURITIES    7.9%
BANK, Series 2017-BNK04, Class A3		3.362			05/15/50		1,000		1,012,015
BBCMS Mortgage Trust, Series2018-C02, Class A4		4.047			12/15/51		950		1,009,083
Benchmark Mortgage Trust, Series2018-B03, Class A4		3.761			04/10/51		800		834,467
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class A3		2.815			04/10/46		99		98,836
Series 2014-GC21, Class A4		3.575			05/10/47		227		233,861
Series 2015-GC29, Class A3		2.935			04/10/48		410		408,070
Series2015-P01, Class A4		3.462			09/15/48		600		614,361
Series2017-P08, Class A3		3.203			09/15/50		1,000		1,004,311
Commercial Mortgage Trust, Series 2013-CR08, Class A4		3.334			06/10/46		382		388,768
Series 2014-CR15, Class A2		2.928			02/10/47		118		117,856
Series 2014-CR18, Class A4		3.550			07/15/47		400		409,867
Series 2014-UBS03, Class A2		2.844			06/10/47		291		290,860
Series 2014-UBS04, Class A4		3.420			08/10/47		700		715,791
Series 2015-LC21, Class A3		3.445			07/10/48		700		714,891
CSAIL Commercial Mortgage Trust, Series2015-C02, Class A3		3.231			06/15/57		800		807,101
Series2017-C08, Class A3		3.127			06/15/50		800		794,575
DBJPM Mortgage Trust, Series2016-C01, Class A3A		3.015			05/10/49		800		797,644

See Notes to Financial Statements.

PGIM Balanced Fund 55

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FannieMae-Aces, Series2015-M10, Class A2		3.092	%(cc)		04/25/27		800	$	805,823
Series2015-M17, Class A2		2.939	(cc)		11/25/25		500		505,731
Series2017-M01, Class A2		2.416	(cc)		10/25/26		300		291,166
Series2017-M04, Class A2		2.597	(cc)		12/25/26		1,750		1,714,797
Series2017-M08, Class A2		3.061	(cc)		05/25/27		1,250		1,259,602
Series2018-M04, Class A2		3.043	(cc)		03/25/28		700		704,582
Series2018-M10, Class A1		3.385	(cc)		07/25/28		341		354,826
Series2018-M10, Class A2		3.385	(cc)		07/25/28		1,325		1,366,173
FHLMC Multifamily Structured Pass-Through Certificates, Series K020, Class X1, IO		1.405	(cc)		05/25/22		2,679		98,655
Series K021, Class X1, IO		1.440	(cc)		06/25/22		809		31,741
Series K025, Class X1, IO		0.839	(cc)		10/25/22		1,354		34,484
Series K055, Class X1, IO		1.366	(cc)		03/25/26		2,304		184,440
Series K064, Class AM		3.327	(cc)		03/25/27		900		919,290
Series K068, Class AM		3.315			08/25/27		900		923,352
Series K069, Class A2		3.187	(cc)		09/25/27		750		765,226
Series K069, Class AM		3.248	(cc)		09/25/27		150		153,049
Series K070, Class A2		3.303	(cc)		11/25/27		1,225		1,260,523
Series K070, Class AM		3.364	(cc)		12/25/27		225		231,530
Series K072, Class A2		3.444			12/25/27		300		311,946
Series K074, Class A2		3.600			01/25/28		1,950		2,051,557
Series K075, Class AM		3.650	(cc)		02/25/28		575		602,783
Series K076, Class A2		3.900			04/25/28		1,400		1,504,279
Series K076, Class AM		3.900			04/25/28		425		453,744
Series K077, Class A2		3.850	(cc)		05/25/28		830		888,932
Series K077, Class AM		3.850	(cc)		05/25/28		160		170,510
Series K079, Class AM		3.930			06/25/28		700		751,266
Series K080, Class AM		3.986	(cc)		07/25/28		1,250		1,347,658
Series K083, Class A2		4.050	(cc)		09/25/28		675		734,040
Series K083, Class AM		4.030	(cc)		10/25/28		275		297,276
Series K086, Class A2		3.859	(cc)		11/25/28		1,000		1,072,428
Series K086, Class AM		3.919	(cc)		11/25/28		200		214,495
Series K087, Class AM		3.832	(cc)		12/25/28		250		265,739
Series K157, Class A2		3.990	(cc)		05/25/33		700		748,392
Series K710, Class X1, IO		1.850	(cc)		05/25/19		931		95
Series K711, Class X1, IO		1.629	(cc)		07/25/19		1,294		1,515
Series W5FX, Class AFX		2.970	(cc)		04/25/28		380		384,476
GS Mortgage Securities Trust, Series 2015-GC28, Class A4		3.136			02/10/48		400		402,163
Series 2018-GS10, Class A3		4.261			07/10/51		1,325		1,399,712
JPMorgan Chase Commercial Mortgage Securities Trust, Series2012-CBX, Class A3		3.139			06/15/45		11		10,921

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust, (cont’d.)
Series 2012-LC09, Class A4		2.611	%		12/15/47		95	$	95,374
Series2013-C10, Class A4		2.875			12/15/47		40		40,339
Series 2013-LC11, Class A4		2.694			04/15/46		91		90,279
Series 2017-JP07, Class ASB		3.241			09/15/50		400		405,626
Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C08, Class A3		2.863			12/15/48		180		180,537
Series2015-C23, Class A3		3.451			07/15/50		600		616,314
Series2015-C25, Class A4		3.372			10/15/48		700		712,371
Series2016-C29, Class A3		3.058			05/15/49		800		799,031
Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3		2.531			08/15/49		1,300		1,249,472
UBS Commercial Mortgage Trust, Series2017-C02, Class ASB		3.264			08/15/50		500		507,033
Series2017-C05, Class A4		3.212			11/15/50		1,000		998,301
Series2018-C09, Class A3		3.854			03/15/51		400		417,524
Series2018-C14, Class A3		4.180			12/15/51		700		748,513
UBS-Barclays Commercial Mortgage Trust, Series2012-C04, Class A4		2.792			12/10/45		200		200,412
Series2013-C05, Class A3		2.920			03/10/46		418		420,142
Series2013-C06, Class A3		2.971			04/10/46		200		201,169
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS02, Class A4		3.498			07/15/58		800		818,903
Series2016-C33, Class A3		3.162			03/15/59		900		901,231
Series2016-C34, Class A3		2.834			06/15/49		800		784,164
Series2016-C35, Class A3		2.674			07/15/48		1,200		1,163,393
Series 2016-NXS06, Class A3		2.642			11/15/49		1,500		1,451,771
Series2017-C38, Class A4		3.190			07/15/50		700		697,349
Series2018-C46, Class A3		3.888			08/15/51		1,050		1,096,670
Series2018-C48, Class A4		4.037			01/15/52		1,200		1,268,019
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $50,644,414)									51,335,211
CORPORATE BONDS    10.9%
Aerospace & Defense    0.1%
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25		114		120,270
Embraer Overseas Ltd. (Brazil), Gtd. Notes, 144A		5.696			09/16/23		210		224,440
United Technologies Corp., Sr. Unsec’d. Notes		4.125			11/16/28		235		244,145
									588,855

See Notes to Financial Statements.

PGIM Balanced Fund 57

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture    0.1%
BAT Capital Corp. (United Kingdom), Gtd. Notes		3.222	%		08/15/24		570	$	557,323
Reynolds American, Inc. (United Kingdom), Gtd. Notes		8.125			06/23/19		50		50,565
									607,888
Airlines    0.2%
American Airlines2016-1 Class AA Pass-Through Trust, Pass-Through Certificates		3.575			07/15/29		185		185,742
Continental Airlines2001-1Class A-1 Pass-Through Trust, Pass-Through Certificates		6.703			12/15/22		3		3,448
Continental Airlines2009-2 Class A Pass-Through Trust, Pass-Through Certificates		7.250			05/10/21		77		78,133
Continental Airlines2012-2 Class A Pass-Through Trust, Pass-Through Certificates		4.000			04/29/26		86		87,508
Delta Air Lines2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24		47		51,439
Delta Air Lines2011-1 Class A Pass-Through Trust, Pass-Through Certificates		5.300			10/15/20		87		86,997
Delta Air Lines, Inc., Sr. Unsec’d. Notes		2.875			03/13/20		205		204,625
Sr. Unsec’d. Notes		3.400			04/19/21		200		200,817
United Airlines2014-1 Class A Pass-Through Trust, Pass-Through Certificates		4.000			10/11/27		72		73,827
									972,536
Auto Manufacturers    0.5%
BMW US Capital LLC (Germany), Gtd. Notes, 144A		3.100			04/12/21		105		105,655
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		3.207	(c)		04/12/21		80		79,949
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		3.100			05/04/20		200		200,360
Gtd. Notes, 144A		3.350			05/04/21		330		332,030
Ford Motor Co., Sr. Unsec’d. Notes		5.291			12/08/46		190		159,195
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		3.336			03/18/21		206		202,862

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
Ford Motor Credit Co. LLC, (cont’d.)
Sr. Unsec’d. Notes		5.875	%		08/02/21		200	$	207,086
General Motors Co., Sr. Unsec’d. Notes		4.875			10/02/23		155		161,193
Sr. Unsec’d. Notes		6.250			10/02/43		135		134,333
Sr. Unsec’d. Notes		6.600			04/01/36		80		83,693
General Motors Financial Co., Inc., Gtd. Notes		3.550			04/09/21		120		120,657
Gtd. Notes, 3 Month LIBOR + 0.850%		3.647	(c)		04/09/21		160		158,773
Gtd. Notes		3.950			04/13/24		500		494,841
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.850			01/15/21		565		558,566
Volkswagen Group of America Finance LLC (Germany), Gtd. Notes, 144A		3.875			11/13/20		215		217,761
Gtd. Notes, 144A		4.000			11/12/21		245		249,943
									3,466,897
Banks    3.4%
Banco Santander SA (Spain), Sr. Unsec’d. Notes		3.848			04/12/23		200		201,703
Bank of America Corp., Sr. Unsec’d. Notes		3.004	(ff)		12/20/23		286		284,861
Sr. Unsec’d. Notes, GMTN		3.300			01/11/23		390		394,951
Sr. Unsec’d. Notes, GMTN		3.593	(ff)		07/21/28		160		159,531
Sr. Unsec’d. Notes, MTN		3.499	(ff)		05/17/22		490		495,737
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28		675		684,137
Sr. Unsec’d. Notes, MTN		3.974	(ff)		02/07/30		310		315,964
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		620		649,657
Sr. Unsec’d. Notes, MTN		4.271	(ff)		07/23/29		350		364,429
Sub. Notes, MTN		4.450			03/03/26		365		380,387
Bank of Montreal (Canada), Sr. Unsec’d. Notes, MTN		2.900			03/26/22		300		300,294
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		2.200			08/16/23		550		534,905
Sr. Unsec’d. Notes, MTN		2.950			01/29/23		170		170,895
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes		4.375			01/12/26		200		200,858
Sr. Unsec’d. Notes, MTN		4.972	(ff)		05/16/29		400		413,507
BNP Paribas SA (France), Sr. Unsec’d. Notes, 144A, MTN		2.950			05/23/22		275		273,176

See Notes to Financial Statements.

PGIM Balanced Fund 59

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Capital One NA, Sr. Unsec’d. Notes		2.250	%		09/13/21			750	$	738,041
Citibank NA, Sr. Unsec’d. Notes		3.050			05/01/20			690		692,290
Citigroup, Inc., Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)		280		282,800
Jr. Sub. Notes, Series R		6.125	(ff)		—	(rr)		150		153,000
Jr. Sub. Notes, Series T		6.250	(ff)		—	(rr)		105		110,513
Sr. Unsec’d. Notes		3.200			10/21/26			525		514,203
Sr. Unsec’d. Notes		3.668	(ff)		07/24/28			290		289,252
Sr. Unsec’d. Notes		3.700			01/12/26			200		203,164
Sub. Notes		4.400			06/10/25			540		559,055
Sub. Notes		4.450			09/29/27			195		200,350
Sub. Notes		4.750			05/18/46			55		56,987
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, 3 Month LIBOR + 1.290%		4.028	(c)		02/04/21			200		198,334
Sr. Unsec’d. Notes		4.250			02/04/21			175		175,671
Sr. Unsec’d. Notes, GMTN		3.375			05/12/21			220		218,671
Dexia Credit Local SA (France), Gov’t. Liquid Gtd. Notes, 144A, MTN		3.250			09/26/23			250		256,972
Discover Bank, Sr. Unsec’d. Notes		4.250			03/13/26			315		319,830
Goldman Sachs Group, Inc. (The), Jr. Sub. Notes, Series M		5.375	(ff)		—	(rr)		265		267,319
Sr. Unsec’d. Notes		3.750			02/25/26			50		50,169
Sr. Unsec’d. Notes		3.814	(ff)		04/23/29			165		163,464
Sr. Unsec’d. Notes		3.850			01/26/27			410		411,600
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			120		122,640
Sr. Unsec’d. Notes		5.750			01/24/22			250		268,119
Sr. Unsec’d. Notes, Series D, MTN		6.000			06/15/20			220		228,166
Sub. Notes		6.750			10/01/37			275		335,246
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		3.283	(c)		05/18/21			345		344,815
JPMorgan Chase & Co., Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		6.221	(c)		—	(rr)		215		216,075
Sr. Unsec’d. Notes		2.950			10/01/26			210		205,132
Sr. Unsec’d. Notes		3.200			06/15/26			750		745,138
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29			265		263,195
Sr. Unsec’d. Notes(a)		3.782	(ff)		02/01/28			480		488,979
Sr. Unsec’d. Notes		4.005	(ff)		04/23/29			560		575,188
Sr. Unsec’d. Notes		4.452	(ff)		12/05/29			250		266,098

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co., (cont’d.)
Sub. Notes		3.875	%		09/10/24			90	$	92,271
JPMorgan Chase Bank NA, Sr. Unsec’d. Notes		3.086	(ff)		04/26/21			750		751,439
Lloyds Bank PLC (United Kingdom), Gtd. Notes		3.300			05/07/21			200		201,561
Gtd. Notes, 144A, MTN		5.800			01/13/20			195		199,490
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes		4.375			03/22/28			275		281,593
Morgan Stanley, Jr. Sub. Notes, Series H		5.450	(ff)		–	(rr)		125		125,313
Sr. Unsec’d. Notes, GMTN		3.750			02/25/23			45		46,156
Sr. Unsec’d. Notes, GMTN		3.772	(ff)		01/24/29			825		828,001
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26			370		378,307
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30			240		252,775
Sr. Unsec’d. Notes, GMTN		5.500			07/28/21			60		63,487
Sr. Unsec’d. Notes, MTN		3.591	(ff)		07/22/28			1,080		1,071,836
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.390%		3.141	(c)		04/30/21			370		370,798
Sr. Unsec’d. Notes, GMTN		3.200			04/30/21			980		990,950
State Bank of India (India), Sr. Unsec’d. Notes, 144A		4.375			01/24/24			310		317,911
State Street Corp., Jr. Sub. Notes, Series F		5.250	(ff)		–	(rr)		190		194,038
Sumitomo Mitsui Banking Corp. (Japan), Bank Gtd. Notes, 3 Month LIBOR + 0.350%		3.123	(c)		01/17/20			290		290,528
										22,201,922
Beverages    0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes, 144A		4.700			02/01/36			150		149,848
Anheuser-Busch InBev Finance, Inc. (Belgium), Gtd. Notes		4.000			01/17/43			120		107,134
Keurig Dr. Pepper, Inc., Gtd. Notes, 144A		3.551			05/25/21			190		192,045
										449,027

See Notes to Financial Statements.

PGIM Balanced Fund 61

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Building Materials    0.1%
Griffon Corp., Gtd. Notes		5.250	%		03/01/22		65	$	63,944
Owens Corning, Sr. Unsec’d. Notes		4.200			12/15/22		90		92,319
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		245		251,125
									407,388
Chemicals    0.2%
CF Industries, Inc., Gtd. Notes		5.375			03/15/44		90		81,112
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22		640		639,774
Dow Chemical Co. (The), Sr. Unsec’d. Notes		9.400			05/15/39		67		101,881
Mosaic Co. (The), Sr. Unsec’d. Notes		5.450			11/15/33		55		59,132
Sr. Unsec’d. Notes		5.625			11/15/43		60		63,653
SASOL Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24		200		212,103
Gtd. Notes		6.500			09/27/28		200		218,251
Union Carbide Corp., Sr. Unsec’d. Notes		7.500			06/01/25		100		117,516
									1,493,422
Commercial Services    0.2%
ERAC USA Finance LLC, Gtd. Notes, 144A		2.700			11/01/23		820		794,601
Gtd. Notes, 144A		7.000			10/15/37		20		25,657
President & Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		270		253,307
United Rentals North America, Inc., Gtd. Notes		4.875			01/15/28		200		194,540
Gtd. Notes		5.875			09/15/26		65		67,194
									1,335,299

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    0.1%
Apple, Inc., Sr. Unsec’d. Notes		3.250	%		02/23/26		330	$	336,257
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes, 144A		2.100			10/04/19		70		69,704
									405,961
Diversified Financial Services    0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), Gtd. Notes		3.750			05/15/19		150		150,123
American Express Co., Sr. Unsec’d. Notes		3.375			05/17/21		720		729,232
Capital One Financial Corp., Sr. Unsec’d. Notes		2.500			05/12/20		375		373,939
GE Capital International Funding Co. Unlimited Co., Gtd. Notes		2.342			11/15/20		500		493,805
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		65		67,752
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN(d)		5.250			02/06/12		345		6,555
Sr. Unsec’d. Notes, MTN(d)		6.875			05/02/18		100		1,950
Private Export Funding Corp., Sr. Unsec’d. Notes, 144A		2.650			02/16/21		385		386,541
U.S. Gov’t. Gtd. Notes, Series GG		2.450			07/15/24		65		65,326
Synchrony Financial, Sr. Unsec’d. Notes		2.700			02/03/20		125		124,834
									2,400,057
Electric    0.9%
Baltimore Gas & Electric Co., Sr. Unsec’d. Notes		6.350			10/01/36		115		148,505
Berkshire Hathaway Energy Co., Sr. Unsec’d. Notes		5.950			05/15/37		120		148,805
CenterPoint Energy Houston Electric LLC, General Ref. Mtge.		6.950			03/15/33		120		162,829
General Ref. Mtge., Series Z		2.400			09/01/26		170		161,141
Commonwealth Edison Co., First Mortgage		3.750			08/15/47		530		521,228
Dominion Energy, Inc., Jr. Sub. Notes		4.104			04/01/21		400		406,094

See Notes to Financial Statements.

PGIM Balanced Fund 63

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
DTE Electric Co., General Ref. Mtge.		3.750	%		08/15/47		505	$	502,322
Duke Energy Carolinas LLC, First Mortgage		6.050			04/15/38		55		70,106
Duke Energy Corp., Sr. Unsec’d. Notes(a)		2.650			09/01/26		210		200,042
El Paso Electric Co., Sr. Unsec’d. Notes		6.000			05/15/35		135		156,223
Enel Finance International NV (Italy), Gtd. Notes, 144A		2.875			05/25/22		500		491,485
Eversource Energy, Sr. Unsec’d. Notes		4.500			11/15/19		90		90,833
Sr. Unsec’d. Notes, Series O		4.250			04/01/29		315		334,579
Exelon Generation Co. LLC, Sr. Unsec’d. Notes		5.200			10/01/19		225		227,499
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		50		56,480
Florida Power & Light Co., First Mortgage		5.950			10/01/33		60		75,021
Iberdrola International BV (Spain), Gtd. Notes		6.750			09/15/33		30		35,857
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A		9.375			01/28/20		230		241,709
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		235		236,184
Monongahela Power Co., First Mortgage, 144A		4.100			04/15/24		280		290,902
Niagara Mohawk Power Corp., Sr. Unsec’d. Notes, 144A		4.881			08/15/19		100		100,815
Ohio Power Co., Sr. Unsec’d. Notes		4.150			04/01/48		175		182,472
Public Service Co. of Colorado, First Mortgage		4.300			03/15/44		35		37,591
Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN		5.800			05/01/37		125		155,034
San Diego Gas & Electric Co., First Mortgage		4.150			05/15/48		230		230,350
Southwestern Public Service Co., First Mortgage		3.700			08/15/47		250		241,361

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
State Grid Overseas Investment 2014 Ltd. (China), Gtd. Notes, 144A		2.750	%		05/07/19		200	$	200,036
Xcel Energy, Inc., Sr. Unsec’d. Notes		4.800			09/15/41		105		111,724
									5,817,227
Electronics    0.0%
FLIR Systems, Inc., Sr. Unsec’d. Notes		3.125			06/15/21		150		149,511
Engineering & Construction    0.0%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		192,300
Foods    0.3%
Conagra Brands, Inc., Sr. Unsec’d. Notes		3.800			10/22/21		635		646,899
General Mills, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.540%		3.319	(c)		04/16/21		920		918,279
Kraft Heinz Foods Co., Gtd. Notes		4.375			06/01/46		60		51,902
Gtd. Notes		5.000			07/15/35		100		98,551
Mars, Inc., Gtd. Notes, 144A		3.950			04/01/49		275		277,936
									1,993,567
Forest Products & Paper    0.0%
Georgia-Pacific LLC, Gtd. Notes, 144A		5.400			11/01/20		40		41,580
International Paper Co., Sr. Unsec’d. Notes		6.000			11/15/41		30		33,475
Sr. Unsec’d. Notes		7.300			11/15/39		175		221,368
									296,423
Gas    0.1%
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		4.100			09/01/47		200		196,836
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		10		10,700

See Notes to Financial Statements.

PGIM Balanced Fund 65

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Gas (cont’d.)
NiSource, Inc., Sr. Unsec’d. Notes		3.490	%		05/15/27		445	$	443,493
Sr. Unsec’d. Notes		4.800			02/15/44		40		42,083
									693,112
Healthcare-Products    0.1%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		465		466,946
Becton, Dickinson & Co., Sr. Unsec’d. Notes		3.734			12/15/24		65		65,995
Medtronic Global Holdings SCA, Gtd. Notes		2.250			03/07/39	EUR	100		121,899
									654,840
Healthcare-Services    0.2%
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		45		46,443
Sr. Unsec’d. Notes		4.650			01/15/43		30		30,951
Ascension Health, Sr. Unsec’d. Notes		3.945			11/15/46		245		251,921
Duke University Health System, Inc., Sr. Unsec’d. Notes		3.920			06/01/47		95		98,102
Fresenius Medical Care U.S. Finance II, Inc. (Germany), Gtd. Notes, 144A		4.125			10/15/20		75		75,647
HCA, Inc., Gtd. Notes		5.375			02/01/25		255		270,300
Kaiser Foundation Hospitals, Gtd. Notes		4.150			05/01/47		140		148,402
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22		20		20,145
Providence St Joseph Health Obligated Group, Unsec’d. Notes, Series H		2.746			10/01/26		50		47,485
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.500			02/15/24		355		365,427
									1,354,823
Home Builders    0.0%
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.250			04/15/21		225		224,786

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance    0.2%
AXIS Specialty Finance LLC, Gtd. Notes		5.875	%		06/01/20		160	$	164,828
Liberty Mutual Group, Inc., Gtd. Notes, 144A		7.000			03/15/34		180		222,969
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		110		134,269
Markel Corp., Sr. Unsec’d. Notes		5.000			03/30/43		25		24,827
New York Life Insurance Co., Sub. Notes, 144A		6.750			11/15/39		110		150,779
Ohio National Financial Services, Inc., Sr. Unsec’d. Notes, 144A		6.375			04/30/20		105		108,505
Principal Financial Group, Inc., Gtd. Notes		4.625			09/15/42		15		15,505
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.270			05/15/47		240		246,262
Sub. Notes, 144A		6.850			12/16/39		22		30,239
Unum Group, Sr. Unsec’d. Notes		5.625			09/15/20		50		51,833
W.R. Berkley Corp., Sr. Unsec’d. Notes		6.150			08/15/19		90		91,055
									1,241,071
Lodging    0.1%
Marriott International, Inc., Sr. Unsec’d. Notes		3.250			09/15/22		130		130,510
Sr. Unsec’d. Notes, Series R		3.125			06/15/26		455		438,928
									569,438
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		160		167,419
Media    0.4%
AMC Networks, Inc., Gtd. Notes		5.000			04/01/24		215		216,054
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		5.375			05/01/47		20		19,928
Sr. Sec’d. Notes		6.384			10/23/35		110		122,651

See Notes to Financial Statements.

PGIM Balanced Fund 67

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Charter Communications Operating LLC/Charter Communications Operating Capital, (cont’d.) Sr. Sec’d. Notes		6.484	%		10/23/45		172	$	192,813
Comcast Corp., Gtd. Notes		3.969			11/01/47		19		18,330
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A		3.150			08/15/24		520		517,639
CSC Holdings LLC, Gtd. Notes, 144A		5.375			07/15/23		300		305,625
Discovery Communications LLC, Gtd. Notes, 144A		2.800			06/15/20		440		438,069
Time Warner Cable LLC, Sr. Sec’d. Notes		5.500			09/01/41		140		137,665
Viacom, Inc., Sr. Unsec’d. Notes		5.250			04/01/44		65		65,531
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		150		154,688
Walt Disney Co. (The), Gtd. Notes, 144A		7.625			11/30/28		125		167,396
Warner Media LLC, Gtd. Notes		3.600			07/15/25		25		24,937
Gtd. Notes		3.800			02/15/27		240		239,024
									2,620,350
Mining    0.1%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		280		324,722
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes, 144A		6.250	(ff)		10/19/75		65		67,733
Goldcorp, Inc. (Canada), Sr. Unsec’d. Notes		3.625			06/09/21		110		110,972
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes		7.500			07/27/35		95		119,434
									622,861
Miscellaneous Manufacturing    0.1%
Actuant Corp., Gtd. Notes		5.625			06/15/22		160		161,400
General Electric Co., Sr. Unsec’d. Notes, GMTN		6.000			08/07/19		172		173,638
									335,038

See Notes to Financial Statements.

68

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National    0.1%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		2.125	%		09/27/21		255	$	249,456
Sr. Unsec’d. Notes		2.750			01/06/23		70		69,124
Sr. Unsec’d. Notes		3.250			02/11/22		65		65,212
North American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		2.400			10/26/22		150		148,070
Sr. Unsec’d. Notes		4.375			02/11/20		100		101,400
									633,262
Oil & Gas    0.6%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		4.850			03/15/21		259		268,486
Sr. Unsec’d. Notes		6.450			09/15/36		200		230,113
BP Capital Markets America, Inc., Gtd. Notes		3.790			02/06/24		420		435,865
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.400			06/15/47		368		364,383
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		35		36,943
ConocoPhillips Holding Co., Sr. Unsec’d. Notes		6.950			04/15/29		150		194,163
Devon Energy Corp., Sr. Unsec’d. Notes		5.600			07/15/41		35		38,570
Encana Corp. (Canada), Gtd. Notes		6.500			08/15/34		340		406,228
Gtd. Notes		6.500			02/01/38		50		58,667
EOG Resources, Inc., Sr. Unsec’d. Notes		3.900			04/01/35		120		122,374
Helmerich & Payne, Inc., Gtd. Notes		4.650			03/15/25		240		250,499
Petroleos Mexicanos (Mexico), Gtd. Notes		5.375			03/13/22		70		71,453
Gtd. Notes		5.500			01/21/21		310		315,270
Gtd. Notes		6.350			02/12/48		136		119,904
Gtd. Notes		6.500			06/02/41		170		153,882
Gtd. Notes, MTN		6.750			09/21/47		520		477,360

See Notes to Financial Statements.

PGIM Balanced Fund 69

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petroleos Mexicanos (Mexico), (cont’d.) Gtd. Notes, MTN		6.875	%		08/04/26		230	$	239,729
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		200		199,046
									3,982,935
Oil & Gas Services    0.1%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		3.000			12/21/20		220		220,927
Sr. Unsec’d. Notes, 144A		4.000			12/21/25		345		355,680
Schlumberger Investment SA, Gtd. Notes, 144A		3.300			09/14/21		75		75,849
									652,456
Packaging & Containers    0.1%
WestRock RKT LLC, Gtd. Notes		4.000			03/01/23		550		560,730
Gtd. Notes		4.900			03/01/22		95		99,271
									660,001
Pharmaceuticals    0.8%
AbbVie, Inc., Sr. Unsec’d. Notes		3.600			05/14/25		315		315,706
Sr. Unsec’d. Notes		4.500			05/14/35		235		229,873
Allergan Funding SCS, Gtd. Notes		4.550			03/15/35		430		421,125
Bayer US Finance II LLC (Germany), Gtd. Notes, 144A		3.500			06/25/21		200		200,802
Cigna Corp., Gtd. Notes, 144A		4.375			10/15/28		1,000		1,037,270
CVS Health Corp., Sr. Unsec’d. Notes		4.300			03/25/28		1,150		1,165,239
Sr. Unsec’d. Notes		4.780			03/25/38		100		99,029
Sr. Unsec’d. Notes		5.050			03/25/48		32		32,237
Sr. Unsec’d. Notes		5.125			07/20/45		105		106,710
Sr. Unsec’d. Notes		5.300			12/05/43		35		36,433
Express Scripts Holding Co., Gtd. Notes		4.500			02/25/26		680		711,852

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Mylan NV, Gtd. Notes		5.250	%		06/15/46		230	$	206,967
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		2.400			09/23/21		585		577,781
									5,141,024
Pipelines    0.4%
Energy Transfer Operating LP, Gtd. Notes		4.950			06/15/28		210		220,257
Enterprise Products Operating LLC, Gtd. Notes		4.850			03/15/44		185		195,901
MPLX LP, Sr. Unsec’d. Notes		4.500			04/15/38		175		166,225
Sr. Unsec’d. Notes		4.875			06/01/25		375		399,157
Sr. Unsec’d. Notes		5.200			03/01/47		20		20,294
Sr. Unsec’d. Notes		5.500			02/15/49		90		95,999
ONEOK Partners LP, Gtd. Notes		6.200			09/15/43		205		233,450
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		50		49,289
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.550			10/01/26		360		353,730
Spectra Energy Partners LP, Gtd. Notes		3.375			10/15/26		165		162,277
Western Midstream Operating LP, Sr. Unsec’d. Notes		5.300			03/01/48		20		18,949
Williams Cos., Inc. (The), Sr. Unsec’d. Notes		4.850			03/01/48		20		19,925
Sr. Unsec’d. Notes		4.900			01/15/45		220		219,664
Sr. Unsec’d. Notes		5.400			03/04/44		175		186,490
									2,341,607
Real Estate Investment Trusts (REITs)    0.1%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		175		182,857
Simon Property Group LP, Sr. Unsec’d. Notes		3.375			03/15/22		30		30,518
Welltower, Inc., Sr. Unsec’d. Notes		4.250			04/01/26		160		165,167
									378,542

See Notes to Financial Statements.

PGIM Balanced Fund 71

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    0.1%
Dollar Tree, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		3.473	%(c)		04/17/20		180	$	180,040
L Brands, Inc., Gtd. Notes		6.625			04/01/21		225		236,250
Macy’s Retail Holdings, Inc., Gtd. Notes		3.875			01/15/22		45		45,439
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		170		169,150
									630,879
Semiconductors    0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		115		109,862
Broadcom, Inc., Sr. Unsec’d. Notes, 144A		3.125			04/15/21		210		209,752
Sr. Unsec’d. Notes, 144A		3.125			10/15/22		160		159,269
									478,883
Software    0.1%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.625			10/15/20		151		152,587
Microsoft Corp., Sr. Unsec’d. Notes		4.000			02/12/55		295		308,866
Sr. Unsec’d. Notes		4.450			11/03/45		48		54,409
Oracle Corp., Sr. Unsec’d. Notes		4.300			07/08/34		145		155,456
									671,318
Telecommunications    0.4%
AT&T, Inc., Sr. Unsec’d. Notes		3.400			05/15/25		220		217,694
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.180%		3.777	(c)		06/12/24		440		436,473
Sr. Unsec’d. Notes		4.300			02/15/30		50		50,574
Sr. Unsec’d. Notes		4.850			03/01/39		830		835,054
Sr. Unsec’d. Notes		5.150			03/15/42		95		97,178
Sr. Unsec’d. Notes		5.250			03/01/37		60		62,863
Sr. Unsec’d. Notes		5.350			09/01/40		4		4,202
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes		9.625			12/15/30		50		71,740
Sprint Communications, Inc., Gtd. Notes, 144A		7.000			03/01/20		150		153,938

See Notes to Financial Statements.

72

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		172	$	171,823
Telefonos de Mexico SAB de CV (Mexico), Gtd. Notes		5.500			11/15/19		40		40,592
Verizon Communications, Inc., Sr. Unsec’d. Notes		4.500			08/10/33		185		195,544
Sr. Unsec’d. Notes		4.862			08/21/46		500		532,720
									2,870,395
Transportation    0.1%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		6.700			08/01/28		135		169,519
CSX Corp., Sr. Unsec’d. Notes		6.150			05/01/37		170		208,002
Norfolk Southern Corp., Sr. Unsec’d. Notes		2.903			02/15/23		97		97,070
Sr. Unsec’d. Notes		5.590			05/17/25		20		22,512
									497,103
TOTAL CORPORATE BONDS (cost $69,366,573)									70,200,423
MUNICIPAL BONDS    0.4%
Alabama    0.0%
Alabama Economic Settlement Authority, Rev., Taxable BP Settlement, Series B		4.263			09/15/32		35		36,792
California    0.1%
Bay Area Toll Authority, Revenue Bonds, BABs, Series F		6.263			04/01/49		220		313,744
State of California, GO, BABs		7.300			10/01/39		210		303,876
GO, Taxable, BABs		7.500			04/01/34		15		21,655
									639,275
Illinois    0.1%
Chicago O’Hare International Airport, Revenue Bonds, BABs, Series B		6.395			01/01/40		160		213,360

See Notes to Financial Statements.

PGIM Balanced Fund 73

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois (cont’d.)
State of Illinois, GO, Series D		5.000	%		11/01/22		500	$	539,065
GO Unlimited, Series A		5.000			10/01/22		35		37,677
									790,102
New Jersey    0.1%
New Jersey Turnpike Authority, Revenue Bonds, Taxable, BABs, Series F		7.414			01/01/40		165		247,833
New York    0.1%
New York City Transitional Finance Authority Future Tax Secured Revenue, Tax. Future, Revenue Bonds, BABs		5.767			08/01/36		190		227,527
Ohio    0.0%
Ohio State University (The), Revenue Bonds, Taxable, BABs, Series C		4.910			06/01/40		65		78,396
Ohio State Water Development Auth. Wtr. Poll. Ctl. Rev., Revenue Bonds, Taxable, BABs, Series B2		4.879			12/01/34		45		51,157
									129,553
Oregon    0.0%
State of Oregon Department of Transportation, Revenue Bonds, Taxable, BABs, Series A		5.834			11/15/34		70		90,286
Pennsylvania    0.0%
Pennsylvania Turnpike Commission, Revenue Bonds, BABs, Series B		5.511			12/01/45		80		101,359
Virginia    0.0%
University of Virginia, Revenue Bonds, Taxable, Series C		4.179			09/01/2117		80		82,723
TOTAL MUNICIPAL BONDS (cost $1,922,158)									2,345,450
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.1%
Alternative Loan Trust, Series 2004-18CB, Class 3A1		5.250			09/25/19		6		6,361

See Notes to Financial Statements.

74

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Banc of America Mortgage Trust, Series2005-A, Class 2A1		4.504	%(cc)		02/25/35		21	$	20,612
Series2005-B, Class 2A1		4.693	(cc)		03/25/35		24		23,150
Bellemeade Re Ltd., Series2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		4.186	(c)		10/25/27		114		115,209
Series2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		4.086	(c)		04/25/28		213		213,863
Series2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950%		3.436	(c)		08/25/28		132		132,499
Series2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850%		4.336	(c)		10/25/27		170		170,738
Chase Mortgage Finance Trust, Series2007-A01, Class 1A5		4.621	(cc)		02/25/37		55		55,371
CIM Trust, Series2017-02, Class A1, 144A, 1 Month LIBOR + 2.000%		4.489	(c)		12/25/57		421		424,166
Series2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.489	(c)		01/25/57		519		526,653
Series2017-06, Class A1, 144A		3.015	(cc)		06/25/57		253		247,299
Series2017-08, Class A1, 144A		3.000	(cc)		12/25/65		497		491,578
CSMC Trust, Series 2018-RPL09, Class A, 144A		3.850	(cc)		09/25/57		757		768,172
EagleRe Ltd., Series2018-01, Class M1, 144A, 1 Month LIBOR + 1.700%		4.186	(c)		11/25/28		200		200,734
Fannie Mae Connecticut Avenue Securities, Series2016-C04, Class 1M11 Month LIBOR + 1.450%		3.936	(c)		01/25/29		63		63,361
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-HQA04, Class M21 Month LIBOR + 1.300%		3.786	(c)		04/25/29		290		291,514
Series 2017-DNA01, Class M11 Month LIBOR + 1.200%		3.686	(c)		07/25/29		326		327,580
Series 2017-DNA03, Class M11 Month LIBOR + 0.750%		3.236	(c)		03/25/30		900		899,839
Gosforth Funding PLC, Series2018-01A, Class A1, 144A, 3 Month LIBOR + 0.450%		3.101	(c)		08/25/60		356		354,515
Holmes Master Issuer PLC, Series2018-01A, Class A2, 144A, 3 Month LIBOR + 0.360%		3.147	(c)		10/15/54		400		398,707
JPMorgan Mortgage Trust, Series2007-A01, Class 4A1		4.562	(cc)		07/25/35		28		28,923

See Notes to Financial Statements.

PGIM Balanced Fund 75

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Lanark Master Issuer PLC, Series2018-01A, Class 1A, 144A, 3 Month LIBOR + 0.420%		3.083	%(c)		12/22/69		228		$	226,946
LSTAR Securities Investment Ltd., Series2017-06, Class A, 144A, 1 Month LIBOR + 1.750%		4.252	(c)		09/01/22		133			133,616
Series2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		4.152	(c)		11/01/22		134			133,771
LSTAR Securities Investment Trust, Series2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		4.002	(c)		04/01/23		85			85,399
MASTR Alternative Loan Trust, Series2004-04, Class 4A1		5.000			04/25/19		—	(r)		21
MetLife Securitization Trust, Series2018-01A, Class A, 144A		3.750	(cc)		03/25/57		187			189,443
New Residential Mortgage Loan Trust, Series2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.236	(c)		01/25/48		254			252,255
OBX Trust, Series2018-01, Class A2, 144A, 1 Month LIBOR + 0.650%		3.136	(c)		06/25/57		267			265,270
STACR Trust, Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750%		3.236	(c)		09/25/48		250			249,742
Structured Adjustable Rate Mortgage Loan Trust, Series2004-01, Class 4A3		4.570	(cc)		02/25/34		36			36,433
Washington Mutual Mortgage Pass-Through Certificates, Series2005-01, Class 3A		5.000			03/25/20		4			3,613
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $7,319,236)										7,337,353
SOVEREIGN BONDS    1.1%
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes, 144A		3.125			10/11/27		485			481,362
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes		4.375			07/12/21		200			205,500
Sr. Unsec’d. Notes		7.375			09/18/37		100			130,750
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A		3.875			02/01/28		200			197,511
Sr. Unsec’d. Notes, EMTN		2.750			04/01/20		250			248,935
Export-Import Bank of Korea (South Korea), Sr. Unsec’d. Notes		5.125			06/29/20		100			102,946

See Notes to Financial Statements.

76

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		6.375	%		03/29/21		280	$	298,180
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes		3.375			07/30/25	EUR	350		438,907
Sr. Unsec’d. Notes		4.450			02/11/24		200		208,415
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	315		370,552
Sr. Unsec’d. Notes, EMTN		4.750			01/08/26		200		211,245
Japan Bank for International Cooperation (Japan), Gov’t. Gtd. Notes		2.250			02/24/20		200		199,504
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		194,740
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		399,248
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		6.700			01/26/36		200		261,000
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125			06/22/26		100		95,672
Province of Quebec (Canada), Unsec’d. Notes, MTN		7.140			02/27/26		135		167,507
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		3.875			04/23/23		200		205,694
Sr. Unsec’d. Notes, 144A		4.817			03/14/49		205		215,545
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		200		219,000
Republic of Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		160		160,986
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	300		348,739
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A		5.250			01/16/50		275		293,282
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		205		201,430
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		285		282,250
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		200		204,758
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, 144A		2.500			06/08/22		200		198,480
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		190		191,672
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		5.100			06/18/50		100		106,750
TOTAL SOVEREIGN BONDS (cost $6,746,503)									6,840,560

See Notes to Financial Statements.

PGIM Balanced Fund 77

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS    7.6%
Federal Home Loan Bank		5.500	%		07/15/36		135	$	180,038
Federal Home Loan Mortgage Corp.		2.000			01/01/32		149		145,257
Federal Home Loan Mortgage Corp.		3.000			06/01/29		208		210,907
Federal Home Loan Mortgage Corp.		3.000			02/01/32		231		233,521
Federal Home Loan Mortgage Corp.		3.000			01/01/37		180		181,575
Federal Home Loan Mortgage Corp.		3.000			01/01/47		485		483,368
Federal Home Loan Mortgage Corp.		3.500			12/01/45		1,488		1,515,210
Federal Home Loan Mortgage Corp.		3.500			12/01/47		2,016		2,050,026
Federal Home Loan Mortgage Corp.		4.000			06/01/26		58		60,225
Federal Home Loan Mortgage Corp.		4.000			09/01/26		54		55,345
Federal Home Loan Mortgage Corp.		4.000			11/01/39		233		241,547
Federal Home Loan Mortgage Corp.		4.000			02/01/41		371		385,277
Federal Home Loan Mortgage Corp.		4.000			04/01/42		298		309,674
Federal Home Loan Mortgage Corp.		4.000			09/01/44		850		879,362
Federal Home Loan Mortgage Corp.		4.000			12/01/45		486		501,643
Federal Home Loan Mortgage Corp.		4.000			07/01/48		2,943		3,037,363
Federal Home Loan Mortgage Corp.		4.500			10/01/39		201		213,288
Federal Home Loan Mortgage Corp.		4.500			10/01/46		393		411,830
Federal Home Loan Mortgage Corp.		5.000			04/01/34		15		16,440
Federal Home Loan Mortgage Corp.		5.000			05/01/34		32		34,611
Federal Home Loan Mortgage Corp.		5.000			10/01/35		41		44,756
Federal Home Loan Mortgage Corp.		5.500			12/01/33		32		35,802
Federal Home Loan Mortgage Corp.		5.500			05/01/34		12		13,072
Federal Home Loan Mortgage Corp.		5.500			07/01/34		68		74,557
Federal Home Loan Mortgage Corp.		5.500			05/01/37		11		11,885
Federal Home Loan Mortgage Corp.		5.500			10/01/37		23		25,592
Federal Home Loan Mortgage Corp.		6.000			01/01/34		29		31,091
Federal Home Loan Mortgage Corp.		7.000			10/01/31		1		820
Federal Home Loan Mortgage Corp.		7.000			05/01/32		19		21,158
Federal National Mortgage Assoc.		2.000			08/01/31		297		289,310
Federal National Mortgage Assoc.		2.500			04/01/28		690		689,720
Federal National Mortgage Assoc.		2.500			10/01/46		450		437,397
Federal National Mortgage Assoc.		3.000			08/01/30		866		874,066
Federal National Mortgage Assoc.		3.000			11/01/36		389		393,352
Federal National Mortgage Assoc.		3.000			10/01/42		224		224,548
Federal National Mortgage Assoc.		3.000			01/01/43		404		404,157
Federal National Mortgage Assoc.		3.000			12/01/46		1,263		1,258,714
Federal National Mortgage Assoc.		3.500			02/01/33		471		482,390
Federal National Mortgage Assoc.		3.500			06/01/39		145		147,901
Federal National Mortgage Assoc.		3.500			05/01/42		1,509		1,541,278
Federal National Mortgage Assoc.		3.500			08/01/42		317		323,323
Federal National Mortgage Assoc.		3.500			08/01/42		373		380,725
Federal National Mortgage Assoc.		3.500			04/01/43		339		345,803
Federal National Mortgage Assoc.		3.500			04/01/43		632		645,559
Federal National Mortgage Assoc.		3.500			06/01/43		403		411,113

See Notes to Financial Statements.

78

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.500	%		06/01/45		1,218	$	1,239,169
Federal National Mortgage Assoc.		4.000			09/01/40		620		642,948
Federal National Mortgage Assoc.		4.000			04/01/42		781		809,661
Federal National Mortgage Assoc.		4.000			12/01/46		409		422,298
Federal National Mortgage Assoc.		4.000			09/01/47		350		361,296
Federal National Mortgage Assoc.		4.000			11/01/47		179		186,834
Federal National Mortgage Assoc.		4.000			04/01/48		1,425		1,471,388
Federal National Mortgage Assoc.		4.500			10/01/33		36		37,851
Federal National Mortgage Assoc.		4.500			03/01/34		23		24,129
Federal National Mortgage Assoc.		4.500			09/01/39		167		176,132
Federal National Mortgage Assoc.		4.500			08/01/40		135		143,049
Federal National Mortgage Assoc.		4.500			02/01/44		203		214,578
Federal National Mortgage Assoc.		4.500			08/01/44		358		376,914
Federal National Mortgage Assoc.		4.500			01/01/45		360		379,232
Federal National Mortgage Assoc.		4.500			07/01/48		23		24,218
Federal National Mortgage Assoc.		4.500			08/01/48		1,174		1,227,327
Federal National Mortgage Assoc.(tt)		5.000			TBA		2,250		2,375,719
Federal National Mortgage Assoc.		5.000			07/01/35		29		30,941
Federal National Mortgage Assoc.		5.000			02/01/36		66		71,646
Federal National Mortgage Assoc.		5.500			06/01/33		12		13,193
Federal National Mortgage Assoc.		5.500			08/01/33		17		19,151
Federal National Mortgage Assoc.		5.500			09/01/33		37		41,246
Federal National Mortgage Assoc.		5.500			09/01/33		71		77,959
Federal National Mortgage Assoc.		5.500			01/01/34		28		30,570
Federal National Mortgage Assoc.		5.500			01/01/34		38		41,348
Federal National Mortgage Assoc.		5.500			07/01/34		47		51,631
Federal National Mortgage Assoc.		6.000			09/01/21		1		580
Federal National Mortgage Assoc.		6.000			11/01/33		45		48,565
Federal National Mortgage Assoc.		6.000			01/01/34		10		10,808
Federal National Mortgage Assoc.		6.000			01/01/34		116		127,840
Federal National Mortgage Assoc.		6.000			02/01/34		13		14,700
Federal National Mortgage Assoc.		6.000			10/01/34		5		5,357
Federal National Mortgage Assoc.		6.000			10/01/34		6		6,157
Federal National Mortgage Assoc.		6.000			11/01/34		11		11,880
Federal National Mortgage Assoc.		6.000			11/01/34		27		29,339
Federal National Mortgage Assoc.		6.000			11/01/34		77		84,512
Federal National Mortgage Assoc.		6.000			01/01/35		12		13,222
Federal National Mortgage Assoc.		6.000			01/01/35		63		67,484
Federal National Mortgage Assoc.		6.000			02/01/35		59		66,524
Federal National Mortgage Assoc.		6.000			08/01/36		31		34,012
Federal National Mortgage Assoc.		6.000			08/01/38		7		7,682
Federal National Mortgage Assoc.		6.250			05/15/29		70		92,046
Federal National Mortgage Assoc.		6.500			05/01/24		12		13,443
Federal National Mortgage Assoc.		6.500			07/01/29		16		17,761
Federal National Mortgage Assoc.		6.500			07/01/32		15		16,320

See Notes to Financial Statements.

PGIM Balanced Fund 79

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		6.500	%		09/01/32		5	$	5,144
Federal National Mortgage Assoc.		6.500			04/01/33		14		16,213
Federal National Mortgage Assoc.		6.500			01/01/34		13		13,990
Federal National Mortgage Assoc.		6.500			01/01/34		22		24,387
Federal National Mortgage Assoc.		6.500			10/01/36		29		32,430
Federal National Mortgage Assoc.		6.500			09/01/37		74		83,884
Federal National Mortgage Assoc.		6.500			10/01/37		75		83,439
Federal National Mortgage Assoc.(k)		6.625			11/15/30		145		199,674
Federal National Mortgage Assoc.		7.000			06/01/32		15		16,938
Federal National Mortgage Assoc.(k)		7.125			01/15/30		380		533,197
Federal National Mortgage Assoc.		7.500			09/01/30		1		1,176
Federal National Mortgage Assoc.		8.000			12/01/23		1		1,182
Federal National Mortgage Assoc.		8.500			02/01/28		2		2,887
Government National Mortgage Assoc.		2.500			03/20/43		218		215,443
Government National Mortgage Assoc.		2.500			12/20/46		124		121,131
Government National Mortgage Assoc.		3.000			09/20/43		267		268,989
Government National Mortgage Assoc.		3.000			01/20/44		82		82,359
Government National Mortgage Assoc.		3.000			03/15/45		269		270,534
Government National Mortgage Assoc.		3.000			05/20/45		380		382,076
Government National Mortgage Assoc.		3.000			06/20/46		559		561,952
Government National Mortgage Assoc.		3.000			12/20/46		876		881,613
Government National Mortgage Assoc.		3.000			01/20/47		800		805,071
Government National Mortgage Assoc.		3.000			03/20/47		395		397,634
Government National Mortgage Assoc.		3.500			11/20/41		352		361,148
Government National Mortgage Assoc.		3.500			12/20/42		356		365,470
Government National Mortgage Assoc.		3.500			09/20/43		1,253		1,284,747
Government National Mortgage Assoc.		3.500			03/20/45		245		250,675
Government National Mortgage Assoc.		3.500			04/20/45		276		282,696
Government National Mortgage Assoc.		3.500			04/20/46		912		933,284
Government National Mortgage Assoc.		3.500			07/20/46		1,767		1,808,312
Government National Mortgage Assoc.(tt)		4.000			TBA		500		515,791
Government National Mortgage Assoc.		4.000			12/20/42		715		744,326
Government National Mortgage Assoc.		4.000			11/20/45		394		409,310
Government National Mortgage Assoc.		4.000			10/20/46		107		111,107
Government National Mortgage Assoc.		4.000			11/20/46		145		151,003
Government National Mortgage Assoc.		4.000			09/20/47		413		426,281
Government National Mortgage Assoc.		4.500			06/20/41		300		315,778
Government National Mortgage Assoc.		4.500			06/20/45		212		221,881
Government National Mortgage Assoc.		4.500			11/20/46		637		672,850
Government National Mortgage Assoc.		4.500			08/20/47		466		483,885
Government National Mortgage Assoc.		4.500			05/20/48		1,614		1,676,993
Government National Mortgage Assoc.		4.500			08/20/48		500		519,422
Government National Mortgage Assoc.		5.000			10/20/37		17		17,739
Government National Mortgage Assoc.		5.000			04/20/45		125		133,326
Government National Mortgage Assoc.		5.500			07/15/33		29		31,125

See Notes to Financial Statements.

80

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		5.500	%		12/15/33		17		$	17,812
Government National Mortgage Assoc.		5.500			09/15/34		107			114,354
Government National Mortgage Assoc.		5.500			01/15/36		64			70,611
Government National Mortgage Assoc.		5.500			02/15/36		129			138,386
Government National Mortgage Assoc.		6.500			09/15/23		8			8,500
Government National Mortgage Assoc.		6.500			10/15/23		3			3,395
Government National Mortgage Assoc.		6.500			11/15/23		1			1,257
Government National Mortgage Assoc.		6.500			12/15/23		1			1,076
Government National Mortgage Assoc.		6.500			12/15/23		4			3,954
Government National Mortgage Assoc.		6.500			12/15/23		6			6,202
Government National Mortgage Assoc.		6.500			04/15/24		41			44,921
Government National Mortgage Assoc.		6.500			07/15/32		2			2,672
Government National Mortgage Assoc.		6.500			08/15/32		—	(r)		375
Government National Mortgage Assoc.		6.500			08/15/32		1			804
Government National Mortgage Assoc.		6.500			08/15/32		2			1,821
Government National Mortgage Assoc.		6.500			08/15/32		12			14,077
Government National Mortgage Assoc.		7.000			06/15/24		11			12,266
Government National Mortgage Assoc.		7.000			05/15/31		7			7,735
Government National Mortgage Assoc.		7.500			04/15/29		1			658
Government National Mortgage Assoc.		7.500			12/15/29		3			3,050
Government National Mortgage Assoc.		8.000			08/15/22		1			828
Government National Mortgage Assoc.		8.000			12/15/22		2			2,498
Government National Mortgage Assoc.		8.000			12/15/22		5			4,999
Government National Mortgage Assoc.		8.000			06/15/25		20			21,141
Hashemite Kingdom of Jordan, USAID Bond, U.S. Gov’t. Gtd. Notes		3.000			06/30/25		315			323,644
Tennessee Valley Authority, Sr. Unsec’d. Notes		7.125			05/01/30		90			126,397
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $48,818,420)										49,065,181
U.S. TREASURY OBLIGATIONS    1.1%
U.S. Treasury Notes		1.125			02/28/21		245			239,612
U.S. Treasury Notes		2.375			02/29/24		1,505			1,514,818
U.S. Treasury Notes		2.375			08/15/24		280			281,411
U.S. Treasury Notes		2.500			12/31/20		1,000			1,003,008
U.S. Treasury Notes		2.625			11/15/20		830			833,631
U.S. Treasury Notes		2.625			02/15/29		55			56,010
U.S. Treasury Notes		2.750			04/30/23		1,580			1,611,168
U.S. Treasury Strips Coupon(k)		2.502	(s)		11/15/30		640			474,827
U.S. Treasury Strips Coupon		2.752	(s)		08/15/30		605			452,506
U.S. Treasury Strips Coupon		2.783	(s)		08/15/29		200			153,909
U.S. Treasury Strips Coupon		2.878	(s)		05/15/31		200			146,284

See Notes to Financial Statements.

PGIM Balanced Fund 81

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon		3.042	%(s)		11/15/35		400	$	254,937
TOTAL U.S. TREASURY OBLIGATIONS (cost $6,955,209)									7,022,121
TOTAL LONG-TERM INVESTMENTS (cost $557,064,041)									626,504,187
						Shares
SHORT-TERM INVESTMENTS    2.6%
AFFILIATED MUTUAL FUNDS    2.5%
PGIM Core Short-Term Bond Fund(w)							154,043		1,421,813
PGIM Core Ultra Short Bond Fund(w)							11,407,396		11,407,396
PGIM Institutional Money Market Fund (cost $3,274,522; includes $3,266,548 of cash collateral for securities on loan)(b)(w)							3,273,880		3,274,535
TOTAL AFFILIATED MUTUAL FUNDS (cost $15,906,897)									16,103,744
OPTIONS PURCHASED*~    0.0% (cost $31,535)									111,742
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)    0.1%
U.S. Treasury Bills (cost $288,444)		2.461	%		06/20/19		290		288,477
TOTAL SHORT-TERM INVESTMENTS (cost $16,226,876)									16,503,963
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN (cost $573,290,917)									643,008,150
OPTION WRITTEN*~    (0.0)% (premiums received $6,954)									(7,125	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    99.5% (cost $573,283,963)									643,001,025
Other assets in excess of liabilities(z)    0.5%									3,371,873
NET ASSETS    100.0%								$	646,372,898

See Notes to Financial Statements.

82

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

EUR—Euro

USD—US Dollar

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

A—Annual payment frequency for swaps

Aces—Alternative Credit Enhancements Securities

ADR—American Depositary Receipt

BABs—Build America Bonds

CLO—Collateralized Loan Obligation

CMS—Constant Maturity Swap

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

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

OTC—Over-the-counter

PRFC—Preference Shares

Q—Quarterly payment frequency for swaps

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

RSP—Savings Shares

S—Semiannual payment frequency for swaps

S&P—Standard & Poor’s

SDR—Sweden Depositary Receipt

SLM—Student Loan Mortgage

STACR—Structured Agency Credit Risk

STOXX—Stock Index of the Eurozone

Strips—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

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 or notional amount is shown in U.S. dollars unless otherwise stated.

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $(4,273) 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 $3,225,360; cash collateral of $3,266,548 (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.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2019.

See Notes to Financial Statements.

PGIM Balanced Fund 83

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2019. 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.

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

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. (n) Rate shown reflects yield to maturity at purchased date.

(r) Less than $500 par.

(rr) Perpetual security with no stated maturity date.

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 2,750,000 is 0.4% of net assets.

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

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

Options Purchased:

Exchange Traded

Description	Call/ Put		Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
2 Year U.S Treasury Notes Futures		Put		04/26/19		$106.00		57		114	$	891
2 Year U.S Treasury Notes Futures		Put		04/26/19		$106.63		57		114		22,266
5 Year U.S Treasury Notes Futures		Put		04/26/19		$115.00		96		96		6,000
Total Exchange Traded(cost $27,409)											$	29,157

OTC Traded

Description	Call/ Put		Counterparty		Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
				Morgan Stanley & Co.
2- Year 10 CMS Curve CAP		Call		International PLC		11/21/19		0.13%		—		100	$	518
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		11/21/19		0.12%		—		200		1,111
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		07/12/21		0.11%		—		577		5,238
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		07/13/21		0.11%		—		561		5,094
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/16/21		0.15%		—		1,402		11,997
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/20/21		0.15%		—		2,784		25,969
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		09/13/21		0.14%		—		2,820		27,127
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		11/09/21		0.21%		—		561		5,531
Total OTC Traded(cost $4,126)													$	82,585
Total Options Purchased(cost $31,535)													$	111,742

See Notes to Financial Statements.

84

Options Written:

Exchange Traded

Description

Call/ Put

Expiration Date

Strike

Contracts

Notional Amount (000)#

Value

2 Year U.S Treasury Notes Futures

Put

04/26/19

$

106.25

114

228

$

(7,125

)

(premiums received $6,954)

Futures contracts outstanding at March 31, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	86	2 Year U.S. Treasury Notes		Jun. 2019	$	18,326,062	$	65,409
	360	5 Year U.S. Treasury Notes		Jun. 2019		41,698,125		360,172
	41	10 Year U.S. Ultra Treasury Notes		Jun. 2019		5,444,031		82,254
	165	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		27,720,000		983,976
	5	Euro STOXX 50 Index		Jun. 2019		183,519		2,736
	1	FTSE 100 Index		Jun. 2019		93,927		2,192
	4	Mini MSCI EAFE Index		Jun. 2019		373,280		2,861
	11	S&P 500E-Mini Index		Jun. 2019		1,560,790		47,104
	1	TOPIX Index		Jun. 2019		143,643		(1,105	)
								1,545,599
		Short Positions:
	1	10 Year Euro-Bund		Jun. 2019		186,593		(3,711	)
	119	10 Year U.S. Treasury Notes		Jun. 2019		14,782,031		(166,140	)
	102	20 Year U.S. Treasury Bonds		Jun. 2019		15,264,938		(366,191	)
								(536,042	)
							$	1,009,557

Forward foreign currency exchange contracts outstanding at March 31, 2019:

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 04/17/19	BNP Paribas S.A.		EUR	1,113	$	1,271,367	$	1,249,828	$	21,539	$	—
Expiring 04/17/19	BNP Paribas S.A.		EUR	310		351,269		347,701		3,568		—
Expiring 04/17/19	JPMorgan Chase Bank, N.A.		EUR	55		62,084		61,469		615		—
					$	1,684,720	$	1,658,998	$	25,722	$	—

See Notes to Financial Statements.

PGIM Balanced Fund 85

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Forward rate agreements outstanding at March 31, 2019:

Notional Amount (000)#		Termination Date(5)		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC Forward Rate Agreements^:
	16,000		04/15/19		—(3)	—(3)	$	1,274		$	—	$	1,274		Citigroup Global Markets Inc.
	44,100		04/23/19		—(4)	—(4)		(5,547	)		—		(5,547	)	Citigroup Global Markets Inc.
							$	(4,273	)	$	—	$	(4,273	)

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

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

(3) The Series pays or receives payments based on CMM102 minus 7 Year CMS minus 1.3705% upon termination.

(4) The Series pays or receives payments based on CMM102 minus 7 Year CMS minus 1.3526% upon termination.

(5) The Series may choose to terminate these agreements at any time prior to the stated termination date.

Interest rate swap agreements outstanding at March 31, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
	EUR       715		05/11/24		0.396%(A)	6 Month EURIBOR(1)(S)	$	4,843		$	(19,122	)	$	(23,965	)
	EUR       230		05/11/39		1.100%(A)	1 Day EONIA(1)(A)		(2,089	)		(13,067	)		(10,978	)
	4,030		03/23/21		2.370%(A)	1 Day USOIS(1)(A)		—			(19,196	)		(19,196	)
	235		09/27/21		2.330%(A)	1 Day USOIS(1)(A)		(66	)		(1,455	)		(1,389	)
	115		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(1,296	)		(1,296	)
	610		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		1,557			5,494			3,937
	1,469		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)		(1,708	)		10,734			12,442
	375		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(3,436	)		2,456			5,892
	850		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(1,674	)		4,782			6,456
	5,400		03/29/24		1.949%(A)	1 Day USOIS(1)(A)		—			19,172			19,172
	500		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			3,629			3,629
	4,805		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		14,820			34,463			19,643
	3,435		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		6,488			23,643			17,155
	2,215		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		6,716			(15,713	)		(22,429	)
	1,605		02/12/25		2.408%(A)	1 Day USOIS(1)(A)		—			(33,261	)		(33,261	)
	1,309		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(922	)		(62,049	)		(61,127	)
	1,545		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		1,219			(72,895	)		(74,114	)
	2,589		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		63			(122,848	)		(122,911	)
	4,325		01/08/26		2.210%(S)	3 Month LIBOR(1)(Q)		35,345			37,861			2,516
	125		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			578			578
	120		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		—			(1,685	)		(1,685	)
	921		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		12,290			17,606			5,316
	390		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		495			5,281			4,786

See Notes to Financial Statements.

86

Interest rate swap agreements outstanding at March 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	265		02/15/27		1.965%(A)	1 Day USOIS(1)(A)	$	—		$	2,292		$	2,292
	655		02/15/27		2.067%(A)	1 Day USOIS(1)(A)		(362	)		657			1,019
	130		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			(70	)		(70	)
	2,638		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(54,088	)		(103,010	)		(48,922	)
	892		08/15/28		2.835%(S)	3 Month LIBOR(1)(Q)		(1,704	)		(33,269	)		(31,565	)
							$	17,787		$	(330,288	)	$	(348,075	)

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

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

Balances Reported in the Statement of Assets and Liabilities for OTC Forward Rate Agreements:

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Rate Agreements	$	—	$	—	$	1,274	$	(5,547	)

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

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	895,000	$	1,021,206
Goldman Sachs & Co. LLC		—		288,477
Total	$	895,000	$	1,309,683

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	361,423,032	$	29,854,368	$	—

See Notes to Financial Statements.

PGIM Balanced Fund 87

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Exchange-Traded Fund	$	972,900		$	—		$	—
Preferred Stocks		209,450			155,165			—
Asset-Backed Securities
Automobiles		—			13,172,548			—
Collateralized Loan Obligations		—			10,170,801			—
Consumer Loans		—			1,969,121			—
Credit Cards		—			1,988,259			—
Equipment		—			2,000,749			—
Home Equity Loans		—			399,719			—
Other		—			345,145			—
Residential Mortgage-Backed Securities		—			4,794,983			—
Student Loans		—			4,901,648			—
Commercial Mortgage-Backed Securities		—			51,335,211			—
Corporate Bonds		—			70,200,423			—
Municipal Bonds		—			2,345,450			—
Residential Mortgage-Backed Securities		—			7,337,353			—
Sovereign Bonds		—			6,840,560			—
U.S. Government Agency Obligations		—			49,065,181			—
U.S. Treasury Obligations		—			7,310,598			—
Affiliated Mutual Funds		16,103,744			—			—
Options Purchased		29,157			82,585			—
Option Written		(7,125	)		—			—
Other Financial Instruments*
Futures Contracts		1,009,557			—			—
OTC Forward Foreign Currency Exchange Contracts		—			25,722			—
OTC Forward Rate Agreements		—			—			(4,273	)
Centrally Cleared Interest Rate Swap Agreements		—			(348,075	)		—
Total	$	379,740,715		$	263,947,514		$	(4,273	)

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

Industry Classification:

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

Commercial Mortgage-Backed Securities	7.9	%
U.S. Government Agency Obligations	7.6
Banks	7.2
Software	4.1
Pharmaceuticals	3.3
Oil, Gas & Consumable Fuels	3.2
Interactive Media & Services	2.9
Automobiles	2.5

Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan)	2.5	%
Health Care Equipment & Supplies	2.4
IT Services	2.4
Internet & Direct Marketing Retail	2.3
Technology Hardware, Storage & Peripherals	2.0
Biotechnology	1.9

See Notes to Financial Statements.

88

Industry Classification (continued):

Residential Mortgage-Backed Securities	1.8	%
Semiconductors & Semiconductor Equipment	1.8
Collateralized Loan Obligations	1.6
Aerospace & Defense	1.6
Equity Real Estate Investment Trusts (REITs)	1.6
Diversified Telecommunication Services	1.5
Insurance	1.5
Beverages	1.5
Capital Markets	1.4
Health Care Providers & Services	1.2
Chemicals	1.2
U.S. Treasury Obligations	1.2
Food Products	1.1
Communications Equipment	1.1
Sovereign Bonds	1.1
Diversified Financial Services	1.1
Specialty Retail	1.0
Life Sciences Tools & Services	1.0
Industrial Conglomerates	1.0
Road & Rail	0.9
Electric Utilities	0.9
Electric	0.9
Entertainment	0.9
Media	0.8
Tobacco	0.8
Hotels, Restaurants & Leisure	0.8
Student Loans	0.8
Machinery	0.7
Household Products	0.7
Oil & Gas	0.6
Electronic Equipment, Instruments & Components	0.6
Food & Staples Retailing	0.6
Auto Manufacturers	0.5
Real Estate Management & Development	0.5
Multi-Utilities	0.5
Distributors	0.5
Consumer Finance	0.5
Airlines	0.5
Telecommunications	0.4
Independent Power & Renewable Electricity Producers	0.4
Metals & Mining	0.4
Textiles, Apparel & Luxury Goods	0.4
Trading Companies & Distributors	0.4
Municipal Bonds	0.4
Pipelines	0.4

Equipment	0.3	%
Foods	0.3
Credit Cards	0.3
Consumer Loans	0.3
Multiline Retail	0.3
Construction & Engineering	0.3
Wireless Telecommunication Services	0.3
Building Products	0.2
Gas Utilities	0.2
Healthcare-Services	0.2
Professional Services	0.2
Commercial Services	0.2
Personal Products	0.2
Exchange-Traded Fund	0.1
Air Freight & Logistics	0.1
Thrifts & Mortgage Finance	0.1
Mortgage Real Estate Investment Trusts (REITs)	0.1
Energy Equipment & Services	0.1
Commercial Services & Supplies	0.1
Auto Components	0.1
Electrical Equipment	0.1
Gas	0.1
Transportation Infrastructure	0.1
Packaging & Containers	0.1
Healthcare-Products	0.1
Oil & Gas Services	0.1
Household Durables	0.1
Multi-National	0.1
Retail	0.1
Mining	0.1
Agriculture	0.1
Lodging	0.1
Transportation	0.1
Semiconductors	0.1
Construction Materials	0.1
Diversified Consumer Services	0.1
Building Materials	0.1
Computers	0.1
Containers & Packaging	0.1
Home Equity Loans	0.1
Real Estate Investment Trusts (REITs)	0.1
Miscellaneous Manufacturing	0.1
Other	0.0	*
Health Care Technology	0.0	*
Forest Products & Paper	0.0	*
Water Utilities	0.0	*

See Notes to Financial Statements.

PGIM Balanced Fund 89

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Industry Classification (continued):

Home Builders	0.0	*%
Leisure Products	0.0	*
Engineering & Construction	0.0	*
Machinery-Diversified	0.0	*
Electronics	0.0	*
Options Purchased	0.0	*
Paper & Forest Products	0.0	*
Marine	0.0	*
	99.5
Option Written	(0.0	)*
Other assets in excess of liabilities	0.5
	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, 2019 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Due from/to broker—variation margin futures	$	54,893	*	Due from/to broker—variation margin futures	$	1,105	*
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		25,722		—		—
Interest rate contracts	Due from/to broker—variation margin futures		1,491,811	*	Due from/to broker—variation margin futures		536,042	*
Interest rate contracts	Due from/to broker—variation margin swaps		104,833	*	Due from/to broker—variation margin swaps		452,908	*
Interest rate contracts	Unaffiliated investments		111,742		Options written outstanding, at value		7,125

See Notes to Financial Statements.

90

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Unrealized appreciation on OTC forward rate agreements	$	1,274	Unrealized depreciation on OTC forward rate agreements	$	5,547
		$	1,790,275		$	1,002,727

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2019 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)			Futures			Forward Currency Exchange Contracts		Forward Rate Agreements			Swaps
Equity contracts	$	35	$	—		$	(115,121	)	$	—	$	—		$	—
Foreign exchange contracts		—		—			—			33,055		—			—
Interest rate contracts		—		(37,873	)		436,458			—		(13,421	)		209,201
Total	$	35	$	(37,873	)	$	321,337		$	33,055	$	(13,421	)	$	209,201

(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 Exchange Contracts Agreements		Forward Rate			Swaps
Equity contracts	$	(40	)	$	—	$	—		$	22,323	$	—	$	—		$	—
Foreign exchange contracts		—			—		—			—		16,929		—			—
Interest rate contracts		—			70,091		(171	)		1,657,213		—		(1,259	)		(1,609,772	)
Total	$	(40	)	$	70,091	$	(171	)	$	1,679,536	$	16,929	$	(1,259	)	$	(1,609,772	)

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

See Notes to Financial Statements.

PGIM Balanced Fund 91

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

For the six months ended March 31, 2019, 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)
$	25,809	$	76,000	$	94,925,509	$	25,470,332

Forward Foreign Currency Exchange Contracts — Sold(3)		Forward Rate Agreements(2)		Inflation Swap Agreements(2)		Interest Rate Swap Agreements(2)
$	1,262,943	$	33,166,667	$	690,000	$	110,058,140

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

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 toset-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)			Net Amount
Securities on Loan	$	3,225,360	$	(3,225,360	)	$	—

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
Bank of America, N.A.	$	65,093	$	—		$	65,093		$	—	$	65,093
Barclays Bank PLC		16,974		—			16,974			—		16,974
BNP Paribas S.A.		25,107		—			25,107			—		25,107
Citigroup Global Markets Inc.		1,274		(5,547	)		(4,273	)		—		(4,273	)

See Notes to Financial Statements.

92

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
JPMorgan Chase Bank, N.A.	$	615	$	—		$	615	$	—	$	615
Morgan Stanley & Co. International PLC		518		—			518		—		518
	$	109,581	$	(5,547	)	$	104,034	$	—	$	104,034

(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 Portfolio is limited to the market value of financial instruments/transactions and the Portfolio’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Balanced Fund 93

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Investments at value, including securities on loan of $3,225,360:
Unaffiliated investments (cost $557,384,020)	$	626,904,406
Affiliated investments (cost $15,906,897)		16,103,744
Foreign currency, at value (cost $346,850)		346,881
Receivable for Series shares sold		8,992,340
Receivable for investments sold		5,567,572
Dividends and interest receivable		1,876,542
Deposit with broker for centrally cleared/exchange-traded derivatives		895,000
Due from broker—variation margin swaps		111,579
Tax reclaim receivable		86,226
Unrealized appreciation on OTC forward foreign currency exchange contracts		25,722
Due from broker—variation margin futures		13,268
Unrealized appreciation on OTC forward rate agreements		1,274
Prepaid expenses		2,162
Total Assets		660,926,716
Liabilities
Payable for investments purchased		9,550,299
Payable to broker for collateral for securities on loan		3,266,548
Payable for Series shares reacquired		883,828
Management fee payable		261,176
Accrued expenses and other liabilities		223,149
Distribution fee payable		172,324
Due to broker—variation margin futures		102,008
Affiliated transfer agent fee payable		81,814
Options written outstanding, at value (proceeds received $6,954)		7,125
Unrealized depreciation on OTC forward rate agreements		5,547
Total Liabilities		14,553,818
Net Assets	$	646,372,898
Net assets were comprised of:
Common stock, at par	$	42,522
Paid-in capital in excess of par		575,172,895
Total distributable earnings (loss)		71,157,481
Net assets, March 31, 2019	$	646,372,898

See Notes to Financial Statements.

94

Class A
Net asset value and redemption price per share, ($357,841,940 ÷ 23,615,881 shares of common stock issued and outstanding)	$	15.15
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	16.03
Class B
Net asset value, offering price and redemption price per share,
($7,651,210 ÷ 501,789 shares of common stock issued and outstanding)	$	15.25
Class C
Net asset value, offering price and redemption price per share,
($87,469,866 ÷ 5,735,676 shares of common stock issued and outstanding)	$	15.25
Class R
Net asset value, offering price and redemption price per share,
($1,637,009 ÷ 107,994 shares of common stock issued and outstanding)	$	15.16
Class Z
Net asset value, offering price and redemption price per share,
($171,049,731 ÷ 11,203,874 shares of common stock issued and outstanding)	$	15.27
Class R6
Net asset value, offering price and redemption price per share,
($20,723,142 ÷ 1,356,851 shares of common stock issued and outstanding)	$	15.27

See Notes to Financial Statements.

PGIM Balanced Fund 95

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $33,236 foreign withholding tax)	$	4,018,150
Interest income (net of $452 foreign withholding tax)		3,763,014
Affiliated dividend income		353,462
Income from securities lending, net (including affiliated income of $2,101)		2,265
Total income		8,136,891
Expenses
Management fee		2,003,852
Distribution fee(a)		994,440
Transfer agent’s fees and expenses (including affiliated expense of $183,344)(a)		381,045
Custodian and accounting fees		150,813
Registration fees(a)		50,040
Shareholders’ reports		37,534
Audit fee		22,723
Directors’ fees		12,012
Legal fees and expenses		9,828
Miscellaneous		36,678
Total expenses		3,698,965
Less: Fee waiver and/or expense reimbursement(a)		(445,614	)
Distribution fee waiver(a)		(2,539	)
Net expenses		3,250,812
Net investment income (loss)		4,886,079
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,006,600))		837,101
Futures transactions		321,337
Forward rate agreement transactions		(13,421	)
Forward currency contract transactions		33,055
Swap agreement transactions		209,201
Foreign currency transactions		(55,989	)
		1,331,284
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $926,428)		(16,703,280	)
Futures		1,679,536
Forward rate agreements		(1,259	)
Forward currency contracts		16,929
Options written		(171	)
Swap agreements		(1,609,772	)
Foreign currencies		1,320
		(16,616,697	)
Net gain (loss) on investment and foreign currency transactions		(15,285,413	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(10,399,334	)

See Notes to Financial Statements.

96

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		514,835			41,857			430,132			7,616			—			—
Transfer agent’s fees and expenses		217,867			12,190			41,911			2,759			106,277			41
Registration fees		10,076			7,382			8,880			7,300			8,266			8,136
Fee waiver and/or expense reimbursement		(287,301	)		(4,446	)		(45,686	)		(6,044	)		(89,895	)		(12,242	)
Distribution fee waiver		—			—			—			(2,539	)		—			—

See Notes to Financial Statements.

PGIM Balanced Fund 97

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,886,079		$	7,140,712
Net realized gain (loss) on investment and foreign currency transactions		1,331,284			35,930,166
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(16,616,697	)		6,435,322
Net increase (decrease) in net assets resulting from operations		(10,399,334	)		49,506,200
Dividends and Distributions
Distributions from distributable earnings*
Class A		(20,492,778	)		—
Class B		(474,259	)		—
Class C		(4,851,586	)		—
Class R		(117,772	)		—
Class Z		(10,538,342	)		—
Class R6		(419,154	)		—
		(36,893,891	)		—
Dividends from net investment income
Class A					(4,273,229	)
Class B					(30,440	)
Class C					(426,577	)
Class R					(13,806	)
Class Z					(2,360,421	)
Class R6					(5,451	)
		*			(7,109,924	)
Distributions from net realized gains
Class A					(14,743,277	)
Class B					(465,067	)
Class C					(3,313,753	)
Class R					(68,936	)
Class Z					(6,197,978	)
Class R6					(420	)
		*			(24,789,431	)

See Notes to Financial Statements.

98

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Series share transactions (Net of share conversions)
Net proceeds from shares sold	$	85,937,299		$	126,810,987
Net asset value of shares issued in reinvestment of dividends and distributions		35,249,400			30,267,050
Cost of shares reacquired		(75,573,114	)		(96,702,428	)
Net increase (decrease) in net assets from Series share transactions		45,613,585			60,375,609
Total increase (decrease)		(1,679,640	)		77,982,454
Net Assets:
Beginning of period		648,052,538			570,070,084
End of period(a)	$	646,372,898		$	648,052,538
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	742,847

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

See Notes to Financial Statements.

PGIM Balanced Fund 99

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 anopen-end management investment company. The Company was incorporated in Maryland on August 10, 1995 and consists of six series: PGIM Balanced Fund, PGIM Jennison Equity Opportunity Fund and PGIM Jennison Growth Fund, PGIM Allocation Fund, PGIM Moderate Allocation Fund and PGIM Allocation Fund, each of which arenon-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 anon-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 anon-diversified fund. These financial statements relate only to the PGIM 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services —Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The 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 Company’s 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”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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 reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

100

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

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

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

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

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 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

PGIM Balanced Fund 101

Notes to Financial Statements(unaudited) (continued)

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

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most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The 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.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted 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

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Notes to Financial Statements(unaudited) (continued)

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

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, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on 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 forward and cross currency contracts. 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.

Options:The Series purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of

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equities or foreign currency exchange rates with respect to securities or financial instruments which the Series currently owns or intends to purchase. The Series may also use options to gain additional market exposure. The Series’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Series purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Series writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Series realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Series has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Series, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Series bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Series, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Series since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Series writes an option on a swap, an amount equal to any premium received by the Series is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Series becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Series becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Series will be obligated to be party to a swap agreement if an option on a swap is exercised.

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

PGIM Balanced Fund 105

Notes to Financial Statements(unaudited) (continued)

is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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.

Forward Rate Agreements:Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Series entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements:The Series entered into certain types of swap agreements detailed in the disclosures below. 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 a 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 or 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.

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

The Company, on behalf of the Series, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) 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’ custodian and with respect to those amounts which can be sold orre-pledged, is presented in the Schedule of Investments. Collateral pledged by the Series is segregated by the Series’ 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

PGIM Balanced Fund 107

Notes to Financial Statements(unaudited) (continued)

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.

As of March 31, 2019, 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 holds 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 lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the 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

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the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs):The 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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

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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 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 subadvisory agreements with each of PGIM, Inc., which provides subadvisory services to the Series through its PGIM Fixed Income unit, and QMA LLC (formerly known as Quantitative Management Associates LLC) (“QMA”). The subadvisory agreements provide that the PGIM, Inc. and QMA will furnish investment advisory services in connection with the management of the Series. In connection therewith, are obligated to keep certain books and records of the Series. PGIM Investments pays for the services of , 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 the Manager 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, 2019.

The Manager has contractually agreed, through January 31, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class R shares. and 0.65% of average daily net assets for Class R6 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.

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Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by 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 the fiscal year.

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 R6 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 the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the 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, 2020 to limit such fees to 0.50% of the average daily net assets of Class R shares.

For the reporting period ended March 31, 2019, PIMS received $507,703 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2019, PIMS received $10,528, $2,247 and $6,362 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated

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Notes to Financial Statements(unaudited) (continued)

solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Series also invests in the PGIM 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 PGIM Core Ultra Short Bond Fund, the “Core Funds”), registered under the 1940 Act and managed by PGIM Investments. 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 reporting period ended March 31, 2019, were $393,011,905 and $392,568,664, respectively.

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

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Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Short-Term Bond Fund*
$	19,347,175	$	153,935	$	18,000,000	$	926,415	$	(1,005,712	)	$	1,421,813		154,043	$	153,935
	PGIM Core Ultra Short Bond Fund*
	14,790,038		89,764,426		93,147,068		—		—			11,407,396		11,407,396		199,527
	PGIM Institutional Money Market Fund*
	—		40,511,522		37,236,112		13		(888	)		3,274,535		3,273,880		2,101	**
$	34,137,213	$	130,429,883	$	148,383,180	$	926,428	$	(1,006,600	)	$	16,103,744			$	355,563

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

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

For the reporting period ended March 31, 2019, no17a-7 transactions were entered into by the Series.

5. Tax Information

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

Tax Basis	$	573,975,222
Gross Unrealized Appreciation		209,318,956
Gross Unrealized Depreciation		(139,610,222	)
Net Unrealized Appreciation	$	69,708,734

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

The Manager 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 R6 shares. Class A shares are sold with a maximumfront-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to

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Notes to Financial Statements(unaudited) (continued)

purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the 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 6.25 billion shares of common stock at $0.001 par value. 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 T and Class R6 common stock, each of which consists of 125 million, 3 million, 25 million, 125 million, 280 million, 75 million and 290 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of March 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned and 685 Class R6 shares of the Series. At reporting period end, four shareholders of record, each holding greater than 5% of the Series, held 36% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		1,891,752		$	27,932,046
Shares issued in reinvestment of dividends and distributions		1,395,165			20,146,233
Shares reacquired		(1,740,843	)		(25,908,923	)
Net increase (decrease) in shares outstanding before conversion		1,546,074			22,169,356
Shares issued upon conversion from other share class(es)		94,485			1,385,408
Shares reacquired upon conversion into other share class(es)		(55,886	)		(830,451	)
Net increase (decrease) in shares outstanding		1,584,673		$	22,724,313
Year ended September 30, 2018:
Shares sold		2,114,633		$	33,859,226
Shares issued in reinvestment of dividends and distributions		1,183,723			18,679,243
Shares reacquired		(2,881,571	)		(46,190,036	)
Net increase (decrease) in shares outstanding before conversion		416,785			6,348,433
Shares issued upon conversion from other share class(es)		146,588			2,364,669
Shares reacquired upon conversion into other share class(es)		(98,898	)		(1,578,382	)
Net increase (decrease) in shares outstanding		464,475		$	7,134,720

114

Class B	Shares			Amount
Six months ended March 31, 2019:
Shares sold		17,473		$	257,742
Shares issued in reinvestment of dividends and distributions		31,249			454,248
Shares reacquired		(54,261	)		(818,984	)
Net increase (decrease) in shares outstanding before conversion		(5,539	)		(106,994	)
Shares reacquired upon conversion into other share class(es)		(61,724	)		(905,426	)
Net increase (decrease) in shares outstanding		(67,263	)	$	(1,012,420	)
Year ended September 30, 2018:
Shares sold		52,625		$	856,463
Shares issued in reinvestment of dividends and distributions		29,949			474,518
Shares reacquired		(99,677	)		(1,594,591	)
Net increase (decrease) in shares outstanding before conversion		(17,103	)		(263,610	)
Shares reacquired upon conversion into other share class(es)		(102,780	)		(1,673,559	)
Net increase (decrease) in shares outstanding		(119,883	)	$	(1,937,169	)
Class C
Six months ended March 31, 2019:
Shares sold		801,844		$	12,069,079
Shares issued in reinvestment of dividends and distributions		319,934			4,652,224
Shares reacquired		(734,363	)		(10,931,827	)
Net increase (decrease) in shares outstanding before conversion		387,415			5,789,476
Shares reacquired upon conversion into other share class(es)		(111,180	)		(1,661,697	)
Net increase (decrease) in shares outstanding		276,235		$	4,127,779
Year ended September 30, 2018:
Shares sold		1,574,301		$	25,358,883
Shares issued in reinvestment of dividends and distributions		223,893			3,550,964
Shares reacquired		(895,301	)		(14,375,739	)
Net increase (decrease) in shares outstanding before conversion		902,893			14,534,108
Shares reacquired upon conversion into other share class(es)		(95,177	)		(1,541,254	)
Net increase (decrease) in shares outstanding		807,716		$	12,992,854
Class R
Six months ended March 31, 2019:
Shares sold		21,571		$	317,342
Shares issued in reinvestment of dividends and distributions		6,143			88,780
Shares reacquired		(55,591	)		(835,172	)
Net increase (decrease) in shares outstanding		(27,877	)	$	(429,050	)
Year ended September 30, 2018:
Shares sold		60,737		$	980,875
Shares issued in reinvestment of dividends and distributions		3,582			56,555
Shares reacquired		(19,869	)		(320,405	)
Net increase (decrease) in shares outstanding		44,450		$	717,025

PGIM Balanced Fund 115

Notes to Financial Statements(unaudited) (continued)

Class Z	Shares			Amount
Six months ended March 31, 2019:
Shares sold		1,752,645		$	26,577,798
Shares issued in reinvestment of dividends and distributions		652,565			9,488,765
Shares reacquired		(2,438,188	)		(36,137,479	)
Net increase (decrease) in shares outstanding before conversion		(32,978	)		(70,916	)
Shares issued upon conversion from other share class(es)		135,491			2,034,061
Shares reacquired upon conversion into other share class(es)		(5,492	)		(84,572	)
Net increase (decrease) in shares outstanding		97,021		$	1,878,573
Year ended September 30, 2018:
Shares sold		3,912,312		$	63,303,416
Shares issued in reinvestment of dividends and distributions		471,527			7,499,899
Shares reacquired		(2,121,228	)		(34,174,419	)
Net increase (decrease) in shares outstanding before conversion		2,262,611			36,628,896
Shares issued upon conversion from other share class(es)		176,101			2,840,247
Shares reacquired upon conversion into other share class(es)		(30,366	)		(485,580	)
Net increase (decrease) in shares outstanding		2,408,346		$	38,983,563
Class R6
Six months ended March 31, 2019:
Shares sold		1,234,743		$	18,783,292
Shares issued in reinvestment of dividends and distributions		28,773			419,150
Shares reacquired		(62,802	)		(940,729	)
Net increase (decrease) in shares outstanding before conversion		1,200,714			18,261,713
Shares issued upon conversion from other share class(es)		4,465			62,677
Net increase (decrease) in shares outstanding		1,205,179		$	18,324,390
Period ended September 30, 2018*:
Shares sold		149,589		$	2,452,124
Shares issued in reinvestment of dividends and distributions		360			5,871
Shares reacquired		(2,881	)		(47,238	)
Net increase (decrease) in shares outstanding before conversion		147,068			2,410,757
Shares issued upon conversion from other share class(es)		4,604			73,859
Net increase (decrease) in shares outstanding		151,672		$	2,484,616

* 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 4, 2018 through October 3, 2019. 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 4, 2018, the Funds had another

116

SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

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

The Series utilized the SCA during the reporting period ended March 31, 2019. The average daily balance for the 8 days that the Series had loans outstanding during the period was approximately $5,606,625, borrowed at a weighted average interest rate of 3.70%. The maximum loan outstanding amount during the period was $8,135,000. At March 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

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

Bond Obligations Risk:The Series’ holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed-income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Series for redemption before it matures and the Series may not be able to reinvest at the same level and therefore would earn less income.

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Series. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Series will depend on the Subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Series. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Series’ derivatives positions. In fact, many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Series.

PGIM Balanced Fund 117

Notes to Financial Statements(unaudited) (continued)

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Interest Rate Risk:The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Series’ holdings may fall sharply. This is referred to as “extension risk. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the Subadviser.

Liquidity Risk:The Series may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Series are difficult to purchase or sell. Liquidity risk includes the risk that the Series may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Series is forced to sell these investments to pay redemption proceeds or for other reasons, the Series may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Series may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

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

118

U.S. Government and Agency Securities Risk:U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

9. Recent Accounting Pronouncements and Reporting Updates

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

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

10. Subsequent Event

At a meeting held on December 6, 2018, the Board of Directors of the Series approved a plan of reorganization whereby the PGIM Balanced Fund would acquire the PGIM Conservative Allocation Fund and the PGIM Moderate Allocation Fund. This reorganization was approved by the shareholders of the PGIM Conservative Allocation Fund and the PGIM Moderate Allocation Fund on May 7, 2019 and is scheduled to be completed on or about June 21, 2019.

PGIM Balanced Fund 119

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.38			$15.93			$14.99			$14.67			$16.45			$14.70
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.19			0.17			0.18			0.18			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.42	)		1.15			1.43			1.25			(0.09	)		1.76
Total from investment operations		(0.30	)		1.34			1.60			1.43			0.09			1.96
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.20	)		(0.18	)		(0.19	)		(0.33	)		(0.21	)
Distributions from net realized gains		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-
Total dividends and distributions		(0.93	)		(0.89	)		(0.66	)		(1.11	)		(1.87	)		(0.21	)
Net asset value, end of period		$15.15			$16.38			$15.93			$14.99			$14.67			$16.45
Total Return(b):		(1.54)%			8.66%			10.99%			10.15%			0.17%			13.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$357,842			$360,798			$343,550			$324,422			$295,456			$303,153
Average net assets (000)		$344,156			$352,124			$332,088			$308,458			$309,664			$295,552
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.00%	(e)		1.12%			1.18%			1.23%			1.23%			1.22%
Expenses before waivers and/or expense reimbursement		1.17%	(e)		1.17%			1.20%			1.25%			1.25%			1.24%
Net investment income (loss)		1.64%	(e)		1.22%			1.11%			1.23%			1.16%			1.27%
Portfolio turnover rate(f)(g)		68%			145%			180%			230%			216%			215%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

120

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.47			$16.02			$15.08			$14.75			$16.45			$14.71
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.04			0.06			0.08			0.07			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.41	)		1.15			1.43			1.25			(0.09	)		1.75
Total from investment operations		(0.37	)		1.19			1.49			1.33			(0.02	)		1.84
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.07	)		(0.08	)		(0.14	)		(0.10	)
Distributions from net realized gains		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-
Total dividends and distributions		(0.85	)		(0.74	)		(0.55	)		(1.00	)		(1.68	)		(0.10	)
Net asset value, end of period		$15.25			$16.47			$16.02			$15.08			$14.75			$16.45
Total Return(b):		(2.02)%			7.62%			10.16%			9.41%			(0.49)%			12.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,651			$9,374			$11,040			$12,101			$12,376			$14,899
Average net assets (000)		$8,394			$10,376			$11,624			$12,405			$14,068			$14,806
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.10%	(e)		2.07%			1.88%			1.93%			1.93%			1.92%
Expenses before waivers and/or expense reimbursement		2.20%	(e)		2.13%			1.90%			1.95%			1.95%			1.94%
Net investment income (loss)		0.53%	(e)		0.26%			0.41%			0.54%			0.46%			0.57%
Portfolio turnover rate(f)(g)		68%			145%			180%			230%			216%			215%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 121

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.48			$16.02			$15.08			$14.74			$16.45			$14.71
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.08			0.06			0.08			0.07			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.43	)		1.16			1.43			1.26			(0.10	)		1.75
Total from investment operations		(0.36	)		1.24			1.49			1.34			(0.03	)		1.84
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.09	)		(0.07	)		(0.08	)		(0.14	)		(0.10	)
Distributions from net realized gains		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-
Total dividends and distributions		(0.87	)		(0.78	)		(0.55	)		(1.00	)		(1.68	)		(0.10	)
Net asset value, end of period		$15.25			$16.48			$16.02			$15.08			$14.74			$16.45
Total Return(b):		(1.90)%			7.92%			10.16%			9.49%			(0.56)%			12.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$87,470			$89,949			$74,527			$57,448			$30,093			$20,838
Average net assets (000)		$86,258			$82,930			$66,532			$43,525			$26,353			$17,899
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.75%	(e)		1.81%			1.88%			1.93%			1.93%			1.92%
Expenses before waivers and/or expense reimbursement		1.86%	(e)		1.87%			1.90%			1.95%			1.95%			1.94%
Net investment income (loss)		0.89%	(e)		0.52%			0.41%			0.53%			0.47%			0.58%
Portfolio turnover rate(f)(g)		68%			145%			180%			230%			216%			215%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

122

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.38			$15.94			$15.00			$14.68			$16.43			$14.69
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.11			0.14			0.15			0.15			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.41	)		1.14			1.43			1.25			(0.09	)		1.75
Total from investment operations		(0.34	)		1.25			1.57			1.40			0.06			1.92
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.12	)		(0.15	)		(0.16	)		(0.27	)		(0.18	)
Distributions from net realized gains		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-
Total dividends and distributions		(0.88	)		(0.81	)		(0.63	)		(1.08	)		(1.81	)		(0.18	)
Net asset value, end of period		$15.16			$16.38			$15.94			$15.00			$14.68			$16.43
Total Return(b):		(1.80)%			8.07%			10.77%			9.93%			0.02%			13.16%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,637			$2,226			$1,457			$723			$553			$482
Average net assets (000)		$2,037			$1,837			$947			$739			$528			$395
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.63%	(e)		1.63%			1.38%			1.43%			1.43%			1.42%
Expenses before waivers and/or expense reimbursement		2.48%	(e)		2.88%			1.65%			1.70%			1.70%			1.69%
Net investment income (loss)		0.99%	(e)		0.71%			0.92%			1.04%			0.96%			1.08%
Portfolio turnover rate(f)(g)		68%			145%			180%			230%			216%			215%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 123

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.49			$16.04			$15.09			$14.75			$16.57			$14.80
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.24			0.22			0.22			0.23			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.41	)		1.15			1.43			1.27			(0.10	)		1.77
Total from investment operations		(0.27	)		1.39			1.65			1.49			0.13			2.02
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.25	)		(0.22	)		(0.23	)		(0.41	)		(0.25	)
Distributions from net realized gains		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)		-
Total dividends and distributions		(0.95	)		(0.94	)		(0.70	)		(1.15	)		(1.95	)		(0.25	)
Net asset value, end of period		$15.27			$16.49			$16.04			$15.09			$14.75			$16.57
Total Return(b):		(1.34)%			8.91%			11.32%			10.57%			0.41%			13.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$171,050			$183,204			$139,497			$92,562			$63,516			$98,321
Average net assets (000)		$169,727			$156,026			$118,555			$79,518			$59,423			$89,928
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.77%	(e)		0.82%			0.88%			0.93%			0.93%			0.92%
Expenses before waivers and/or expense reimbursement		0.87%	(e)		0.88%			0.90%			0.95%			0.95%			0.94%
Net investment income (loss)		1.87%	(e)		1.52%			1.41%			1.53%			1.45%			1.57%
Portfolio turnover rate(f)(g)		68%			145%			180%			230%			216%			215%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

124

Class R6 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.50			$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.43	)		0.73
Total from investment operations		(0.28	)		0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.25	)
Distributions from net realized gains		(0.80	)		(0.69	)
Total dividends and distributions		(0.95	)		(0.94	)
Net asset value, end of period		$15.27			$16.50
Total Return(c):		(1.36)%			6.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$20,723			$2,502
Average net assets (000)		$7,675			$295
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65%	(e)		0.67%	(e)
Expenses before waivers and/or expense reimbursement		0.97%	(e)		11.39%	(e)
Net investment income (loss)		2.09%	(e)		1.73%	(e)
Portfolio turnover rate(f)(g)		68%			145%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 125

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s 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 websiteand 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• Brian K. Reid• Grace C. Torres

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time 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, PGIM 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 atsec.gov.Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the 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

PGIM BALANCED FUND

SHARE CLASS	A	B	C	R	Z	R6*
NASDAQ	PIBAX	PBFBX	PABCX	PALRX	PABFX	PIBQX
CUSIP	74437E883	74437E875	74437E867	74437E636	74437E859	74437E461

* Formerly known as Class Q shares.

MF185E2

PGIM JENNISON EQUITY OPPORTUNITY FUND

(Formerly known as Prudential Jennison Equity Opportunity Fund)

SEMIANNUAL REPORT

MARCH 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective:Long-term 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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Jennison Equity Opportunity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

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

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Equity Opportunity Fund

May 15, 2019

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

PGIM Jennison Equity Opportunity Fund 5

Your Fund’s Performance(unaudited)

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

	Total Returns as of 3/31/19 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/19 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–8.81	–8.83	4.26	13.17	—
Class B	–9.23	–8.31	4.52	12.98	—
Class C	–9.16	–5.02	4.68	13.02	—
Class R	–9.05	–4.04	5.14	13.54	—
Class Z	–8.70	–3.27	5.75	14.16	—
Class R6**	–8.65	–3.21	N/A	N/A	5.84 (11/25/14)
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Customized Blend Funds Average***
	–3.55	3.90	7.27	13.95	—
Lipper Multi-Cap Value Funds Average***
	–4.16	1.78	6.20	13.57	—

*Not annualized.

**Formerly known as Class Q shares.

***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 Value 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.

6 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 R6**
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.

**Formerly known as Class Q shares.

Benchmark Definitions

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 9.78%.

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 R6 shares is 6.58%.

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

PGIM Jennison Equity Opportunity Fund 7

Your Fund’s Performance(continued)

annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 5.59%.

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 3/31/19 (%)
Alphabet, Inc. (Class C Stock),InteractiveMedia&Services	2.6
Microsoft Corp.,Software	2.4
Verint Systems, Inc.,Software	1.9
Mondelez International, Inc. (Class A Stock),FoodProducts	1.9
Union Pacific Corp.,Road& Rail	1.8

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

Five Largest Industries expressed as a percentage of net assets as of 3/31/19 (%)
Software	8.7
Hotels, Restaurants, & Leisure	6.2
Oil, Gas, & Consumable Fuels	6.0
Pharmaceuticals	5.8
Capital Markets	4.6

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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Equity Opportunity Fund 9

Fees and Expenses(continued)

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

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

PGIM Jennison Equity Opportunity Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	911.90		1.10	%	$	5.24
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class B	Actual	$	1,000.00	$	907.70		2.03	%	$	9.66
	Hypothetical	$	1,000.00	$	1,014.81		2.03	%	$	10.20
Class C	Actual	$	1,000.00	$	908.40		1.83	%	$	8.71
	Hypothetical	$	1,000.00	$	1,015.81		1.83	%	$	9.20
Class R	Actual	$	1,000.00	$	909.50		1.53	%	$	7.28
	Hypothetical	$	1,000.00	$	1,017.30		1.53	%	$	7.70
Class Z	Actual	$	1,000.00	$	913.00		0.78	%	$	3.72
	Hypothetical	$	1,000.00	$	1,021.04		0.78	%	$	3.93
Class R6**	Actual	$	1,000.00	$	913.50		0.74	%	$	3.53
	Hypothetical	$	1,000.00	$	1,021.24		0.74	%	$	3.73

* 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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments (unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    96.2%
COMMON STOCKS
Aerospace & Defense    3.8%
Airbus SE (France)		26,453	$	3,509,171
Boeing Co. (The)		11,261		4,295,170
United Technologies Corp.		44,039		5,676,187
				13,480,528
Airlines    1.4%
Delta Air Lines, Inc.		98,331		5,078,796
Banks    4.4%
Citigroup, Inc.		100,982		6,283,100
Pinnacle Financial Partners, Inc.		78,327		4,284,487
Wells Fargo & Co.		107,645		5,201,406
				15,768,993
Biotechnology    4.1%
Alexion Pharmaceuticals, Inc.*		45,395		6,136,496
BioMarin Pharmaceutical, Inc.*		52,131		4,630,797
Celgene Corp.*		40,671		3,836,902
				14,604,195
Capital Markets    4.6%
Goldman Sachs Group, Inc. (The)		31,762		6,097,987
Moelis & Co. (Class A Stock)		128,448		5,344,721
Morgan Stanley		111,219		4,693,442
				16,136,150
Chemicals    1.4%
DowDuPont, Inc.		94,772		5,052,295
Communications Equipment    1.0%
Nokia OYJ (Finland), ADR(a)		595,089		3,403,909
Construction & Engineering    0.4%
Arcosa, Inc.		47,283		1,444,496
Construction Materials    1.2%
Summit Materials, Inc. (Class A Stock)*		271,735		4,312,435

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 11

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Containers & Packaging    1.4%
Graphic Packaging Holding Co.		392,934	$	4,962,756
Diversified Consumer Services    2.5%
Houghton Mifflin Harcourt Co.*		468,398		3,405,254
Laureate Education, Inc. (Class A Stock)*		360,600		5,398,182
				8,803,436
Diversified Telecommunication Services    1.0%
Inmarsat PLC (United Kingdom)		463,634		3,364,722
Electrical Equipment    2.1%
Emerson Electric Co.		77,844		5,329,979
GrafTech International Ltd.		162,456		2,077,812
				7,407,791
Electronic Equipment, Instruments & Components    1.0%
FLIR Systems, Inc.		76,092		3,620,457
Energy Equipment & Services    1.2%
TechnipFMC PLC (United Kingdom)		183,468		4,315,167
Entertainment    2.3%
Spotify Technology SA*(a)		25,720		3,569,936
Viacom, Inc. (Class B Stock)		166,388		4,670,511
				8,240,447
Equity Real Estate Investment Trusts (REITs)    1.3%
CoreCivic, Inc.		240,795		4,683,463
Food & Staples Retailing    1.8%
Walmart, Inc.		63,545		6,197,544
Food Products    1.9%
Mondelez International, Inc. (Class A Stock)		138,070		6,892,454
Health Care Providers & Services    2.1%
Cigna Corp.		29,211		4,697,713
UnitedHealth Group, Inc.		10,453		2,584,609
				7,282,322

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure    6.2%
Extended Stay America, Inc., UTS		256,694	$	4,607,657
International Game Technology PLC		378,373		4,915,065
MGM Resorts International		193,580		4,967,263
Playa Hotels & Resorts NV*		490,360		3,741,447
SeaWorld Entertainment, Inc.*(a)		150,109		3,866,808
				22,098,240
Insurance    3.5%
Brighthouse Financial, Inc.*		72,885		2,644,997
Chubb Ltd.		32,209		4,511,837
MetLife, Inc.		125,792		5,354,965
				12,511,799
Interactive Media & Services    2.6%
Alphabet, Inc. (Class C Stock)*		7,717		9,054,433
Internet & Direct Marketing Retail    0.8%
Qurate Retail, Inc.*		181,761		2,904,541
IT Services    1.1%
Verra Mobility Corp.*		335,925		3,997,508
Machinery    1.6%
Trinity Industries, Inc.		253,151		5,500,971
Media    3.1%
Comcast Corp. (Class A Stock)		127,085		5,080,858
Liberty Global PLC (United Kingdom) (Class C Stock)*		241,824		5,854,559
				10,935,417
Metals & Mining    2.5%
Lundin Mining Corp. (Chile)		801,896		3,720,399
Teck Resources Ltd. (Canada) (Class B Stock)		223,059		5,170,508
				8,890,907
Oil, Gas & Consumable Fuels    6.0%
Anadarko Petroleum Corp.		80,586		3,665,051
Concho Resources, Inc.		55,242		6,129,653
Noble Energy, Inc.		209,546		5,182,073

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 13

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR		45,775	$	2,865,057
Valero Energy Corp.		41,599		3,528,843
				21,370,677
Pharmaceuticals    5.8%
Allergan PLC		40,464		5,924,334
AstraZeneca PLC (United Kingdom), ADR		127,001		5,134,650
Bristol-Myers Squibb Co.		96,567		4,607,212
Merck & Co., Inc.		58,250		4,844,653
				20,510,849
Professional Services    1.5%
Nielsen Holdings PLC		229,986		5,443,769
Road & Rail    1.8%
Union Pacific Corp.		38,991		6,519,295
Semiconductors & Semiconductor Equipment    4.4%
Lam Research Corp.		14,699		2,631,268
NVIDIA Corp.		21,611		3,880,471
QUALCOMM, Inc.		110,823		6,320,236
Silicon Laboratories, Inc.*		33,619		2,718,432
				15,550,407
Software    8.7%
BlackBerry Ltd. (Canada)*(a)		493,378		4,978,184
FireEye, Inc.*(a)		158,903		2,667,981
Microsoft Corp.		71,044		8,378,929
PTC, Inc.*		24,560		2,263,941
Teradata Corp.*(a)		130,530		5,697,635
Verint Systems, Inc.*		115,646		6,922,570
				30,909,240
Technology Hardware, Storage & Peripherals    1.9%
Apple, Inc.		16,736		3,179,003
Pure Storage, Inc. (Class A Stock)*		156,691		3,414,297
				6,593,300
Textiles, Apparel & Luxury Goods    1.3%
Tapestry, Inc.		146,513		4,760,207

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco    1.5%
Philip Morris International, Inc.		59,375	$	5,248,156
Trading Companies & Distributors    1.0%
Beacon Roofing Supply, Inc.*		113,267		3,642,667
TOTAL LONG-TERM INVESTMENTS (cost $321,598,173)				341,494,739
SHORT-TERM INVESTMENTS    8.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		17,276,895		17,276,895
PGIM Institutional Money Market Fund (cost $13,487,277; includes $13,450,094 of cash collateral for securities on loan)(b)(w)		13,487,041		13,489,738
TOTAL SHORT-TERM INVESTMENTS (cost $30,764,172)				30,766,633
TOTAL INVESTMENTS    104.9% (cost $352,362,345)				372,261,372
Liabilities in excess of other assets    (4.9)%				(17,545,263	)
NET ASSETS    100.0%			$	354,716,109

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

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

UTS—Unit Trust Security

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $13,365,124; cash collateral of $13,450,094 (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 PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

Various inputs are used in determining the value of the 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.

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 15

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	9,971,357	$	3,509,171	$	—
Airlines		5,078,796		—		—
Banks		15,768,993		—		—
Biotechnology		14,604,195		—		—
Capital Markets		16,136,150		—		—
Chemicals		5,052,295		—		—
Communications Equipment		3,403,909		—		—
Construction & Engineering		1,444,496		—		—
Construction Materials		4,312,435		—		—
Containers & Packaging		4,962,756		—		—
Diversified Consumer Services		8,803,436		—		—
Diversified Telecommunication Services		—		3,364,722		—
Electrical Equipment		7,407,791		—		—
Electronic Equipment, Instruments & Components		3,620,457		—		—
Energy Equipment & Services		4,315,167		—		—
Entertainment		8,240,447		—		—
Equity Real Estate Investment Trusts (REITs)		4,683,463		—		—
Food & Staples Retailing		6,197,544		—		—
Food Products		6,892,454		—		—
Health Care Providers & Services		7,282,322		—		—
Hotels, Restaurants & Leisure		22,098,240		—		—
Insurance		12,511,799		—		—
Interactive Media & Services		9,054,433		—		—
Internet & Direct Marketing Retail		2,904,541		—		—
IT Services		3,997,508		—		—
Machinery		5,500,971		—		—
Media		10,935,417		—		—
Metals & Mining		8,890,907		—		—
Oil, Gas & Consumable Fuels		21,370,677		—		—
Pharmaceuticals		20,510,849		—		—
Professional Services		5,443,769		—		—
Road & Rail		6,519,295		—		—
Semiconductors & Semiconductor Equipment		15,550,407		—		—
Software		30,909,240		—		—
Technology Hardware, Storage & Peripherals		6,593,300		—		—
Textiles, Apparel & Luxury Goods		4,760,207		—		—
Tobacco		5,248,156		—		—
Trading Companies & Distributors		3,642,667		—		—
Affiliated Mutual Funds		30,766,633		—		—
Total	$	365,387,479	$	6,873,893	$	—

See Notes to Financial Statements.

16

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, 2019 were as follows:

Software	8.7	%
Affiliated Mutual Funds (3.8% represents investments purchased with collateral from securities on loan)	8.7
Hotels, Restaurants & Leisure	6.2
Oil, Gas & Consumable Fuels	6.0
Pharmaceuticals	5.8
Capital Markets	4.6
Banks	4.4
Semiconductors & Semiconductor Equipment	4.4
Biotechnology	4.1
Aerospace & Defense	3.8
Insurance	3.5
Media	3.1
Interactive Media & Services	2.6
Metals & Mining	2.5
Diversified Consumer Services	2.5
Entertainment	2.3
Electrical Equipment	2.1
Health Care Providers & Services	2.1
Food Products	1.9
Technology Hardware, Storage & Peripherals	1.9
Road & Rail	1.8
Food & Staples Retailing	1.8
Machinery	1.6	%
Professional Services	1.5
Tobacco	1.5
Airlines	1.4
Chemicals	1.4
Containers & Packaging	1.4
Textiles, Apparel & Luxury Goods	1.3
Equity Real Estate Investment Trusts (REITs)	1.3
Energy Equipment & Services	1.2
Construction Materials	1.2
IT Services	1.1
Trading Companies & Distributors	1.0
Electronic Equipment, Instruments & Components	1.0
Communications Equipment	1.0
Diversified Telecommunication Services	1.0
Internet & Direct Marketing Retail	0.8
Construction & Engineering	0.4
	104.9
Liabilities in excess of other assets	(4.9	)
	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 toset-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	13,365,124	$	(13,365,124	)	$	—

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

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 17

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Investments at value, including securities on loan of $13,365,124:
Unaffiliated investments (cost $321,598,173)	$	341,494,739
Affiliated investments (cost $30,764,172)		30,766,633
Cash		7,087
Dividends receivable		558,794
Tax reclaim receivable		207,256
Receivable for Series shares sold		178,090
Prepaid expenses		1,499
Total Assets		373,214,098
Liabilities
Payable to broker for collateral for securities on loan		13,450,094
Payable for investments purchased		4,188,423
Payable for Series shares reacquired		425,644
Management fee payable		178,085
Accrued expenses and other liabilities		147,172
Distribution fee payable		73,685
Affiliated transfer agent fee payable		34,886
Total Liabilities		18,497,989
Net Assets	$	354,716,109
Net assets were comprised of:
Common stock, at par	$	22,497
Paid-in capital in excess of par		313,791,227
Total distributable earnings (loss)		40,902,385
Net assets, March 31, 2019	$	354,716,109

See Notes to Financial Statements.

18

Class A
Net asset value and redemption price per share, ($187,525,688 ÷ 11,827,629 shares of common stock issued and outstanding)	$	15.85
Maximum sales charge (5.50% of offering price)		0.92
Maximum offering price to public	$	16.77
Class B
Net asset value, offering price and redemption price per share,
($3,592,222 ÷ 291,452 shares of common stock issued and outstanding)	$	12.33
Class C
Net asset value, offering price and redemption price per share,
($24,864,633 ÷ 2,010,490 shares of common stock issued and outstanding)	$	12.37
Class R
Net asset value, offering price and redemption price per share,
($2,312,530 ÷ 171,006 shares of common stock issued and outstanding)	$	13.52
Class Z
Net asset value, offering price and redemption price per share,
($118,803,383 ÷ 7,138,736 shares of common stock issued and outstanding)	$	16.64
Class R6
Net asset value, offering price and redemption price per share,
($17,617,653 ÷ 1,057,994 shares of common stock issued and outstanding)	$	16.65

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 19

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $8,546 foreign withholding tax)	$	3,717,398
Affiliated dividend income		64,475
Income from securities lending, net (including affiliated income of $11,102)		36,165
Total income		3,818,038
Expenses
Management fee		1,086,495
Distribution fee(a)		455,190
Transfer agent’s fees and expenses (including affiliated expense of $83,140)(a)		228,536
Registration fees(a)		44,806
Custodian and accounting fees		41,637
Shareholders’ reports		20,758
Audit fee		11,992
Directors’ fees		9,943
Legal fees and expenses		9,318
Miscellaneous		10,161
Total expenses		1,918,836
Less: Fee waiver and/or expense reimbursement(a)		(12,344	)
Distribution fee waiver(a)		(3,423	)
Net expenses		1,903,069
Net investment income (loss)		1,914,969
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(2,040))		21,929,552
Foreign currency transactions		(11,618	)
		21,917,934
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $2,461)		(62,384,353	)
Foreign currencies		(4,831	)
		(62,389,184	)
Net gain (loss) on investment and foreign currency transactions		(40,471,250	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(38,556,281	)

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

	Class A		Class B			Class C		Class R			Class Z		Class R6
Distribution fee		290,951		20,071			133,901		10,267			—		—
Transfer agent’s fees and expenses		130,326		8,304			16,818		2,622			70,370		96
Registration fees		8,070		7,080			7,083		7,128			8,317		7,128
Fee waiver and/or expense reimbursement		—		(7,792	)		—		(4,552	)		—		—
Distribution fee waiver		—		—			—		(3,423	)		—		—

See Notes to Financial Statements.

20

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,914,969		$	3,162,409
Net realized gain (loss) on investment and foreign currency transactions		21,917,934			59,356,391
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(62,389,184	)		(8,587,554	)
Net increase (decrease) in net assets resulting from operations		(38,556,281	)		53,931,246
Dividends and Distributions
Distributions from distributable earnings*
Class A		(28,829,973	)		—
Class B		(720,916	)		—
Class C		(4,758,944	)		—
Class R		(496,144	)		—
Class Z		(17,077,466	)		—
Class R6		(2,483,158	)		—
		(54,366,601	)		—
Dividends from net investment income*
Class A					(2,088,750	)
Class B					(25,855	)
Class C					(172,299	)
Class R					(36,612	)
Class Z					(1,460,530	)
Class R6					(219,570	)
		*			(4,003,616	)
Distributions from net realized gains*
Class A					(28,302,850	)
Class B					(865,699	)
Class C					(5,171,433	)
Class R					(614,183	)
Class Z					(15,099,851	)
Class R6					(2,089,917	)
		*			(52,143,933	)

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 21

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

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Series share transactions (Net of share conversions)
Net proceeds from shares sold	$	21,683,251		$	36,627,233
Net asset value of shares issued in reinvestment of dividends and distributions		53,306,093			54,563,324
Cost of shares reacquired		(54,046,850	)		(80,122,188	)
Net increase (decrease) in net assets from Series share transactions		20,942,494			11,068,369
Total increase (decrease)		(71,980,388	)		8,852,066
Net Assets:
Beginning of period		426,696,497			417,844,431
End of period(a)	$	354,716,109		$	426,696,497
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	920,229

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

See Notes to Financial Statements.

22

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 anopen-end management investment company. The Company consists of six series: PGIM Balanced Fund, PGIM Jennison Equity Opportunity Fund and PGIM Jennison Growth Fund, each of which are diversified funds and PGIM Growth Allocation Fund, PGIM Moderate Allocation Fund and PGIM Conservative Allocation Fund, each of which arenon-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 anon-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 anon-diversified fund. These financial statements relate only to the PGIM 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The 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 Company’s 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”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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 reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM Jennison Equity Opportunity Fund 23

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

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

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

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

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

24

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

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The 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.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted 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

PGIM Jennison Equity Opportunity Fund 25

Notes to Financial Statements(unaudited) (continued)

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

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

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

26

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”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity 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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the 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

PGIM Jennison Equity Opportunity Fund 27

Notes to Financial Statements(unaudited) (continued)

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

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

2. Agreements

The 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 Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ 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 the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Series average daily net assets up to $300 million and 0.575% of the average daily net assets of the Series over $300 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.60% for the six months ended March 31, 2019.

The Manager has contractually agreed, through January 31, 2020, to limit , 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 operating expenses to exceed 2.03% of average

28

daily net assets for Class B shares or 1.53% of average daily net assets for Class R 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 Series 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.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by 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 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 R6 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 the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the 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, 2020 to limit such fees to 0.50% of the average daily net assets of Class R shares.

For the reporting period ended March 31, 2019, PIMS received $59,554 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2019, PIMS received $1,193 and $155 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM Jennison Equity Opportunity Fund 29

Notes to Financial Statements(unaudited) (continued)

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. 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 reporting period ended March 31, 2019, were $78,008,728 and $120,681,986, respectively.

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

30

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	2,825,593	$	72,170,327	$	57,719,025	$	—	$	—		$	17,276,895		17,276,895	$	64,475
	PGIM Institutional Money Market Fund*
	8,057,687		68,131,288		62,699,658		2,461		(2,040	)		13,489,738		13,487,041		11,102	**
$	10,883,280	$	140,301,615	$	120,418,683	$	2,461	$	(2,040	)	$	30,766,633			$	75,577

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

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

For the reporting period ended March 31, 2019, no17a-7 transactions were entered into by the Series.

5. Tax Information

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

Tax Basis	$	353,189,535
Gross Unrealized Appreciation		51,848,063
Gross Unrealized Depreciation		(32,776,226	)
Net Unrealized Appreciation	$	19,071,837

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

The Manager 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 R6 shares. Class A shares are sold with a maximumfront-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B

PGIM Jennison Equity Opportunity Fund 31

Notes to Financial Statements(unaudited) (continued)

shares will 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the 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 T and Class R6 common stock, each of which consists of 100 million, 2 million, 25 million, 200 million, 325 million, 50 million and 320 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

As of March 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 955,481 Class R6 shares of the Series. At reporting period end, four shareholders of record, each holding greater than 5% of the Series, held 48% of the Series’ outstanding shares.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		280,326		$	4,472,791
Shares issued in reinvestment of dividends and distributions		1,931,988			28,187,707
Shares reacquired		(1,551,289	)		(25,474,384	)
Net increase (decrease) in shares outstanding before conversion		661,025			7,186,114
Shares issued upon conversion from other share class(es)		42,962			683,204
Shares reacquired upon conversion into other share class(es)		(19,271	)		(308,895	)
Net increase (decrease) in shares outstanding		684,716		$	7,560,423
Year ended September 30, 2018:
Shares sold		422,464		$	8,471,647
Shares issued in reinvestment of dividends and distributions		1,559,881			29,684,519
Shares reacquired		(1,643,376	)		(33,193,106	)
Net increase (decrease) in shares outstanding before conversion		338,969			4,963,060
Shares issued upon conversion from other share class(es)		100,128			2,057,133
Shares reacquired upon conversion into other share class(es)		(262,675	)		(5,235,053	)
Net increase (decrease) in shares outstanding		176,422		$	1,785,140

32

Class B	Shares			Amount
Six months ended March 31, 2019:
Shares sold		1,877		$	24,504
Shares issued in reinvestment of dividends and distributions		62,151			706,659
Shares reacquired		(43,587	)		(544,472	)
Net increase (decrease) in shares outstanding before conversion		20,441			186,691
Shares reacquired upon conversion into other share class(es)		(20,774	)		(267,112	)
Net increase (decrease) in shares outstanding		(333	)	$	(80,421	)
Year ended September 30, 2018:
Shares sold		13,417		$	221,871
Shares issued in reinvestment of dividends and distributions		55,276			859,544
Shares reacquired		(59,021	)		(973,807	)
Net increase (decrease) in shares outstanding before conversion		9,672			107,608
Shares reacquired upon conversion into other share class(es)		(73,261	)		(1,241,332	)
Net increase (decrease) in shares outstanding		(63,589	)	$	(1,133,724	)
Class C
Six months ended March 31, 2019:
Shares sold		145,126		$	1,741,652
Shares issued in reinvestment of dividends and distributions		404,351			4,613,643
Shares reacquired		(422,640	)		(5,470,080	)
Net increase (decrease) in shares outstanding before conversion		126,837			885,215
Shares reacquired upon conversion into other share class(es)		(72,910	)		(873,142	)
Net increase (decrease) in shares outstanding		53,927		$	12,073
Year ended September 30, 2018:
Shares sold		89,194		$	1,470,527
Shares issued in reinvestment of dividends and distributions		332,205			5,165,783
Shares reacquired		(450,469	)		(7,412,940	)
Net increase (decrease) in shares outstanding before conversion		(29,070	)		(776,630	)
Shares reacquired upon conversion into other share class(es)		(33,000	)		(544,663	)
Net increase (decrease) in shares outstanding		(62,070	)	$	(1,321,293	)
Class R
Six months ended March 31, 2019:
Shares sold		23,812		$	310,016
Shares issued in reinvestment of dividends and distributions		24,004			299,086
Shares reacquired		(66,961	)		(871,666	)
Net increase (decrease) in shares outstanding		(19,145	)	$	(262,564	)
Year ended September 30, 2018:
Shares sold		31,539		$	547,862
Shares issued in reinvestment of dividends and distributions		27,100			452,296
Shares reacquired		(157,294	)		(2,860,424	)
Net increase (decrease) in shares outstanding before conversion		(98,655	)		(1,860,266	)
Shares reacquired upon conversion into other share class(es)		(81	)		(1,430	)
Net increase (decrease) in shares outstanding		(98,736	)	$	(1,861,696	)

PGIM Jennison Equity Opportunity Fund 33

Notes to Financial Statements(unaudited) (continued)

Class Z	Shares			Amount
Six months ended March 31, 2019:
Shares sold		789,994		$	13,482,087
Shares issued in reinvestment of dividends and distributions		1,112,147			17,015,840
Shares reacquired		(1,178,105	)		(20,331,053	)
Net increase (decrease) in shares outstanding before conversion		724,036			10,166,874
Shares issued upon conversion from other share class(es)		49,562			797,427
Shares reacquired upon conversion into other share class(es)		(3,112	)		(49,986	)
Net increase (decrease) in shares outstanding		770,486		$	10,914,315
Year ended September 30, 2018:
Shares sold		1,142,316		$	24,101,133
Shares issued in reinvestment of dividends and distributions		811,892			16,091,695
Shares reacquired		(1,543,556	)		(32,430,378	)
Net increase (decrease) in shares outstanding before conversion		410,652			7,762,450
Shares issued upon conversion from other share class(es)		256,812			5,337,693
Shares reacquired upon conversion into other share class(es)		(41,095	)		(870,845	)
Net increase (decrease) in shares outstanding		626,369		$	12,229,298
Class R6
Six months ended March 31, 2019:
Shares sold		98,618		$	1,652,201
Shares issued in reinvestment of dividends and distributions		162,192			2,483,158
Shares reacquired		(80,179	)		(1,355,195	)
Net increase (decrease) in shares outstanding before conversion		180,631			2,780,164
Shares issued upon conversion from other share class(es)		1,048			18,504
Net increase (decrease) in shares outstanding		181,679		$	2,798,668
Year ended September 30, 2018:
Shares sold		86,566		$	1,814,193
Shares issued in reinvestment of dividends and distributions		116,523			2,309,487
Shares reacquired		(153,832	)		(3,251,533	)
Net increase (decrease) in shares outstanding before conversion		49,257			872,147
Shares issued upon conversion from other share class(es)		23,630			498,497
Net increase (decrease) in shares outstanding		72,887		$	1,370,644

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 4, 2018 through October 3, 2019. 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 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings

34

under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

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

The Series utilized the SCA during the reporting period ended March 31, 2019. The average daily balance for the 2 days that the Series had loans outstanding during the period was approximately $461,500, borrowed at a weighted average interest rate of 3.69%. The maximum loan outstanding amount during the period was $739,000. At March 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

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

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

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

PGIM Jennison Equity Opportunity Fund 35

Notes to Financial Statements(unaudited) (continued)

9. Recent Accounting Pronouncements and Reporting Updates

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

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

36

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$20.62			$20.89			$19.11			$18.46			$21.48			$19.56
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.14			0.08			0.14			0.12			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.14	)		2.42			3.21			1.97			(1.20	)		2.63
Total from investment operations		(2.06	)		2.56			3.29			2.11			(1.08	)		2.68
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)		(0.19	)		(0.16	)		(0.13	)		(0.04	)		(0.04	)
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)
Total dividends and distributions		(2.71	)		(2.83	)		(1.51	)		(1.46	)		(1.94	)		(0.76	)
Net asset value, end of period		$15.85			$20.62			$20.89			$19.11			$18.46			$21.48
Total Return(b):		(8.86)%			13.39%			17.80%			12.14%			(5.38)%			14.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$187,526			$229,733			$229,043			$226,889			$245,320			$303,859
Average net assets (000)		$194,496			$233,106			$231,082			$235,287			$290,318			$291,978
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.06%			1.09%			1.07%			1.10%			1.07%
Expenses before waivers and/or expense reimbursement		1.10%	(e)		1.06%			1.09%			1.07%			1.10%			1.07%
Net investment income (loss)		0.99%	(e)		0.72%			0.39%			0.78%			0.59%			0.26%
Portfolio turnover rate(f)		21%			59%			49%			59%			69%			47%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 37

Financial Highlights(unaudited) (continued)

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.72			$17.48			$16.24			$15.90			$18.86			$17.33
Income (loss) from investment operations:
Net investment income (loss)		-	(b)		(0.03	)		(0.05	)		0.01			(0.02	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.77	)		1.99			2.70			1.68			(1.04	)		2.33
Total from investment operations		(1.77	)		1.96			2.65			1.69			(1.06	)		2.25
Less Dividends and Distributions:
Dividends from net investment income		-			(0.08	)		(0.06	)		(0.02	)		-			-
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)
Total dividends and distributions		(2.62	)		(2.72	)		(1.41	)		(1.35	)		(1.90	)		(0.72	)
Net asset value, end of period		$12.33			$16.72			$17.48			$16.24			$15.90			$18.86
Total Return(c):		(9.23)%			12.35%			16.91%			11.34%			(6.04)%			13.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,592			$4,877			$6,213			$7,429			$8,997			$13,049
Average net assets (000)		$4,025			$5,673			$7,088			$8,184			$11,632			$13,038
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.03%	(f)		2.03%			1.79%			1.77%			1.80%			1.77%
Expenses before waivers and/or expense reimbursement		2.42%	(f)		2.19%			1.79%			1.77%			1.80%			1.77%
Net investment income (loss)		0.06%	(f)		(0.18)%			(0.30)%			0.08%			(0.10)%			(0.43)%
Portfolio turnover rate(g)		21%			59%			49%			59%			69%			47%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

38

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.75			$17.48			$16.24			$15.89			$18.86			$17.33
Income (loss) from investment operations:
Net investment income (loss)		0.02			-	(b)		(0.05	)		0.01			(0.02	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.78	)		1.99			2.70			1.69			(1.05	)		2.33
Total from investment operations		(1.76	)		1.99			2.65			1.70			(1.07	)		2.25
Less Dividends and Distributions:
Dividends from net investment income		-			(0.08	)		(0.06	)		(0.02	)		-			-
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)
Total dividends and distributions		(2.62	)		(2.72	)		(1.41	)		(1.35	)		(1.90	)		(0.72	)
Net asset value, end of period		$12.37			$16.75			$17.48			$16.24			$15.89			$18.86
Total Return(c):		(9.16)%			12.61%			16.91%			11.41%			(6.10)%			13.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$24,865			$32,765			$35,289			$37,229			$42,644			$48,927
Average net assets (000)		$26,853			$34,589			$37,497			$40,176			$49,176			$42,781
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.83%	(f)		1.78%			1.79%			1.77%			1.80%			1.77%
Expenses before waivers and/or expense reimbursement		1.83%	(f)		1.78%			1.79%			1.77%			1.80%			1.77%
Net investment income (loss)		0.26%	(f)		0.01%			(0.31)%			0.08%			(0.10)%			(0.44)%
Portfolio turnover rate(g)		21%			59%			49%			59%			69%			47%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 39

Financial Highlights(unaudited) (continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.01			$18.63			$17.21			$16.76			$19.69			$17.99
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05			0.03			0.09			0.07			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.89	)		2.12			2.87			1.79			(1.10	)		2.42
Total from investment operations		(1.85	)		2.17			2.90			1.88			(1.03	)		2.43
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.15	)		(0.13	)		(0.10	)		-	(b)		(0.01	)
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)
Total dividends and distributions		(2.64	)		(2.79	)		(1.48	)		(1.43	)		(1.90	)		(0.73	)
Net asset value, end of period		$13.52			$18.01			$18.63			$17.21			$16.76			$19.69
Total Return(c):		(9.05)%			12.85%			17.49%			11.98%			(5.59)%			13.81%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,313			$3,424			$5,382			$5,880			$6,430			$8,188
Average net assets (000)		$2,745			$4,542			$5,859			$6,281			$7,693			$6,569
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.53%	(f)		1.53%			1.29%			1.27%			1.30%			1.27%
Expenses before waivers and/or expense reimbursement		2.11%	(f)		1.84%			1.54%			1.52%			1.55%			1.52%
Net investment income (loss)		0.53%	(f)		0.26%			0.19%			0.57%			0.39%			0.07%
Portfolio turnover rate(g)		21%			59%			49%			59%			69%			47%

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

40

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$21.52			$21.68			$19.78			$19.06			$22.12			$20.11
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.21			0.14			0.20			0.19			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.24	)		2.52			3.32			2.04			(1.25	)		2.70
Total from investment operations		(2.12	)		2.73			3.46			2.24			(1.06	)		2.82
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.25	)		(0.21	)		(0.19	)		(0.10	)		(0.09	)
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)		(0.72	)
Total dividends and distributions		(2.76	)		(2.89	)		(1.56	)		(1.52	)		(2.00	)		(0.81	)
Net asset value, end of period		$16.64			$21.52			$21.68			$19.78			$19.06			$22.12
Total Return(b):		(8.70)%			13.74%			18.11%			12.49%			(5.10)%			14.38%
Ratios/Supplemental Data:
Net assets, end of period (000)		$118,803			$137,027			$124,480			$102,564			$147,716			$194,498
Average net assets (000)		$120,447			$131,155			$115,507			$123,372			$177,458			$161,815
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.78%	(e)		0.76%			0.79%			0.77%			0.80%			0.77%
Expenses before waivers and/or expense reimbursement		0.78%	(e)		0.76%			0.79%			0.77%			0.80%			0.77%
Net investment income (loss)		1.32%	(e)		0.99%			0.70%			1.06%			0.90%			0.57%
Portfolio turnover rate(f)		21%			59%			49%			59%			69%			47%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Equity Opportunity Fund 41

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months Ended March 31,			Year Ended September 30,									November 25, 2014(a) through September 30,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$21.53			$21.70			$19.80			$19.09			$22.73
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.22			0.17			0.23			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.23	)		2.52			3.31			2.03			(1.82	)
Total from investment operations		(2.11	)		2.74			3.48			2.26			(1.64	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.27	)		(0.23	)		(0.22	)		(0.10	)
Distributions from net realized gains		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(2.77	)		(2.91	)		(1.58	)		(1.55	)		(2.00	)
Net asset value, end of period		$16.65			$21.53			$21.70			$19.80			$19.09
Total Return(c):		(8.65)%			13.80%			18.21%			12.61%			(7.49)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17,618			$18,870			$17,438			$16,766			$16,611
Average net assets (000)		$17,330			$18,366			$16,981			$16,698			$17,054
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74%	(f)		0.72%			0.66%			0.66%			0.66%	(f)
Expenses before waivers and/or expense reimbursement		0.74%	(f)		0.72%			0.66%			0.66%			0.66%	(f)
Net investment income (loss)		1.37%	(f)		1.04%			0.81%			1.20%			1.01%	(f)
Portfolio turnover rate(g)		21%			59%			49%			59%			69%

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

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

(f) Annualized.

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

See Notes to Financial Statements.

42

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

PROXY VOTING

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 FormsN-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the 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

PGIM JENNISON EQUITY OPPORTUNITY FUND

SHARE CLASS	A	B	C	R	Z	R6*
NASDAQ	PJIAX	PJIBX	PJGCX	PJORX	PJGZX	PJOQX
CUSIP	74437E503	74437E602	74437E701	74437E644	74437E800	74437E552

* Formerly known as Class Q shares.

MF172E2

PGIM JENNISON GROWTH FUND

(Formerly known as Prudential Jennison Growth Fund)

SEMIANNUAL REPORT

MARCH 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Long-term 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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates is a registered investment adviser. Both are Prudential Financial companies.^© 2019 Prudential Financial, Inc. and its related entities. Jennison Associates LLC, 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

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Jennison Growth Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

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

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Growth Fund

May 15, 2019

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

PGIM Jennison Growth Fund 5

Your Fund’s Performance(unaudited)

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

	Total Returns as of 3/31/19 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/19 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–1.85	5.14	12.35	16.29	—
Class B	–2.33	5.21	12.63	16.09	—
Class C	–2.20	9.51	12.84	16.15	—
Class R	–1.98	11.03	13.40	16.72	—
Class Z	–1.71	11.60	13.97	17.30	—
Class R2	–1.92	11.19	N/A	N/A	11.25 (11/28/17)
Class R4	–1.78	11.45	N/A	N/A	11.53 (11/28/17)
Class R6**	–1.66	11.78	N/A	N/A	16.76 (9/27/17)
Russell 1000 Growth Index
	–2.34	12.75	13.50	17.52	—
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Large-Cap Growth Funds Average
	–1.73	11.79	12.27	16.20	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized.

**Formerly known as Class Q shares.

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

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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 R6**
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.

**Formerly known as Class Q shares.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and R4 shares is 11.22%, and 15.01% for Class R6 shares.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and R4 shares is 7.31%, and 10.32% for Class R6 shares.

PGIM Jennison Growth Fund 7

Your Fund’s Performance(continued)

Lipper Large-Cap Growth Funds Average—The Lipper Large-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and R4 shares is 11.66%, and 14.61% for Class R6 shares.

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 3/31/19 (%)
Amazon.com, Inc.Internet & Direct Marketing Retail	6.3
Microsoft Corp.,Software	4.7
Mastercard, Inc. (Class A Stock),IT Services	4.0
salesforce.com, Inc.Software	3.8
Netflix, Inc.Entertainment	3.7

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

Five Largest Industries expressed as a percentage of net assets as of 3/31/19 (%)
Software	15.9
IT Services	13.1
Interactive Media & Services	12.3
Internet & Direct Marketing Retail	9.1
Aerospace & Defense	5.1

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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Growth Fund 9

Fees and Expenses(continued)

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

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

PGIM Jennison Growth Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	981.50		1.02	%	$	5.04
	Hypothetical	$	1,000.00	$	1,019.85		1.02	%	$	5.14
Class B	Actual	$	1,000.00	$	976.70		1.95	%	$	9.61
	Hypothetical	$	1,000.00	$	1,015.21		1.95	%	$	9.80
Class C	Actual	$	1,000.00	$	978.00		1.69	%	$	8.33
	Hypothetical	$	1,000.00	$	1,016.50		1.69	%	$	8.50
Class R	Actual	$	1,000.00	$	980.20		1.25	%	$	6.17
	Hypothetical	$	1,000.00	$	1,018.70		1.25	%	$	6.29
Class Z	Actual	$	1,000.00	$	982.90		0.71	%	$	3.51
	Hypothetical	$	1,000.00	$	1,021.39		0.71	%	$	3.58
Class R2	Actual	$	1,000.00	$	980.80		1.10	%	$	5.43
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class R4	Actual	$	1,000.00	$	982.20		0.85	%	$	4.20
	Hypothetical	$	1,000.00	$	1,020.69		0.85	%	$	4.28
Class R6**	Actual	$	1,000.00	$	983.40		0.60	%	$	2.97
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments(unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.8%
COMMON STOCKS
Aerospace & Defense    5.1%
Airbus SE (France)		246,437	$	32,691,549
Boeing Co. (The)		452,858		172,729,098
Safran SA (France)		473,528		65,048,790
				270,469,437
Automobiles    1.7%
Tesla, Inc.*(a)		326,691		91,427,743
Banks    1.0%
JPMorgan Chase & Co.		505,095		51,130,767
Beverages    0.3%
Constellation Brands, Inc. (Class A Stock)		93,514		16,395,810
Biotechnology    4.5%
Alexion Pharmaceuticals, Inc.*		629,778		85,133,390
BioMarin Pharmaceutical, Inc.*		688,016		61,116,461
Sage Therapeutics, Inc.*		134,809		21,441,371
Vertex Pharmaceuticals, Inc.*		389,931		71,727,808
				239,419,030
Capital Markets    1.2%
S&P Global, Inc.		298,665		62,883,916
Entertainment    3.7%
Netflix, Inc.*		548,920		195,722,915
Equity Real Estate Investment Trusts (REITs)    1.8%
American Tower Corp.		207,174		40,825,708
Crown Castle International Corp.		416,047		53,254,016
				94,079,724
Food & Staples Retailing    1.9%
Costco Wholesale Corp.		429,041		103,887,988
Health Care Equipment & Supplies    3.3%
Danaher Corp.		287,119		37,905,450

See Notes to Financial Statements.

PGIM Jennison Growth Fund 11

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Edwards Lifesciences Corp.*		294,378	$	56,323,343
Intuitive Surgical, Inc.*		142,572		81,348,732
				175,577,525
Health Care Providers & Services    1.0%
UnitedHealth Group, Inc.		218,220		53,957,077
Hotels, Restaurants & Leisure    2.1%
Chipotle Mexican Grill, Inc.*(a)		74,252		52,741,938
Marriott International, Inc. (Class A Stock)		486,696		60,880,803
				113,622,741
Interactive Media & Services    12.3%
Alphabet, Inc. (Class A Stock)*		137,985		162,393,167
Alphabet, Inc. (Class C Stock)*		138,885		162,955,160
Facebook, Inc. (Class A Stock)*		895,812		149,322,902
Tencent Holdings Ltd. (China)		3,895,579		179,874,824
				654,546,053
Internet & Direct Marketing Retail    9.1%
Alibaba Group Holding Ltd. (China), ADR*(a)		826,213		150,742,562
Amazon.com, Inc.*		189,574		337,583,900
				488,326,462
IT Services    13.1%
Adyen NV (Netherlands), 144A*		87,759		68,982,129
FleetCor Technologies, Inc.*		279,009		68,800,829
Mastercard, Inc. (Class A Stock)		914,920		215,417,914
PayPal Holdings, Inc.*		852,651		88,539,280
Square, Inc. (Class A Stock)*(a)		842,526		63,122,048
Visa, Inc. (Class A Stock)(a)		1,239,260		193,560,019
				698,422,219
Life Sciences Tools & Services    1.8%
Illumina, Inc.*(a)		311,891		96,901,415
Personal Products    1.7%
Estee Lauder Cos., Inc. (The) (Class A Stock)		557,740		92,333,857

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals    3.6%
AstraZeneca PLC (United Kingdom), ADR		2,490,617	$	100,695,645
Bristol-Myers Squibb Co.		785,644		37,483,075
Merck & Co., Inc.		670,361		55,753,925
				193,932,645
Road & Rail    1.6%
Lyft, Inc. (Class A Stock)*		30,581		2,394,186
Union Pacific Corp.		495,058		82,773,698
				85,167,884
Semiconductors & Semiconductor Equipment    3.4%
Broadcom, Inc.		271,177		81,545,636
NVIDIA Corp.		553,505		99,387,358
				180,932,994
Software    15.9%
Adobe, Inc.*		568,191		151,417,219
Microsoft Corp.		2,118,289		249,831,005
Red Hat, Inc.*		282,480		51,609,096
salesforce.com, Inc.*		1,283,900		203,331,243
ServiceNow, Inc.*(a)		177,205		43,679,260
Splunk, Inc.*		481,331		59,973,843
Workday, Inc. (Class A Stock)*		461,736		89,045,788
				848,887,454
Specialty Retail    2.0%
Home Depot, Inc. (The)		342,916		65,802,151
Lowe’s Cos., Inc.		390,909		42,792,808
				108,594,959
Technology Hardware, Storage & Peripherals    2.8%
Apple, Inc.		791,333		150,313,703
Textiles, Apparel & Luxury Goods    4.9%
Kering SA (France)		136,475		78,423,669

See Notes to Financial Statements.

PGIM Jennison Growth Fund 13

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (cont’d.)
Lululemon Athletica, Inc.*		447,123	$	73,270,046
NIKE, Inc. (Class B Stock)		1,289,433		108,583,153
				260,276,868
TOTAL LONG-TERM INVESTMENTS (cost $2,691,757,068)				5,327,211,186
SHORT-TERM INVESTMENTS    8.5%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		29,404,297		29,404,297
PGIM Institutional Money Market Fund (cost $426,283,187; includes $425,203,348 of cash collateral for securities on loan)(b)(w)		426,289,438		426,374,696
TOTAL SHORT-TERM INVESTMENTS (cost $455,687,484)				455,778,993
TOTAL INVESTMENTS    108.3% (cost $3,147,444,552)				5,782,990,179
Liabilities in excess of other assets    (8.3)%				(443,445,707	)
NET ASSETS    100.0%			$	5,339,544,472

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

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

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 $422,649,742; cash collateral of $425,203,348 (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 PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

Fair Value Measurements:

Various inputs are used in determining the value of the 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.

See Notes to Financial Statements.

14

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	172,729,098	$	97,740,339	$	—
Automobiles		91,427,743		—		—
Banks		51,130,767		—		—
Beverages		16,395,810		—		—
Biotechnology		239,419,030		—		—
Capital Markets		62,883,916		—		—
Entertainment		195,722,915		—		—
Equity Real Estate Investment Trusts (REITs)		94,079,724		—		—
Food & Staples Retailing		103,887,988		—		—
Health Care Equipment & Supplies		175,577,525		—		—
Health Care Providers & Services		53,957,077		—		—
Hotels, Restaurants & Leisure		113,622,741		—		—
Interactive Media & Services		474,671,229		179,874,824		—
Internet & Direct Marketing Retail		488,326,462		—		—
IT Services		629,440,090		68,982,129		—
Life Sciences Tools & Services		96,901,415		—		—
Personal Products		92,333,857		—		—
Pharmaceuticals		193,932,645		—		—
Road & Rail		85,167,884		—		—
Semiconductors & Semiconductor Equipment		180,932,994		—		—
Software		848,887,454		—		—
Specialty Retail		108,594,959		—		—
Technology Hardware, Storage & Peripherals		150,313,703		—		—
Textiles, Apparel & Luxury Goods		181,853,199		78,423,669		—
Affiliated Mutual Funds		455,778,993		—		—
Total	$	5,357,969,218	$	425,020,961	$	—

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, 2019 were as follows:

Software	15.9	%
IT Services	13.1
Interactive Media & Services	12.3
Internet & Direct Marketing Retail	9.1
Affiliated Mutual Funds (8.0% represents investments purchased with collateral from securities on loan)	8.5
Aerospace & Defense	5.1
Textiles, Apparel & Luxury Goods	4.9	%
Biotechnology	4.5
Entertainment	3.7
Pharmaceuticals	3.6
Semiconductors & Semiconductor Equipment	3.4
Health Care Equipment & Supplies	3.3
Technology Hardware, Storage & Peripherals	2.8
Hotels, Restaurants & Leisure	2.1

See Notes to Financial Statements.

PGIM Jennison Growth Fund 15

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

Industry Classification (continued):
Specialty Retail	2.0	%
Food & Staples Retailing	1.9
Life Sciences Tools & Services	1.8
Equity Real Estate Investment Trusts (REITs)	1.8
Personal Products	1.7
Automobiles	1.7
Road & Rail	1.6
Capital Markets	1.2

Health Care Providers & Services	1.0	%
Banks	1.0
Beverages	0.3
	108.3
Liabilities in excess of other assets	(8.3	)
	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 toset-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	422,649,742	$	(422,649,742	)	$	—

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

See Notes to Financial Statements.

16

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Investments at value, including securities on loan of $422,649,742:
Unaffiliated investments (cost $2,691,757,068)	$	5,327,211,186
Affiliated investments (cost $455,687,484)		455,778,993
Receivable for Series shares sold		5,386,895
Receivable for investments sold		4,442,344
Dividends receivable		690,259
Tax reclaim receivable		525,659
Prepaid expenses		27,521
Total Assets		5,794,062,857
Liabilities
Payable to broker for collateral for securities on loan		425,203,348
Payable for investments purchased		16,378,783
Payable for Series shares reacquired		7,598,838
Management fee payable		2,531,243
Accrued expenses and other liabilities		1,820,755
Distribution fee payable		598,274
Affiliated transfer agent fee payable		387,144
Total Liabilities		454,518,385
Net Assets	$	5,339,544,472
Net assets were comprised of:
Common stock, at par	$	129,815
Paid-in capital in excess of par		2,603,670,646
Total distributable earnings (loss)		2,735,744,011
Net assets, March 31, 2019	$	5,339,544,472

See Notes to Financial Statements.

PGIM Jennison Growth Fund 17

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Class A
Net asset value and redemption price per share, ($1,279,645,971 ÷ 32,233,053 shares of common stock issued and outstanding)	$	39.70
Maximum sales charge (5.50% of offering price)		2.31
Maximum offering price to public	$	42.01
Class B
Net asset value, offering price and redemption price per share,
($11,779,191 ÷ 378,808 shares of common stock issued and outstanding)	$	31.10
Class C
Net asset value, offering price and redemption price per share,
($168,580,842 ÷ 5,386,671 shares of common stock issued and outstanding)	$	31.30
Class R
Net asset value, offering price and redemption price per share,
($284,379,925 ÷ 8,235,757 shares of common stock issued and outstanding)	$	34.53
Class Z
Net asset value, offering price and redemption price per share,
($3,423,076,316 ÷ 79,582,697 shares of common stock issued and outstanding)	$	43.01
Class R2
Net asset value, offering price and redemption price per share,
($3,080,569 ÷ 71,961 shares of common stock issued and outstanding)	$	42.81
Class R4
Net asset value, offering price and redemption price per share,
($5,144,063 ÷ 119,725 shares of common stock issued and outstanding)	$	42.97
Class R6
Net asset value, offering price and redemption price per share,
($163,857,595 ÷ 3,806,074 shares of common stock issued and outstanding)	$	43.05

See Notes to Financial Statements.

18

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $76,304 foreign withholding tax)	$	20,249,972
Income from securities lending, net (including affiliated income of $359,267)		423,637
Affiliated dividend income		360,275
Total income		21,033,884
Expenses
Management fee		14,076,544
Distribution fee(a)		3,741,469
Shareholder servicing fees(a)		5,168
Transfer agent’s fees and expenses (including affiliated expense of $1,006,209)(a)		3,171,756
Custodian and accounting fees		193,161
Registration fees(a)		116,777
Shareholders’ reports		90,994
Directors’ fees		54,189
Legal fees and expenses		21,129
Audit fee		12,516
Miscellaneous		47,007
Total expenses		21,530,710
Less: Fee waiver and/or expense reimbursement(a)		(30,454	)
Distribution fee waiver(a)		(358,762	)
Net expenses		21,141,494
Net investment income (loss)		(107,610	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(9,303))		128,551,893
Foreign currency transactions		(11,477	)
		128,540,416
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $56,015)		(228,521,374	)
Foreign currencies		(16,744	)
		(228,538,118	)
Net gain (loss) on investment and foreign currency transactions		(99,997,702	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(100,105,312	)

See Notes to Financial Statements.

PGIM Jennison Growth Fund 19

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

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

	Class A		Class B			Class C		Class R			Class Z		Class R2			Class R4			Class R6
Distribution fee		1,802,108		61,504			792,859		1,076,286			—		8,712			—			—
Shareholder servicing fees		—		—			—		—			—		3,485			1,683			—
Transfer agent’s fees and expenses		827,779		34,331			73,011		226,722			2,005,836		2,698			741			638
Registration fees		14,894		7,640			9,492		8,281			53,029		7,978			7,978			7,485
Fee waiver and/or expense reimbursement		—		(19,389	)		—		—			—		(4,801	)		(6,004	)		(260	)
Distribution fee waiver		—		—			—		(358,762	)		—		—			—			—

See Notes to Financial Statements.

20

Statements of Changes in Net Assets(unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(107,610	)	$	(5,009,087	)
Net realized gain (loss) on investment and foreign currency transactions		128,540,416			285,138,939
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(228,538,118	)		867,670,610
Net increase (decrease) in net assets resulting from operations		(100,105,312	)		1,147,800,462
Dividends and Distributions
Distributions from distributable earnings*
Class A		(63,605,883	)		—
Class B		(870,716	)		—
Class C		(10,461,165	)		—
Class R		(17,477,511	)		—
Class Z		(156,200,557	)		—
Class R2		(345,321	)		—
Class R4		(225,237	)		—
Class R6		(5,871,697	)		—
		(255,058,087	)		—
Distributions from net realized gains
Class A					(66,625,885	)
Class B					(1,079,287	)
Class C					(8,851,870	)
Class R					(20,922,621	)
Class Z					(149,280,992	)
Class R2					(513	)
Class R4					(513	)
Class R6					(1,587,854	)
		*			(248,349,535	)

See Notes to Financial Statements.

PGIM Jennison Growth Fund 21

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

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Series share transactions (Net of share conversions)
Net proceeds from shares sold	$	611,969,732		$	1,268,939,950
Net asset value of shares issued in reinvestment of dividends and distributions		237,544,907			227,094,847
Cost of shares reacquired		(660,611,646	)		(1,269,258,668	)
Net increase (decrease) in net assets from Series share transactions		188,902,993			226,776,129
Total increase (decrease)		(166,260,406	)		1,126,227,056
Net Assets:
Beginning of period		5,505,804,878			4,379,577,822
End of period(a)	$	5,339,544,472		$	5,505,804,878
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	1,625,164

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

See Notes to Financial Statements.

22

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 anopen-end management investment company. The Company consists of six series: PGIM Balanced Fund, PGIM Jennison Equity Opportunity Fund and PGIM Jennison Growth Fund, each of which are diversified funds and PGIM Conservative Allocation Fund, PGIM Moderate Allocation Fund and PGIM Growth Allocation Fund, each of which arenon-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 anon-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 anon-diversified fund. These financial statements relate only to the PGIM 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following accounting policies conform to U.S. generally accepted accounting principles. The 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 Company’s 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”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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 reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM Jennison Growth Fund 23

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

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

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

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

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

24

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

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The 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.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted 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

PGIM Jennison Growth Fund 25

Notes to Financial Statements(unaudited) (continued)

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

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

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

26

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”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity 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 theex-date, or for certain foreign securities, when the Series becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the 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

PGIM Jennison Growth Fund 27

Notes to Financial Statements(unaudited) (continued)

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

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

2. Agreements

The 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 Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ 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 the Manager 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, 2019.

The Manager has contractually agreed, through January 31, 2020, to limit total annual 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 R6

28

shares. Separately, the Manager 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 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. 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.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by 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 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 R6 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 the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 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, 2020 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

PGIM Jennison Growth Fund 29

Notes to Financial Statements(unaudited) (continued)

For the reporting period ended March 31, 2019, PIMS received $638,827 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2019, PIMS received $321, $2,009 and $10,657 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Series’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Series’ Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

30

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2019, were $1,110,717,990 and $1,180,152,878, respectively.

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

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	5,045,251	$	511,121,719	$	486,762,673	$	—	$	—		$	29,404,297		29,404,297	$	360,275
	PGIM Institutional Money Market Fund*
	181,854,068		1,876,179,515		1,631,705,599		56,015		(9,303	)		426,374,696		426,289,438		359,267	**
$	186,899,319	$	2,387,301,234	$	2,118,468,272	$	56,015	$	(9,303	)	$	455,778,993			$	719,542

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

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

For the reporting period ended March 31, 2019, no17a-7 transactions were entered into by the Series.

5. Tax Information

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

Tax Basis	$	3,164,932,279
Gross Unrealized Appreciation		2,632,845,894
Gross Unrealized Depreciation		(14,787,994	)
Net Unrealized Appreciation	$	2,618,057,900

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

The Manager 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.

PGIM Jennison Growth Fund 31

Notes to Financial Statements(unaudited) (continued)

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the 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 authorized for the Series equally divided into nine classes, designated Class A, Class B, Class C, Class R, Class Z, Class T, Class R2, Class R4 and Class R6 common stock, each of which consists of 125 million, 2 million, 25 million, 220 million, 825 million, 50 million, 125 million, 250 million and 275 million authorized shares, respectively. The Series currently does not have any Class T shares outstanding.

At reporting period end, four shareholders of record, each holding greater than 5% of the Series, held 39% of the Series’ outstanding shares.

32

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		1,763,183		$	65,213,825
Shares issued in reinvestment of dividends and distributions		1,708,729			60,420,650
Shares reacquired		(2,800,019	)		(104,398,243	)
Net increase (decrease) in shares outstanding before conversion		671,893			21,236,232
Shares issued upon conversion from other share class(es)		152,675			5,621,567
Shares reacquired upon conversion into other share class(es)		(136,492	)		(5,233,782	)
Net increase (decrease) in shares outstanding		688,076		$	21,624,017
Year ended September 30, 2018:
Shares sold		3,668,460		$	143,790,471
Shares issued in reinvestment of dividends and distributions		1,741,872			62,880,435
Shares reacquired		(5,696,257	)		(221,418,042	)
Net increase (decrease) in shares outstanding before conversion		(285,925	)		(14,747,136	)
Shares issued upon conversion from other share class(es)		242,026			9,786,909
Shares reacquired upon conversion into other share class(es)		(492,672	)		(19,589,924	)
Net increase (decrease) in shares outstanding		(536,571	)	$	(24,550,151	)
Class B
Six months ended March 31, 2019:
Shares sold		19,155		$	577,439
Shares issued in reinvestment of dividends and distributions		30,394			844,045
Shares reacquired		(28,850	)		(840,375	)
Net increase (decrease) in shares outstanding before conversion		20,699			581,109
Shares reacquired upon conversion into other share class(es)		(69,586	)		(1,991,837	)
Net increase (decrease) in shares outstanding		(48,887	)	$	(1,410,728	)
Year ended September 30, 2018:
Shares sold		49,713		$	1,556,708
Shares issued in reinvestment of dividends and distributions		35,853			1,041,541
Shares reacquired		(63,054	)		(1,986,108	)
Net increase (decrease) in shares outstanding before conversion		22,512			612,141
Shares reacquired upon conversion into other share class(es)		(133,019	)		(4,344,180	)
Net increase (decrease) in shares outstanding		(110,507	)	$	(3,732,039	)
Class C
Six months ended March 31, 2019:
Shares sold		629,669		$	18,357,866
Shares issued in reinvestment of dividends and distributions		352,083			9,833,672
Shares reacquired		(500,489	)		(14,594,768	)
Net increase (decrease) in shares outstanding before conversion		481,263			13,596,770
Shares reacquired upon conversion into other share class(es)		(194,859	)		(5,818,093	)
Net increase (decrease) in shares outstanding		286,404		$	7,778,677
Year ended September 30, 2018:
Shares sold		1,553,750		$	49,219,158
Shares issued in reinvestment of dividends and distributions		282,277			8,222,731
Shares reacquired		(623,980	)		(19,713,437	)
Net increase (decrease) in shares outstanding before conversion		1,212,047			37,728,452
Shares reacquired upon conversion into other share class(es)		(245,724	)		(7,710,612	)
Net increase (decrease) in shares outstanding		966,323		$	30,017,840

PGIM Jennison Growth Fund 33

Notes to Financial Statements(unaudited) (continued)

Class R	Shares			Amount
Six months ended March 31, 2019:
Shares sold		555,195		$	16,871,032
Shares issued in reinvestment of dividends and distributions		550,773			16,952,805
Shares reacquired		(1,718,634	)		(55,228,536	)
Net increase (decrease) in shares outstanding		(612,666	)	$	(21,404,699	)
Year ended September 30, 2018:
Shares sold		694,045		$	23,994,461
Shares issued in reinvestment of dividends and distributions		643,869			20,442,842
Shares reacquired		(2,520,685	)		(86,684,817	)
Net increase (decrease) in shares outstanding before conversion		(1,182,771	)		(42,247,514	)
Shares reacquired upon conversion into other share class(es)		(1,450	)		(47,025	)
Net increase (decrease) in shares outstanding		(1,184,221	)	$	(42,294,539	)
Class Z
Six months ended March 31, 2019:
Shares sold		10,587,335		$	420,518,250
Shares issued in reinvestment of dividends and distributions		3,740,799			143,197,782
Shares reacquired		(11,543,958	)		(464,333,473	)
Net increase (decrease) in shares outstanding before conversion		2,784,176			99,382,559
Shares issued upon conversion from other share class(es)		235,629			9,678,799
Shares reacquired upon conversion into other share class(es)		(57,352	)		(2,256,654	)
Net increase (decrease) in shares outstanding		2,962,453		$	106,804,704
Year ended September 30, 2018:
Shares sold		23,173,947		$	978,752,187
Shares issued in reinvestment of dividends and distributions		3,424,850			132,918,418
Shares reacquired		(21,994,892	)		(915,932,337	)
Net increase (decrease) in shares outstanding before conversion		4,603,905			195,738,268
Shares issued upon conversion from other share class(es)		631,829			26,873,076
Shares reacquired upon conversion into other share class(es)		(764,769	)		(31,321,660	)
Net increase (decrease) in shares outstanding		4,470,965		$	191,289,684
Class R2
Six months ended March 31, 2019:
Shares sold		81,641		$	3,109,762
Shares issued in reinvestment of dividends and distributions		9,052			345,321
Shares reacquired		(188,675	)		(7,849,079	)
Net increase (decrease) in shares outstanding		(97,982	)	$	(4,393,996	)
Period ended September 30, 2018*:
Shares sold		171,297		$	7,549,884
Shares issued in reinvestment of dividends and distributions		13			513
Shares reacquired		(1,367	)		(62,285	)
Net increase (decrease) in shares outstanding		169,943		$	7,488,112

34

Class R4	Shares			Amount
Six months ended March 31, 2019:
Shares sold		116,012		$	4,813,845
Shares issued in reinvestment of dividends and distributions		2,064			78,935
Shares reacquired		(6,425	)		(253,620	)
Net increase (decrease) in shares outstanding		111,651		$	4,639,160
Period ended September 30, 2018*:
Shares sold		8,482		$	380,930
Shares issued in reinvestment of dividends and distributions		13			513
Shares reacquired		(421	)		(19,313	)
Net increase (decrease) in shares outstanding		8,074		$	362,130
Class R6
Six months ended March 31, 2019:
Shares sold		1,995,709		$	82,507,713
Shares issued in reinvestment of dividends and distributions		153,308			5,871,697
Shares reacquired		(326,712	)		(13,113,552	)
Net increase (decrease) in shares outstanding		1,822,305		$	75,265,858
Year ended September 30, 2018:
Shares sold		1,495,867		$	63,696,151
Shares issued in reinvestment of dividends and distributions		40,903			1,587,854
Shares reacquired		(557,398	)		(23,442,329	)
Net increase (decrease) in shares outstanding before conversion		979,372			41,841,676
Shares issued upon conversion from other share class(es)		650,862			26,353,416
Net increase (decrease) in shares outstanding		1,630,234		$	68,195,092

* 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 4, 2018 through October 3, 2019. 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 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those

PGIM Jennison Growth Fund 35

Notes to Financial Statements(unaudited) (continued)

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, 2019. The average daily balance for the 8 days that the Series had loans outstanding during the period was approximately $2,274,250, borrowed at a weighted average interest rate of 3.55%. The maximum loan outstanding amount during the period was $4,551,000. At March 31, 2019, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

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

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

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

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or

36

duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Series’ financial statements.

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

PGIM Jennison Growth Fund 37

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$42.79			$ 35.78			$29.86			$ 29.37			$29.31			$25.59
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.10	)		(0.05	)		(0.06	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.01	)		9.23			7.13			2.60			1.70			4.79
Total from investment operations		(1.04	)		9.13			7.08			2.54			1.62			4.71
Less Dividends and Distributions:
Distributions from net realized gains		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Net asset value, end of period		$39.70			$ 42.79			$35.78			$ 29.86			$29.37			$29.31
Total Return(b):		(1.85)%			26.60%			24.70%			8.63%			5.89%			18.72%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,279,646			$1,349,940			$1,147,941			$1,044,317			$1,026,140			$1,086,552
Average net assets (000)		$1,204,643			$1,258,241			$1,055,913			$1,061,391			$1,079,867			$1,079,657
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.02%	(e)		1.02%			1.02%			1.03%			1.05%			1.05%
Expenses before waivers and/or expense reimbursement		1.02%	(e)		1.02%			1.02%			1.03%			1.05%			1.05%
Net investment income (loss)		(0.18)%	(e)		(0.26)%			(0.16)%			(0.19)%			(0.26)%			(0.27)%
Portfolio turnover rate(f)		22%			40%			54%	(g)		36%			41%			38%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

38

Class B Shares
		Six Months Ended March 31,			Year Ended September 30,
		2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period	��		$34.18			$29.23			$24.78			$24.85			$25.21			$22.29
Income (loss) from investment operations:
Net investment income (loss)			(0.16	)		(0.37	)		(0.22	)		(0.21	)		(0.25	)		(0.23	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(0.87	)		7.44			5.83			2.19			1.45			4.14
Total from investment operations			(1.03	)		7.07			5.61			1.98			1.20			3.91
Less Dividends and Distributions:
Distributions from net realized gains			(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Net asset value, end of period			$31.10			$34.18			$29.23			$24.78			$24.85			$25.21
Total Return(b):			(2.30)%			25.46%			23.80%			7.90%			5.14%			17.87%
Ratios/Supplemental Data:
Net assets, end of period (000)			$11,779			$14,618			$15,734			$17,421			$21,843			$26,222
Average net assets (000)			$12,334			$15,991			$16,248			$20,138			$25,070			$28,811
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement			1.95%	(e)		1.95%			1.72%			1.73%			1.75%			1.75%
Expenses before waivers and/or expense reimbursement			2.27%	(e)		2.13%			1.72%			1.73%			1.75%			1.75%
Net investment income (loss)			(1.10)%	(e)		(1.19)%			(0.86)%			(0.89)%			(0.96)%			(0.97)%
Portfolio turnover rate(f)			22%			40%			54%	(g)		36%			41%			38%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 39

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$34.34			$29.29			$24.82			$24.89			$25.25			$22.32
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.30	)		(0.22	)		(0.21	)		(0.25	)		(0.24	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.86	)		7.47			5.85			2.19			1.45			4.16
Total from investment operations		(0.99	)		7.17			5.63			1.98			1.20			3.92
Less Dividends and Distributions:
Distributions from net realized gains		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Net asset value, end of period		$31.30			$34.34			$29.29			$24.82			$24.89			$25.25
Total Return(b):		(2.17)%			25.76%			23.84%			7.89%			5.13%			17.89%
Ratios/Supplemental Data:
Net assets, end of period (000)		$168,581			$175,142			$121,092			$115,018			$91,552			$75,620
Average net assets (000)		$158,993			$148,000			$113,836			$110,677			$83,892			$71,867
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.69%	(e)		1.69%			1.72%			1.73%			1.75%			1.75%
Expenses before waivers and/or expense reimbursement		1.69%	(e)		1.69%			1.72%			1.73%			1.75%			1.75%
Net investment income (loss)		(0.84)%	(e)		(0.94)%			(0.86)%			(0.88)%			(0.96)%			(0.97)%
Portfolio turnover rate(f)		22%			40%			54%	(g)		36%			41%			38%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

40

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$37.57			$31.72			$26.65			$26.47			$26.62			$23.37
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.16	)		(0.10	)		(0.10	)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.92	)		8.13			6.33			2.33			1.57			4.36
Total from investment operations		(0.99	)		7.97			6.23			2.23			1.41			4.24
Less Dividends and Distributions:
Distributions from net realized gains		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Net asset value, end of period		$34.53			$37.57			$31.72			$26.65			$26.47			$26.62
Total Return(b):		(1.98)%			26.34%			24.48%			8.39%			5.68%			18.48%
Ratios/Supplemental Data:
Net assets, end of period (000)		$284,380			$332,402			$318,202			$290,328			$261,304			$47,957
Average net assets (000)		$287,783			$334,713			$306,004			$277,093			$122,239			$43,736
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.25%	(e)		1.23%			1.22%			1.23%			1.25%			1.25%
Expenses before waivers and/or expense reimbursement		1.50%	(e)		1.48%			1.47%			1.48%			1.50%			1.50%
Net investment income (loss)		(0.40)%	(e)		(0.47)%			(0.36)%			(0.39)%			(0.57)%			(0.48)%
Portfolio turnover rate(f)		22%			40%			54%	(g)		36%			41%			38%

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 41

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$46.12			$38.30			$31.79			$31.05			$30.81			$26.78
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.02			0.04			0.03			0.01			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.07	)		9.92			7.63			2.76			1.79			5.01
Total from investment operations		(1.04	)		9.94			7.67			2.79			1.80			5.02
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		-			-			-			-			-	(b)
Distributions from net realized gains		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Total dividends and distributions		(2.07	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)		(0.99	)
Net asset value, end of period		$43.01			$46.12			$38.30			$31.79			$31.05			$30.81
Total Return(c):		(1.71)%			26.99%			25.07%			8.99%			6.20%			19.07%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,423,076			$3,533,891			$2,763,070			$2,015,895			$1,801,158			$1,465,227
Average net assets (000)		$3,187,276			$3,107,412			$2,264,779			$1,944,589			$1,701,486			$1,398,654
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.71%	(f)		0.71%			0.72%			0.73%			0.75%			0.75%
Expenses before waivers and/or expense reimbursement		0.71%	(f)		0.71%			0.72%			0.73%			0.75%			0.75%
Net investment income (loss)		0.13%	(f)		0.04%			0.13%			0.11%			0.03%			0.03%
Portfolio turnover rate(g)		22%			40%			54%	(h)		36%			41%			38%

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

42

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 43

Financial Highlights(unaudited) (continued)

Class R2 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$45.99			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.32	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.07	)		7.19
Total from investment operations		(1.13	)		6.87
Less Dividends and Distributions:
Distributions from net realized gains		(2.05	)		(2.12	)
Net asset value, end of period		$42.81			$45.99
Total Return(c):		(1.92)%			17.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,081			$7,815
Average net assets (000)		$6,989			$1,011
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.10%	(e)
Expenses before waivers and/or expense reimbursement		1.24%	(e)		3.11%	(e)
Net investment income (loss)		(0.32)%	(e)		(0.86)%	(e)
Portfolio turnover rate(f)		22%			40%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

44

Class R4 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$46.08			$41.24
Income (loss) from investment operations:
Net investment income (loss)		-	(c)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.06	)		7.18
Total from investment operations		(1.06	)		6.96
Less Dividends and Distributions:
Distributions from net realized gains		(2.05	)		(2.12	)
Net asset value, end of period		$42.97			$46.08
Total Return(d):		(1.76)%			17.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,144			$372
Average net assets (000)		$3,375			$38
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.85%	(f)		0.85%	(f)
Expenses before waivers and/or expense reimbursement		1.21%	(f)		57.88%	(f)
Net investment income (loss)		(0.01)%	(f)		(0.62)%	(f)
Portfolio turnover rate(g)		22%			40%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 45

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months Ended March 31, 2019			Year Ended September 30, 2018			September 27, 2017(a) through September 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$46.19			$38.30			$37.92
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.08			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.08	)		9.93			0.38
Total from investment operations		(1.03	)		10.01			0.38
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		-			-
Distributions from net realized gains		(2.05	)		(2.12	)		-
Total dividends and distributions		(2.11	)		(2.12	)		-
Net asset value, end of period		$43.05			$46.19			$38.30
Total Return(d):		(1.66)%			27.18%			1.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$163,858			$91,625			$13,539
Average net assets (000)		$121,224			$50,011			$13,296
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.60%	(g)		0.60%			0.58%	(g)
Expenses before waivers and/or expense reimbursement		0.60%	(g)		0.62%			0.58%	(g)
Net investment income (loss)		0.25%	(g)		0.18%			(0.43)%	(g)
Portfolio turnover rate(h)		22%			40%			54%	(i)

(a) Commencement of offering.

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

(c) Less than $0.005 per share.

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

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

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

(g) Annualized.

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

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

See Notes to Financial Statements.

46

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

PROXY VOTING

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the 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

PGIM JENNISON GROWTH FUND

SHARE CLASS	A	B	C	R	Z	R2	R4	R6*
NASDAQ	PJFAX	PJFBX	PJFCX	PJGRX	PJFZX	PJFOX	PJFPX	PJFQX
CUSIP	74437E107	74437E206	74437E305	74437E651	74437E404	74437E420	74437E412	74437E479

* Formerly known as Class Q shares.

MF168E2    

PGIM ASSET ALLOCATION FUNDS

(Formerly known as Prudential Asset Allocation Funds)

SEMIANNUAL REPORT

MARCH 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective:Balanced / Allocation

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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of QMA LLC, a registered investment adviser and a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

THE PRUDENTIAL INVESTMENT PORTFOLIOS, INC.

PGIM Conservative Allocation Fund

Supplement dated May 7, 2019 to the Currently Effective

Prospectus, Summary Prospectus and Statement of Additional Information

At the special meeting of shareholders of the PGIM Conservative Allocation Fund (“Conservative Allocation Fund”) held on May 7, 2019, shareholders approved the Conservative Allocation Fund’s reorganization into PGIM Balanced Fund (“Balanced Fund”), a series of The Prudential Investment Portfolios, Inc. Pursuant to the reorganization, the assets and liabilities of the Conservative Allocation Fund will be exchanged for shares of the Balanced Fund, and shareholders of the Conservative Allocation Fund will become shareholders of the Balanced Fund. Shares of the Balanced Fund to be received by the Conservative Allocation Fund shareholders in the reorganization will be equal in value and of the same share class, and each share class will be subject to the same distribution fees, account maintenance fees, and sales charges, including contingent deferred sales charges, if any, as the Conservative Allocation Fund shares held by such shareholders immediately prior to the reorganization.

The reorganization transaction is expected to be completed as of the close of business on the New York Stock Exchange on or about Friday, June 21, 2019. In anticipation of the upcoming reorganization, generally the last day for purchases and exchanges into the Conservative Allocation Fund will be trade date Thursday, June 20, 2019.

The Conservative Allocation Fund is expected to distribute its realized capital gains, if any, to its shareholders prior to the closing date. Conservative Allocation Fund shareholders who do not hold their shares in a tax-advantaged account may receive a taxable capital gain distribution. In addition, it is currently anticipated that all or a substantial portion of the Conservative Allocation Fund’s portfolio securities will be sold and/or redeemed in-kind prior to the closing of the reorganization, and the Conservative Allocation Fund is expected to realize capital gain or loss in connection with those sales. If the Conservative Allocation Fund realizes capital gains, those gains may increase the capital gain distribution paid to shareholders.

LR1202

PGIM Asset Allocation Funds 3

THE PRUDENTIAL INVESTMENT PORTFOLIOS, INC.

PGIM Moderate Allocation Fund

Supplement dated May 7, 2019 to the Currently Effective

Prospectus, Summary Prospectus and Statement of Additional Information

At the special meeting of shareholders of the PGIM Moderate Allocation Fund (“Moderate Allocation Fund”) held on May 7, 2019, shareholders approved the Moderate Allocation Fund’s reorganization into PGIM Balanced Fund (“Balanced Fund”), a series of The Prudential Investment Portfolios, Inc. Pursuant to the reorganization, the assets and liabilities of the Moderate Allocation Fund will be exchanged for shares of the Balanced Fund, and shareholders of the Moderate Allocation Fund will become shareholders of the Balanced Fund. Shares of the Balanced Fund to be received by the Moderate Allocation Fund shareholders in the reorganization will be equal in value and of the same share class, and each share class will be subject to the same distribution fees, account maintenance fees, and sales charges, including contingent deferred sales charges, if any, as the Moderate Allocation Fund shares held by such shareholders immediately prior to the reorganization.

The reorganization transaction is expected to be completed as of the close of business on the New York Stock Exchange on or about Friday, June 21, 2019. In anticipation of the upcoming reorganization, generally the last day for purchases and exchanges into the Moderate Allocation Fund will be trade date Thursday, June 20, 2019.

The Moderate Allocation Fund is expected to distribute its realized capital gains, if any, to its shareholders prior to the closing date. Moderate Allocation Fund shareholders who do not hold their shares in a tax-advantaged account may receive a taxable capital gain distribution. In addition, it is currently anticipated that all or a substantial portion of the Moderate Allocation Fund’s portfolio securities will be sold and/or redeemed in-kind prior to the closing of the reorganization, and the Moderate Allocation Fund is expected to realize capital gain or loss in connection with those sales. If the Moderate Allocation Fund realizes capital gains, those gains may increase the capital gain distribution paid to shareholders.

LR1203

4 Visit our website at pgiminvestments.com

THE PRUDENTIAL INVESTMENT PORTFOLIOS, INC.

PGIM Growth Allocation Fund

Supplement dated May 7, 2019 to the Currently Effective

Prospectus, Summary Prospectus and Statement of Additional Information

At the special meeting of shareholders of the PGIM Growth Allocation Fund (“Growth Allocation Fund”) held on May 7, 2019, shareholders approved the Growth Allocation Fund’s reorganization into PGIM QMA Large-Cap Core Equity Fund (the “Large-Cap Core Fund”), a series of Prudential Investment Portfolios 9. Pursuant to the reorganization, the assets and liabilities of the Growth Allocation Fund will be exchanged for shares of the Large-Cap Core Fund, and shareholders of the Growth Allocation Fund will become shareholders of the Large-Cap Core Fund. Shares of the Large-Cap Core Fund to be received by the Growth Allocation Fund shareholders in the reorganization will be equal in value and of the same share class, except that Class R shareholders of the Growth Allocation Fund will receive Class A shares of the Large-Cap Core Fund, and each share class will be subject to the same distribution fees, account maintenance fees, and sales charges, including contingent deferred sales charges, if any, as the Growth Allocation Fund shares held by such shareholders immediately prior to the reorganization.

The reorganization transaction is expected to be completed as of the close of business on the New York Stock Exchange on or about Friday, June 21, 2019. In anticipation of the upcoming reorganization generally the last day for purchases and exchanges into the Growth Allocation Fund will be trade date Thursday, June 20, 2019.

The Growth Allocation Fund is expected to distribute its realized capital gains, if any, to its shareholders prior to the closing date. Growth Allocation Fund shareholders who do not hold their shares in a tax-advantaged account may receive a taxable capital gain distribution. In addition, it is currently anticipated that all or a substantial portion of the Growth Allocation Fund’s portfolio securities will be sold and/or redeemed in-kind prior to the closing of the reorganization, and the Growth Allocation Fund is expected to realize capital gain or loss in connection with those sales. If the Growth Allocation Fund realizes capital gains, those gains may increase the capital gain distribution paid to shareholders.

LR1204

PGIM 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

6 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Asset Allocation Funds informative and useful. The report covers performance for the six-month period ended March 31, 2019.

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Asset Allocation Funds

May 15, 2019

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

PGIM Asset Allocation Funds 7

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

	Total Returns as of 3/31/19 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/19 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	0.85	–3.12	2.62	6.79	—
Class B	0.48	–3.04	2.84	6.59	—
Class C	0.56	0.79	3.02	6.60	—
Class R	0.72	2.24	3.53	7.13	—
Class Z	0.97	2.69	4.04	7.66	—
Class R6**	1.05	2.77	N/A	N/A	2.36 (11/28/17)
Conservative Customized Blend Index
	1.87	4.95	4.51	7.36	—
Russell 1000 Index
	–1.76	9.30	10.63	16.05	—
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Mixed-Asset Target Allocation Conservative Funds Average
	1.18	2.87	3.39	6.99	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized.

**Formerly known as Class Q shares.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes and the Lipper Average are measured from the closest month-end to the 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 R6**
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.

**Formerly known as Class Q shares.

Benchmark Definitions

Conservative Customized Blend Index—The Conservative Customized Blend Index 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 FTSE 3-Month T-Bill Index*** (1.5%). The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 3.49%.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.23%.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.31%.

PGIM Asset Allocation Funds 9

PGIM Conservative Allocation Fund

Your Fund’s Performance(continued)

Lipper Mixed-Asset Target Allocation Conservative Funds Average—The Lipper Mixed-Asset Target Allocation Conservative Funds Average (Lipper Average) is based on the 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. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 1.85%.

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.

***Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

10 Visit our website at pgiminvestments.com

PGIM Conservative Allocation Fund

Performance Target

The PGIM 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, 2019, and their weightings in the Conservative Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific PGIM mutual funds. In response to market developments, the Fund’s subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

TheBloomberg 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.

TheBloomberg 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.

TheFTSE3-MonthT-Bill Index* is an unmanaged index representing monthly return equivalents of yield averages of the last3-month Treasury Bill issues.

TheFTSE EPRA/NAREIT Developed Net Indexis designed to track the performance of listed real estate companies and REITs worldwide.

TheMSCI 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.

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

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

PGIM Asset Allocation Funds 11

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

	Total Returns as of 3/31/19 (without sales charges)	Average Annual Total Returns as of 3/31/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–1.10	–3.94	3.60	8.95	—
Class B	–1.51	–3.67	3.83	8.74	—
Class C	–1.44	0.02	3.99	8.74	—
Class R	–1.20	1.44	4.49	9.27	—
Class Z	–0.95	1.95	5.04	9.84	—
Class R6**	–0.95	1.95	N/A	N/A	2.11 (11/28/17)
Moderate Customized Blend Index
	0.49	5.55	6.21	10.31	—
Russell 1000 Index
	–1.76	9.30	10.63	16.05	—
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Mixed-Asset Target Allocation Moderate Funds Average***
	–0.03	3.17	4.51	9.04	—
Lipper Mixed-Asset Target Allocation Growth Funds Average***
	–1.17	3.25	5.56	10.54	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized.

**Formerly known as Class Q shares.

***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.

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

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 R6**
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.

**Formerly known as Class Q shares.

Benchmark Definitions

Moderate Customized Blend Index—The Moderate Customized Blend Index 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 FTSE 3-Month T-Bill Index*** (2%). The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 4.12%.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.23%.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.31%.

PGIM Asset Allocation Funds 13

PGIM 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. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.15%.

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. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.53%.

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.

***Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

14 Visit our website at pgiminvestments.com

PGIM Moderate Allocation Fund

Performance Target

The PGIM 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, 2019, and their weightings in the Moderate Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific PGIM mutual funds. In response to market developments, the Fund’s subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

TheBloomberg 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.

TheBloomberg 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.

TheFTSE3-MonthT-Bill Index* is an unmanaged index representing monthly return equivalents of yield averages of the last3-month Treasury Bill issues.

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

TheMSCI ACWI ex-US ND Indexis 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.

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

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE

Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

PGIM Asset Allocation Funds 15

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

	Total Returns as of 3/31/19 (without sales charges)	Average Annual Total Returns as of 3/31/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–3.18	–5.24	4.26	10.88	—
Class B	–3.55	–5.01	4.50	10.68	—
Class C	–3.55	–1.42	4.65	10.67	—
Class R	–3.34	–0.08	5.17	11.23	—
Class Z	–3.06	0.51	5.69	11.79	—
Class R6**	–3.12	0.45	N/A	N/A	1.36 (11/28/17)
Growth Customized Blend Index
	–1.03	5.46	7.52	12.91	—
Russell 1000 Index
	–1.76	9.30	10.63	16.05	—
S&P 500 Index
	–1.72	9.49	10.90	15.91	—
Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Average
	–3.01	1.28	5.77	11.82	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized.

**Formerly known as Class Q shares.

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

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 R6**
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.

**Formerly known as Class Q shares.

Benchmark Definitions

Growth Customized Blend Index—The Growth Customized Blend Index 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 FTSE 3-Month T-Bill Index*** (2.5%). The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 4.24%.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.23%.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 7.31%.

PGIM Asset Allocation Funds 17

PGIM 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 LipperMixed-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. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 1.56%.

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.

***Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

18 Visit our website at pgiminvestments.com

PGIM Growth Allocation Fund

Performance Target

The PGIM 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 thesix-month period ended March 31, 2019, and their weightings in the Growth Customized Blend Index. The Fund seeks to exceed this target by holding positions in specific PGIM mutual funds. In response to market developments, the Fund’s subadviser may vary its holdings in those funds (within specified ranges).

Source: Lipper Inc.

TheBloomberg 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.

TheFTSE3-MonthT-Bill Index* is an unmanaged index representing monthly return equivalents of yield averages of the last3-month Treasury Bill issues.

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

TheMSCI ACWI ex-US ND Indexis 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.

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

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trademark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

PGIM 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, 2019. These examples are for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the 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 PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses

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.

PGIM Conservative Allocation Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,008.50		1.20	%	$	6.01
	Hypothetical	$	1,000.00	$	1,018.95		1.20	%	$	6.04
Class B	Actual	$	1,000.00	$	1,004.80		1.95	%	$	9.75
	Hypothetical	$	1,000.00	$	1,015.21		1.95	%	$	9.80
Class C	Actual	$	1,000.00	$	1,005.60		1.95	%	$	9.75
	Hypothetical	$	1,000.00	$	1,015.21		1.95	%	$	9.80
Class R	Actual	$	1,000.00	$	1,007.20		1.45	%	$	7.26
	Hypothetical	$	1,000.00	$	1,017.70		1.45	%	$	7.29
Class Z	Actual	$	1,000.00	$	1,009.70		0.95	%	$	4.76
	Hypothetical	$	1,000.00	$	1,020.19		0.95	%	$	4.78
Class R6**	Actual	$	1,000.00	$	1,010.50		0.95	%	$	4.76
	Hypothetical	$	1,000.00	$	1,020.19		0.95	%	$	4.78

*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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

PGIM Asset Allocation Funds 21

Fees and Expenses(continued)

PGIM Moderate Allocation Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	989.00		1.27	%	$	6.30
	Hypothetical	$	1,000.00	$	1,018.60		1.27	%	$	6.39
Class B	Actual	$	1,000.00	$	984.90		2.02	%	$	10.00
	Hypothetical	$	1,000.00	$	1,014.86		2.02	%	$	10.15
Class C	Actual	$	1,000.00	$	985.60		2.02	%	$	10.00
	Hypothetical	$	1,000.00	$	1,014.86		2.02	%	$	10.15
Class R	Actual	$	1,000.00	$	988.00		1.52	%	$	7.53
	Hypothetical	$	1,000.00	$	1,017.35		1.52	%	$	7.64
Class Z	Actual	$	1,000.00	$	990.50		1.02	%	$	5.06
	Hypothetical	$	1,000.00	$	1,019.85		1.02	%	$	5.14
Class R6**	Actual	$	1,000.00	$	990.50		1.02	%	$	5.06
	Hypothetical	$	1,000.00	$	1,019.85		1.02	%	$	5.14

*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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

PGIM Growth Allocation Fund		Beginning Account Value October 1, 2018		Ending Account Value March 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	968.20		1.35	%	$	6.62
	Hypothetical	$	1,000.00	$	1,018.20		1.35	%	$	6.79
Class B	Actual	$	1,000.00	$	964.50		2.10	%	$	10.29
	Hypothetical	$	1,000.00	$	1,014.46		2.10	%	$	10.55
Class C	Actual	$	1,000.00	$	964.50		2.10	%	$	10.29
	Hypothetical	$	1,000.00	$	1,014.46		2.10	%	$	10.55
Class R	Actual	$	1,000.00	$	966.60		1.60	%	$	7.84
	Hypothetical	$	1,000.00	$	1,016.95		1.60	%	$	8.05
Class Z	Actual	$	1,000.00	$	969.40		1.10	%	$	5.40
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class R6**	Actual	$	1,000.00	$	968.80		1.10	%	$	5.40
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54

*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, 2019, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

22 Visit our website at pgiminvestments.com

PGIM Conservative Allocation Fund

Schedule of Investments(unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.1%
AFFILIATED MUTUAL FUNDS
PGIM Absolute Return Bond Fund (Class R6)		433,826	$	4,199,437
PGIM Global Real Estate Fund (Class R6)		232,770		5,961,252
PGIM Government Income Fund (Class R6)		746,647		7,055,815
PGIM High Yield Fund (Class R6)		112,307		606,456
PGIM Jennison 20/20 Focus Fund (Class R6)		74,049		1,195,889
PGIM Jennison Equity Opportunity Fund (Class R6)		144,764		2,410,318
PGIM Jennison Growth Fund (Class R6)		53,442		2,300,696
PGIM Jennison International Opportunities Fund (Class R6)		257,982		4,708,177
PGIM JennisonMid-Cap Growth Fund (Class R6)*		60,966		1,876,527
PGIM Jennison Natural Resources Fund (Class R6)		3,581		121,517
PGIM Jennison Small Company Fund (Class R6)		201,466		4,508,811
PGIM Jennison Value Fund (Class R6)		258,534		4,798,388
PGIM QMA International Equity Fund (Class R6)		995,670		7,069,253
PGIM QMALarge-Cap Core Equity Fund (Class R6)		197,344		2,891,087
PGIM QMALarge-Cap Value Fund (Class R6)		463,507		5,715,043
PGIM QMA Long-Short Equity Fund (Class R6)*		287,765		3,599,937
PGIM QMAMid-Cap Value Fund (Class R6)		106,223		1,920,504
PGIM QMASmall-Cap Value Fund (Class R6)		82,609		1,371,309
PGIM Short Duration Multi-Sector Bond Fund (Class R6)		4,108,884		39,445,289
PGIM Short-Term Corporate Bond Fund (Class R6)		55,733		609,161
PGIM Total Return Bond Fund (Class R6)		1,143,602		16,422,128
TOTAL LONG-TERM INVESTMENTS (cost $103,852,028)				118,786,994
SHORT-TERM INVESTMENT    1.0%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,231,294)		1,231,294		1,231,294
TOTAL INVESTMENTS    100.1% (cost $105,083,322)(w)				120,018,288
Liabilities in excess of other assets    (0.1)%				(92,664	)
NET ASSETS    100.0%			$	119,925,624

* 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.

PGIM Asset Allocation Funds 23

PGIM Conservative Allocation Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2019

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	120,018,288	$	—	$	—

Investment Allocation:

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

Multi-Sector Debt	50.1	%
International	9.8
Large-Cap Value	8.8
U.S. Government Debt	5.9
Large/Mid-Cap Growth	5.5
Global Real Estate	5.0
Small-Cap Core	3.8
Large-Cap Core	3.4
Long-Short Cap	3.0
Small/Mid-Cap Value	2.7
Short-Term Investment	1.0	%
Short-Term Debt	0.5
High Yield	0.5
Natural Resources	0.1
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

24

PGIM Conservative Allocation Fund

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Affiliated investments (cost $105,083,322)	$	120,018,288
Receivable for investments sold		370,000
Due from Manager		11,520
Receivable for Fund shares sold		9,781
Prepaid expenses		20,159
Total Assets		120,429,748
Liabilities
Payable for investments purchased		370,000
Distribution fee payable		40,409
Custodian and accounting fees payable		31,475
Accrued expenses and other liabilities		25,869
Payable for Fund shares reacquired		20,046
Affiliated transfer agent fee payable		16,325
Total Liabilities		504,124
Net Assets	$	119,925,624
Net assets were comprised of:
Common stock, at par	$	9,742
Paid-in capital in excess of par		102,944,416
Total distributable earnings (loss)		16,971,466
Net assets, March 31, 2019	$	119,925,624

See Notes to Financial Statements.

PGIM Asset Allocation Funds 25

PGIM Conservative Allocation Fund

Statement of Assets & Liabilities(unaudited) (continued)

as of March 31, 2019

Class A
Net asset value and redemption price per share, ($85,424,052 ÷ 6,933,926 shares of common stock issued and outstanding)	$	12.32
Maximum sales charge (5.50% of offering price)		0.72
Maximum offering price to public	$	13.04
Class B
Net asset value, offering price and redemption price per share,
($3,731,332 ÷ 304,568 shares of common stock issued and outstanding)	$	12.25
Class C
Net asset value, offering price and redemption price per share,
($22,589,588 ÷ 1,843,083 shares of common stock issued and outstanding)	$	12.26
Class R
Net asset value, offering price and redemption price per share,
($184,172 ÷ 14,890 shares of common stock issued and outstanding)	$	12.37
Class Z
Net asset value, offering price and redemption price per share,
($7,933,409 ÷ 640,657 shares of common stock issued and outstanding)	$	12.38
Class R6
Net asset value, offering price and redemption price per share,
($63,071 ÷ 5,096 shares of common stock issued and outstanding)	$	12.38

See Notes to Financial Statements.

26

PGIM Conservative Allocation Fund

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	2,248,081
Expenses
Management fee		59,681
Distribution fee(a)		261,525
Transfer agent’s fees and expenses (including affiliated expense of $37,587)(a)		70,793
Custodian and accounting fees		49,905
Registration fees(a)		42,667
Shareholders’ reports		19,550
Audit fee		11,531
Legal fees and expenses		10,970
Directors’ fees		7,144
Miscellaneous		6,190
Total expenses		539,956
Less: Fee waiver and/or expense reimbursement(a)		(69,449	)
Distribution fee waiver(a)		(21,008	)
Net expenses		449,499
Net investment income (loss)		1,798,582
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		495,555
Affiliated net capital gain distributions received		3,274,647
		3,770,202
Net change in unrealized appreciation (depreciation) on investments		(4,943,857	)
Net gain (loss) on investment transactions		(1,173,655	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	624,927

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		124,724			20,991			115,151			659			—			—
Transfer agent’s fees and expenses		46,197			7,720			12,767			131			3,935			43
Registration fees		7,276			7,003			7,235			6,369			7,059			7,725
Fee waiver and/or expense reimbursement		(23,033	)		(13,119	)		(11,444	)		(6,436	)		(7,670	)		(7,747	)
Distribution fee waiver		(20,788	)		—			—			(220	)		—			—

See Notes to Financial Statements.

PGIM Asset Allocation Funds 27

PGIM Conservative Allocation Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,798,582		$	2,036,603
Net realized gain (loss) on investment transactions		495,555			1,789,881
Affiliated net capital gain distributions received		3,274,647			2,815,364
Net change in unrealized appreciation (depreciation) on investments		(4,943,857	)		(2,223,209	)
Net increase (decrease) in net assets resulting from operations		624,927			4,418,639
Dividends and Distributions
Distributions from distributable earnings*
Class A		(4,946,926	)		—
Class B		(231,044	)		—
Class C		(1,304,924	)		—
Class R		(10,111	)		—
Class Z		(594,377	)		—
Class R6		(3,652	)		—
		(7,091,034	)		—
Dividends from net investment income*
Class A					(2,083,637	)
Class B					(104,648	)
Class C					(424,935	)
Class R					(3,521	)
Class Z					(210,838	)
Class R6					(463	)
		*			(2,828,042	)
Distributions from net realized gains and capital gain distributions received*
Class A					(1,645,904	)
Class B					(122,528	)
Class C					(490,474	)
Class R					(3,060	)
Class Z					(141,291	)
Class R6					(184	)
		*			(2,403,441	)

See Notes to Financial Statements.

28

PGIM Conservative Allocation Fund

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

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Fund share transactions (Net of share conversions)
Net proceeds from shares sold	$	5,771,309		$	16,191,190
Net asset value of shares issued in reinvestment of dividends and distributions		6,939,821			5,097,809
Cost of shares reacquired		(14,079,543	)		(22,184,420	)
Net increase (decrease) in net assets from Fund share transactions		(1,368,413	)		(895,421	)
Total increase (decrease)		(7,834,520	)		(1,708,265	)
Net Assets:
Beginning of period		127,760,144			129,468,409
End of period(a)	$	119,925,624		$	127,760,144
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	415,680

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 29

PGIM Moderate Allocation Fund

Schedule of Investments (unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.1%
AFFILIATED MUTUAL FUNDS
PGIM Absolute Return Bond Fund (Class R6)		308,100	$	2,982,412
PGIM Global Real Estate Fund (Class R6)		288,561		7,390,039
PGIM Government Income Fund (Class R6)		439,399		4,152,318
PGIM High Yield Fund (Class R6)		109,927		593,604
PGIM Jennison 20/20 Focus Fund (Class R6)		184,353		2,977,302
PGIM Jennison Equity Opportunity Fund (Class R6)		358,195		5,963,949
PGIM Jennison Growth Fund (Class R6)		79,901		3,439,744
PGIM Jennison International Opportunities Fund (Class R6)		480,310		8,765,659
PGIM JennisonMid-Cap Growth Fund (Class R6)*		157,796		4,856,961
PGIM Jennison Natural Resources Fund (Class R6)		4,321		146,622
PGIM Jennison Small Company Fund (Class R6)		415,758		9,304,659
PGIM Jennison Value Fund (Class R6)		560,445		10,401,863
PGIM QMA International Equity Fund (Class R6)		1,820,676		12,926,797
PGIM QMALarge-Cap Core Equity Fund (Class R6)		667,232		9,774,945
PGIM QMALarge-Cap Value Fund (Class R6)		815,062		10,049,716
PGIM QMA Long-Short Equity Fund (Class R6)*		474,735		5,938,936
PGIM QMAMid-Cap Value Fund (Class R6)		266,924		4,825,993
PGIM QMASmall-Cap Value Fund (Class R6)		178,075		2,956,046
PGIM Short Duration Multi-Sector Bond Fund (Class R6)		2,597,915		24,939,980
PGIM Total Return Bond Fund (Class R6)		1,034,218		14,851,364
TOTAL LONG-TERM INVESTMENTS (cost $119,448,864)				147,238,909
SHORT-TERM INVESTMENT    0.8%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,172,691)		1,172,691		1,172,691
TOTAL INVESTMENTS    99.9% (cost $120,621,555)(w)				148,411,600
Other assets in excess of liabilities    0.1%				169,405
NET ASSETS    100.0%			$	148,581,005

* Non-income producing security.

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

Fair Value Measurements:

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

See Notes to Financial Statements.

30

PGIM Moderate Allocation Fund

Schedule of Investments(unaudited) (continued)

as of March 31, 2019

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	148,411,600	$	—	$	—

Investment Allocation:

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

Multi-Sector Debt	28.8	%
International	14.6
Large-Cap Value	13.8
Large/Mid-Cap Growth	9.6
Large-Cap Core	8.6
Small-Cap Core	6.2
Small/Mid-Cap Value	5.2
Global Real Estate	5.0
Long-Short Cap	4.0
U.S. Government Debt	2.8
Short-Term Investment	0.8	%
High Yield	0.4
Natural Resources	0.1
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

PGIM Asset Allocation Funds 31

PGIM Moderate Allocation Fund

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Affiliated investments (cost $120,621,555)	$	148,411,600
Receivable for investments sold		640,000
Receivable for Fund shares sold		79,402
Due from Manager		11,898
Prepaid expenses		19,042
Total Assets		149,161,942
Liabilities
Payable for investments purchased		300,000
Payable for Fund shares reacquired		143,659
Distribution fee payable		50,432
Custodian and accounting fees payable		31,995
Accrued expenses and other liabilities		27,693
Affiliated transfer agent fee payable		27,158
Total Liabilities		580,937
Net Assets	$	148,581,005
Net assets were comprised of:
Common stock, at par	$	10,750
Paid-in capital in excess of par		115,176,089
Total distributable earnings (loss)		33,394,166
Net assets, March 31, 2019	$	148,581,005

See Notes to Financial Statements.

32

PGIM Moderate Allocation Fund

Statement of Assets & Liabilities(unaudited) (continued)

as of March 31, 2019

Class A
Net asset value and redemption price per share, ($116,092,503 ÷ 8,386,789 shares of common stock issued and outstanding)	$	13.84
Maximum sales charge (5.50% of offering price)		0.81
Maximum offering price to public	$	14.65
Class B
Net asset value, offering price and redemption price per share,
($7,323,812 ÷ 532,954 shares of common stock issued and outstanding)	$	13.74
Class C
Net asset value, offering price and redemption price per share,
($21,971,940 ÷ 1,599,440 shares of common stock issued and outstanding)	$	13.74
Class R
Net asset value, offering price and redemption price per share,
($194,989 ÷ 14,170 shares of common stock issued and outstanding)	$	13.76
Class Z
Net asset value, offering price and redemption price per share,
($2,987,479 ÷ 215,746 shares of common stock issued and outstanding)	$	13.85
Class R6
Net asset value, offering price and redemption price per share,
($10,282 ÷ 742 shares of common stock issued and outstanding)	$	13.85

See Notes to Financial Statements.

PGIM Asset Allocation Funds 33

PGIM Moderate Allocation Fund

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	2,498,682
Expenses
Management fee		74,288
Distribution fee(a)		324,068
Transfer agent’s fees and expenses (including affiliated expense of $61,634)(a)		103,971
Custodian and accounting fees		49,505
Registration fees(a)		43,656
Shareholders’ reports		23,268
Audit fee		11,495
Legal fees and expenses		11,417
Directors’ fees		7,711
Miscellaneous		6,377
Total expenses		655,756
Less: Fee waiver and/or expense reimbursement(a)		(71,692	)
Distribution fee waiver(a)		(29,098	)
Net expenses		554,966
Net investment income (loss)		1,943,716
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		524,453
Affiliated net capital gain distributions received		7,716,198
		8,240,651
Net change in unrealized appreciation (depreciation) on investments		(12,593,093	)
Net gain (loss) on investment transactions		(4,352,442	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,408,726	)

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		173,246			39,852			110,300			670			—			—
Transfer agent’s fees and expenses		74,466			13,903			13,426			121			2,032			23
Registration fees		7,835			7,007			7,435			6,687			7,054			7,638
Fee waiver and/or expense reimbursement		(23,346	)		(16,766	)		(9,568	)		(6,718	)		(7,638	)		(7,656	)
Distribution fee waiver		(28,875	)		—			—			(223	)		—			—

See Notes to Financial Statements.

34

PGIM Moderate Allocation Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,943,716		$	1,861,739
Net realized gain (loss) on investment transactions		524,453			3,127,396
Affiliated net capital gain distributions received		7,716,198			6,795,956
Net change in unrealized appreciation (depreciation) on investments		(12,593,093	)		(1,884,685	)
Net increase (decrease) in net assets resulting from operations		(2,408,726	)		9,900,406
Dividends and Distributions
Distributions from distributable earnings*
Class A		(10,273,510	)		—
Class B		(640,589	)		—
Class C		(1,792,745	)		—
Class R		(15,270	)		—
Class Z		(251,752	)		—
Class R6		(887	)		—
		(12,974,753	)		—
Dividends from net investment income*
Class A					(2,679,512	)
Class B					(162,867	)
Class C					(371,059	)
Class R					(1,876	)
Class Z					(77,331	)
Class R6					(232	)
		*			(3,292,877	)
Distributions from net realized gains and capital gain distributions received*
Class A					(2,840,983	)
Class B					(258,639	)
Class C					(589,254	)
Class R					(2,252	)
Class Z					(73,692	)
Class R6					(222	)
		*			(3,765,042	)

See Notes to Financial Statements.

PGIM Asset Allocation Funds 35

PGIM Moderate Allocation Fund

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

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Fund share transactions (Net of share conversions)
Net proceeds from shares sold	$	4,647,589		$	10,007,462
Net asset value of shares issued in reinvestment of dividends and distributions		12,752,197			6,875,226
Cost of shares reacquired		(15,416,074	)		(25,345,332	)
Net increase (decrease) in net assets from Fund share transactions		1,983,712			(8,462,644	)
Total increase (decrease)		(13,399,767	)		(5,620,157	)
Net Assets:
Beginning of period		161,980,772			167,600,929
End of period(a)	$	148,581,005		$	161,980,772
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	642,742

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

See Notes to Financial Statements.

36

PGIM Growth Allocation Fund

Schedule of Investments(unaudited)

as of March 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.1%
AFFILIATED MUTUAL FUNDS
PGIM Absolute Return Bond Fund (Class R6)		54,284	$	525,468
PGIM Global Real Estate Fund (Class R6)		200,314		5,130,046
PGIM High Yield Fund (Class R6)		48,914		264,137
PGIM Jennison 20/20 Focus Fund (Class R6)		192,269		3,105,137
PGIM Jennison Equity Opportunity Fund (Class R6)		452,522		7,534,491
PGIM Jennison Growth Fund (Class R6)		85,613		3,685,628
PGIM Jennison International Opportunities Fund (Class R6)		536,492		9,790,973
PGIM JennisonMid-Cap Growth Fund (Class R6)*		118,477		3,646,729
PGIM Jennison Natural Resources Fund (Class R6)		3,080		104,500
PGIM Jennison Small Company Fund (Class R6)		404,689		9,056,932
PGIM Jennison Value Fund (Class R6)		473,617		8,790,329
PGIM QMA International Equity Fund (Class R6)		2,059,840		14,624,867
PGIM QMALarge-Cap Core Equity Fund (Class R6)		531,939		7,792,905
PGIM QMALarge-Cap Value Fund (Class R6)		840,265		10,360,469
PGIM QMA Long-Short Equity Fund (Class R6)*		413,263		5,169,926
PGIM QMAMid-Cap Value Fund (Class R6)		217,272		3,928,285
PGIM QMASmall-Cap Value Fund (Class R6)		155,046		2,573,762
PGIM Short Duration Multi-Sector Bond Fund (Class R6)		80,538		773,168
PGIM Total Return Bond Fund (Class R6)		395,720		5,682,540
TOTAL LONG-TERM INVESTMENTS (cost $83,292,529)				102,540,292
SHORT-TERM INVESTMENT    0.7%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $751,562)		751,562		751,562
TOTAL INVESTMENTS    99.8% (cost $84,044,091)(w)				103,291,854
Other assets in excess of liabilities    0.2%				196,069
NET ASSETS    100.0%			$	103,487,923

* Non-income producing security.

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

Fair Value Measurements:

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

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 37

PGIM Growth Allocation Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2019

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	103,291,854	$	—	$	—

Investment Allocation:

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

International	23.6	%
Large-Cap Value	18.5
Large/Mid-Cap Growth	14.4
Large-Cap Core	10.5
Small-Cap Core	8.7
Multi-Sector Debt	6.7
Small/Mid-Cap Value	6.3
Long-Short Cap	5.0
Global Real Estate	5.0
Short-Term Investment	0.7	%
High Yield	0.3
Natural Resources	0.1
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

38

PGIM Growth Allocation Fund

Statement of Assets & Liabilities(unaudited)

as of March 31, 2019

Assets
Affiliated investments (cost $84,044,091)	$	103,291,854
Receivable for investments sold		560,000
Receivable for Fund shares sold		15,807
Due from Manager		11,743
Prepaid expenses		53,373
Total Assets		103,932,777
Liabilities
Payable for investments purchased		200,000
Payable for Fund shares reacquired		125,088
Distribution fee payable		34,139
Custodian and accounting fees payable		31,510
Accrued expenses and other liabilities		27,895
Affiliated transfer agent fee payable		26,222
Total Liabilities		444,854
Net Assets	$	103,487,923
Net assets were comprised of:
Common stock, at par	$	6,304
Paid-in capital in excess of par		79,516,290
Total distributable earnings (loss)		23,965,329
Net assets, March 31, 2019	$	103,487,923

See Notes to Financial Statements.

PGIM Asset Allocation Funds 39

PGIM Growth Allocation Fund

Statement of Assets & Liabilities(unaudited) (continued)

as of March 31, 2019

Class A
Net asset value and redemption price per share, ($80,988,135 ÷ 4,885,295 shares of common stock issued and outstanding)	$	16.58
Maximum sales charge (5.50% of offering price)		0.96
Maximum offering price to public	$	17.54
Class B
Net asset value, offering price and redemption price per share,
($4,856,185 ÷ 309,056 shares of common stock issued and outstanding)	$	15.71
Class C
Net asset value, offering price and redemption price per share,
($14,936,117 ÷ 949,271 shares of common stock issued and outstanding)	$	15.73
Class R
Net asset value, offering price and redemption price per share,
($42,023 ÷ 2,564 shares of common stock issued and outstanding)	$	16.39
Class Z
Net asset value, offering price and redemption price per share,
($2,211,768 ÷ 131,332 shares of common stock issued and outstanding)	$	16.84
Class R6
Net asset value, offering price and redemption price per share,
($453,695 ÷ 26,951 shares of common stock issued and outstanding)	$	16.83

See Notes to Financial Statements.

40

PGIM Growth Allocation Fund

Statement of Operations(unaudited)

Six Months Ended March 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	1,506,922
Expenses
Management fee		51,042
Distribution fee(a)		218,021
Transfer agent’s fees and expenses (including affiliated expense of $59,911)(a)		93,877
Custodian and accounting fees		49,933
Registration fees(a)		43,819
Shareholders’ reports		13,101
Audit fee		12,058
Legal fees and expenses		8,679
Directors’ fees		7,035
Miscellaneous		6,201
Total expenses		503,766
Less: Fee waiver and/or expense reimbursement(a)		(107,002	)
Distribution fee waiver(a)		(19,623	)
Net expenses		377,141
Net investment income (loss)		1,129,781
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(139,260	)
Affiliated net capital gain distributions received		6,920,630
		6,781,370
Net change in unrealized appreciation (depreciation) on investments		(11,959,189	)
Net gain (loss) on investment transactions		(5,177,819	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(4,048,038	)

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		117,442			26,925			73,507			147			—			—
Transfer agent’s fees and expenses		66,639			12,784			10,211			39			4,165			39
Registration fees		7,323			6,989			7,317			6,454			7,993			7,743
Fee waiver and/or expense reimbursement		(50,495	)		(18,130	)		(13,116	)		(6,480	)		(11,129	)		(7,652	)
Distribution fee waiver		(19,574	)		—			—			(49	)		—			—

See Notes to Financial Statements.

PGIM Asset Allocation Funds 41

PGIM Growth Allocation Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,129,781		$	669,840
Net realized gain (loss) on investment transactions		(139,260	)		1,300,252
Affiliated net capital gain distributions received		6,920,630			5,925,386
Net change in unrealized appreciation (depreciation) on investments		(11,959,189	)		738,463
Net increase (decrease) in net assets resulting from operations		(4,048,038	)		8,633,941
Dividends and Distributions
Distributions from distributable earnings*
Class A		(6,549,057	)		—
Class B		(451,141	)		—
Class C		(1,266,810	)		—
Class R		(3,252	)		—
Class Z		(347,957	)		—
Class R6		(36,114	)		—
		(8,654,331	)		—
Dividends from net investment income*
Class A					(1,771,051	)
Class B					(129,341	)
Class C					(240,693	)
Class R					(3,963	)
Class Z					(67,459	)
Class R6					(235	)
		*			(2,212,742	)
Distributions from net realized gains and capital gain distributions received*
Class A					(1,144,763	)
Class B					(120,159	)
Class C					(223,606	)
Class R					(2,885	)
Class Z					(39,367	)
Class R6					(137	)
		*			(1,530,917	)

See Notes to Financial Statements.

42

PGIM Growth Allocation Fund

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

	Six Months Ended March 31, 2019			Year Ended September 30, 2018
Fund share transactions (Net of share conversions)
Net proceeds from shares sold	$	3,851,365		$	12,647,403
Net asset value of shares issued in reinvestment of dividends and distributions		8,525,478			3,675,942
Cost of shares reacquired		(8,741,540	)		(13,539,734	)
Net increase (decrease) in net assets from Fund share transactions		3,635,303			2,783,611
Total increase (decrease)		(9,067,066	)		7,673,893
Net Assets:
Beginning of period		112,554,989			104,881,096
End of period(a)	$	103,487,923		$	112,554,989
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	—

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 43

Notes to Financial Statements

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company. The Company was incorporated in Maryland on August 10, 1995 and consists of six series (“Fund” or “Funds”): PGIM Balanced Fund, PGIM Jennison Equity Opportunity Fund and PGIM Jennison Growth Fund, each of which are diversified funds and PGIM Allocation Fund (“Conservative Allocation Fund”), PGIM Moderate Allocation Fund (“Moderate Allocation Fund”) and PGIM Allocation Fund (“Growth Allocation Fund”), each of which arenon-diversified funds for purposes of the 1940 Act. 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 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following accounting policies conform to U.S. generally accepted accounting principles. The 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 Company’s 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”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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

44

representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ 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 and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurements and Disclosures.

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

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

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

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

PGIM Asset Allocation Funds 45

Notes to Financial Statements(continued)

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

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

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

2. Agreements

The 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 Allocation 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 Funds’ custodian, and the Allocation Funds’ 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 Allocation Funds. The legal, marketing, compliance and related personnel are also

46

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 QMA LLC (formerly known as 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 the Manager 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 rates 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 reporting period ended March 31, 2019.

The Manager has contractually agreed, through January 31, 2020, to limit total annual 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 R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and /or reimbursed by PGIM Investments may be recouped by PGIN 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 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 R6 shares of the Allocation Funds. The Allocation Funds compensate PIMS for distributing and servicing the Allocation Funds’ 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

PGIM Asset Allocation Funds 47

Notes to Financial Statements(continued)

fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 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, 2020 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 offront-end sales charges resulting from sales of Class A shares during the reporting period ended March 31, 2019. These amounts were as follows:

Fund	Class A
Conservative Allocation Fund	$	65,517
Moderate Allocation Fund		80,682
Growth Allocation Fund		81,782

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

PIMS has advised the Allocation Funds of its receipt of contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders for the reporting period ended March 31, 2019. These amounts were as follows:

Fund	Class B		Class C
Conservative Allocation Fund	$	790	$	2,640
Moderate Allocation Fund		1,490		1,366
Growth Allocation Fund		1,212		540

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

PGIM Investments, PIMS and 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 each Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

48

The Allocation Funds may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Allocation Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Allocation Funds’ investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund and other affiliated mutual funds are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2019, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
Conservative Allocation Fund	$	16,570,884	$	19,950,823
Moderate Allocation Fund		25,420,230		26,673,224
Growth Allocation Fund		17,686,800		14,596,831

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

Conservative Allocation Fund:

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
PGIM Absolute Return Bond Fund (Class R6)
$4,475,314	$	250,968	$	455,000	$	(77,145	)	$	5,300		$	4,199,437		433,826	$	150,968	$	—
PGIM Core Ultra Short Bond Fund
1,039,490		6,904,459		6,712,655		—			—			1,231,294		1,231,294		12,134		—
PGIM Floating Rate Income Fund (Class R6)
—		625,024		600,823		—			(24,201	)		—		—		4,976		—

PGIM Asset Allocation Funds 49

Notes to Financial Statements(continued)

Conservative Allocation Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Global Real Estate Fund (Class R6)
$	6,424,744	$	365,662	$	1,185,000	$	81,962		$	273,884		$	5,961,252		232,770	$	104,279	$	96,383
	PGIM Government Income Fund (Class R6)
	7,546,441		355,615		1,050,000		171,896			31,863			7,055,815		746,647		95,606		—
	PGIM High Yield Fund (Class R6)
	1,277,989		20,780		685,000		(165,900	)		158,587			606,456		112,307		20,780		—
	PGIM Jennison 20/20 Focus Fund (Class R6)
	1,273,368		219,233		165,000		(135,404	)		3,692			1,195,889		74,049		7,416		86,817
	PGIM Jennison Equity Opportunity Fund (Class R6)
	2,557,960		731,275		335,000		(523,967	)		(19,950	)		2,410,318		144,764		18,293		322,934
	PGIM Jennison Growth Fund (Class R6)
	2,540,246		832,246		850,000		(190,159	)		(31,637	)		2,300,696		53,442		4,382		137,865
	PGIM Jennison International Opportunities Fund (Class R6)
	4,969,006		626,093		865,000		(53,367	)		31,445			4,708,177		257,982		6,093		—
	PGIM JennisonMid-Cap Growth Fund (Class R6)
	1,602,210		1,062,798		355,000		(324,653	)		(108,828	)		1,876,527		60,966		—		492,799
	PGIM Jennison Natural Resources Fund (Class R6)
	134,086		27,224		20,000		(17,819	)		(1,974	)		121,517		3,581		2,224		—
	PGIM Jennison Small Company Fund (Class R6)
	5,565,576		1,416,248		1,470,000		(844,579	)		(158,434	)		4,508,811		201,466		30,075		661,124
	PGIM Jennison Value Fund (Class R6)
	3,189,582		2,726,557		570,000		(454,910	)		(92,841	)		4,798,388		258,534		72,825		358,684
	PGIM QMA International Equity Fund (Class R6)
	7,491,343		745,492		670,000		(466,014	)		(31,568	)		7,069,253		995,670		223,694		26,799
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	4,864,104		815,696		2,150,000		(1,438,018	)		799,305			2,891,087		197,344		47,045		458,651
	PGIM QMALarge-Cap Value Fund (Class R6)
	6,187,627		1,221,877		890,000		(815,078	)		10,617			5,715,043		463,507		116,811		325,018
	PGIM QMA Long-Short Equity Fund (Class R6)
	3,845,838		192,471		270,000		(186,871	)		18,499			3,599,937		287,765		—		62,471
	PGIM QMAMid-Cap Value Fund (Class R6)
	2,047,871		502,452		285,000		(276,149	)		(68,670	)		1,920,504		106,223		46,886		150,566
	PGIM QMASmall-Cap Value Fund (Class R6)
	1,468,932		366,203		200,000		(212,025	)		(51,801	)		1,371,309		82,609		26,666		94,536

50

Conservative Allocation Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Short Duration Multi-Sector Bond Fund (Class R6)
$	40,962,461	$	2,437,866	$	4,230,000	$	491,960		$	(216,998	)	$	39,445,289		4,108,884	$	837,862	$	—
	PGIM Short-Term Corporate Bond Fund (Class R6)
	650,696		89,151		140,000		5,317			3,997			609,161		55,733		9,150		—
	PGIM Total Return Bond Fund (Class R6)
	17,539,841		939,953		2,510,000		487,066			(34,732	)		16,422,128		1,143,602		409,916		—
$	127,654,725	$	23,475,343	$	26,663,478	$	(4,943,857	)	$	495,555		$	120,018,288			$	2,248,081	$	3,274,647

Moderate Allocation Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Absolute Return Bond Fund (Class R6)
$	3,246,081	$	237,889	$	450,000	$	(56,963	)	$	5,405		$	2,982,412		308,100	$	107,894	$	—
	PGIM Core Ultra Short Bond Fund
	1,108,800		7,354,158		7,290,267		—			—			1,172,691		1,172,691		14,830		—
	PGIM Floating Rate Income Fund (Class R6)
	—		544,436		523,224		—			(21,212	)		—		—		4,398		—
	PGIM Global Real Estate Fund (Class R6)
	8,150,053		351,267		1,535,000		89,170			334,549			7,390,039		288,561		130,731		120,536
	PGIM Government Income Fund (Class R6)
	4,554,794		256,856		780,000		143,436			(22,768	)		4,152,318		439,399		56,858		—
	PGIM High Yield Fund (Class R6)
	1,215,686		30,799		645,000		(144,155	)		136,274			593,604		109,927		20,813		—
	PGIM Jennison 20/20 Focus Fund (Class R6)
	3,239,442		400,477		320,000		(356,166	)		13,549			2,977,302		184,353		18,531		216,946
	PGIM Jennison Equity Opportunity Fund (Class R6)
	6,495,685		1,455,446		590,000		(1,379,421	)		(17,761	)		5,963,949		358,195		46,201		814,203
	PGIM Jennison Growth Fund (Class R6)
	4,123,028		1,241,726		1,525,000		(392,211	)		(7,799	)		3,439,744		79,901		7,138		224,587
	PGIM Jennison International Opportunities Fund (Class R6)
	9,440,982		831,445		1,430,000		(121,357	)		44,589			8,765,659		480,310		11,447		—
	PGIM JennisonMid-Cap Growth Fund (Class R6)
	4,474,016		2,375,524		830,000		(901,083	)		(261,496	)		4,856,961		157,796		—		1,290,524
	PGIM Jennison Natural Resources Fund (Class R6)
	169,909		22,772		20,000		(24,446	)		(1,613	)		146,622		4,321		2,772		—

PGIM Asset Allocation Funds 51

Notes to Financial Statements(continued)

Moderate Allocation Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Jennison Small Company Fund (Class R6)
$	11,698,709	$	2,385,938	$	2,650,000	$	(1,887,731	)	$	(242,257	)	$	9,304,659		415,758	$	62,933	$	1,382,961
	PGIM Jennison Value Fund (Class R6)
	7,544,277		4,990,065		905,000		(1,087,043	)		(140,436	)		10,401,863		560,445		159,543		785,479
	PGIM QMA International Equity Fund (Class R6)
	13,999,549		831,302		955,000		(910,615	)		(38,439	)		12,926,797		1,820,676		411,949		49,352
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	13,629,987		2,242,210		3,920,000		(3,153,869	)		976,617			9,774,945		667,232		160,683		1,566,527
	PGIM QMALarge-Cap Value Fund (Class R6)
	11,734,046		1,626,472		1,860,000		(1,595,324	)		144,522			10,049,716		815,062		206,642		574,788
	PGIM QMA Long-Short Equity Fund (Class R6)
	6,503,551		324,088		600,000		(328,951	)		40,248			5,938,936		474,735		—		104,088
	PGIM QMAMid-Cap Value Fund (Class R6)
	5,285,140		914,606		475,000		(778,806	)		(119,947	)		4,825,993		266,924		118,634		380,974
	PGIM QMASmall-Cap Value Fund (Class R6)
	3,233,779		648,123		340,000		(499,009	)		(86,847	)		2,956,046		178,075		57,891		205,233
	PGIM Short Duration Multi-Sector Bond Fund (Class R6)
	25,578,528		2,514,614		3,330,000		343,354			(166,516	)		24,939,980		2,597,915		524,623		—
	PGIM Total Return Bond Fund (Class R6)
	16,243,301		1,194,175		2,990,000		448,097			(44,209	)		14,851,364		1,034,218		374,171		—
$	161,669,343	$	32,774,388	$	33,963,491	$	(12,593,093	)	$	524,453		$	148,411,600			$	2,498,682	$	7,716,198

Growth Allocation Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Absolute Return Bond Fund (Class R6)
$	565,882	$	58,425	$	90,000	$	(7,610	)	$	(1,229	)	$	525,468		54,284	$	18,424	$	—
	PGIM Core Ultra Short Bond Fund
	1,073,499		4,078,440		4,400,377		—			—			751,562		751,562		11,020		—
	PGIM Floating Rate Income Fund (Class R6)
	—		282,230		271,831		—			(10,399	)		—		—		2,210		—

52

Growth Allocation Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Global Real Estate Fund (Class R6)
$	5,669,326	$	283,200	$	1,100,000	$	274,479		$	3,041		$	5,130,046		200,314	$	90,224	$	82,975
	PGIM High Yield Fund (Class R6)
	574,318		18,996		325,000		3,954			(8,131	)		264,137		48,914		8,996		—
	PGIM Jennison 20/20 Focus Fund (Class R6)
	3,376,596		302,815		210,000		(354,307	)		(9,967	)		3,105,137		192,269		19,109		223,706
	PGIM Jennison Equity Opportunity Fund (Class R6)
	8,184,021		1,416,372		305,000		(1,701,592	)		(59,310	)		7,534,491		452,522		57,290		1,009,062
	PGIM Jennison Growth Fund (Class R6)
	4,276,150		1,199,384		1,375,000		(366,880	)		(48,026	)		3,685,628		85,613		7,374		232,010
	PGIM Jennison International Opportunities Fund (Class R6)
	10,546,190		742,636		1,385,000		(93,813	)		(19,040	)		9,790,973		536,492		12,635		—
	PGIM JennisonMid-Cap Growth Fund (Class R6)
	3,330,498		1,616,145		430,000		(743,724	)		(126,190	)		3,646,729		118,477		—		956,146
	PGIM Jennison Natural Resources Fund (Class R6)
	114,700		15,752		10,000		(15,292	)		(660	)		104,500		3,080		1,752		—
	PGIM Jennison Small Company Fund (Class R6)
	11,016,216		1,867,170		1,770,000		(1,804,113	)		(252,341	)		9,056,932		404,689		60,161		1,321,989
	PGIM Jennison Value Fund (Class R6)
	7,043,787		3,221,196		440,000		(962,606	)		(72,048	)		8,790,329		473,617		132,061		650,115
	PGIM QMA International Equity Fund (Class R6)
	15,838,279		723,652		830,000		(949,199	)		(157,865	)		14,624,867		2,059,840		458,461		54,953
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	11,000,904		1,450,560		2,920,000		(2,503,855	)		765,296			7,792,905		531,939		126,573		1,233,987
	PGIM QMALarge-Cap Value Fund (Class R6)
	11,255,543		1,181,788		565,000		(1,475,787	)		(36,075	)		10,360,469		840,265		209,390		582,378
	PGIM QMA Long-Short Equity Fund (Class R6)
	5,653,328		509,487		735,000		(264,484	)		6,595			5,169,926		413,263		—		89,487
	PGIM QMAMid-Cap Value Fund (Class R6)
	4,294,642		568,184		195,000		(694,563	)		(44,978	)		3,928,285		217,272		95,737		307,446
	PGIM QMASmall-Cap Value Fund (Class R6)
	3,102,012		411,127		410,000		(476,140	)		(53,237	)		2,573,762		155,046		49,751		176,376
	PGIM Short Duration Multi-Sector Bond Fund (Class R6)
	570,692		366,430		170,000		8,074			(2,028	)		773,168		80,538		14,508		—
	PGIM Total Return Bond Fund (Class R6)
	5,135,688		1,451,251		1,060,000		168,269			(12,668	)		5,682,540		395,720		131,246		—
$	112,622,271	$	21,765,240	$	18,997,208	$	(11,959,189	)	$	(139,260	)	$	103,291,854			$	1,506,922	$	6,920,630

PGIM Asset Allocation Funds 53

Notes to Financial Statements(continued)

Growth Allocation Fund (cont’d.):

For the reporting period ended March 31, 2019, no17a-7 transactions were entered into by the Allocation Funds.

5. Tax Information

The United States federal income tax basis of the Allocation Funds’ investments and the net unrealized appreciation as of March 31, 2019 were as follows:

Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Conservative Allocation Fund	$	105,885,794	$	15,488,441	$	(1,355,947)	$	14,132,494
Moderate Allocation Fund		121,373,807		28,811,224		(1,773,431)		27,037,793
Growth Allocation Fund		84,310,310		20,898,477		(1,916,933)		18,981,544

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

The Manager 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 provision 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 R6 shares. Class A shares are sold with a maximumfront-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a 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 C shares will automatically convert to Class A shares on a monthly basis approximately

54

10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the 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 6.25 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 T and Class R6 common stock, each of which consists of 125 million, 3 million, 25 million, 165 million, 285 million, 50 million and 285 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 T and Class R6 common stock, each of which consists of 125 million, 3 million, 25 million, 135 million, 305 million, 50 million and 300 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 T and Class R6 common stock, each of which consists of 125 million, 2 million, 25 million, 100 million, 300 million, 50 million and 300 million authorized shares, respectively.

None of the Allocation Funds have any Class T shares outstanding.

As of March 31, 2019, Prudential, through its affiliated entities, including affiliated funds, owned the following number of shares of the Allocation Funds:

Fund	Class R		Class R6
Conservative Allocation Fund		323		833
Moderate Allocation Fund		302		743
Growth Allocation Fund		256		605

At reporting period end, the following number of shareholders of record held the following percentage of the Allocation Funds’ outstanding shares:

	Number of Shareholders	% of Outstanding Shares
Conservative Allocation Fund	2		41
Moderate Allocation Fund	2		43
Growth Allocation Fund	2		34

PGIM Asset Allocation Funds 55

Notes to Financial Statements(continued)

Transactions in shares of common stock were as follows:

Conservative Allocation Fund:

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		306,085		$	3,729,292
Shares issued in reinvestment of dividends and distributions		427,563			4,855,625
Shares reacquired		(604,935	)		(7,385,521	)
Net increase (decrease) in shares outstanding before conversion		128,713			1,199,396
Shares issued upon conversion from other share class(es)		91,043			1,121,197
Shares reacquired upon conversion into other share class(es)		(2,675	)		(32,096	)
Net increase (decrease) in shares outstanding		217,081		$	2,288,497
Year ended September 30, 2018:
Shares sold		783,696		$	10,219,360
Shares issued in reinvestment of dividends and distributions		283,122			3,670,124
Shares reacquired		(1,172,675	)		(15,289,256	)
Net increase (decrease) in shares outstanding before conversion		(105,857	)		(1,399,772	)
Shares issued upon conversion from other share class(es)		205,224			2,698,805
Shares reacquired upon conversion into other share class(es)		(13,610	)		(176,733	)
Net increase (decrease) in shares outstanding		85,757		$	1,122,300
Class B
Six months ended March 31, 2019:
Shares sold		13,978		$	170,891
Shares issued in reinvestment of dividends and distributions		19,075			215,178
Shares reacquired		(38,854	)		(475,813	)
Net increase (decrease) in shares outstanding before conversion		(5,801	)		(89,744	)
Shares reacquired upon conversion into other share class(es)		(51,056	)		(621,019	)
Net increase (decrease) in shares outstanding		(56,857	)	$	(710,763	)
Year ended September 30, 2018:
Shares sold		23,702		$	305,112
Shares issued in reinvestment of dividends and distributions		16,176			208,929
Shares reacquired		(85,123	)		(1,104,017	)
Net increase (decrease) in shares outstanding before conversion		(45,245	)		(589,976	)
Shares reacquired upon conversion into other share class(es)		(198,713	)		(2,601,985	)
Net increase (decrease) in shares outstanding		(243,958	)	$	(3,191,961	)

56

Conservative Allocation Fund (cont’d.):

Class C	Shares			Amount
Six months ended March 31, 2019:
Shares sold		108,235		$	1,315,533
Shares issued in reinvestment of dividends and distributions		112,267			1,266,230
Shares reacquired		(283,249	)		(3,438,577	)
Net increase (decrease) in shares outstanding before conversion		(62,747	)		(856,814	)
Shares reacquired upon conversion into other share class(es)		(47,738	)		(586,833	)
Net increase (decrease) in shares outstanding		(110,485	)	$	(1,443,647	)
Year ended September 30, 2018:
Shares sold		216,088		$	2,806,810
Shares issued in reinvestment of dividends and distributions		67,280			868,969
Shares reacquired		(352,601	)		(4,576,068	)
Net increase (decrease) in shares outstanding before conversion		(69,233	)		(900,289	)
Shares reacquired upon conversion into other share class(es)		(4,933	)		(63,423	)
Net increase (decrease) in shares outstanding		(74,166	)	$	(963,712	)
Class R
Six months ended March 31, 2019:
Shares sold		435		$	5,403
Shares issued in reinvestment of dividends and distributions		887			10,111
Shares reacquired		(77	)		(968	)
Net increase (decrease) in shares outstanding		1,245		$	14,546
Year ended September 30, 2018:
Shares sold		1,983		$	26,064
Shares issued in reinvestment of dividends and distributions		505			6,581
Shares reacquired		(481	)		(6,298	)
Net increase (decrease) in shares outstanding		2,007		$	26,347
Class Z
Six months ended March 31, 2019:
Shares sold		44,141		$	550,190
Shares issued in reinvestment of dividends and distributions		51,588			589,024
Shares reacquired		(236,966	)		(2,778,347	)
Net increase (decrease) in shares outstanding before conversion		(141,237	)		(1,639,133	)
Shares issued upon conversion from other share class(es)		9,936			118,751
Net increase (decrease) in shares outstanding		(131,301	)	$	(1,520,382	)
Year ended September 30, 2018:
Shares sold		212,147		$	2,770,641
Shares issued in reinvestment of dividends and distributions		26,297			342,559
Shares reacquired		(91,614	)		(1,207,677	)
Net increase (decrease) in shares outstanding before conversion		146,830			1,905,523
Shares issued upon conversion from other share class(es)		14,352			187,251
Shares reacquired upon conversion into other share class(es)		(3,347	)		(43,915	)
Net increase (decrease) in shares outstanding		157,835		$	2,048,859

PGIM Asset Allocation Funds 57

Notes to Financial Statements(continued)

Conservative Allocation Fund (cont’d.):    

Class R6	Shares			Amount
Six months ended March 31, 2019:
Shares issued in reinvestment of dividends and distributions		320		$	3,653
Shares reacquired		(25	)		(317	)
Net increase (decrease) in shares outstanding		295		$	3,336
Period ended September 30, 2018*:
Shares sold		4,835		$	63,203
Shares issued in reinvestment of dividends and distributions		50			647
Shares reacquired		(84	)		(1,104	)
Net increase (decrease) in shares outstanding		4,801		$	62,746

* Commencement of offering was November 28, 2017.

Moderate Allocation Fund:    

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		226,633		$	3,201,616
Shares issued in reinvestment of dividends and distributions		832,664			10,158,499
Shares reacquired		(861,077	)		(11,788,265	)
Net increase (decrease) in shares outstanding before conversion		198,220			1,571,850
Shares issued upon conversion from other share class(es)		90,847			1,251,799
Shares reacquired upon conversion into other share class(es)		(18,328	)		(266,702	)
Net increase (decrease) in shares outstanding		270,739		$	2,556,947
Year ended September 30, 2018:
Shares sold		395,549		$	6,063,512
Shares issued in reinvestment of dividends and distributions		360,290			5,451,181
Shares reacquired		(1,103,929	)		(16,921,351	)
Net increase (decrease) in shares outstanding before conversion		(348,090	)		(5,406,658	)
Shares issued upon conversion from other share class(es)		281,566			4,372,619
Shares reacquired upon conversion into other share class(es)		(22,077	)		(338,212	)
Net increase (decrease) in shares outstanding		(88,601	)	$	(1,372,251	)

58

Moderate Allocation Fund (cont’d.):

Class B	Shares			Amount
Six months ended March 31, 2019:
Shares sold		1,605		$	19,487
Shares issued in reinvestment of dividends and distributions		51,763			628,402
Shares reacquired		(31,870	)		(431,376	)
Net increase (decrease) in shares outstanding before conversion		21,498			216,513
Shares reacquired upon conversion into other share class(es)		(74,542	)		(1,021,655	)
Net increase (decrease) in shares outstanding		(53,044	)	$	(805,142	)
Year ended September 30, 2018:
Shares sold		5,364		$	81,822
Shares issued in reinvestment of dividends and distributions		27,490			413,453
Shares reacquired		(68,967	)		(1,047,633	)
Net increase (decrease) in shares outstanding before conversion		(36,113	)		(552,358	)
Shares reacquired upon conversion into other share class(es)		(274,505	)		(4,221,708	)
Net increase (decrease) in shares outstanding		(310,618	)	$	(4,774,066	)
Class C
Six months ended March 31, 2019:
Shares sold		80,148		$	1,089,615
Shares issued in reinvestment of dividends and distributions		140,368			1,702,660
Shares reacquired		(192,287	)		(2,651,962	)
Net increase (decrease) in shares outstanding before conversion		28,229			140,313
Shares reacquired upon conversion into other share class(es)		(19,370	)		(259,973	)
Net increase (decrease) in shares outstanding		8,859		$	(119,660	)
Year ended September 30, 2018:
Shares sold		213,390		$	3,244,135
Shares issued in reinvestment of dividends and distributions		59,242			891,011
Shares reacquired		(351,192	)		(5,341,527	)
Net increase (decrease) in shares outstanding before conversion		(78,560	)		(1,206,381	)
Shares reacquired upon conversion into other share class(es)		(42,995	)		(657,144	)
Net increase (decrease) in shares outstanding		(121,555	)	$	(1,863,525	)
Class R
Six months ended March 31, 2019:
Shares sold		1,277		$	17,769
Shares issued in reinvestment of dividends and distributions		1,258			15,270
Shares reacquired		(51	)		(741	)
Net increase (decrease) in shares outstanding		2,484		$	32,298
Year ended September 30, 2018:
Shares sold		8,761		$	134,500
Shares issued in reinvestment of dividends and distributions		274			4,129
Shares reacquired		(721	)		(10,949	)
Net increase (decrease) in shares outstanding		8,314		$	127,680

PGIM Asset Allocation Funds 59

Notes to Financial Statements(continued)

Moderate Allocation Fund (cont’d.):

Class Z	Shares			Amount
Six months ended March 31, 2019:
Shares sold		24,854		$	319,102
Shares issued in reinvestment of dividends and distributions		20,203			246,479
Shares reacquired		(39,284	)		(543,730	)
Net increase (decrease) in shares outstanding before conversion		5,773			21,851
Shares issued upon conversion from other share class(es)		20,542			296,531
Net increase (decrease) in shares outstanding		26,315		$	318,382
Year ended September 30, 2018:
Shares sold		30,829		$	473,493
Shares issued in reinvestment of dividends and distributions		7,601			114,998
Shares reacquired		(132,128	)		(2,023,872	)
Net increase (decrease) in shares outstanding before conversion		(93,698	)		(1,435,381	)
Shares issued upon conversion from other share class(es)		57,928			894,738
Shares reacquired upon conversion into other share class(es)		(3,253	)		(50,293	)
Net increase (decrease) in shares outstanding		(39,023	)	$	(590,936	)
Class R6
Six months ended March 31, 2019:
Shares issued in reinvestment of dividends and distributions		72		$	887
Net increase (decrease) in shares outstanding		72		$	887
Period ended September 30, 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.

60

Growth Allocation Fund:

Class A	Shares			Amount
Six months ended March 31, 2019:
Shares sold		162,177		$	2,672,250
Shares issued in reinvestment of dividends and distributions		456,710			6,439,607
Shares reacquired		(288,885	)		(4,792,668	)
Net increase (decrease) in shares outstanding before conversion		330,002			4,319,189
Shares issued upon conversion from other share class(es)		57,990			956,108
Shares reacquired upon conversion into other share class(es)		(543	)		(9,112	)
Net increase (decrease) in shares outstanding		387,449		$	5,266,185
Year ended September 30, 2018:
Shares sold		351,505		$	6,540,949
Shares issued in reinvestment of dividends and distributions		156,094			2,864,318
Shares reacquired		(524,099	)		(9,766,442	)
Net increase (decrease) in shares outstanding before conversion		(16,500	)		(361,175	)
Shares issued upon conversion from other share class(es)		148,190			2,794,188
Shares reacquired upon conversion into other share class(es)		(1,715	)		(31,796	)
Net increase (decrease) in shares outstanding		129,975		$	2,401,217
Class B
Six months ended March 31, 2019:
Shares sold		928		$	15,407
Shares issued in reinvestment of dividends and distributions		33,654			450,627
Shares reacquired		(19,694	)		(310,245	)
Net increase (decrease) in shares outstanding before conversion		14,888			155,789
Shares reacquired upon conversion into other share class(es)		(52,503	)		(821,157	)
Net increase (decrease) in shares outstanding		(37,615	)	$	(665,368	)
Year ended September 30, 2018:
Shares sold		7,215		$	128,843
Shares issued in reinvestment of dividends and distributions		14,068			247,735
Shares reacquired		(52,376	)		(932,712	)
Net increase (decrease) in shares outstanding before conversion		(31,093	)		(556,134	)
Shares reacquired upon conversion into other share class(es)		(155,023	)		(2,793,587	)
Net increase (decrease) in shares outstanding		(186,116	)	$	(3,349,721	)
Class C
Six months ended March 31, 2019:
Shares sold		64,375		$	1,015,572
Shares issued in reinvestment of dividends and distributions		93,637			1,255,671
Shares reacquired		(88,585	)		(1,380,529	)
Net increase (decrease) in shares outstanding before conversion		69,427			890,714
Shares reacquired upon conversion into other share class(es)		(9,197	)		(144,741	)
Net increase (decrease) in shares outstanding		60,230		$	745,973
Year ended September 30, 2018:
Shares sold		145,913		$	2,596,208
Shares issued in reinvestment of dividends and distributions		25,763			454,206
Shares reacquired		(111,710	)		(1,994,127	)
Net increase (decrease) in shares outstanding before conversion		59,966			1,056,287
Shares reacquired upon conversion into other share class(es)		(10,117	)		(181,640	)
Net increase (decrease) in shares outstanding		49,849		$	874,647

PGIM Asset Allocation Funds 61

Notes to Financial Statements(continued)

Growth Allocation Fund (cont’d.):

Class R	Shares			Amount
Six months ended March 31, 2019:
Shares sold		176		$	2,904
Shares issued in reinvestment of dividends and distributions		233			3,252
Shares reacquired		(509	)		(9,416	)
Net increase (decrease) in shares outstanding		(100	)	$	(3,260	)
Year ended September 30, 2018:
Shares sold		10,475		$	190,219
Shares issued in reinvestment of dividends and distributions		376			6,849
Shares reacquired		(9,545	)		(177,064	)
Net increase (decrease) in shares outstanding before conversion		1,306			20,004
Shares reacquired upon conversion into other share class(es)		(281	)		(5,208	)
Net increase (decrease) in shares outstanding		1,025		$	14,796
Class Z
Six months ended March 31, 2019:
Shares sold		8,518		$	145,232
Shares issued in reinvestment of dividends and distributions		23,774			340,207
Shares reacquired		(148,567	)		(2,246,023	)
Net increase (decrease) in shares outstanding before conversion		(116,275	)		(1,760,584	)
Shares issued upon conversion from other share class(es)		1,166			18,902
Net increase (decrease) in shares outstanding		(115,109	)	$	(1,741,682	)
Year ended September 30, 2018:
Shares sold		143,903		$	2,718,842
Shares issued in reinvestment of dividends and distributions		5,518			102,463
Shares reacquired		(35,280	)		(664,198	)
Net increase (decrease) in shares outstanding before conversion		114,141			2,157,107
Shares issued upon conversion from other share class(es)		12,035			227,603
Shares reacquired upon conversion into other share class(es)		(500	)		(9,560	)
Net increase (decrease) in shares outstanding		125,676		$	2,375,150
Class R6
Six months ended March 31, 2019:
Shares issued in reinvestment of dividends and distributions		2,524		$	36,114
Shares reacquired		(157	)		(2,659	)
Net increase (decrease) in shares outstanding		2,367		$	33,455
Period ended September 30, 2018*:
Shares sold		24,837		$	472,342
Shares issued in reinvestment of dividends and distributions		20			371
Shares reacquired		(273	)		(5,191	)
Net increase (decrease) in shares outstanding		24,584		$	467,522

* Commencement of offering was November 28, 2017.

62

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 4, 2018 through October 3, 2019. 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 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.

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

The Allocation Funds utilized the SCA during the reporting period ended March 31, 2019. The average balance outstanding is for the number of days the Funds utilized the credit facility.

Fund	Average Balance Outstanding		Weighted Average Interest Rates			Number of Days Outstanding		Maximum Balance Outstanding		Balance Outstanding at March 31, 2019
PGIM Conservative Allocation Fund	$	964,000		3.76	%		1	$	964,000	$	—
PGIM Growth Allocation Fund		490,000		3.75			2		490,000		—

8. Risks of Investing in the Funds

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

Fund of Funds Risk:The value of an investment in the Allocation Funds will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Allocation Funds are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Allocation Funds’ allocation among different Underlying Funds and direct

PGIM Asset Allocation Funds 63

Notes to Financial Statements(continued)

investments in securities and derivatives will vary, an investment in the Allocation Funds may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Allocation Funds to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Series would indirectly bear the costs of these trades without accomplishing the investment purpose.

Liquidity Risk:Certain Underlying Funds may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by an Underlying Fund are difficult to purchase or sell. Liquidity risk also includes the risk that the Underlying Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Underlying Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Underlying Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

Non-diversification Risk:Anon-diversified Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-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 anon-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than

64

the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Allocation Funds’ financial statements.

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

10. Subsequent Event

At a meeting held on December 6, 2018, the Board of Directors of the Allocation Funds approved a plan of reorganization whereby the PGIM QMALarge-Cap Core Equity Fund would acquire the PGIM Growth Allocation Fund and PGIM Balanced Fund would acquire the PGIM Conservative Allocation Fund and the PGIM Moderate Allocation Fund, respectively. These reorganizations were approved by the shareholders of the Allocation Funds on May 7, 2019 and are scheduled to be completed on or about June 21, 2019.

PGIM Asset Allocation Funds 65

PGIM Conservative Allocation Fund

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.02			$13.10			$12.43			$12.49			$13.30			$13.03
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.23			0.18			0.16			0.24			0.20
Net realized and unrealized gain (loss) on investment transactions		(0.15	)		0.25			0.83			0.62			(0.41	)		0.53
Total from investment operations		0.04			0.48			1.01			0.78			(0.17	)		0.73
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.31	)		(0.20	)		(0.21	)		(0.29	)		(0.22	)
Distributions from net realized gains		(0.50	)		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)
Total dividends and distributions		(0.74	)		(0.56	)		(0.34	)		(0.84	)		(0.64	)		(0.46	)
Net asset value, end of period		$12.32			$13.02			$13.10			$12.43			$12.49			$13.30
Total Return(b):		0.85%			3.69%			8.33%			6.61%			(1.42)%			5.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$85,424			$87,433			$86,890			$85,173			$73,273			$72,292
Average net assets (000)		$83,376			$88,432			$82,763			$81,813			$75,170			$66,510
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.60%	(e)		0.60%			0.71%			0.73%			0.72%			0.71%
Expenses before waivers and/or expense reimbursement		0.71%	(e)		0.66%			0.77%			0.78%			0.77%			0.76%
Net investment income (loss)		3.16%	(e)		1.74%			1.43%			1.36%			1.86%			1.48%
Portfolio turnover rate(f)		14%			20%			17%			25%			42%			46%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

66

Class B Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.95			$13.04			$12.37			$12.43			$13.24			$12.98
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.13			0.10			0.08			0.15			0.10
Net realized and unrealized gain (loss) on investment transactions		(0.15	)		0.24			0.81			0.61			(0.42	)		0.52
Total from investment operations		-	(b)		0.37			0.91			0.69			(0.27	)		0.62
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.21	)		(0.10	)		(0.12	)		(0.19	)		(0.12	)
Distributions from net realized gains		(0.50	)		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)
Total dividends and distributions		(0.70	)		(0.46	)		(0.24	)		(0.75	)		(0.54	)		(0.36	)
Net asset value, end of period		$12.25			$12.95			$13.04			$12.37			$12.43			$13.24
Total Return(c):		0.48%			2.85%			7.54%			5.84%			(2.17)%			4.82%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,731			$4,680			$7,892			$16,107			$30,118			$40,863
Average net assets (000)		$4,210			$6,242			$12,187			$23,560			$37,344			$43,801
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.35%	(f)		1.35%			1.47%			1.48%			1.47%			1.46%
Expenses before waivers and/or expense reimbursement		1.98%	(f)		1.71%			1.48%			1.48%			1.47%			1.46%
Net investment income (loss)		2.41%	(f)		1.03%			0.77%			0.67%			1.17%			0.73%
Portfolio turnover rate(g)		14%			20%			17%			25%			42%			46%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 67

PGIM Conservative Allocation Fund

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.95			$13.04			$12.37			$12.44			$13.24			$12.98
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.13			0.09			0.08			0.14			0.10
Net realized and unrealized gain (loss) on investment transactions		(0.14	)		0.24			0.82			0.60			(0.40	)		0.52
Total from investment operations		0.01			0.37			0.91			0.68			(0.26	)		0.62
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.21	)		(0.10	)		(0.12	)		(0.19	)		(0.12	)
Distributions from net realized gains		(0.50	)		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)
Total dividends and distributions		(0.70	)		(0.46	)		(0.24	)		(0.75	)		(0.54	)		(0.36	)
Net asset value, end of period		$12.26			$12.95			$13.04			$12.37			$12.44			$13.24
Total Return(b):		0.56%			2.85%			7.54%			5.75%			(2.09)%			4.82%
Ratios/Supplemental Data:
Net assets, end of period (000)		$22,590			$25,307			$26,447			$28,325			$31,091			$28,724
Average net assets (000)		$23,093			$26,104			$27,069			$30,257			$30,647			$26,250
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.46%			1.48%			1.47%			1.46%
Expenses before waivers and/or expense reimbursement		1.45%	(e)		1.39%			1.47%			1.48%			1.47%			1.46%
Net investment income (loss)		2.41%	(e)		1.00%			0.70%			0.63%			1.09%			0.69%
Portfolio turnover rate(f)		14%			20%			17%			25%			42%			46%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

68

Class R Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.07			$13.15			$12.47			$12.53			$13.34			$13.07
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.19			0.15			0.13			0.21			0.17
Net realized and unrealized gain (loss) on investment transactions		(0.15	)		0.25			0.84			0.62			(0.41	)		0.53
Total from investment operations		0.03			0.44			0.99			0.75			(0.20	)		0.70
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.27	)		(0.17	)		(0.18	)		(0.26	)		(0.19	)
Distributions from net realized gains		(0.50	)		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)
Total dividends and distributions		(0.73	)		(0.52	)		(0.31	)		(0.81	)		(0.61	)		(0.43	)
Net asset value, end of period		$12.37			$13.07			$13.15			$12.47			$12.53			$13.34
Total Return(b):		0.72%			3.42%			8.11%			6.32%			(1.66)%			5.38%
Ratios/Supplemental Data:
Net assets, end of period (000)		$184			$178			$153			$115			$107			$95
Average net assets (000)		$176			$170			$136			$101			$101			$76
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.85%	(e)		0.85%			0.96%			0.98%			0.97%			0.96%
Expenses before waivers and/or expense reimbursement		8.42%	(e)		9.44%			1.22%			1.23%			1.22%			1.21%
Net investment income (loss)		2.89%	(e)		1.49%			1.18%			1.10%			1.59%			1.18%
Portfolio turnover rate(f)		14%			20%			17%			25%			42%			46%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 69

PGIM Conservative Allocation Fund

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.08			$13.17			$12.49			$12.55			$13.36			$13.09
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.26			0.21			0.19			0.27			0.22
Net realized and unrealized gain (loss) on investment transactions		(0.16	)		0.24			0.84			0.63			(0.40	)		0.54
Total from investment operations		0.06			0.50			1.05			0.82			(0.13	)		0.76
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.34	)		(0.23	)		(0.25	)		(0.33	)		(0.25	)
Distributions from net realized gains		(0.50	)		(0.25	)		(0.14	)		(0.63	)		(0.35	)		(0.24	)
Total dividends and distributions		(0.76	)		(0.59	)		(0.37	)		(0.88	)		(0.68	)		(0.49	)
Net asset value, end of period		$12.38			$13.08			$13.17			$12.49			$12.55			$13.36
Total Return(b):		0.97%			3.85%			8.65%			6.85%			(1.16)%			5.90%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,933			$10,099			$8,086			$7,637			$6,404			$5,572
Average net assets (000)		$8,772			$8,516			$7,804			$6,800			$6,058			$5,941
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%			0.46%			0.48%			0.47%			0.46%
Expenses before waivers and/or expense reimbursement		0.53%	(e)		0.47%			0.47%			0.48%			0.47%			0.46%
Net investment income (loss)		3.54%	(e)		1.96%			1.67%			1.59%			2.09%			1.75%
Portfolio turnover rate(f)		14%			20%			17%			25%			42%			46%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

70

Class R6 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.07			$13.34
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.19
Net realized and unrealized gain (loss) on investment transactions		(0.14	)		0.08
Total from investment operations		0.07			0.27
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.29	)
Distributions from net realized gains		(0.50	)		(0.25	)
Total dividends and distributions		(0.76	)		(0.54	)
Net asset value, end of period		$12.38			$13.07
Total Return(c):		1.05%			2.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$63			$63
Average net assets (000)		$61			$33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%	(e)
Expenses before waivers and/or expense reimbursement		25.81%	(e)		94.93%	(e)
Net investment income (loss)		3.40%	(e)		1.78%	(e)
Portfolio turnover rate(f)		14%			20%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 71

PGIM Moderate Allocation Fund

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.47			$15.21			$13.93			$13.96			$15.17			$14.21
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.20			0.14			0.12			0.18			0.15
Net realized and unrealized gain (loss) on investment transactions		(0.53	)		0.73			1.62			0.94			(0.55	)		0.97
Total from investment operations		(0.34	)		0.93			1.76			1.06			(0.37	)		1.12
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.32	)		(0.17	)		(0.21	)		(0.31	)		(0.16	)
Distributions from net realized gains		(0.94	)		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-
Total dividends and distributions		(1.29	)		(0.67	)		(0.48	)		(1.09	)		(0.84	)		(0.16	)
Net asset value, end of period		$13.84			$ 15.47			$15.21			$13.93			$13.96			$15.17
Total Return(b):		(1.10)%			6.23%			12.99%			8.00%			(2.79)%			7.91%
Ratios/Supplemental Data:
Net assets, end of period (000)		$116,093			$125,569			$124,808			$106,173			$96,846			$93,752
Average net assets (000)		$115,811			$127,258			$114,527			$100,247			$98,271			$89,611
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.60%	(e)		0.58%			0.70%			0.75%			0.71%			0.70%
Expenses before waivers and/or expense reimbursement		0.69%	(e)		0.63%			0.76%			0.80%			0.76%			0.75%
Net investment income (loss)		2.77%	(e)		1.27%			1.00%			0.90%			1.17%			1.00%
Portfolio turnover rate(f)		17%			24%			19%			20%			45%			35%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

72

Class B Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.30			$15.05			$13.79			$13.83			$15.04			$14.09
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.09			0.06			0.03			0.07			0.04
Net realized and unrealized gain (loss) on investment transactions		(0.53	)		0.72			1.58			0.91			(0.56	)		0.97
Total from investment operations		(0.39	)		0.81			1.64			0.94			(0.49	)		1.01
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.21	)		(0.07	)		(0.10	)		(0.19	)		(0.06	)
Distributions from net realized gains		(0.94	)		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-
Total dividends and distributions		(1.17	)		(0.56	)		(0.38	)		(0.98	)		(0.72	)		(0.06	)
Net asset value, end of period		$13.74			$15.30			$15.05			$13.79			$13.83			$15.04
Total Return(b):		(1.51)%			5.47%			12.16%			7.13%			(3.55)%			7.15%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,324			$8,963			$13,496			$25,407			$38,084			$53,127
Average net assets (000)		$7,992			$11,082			$19,480			$32,651			$48,273			$56,302
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.46%			1.50%			1.46%			1.45%
Expenses before waivers and/or expense reimbursement		1.77%	(e)		1.59%			1.47%			1.50%			1.46%			1.45%
Net investment income (loss)		2.02%	(e)		0.56%			0.40%			0.22%			0.49%			0.28%
Portfolio turnover rate(f)		17%			24%			19%			20%			45%			35%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 73

PGIM Moderate Allocation Fund

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.29			$15.05			$13.78			$13.83			$15.03			$14.08
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.08			0.04			0.03			0.06			0.04
Net realized and unrealized gain (loss) on investment transactions		(0.52	)		0.72			1.61			0.90			(0.54	)		0.97
Total from investment operations		(0.38	)		0.80			1.65			0.93			(0.48	)		1.01
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.21	)		(0.07	)		(0.10	)		(0.19	)		(0.06	)
Distributions from net realized gains		(0.94	)		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-
Total dividends and distributions		(1.17	)		(0.56	)		(0.38	)		(0.98	)		(0.72	)		(0.06	)
Net asset value, end of period		$13.74			$15.29			$15.05			$13.78			$13.83			$15.03
Total Return(b):		(1.44)%			5.40%			12.24%			7.06%			(3.48)%			7.15%
Ratios/Supplemental Data:
Net assets, end of period (000)		$21,972			$24,322			$25,765			$28,306			$30,872			$29,564
Average net assets (000)		$22,120			$25,729			$26,925			$29,628			$31,776			$28,118
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.45%			1.50%			1.46%			1.45%
Expenses before waivers and/or expense reimbursement		1.44%	(e)		1.37%			1.46%			1.50%			1.46%			1.45%
Net investment income (loss)		2.00%	(e)		0.51%			0.31%			0.19%			0.40%			0.24%
Portfolio turnover rate(f)		17%			24%			19%			20%			45%			35%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

74

Class R Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$15.36			$15.11			$13.83			$13.87			$15.11			$14.15
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.13			0.07			0.09			0.18			0.11
Net realized and unrealized gain (loss) on investment transactions		(0.52	)		0.75			1.65			0.93			(0.62	)		0.97
Total from investment operations		(0.35	)		0.88			1.72			1.02			(0.44	)		1.08
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.28	)		(0.13	)		(0.18	)		(0.27	)		(0.12	)
Distributions from net realized gains		(0.94	)		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-
Total dividends and distributions		(1.25	)		(0.63	)		(0.44	)		(1.06	)		(0.80	)		(0.12	)
Net asset value, end of period		$13.76			$15.36			$15.11			$13.83			$13.87			$15.11
Total Return(b):		(1.20)%			5.94%			12.80%			7.68%			(3.26)%			7.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$195			$180			$51			$4			$4			$177
Average net assets (000)		$179			$135			$15			$4			$140			$167
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.85%	(e)		0.85%			0.88%			1.00%			0.96%			0.95%
Expenses before waivers and/or expense reimbursement		8.62%	(e)		11.64%			1.16%			1.25%			1.21%			1.20%
Net investment income (loss)		2.46%	(e)		0.83%			0.51%			0.64%			1.18%			0.76%
Portfolio turnover rate(f)		17%			24%			19%			20%			45%			35%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 75

PGIM Moderate Allocation Fund

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended March 31, 2019(a)			Year Ended September 30,
				2018(a)			2017(a)			2016(a)			2015(a)			2014
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$ 15.50			$ 15.24			$ 13.95			$ 13.99			$ 15.20			$14.23
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.24			0.18			0.17			0.21			0.17
Net realized and unrealized gain (loss) on investment transactions		(0.54	)		0.73			1.62			0.92			(0.54	)		0.99
Total from investment operations		(0.33	)		0.97			1.80			1.09			(0.33	)		1.16
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.36	)		(0.20	)		(0.25	)		(0.35	)		(0.19	)
Distributions from net realized gains		(0.94	)		(0.35	)		(0.31	)		(0.88	)		(0.53	)		-
Total dividends and distributions		(1.32	)		(0.71	)		(0.51	)		(1.13	)		(0.88	)		(0.19	)
Net asset value, end of period		$ 13.85			$ 15.50			$ 15.24			$ 13.95			$ 13.99			$ 15.20
Total Return(b):		(0.95)%			6.47%			13.32%			8.21%			(2.54)%			8.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$ 2,987			$ 2,936			$ 3,481			$ 3,283			$ 3,601			$ 3,767
Average net assets (000)		$ 2,870			$ 3,103			$ 2,928			$ 3,319			$ 3,537			$ 3,190
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%			0.45%			0.50%			0.46%			0.45%
Expenses before waivers and/or expense reimbursement		0.88%	(e)		0.81%			0.45%			0.50%			0.46%			0.45%
Net investment income (loss)		2.95%	(e)		1.57%			1.27%			1.24%			1.43%			1.20%
Portfolio turnover rate(f)		17%			24%			19%			20%			45%			35%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

76

Class R6 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.50			$15.63
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.21
Net realized and unrealized gain (loss) on investment transactions		(0.54	)		0.37
Total from investment operations		(0.33	)		0.58
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.36	)
Distributions from net realized gains		(0.94	)		(0.35	)
Total dividends and distributions		(1.32	)		(0.71	)
Net asset value, end of period		$13.85			$15.50
Total Return(c):		(0.95)%			3.82%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$10
Average net assets (000)		$10			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%	(e)
Expenses before waivers and/or expense reimbursement		155.54%	(e)		304.68%	(e)
Net investment income (loss)		2.98%	(e)		1.64%	(e)
Portfolio turnover rate(f)		17%			24%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 77

PGIM Growth Allocation Fund

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended March 31, 2019			Year Ended September 30,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.90			$ 18.07			$15.94			$16.15			$17.41			$16.02
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.14			0.10			0.07			0.08			0.08
Net realized and unrealized gain (loss) on investment transactions		(1.05	)		1.35			2.67			1.33			(0.84	)		1.42
Total from investment operations		(0.86	)		1.49			2.77			1.40			(0.76	)		1.50
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.40	)		(0.18	)		(0.16	)		(0.35	)		(0.11	)
Distributions from net realized gains		(1.08	)		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-
Total dividends and distributions		(1.46	)		(0.66	)		(0.64	)		(1.61	)		(0.50	)		(0.11	)
Net asset value, end of period		$16.58			$ 18.90			$18.07			$15.94			$16.15			$17.41
Total Return(b):		(3.18)%			8.35%			17.95%			9.13%			(4.58)%			9.37%
Ratios/Supplemental Data:
Net assets, end of period (000)		$80,988			$85,010			$78,919			$65,038			$57,536			$56,293
Average net assets (000)		$78,506			$83,930			$70,830			$60,610			$59,770			$52,609
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.60%	(e)		0.60%			0.71%			0.75%			0.75%			0.75%
Expenses before waivers and/or expense reimbursement		0.78%	(e)		0.73%			0.90%			0.97%			0.93%			0.90%
Net investment income (loss)		2.32%	(e)		0.75%			0.58%			0.47%			0.48%			0.46%
Portfolio turnover rate(f)		14%			23%			23%			24%			44%			24%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

78

Class B Shares
	Six Months Ended March 31, 2019			Year Ended September 30,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.03			$ 17.28			$15.28			$15.53			$16.76			$15.44
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.02			-	(b)		(0.03	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investment transactions		(1.02	)		1.27			2.53			1.27			(0.82	)		1.36
Total from investment operations		(0.89	)		1.29			2.53			1.24			(0.85	)		1.32
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.28	)		(0.07	)		(0.04	)		(0.23	)		-
Distributions from net realized gains		(1.08	)		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-
Total dividends and distributions		(1.43	)		(0.54	)		(0.53	)		(1.49	)		(0.38	)		-
Net asset value, end of period		$15.71			$ 18.03			$17.28			$15.28			$15.53			$16.76
Total Return(c):		(3.55)%			7.53%			17.04%			8.35%			(5.28)%			8.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,856			$ 6,251			$9,205			$13,335			$18,670			$27,929
Average net assets (000)		$5,400			$ 7,824			$11,120			$16,171			$24,591			$30,822
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.35%	(f)		1.35%			1.47%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		2.02%	(f)		1.75%			1.61%			1.67%			1.63%			1.60%
Net investment income (loss)		1.60%	(f)		0.13%			0.01%			(0.18)%			(0.16)%			(0.22)%
Portfolio turnover rate(g)		14%			23%			23%			24%			44%			24%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 79

PGIM Growth Allocation Fund

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended March 31, 2019			Year Ended September 30,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.05			$17.30			$15.30			$15.54			$16.78			$15.45
Income (loss) from investment operations:
Net investment income (loss)		0.13			-	(b)		(0.02	)		(0.04	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investment transactions		(1.02	)		1.29			2.55			1.29			(0.81	)		1.38
Total from investment operations		(0.89	)		1.29			2.53			1.25			(0.86	)		1.33
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.28	)		(0.07	)		(0.04	)		(0.23	)		-
Distributions from net realized gains		(1.08	)		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-
Total dividends and distributions		(1.43	)		(0.54	)		(0.53	)		(1.49	)		(0.38	)		-
Net asset value, end of period		$15.73			$18.05			$17.30			$15.30			$15.54			$16.78
Total Return(c):		(3.55)%			7.52%			17.01%			8.41%			(5.33)%			8.61%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,936			$16,051			$14,517			$12,473			$12,025			$11,858
Average net assets (000)		$14,741			$15,714			$13,311			$12,092			$12,540			$11,625
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.35%	(f)		1.35%			1.46%			1.50%			1.50%			1.50%
Expenses before waivers and/or expense reimbursement		1.53%	(f)		1.48%			1.60%			1.67%			1.63%			1.60%
Net investment income (loss)		1.59%	(f)		-%	(g)		(0.14)%			(0.26)%			(0.28)%			(0.29)%
Portfolio turnover rate(h)		14%			23%			23%			24%			44%			24%

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

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

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

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

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

(f) Annualized.

(g) Less than 0.005%.

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

See Notes to Financial Statements.

80

Class R Shares
	Six Months Ended March 31, 2019			Year Ended September 30,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.72			$17.91			$15.80			$16.01			$17.27			$15.90
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.18			0.06			(0.04	)		0.04			0.04
Net realized and unrealized gain (loss) on investment transactions		(1.05	)		1.24			2.65			1.40			(0.84	)		1.40
Total from investment operations		(0.88	)		1.42			2.71			1.36			(0.80	)		1.44
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.35	)		(0.14	)		(0.12	)		(0.31	)		(0.07	)
Distributions from net realized gains		(1.08	)		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-
Total dividends and distributions		(1.45	)		(0.61	)		(0.60	)		(1.57	)		(0.46	)		(0.07	)
Net asset value, end of period		$16.39			$18.72			$17.91			$15.80			$16.01			$17.27
Total Return(b):		(3.34)%			8.05%			17.69%			8.91%			(4.85)%			9.07%
Ratios/Supplemental Data:
Net assets, end of period (000)		$42			$50			$29			$14			$3			$3
Average net assets (000)		$39			$139			$26			$8			$3			$3
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.85%	(e)		0.85%			0.96%			1.00%			1.00%			0.97%
Expenses before waivers and/or expense reimbursement		34.10%	(e)		11.20%			1.34%			1.42%			1.36%			1.31%
Net investment income (loss)		2.03%	(e)		1.00%			0.35%			(0.24)%			0.21%			0.25%
Portfolio turnover rate(f)		14%			23%			23%			24%			44%			24%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 81

PGIM Growth Allocation Fund

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended March 31, 2019			Year Ended September 30,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.16			$ 18.30			$ 16.14			$ 16.34			$ 17.61			$ 16.20
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.16			0.14			0.13			0.15			0.11
Net realized and unrealized gain (loss) on investment transactions		(1.15	)		1.40			2.70			1.33			(0.87	)		1.45
Total from investment operations		(0.85	)		1.56			2.84			1.46			(0.72	)		1.56
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.44	)		(0.22	)		(0.21	)		(0.40	)		(0.15	)
Distributions from net realized gains		(1.08	)		(0.26	)		(0.46	)		(1.45	)		(0.15	)		-
Total dividends and distributions		(1.47	)		(0.70	)		(0.68	)		(1.66	)		(0.55	)		(0.15	)
Net asset value, end of period		$16.84			$ 19.16			$ 18.30			$ 16.14			$ 16.34			$ 17.61
Total Return(b):		(3.06)%			8.66%			18.19%			9.39%			(4.36)%			9.64%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,212			$ 4,722			$ 2,211			$ 1,845			$ 1,573			$ 1,477
Average net assets (000)		$3,246			$ 3,582			$ 1,974			$ 1,794			$ 1,352			$ 1,278
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%			0.46%			0.50%			0.50%			0.50%
Expenses before waivers and/or expense reimbursement		1.04%	(e)		0.90%			0.60%			0.67%			0.63%			0.60%
Net investment income (loss)		3.46%	(e)		0.83%			0.86%			0.81%			0.82%			0.62%
Portfolio turnover rate(f)		14%			23%			23%			24%			44%			24%

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

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

(e) Annualized.

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

See Notes to Financial Statements.

82

Class R6 Shares
	Six Months Ended March 31, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.15			$18.92
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.01
Net realized and unrealized gain (loss) on investment transactions		(1.07	)		0.92
Total from investment operations		(0.85	)		0.93
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.44	)
Distributions from net realized gains		(1.08	)		(0.26	)
Total dividends and distributions		(1.47	)		(0.70	)
Net asset value, end of period		$16.83			$19.15
Total Return(c):		(3.07)%			5.05%
Ratios/Supplemental Data:
Net assets, end of period (000)		$454			$471
Average net assets (000)		$436			$208
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%	(e)
Expenses before waivers and/or expense reimbursement		3.87%	(e)		15.30%	(e)
Net investment income (loss)		2.57%	(e)		0.05%	(e)
Portfolio turnover rate(f)		14%			23%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Asset Allocation Funds 83

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

PROXY VOTING

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. Each Fund’s schedule of portfolio holdings is also available on the Funds’ website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

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

PGIM ASSET ALLOCATION FUNDS	NASDAQ	CUSIP		NASDAQ	CUSIP
PGIM Conservative Allocation (Class A)	JDUAX	74437E750	PGIM Moderate Allocation (Class R)	JMARX	74437E610
PGIM Conservative Allocation (Class B)	JDABX	74437E743	PGIM Moderate Allocation (Class Z)	JDMZX	74437E776
PGIM Conservative Allocation (Class C)	JDACX	74437E735	PGIM Moderate Allocation (Class R6*)	JDTQX	74437E438
PGIM Conservative Allocation (Class R)	JDARX	74437E628	PGIM Growth Allocation (Class A)	JDAAX	74437E685
PGIM Conservative Allocation (Class Z)	JDAZX	74437E784	PGIM Growth Allocation (Class B)	JDGBX	74437E677
PGIM Conservative Allocation (Class R6*)	JDAQX	74437E453	PGIM Growth Allocation (Class C)	JDGCX	74437E669
PGIM Moderate Allocation (Class A)	JDTAX	74437E727	PGIM Growth Allocation (Class R)	JGARX	74437E594
PGIM Moderate Allocation (Class B)	JDMBX	74437E719	PGIM Growth Allocation (Class Z)	JDGZX	74437E768
PGIM Moderate Allocation (Class C)	JDMCX	74437E693	PGIM Growth Allocation (Class R6*)	JDGQX	74437E446

* Formerly known as Class Q shares.

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 period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –  Exhibits

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

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

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

SIGNATURES

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

Registrant:	The Prudential Investment Portfolios, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	May 14, 2019

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	May 14, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	May 14, 2019