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:	9/30/2021
Date of reporting period:	3/31/2021

Item 1 – Reports to Stockholders

PGIM BALANCED FUND

SEMIANNUAL REPORT

MARCH 31, 2021

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of March 31, 2021 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. ^© 2021 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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Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Balanced Fund informative and useful. The report covers performance for the six-month period ended March 31, 2021.

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 14, 2021

PGIM Balanced Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 3/31/21 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	13.26	31.29	8.35	8.19	—
Class C	12.88	33.68	8.29	7.79	—
Class R	13.00	35.08	8.65	8.24	—
Class Z	13.40	36.00	9.37	8.87	—
Class R6	13.46	36.13	N/A	N/A	8.43 (11/28/17)
Customized Blend Index
	11.27	32.18	10.43	8.76	—
Bloomberg Barclays US Aggregate Bond Index
	–2.73	0.71	3.10	3.44	—
S&P 500 Index
	19.08	56.31	16.29	13.90	—

Average Annual Total Returns as of 3/31/21 Since Inception (%)
	Class R6 (11/28/17)
Customized Blend Index	9.81
Bloomberg Barclays US Aggregate Bond Index	3.86
S&P 500 Index	15.10

*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes 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 C	Class R	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	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%	0.75% (0.50% currently)	None	None

Benchmark Definitions

Customized Blend Index*—The Customized Blend Index is unmanaged and intended to provide a theoretical comparison to the Fund’s performance based on the amounts allocated to each asset class. S&P 500 Index (44%) provides a broad indicator of domestic stock price movements in large cap stocks; Bloomberg Barclays US Aggregate Bond Index (40%) includes investment grade securities issued by the US government, its agencies, and by corporations with between 1 and 10 years remaining to maturity; Russell 2000 Index (4%) contains the 2,000 smallest US companies included in the Russell 3000 Index, which gives a broad look at how stock prices of smaller companies have performed; and MSCI ACWI ex US Index (12%) is a stock market index comprising of non-US stocks from 23 developed markets and 26 emerging markets.

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are taxable and dollar denominated. It covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

S&P 500 Index**—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

*The Customized Blend Index is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Customized Blend Index , to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Customized Blend Index , or the data included therein.

**The S&P 500 Index (the Index) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2021 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

PGIM Balanced Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	2.8%
Apple, Inc.	Technology Hardware, Storage & Peripherals	2.2%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.0%
Facebook, Inc. (Class A Stock)	Interactive Media & Services	1.3%
U.S. Treasury Notes, 1.250%, 03/31/28	U.S. Treasury Obligations	1.0%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.9%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	0.9%
JPMorgan Chase & Co.	Banks	0.8%
UnitedHealth Group, Inc.	Health Care Providers & Services	0.7%
Procter & Gamble Co. (The)	Household Products	0.7%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 and the impact of these fees on your ending account value, as these additional expenses

PGIM Balanced Fund 7

Fees and Expenses (continued)

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, 2020		Ending Account Value March 31, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,132.60		1.00	%	$	5.32
	Hypothetical	$	1,000.00	$	1,019.95		1.00	%	$	5.04
Class C	Actual	$	1,000.00	$	1,128.80		1.77	%	$	9.39
	Hypothetical	$	1,000.00	$	1,016.11		1.77	%	$	8.90
Class R	Actual	$	1,000.00	$	1,130.00		1.47	%	$	7.81
	Hypothetical	$	1,000.00	$	1,017.60		1.47	%	$	7.39
Class Z	Actual	$	1,000.00	$	1,134.00		0.77	%	$	4.10
	Hypothetical	$	1,000.00	$	1,021.09		0.77	%	$	3.88
Class R6	Actual	$	1,000.00	$	1,134.60		0.65	%	$	3.46
	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, 2021, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of March 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    97.5%
COMMON STOCKS    63.0%
Aerospace & Defense    1.0%
BWX Technologies, Inc.		3,360	$	221,558
General Dynamics Corp.		7,400		1,343,544
Howmet Aerospace, Inc.*		14,300		459,459
Lockheed Martin Corp.		10,677		3,945,152
Northrop Grumman Corp.		6,640		2,148,970
Raytheon Technologies Corp.		31,557		2,438,409
Vectrus, Inc.*		3,280		175,283
				10,732,375
Air Freight & Logistics    0.4%
Deutsche Post AG (Germany)		20,030		1,099,932
FedEx Corp.		4,300		1,221,372
Radiant Logistics, Inc.*		14,539		101,046
SBS Holdings, Inc. (Japan)		3,600		90,265
SG Holdings Co. Ltd. (Japan)		17,600		404,462
United Parcel Service, Inc. (Class B Stock)		6,100		1,036,939
Yamato Holdings Co. Ltd. (Japan)		1,900		52,283
				4,006,299
Airlines    0.0%
Mesa Air Group, Inc.*		6,340		85,273
SkyWest, Inc.*		3,260		177,605
				262,878
Auto Components    0.3%
Adient PLC*		7,800		344,760
American Axle & Manufacturing Holdings, Inc.*		2,800		27,048
Cie Generale des Etablissements Michelin SCA (France)		912		136,619
Dana, Inc.		8,202		199,555
Gentherm, Inc.*		1,200		88,932
Hankook Tire & Technology Co. Ltd. (South Korea)		1,180		51,169
Koito Manufacturing Co. Ltd. (Japan)		700		47,205
Magna International, Inc. (Canada)		11,400		1,004,020
Tianneng Power International Ltd. (China)(a)		332,000		630,365
Toyota Industries Corp. (Japan)		800		71,475
TPR Co. Ltd. (Japan)		5,800		84,479
				2,685,627

See Notes to Financial Statements.

PGIM Balanced Fund      9

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles     1.0%
Bajaj Auto Ltd. (India)*		924	$	46,603
BYD Co. Ltd. (China) (Class H Stock)		4,000		86,091
Daimler AG (Germany)		6,270		559,594
Ford Motor Co.*		93,000		1,139,250
Ford Otomotiv Sanayi A/S (Turkey)		11,172		262,742
General Motors Co.*		80,160		4,605,994
Kia Corp. (South Korea)		10,728		788,930
Tesla, Inc.*		3,100		2,070,583
Toyota Motor Corp. (Japan)		1,654		129,223
Trigano SA (France)		3,861		723,245
Volkswagen AG (Germany)		156		56,594
Winnebago Industries, Inc.		3,600		276,156
				10,745,005
Banks     3.7%
Al Rajhi Bank (Saudi Arabia)		6,222		163,948
Banc of California, Inc.		900		16,272
Banco do Brasil SA (Brazil)		106,800		579,287
Banco Santander Brasil SA (Brazil), UTS		104,800		739,734
Bancorp, Inc. (The)*		6,190		128,257
Bank of Communications Co. Ltd. (China) (Class H Stock)		943,000		602,865
Bank of Montreal (Canada)		3,300		294,156
Bank of Nova Scotia (The) (Canada)		3,500		218,962
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		6,498		248,354
BNP Paribas SA (France)*		10,858		662,933
Cadence BanCorp		2,963		61,423
Canadian Imperial Bank of Commerce (Canada)		2,300		225,205
Capstar Financial Holdings, Inc.		2,000		34,500
Chiba Bank Ltd. (The) (Japan)		8,400		55,126
China CITIC Bank Corp. Ltd. (China) (Class H Stock)		120,000		61,379
China Construction Bank Corp. (China) (Class H Stock)		504,000		425,926
China Zheshang Bank Co. Ltd. (China) (Class A Stock)		308,200		191,035
Citigroup, Inc.		69,656		5,067,474
Civista Bancshares, Inc.		2,000		45,880
CNB Financial Corp.		2,276		56,012
ConnectOne Bancorp, Inc.		3,199		81,095
Credit Agricole SA (France)*		5,800		84,156
Customers Bancorp, Inc.*		8,560		272,379
DBS Group Holdings Ltd. (Singapore)		47,000		1,010,301
DGB Financial Group, Inc. (South Korea)		40,470		302,615
DNB ASA (Norway)		4,760		101,348
Financial Institutions, Inc.		7,252		219,663
First Abu Dhabi Bank PJSC (United Arab Emirates)		23,420		93,140
First Internet Bancorp		1,688		59,468

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Flushing Financial Corp.		2,200	$	46,706
Gunma Bank Ltd. (The) (Japan)		30,400		109,055
Hana Financial Group, Inc. (South Korea)		21,901		829,749
Hancock Whitney Corp.		5,500		231,055
Hanmi Financial Corp.		1,500		29,595
Heartland Financial USA, Inc.		5,780		290,503
Hilltop Holdings, Inc.		9,040		308,535
Hokuhoku Financial Group, Inc. (Japan)		15,000		139,366
Hope Bancorp, Inc.		13,120		197,587
Industrial Bank Co. Ltd. (China) (Class A Stock)		31,200		114,736
JPMorgan Chase & Co.		56,824		8,650,317
KB Financial Group, Inc. (South Korea)		19,192		955,067
Metropolitan Bank Holding Corp.*		1,500		75,540
Midland States Bancorp, Inc.		2,600		72,124
MidWestOne Financial Group, Inc.		3,783		117,159
Mizuho Financial Group, Inc. (Japan)		12,100		173,454
National Bank of Canada (Canada)		13,000		883,114
Nishi-Nippon Financial Holdings, Inc. (Japan)		61,400		441,014
Nordea Bank Abp (Finland)		83,668		824,578
OFG Bancorp (Puerto Rico)		13,187		298,290
Old Second Bancorp, Inc.		3,918		51,757
Orrstown Financial Services, Inc.		887		19,780
Oversea-Chinese Banking Corp. Ltd. (Singapore)		84,100		736,244
PCB Bancorp		1,300		19,500
Popular, Inc. (Puerto Rico)		12,080		849,466
Primis Financial Corp.		5,580		81,133
Public Bank Bhd (Malaysia)		71,000		72,079
QCR Holdings, Inc.		4,273		201,771
RBB Bancorp		2,700		54,729
Riyad Bank (Saudi Arabia)		106,875		639,896
Royal Bank of Canada (Canada)		2,100		193,624
Saudi National Bank (Saudi Arabia)		36,075		511,240
Sberbank of Russia PJSC (Russia)		234,080		897,406
Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock)		30,900		51,803
Shinhan Financial Group Co. Ltd. (South Korea)		2,198		73,081
Simmons First National Corp. (Class A Stock)		1,500		44,505
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,700		61,590
Toronto-Dominion Bank (The) (Canada)		8,800		573,922
United Overseas Bank Ltd. (Singapore)		7,800		150,102
Valley National Bancorp		13,860		190,436
Wells Fargo & Co.		150,220		5,869,095
WesBanco, Inc.		2,200		79,332
				38,312,928

See Notes to Financial Statements.

PGIM Balanced Fund      11

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages    0.6%
Anadolu Efes Biracilik Ve Malt Sanayii A/S (Turkey)		41,552	$	106,373
Carlsberg A/S (Denmark) (Class B Stock)		852		130,910
Coca-Cola Co. (The)		42,100		2,219,091
Monster Beverage Corp.*		30,260		2,756,383
National Beverage Corp.		5,560		271,940
PepsiCo, Inc.		4,700		664,815
				6,149,512
Biotechnology    1.3%
AbbVie, Inc.		41,705		4,513,315
Aravive, Inc.*		2,500		16,475
Ardelyx, Inc.*		24,400		161,528
Arrowhead Pharmaceuticals, Inc.*		3,200		212,192
Avid Bioservices, Inc.*		6,700		122,141
Blueprint Medicines Corp.*		3,300		320,859
Bridgebio Pharma, Inc.*		900		55,440
CareDx, Inc.*		800		54,472
Catalyst Pharmaceuticals, Inc.*		65,020		299,742
Coherus Biosciences, Inc.*		7,100		103,731
Denali Therapeutics, Inc.*		4,600		262,660
Eagle Pharmaceuticals, Inc.*		4,680		195,343
Emergent BioSolutions, Inc.*		3,464		321,840
Gilead Sciences, Inc.		54,589		3,528,087
Halozyme Therapeutics, Inc.*		800		33,352
Insmed, Inc.*		800		27,248
Kodiak Sciences, Inc.*		600		68,034
Myriad Genetics, Inc.*		7,200		219,240
OPKO Health, Inc.*		49,760		213,471
Organogenesis Holdings, Inc.*		12,500		227,750
Pharma Mar SA (Spain)		1,469		171,080
PTC Therapeutics, Inc.*		5,080		240,538
Puma Biotechnology, Inc.*		3,460		33,631
Regeneron Pharmaceuticals, Inc.*		2,300		1,088,222
Travere Therapeutics, Inc.*		2,020		50,439
Ultragenyx Pharmaceutical, Inc.*		3,180		362,075
Vanda Pharmaceuticals, Inc.*		17,377		261,003
Veracyte, Inc.*		5,700		306,375
				13,470,283
Building Products    0.5%
Advanced Drainage Systems, Inc.		900		93,051
American Woodmark Corp.*		2,080		205,046
Cie de Saint-Gobain (France)*		17,418		1,029,804

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont’d.)
Geberit AG (Switzerland)		990	$	630,642
JELD-WEN Holding, Inc.*		9,400		260,286
Kingspan Group PLC (Ireland)		744		62,836
Masco Corp.		43,940		2,632,006
Resideo Technologies, Inc.*		5,500		155,375
UFP Industries, Inc.		5,577		422,960
				5,492,006
Capital Markets    1.7%
Ameriprise Financial, Inc.		15,897		3,695,258
B3 SA - Brasil Bolsa Balcao (Brazil)		5,400		52,449
Charles Schwab Corp. (The)		33,400		2,177,012
Credit Suisse Group AG (Switzerland)		67,429		709,334
Evercore, Inc. (Class A Stock)		3,700		487,438
Federated Hermes, Inc.		10,360		324,268
GF Securities Co. Ltd. (China) (Class H Stock)		33,600		51,932
Goldman Sachs Group, Inc. (The)		15,210		4,973,670
Investec PLC (South Africa)		53,840		163,029
Nomura Holdings, Inc. (Japan)		146,000		768,318
Piper Sandler Cos.		2,100		230,265
Platinum Asset Management Ltd. (Australia)		140,866		536,254
Raymond James Financial, Inc.		10,800		1,323,648
SEI Investments Co.		12,700		773,811
Stifel Financial Corp.		5,590		358,096
UBS Group AG (Switzerland)		67,901		1,053,810
				17,678,592
Chemicals    1.4%
Celanese Corp.		6,200		928,822
Corteva, Inc.		36,420		1,697,901
Covestro AG (Germany), 144A		851		56,773
Element Solutions, Inc.		29,700		543,213
Hawkins, Inc.		1,004		33,654
Huntsman Corp.		35,500		1,023,465
Ingevity Corp.*		3,580		270,397
Kumho Petrochemical Co. Ltd. (South Korea)		4,121		971,087
Minerals Technologies, Inc.		1,600		120,512
Mosaic Co. (The)		26,700		843,987
Nitto Denko Corp. (Japan)		600		51,502
Orion Engineered Carbons SA (Germany)*		7,460		147,111
PPG Industries, Inc.		2,500		375,650
RPM International, Inc.(a)		23,980		2,202,563
Sherwin-Williams Co. (The)		4,480		3,306,285

See Notes to Financial Statements.

PGIM Balanced Fund      13

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
Shin-Etsu Chemical Co. Ltd. (Japan)		1,400	$	236,218
Sinofert Holdings Ltd. (China)		680,000		87,866
Stepan Co.		1,580		200,834
Tessenderlo Group SA (Belgium)*		4,887		215,729
Trinseo SA		5,100		324,717
W.R. Grace & Co.		3,100		185,566
Westlake Chemical Corp.		6,200		550,498
				14,374,350
Commercial Services & Supplies     0.1%
ABM Industries, Inc.		2,900		147,929
Herman Miller, Inc.		7,600		312,740
HNI Corp.		1,300		51,428
Okamura Corp. (Japan)		6,600		77,625
Relia, Inc. (Japan)		13,800		178,888
Secom Co. Ltd. (Japan)		900		75,838
Tetra Tech, Inc.		800		108,576
Times Neighborhood Holdings Ltd. (China)		190,000		144,284
VSE Corp.		600		23,700
				1,121,008
Communications Equipment     0.8%
Cisco Systems, Inc.		116,637		6,031,299
Extreme Networks, Inc.*		1,600		14,000
NETGEAR, Inc.*		4,500		184,950
NetScout Systems, Inc.*		6,359		179,070
Plantronics, Inc.*		600		23,346
Ubiquiti, Inc.		4,400		1,312,520
Viavi Solutions, Inc.*		16,100		252,770
				7,997,955
Construction & Engineering     0.3%
EMCOR Group, Inc.		3,950		443,032
Metallurgical Corp. of China Ltd. (China) (Class A Stock)		132,000		68,874
Primoris Services Corp.		8,900		294,857
Quanta Services, Inc.		31,831		2,800,491
				3,607,254
Construction Materials     0.2%
Anhui Conch Cement Co. Ltd. (China) (Class H Stock)		95,000		620,927
Buzzi Unicem SpA (Italy)		16,450		428,714

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Construction Materials (cont’d.)
China National Building Material Co. Ltd. (China) (Class H Stock)		240,000	$	349,922
LafargeHolcim Ltd. (Switzerland)*		2,482		145,944
Summit Materials, Inc. (Class A Stock)*		7,300		204,546
Vicat SA (France)		7,328		356,709
				2,106,762
Consumer Finance     0.7%
Capital One Financial Corp.		28,700		3,651,501
Discover Financial Services		1,800		170,982
Navient Corp.		3,400		48,654
Qudian, Inc. (China), ADR*(a)		107,200		244,416
Regional Management Corp.		1,800		62,388
SLM Corp.		13,200		237,204
Synchrony Financial		62,800		2,553,448
				6,968,593
Containers & Packaging     0.0%
Greif, Inc. (Class A Stock)		3,080		175,560
Myers Industries, Inc.		700		13,832
				189,392
Diversified Consumer Services     0.0%
Adtalem Global Education, Inc.*		3,500		138,390
American Public Education, Inc.*		600		21,378
				159,768
Diversified Financial Services     0.4%
A-Mark Precious Metals, Inc.		2,100		75,600
Berkshire Hathaway, Inc. (Class B Stock)*		14,474		3,697,673
Cannae Holdings, Inc.*		6,680		264,662
Investor AB (Sweden) (Class B Stock)		4,251		338,790
				4,376,725
Diversified Telecommunication Services     1.1%
AT&T, Inc.		181,356		5,489,646
ATN International, Inc.		1,680		82,522
BT Group PLC (United Kingdom)*		45,600		97,596
Consolidated Communications Holdings, Inc.*		1,800		12,960
Deutsche Telekom AG (Germany)		3,333		67,218
Elisa OYJ (Finland)		903		54,176

See Notes to Financial Statements.

PGIM Balanced Fund      15

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services (cont’d.)
Nippon Telegraph & Telephone Corp. (Japan)		18,500	$	474,194
Orange SA (France)		9,852		121,437
Telkom SA SOC Ltd. (South Africa)		136,824		393,339
Verizon Communications, Inc.		84,140		4,892,741
				11,685,829
Electric Utilities     0.7%
CESC Ltd. (India)		15,288		124,761
Chubu Electric Power Co., Inc. (Japan)		4,300		55,322
CK Infrastructure Holdings Ltd. (Hong Kong)		28,000		167,139
Endesa SA (Spain)		24,846		657,153
Enerjisa Enerji A/S (Turkey), 144A		169,085		240,348
Exelon Corp.		69,688		3,048,153
Fortum OYJ (Finland)		21,534		575,883
Iberdrola SA (Spain)		18,652		240,203
Inter RAO UES PJSC (Russia)		4,433,000		301,021
NRG Energy, Inc.		39,840		1,503,163
Otter Tail Corp.		5,680		262,246
Power Grid Corp. of India Ltd. (India)		19,660		58,122
SSE PLC (United Kingdom)		4,940		98,893
				7,332,407
Electrical Equipment     0.7%
ABB Ltd. (Switzerland)		32,446		985,368
Acuity Brands, Inc.		19,980		3,296,700
Atkore, Inc.*		5,460		392,574
AZZ, Inc.		1,100		55,385
Emerson Electric Co.		12,900		1,163,838
Encore Wire Corp.		1,580		106,065
EnerSys		1,100		99,880
Nitto Kogyo Corp. (Japan)		8,300		152,749
Schneider Electric SE (France)		1,377		210,407
Sungrow Power Supply Co. Ltd. (China) (Class A Stock)		12,100		133,086
WEG SA (Brazil)		59,400		790,326
				7,386,378
Electronic Equipment, Instruments & Components     0.5%
ALSO Holding AG (Switzerland)*		368		105,783
Arrow Electronics, Inc.*		1,600		177,312
ePlus, Inc.*		980		97,647
Hon Hai Precision Industry Co. Ltd. (Taiwan)		263,000		1,148,233
Jabil, Inc.		17,340		904,454

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Murata Manufacturing Co. Ltd. (Japan)		9,000	$	723,119
Omron Corp. (Japan)		900		70,554
PC Connection, Inc.		385		17,860
Rogers Corp.*		1,600		301,136
Samsung Electro-Mechanics Co. Ltd. (South Korea)		336		56,168
Sanmina Corp.*		8,180		338,488
ScanSource, Inc.*		5,280		158,136
Shimadzu Corp. (Japan)		1,500		54,492
Sunny Optical Technology Group Co. Ltd. (China)		3,700		85,098
SYNNEX Corp.		2,600		298,584
TDK Corp. (Japan)		2,400		335,031
Zebra Technologies Corp. (Class A Stock)*		900		436,662
				5,308,757
Energy Equipment & Services     0.0%
Newpark Resources, Inc.*		26,400		82,896
Oceaneering International, Inc.*		6,140		70,119
				153,015
Entertainment     1.0%
Activision Blizzard, Inc.		37,480		3,485,640
Capcom Co. Ltd. (Japan)		1,800		58,610
Electronic Arts, Inc.		25,660		3,473,594
GungHo Online Entertainment, Inc. (Japan)		5,900		116,949
Konami Holdings Corp. (Japan)		800		47,857
Netflix, Inc.*		4,300		2,243,138
Nintendo Co. Ltd. (Japan)		1,765		988,923
Playtika Holding Corp.*		14,700		399,987
				10,814,698
Equity Real Estate Investment Trusts (REITs)     1.1%
Apple Hospitality REIT, Inc.		39,728		578,837
Charter Hall Group (Australia)		26,607		260,505
City Office REIT, Inc.		7,700		81,774
Columbia Property Trust, Inc.		7,260		124,146
CorePoint Lodging, Inc.*		1,500		13,545
Extra Space Storage, Inc.		1,800		238,590
Franklin Street Properties Corp.		25,121		136,910
Gaming & Leisure Properties, Inc.		47,993		2,036,343
GEO Group, Inc. (The)		22,603		175,399
Global Net Lease, Inc.		1,600		28,896
Goodman Group (Australia)		60,999		840,573

See Notes to Financial Statements.

PGIM Balanced Fund      17

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Japan Real Estate Investment Corp. (Japan)		8	$	47,326
National Health Investors, Inc.		480		34,694
Omega Healthcare Investors, Inc.		23,500		860,805
Orix JREIT, Inc. (Japan)		29		50,529
Pebblebrook Hotel Trust		15,640		379,896
Piedmont Office Realty Trust, Inc. (Class A Stock)		16,160		280,699
PotlatchDeltic Corp.		5,500		291,060
Prologis, Inc.		13,600		1,441,600
Sabra Health Care REIT, Inc.		13,720		238,179
Safestore Holdings PLC (United Kingdom)		6,399		70,755
Service Properties Trust		3,900		46,254
Stockland (Australia)		23,780		79,482
Sunstone Hotel Investors, Inc.*		1,900		23,674
Urban Edge Properties		7,140		117,953
VEREIT, Inc.		6,700		258,754
Weyerhaeuser Co.		86,760		3,088,656
Whitestone REIT		4,900		47,530
				11,873,364
Food & Staples Retailing     1.0%
Alimentation Couche-Tard, Inc. (Canada) (Class B Stock)		25,800		831,874
BJ’s Wholesale Club Holdings, Inc.*		3,360		150,730
Etablissements Franz Colruyt NV (Belgium)		3,296		196,890
Koninklijke Ahold Delhaize NV (Netherlands)		26,713		745,066
Kroger Co. (The)		70,160		2,525,058
Magnit PJSC (Russia), GDR		3,360		50,465
North West Co., Inc. (The) (Canada)		5,100		148,167
PriceSmart, Inc.		1,080		104,490
Seven & i Holdings Co. Ltd. (Japan)		3,800		153,348
Sprouts Farmers Market, Inc.*		24,700		657,514
Tesco PLC (United Kingdom)		29,448		93,016
Walmart, Inc.		38,449		5,222,528
				10,879,146
Food Products     0.7%
Archer-Daniels-Midland Co.		11,700		666,900
Charoen Pokphand Foods PCL (Thailand)		299,000		282,821
Darling Ingredients, Inc.*		5,320		391,446
Indofood Sukses Makmur Tbk PT (Indonesia)		758,400		345,601
John B. Sanfilippo & Son, Inc.		429		38,769
Kaveri Seed Co. Ltd. (India)		17,119		120,922
Kraft Heinz Co. (The)		52,240		2,089,600
La Doria SpA (Italy)		3,150		66,532

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont’d.)
Mission Produce, Inc.*		2,300	$	43,723
Nestle SA (Switzerland)		7,993		891,016
Tyson Foods, Inc. (Class A Stock)		15,800		1,173,940
Want Want China Holdings Ltd. (China)		366,000		275,678
Wens Foodstuffs Group Co. Ltd. (China) (Class A Stock)		16,680		43,017
WH Group Ltd. (Hong Kong), 144A		726,500		591,541
Wilmar International Ltd. (China)		50,100		202,697
				7,224,203
Gas Utilities     0.2%
Beijing Enterprises Holdings Ltd. (China)		46,000		163,000
ONE Gas, Inc.		3,480		267,647
Snam SpA (Italy)		8,492		47,097
Southwest Gas Holdings, Inc.		3,000		206,130
UGI Corp.		40,921		1,678,170
				2,362,044
Health Care Equipment & Supplies     1.8%
Abbott Laboratories		47,220		5,658,845
Align Technology, Inc.*		5,700		3,086,721
AngioDynamics, Inc.*		4,540		106,236
Ansell Ltd. (Australia)		18,986		568,210
Becton, Dickinson & Co.		14,340		3,486,771
Danaher Corp.		15,460		3,479,737
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		8,835		198,486
Hartalega Holdings Bhd (Malaysia)		19,000		40,967
Inari Medical, Inc.*		500		53,500
Intco Medical Technology Co. Ltd. (China) (Class A Stock)		3,300		81,787
Integer Holdings Corp.*		1,900		174,990
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (China) (Class A Stock)		11,200		44,869
Meridian Bioscience, Inc.*		10,160		266,700
Merit Medical Systems, Inc.*		2,400		143,712
Natus Medical, Inc.*		8,760		224,344
Neogen Corp.*		1,500		133,335
OraSure Technologies, Inc.*		9,100		106,197
ResMed, Inc.		3,780		733,395
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China) (Class A Stock)		900		54,906
Sonova Holding AG (Switzerland)*		330		87,414
Top Glove Corp. Bhd (Malaysia)		199,500		217,515
				18,948,637

See Notes to Financial Statements.

PGIM Balanced Fund      19

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services     1.5%
Anthem, Inc.		10,600	$	3,804,870
Cross Country Healthcare, Inc.*		2,100		26,229
Ensign Group, Inc. (The)		1,180		110,731
Fresenius Medical Care AG & Co. KGaA (Germany)		7,738		571,114
Fresenius SE & Co. KGaA (Germany)		14,085		628,225
HCA Healthcare, Inc.		1,800		339,012
LHC Group, Inc.*		1,540		294,464
McKesson Corp.		3,180		620,227
Medipal Holdings Corp. (Japan)		28,000		538,051
Owens & Minor, Inc.		9,300		349,587
Select Medical Holdings Corp.*		11,434		389,900
UnitedHealth Group, Inc.		21,060		7,835,794
				15,508,204
Health Care Technology     0.1%
Computer Programs & Systems, Inc.		3,500		107,100
NextGen Healthcare, Inc.*		12,975		234,848
Omnicell, Inc.*		2,943		382,207
				724,155
Hotels, Restaurants & Leisure     1.0%
888 Holdings PLC (United Kingdom)		14,120		77,365
Biglari Holdings, Inc. (Class B Stock)*		270		35,845
Bloomin’ Brands, Inc.*		5,200		140,660
Boyd Gaming Corp.*		1,300		76,648
Churchill Downs, Inc.		620		141,000
Darden Restaurants, Inc.		6,960		988,320
Del Taco Restaurants, Inc.		15,160		145,233
Domino’s Pizza, Inc.		1,200		441,348
Evolution Gaming Group AB (Sweden), 144A		7,524		1,111,413
Jack in the Box, Inc.		1,500		164,670
Kindred Group PLC (Malta), SDR*		55,091		972,526
McDonald’s Corp.		16,320		3,657,965
Monarch Casino & Resort, Inc.*		400		24,248
Papa John’s International, Inc.		3,180		281,875
RCI Hospitality Holdings, Inc.		3,387		215,379
Starbucks Corp.		16,600		1,813,882
Texas Roadhouse, Inc.*		2,700		259,038
				10,547,415
Household Durables     0.8%
Barratt Developments PLC (United Kingdom)*		4,920		50,717

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables (cont’d.)
D.R. Horton, Inc.		26,540	$	2,365,245
Lennar Corp. (Class A Stock)		2,980		301,665
LG Electronics, Inc. (South Korea)		5,332		712,046
Meritage Homes Corp.*		2,980		273,921
Panasonic Corp. (Japan)		62,500		807,815
PulteGroup, Inc.		22,800		1,195,632
Sekisui House Ltd. (Japan)		5,100		109,728
Skyline Champion Corp.*		6,100		276,086
Sony Group Corp. (Japan)		14,050		1,480,127
TopBuild Corp.*		860		180,110
Tri Pointe Homes, Inc.*		1,900		38,684
Tupperware Brands Corp.*		5,100		134,691
				7,926,467
Household Products     0.8%
Kimberly-Clark de Mexico SAB de CV (Mexico) (Class A Stock)		387,000		662,498
Procter & Gamble Co. (The)		55,079		7,459,349
				8,121,847
Independent Power & Renewable Electricity Producers     0.4%
AES Corp. (The)		59,480		1,594,659
China Resources Power Holdings Co. Ltd. (China)		354,000		471,128
Gunkul Engineering PCL (Thailand)		3,816,600		459,507
NTPC Ltd. (India)		36,880		54,080
Vistra Corp.		89,471		1,581,847
				4,161,221
Industrial Conglomerates     0.7%
3M Co.		21,880		4,215,839
CITIC Ltd. (China)		66,000		62,934
Honeywell International, Inc.		11,800		2,561,426
Industries Qatar QSC (Qatar)		16,460		53,945
				6,894,144
Insurance     1.3%
Ageas SA/NV (Belgium)		13,915		839,171
Allstate Corp. (The)		25,560		2,936,844
Argo Group International Holdings Ltd.		1,200		60,384
Assicurazioni Generali SpA (Italy)		15,443		309,749
Aviva PLC (United Kingdom)		143,471		810,026
Cathay Financial Holding Co. Ltd. (Taiwan)		40,000		67,358

See Notes to Financial Statements.

PGIM Balanced Fund      21

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
China Life Insurance Co. Ltd. (China) (Class H Stock)		44,000	$	91,773
Chubb Ltd.		2,600		410,722
Employers Holdings, Inc.		1,900		81,814
Fubon Financial Holding Co. Ltd. (Taiwan)		419,000		837,016
Gjensidige Forsikring ASA (Norway)		2,200		51,648
Hanover Insurance Group, Inc. (The)		2,800		362,488
Heritage Insurance Holdings, Inc.		6,280		69,582
Legal & General Group PLC (United Kingdom)		28,996		111,886
Manulife Financial Corp. (Canada)		48,900		1,051,776
MetLife, Inc.		39,256		2,386,372
NN Group NV (Netherlands)		15,534		761,504
Old Republic International Corp.		65,480		1,430,083
Selective Insurance Group, Inc.		376		27,275
SiriusPoint Ltd. (Bermuda)*		5,100		51,867
Stewart Information Services Corp.		3,800		197,714
Sun Life Financial, Inc. (Canada)		17,200		869,239
T&D Holdings, Inc. (Japan)		3,800		49,039
Universal Insurance Holdings, Inc.		3,700		53,058
				13,918,388
Interactive Media & Services     3.4%
Alphabet, Inc. (Class A Stock)*		4,785		9,869,158
Alphabet, Inc. (Class C Stock)*		4,287		8,868,217
Baidu, Inc. (China), ADR*		3,300		717,915
Cargurus, Inc.*		1,300		30,979
Cars.com, Inc.*		20,480		265,420
Facebook, Inc. (Class A Stock)*		45,494		13,399,348
QuinStreet, Inc.*		4,580		92,974
Sohu.com Ltd. (China), ADR*		2,800		44,016
Tencent Holdings Ltd. (China)		22,700		1,805,223
				35,093,250
Internet & Direct Marketing Retail     2.6%
Alibaba Group Holding Ltd. (China), ADR*		6,600		1,496,418
Amazon.com, Inc.*		6,597		20,411,646
eBay, Inc.		54,093		3,312,655
HelloFresh SE (Germany)*		6,009		449,025
Liquidity Services, Inc.*		1,100		20,438
Meituan (China) (Class B Stock), 144A*		1,300		50,707
Overstock.com, Inc.*		3,200		212,032
Shutterstock, Inc.		2,600		231,504
Stamps.com, Inc.*		1,260		251,383
Vipshop Holdings Ltd. (China), ADR*		23,000		686,780

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail (cont’d.)
zooplus AG (Germany)*		1,097	$	313,966
ZOZO, Inc. (Japan)		1,700		50,409
				27,486,963
IT Services     2.5%
Accenture PLC (Class A Stock)		21,830		6,030,538
Adyen NV (Netherlands), 144A*		42		93,861
Amdocs Ltd.		19,460		1,365,119
Automatic Data Processing, Inc.		19,500		3,675,165
Bechtle AG (Germany)		1,951		366,271
BM Technologies, Inc.(original cost $16,463; purchased 12/17/20)*^(f)		1,317		14,175
Cognizant Technology Solutions Corp. (Class A Stock)		46,620		3,641,954
Computacenter PLC (United Kingdom)		1,740		56,641
EPAM Systems, Inc.*		6,680		2,649,889
Fujitsu Ltd. (Japan)		3,630		526,260
Hackett Group, Inc. (The)		5,280		86,539
HCL Technologies Ltd. (India)		58,150		785,149
Infosys Ltd. (India)		56,387		1,056,960
International Business Machines Corp.		11,194		1,491,712
Larsen & Toubro Infotech Ltd. (India), 144A		1,081		60,127
MAXIMUS, Inc.		3,780		336,571
Obic Co. Ltd. (Japan)		400		73,415
PayPal Holdings, Inc.*		7,700		1,869,868
Sykes Enterprises, Inc.*		1,600		70,528
Tata Consultancy Services Ltd. (India)		9,606		418,693
Tech Mahindra Ltd. (India)		3,840		52,371
Visa, Inc. (Class A Stock)		3,255		689,181
Wipro Ltd. (India)		133,921		761,498
				26,172,485
Leisure Products     0.3%
American Outdoor Brands, Inc.*		900		22,680
Brunswick Corp.		25,200		2,403,324
Johnson Outdoors, Inc. (Class A Stock)		1,000		142,750
MasterCraft Boat Holdings, Inc.*		1,459		38,795
Nautilus, Inc.*		900		14,076
Shimano, Inc. (Japan)		3,300		788,872
Smith & Wesson Brands, Inc.		12,640		220,568
YETI Holdings, Inc.*		400		28,884
				3,659,949

See Notes to Financial Statements.

PGIM Balanced Fund      23

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services     0.9%
Agilent Technologies, Inc.		7,700	$	978,978
Eurofins Scientific SE (Luxembourg)*		7,668		734,632
Medpace Holdings, Inc.*		2,280		374,034
Mettler-Toledo International, Inc.*		200		231,138
PerkinElmer, Inc.		4,800		615,792
Sartorius Stedim Biotech (France)		2,032		838,553
Thermo Fisher Scientific, Inc.		11,033		5,035,241
Waters Corp.*		700		198,919
				9,007,287
Machinery     1.2%
AGCO Corp.		17,640		2,533,986
Altra Industrial Motion Corp.		2,760		152,683
Atlas Copco AB (Sweden) (Class B Stock)		2,056		107,071
Cummins, Inc.		12,100		3,135,231
Deere & Co.		2,900		1,085,006
Dover Corp.		1,700		233,121
Epiroc AB (Sweden) (Class A Stock)		31,721		719,128
Franklin Electric Co., Inc.		800		63,152
Gates Industrial Corp. PLC*		45,824		732,726
Hillenbrand, Inc.		4,500		214,695
Illinois Tool Works, Inc.		800		177,216
Jiangsu Hengli Hydraulic Co. Ltd. (China) (Class A Stock)		13,900		190,117
Meritor, Inc.*		8,900		261,838
Mueller Industries, Inc.		6,300		260,505
Nordson Corp.		3,000		596,040
REV Group, Inc.		1,100		21,076
Rexnord Corp.		760		35,788
Sandvik AB (Sweden)*		2,232		61,033
Sany Heavy Industry Co. Ltd. (China) (Class A Stock)		37,400		195,300
Shyft Group, Inc. (The)		7,760		288,672
Sinotruk Hong Kong Ltd. (China)		60,000		180,209
SPX Corp.*		2,460		143,344
SPX FLOW, Inc.		1,400		88,662
Techtronic Industries Co. Ltd. (Hong Kong)		49,000		840,779
Volvo AB (Sweden) (Class B Stock)*		7,035		178,502
Zoomlion Heavy Industry Science & Technology Co. Ltd. (China) (Class A Stock)		24,800		48,085
				12,543,965
Marine     0.1%
AP Moller - Maersk A/S (Denmark) (Class B Stock)		328		763,124
COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock)*		51,000		66,386

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Marine (cont’d.)
Costamare, Inc. (Monaco)		6,940	$	66,763
Eagle Bulk Shipping, Inc.*		1,100		39,732
Kuehne + Nagel International AG (Switzerland)		220		62,777
Matson, Inc.		4,700		313,490
				1,312,272
Media     0.5%
Cogeco, Inc. (Canada)		700		54,003
Comcast Corp. (Class A Stock)		29,093		1,574,222
Corus Entertainment, Inc. (Canada) (Class B Stock)		23,400		106,508
Entercom Communications Corp. (Class A Stock)*		12,255		64,339
Gray Television, Inc.		13,160		242,144
Meredith Corp.*		1,400		41,692
Metropole Television SA (France)*		4,200		89,980
News Corp. (Class A Stock)		26,200		666,266
Nexstar Media Group, Inc. (Class A Stock)		7,300		1,025,139
Omnicom Group, Inc.		5,500		407,825
ProSiebenSat.1 Media SE (Germany)*		12,319		251,950
Quebecor, Inc. (Canada) (Class B Stock)		7,000		187,937
TEGNA, Inc.		9,500		178,885
Television Francaise 1 (France)*		60,475		552,171
				5,443,061
Metals & Mining     1.2%
Alcoa Corp.*		11,200		363,888
Anglo American Platinum Ltd. (South Africa)		418		60,969
Anglo American PLC (South Africa)		25,157		990,576
BHP Group Ltd. (Australia)		14,235		492,685
BHP Group PLC (Australia)		37,936		1,096,520
Boliden AB (Sweden)		1,386		51,465
China Hongqiao Group Ltd. (China)		121,000		162,471
Fortescue Metals Group Ltd. (Australia)		54,088		825,579
Freeport-McMoRan, Inc.*		52,800		1,738,704
Grupo Mexico SAB de CV (Mexico) (Class B Stock)		156,500		824,937
Hunan Valin Steel Co. Ltd. (China) (Class A Stock)		75,600		80,739
Impala Platinum Holdings Ltd. (South Africa)		54,948		1,020,735
Kumba Iron Ore Ltd. (South Africa)		1,280		52,715
MMC Norilsk Nickel PJSC (Russia)		308		97,002
Newmont Corp.		52,760		3,179,845
Novolipetsk Steel PJSC (Russia)		37,110		118,470
POSCO (South Korea)		1,639		465,966
Rio Tinto Ltd. (Australia)		1,960		165,281
Rio Tinto PLC (Australia)		8,216		629,091

See Notes to Financial Statements.

PGIM Balanced Fund      25

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
Ryerson Holding Corp.*		2,044	$	34,830
Sibanye Stillwater Ltd. (South Africa)		13,860		61,120
United States Steel Corp.		1,100		28,787
Vale SA (Brazil)		17,800		308,428
Worthington Industries, Inc.		1,960		131,496
				12,982,299
Mortgage Real Estate Investment Trusts (REITs)     0.1%
Chimera Investment Corp.		26,680		338,836
Colony Credit Real Estate, Inc.		13,800		117,576
Ellington Financial, Inc.		7,300		116,873
Great Ajax Corp.		2,800		30,520
TPG RE Finance Trust, Inc.		10,920		122,304
Two Harbors Investment Corp.		10,800		79,164
				805,273
Multiline Retail     0.4%
Dollar Tree, Inc.*		13,660		1,563,524
Dollarama, Inc. (Canada)		3,300		145,791
Europris ASA (Norway), 144A		15,085		90,327
Target Corp.		9,820		1,945,047
Wesfarmers Ltd. (Australia)		21,283		853,964
				4,598,653
Multi-Utilities     0.5%
MDU Resources Group, Inc.		46,560		1,471,762
Public Service Enterprise Group, Inc.		11,220		675,556
Sempra Energy		23,380		3,099,720
				5,247,038
Oil, Gas & Consumable Fuels     1.6%
Ardmore Shipping Corp. (Ireland)*		20,580		93,433
BW LPG Ltd. (Singapore), 144A		97,833		671,617
Canadian Natural Resources Ltd. (Canada)		34,800		1,075,818
China Shenhua Energy Co. Ltd. (China) (Class H Stock)		341,000		707,911
Cimarex Energy Co.		33,760		2,005,007
ConocoPhillips		66,300		3,511,911
CropEnergies AG (Germany)		8,860		124,422
Diamond S Shipping, Inc.*		10,260		102,908
Exxon Mobil Corp.		28,100		1,568,823
Gaztransport Et Technigaz SA (France)		5,871		468,651

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
International Seaways, Inc.		3,480	$	67,442
Kinder Morgan, Inc.		128,244		2,135,263
LUKOIL PJSC (Russia)		628		50,828
Magnolia Oil & Gas Corp. (Class A Stock)*		21,500		246,820
Neste OYJ (Finland)		13,847		734,871
Oil & Natural Gas Corp. Ltd. (India)		34,740		48,918
Ovintiv, Inc.		9,500		226,290
Petroleo Brasileiro SA (Brazil)		19,400		82,616
Pioneer Natural Resources Co.		5,100		809,982
Polskie Gornictwo Naftowe i Gazownictwo SA (Poland)		164,560		250,751
Rosneft Oil Co. PJSC (Russia)		104,340		790,701
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		19,683		382,423
Shaanxi Coal Industry Co. Ltd. (China) (Class A Stock)		118,200		199,555
Surgutneftegas PJSC (Russia)		204,600		93,290
World Fuel Services Corp.		4,749		167,165
				16,617,416
Paper & Forest Products     0.0%
Louisiana-Pacific Corp.		4,400		244,024
Verso Corp. (Class A Stock)		6,000		87,540
				331,564
Personal Products     0.3%
Bajaj Consumer Care Ltd. (India)		78,645		281,108
Chlitina Holding Ltd. (China)		79,000		660,573
Hengan International Group Co. Ltd. (China)		98,500		650,258
Medifast, Inc.		1,120		237,238
Nu Skin Enterprises, Inc. (Class A Stock)		11,680		617,755
Unilever PLC (United Kingdom)		1,097		61,467
USANA Health Sciences, Inc.*		2,580		251,808
				2,760,207
Pharmaceuticals     2.8%
Amneal Pharmaceuticals, Inc.*		33,060		222,494
Amphastar Pharmaceuticals, Inc.*		5,900		108,088
ANI Pharmaceuticals, Inc.*		1,500		54,210
Atea Pharmaceuticals, Inc.*		4,100		253,175
Bristol-Myers Squibb Co.		80,120		5,057,976
China Medical System Holdings Ltd. (China)		23,000		45,875
China Resources Pharmaceutical Group Ltd. (China), 144A		207,000		129,689
Chugai Pharmaceutical Co. Ltd. (Japan)		4,700		191,052
CSPC Pharmaceutical Group Ltd. (China)		44,800		54,678

See Notes to Financial Statements.

PGIM Balanced Fund      27

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Eli Lilly & Co.		6,200	$	1,158,284
Faes Farma SA (Spain)		19,388		83,291
GlaxoSmithKline PLC (United Kingdom)		58,512		1,038,275
Johnson & Johnson		41,469		6,815,430
Merck & Co., Inc.		54,685		4,215,667
Merck KGaA (Germany)		615		105,169
Novartis AG (Switzerland)		18,170		1,552,206
Ono Pharmaceutical Co. Ltd. (Japan)		11,300		295,813
Otsuka Holdings Co. Ltd. (Japan)		17,380		738,101
Pfizer, Inc.		113,400		4,108,482
Prestige Consumer Healthcare, Inc.*		7,060		311,205
Roche Holding AG (Switzerland)		1,731		559,408
Sanofi (France)		12,259		1,212,371
Shionogi & Co. Ltd. (Japan)		13,520		729,111
Sun Pharmaceutical Industries Ltd. (India)		6,660		54,700
UCB SA (Belgium)		621		59,194
				29,153,944
Professional Services     0.2%
ASGN, Inc.*		2,980		284,411
CACI International, Inc. (Class A Stock)*		1,380		340,391
Experian PLC (United Kingdom)		4,556		157,147
Kelly Services, Inc. (Class A Stock)*		900		20,043
Kforce, Inc.		3,980		213,328
Randstad NV (Netherlands)		10,623		748,166
SGS SA (Switzerland)		18		51,215
				1,814,701
Real Estate Management & Development     0.2%
Agile Group Holdings Ltd. (China)		112,000		184,177
China Overseas Land & Investment Ltd. (China)		19,500		50,970
CK Asset Holdings Ltd. (Hong Kong)		13,000		79,291
Daito Trust Construction Co. Ltd. (Japan)		500		58,106
Deutsche Wohnen SE (Germany)		8,837		412,422
eXp World Holdings, Inc.*		2,500		113,875
Greenland Holdings Corp. Ltd. (China) (Class A Stock)		230,200		196,400
Henderson Land Development Co. Ltd. (Hong Kong)		54,000		243,521
KE Holdings, Inc. (China), ADR*		800		45,584
Mitsubishi Estate Co. Ltd. (Japan)		5,800		101,458
Realogy Holdings Corp.*		14,500		219,385
RMR Group, Inc. (The) (Class A Stock)		463		18,895
Selvaag Bolig ASA (Norway)		12,369		91,564
Sumitomo Realty & Development Co. Ltd. (Japan)		1,500		53,164

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development (cont’d.)
Sun Hung Kai Properties Ltd. (Hong Kong)		6,500	$	98,878
Vonovia SE (Germany)		2,624		171,552
				2,139,242
Road & Rail    0.2%
Canadian Pacific Railway Ltd. (Canada)		700		267,367
CSX Corp.		3,160		304,687
Knight-Swift Transportation Holdings, Inc.		6,000		288,540
Old Dominion Freight Line, Inc.		2,780		668,340
Saia, Inc.*		500		115,290
Schneider National, Inc. (Class B Stock)		8,000		199,760
Werner Enterprises, Inc.		6,660		314,152
				2,158,136
Semiconductors & Semiconductor Equipment    3.7%
Advanced Energy Industries, Inc.		1,400		152,838
Amkor Technology, Inc.		4,500		106,695
Applied Materials, Inc.		42,204		5,638,454
ASE Technology Holding Co. Ltd. (Taiwan)		94,000		357,098
ASM International NV (Netherlands)		250		73,089
ASML Holding NV (Netherlands)		816		502,273
BE Semiconductor Industries NV (Netherlands)		2,006		168,860
Broadcom, Inc.		3,280		1,520,805
Brooks Automation, Inc.		1,360		111,044
Cirrus Logic, Inc.*		6,100		517,219
Cohu, Inc.*		4,600		192,464
Entegris, Inc.		7,000		782,600
FormFactor, Inc.*		8,260		372,609
Intel Corp.		100,068		6,404,352
KLA Corp.		8,940		2,953,776
MediaTek, Inc. (Taiwan)		19,000		649,101
Micron Technology, Inc.*		4,700		414,587
MKS Instruments, Inc.		12,460		2,310,333
Novatek Microelectronics Corp. (Taiwan)		6,000		121,985
Onto Innovation, Inc.*		700		45,997
Qorvo, Inc.*		7,300		1,333,710
QUALCOMM, Inc.		23,900		3,168,901
Renesas Electronics Corp. (Japan)*		4,600		50,520
Semtech Corp.*		4,480		309,120
Skyworks Solutions, Inc.		13,800		2,532,024
STMicroelectronics NV (Switzerland)		18,560		708,509
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		125,000		2,602,612
Texas Instruments, Inc.		17,380		3,284,646

See Notes to Financial Statements.

PGIM Balanced Fund      29

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Tokyo Electron Ltd. (Japan)		2,495	$	1,068,497
Ultra Clean Holdings, Inc.*		6,660		386,546
United Microelectronics Corp. (Taiwan)		58,000		103,535
Xinyi Solar Holdings Ltd. (China)		22,000		36,882
				38,981,681
Software    4.4%
A10 Networks, Inc.*		15,580		149,724
Adobe, Inc.*		12,218		5,808,071
Alarm.com Holdings, Inc.*		1,400		120,932
Asseco Poland SA (Poland)		4,002		68,598
Autodesk, Inc.*		10,500		2,910,075
Blackbaud, Inc.*		680		48,334
Cadence Design Systems, Inc.*		7,580		1,038,384
ChannelAdvisor Corp.*		4,480		105,504
CommVault Systems, Inc.*		200		12,900
Constellation Software, Inc. (Canada)		200		279,309
Digital Turbine, Inc.*		3,600		289,296
Envestnet, Inc.*		1,700		122,791
Intuit, Inc.		1,558		596,807
J2 Global, Inc.*		3,580		429,099
Microsoft Corp.		122,266		28,826,655
Oracle Corp.		54,798		3,845,176
PTC, Inc.*		2,700		371,655
QAD, Inc. (Class A Stock)		3,000		199,740
Sapiens International Corp. NV (Israel)		7,800		247,962
SPS Commerce, Inc.*		3,576		355,133
Synopsys, Inc.*		2,000		495,560
Verint Systems, Inc.*		3,300		150,117
				46,471,822
Specialty Retail    1.3%
AutoNation, Inc.*		4,260		397,117
Buckle, Inc. (The)		6,100		239,608
China Tourism Group Duty Free Corp. Ltd. (China) (Class A Stock)		3,600		168,748
Dixons Carphone PLC (United Kingdom)*		98,760		194,765
Halfords Group PLC (United Kingdom)*		77,636		411,897
Hibbett Sports, Inc.*		4,400		303,116
Home Depot, Inc. (The)		15,458		4,718,554
Hornbach Baumarkt AG (Germany)		4,128		173,818
JB Hi-Fi Ltd. (Australia)		2,690		106,030
JD Sports Fashion PLC (United Kingdom)*		4,466		51,153
Kingfisher PLC (United Kingdom)*		12,306		54,167

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
L Brands, Inc.*		11,100	$	686,646
Lowe’s Cos., Inc.		20,020		3,807,404
Lumber Liquidators Holdings, Inc.*		700		17,584
Matas A/S (Denmark)*		7,790		102,158
Mr. Price Group Ltd. (South Africa)		19,346		253,894
Murphy USA, Inc.		1,980		286,229
Nitori Holdings Co. Ltd. (Japan)		2,900		562,689
O’Reilly Automotive, Inc.*		180		91,305
RH*		760		453,416
Sleep Number Corp.*		900		129,141
Super Retail Group Ltd. (Australia)		11,181		100,562
Zhongsheng Group Holdings Ltd. (China)		6,500		46,050
Zumiez, Inc.*		2,600		111,540
				13,467,591
Technology Hardware, Storage & Peripherals    2.8%
Apple, Inc.		192,804		23,551,009
Asustek Computer, Inc. (Taiwan)		6,000		78,553
FUJIFILM Holdings Corp. (Japan)		9,400		559,545
HP, Inc.		57,600		1,828,800
Lenovo Group Ltd. (China)		46,000		65,793
Lite-On Technology Corp. (Taiwan)		26,000		57,375
Logitech International SA (Switzerland)		7,282		761,602
MCJ Co. Ltd. (Japan)		61,800		539,395
NetApp, Inc.		7,700		559,559
Quanta Computer, Inc. (Taiwan)		18,000		62,072
Samsung Electronics Co. Ltd. (South Korea)		13,306		961,154
Super Micro Computer, Inc.*		2,300		89,838
				29,114,695
Textiles, Apparel & Luxury Goods    0.4%
Crocs, Inc.*		3,400		273,530
Deckers Outdoor Corp.*		1,440		475,805
Kontoor Brands, Inc.		1,100		53,383
Li Ning Co. Ltd. (China)		11,500		75,241
LVMH Moet Hennessy Louis Vuitton SE (France)		181		120,795
Tapestry, Inc.*		73,100		3,012,451
				4,011,205
Thrifts & Mortgage Finance    0.1%
Home Capital Group, Inc. (Canada)*		5,700		139,835
Meta Financial Group, Inc.		700		31,717

See Notes to Financial Statements.

PGIM Balanced Fund      31

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
Mr. Cooper Group, Inc.*		5,660	$	196,742
OP Bancorp		2,672		28,109
PennyMac Financial Services, Inc.		2,480		165,838
Premier Financial Corp.		3,400		113,084
Provident Financial Services, Inc.		1,100		24,508
				699,833
Tobacco    0.7%
Altria Group, Inc.		68,160		3,487,066
British American Tobacco PLC (United Kingdom)		30,423		1,157,455
Imperial Brands PLC (United Kingdom)		30,089		621,711
Japan Tobacco, Inc. (Japan)		38,273		735,618
KT&G Corp. (South Korea)		1,736		124,981
Scandinavian Tobacco Group A/S (Denmark), 144A		40,506		778,200
				6,905,031
Trading Companies & Distributors    0.5%
Applied Industrial Technologies, Inc.		3,580		326,389
Ashtead Group PLC (United Kingdom)		2,200		130,775
Boise Cascade Co.		5,760		344,621
Brenntag SE (Germany)		8,827		754,642
Ferguson PLC		7,580		904,604
GMS, Inc.*		7,840		327,320
ITOCHU Corp. (Japan)		26,900		873,205
Mitsubishi Corp. (Japan)		6,600		186,947
Mitsui & Co. Ltd. (Japan)		40,900		852,056
MonotaRO Co. Ltd. (Japan)		2,000		54,338
Veritiv Corp.*		1,200		51,048
				4,805,945
Water Utilities    0.0%
American States Water Co.		2,480		187,538
Artesian Resources Corp. (Class A Stock)		705		27,763
China Water Affairs Group Ltd. (Hong Kong)		182,000		149,417
				364,718
Wireless Telecommunication Services    0.3%
KDDI Corp. (Japan)		8,000		245,504
PLDT, Inc. (Philippines)		8,675		218,202
Shenandoah Telecommunications Co.		2,500		122,025
SK Telecom Co. Ltd. (South Korea)		1,397		340,909

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services (cont’d.)
SoftBank Corp. (Japan)		32,200	$	419,190
Vodacom Group Ltd. (South Africa)		75,878		649,018
Vodafone Group PLC (United Kingdom)		344,504		629,147
				2,623,995
TOTAL COMMON STOCKS (cost $477,631,392)				658,981,852
EXCHANGE-TRADED FUND    0.2%
iShares MSCI EAFE ETF (cost $1,664,597)		26,346		1,998,871
PREFERRED STOCKS    0.1%
Automobiles    0.0%
Porsche Automobil Holding SE (Germany) (PRFC)		725		76,999
Volkswagen AG (Germany) (PRFC)		273		76,572
				153,571
Banks    0.0%
Citigroup Capital XIII, 6.582%, Maturing 10/30/40		3,000		80,700
Itausa SA (Brazil) (PRFC)		25,200		45,935
				126,635
Capital Markets    0.0%
State Street Corp., 5.350%, Series G, Maturing 03/15/26(oo)		5,000		144,350
Electric Utilities    0.1%
Cia Paranaense de Energia (Brazil) (PRFC B)		330,000		418,608
Oil, Gas & Consumable Fuels    0.0%
Petroleo Brasileiro SA (Brazil) (PRFC)		10,500		45,126
Technology Hardware, Storage & Peripherals    0.0%
Samsung Electronics Co. Ltd. (South Korea) (PRFC)		4,320		279,744
TOTAL PREFERRED STOCKS (cost $974,498)				1,168,034

See Notes to Financial Statements.

PGIM Balanced Fund      33

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Units		Value
RIGHTS*    0.0%
Gas Utilities
Snam SpA (Italy), expiring 04/08/21 (cost $0)		8,492		$                9

	Interest     Rate	Maturity     Date	Principal Amount (000)#
ASSET-BACKED SECURITIES    3.9%
Automobiles    1.0%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class B	3.130%	02/18/25		100	102,878
Series 2019-01, Class C	3.360	02/18/25		200	208,688
Series 2019-02, Class C	2.740	04/18/25		300	311,537
Series 2019-03, Class C	2.320	07/18/25		800	825,295
Series 2020-01, Class B	1.480	01/21/25		500	508,168
Series 2020-02, Class D	2.130	03/18/26		100	102,956
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A	4.000	03/20/25		300	325,219
Series 2019-02A, Class A, 144A	3.350	09/22/25		616	661,156
Series 2019-03A, Class A, 144A	2.360	03/20/26		1,000	1,040,422
Series 2020-01A, Class A, 144A	2.330	08/20/26		500	519,101
Series 2020-02A, Class A, 144A	2.020	02/20/27		200	204,068
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C	1.320	07/15/25		100	101,101
Series 2020-03A, Class D	1.730	07/15/26		100	101,466
Ford Auto Securitization Trust (Canada),
Series 2019-BA, Class A2, 144A	2.321	10/15/23	CAD	456	367,136
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C	3.620	06/17/24		100	104,487
JPMorgan Chase Bank, NA,
Series 2020-02, Class D, 144A	1.487	02/25/28		671	672,482
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A	3.630	09/14/27		1,280	1,382,190
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D	2.220	09/15/26		100	102,625
Series 2020-03, Class D	1.640	11/16/26		400	405,858
Series 2020-04, Class D	1.480	01/15/27		300	301,787
Series 2021-01, Class D	1.130	11/16/26		800	794,879
World Omni Select Auto Trust,
Series 2018-01A, Class C, 144A	3.860	01/15/25		440	446,231
Series 2019-A, Class B	2.170	12/15/25		700	716,617
Series 2019-A, Class C	2.380	12/15/25		200	206,229
					10,512,576

See Notes to Financial Statements.

34

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations    1.5%
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)	1.612%(c)	07/22/32		1,000	$	1,000,889
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)	1.483(c)	07/16/29		246		246,447
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)	1.262(c)	05/17/31		1,000		999,998
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.235(c)	04/30/31		1,000		999,166
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)	1.544(c)	01/20/32		750		750,001
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)	1.454(c)	04/20/31		249		248,587
HPS Loan Management Ltd. (Cayman Islands),
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)	1.542(c)	07/22/32		750		750,667
ICG US CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1A, 144A, 3 Month LIBOR + 1.380% (Cap N/A, Floor 1.380%)	1.595(c)	10/26/32		1,000		1,000,946
LCM LP (Cayman Islands),
Series 13A, Class ARR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)	1.363(c)	07/19/27		1,750		1,750,528
OZLM Ltd. (Cayman Islands),
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)	1.274(c)	04/20/31		1,500		1,500,291
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)	1.614(c)	07/20/32		1,000		1,001,084
Shackleton CLO Ltd. (Cayman Islands),
Series 2015-07RA, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 0.000%)	1.411(c)	07/15/31		500		500,017
Sound Point CLO Ltd. (Cayman Islands),
Series 2014-03RA, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)	1.468(c)	10/23/31		750		750,351
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)	1.424(c)	07/20/31		250		250,019

See Notes to Financial Statements.

PGIM Balanced Fund      35

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Trinitas CLO Ltd. (Cayman Islands),
Series 2016-04A, Class A1LR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)	1.403%(c)	10/18/31		994	$	994,601
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)	1.424(c)	10/20/31		500		500,242
York CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.572(c)	07/22/32		1,000		1,000,951
Series 2020-01A, Class A1, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)	1.669(c)	04/20/32		1,250		1,253,154
						15,497,939
Consumer Loans    0.5%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A	2.509	10/20/39		CAD           200		160,425
Lending Funding Trust,
Series 2020-02A, Class A, 144A	2.320	04/21/31		100		99,911
Lendmark Funding Trust,
Series 2018-01A, Class A, 144A	3.810	12/21/26		130		130,546
Series 2018-02A, Class A, 144A	4.230	04/20/27		100		101,947
Series 2019-02A, Class A, 144A	2.780	04/20/28		900		924,885
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A	2.190	08/21/34		200		202,982
OneMain Financial Issuance Trust,
Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)	0.906(c)	09/14/32		53		52,819
Series 2017-01A, Class C, 144A	3.350	09/14/32		135		135,522
Series 2018-01A, Class A, 144A	3.300	03/14/29		183		183,993
Series 2020-01A, Class A, 144A	3.840	05/14/32		300		314,748
Series 2020-02A, Class A, 144A	1.750	09/14/35		500		501,058
Oportun Funding IX LLC,
Series 2018-B, Class D, 144A	5.770	07/08/24		500		500,113
Oportun Funding LLC,
Series 2020-01, Class A, 144A	2.200	05/15/24		192		192,932
Oportun Funding X LLC,
Series 2018-C, Class A, 144A	4.100	10/08/24		300		303,892
Oportun Funding XII LLC,
Series 2018-D, Class A, 144A	4.150	12/09/24		200		202,308
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A	1.210	03/08/28		200		199,931
Series 2021-A, Class B, 144A	1.760	03/08/28		100		99,952

See Notes to Financial Statements.

36

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	2.959%(c)	02/25/23		150	$	149,821
SoFi Consumer Loan Program Trust,
Series 2020-01, Class A, 144A	2.020	01/25/29		421		424,991
Springleaf Funding Trust,
Series 2017-AA, Class A, 144A	2.680	07/15/30		273		273,251
						5,156,027
Credit Cards    0.1%
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7	3.960	10/13/30		600		690,984
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.449(c)	11/15/28		GBP           465		644,606
						1,335,590
Equipment    0.1%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A	2.720	06/15/40		400		418,667
Series 2018-A, Class A5, 144A	3.610	03/10/42		100		106,686
Series 2019-A, Class A5, 144A	3.080	11/12/41		400		424,653
						950,006
Home Equity Loan    0.0%
CDC Mortgage Capital Trust,
Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%)	1.759(c)	03/25/33		7		6,943
Manufactured Housing    0.0%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A	3.000(cc)	11/25/58		118		120,877

See Notes to Financial Statements.

PGIM Balanced Fund      37

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Other    0.1%
Loandepot GMSR Master Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)	2.906%(c)	10/16/23		100	$	99,698
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)	2.909(c)	06/25/24		1,400		1,388,020
						1,487,718
Residential Mortgage-Backed Securities    0.2%
CIT Mortgage Loan Trust,
Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)	1.459(c)	10/25/37		183		184,251
Countrywide Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.859(c)	03/25/34		50		49,962
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A	2.258(cc)	04/25/38		716		724,452
Legacy Mortgage Asset Trust,
Series 2019-GS02, Class A1, 144A	3.750	01/25/59		140		139,640
Series 2019-GS04, Class A1, 144A	3.438	05/25/59		239		240,103
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A	2.750(cc)	01/25/61		178		181,383
Series 2018-01, Class A1, 144A	3.250(cc)	05/25/62		107		110,234
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)	0.709(c)	02/25/57		280		280,462
						1,910,487
Student Loans    0.4%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A	2.680	09/25/42		181		185,245
Series 2018-AGS, Class A1, 144A	3.210	02/25/44		153		158,639
Series 2018-CGS, Class A1, 144A	3.870	02/25/46		73		75,067
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A	2.810	11/25/42		97		98,993
Series 2018-B, Class A2FX, 144A	3.540	05/26/43		195		199,196
Series 2019-A, Class A2FX, 144A	2.730	10/25/48		180		184,559
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A	3.190	02/18/42		349		353,959
Series 2018-CA, Class A2, 144A	3.520	06/16/42		185		188,433
Series 2019-CA, Class A2, 144A	3.130	02/15/68		290		297,205

See Notes to Financial Statements.

38

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
SoFi Professional Loan Program LLC,
Series 2019-B, Class A2FX, 144A	3.090%	08/17/48		379	$	389,637
Series 2019-C, Class A2FX, 144A	2.370	11/16/48		575		587,136
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A	3.340	08/25/47		295		305,594
Series 2020-A, Class A2FX, 144A	2.540	05/15/46		600		617,481
						3,641,144
TOTAL ASSET-BACKED SECURITIES   (cost $39,836,141)						40,619,307
BANK LOANS     0.0%
Oil & Gas     0.0%
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000%	10.000(c)	11/01/25		152		167,865
Telecommunications     0.0%
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%	3.510(c)	05/27/24		249		236,731
TOTAL BANK LOANS   (cost $390,215)						404,596
COMMERCIAL MORTGAGE-BACKED SECURITIES     6.1%
BANK,
Series 2017-BNK04, Class A3	3.362	05/15/50		1,000		1,084,007
Series 2020-BN26, Class A3	2.155	03/15/63		1,800		1,782,032
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4	4.047	12/15/51		1,351		1,515,051
Benchmark Mortgage Trust,
Series 2019-B13, Class A3	2.701	08/15/57		1,800		1,847,169
Series 2020-B17, Class A4	2.042	03/15/53		650		635,294
BX Commercial Mortgage Trust,
Series 2020-BXLP, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)	0.906(c)	12/15/36		1,098		1,098,178
CFK Trust,
Series 2020-MF02, Class B, 144A	2.792	03/15/39		1,200		1,186,004
Series 2020-MF02, Class C, 144A	2.995	03/15/39		1,500		1,459,982
Series 2020-MF02, Class D, 144A	3.349	03/15/39		900		860,877

See Notes to Financial Statements.

PGIM Balanced Fund      39

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4	3.575%	05/10/47		184	$	193,257
Series 2015-GC29, Class A3	2.935	04/10/48		408		428,274
Series 2015-P01, Class A4	3.462	09/15/48		600		645,339
Series 2017-P08, Class A3	3.203	09/15/50		1,000		1,061,706
Series 2019-GC41, Class A4	2.620	08/10/56		3,600		3,681,926
Series 2020-GC46, Class A4	2.477	02/15/53		1,400		1,416,123
Commercial Mortgage Trust,
Series 2013-CR08, Class A4	3.334	06/10/46		326		341,501
Series 2014-CR15, Class A2	2.928	02/10/47		118		117,190
Series 2014-CR18, Class A4	3.550	07/15/47		381		407,055
Series 2014-UBS04, Class A4	3.420	08/10/47		700		740,505
Series 2015-LC21, Class A3	3.445	07/10/48		700		747,033
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A3	3.231	06/15/57		761		812,699
Series 2017-C08, Class A3	3.127	06/15/50		800		838,721
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A3A	3.015	05/10/49		789		823,765
Fannie Mae-Aces,
Series 2015-M10, Class A2	3.092(cc)	04/25/27		1,133		1,232,657
Series 2019-M25, Class A1	2.142	11/25/29		1,850		1,907,772
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO	1.340(cc)	05/25/22		2,468		28,969
Series K021, Class X1, IO	1.400(cc)	06/25/22		767		8,601
Series K025, Class X1, IO	0.795(cc)	10/25/22		1,283		12,047
Series K055, Class X1, IO	1.360(cc)	03/25/26		2,260		132,606
Series K064, Class AM	3.327(cc)	03/25/27		1,280		1,410,037
Series K068, Class AM	3.315	08/25/27		900		994,860
Series K069, Class AM	3.248(cc)	09/25/27		150		164,966
Series K070, Class AM	3.364	12/25/27		225		249,123
Series K075, Class AM	3.650(cc)	02/25/28		575		648,410
Series K076, Class AM	3.900	04/25/28		425		482,823
Series K077, Class AM	3.850(cc)	05/25/28		160		182,834
Series K079, Class AM	3.930	06/25/28		996		1,140,683
Series K080, Class AM	3.986(cc)	07/25/28		1,777		2,039,337
Series K083, Class AM	4.030(cc)	10/25/28		275		318,164
Series K086, Class AM	3.919(cc)	12/25/28		200		229,623
Series K087, Class AM	3.832(cc)	12/25/28		250		285,053
Series K157, Class A2	3.990(cc)	05/25/33		700		819,305
Series W5FX, Class AFX	2.970(cc)	04/25/28		380		405,855
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4	3.136	02/10/48		388		409,088

See Notes to Financial Statements.

40

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A4	2.694%	04/15/46		91	$	93,292
Series 2017-JP07, Class ASB	3.241	09/15/50		400		430,525
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)	1.106(c)	09/15/29		700		700,856
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C08, Class A3	2.863	12/15/48		180		184,255
Series 2015-C23, Class A3	3.451	07/15/50		584		625,503
Series 2015-C25, Class A4	3.372	10/15/48		700		751,288
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class A3	2.531	08/15/49		1,300		1,357,070
Series 2019-H06, Class A3	3.158	06/15/52		1,250		1,317,640
Series 2020-L04, Class A2	2.449	02/15/53		3,600		3,631,058
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB	3.264	08/15/50		500		538,134
Series 2017-C05, Class A4	3.212	11/15/50		1,422		1,504,223
Series 2018-C08, Class A4	3.983	02/15/51		1,650		1,830,876
Series 2018-C09, Class A3	3.854	03/15/51		400		436,120
Series 2018-C14, Class A3	4.180	12/15/51		996		1,117,144
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C04, Class A4	2.792	12/10/45		200		203,161
Series 2013-C05, Class A3	2.920	03/10/46		90		92,222
Series 2013-C06, Class A3	2.971	04/10/46		194		199,885
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS02, Class A4	3.498	07/15/58		800		852,728
Series 2016-C33, Class A3	3.162	03/15/59		1,124		1,195,259
Series 2016-C34, Class A3	2.834	06/15/49		800		833,483
Series 2016-C35, Class A3	2.674	07/15/48		1,200		1,239,217
Series 2016-NXS06, Class A3	2.642	11/15/49		1,500		1,568,320
Series 2017-C38, Class A4	3.190	07/15/50		700		751,412
Series 2018-C46, Class A3	3.888	08/15/51		1,050		1,163,649
Series 2018-C48, Class A4	4.037	01/15/52		1,707		1,894,385
Series 2019-C52, Class A3	2.631	08/15/52		2,500		2,596,133
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   (cost $61,537,410)						63,934,339
CORPORATE BONDS     15.0%
Aerospace & Defense     0.4%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		1,860		1,854,467
Sr. Unsec’d. Notes	3.750	02/01/50		515		491,873

See Notes to Financial Statements.

PGIM Balanced Fund      41

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Aerospace & Defense (cont’d.)
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes	5.050%	06/15/25		99	$	102,838
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A	5.696	09/16/23		210		220,888
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		235		264,563
Teledyne Technologies, Inc.,
Sr. Unsec’d. Notes	2.750	04/01/31		1,530		1,529,097
						4,463,726
Agriculture     0.2%
Altria Group, Inc.,
Gtd. Notes	3.400	02/04/41		620		575,054
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.222	08/15/24		810		863,208
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		400		412,331
						1,850,593
Airlines     0.1%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates	3.575	07/15/29		165		167,037
Continental Airlines 2001-1 Class A-1
Pass-Through Trust,
Pass-Through Certificates	6.703	12/15/22		2		2,465
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates	4.000	04/29/26		75		77,230
Delta Air Lines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates	6.821	02/10/24		37		38,731
Delta Air Lines, Inc.,
Sr. Unsec’d. Notes	3.400	04/19/21		200		199,959
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		260		299,140
Sr. Unsec’d. Notes	5.250	05/04/25		300		341,309
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.000	10/11/27		63		64,861
						1,190,732

See Notes to Financial Statements.

42

Description	Interest     Rate	Maturity         Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers     0.5%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%	0.634%(c)	04/12/21		80	$	80,006
Gtd. Notes, 144A	3.100	04/12/21		105		105,057
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A	3.350	05/04/21		330		330,787
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		350		351,356
Sr. Unsec’d. Notes	5.291	12/08/46		135		141,788
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.900	02/16/28		425		408,193
Sr. Unsec’d. Notes	3.350	11/01/22		770		784,616
Sr. Unsec’d. Notes	5.875	08/02/21		200		202,754
General Motors Co.,
Sr. Unsec’d. Notes	4.875	10/02/23		155		169,802
Sr. Unsec’d. Notes	5.000	04/01/35		1,085		1,253,261
Sr. Unsec’d. Notes	6.250	10/02/43		95		121,524
Sr. Unsec’d. Notes	6.600	04/01/36		80		103,710
General Motors Financial Co., Inc.,
Gtd. Notes, 3 Month LIBOR + 0.850%	1.075(c)	04/09/21		160		158,848
Gtd. Notes	3.550	04/09/21		120		120,041
Gtd. Notes	3.950	04/13/24		616		664,097
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A	4.000	11/12/21		245		250,345
						5,246,185
Auto Parts & Equipment     0.1%
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27		250		263,287
Magna International, Inc. (Canada),
Sr. Unsec’d. Notes	2.450	06/15/30		350		351,649
						614,936
Banks     3.6%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes	3.848	04/12/23		200		212,543
Bank of America Corp.,
Jr. Sub. Notes, Series JJ	5.125(ff)	06/20/24(oo)		350		371,014
Jr. Sub. Notes, Series MM	4.300(ff)	01/28/25(oo)		235		235,754
Sr. Unsec’d. Notes	3.004(ff)	12/20/23		191		198,756
Sr. Unsec’d. Notes, GMTN	3.300	01/11/23		390		409,945

See Notes to Financial Statements.

PGIM Balanced Fund      43

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes, GMTN	3.593%(ff)	07/21/28		160	$	173,843
Sr. Unsec’d. Notes, MTN	3.194(ff)	07/23/30		215		225,667
Sr. Unsec’d. Notes, MTN	3.550(ff)	03/05/24		85		89,684
Sr. Unsec’d. Notes, MTN	3.824(ff)	01/20/28		1,835		2,019,139
Sr. Unsec’d. Notes, MTN	3.974(ff)	02/07/30		115		127,273
Sr. Unsec’d. Notes, MTN	4.125	01/22/24		882		964,027
Sr. Unsec’d. Notes, MTN	4.271(ff)	07/23/29		350		394,576
Sr. Unsec’d. Notes, Series N	2.651(ff)	03/11/32		2,290		2,295,006
Sub. Notes, MTN	4.450	03/03/26		365		410,062
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN	2.500	06/28/24		660		696,849
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN	2.200	08/16/23		782		813,438
Sr. Unsec’d. Notes, MTN	2.950	01/29/23		170		177,859
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes	2.645(ff)	06/24/31		1,075		1,058,786
Sr. Unsec’d. Notes	4.375	01/12/26		200		222,803
Sr. Unsec’d. Notes, MTN	4.972(ff)	05/16/29		400		459,328
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A	1.904(ff)	09/30/28		750		736,748
Sr. Unsec’d. Notes, 144A, MTN	2.950	05/23/22		275		282,636
BPCE SA (France),
Sr. Unsec’d. Notes, 144A	2.277(ff)	01/20/32		250		241,137
Citigroup, Inc.,
Jr. Sub. Notes, Series Q, 3 Month LIBOR + 4.095%	4.289(c)	05/17/21(oo)		280		279,618
Jr. Sub. Notes, Series U	5.000(ff)	09/12/24(oo)		100		103,073
Jr. Sub. Notes, Series V	4.700(ff)	01/30/25(oo)		1,290		1,300,518
Sr. Unsec’d. Notes	2.572(ff)	06/03/31		880		878,747
Sr. Unsec’d. Notes	3.668(ff)	07/24/28		290		317,476
Sr. Unsec’d. Notes	3.700	01/12/26		200		219,827
Sr. Unsec’d. Notes	3.887(ff)	01/10/28		1,500		1,653,545
Sub. Notes	4.400	06/10/25		767		852,016
Sub. Notes	4.450	09/29/27		195		219,316
Sub. Notes	4.750	05/18/46		55		65,175
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes	2.222(ff)	09/18/24		245		251,151
Sr. Unsec’d. Notes, GMTN	3.375	05/12/21		220		220,606
Discover Bank,
Sr. Unsec’d. Notes	4.250	03/13/26		315		352,007
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes	3.750	02/25/26		50		54,878

See Notes to Financial Statements.

44

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes	3.814%(ff)	04/23/29		190	$	208,179
Sr. Unsec’d. Notes	3.850	01/26/27		410		449,728
Sr. Unsec’d. Notes	4.223(ff)	05/01/29		95		106,613
Sr. Unsec’d. Notes	5.750	01/24/22		250		260,858
Sub. Notes	6.750	10/01/37		275		387,799
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF	5.000(ff)	08/01/24(oo)		345		356,741
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)		1,290		1,303,400
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%	3.682(c)	07/30/21(oo)		146		145,520
Sr. Unsec’d. Notes	2.950	10/01/26		210		224,469
Sr. Unsec’d. Notes	3.200	06/15/26		1,066		1,150,761
Sr. Unsec’d. Notes	3.509(ff)	01/23/29		265		286,970
Sr. Unsec’d. Notes	3.702(ff)	05/06/30		145		158,075
Sr. Unsec’d. Notes	3.782(ff)	02/01/28		1,591		1,754,740
Sr. Unsec’d. Notes	4.005(ff)	04/23/29		796		888,208
Sr. Unsec’d. Notes	4.452(ff)	12/05/29		250		286,418
Sub. Notes	3.875	09/10/24		90		98,568
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes	3.750	01/11/27		300		328,977
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%	3.851(c)	07/15/21(oo)		125		124,897
Sr. Unsec’d. Notes, GMTN	3.750	02/25/23		45		47,735
Sr. Unsec’d. Notes, GMTN	3.772(ff)	01/24/29		1,173		1,286,132
Sr. Unsec’d. Notes, GMTN	3.875	01/27/26		370		411,500
Sr. Unsec’d. Notes, GMTN	4.431(ff)	01/23/30		240		274,815
Sr. Unsec’d. Notes, MTN	3.591(ff)	07/22/28		1,536		1,673,821
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A	1.488(ff)	12/14/26		1,000		980,956
State Bank of India (India),
Sr. Unsec’d. Notes, 144A	4.375	01/24/24		310		335,601
State Street Corp.,
Jr. Sub. Notes, Series F, 3 Month LIBOR + 3.597%	3.781(c)	06/15/21(oo)		63		63,021
Sub. Notes	2.200	03/03/31		960		934,968
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.393(ff)	06/02/28		2,500		2,561,732
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		1,025		1,030,573
						37,706,601

See Notes to Financial Statements.

PGIM Balanced Fund      45

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Beverages     0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.700%	02/01/36		150	$	175,900
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes	4.000	01/17/43		120		127,667
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	5.550	01/23/49		825		1,063,927
Keurig Dr. Pepper, Inc.,
Gtd. Notes	3.551	05/25/21		190		190,859
						1,558,353
Building Materials     0.2%
Griffon Corp.,
Gtd. Notes	5.750	03/01/28		800		850,848
Johnson Controls International PLC,
Sr. Unsec’d. Notes	6.000	01/15/36		450		590,183
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30		300		302,182
						1,743,213
Chemicals     0.1%
CF Industries, Inc.,
Gtd. Notes	5.375	03/15/44		150		177,903
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	9.400	05/15/39		67		113,232
Sasol Financing USA LLC (South Africa),
Gtd. Notes	4.375	09/18/26		200		203,942
Gtd. Notes	5.875	03/27/24		200		212,066
Gtd. Notes	6.500	09/27/28		200		215,095
						922,238
Commercial Services     0.5%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500	03/01/28		350		346,587
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		500		530,159
ERAC USA Finance LLC,
Gtd. Notes, 144A	2.700	11/01/23		1,166		1,223,191
Gtd. Notes, 144A	7.000	10/15/37		20		28,924

See Notes to Financial Statements.

46

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A	2.813%	01/01/60		100	$	92,793
Loxam SAS (France),
Sr. Sub. Notes	5.750	07/15/27		EUR           1,100		1,283,913
President & Fellows of Harvard College,
Unsec’d. Notes	3.300	07/15/56		270		293,544
Trustees of Boston College,
Unsec’d. Notes	3.129	07/01/52		279		276,224
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		55		54,320
United Rentals North America, Inc.,
Gtd. Notes	3.875	02/15/31		75		75,411
Gtd. Notes	5.500	05/15/27		250		266,593
Yale University,
Unsec’d. Notes, Series 2020	1.482	04/15/30		595		569,224
						5,040,883
Computers     0.0%
Banff Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A	9.750	09/01/26		175		186,316
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Unsec’d. Notes, 144A	6.750	06/01/25		350		357,593
						543,909
Diversified Financial Services     0.1%
Jefferies Group LLC,
Sr. Unsec’d. Notes	6.500	01/20/43		65		83,146
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28		120		120,641
Gtd. Notes, 144A	6.000	01/15/27		400		415,879
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	4.250	02/15/29		325		310,694
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN	6.150	12/06/28		200		236,748
						1,167,108
Electric     1.1%
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes	6.350	10/01/36		115		160,021

See Notes to Financial Statements.

PGIM Balanced Fund      47

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes	5.950%	05/15/37		120	$	159,297
Calpine Corp.,
Sr. Sec’d. Notes, 144A	4.500	02/15/28		200		201,728
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		150		146,072
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		225		219,563
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2	6.950	03/15/33		120		166,399
General Ref. Mortgage, Series Z	2.400	09/01/26		170		178,276
Commonwealth Edison Co.,
First Mortgage, Series 123	3.750	08/15/47		754		811,689
Dominion Energy, Inc.,
Jr. Sub. Notes	3.071	08/15/24		800		853,641
Jr. Sub. Notes	4.104	04/01/21		400		400,000
DTE Electric Co.,
General Ref. Mortgage	3.750	08/15/47		622		670,257
Duke Energy Carolinas LLC,
First Mortgage	6.050	04/15/38		55		74,979
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		210		220,165
El Paso Electric Co.,
Sr. Unsec’d. Notes	6.000	05/15/35		135		175,939
Emera US Finance LP (Canada),
Gtd. Notes	3.550	06/15/26		685		743,573
Enel Finance International NV (Italy),
Gtd. Notes, 144A	2.875	05/25/22		500		513,041
Gtd. Notes, 144A	4.625	09/14/25		265		299,885
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A	3.400	01/28/30		200		207,196
Eversource Energy,
Sr. Unsec’d. Notes, Series O	4.250	04/01/29		315		359,310
Florida Power & Light Co.,
First Mortgage	5.950	10/01/33		60		80,522
Iberdrola International BV (Spain),
Gtd. Notes	6.750	09/15/33		30		39,451
Interstate Power & Light Co.,
Sr. Unsec’d. Notes	2.300	06/01/30		315		310,970
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN	4.250	08/14/28		235		260,871
Monongahela Power Co.,
First Mortgage, 144A	4.100	04/15/24		280		301,839
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		50		53,380

See Notes to Financial Statements.

48

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
NRG Energy, Inc., (cont’d.)
Gtd. Notes, 144A	3.375%	02/15/29		50	$	48,865
Gtd. Notes, 144A	3.625	02/15/31		100		97,530
Ohio Power Co.,
Sr. Unsec’d. Notes	4.000	06/01/49		160		177,395
Sr. Unsec’d. Notes	4.150	04/01/48		175		197,475
Pacific Gas & Electric Co.,
First Mortgage	3.950	12/01/47		260		240,934
Public Service Co. of Colorado,
First Mortgage	4.300	03/15/44		35		40,520
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN	5.800	05/01/37		125		166,428
San Diego Gas & Electric Co.,
First Mortgage	4.150	05/15/48		230		259,395
Southwestern Public Service Co.,
First Mortgage	3.700	08/15/47		250		261,378
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	2.875	07/15/29		1,135		1,195,055
Vistra Operations Co. LLC,
Gtd. Notes, 144A(a)	5.625	02/15/27		600		624,186
Sr. Sec’d. Notes, 144A	3.550	07/15/24		645		674,661
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	4.800	09/15/41		105		122,665
						11,714,551
Electronics    0.1%
Trimble, Inc.,
Sr. Unsec’d. Notes	4.750	12/01/24		1,200		1,343,110
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes	5.500	07/31/47		200		197,478
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		212,243
Sr. Sec’d. Notes, 144A	5.500	07/31/47		200		197,478
						607,199
Entertainment    0.2%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%	12.000	06/15/26		254		206,809

See Notes to Financial Statements.

PGIM Balanced Fund      49

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A	5.250%	10/15/25		300	$	301,287
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	6.500	02/15/25		650		713,500
Scientific Games International, Inc.,
Gtd. Notes, 144A	8.625	07/01/25		350		380,356
						1,601,952
Foods    0.3%
B&G Foods, Inc.,
Gtd. Notes	5.250	09/15/27		325		338,293
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	3.250	02/16/26	GBP	700		969,845
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A	4.000	02/16/27	GBP	500		691,340
Kraft Heinz Foods Co.,
Gtd. Notes	4.875	10/01/49		450		508,137
Mars, Inc.,
Gtd. Notes, 144A	3.950	04/01/49		275		309,888
						2,817,503
Forest Products & Paper    0.0%
International Paper Co.,
Sr. Unsec’d. Notes	6.000	11/15/41		30		40,838
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.750	05/20/27		825		900,243
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes	4.100	09/01/47		200		211,251
Eastern Energy Gas Holdings LLC,
Sr. Unsec’d. Notes	4.600	12/15/44		10		11,203
NiSource, Inc.,
Sr. Unsec’d. Notes	3.490	05/15/27		548		595,298
Sr. Unsec’d. Notes	4.800	02/15/44		40		47,015
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	3.500	06/01/29		740		799,611
						2,564,621

See Notes to Financial Statements.

50

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products    0.1%
Abbott Laboratories,
Sr. Unsec’d. Notes	4.900%	11/30/46		295	$	383,857
DH Europe Finance II Sarl,
Gtd. Notes	1.350	09/18/39	EUR	385		460,300
Medtronic Global Holdings SCA,
Gtd. Notes	2.250	03/07/39	EUR	100		137,333
						981,490
Healthcare-Services    0.5%
Allina Health System,
Unsec’d. Notes, Series 2019	3.887	04/15/49		115		127,160
Anthem, Inc.,
Sr. Unsec’d. Notes	4.625	05/15/42		45		53,446
Sr. Unsec’d. Notes	4.650	01/15/43		30		35,739
Ascension Health,
Sr. Unsec’d. Notes	3.945	11/15/46		795		910,906
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A	2.375	03/01/28	EUR	800		934,642
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017	3.920	06/01/47		95		108,055
HCA, Inc.,
Gtd. Notes	3.500	09/01/30		50		50,389
Gtd. Notes	5.375	02/01/25		180		200,819
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A	3.200	06/01/50		160		152,058
IHC Health Services, Inc.,
Sec’d. Notes	4.131	05/15/48		480		565,045
Kaiser Foundation Hospitals,
Gtd. Notes	4.150	05/01/47		140		165,269
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes	3.200	02/01/22		20		20,459
MidMichigan Health,
Sec’d. Notes, Series 2020	3.409	06/01/50		155		156,336
MultiCare Health System,
Unsec’d. Notes	2.803	08/15/50		280		259,268
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A	2.532	10/01/29		190		194,023
Unsec’d. Notes, Series H	2.746	10/01/26		50		53,261
Tenet Healthcare Corp.,
Gtd. Notes, 144A	6.125	10/01/28		325		338,594
Sr. Sec’d. Notes	4.625	07/15/24		478		487,929

See Notes to Financial Statements.

PGIM Balanced Fund      51

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	3.500%	02/15/24		355	$	384,461
						5,197,859
Home Builders    0.1%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A	4.875	02/15/30		600		600,316
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	4.625	03/01/30		325		323,084
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		90		99,374
Sr. Unsec’d. Notes, 144A	5.125	08/01/30		80		84,976
						1,107,750
Insurance    0.2%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	3.950	05/15/60		115		116,985
Gtd. Notes, 144A	3.951	10/15/50		180		185,900
Gtd. Notes, 144A	4.569	02/01/29		350		405,842
Lincoln National Corp.,
Sr. Unsec’d. Notes	6.300	10/09/37		110		146,603
Markel Corp.,
Sr. Unsec’d. Notes	5.000	03/30/43		25		28,976
Sr. Unsec’d. Notes	5.000	04/05/46		325		401,733
New York Life Insurance Co.,
Sub. Notes, 144A	6.750	11/15/39		110		157,228
Principal Financial Group, Inc.,
Gtd. Notes	4.625	09/15/42		15		17,358
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A	4.270	05/15/47		240		270,682
Sub. Notes, 144A	6.850	12/16/39		22		31,627
						1,762,934
Lodging 0.1%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A	3.625	02/15/32		375		364,038
Marriott International, Inc.,
Sr. Unsec’d. Notes	3.250	09/15/22		130		133,341

See Notes to Financial Statements.

52

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Marriott International, Inc., (cont’d.)
Sr. Unsec’d. Notes, Series R	3.125%	06/15/26		561	$	588,265
MGM Resorts International,
Gtd. Notes	6.750	05/01/25		350		377,301
						1,462,945
Machinery-Diversified    0.1%
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	4.950	09/15/28		89		101,449
Xylem, Inc.,
Sr. Unsec’d. Notes	1.950	01/30/28		975		973,597
Sr. Unsec’d. Notes	4.875	10/01/21		160		163,404
						1,238,450
Media    0.6%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		350		350,698
Sr. Unsec’d. Notes, 144A	5.375	06/01/29		900		967,921
Sr. Unsec’d. Notes, 144A	5.750	02/15/26		244		252,013
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.900	06/01/52		290		278,479
Sr. Sec’d. Notes	5.375	05/01/47		120		139,243
Sr. Sec’d. Notes	6.384	10/23/35		110		142,535
Sr. Sec’d. Notes	6.484	10/23/45		172		225,456
Comcast Corp.,
Gtd. Notes	3.969	11/01/47		19		21,276
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A	3.150	08/15/24		740		790,376
CSC Holdings LLC,
Gtd. Notes, 144A	3.375	02/15/31		310		291,919
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		300		295,125
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sr. Sec’d. Notes, 144A	5.375	08/15/26		550		396,060
Discovery Communications LLC,
Gtd. Notes	5.300	05/15/49		575		688,026
DISH DBS Corp.,
Gtd. Notes	7.375	07/01/28		225		235,385
Gtd. Notes	7.750	07/01/26		125		138,004

See Notes to Financial Statements.

PGIM Balanced Fund      53

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Time Warner Cable LLC,
Sr. Sec’d. Notes	5.500%	09/01/41		140		$	167,175
ViacomCBS, Inc.,
Sr. Unsec’d. Notes	4.375	03/15/43		600			648,028
Sr. Unsec’d. Notes	5.250	04/01/44		65			78,199
Videotron Ltd. (Canada),
Gtd. Notes	5.000	07/15/22		150			156,184
							6,262,102
Mining    0.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes	5.750	05/01/43		280			369,126
Newmont Corp.,
Gtd. Notes	3.625	06/09/21		110			110,040
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes	7.500	07/27/35		95			135,053
							614,219
Miscellaneous Manufacturing    0.1%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	7.500	03/15/25		300			295,369
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		450			513,585
							808,954
Multi-National    0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes	2.750	01/06/23		70			72,423
Sr. Unsec’d. Notes	3.250	02/11/22		65			66,462
							138,885
Oil & Gas    1.2%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250	02/15/26		225			232,461
Antero Resources Corp.,
Gtd. Notes	5.625	06/01/23		500			501,624
Gtd. Notes, 144A	8.375	07/15/26		100			110,202
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	9.000	11/01/27		79	��		100,787

See Notes to Financial Statements.

54

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Ascent Resources Utica Holdings LLC/ARU Finance Corp., (cont’d.)
Sr. Unsec’d. Notes, 144A	8.250%	12/31/28		125	$	130,119
BP Capital Markets America, Inc.,
Gtd. Notes	3.790	02/06/24		518		562,041
BP Capital Markets PLC (United Kingdom),
Gtd. Notes	4.375(ff)	06/22/25(oo)		750		795,958
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	5.400	06/15/47		318		353,713
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		125		130,248
Gtd. Notes, 144A	5.875	02/01/29		125		132,584
ConocoPhillips,
Gtd. Notes, 144A	3.750	10/01/27		2,000		2,208,251
Gtd. Notes, 144A	4.875	10/01/47		35		42,759
ConocoPhillips Co.,
Sr. Unsec’d. Notes	6.950	04/15/29		150		199,728
Continental Resources, Inc.,
Gtd. Notes	4.500	04/15/23		151		156,114
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		35		40,464
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.875	03/30/26		15		15,106
Sr. Sec’d. Notes, 144A	5.375	03/30/28		255		258,729
EOG Resources, Inc.,
Sr. Unsec’d. Notes	3.900	04/01/35		120		129,173
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes	4.650	03/15/25		240		263,780
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		50		50,409
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		50		50,718
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes	4.400	04/15/29		650		694,468
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	7.125	02/01/27		200		209,179
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes	6.450	09/15/36		200		220,349
Ovintiv, Inc.,
Gtd. Notes	6.500	08/15/34		340		410,103
Gtd. Notes	6.500	02/01/38		50		60,350
Petrobras Global Finance BV (Brazil),
Gtd. Notes	5.600	01/03/31		68		71,639
Gtd. Notes	6.625	01/16/34	GBP	230		354,960
Gtd. Notes	6.900	03/19/49		319		347,605

See Notes to Financial Statements.

PGIM Balanced Fund      55

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petrobras Global Finance BV (Brazil), (cont’d.)
Gtd. Notes	7.375%	01/17/27		45	$	53,497
Petroleos Mexicanos (Mexico),
Gtd. Notes	6.350	02/12/48		136		112,356
Gtd. Notes	6.490	01/23/27		73		76,311
Gtd. Notes	6.500	03/13/27		1,650		1,725,512
Gtd. Notes, EMTN	4.875	02/21/28	EUR	240		279,711
Gtd. Notes, MTN	6.750	09/21/47		231		197,545
Gtd. Notes, MTN	6.875	08/04/26		10		10,703
Range Resources Corp.,
Gtd. Notes	9.250	02/01/26		625		678,556
Gtd. Notes, 144A	8.250	01/15/29		75		80,266
Sinopec Group Overseas Development 2018 Ltd. (China),
Gtd. Notes, 144A	3.680	08/08/49		345		351,505
						12,399,583
Oil & Gas Services    0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A	3.900	05/17/28		336		365,482
Packaging & Containers    0.2%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%	5.000	06/30/27	EUR	1,250		1,499,062
WestRock RKT LLC,
Gtd. Notes	4.900	03/01/22		95		98,735
						1,597,797
Pharmaceuticals    0.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.600	05/14/25		315		342,993
Sr. Unsec’d. Notes	4.250	11/21/49		1,285		1,454,573
Sr. Unsec’d. Notes	4.500	05/14/35		235		273,538
Sr. Unsec’d. Notes	4.550	03/15/35		430		500,989
Sr. Unsec’d. Notes	4.700	05/14/45		250		296,210
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	02/15/29		50		49,699
Gtd. Notes, 144A	5.250	02/15/31		75		74,692
Gtd. Notes, 144A	7.000	01/15/28		500		542,893

See Notes to Financial Statements.

56

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A	3.500%	06/25/21		200	$	200,870
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes	3.734	12/15/24		65		71,006
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.125	06/15/39		70		81,447
Sr. Unsec’d. Notes	4.250	10/26/49		395		465,290
Sr. Unsec’d. Notes	5.000	08/15/45		171		219,733
Cigna Corp.,
Gtd. Notes	4.500	02/25/26		967		1,098,514
Sr. Unsec’d. Notes	3.400	03/15/51		615		605,419
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300	03/25/28		923		1,047,713
Sr. Unsec’d. Notes	4.780	03/25/38		90		106,275
Sr. Unsec’d. Notes	5.125	07/20/45		487		598,578
Sr. Unsec’d. Notes	5.300	12/05/43		45		56,250
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes	3.025	07/09/40		250		241,892
Utah Acquisition Sub, Inc.,
Gtd. Notes	5.250	06/15/46		755		888,774
Viatris, Inc.,
Gtd. Notes, 144A	4.000	06/22/50		370		377,589
						9,594,937
Pipelines    0.7%
Energy Transfer Operating LP,
Gtd. Notes	4.950	06/15/28		210		235,069
Gtd. Notes	5.000	05/15/50		170		176,206
Gtd. Notes	5.300	04/15/47		500		523,771
Enterprise Products Operating LLC,
Gtd. Notes	3.200	02/15/52		275		250,675
Gtd. Notes	4.200	01/31/50		345		367,732
Gtd. Notes	4.850	03/15/44		185		213,890
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A	2.550	07/01/30		350		345,643
Kinder Morgan, Inc.,
Gtd. Notes	3.250	08/01/50		220		195,066
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		630		617,811
Sr. Unsec’d. Notes	4.500	04/15/38		175		191,160
Sr. Unsec’d. Notes	4.875	06/01/25		375		422,269
Sr. Unsec’d. Notes	5.200	03/01/47		20		22,877

See Notes to Financial Statements.

PGIM Balanced Fund      57

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
MPLX LP, (cont’d.)
Sr. Unsec’d. Notes	5.500%	02/15/49		90	$	107,259
ONEOK Partners LP,
Gtd. Notes	6.200	09/15/43		205		246,639
ONEOK, Inc.,
Gtd. Notes	4.500	03/15/50		1,000		1,015,046
Gtd. Notes	4.950	07/13/47		50		53,043
Phillips 66 Partners LP,
Sr. Unsec’d. Notes	3.550	10/01/26		360		385,745
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	4.300	01/31/43		740		677,734
Spectra Energy Partners LP,
Gtd. Notes	3.375	10/15/26		165		177,593
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		275		268,912
Gtd. Notes, 144A	6.000	12/31/30		125		123,665
Gtd. Notes, 144A	7.500	10/01/25		150		161,239
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.000	07/01/22		445		456,246
Sr. Unsec’d. Notes	5.300	03/01/48		20		20,079
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	4.850	03/01/48		20		22,279
Sr. Unsec’d. Notes	4.900	01/15/45		220		243,899
Sr. Unsec’d. Notes	5.400	03/04/44		175		203,665
						7,725,212
Real Estate    0.0%
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125	02/01/29		350		342,085
Real Estate Investment Trusts (REITs)    0.5%
Brandywine Operating Partnership LP,
Gtd. Notes	4.550	10/01/29		450		477,278
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	4.050	07/01/30		345		372,395
Diversified Healthcare Trust,
Sr. Unsec’d. Notes	4.750	02/15/28		400		396,433
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	5.375	04/15/26		175		196,539
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes	2.875	01/15/31		315		319,059

See Notes to Financial Statements.

58

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Ventas Realty LP,
Gtd. Notes	2.650%	01/15/25		1,750	$	1,829,622
VEREIT Operating Partnership LP,
Gtd. Notes	3.400	01/15/28		800		845,498
Welltower, Inc.,
Sr. Unsec’d. Notes	4.250	04/01/26		160		179,695
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.250	04/01/33		545		508,730
						5,125,249
Retail     0.5%
AutoZone, Inc.,
Sr. Unsec’d. Notes	1.650	01/15/31		185		169,901
Dollar Tree, Inc.,
Sr. Unsec’d. Notes	4.200	05/15/28		2,350		2,639,608
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes	6.250	10/30/25	EUR	1,200		1,432,218
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		170		175,305
Sec’d. Notes, 144A	8.750	04/30/25		350		389,354
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		500		520,104
						5,326,490
Semiconductors     0.3%
Broadcom, Inc.,
Gtd. Notes	3.459	09/15/26		166		178,216
Gtd. Notes	4.750	04/15/29		975		1,095,960
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		1,750		1,755,012
						3,029,188
Software     0.0%
Microsoft Corp.,
Sr. Unsec’d. Notes	2.525	06/01/50		48		43,877
Sr. Unsec’d. Notes	2.675	06/01/60		295		270,703
						314,580

See Notes to Financial Statements.

PGIM Balanced Fund      59

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications     0.8%
AT&T, Inc.,
Sr. Unsec’d. Notes	4.300%	02/15/30		5	$	5,629
Sr. Unsec’d. Notes, 144A	2.550	12/01/33		274		260,078
Sr. Unsec’d. Notes, 144A	3.500	09/15/53		1,658		1,533,261
Sr. Unsec’d. Notes, 144A	3.550	09/15/55		115		105,251
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes	9.625	12/15/30		50		77,299
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. (Jamaica),
Gtd. Notes, 144A	8.000	12/31/26		150		145,174
Sr. Sec’d. Notes, 144A	8.750	05/25/24		200		207,000
Sr. Sec’d. Notes, 144A	8.750	05/25/24		175		180,820
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes	5.500	08/01/23(d)		400		249,394
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A	3.400	03/01/27		1,250		1,322,799
Sprint Capital Corp.,
Gtd. Notes	8.750	03/15/32		300		443,466
Sprint Spectrum Co. LLC/Sprint Spectrum Co.
II LLC/Sprint Spectrum Co. III LLC,
Sr. Sec’d. Notes, 144A	3.360	03/20/23		34		34,652
T-Mobile USA, Inc.,
Gtd. Notes	2.625	02/15/29		275		266,922
Sr. Sec’d. Notes, 144A	2.550	02/15/31		1,500		1,465,814
Sr. Sec’d. Notes, 144A	4.500	04/15/50		300		335,232
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	3.400	03/22/41		480		487,548
Sr. Unsec’d. Notes	4.500	08/10/33		185		215,523
Sr. Unsec’d. Notes	4.862	08/21/46		711		856,637
						8,192,499
Transportation     0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes	6.700	08/01/28		135		173,770
CSX Corp.,
Sr. Unsec’d. Notes	6.150	05/01/37		170		231,942
Norfolk Southern Corp.,
Sr. Unsec’d. Notes	2.903	02/15/23		97		100,854
Sr. Unsec’d. Notes	5.590	05/17/25		20		23,411

See Notes to Financial Statements.

60

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation (cont’d.)
XPO Logistics, Inc.,
Gtd. Notes, 144A	6.750%	08/15/24		300	$	314,875
						844,852
TOTAL CORPORATE BONDS (cost $151,010,500)						157,171,793
MUNICIPAL BONDS     0.4%
Alabama     0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B	4.263	09/15/32		35		40,033
California     0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2	6.263	04/01/49		220		340,010
Taxable, Revenue Bonds	2.574	04/01/31		415		428,977
State of California,
General Obligation Unlimited, BABs	7.300	10/01/39		210		319,236
General Obligation Unlimited, Taxable, BABs	7.500	04/01/34		15		22,948
						1,111,171
Illinois     0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B	6.395	01/01/40		160		230,029
State of Illinois,
General Obligation Unlimited, Series A	5.000	10/01/22		35		37,187
General Obligation Unlimited, Series D	5.000	11/01/22		710		755,717
General Obligation Unlimited, Taxable, Pension	5.100	06/01/33		100		112,545
						1,135,478
Michigan     0.1%
University of Michigan,
Taxable, Revenue Bonds, Series B	2.437	04/01/40		550		530,398
New Jersey     0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F	7.414	01/01/40		165		259,750

See Notes to Financial Statements.

PGIM Balanced Fund      61

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New York    0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs	5.767%	08/01/36		190	$	239,656
Ohio    0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C	4.910	06/01/40		65		83,144
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2	4.879	12/01/34		45		52,769
						135,913
Oregon    0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A	5.834	11/15/34		70		94,361
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B	5.511	12/01/45		80		105,615
Virginia    0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C	4.179	09/01/2117		80		92,846
TOTAL MUNICIPAL BONDS
(cost $3,195,624)						3,745,221
RESIDENTIAL MORTGAGE-BACKED SECURITIES    2.4%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1	5.250	09/25/35		3		3,157
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1	2.560(cc)	02/25/35		12		12,744
Bellemeade Re Ltd. (Bermuda),
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)	1.709(c)	04/25/28		80		79,551
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	1.959(c)	10/25/28		93		93,285
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.209(c)	07/25/29		101		100,970
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)	1.709(c)	07/25/29		300		301,367

See Notes to Financial Statements.

62

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd. (Bermuda), (cont’d.)
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.509%(c)	10/25/29		99	$	99,388
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.109(c)	10/25/29		300		300,401
Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%)	3.509(c)	06/25/30		146		146,082
Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)	2.709(c)	06/25/30		175		175,000
Series 2020-04A, Class M2B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)	3.709(c)	06/25/30		150		149,451
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)	1.767(c)	03/25/31		380		379,899
Series 2021-01A, Class M1C, 144A	0.000(cc)	03/25/31		150		149,371
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5	2.811(cc)	02/25/37		26		26,156
CIM Trust,
Series 2017-06, Class A1, 144A	3.015(cc)	06/25/57		432		432,395
Connecticut Avenue Securities Trust,
Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%)	2.259(c)	09/25/31		173		173,399
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)	2.209(c)	10/25/39		188		188,164
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A	3.850(cc)	09/25/57		322		342,628
Series 2020-RPL06, Class A1, 144A	2.688(cc)	03/25/59		480		486,632
Eagle Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)	1.809(c)	11/25/28		69		69,149
Series 2020-02, Class M1A, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)	3.109(c)	10/25/30		290		291,754
Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 0.000%)	4.109(c)	10/25/30		150		152,337
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%)	4.609(c)	10/25/30		150		153,378
Fannie Mae Connecticut Avenue Securities,
Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)	2.509(c)	05/25/30		133		132,957
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)	2.259(c)	10/25/30		73		73,003
Fannie Mae REMICS,
Series 2014-11, Class VB	4.500	04/25/42		500		561,336
Series 2018-78, Class A	3.500	07/25/43		235		239,667

See Notes to Financial Statements.

PGIM Balanced Fund      63

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)	0.859%(c)	03/25/30		113	$	113,030
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)	4.017(c)	11/25/50		250		255,946
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)	2.617(c)	11/25/50		1,205		1,210,652
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	3.417(c)	08/25/33		1,120		1,108,800
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	1.959(c)	02/25/50		360		358,605
Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)	3.109(c)	06/25/50		194		194,581
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)	6.109(c)	08/25/50		450		473,639
Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)	3.859(c)	08/25/50		230		232,053
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)	4.817(c)	10/25/50		190		197,249
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)	3.709(c)	07/25/50		596		601,008
FHLMC Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)	0.859(c)	09/25/48		1		590
Finsbury Square PLC (United Kingdom),
Series 2020-02A, Class A, 144A, 3 Month SONIA + 1.300% (Cap N/A, Floor 0.000%)	1.349(c)	06/16/70	GBP	184		256,178
GCAT LLC,
Series 2019-04, Class A1, 144A	3.228	11/26/49		985		988,147
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1	2.964(cc)	07/25/35		11		11,082
Jupiter Mortgage No. 1 PLC (United Kingdom),
Series 01A, Class B, 144A, 3 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.449(c)	07/20/60	GBP	300		411,967
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A	3.000	06/25/59		86		86,606
Series 2019-PR01, Class A1, 144A	3.858	09/25/59		326		330,673
Series 2020-GS01, Class A1, 144A	2.882	10/25/59		365		369,207
Series 2020-SL01, Class A, 144A	2.734	01/25/60		365		367,447
Series 2021-GS01, Class A1, 144A	1.892	10/25/66		168		167,444

See Notes to Financial Statements.

64

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Mortgage Repurchase Agreement Financing Trust,
Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)	1.356%(c)	01/23/23		185	$	185,033
Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.456(c)	04/23/23		175		174,987
Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)	1.456(c)	04/23/23		345		344,974
MRA Issuance Trust,
Series 2020-15, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)	1.615(c)	07/15/21		4,150		4,150,230
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	0.859(c)	01/25/48		131		131,564
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.509(c)	07/25/29		12		11,598
Oaktown Re IV Ltd. (Bermuda),
Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%)	4.859(c)	07/25/30		206		207,510
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)	0.759(c)	06/25/57		113		113,530
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)	3.924(c)	12/25/22		1,391		1,399,518
Radnor Re Ltd. (Bermuda),
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	1.559(c)	02/25/30		200		195,105
Series 2020-02, Class M1A, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 3.150%)	3.259(c)	10/25/30		375		375,858
Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)	4.109(c)	10/25/30		235		237,281
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.600% (Cap N/A, Floor 4.600%)	4.709(c)	10/25/30		185		188,503
Residential Mortgage Securities PLC (United Kingdom),
Series 32A, Class A, 144A, 3 Month SONIA + 1.250% (Cap N/A, Floor 0.000%)	1.299(c)	06/20/70	GBP	549		764,521
Retiro Mortgage Securities DAC (Ireland),
Series 01A, Class A1, 144A	0.000(cc)	07/30/75	EUR	690		802,586
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA	3.500	08/25/58		491		529,005
Station Place Securitization Trust,
Series 2020-10, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)	1.607(c)	05/20/21		1,260		1,260,322

See Notes to Financial Statements.

PGIM Balanced Fund      65

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Station Place Securitization Trust, (cont’d.)
Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)^	1.007%(c)	04/11/22		1,400	$	1,400,000
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3	2.578(cc)	02/25/34		20		20,761
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES  (cost $25,333,900)						25,541,411
SOVEREIGN BONDS     1.1%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A	3.125	10/11/27		485		526,320
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A	2.375	08/20/30		200		195,620
Bulgaria Government International Bond (Bulgaria),
Sr. Unsec’d. Notes	1.375	09/23/50	EUR	200		228,635
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes	5.000	06/15/45		200		213,364
Sr. Unsec’d. Notes	7.375	09/18/37		100		132,188
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A, MTN	4.750	04/11/25	EUR	290		352,849
Sr. Unsec’d. Notes, 144A, MTN	4.750	04/16/26	EUR	350		423,355
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A	3.875	02/01/28		200		213,271
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	1.100	03/12/33	EUR	100		113,462
Sr. Unsec’d. Notes	3.375	07/30/25	EUR	350		456,986
Sr. Unsec’d. Notes	4.450	02/11/24		200		218,217
Sr. Unsec’d. Notes, EMTN	2.150	07/18/24	EUR	315		391,099
Sr. Unsec’d. Notes, EMTN	4.750	01/08/26		200		226,312
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN	2.125	10/25/23		200		207,781
Sr. Unsec’d. Notes, 144A, MTN	2.625	04/20/22		400		409,336
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes	6.700	01/26/36		200		269,044
Province of Manitoba (Canada),
Sr. Unsec’d. Notes	2.125	06/22/26		100		104,529
Province of Quebec (Canada),
Unsec’d. Notes, Series A, MTN	7.140	02/27/26		135		170,305

See Notes to Financial Statements.

66

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A	3.875%	04/23/23		200	$	213,005
Sr. Unsec’d. Notes, 144A	5.103	04/23/48		200		253,409
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes	2.875	10/17/29		2,000		2,024,747
Republic of Poland Government International Bond (Poland),
Sr. Unsec’d. Notes	3.000	03/17/23		160		167,865
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN	3.875	10/29/35	EUR	420		569,718
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39	EUR	270		370,032
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN	2.375	10/26/21		205		207,145
Sr. Unsec’d. Notes, 144A, MTN	2.875	03/04/23		285		296,347
Sr. Unsec’d. Notes, 144A, MTN	4.000	04/17/25		200		220,117
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A	2.500	06/08/22		200		204,906
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes	8.994	02/01/24		300		333,031
Sr. Unsec’d. Notes, 144A	4.375	01/27/30	EUR	400		429,859
Sr. Unsec’d. Notes, 144A	7.750	09/01/22		640		673,993
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes	4.975	04/20/55		210		257,324
Sr. Unsec’d. Notes	5.100	06/18/50		65		80,580
TOTAL SOVEREIGN BONDS  (cost $10,732,373)						11,154,751
U.S. GOVERNMENT AGENCY OBLIGATIONS     0.8%
Federal Home Loan Bank(k)	5.500	07/15/36		135		195,095
Federal Home Loan Mortgage Corp.	2.000	09/01/50		532		530,899
Federal Home Loan Mortgage Corp.	4.500	10/01/39		113		127,808
Federal Home Loan Mortgage Corp.	5.000	04/01/34		10		11,523
Federal Home Loan Mortgage Corp.	5.000	05/01/34		18		20,927
Federal Home Loan Mortgage Corp.	5.000	10/01/35		30		34,763
Federal Home Loan Mortgage Corp.	5.000	11/01/41		243		282,589
Federal Home Loan Mortgage Corp.	5.500	12/01/33		20		23,537
Federal Home Loan Mortgage Corp.	5.500	05/01/34		7		7,689
Federal Home Loan Mortgage Corp.	5.500	07/01/34		46		53,743
Federal Home Loan Mortgage Corp.	5.500	05/01/37		7		8,661
Federal Home Loan Mortgage Corp.	5.500	10/01/37		15		17,156
Federal Home Loan Mortgage Corp.	6.000	01/01/34		25		28,704

See Notes to Financial Statements.

PGIM Balanced Fund      67

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.	7.000%	10/01/31		1		$	720
Federal Home Loan Mortgage Corp.	7.000	05/01/32		11			12,452
Federal National Mortgage Assoc.	4.500	09/01/39		89			98,834
Federal National Mortgage Assoc.	4.500	08/01/40		76			84,541
Federal National Mortgage Assoc.	4.500	02/01/44		113			125,832
Federal National Mortgage Assoc.	4.500	08/01/44		225			251,889
Federal National Mortgage Assoc.	4.500	01/01/45		196			220,002
Federal National Mortgage Assoc.	5.000	07/01/35		19			22,506
Federal National Mortgage Assoc.	5.000	02/01/36		42			49,073
Federal National Mortgage Assoc.	5.500	06/01/33		8			9,892
Federal National Mortgage Assoc.	5.500	08/01/33		14			16,723
Federal National Mortgage Assoc.	5.500	09/01/33		22			24,971
Federal National Mortgage Assoc.	5.500	09/01/33		46			53,184
Federal National Mortgage Assoc.	5.500	01/01/34		16			18,688
Federal National Mortgage Assoc.	5.500	01/01/34		18			21,200
Federal National Mortgage Assoc.	5.500	07/01/34		31			36,535
Federal National Mortgage Assoc.	6.000	11/01/33		7			7,731
Federal National Mortgage Assoc.	6.000	01/01/34		6			7,620
Federal National Mortgage Assoc.	6.000	01/01/34		95			113,065
Federal National Mortgage Assoc.	6.000	02/01/34		9			10,524
Federal National Mortgage Assoc.	6.000	10/01/34		3			3,617
Federal National Mortgage Assoc.	6.000	10/01/34		5			5,509
Federal National Mortgage Assoc.	6.000	11/01/34		10			11,748
Federal National Mortgage Assoc.	6.000	11/01/34		16			18,585
Federal National Mortgage Assoc.	6.000	11/01/34		49			57,172
Federal National Mortgage Assoc.	6.000	01/01/35		11			12,747
Federal National Mortgage Assoc.	6.000	01/01/35		57			64,451
Federal National Mortgage Assoc.	6.000	02/01/35		46			54,610
Federal National Mortgage Assoc.	6.000	08/01/36		10			11,768
Federal National Mortgage Assoc.	6.000	08/01/38		5			6,304
Federal National Mortgage Assoc.	6.250	05/15/29		45			60,802
Federal National Mortgage Assoc.	6.500	05/01/24		8			8,614
Federal National Mortgage Assoc.	6.500	07/01/29		9			9,674
Federal National Mortgage Assoc.	6.500	07/01/32		13			14,430
Federal National Mortgage Assoc.	6.500	04/01/33		9			10,789
Federal National Mortgage Assoc.	6.500	01/01/34		10			11,574
Federal National Mortgage Assoc.	6.500	01/01/34		15			17,403
Federal National Mortgage Assoc.	6.500	10/01/36		14			16,034
Federal National Mortgage Assoc.	6.500	09/01/37		49			58,338
Federal National Mortgage Assoc.	6.500	10/01/37		45			51,019
Federal National Mortgage Assoc.(k)	6.625	11/15/30		145			206,632
Federal National Mortgage Assoc.	7.000	06/01/32		11			12,792
Federal National Mortgage Assoc.(k)	7.125	01/15/30		452			650,911
Federal National Mortgage Assoc.	7.500	09/01/30		1			859
Federal National Mortgage Assoc.	8.000	12/01/23		—(r	)		303

See Notes to Financial Statements.

68

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	8.500%	02/01/28		1		$	1,620
Government National Mortgage Assoc.	3.000	09/20/43		158			167,999
Government National Mortgage Assoc.	3.000	01/20/44		47			49,960
Government National Mortgage Assoc.	3.000	03/15/45		121			126,805
Government National Mortgage Assoc.	3.000	05/20/45		180			190,680
Government National Mortgage Assoc.	3.000	08/20/45		312			330,029
Government National Mortgage Assoc.	3.000	06/20/46		373			395,746
Government National Mortgage Assoc.(k)	3.000	12/20/46		605			638,330
Government National Mortgage Assoc.	3.000	01/20/47		557			586,126
Government National Mortgage Assoc.	3.000	03/20/47		198			209,495
Government National Mortgage Assoc.	3.000	12/20/48		969			1,015,790
Government National Mortgage Assoc.	5.000	10/20/37		10			11,664
Government National Mortgage Assoc.	5.000	04/20/45		74			85,351
Government National Mortgage Assoc.	5.500	07/15/33		21			23,442
Government National Mortgage Assoc.	5.500	12/15/33		6			6,738
Government National Mortgage Assoc.	5.500	09/15/34		95			105,920
Government National Mortgage Assoc.	5.500	01/15/36		45			51,287
Government National Mortgage Assoc.	5.500	02/15/36		71			78,617
Government National Mortgage Assoc.	6.500	09/15/23		1			1,535
Government National Mortgage Assoc.	6.500	10/15/23		1			1,375
Government National Mortgage Assoc.	6.500	12/15/23		1			651
Government National Mortgage Assoc.	6.500	12/15/23		2			2,281
Government National Mortgage Assoc.	6.500	12/15/23		3			3,093
Government National Mortgage Assoc.	6.500	04/15/24		17			18,874
Government National Mortgage Assoc.	6.500	07/15/32		2			2,088
Government National Mortgage Assoc.	6.500	08/15/32		—(r	)		241
Government National Mortgage Assoc.	6.500	08/15/32		1			737
Government National Mortgage Assoc.	6.500	08/15/32		1			1,691
Government National Mortgage Assoc.	6.500	08/15/32		8			9,865
Government National Mortgage Assoc.	7.000	06/15/24		5			4,774
Government National Mortgage Assoc.	7.000	05/15/31		4			5,258
Government National Mortgage Assoc.	7.500	04/15/29		1			562
Government National Mortgage Assoc.	8.000	08/15/22		—(r	)		370
Government National Mortgage Assoc.	8.000	12/15/22		1			560
Government National Mortgage Assoc.	8.000	12/15/22		1			1,070
Government National Mortgage Assoc.	8.000	06/15/25		14			14,892
Tennessee Valley Authority, Sr. Unsec’d. Notes	7.125	05/01/30		90			129,513
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  (cost $7,700,159)							8,180,790
U.S. TREASURY OBLIGATIONS     4.5%
U.S. Treasury Bonds(k)	1.375	11/15/40		135			114,940
U.S. Treasury Bonds	1.625	11/15/50		165			137,646
U.S. Treasury Bonds	2.875	05/15/43		2,090			2,287,244
U.S. Treasury Bonds	3.375	05/15/44		5,185			6,143,415

See Notes to Financial Statements.

PGIM Balanced Fund      69

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bonds	3.375%	11/15/48		1,550	$	1,863,875
U.S. Treasury Bonds(k)	3.625	08/15/43		2,380		2,922,937
U.S. Treasury Bonds	3.625	02/15/44		845		1,039,614
U.S. Treasury Bonds	3.750	11/15/43		1,975		2,472,145
U.S. Treasury Notes	0.125	12/15/23		80		79,650
U.S. Treasury Notes	0.250	10/31/25		55		53,552
U.S. Treasury Notes	0.375	11/30/25		4,850		4,743,906
U.S. Treasury Notes	0.375	09/30/27		1,790		1,684,558
U.S. Treasury Notes	1.125	02/15/31		750		708,633
U.S. Treasury Notes	1.250	03/31/28		10,055		9,951,308
U.S. Treasury Notes	2.625	02/15/29		4,410		4,771,069
U.S. Treasury Notes	2.875	05/15/28		2,855		3,138,269
U.S. Treasury Strips Coupon	1.467(s)	11/15/41		210		126,500
U.S. Treasury Strips Coupon	1.559(s)	08/15/35		150		108,996
U.S. Treasury Strips Coupon(k)	2.828(s)	11/15/35		575		414,427
U.S. Treasury Strips Coupon	2.052(s)	11/15/43		6,350		3,599,408
U.S. Treasury Strips Coupon(k)	2.487(s)	11/15/30		194		161,846
U.S. Treasury Strips Coupon(k)	2.732(s)	08/15/30		321		269,665
U.S. Treasury Strips Principal, PO	1.927(s)	05/15/43		550		322,867
TOTAL U.S. TREASURY OBLIGATIONS  (cost $49,301,894)						47,116,470
TOTAL LONG-TERM INVESTMENTS  (cost $829,308,703)						1,020,017,444
			Shares
SHORT-TERM INVESTMENTS     2.4%
AFFILIATED MUTUAL FUNDS     2.4%
PGIM Core Ultra Short Bond Fund(wa)				21,523,685		21,523,685
PGIM Institutional Money Market Fund  (cost $3,429,080; includes $3,428,807 of cash collateral for securities on loan)(b)(wa)				3,435,134		3,433,416
TOTAL AFFILIATED MUTUAL FUNDS  (cost $24,952,765)						24,957,101

See Notes to Financial Statements.

70

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n)     0.0%
U.S. Treasury Bills  (cost $274,942)	0.045%	09/16/21		275	$	274,972
TOTAL SHORT-TERM INVESTMENTS  (cost $25,227,707)						25,232,073
TOTAL INVESTMENTS     99.9%  (cost $854,536,410)						1,045,249,517
Other assets in excess of liabilities(z)     0.1%						764,984
NET ASSETS     100.0%					$	1,046,014,501

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

BBR—New Zealand Bank Bill Rate

See Notes to Financial Statements.

PGIM Balanced Fund      71

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

	BBSW—Australian Bank Bill Swap Reference Rate
	bps—Basis Points
	BROIS—Brazil Overnight Index Swap
	BUBOR—Budapest Interbank Offered Rate
	CLO—Collateralized Loan Obligation
	CLOIS—Sinacofi Chile Interbank Rate Average
	CMBS—Collateralized Mortgage-Backed Security
	COOIS—Colombia Overnight Interbank Reference Rate
	CPI—Consumer Price Index
	EAFE—Europe, Australasia, Far East
	EMTN—Euro Medium Term Note
	ERISA—Employee Retirement Income Security Act of 1974
	ETF—Exchange-Traded Fund
	FHLMC—Federal Home Loan Mortgage Corporation
	GDR—Global Depositary Receipt
	GMTN—Global Medium Term Note
	IO—Interest Only (Principal amount represents notional)
	JIBAR—Johannesburg Interbank Agreed Rate
	LIBOR—London Interbank Offered Rate
	LP—Limited Partnership
	M—Monthly payment frequency for swaps
	MSCI—Morgan Stanley Capital International
	MTN—Medium Term Note
	NSA—Non-Seasonally Adjusted
	OTC—Over-the-counter
	PIK—Payment-in-Kind
	PJSC—Public Joint-Stock Company
	PO—Principal Only
	PRFC—Preference Shares
	Q—Quarterly payment frequency for swaps
	REITs—Real Estate Investment Trust
	REMICS—Real Estate Mortgage Investment Conduit Security
	S—Semiannual payment frequency for swaps
	S&P—Standard & Poor’s
	SDR—Sweden Depositary Receipt
	SOFR—Secured Overnight Financing Rate
	SONIA—Sterling Overnight Index Average
	Strips—Separate Trading of Registered Interest and Principal of Securities
	T—Swap payment upon termination
	USOIS—United States Overnight Index Swap
	UTS—Unit Trust Security
	WIBOR—Warsaw Interbank Offered Rate
*	Non-income producing security.
#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,414,175 and 0.1% 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 $3,317,773; cash collateral of $3,428,807 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

See Notes to Financial Statements.

72

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2021. 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.

(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $16,463. The aggregate value of $14,175 is 0.0% of net assets.

(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.

(oo) Perpetual security. Maturity date represents next call date.

(r) Less than $500 par.

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

(wa) 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, if applicable.

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

Futures contracts outstanding at March 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
715	5 Year U.S. Treasury Notes		Jun. 2021	$	88,229,885	$	(719,915	)
121	20 Year U.S. Treasury Bonds		Jun. 2021		18,705,844		(677,470	)
44	30 Year U.S. Ultra Treasury Bonds		Jun. 2021		7,973,625		(299,124	)
14	Mini MSCI Emerging Markets Index		Jun. 2021		925,750		(185	)
11	S&P 500 E-Mini Index		Jun. 2021		2,182,070		18,962
							(1,677,732	)
Short Positions:
604	2 Year U.S. Treasury Notes		Jun. 2021		133,318,843		104,185
24	5 Year Euro-Bobl		Jun. 2021		3,801,800		(7,574	)
22	10 Year Euro-Bund		Jun. 2021		4,418,921		(512	)
129	10 Year U.S. Treasury Notes		Jun. 2021		16,890,937		367,561
66	10 Year U.S. Ultra Treasury Notes		Jun. 2021		9,483,375		286,380
11	Euro Schatz Index		Jun. 2021		1,446,056		(92	)
							749,948
						$	(927,784	)

See Notes to Financial Statements.

PGIM Balanced Fund      73

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Forward foreign currency exchange contracts outstanding at March 31, 2021:

Purchase Contracts	Counterparty	Notional     Amount (000)		Value at Settlement Date		Current     Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/20/21	BNP Paribas S.A.	AUD	144	$	109,102	$	109,388	$	286	$	—
Expiring 04/20/21	Citibank, N.A.	AUD	333		253,000		253,132		132		—
Expiring 04/20/21	Citibank, N.A.	AUD	143		109,151		108,628		—		(523	)
Expiring 04/20/21	Citibank, N.A.	AUD	141		109,000		106,779		—		(2,221	)
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	AUD	333		253,000		252,731		—		(269	)
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	AUD	145		110,569		110,149		—		(420	)
Brazilian Real,
Expiring 05/04/21	Citibank, N.A.	BRL	523		93,000		92,656		—		(344	)
Expiring 05/04/21	Credit Suisse International	BRL	315		57,000		55,761		—		(1,239	)
Expiring 05/04/21	Goldman Sachs International	BRL	1,480		260,000		262,381		2,381		—
Expiring 05/04/21	JPMorgan Chase Bank, N.A.	BRL	3,224		598,550		571,582		—		(26,968	)
Expiring 05/04/21	JPMorgan Chase Bank, N.A.	BRL	560		98,000		99,234		1,234		—
British Pound,
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	GBP	710		985,926		979,457		—		(6,469	)
Canadian Dollar,
Expiring 04/20/21	Citibank, N.A.	CAD	138		109,000		110,202		1,202		—
Chinese Renminbi,
Expiring 05/18/21	HSBC Bank PLC	CNH	2,050		317,000		311,058		—		(5,942	)
Expiring 05/18/21	HSBC Bank PLC	CNH	1,104		169,000		167,594		—		(1,406	)
Expiring 05/18/21	HSBC Bank PLC	CNH	1,091		167,000		165,563		—		(1,437	)
Expiring 05/18/21	JPMorgan Chase Bank, N.A.	CNH	2,181		335,042		330,964		—		(4,078	)
Expiring 05/18/21	Morgan Stanley & Co. International PLC	CNH	1,659		255,000		251,734		—		(3,266	)
Colombian Peso,
Expiring 06/16/21	BNP Paribas S.A.	COP	921,277		253,000		251,047		—		(1,953	)
Expiring 06/16/21	Goldman Sachs International	COP	794,027		216,000		216,373		373		—
Expiring 06/16/21	Goldman Sachs International	COP	321,640		86,000		87,647		1,647		—
Expiring 06/16/21	Goldman Sachs International	COP	303,675		85,000		82,751		—		(2,249	)
Czech Koruna,
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	CZK	10,556		490,073		474,323		—		(15,750	)

See Notes to Financial Statements.

74

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current     Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna (cont’d.),
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	CZK	5,684	$	264,192	$	255,405	$	—	$	(8,787	)
Expiring 04/19/21	UBS AG	CZK	1,867		84,001		83,896		—		(105	)
Expiring 04/19/21	UBS AG	CZK	1,785		84,000		80,195		—		(3,805	)
Euro,
Expiring 04/19/21	Bank of America, N.A.	EUR	1,035		1,241,896		1,214,410		—		(27,486	)
Expiring 04/19/21	Bank of America, N.A.	EUR	546		660,314		640,327		—		(19,987	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	364		441,270		427,590		—		(13,680	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	181		217,263		212,342		—		(4,921	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	180		216,755		211,169		—		(5,586	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	107		130,105		125,528		—		(4,577	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	93		110,000		109,532		—		(468	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	90		109,000		105,274		—		(3,726	)
Expiring 04/19/21	Morgan Stanley & Co. International PLC	EUR	352		424,730		413,434		—		(11,296	)
Expiring 04/19/21	Morgan Stanley & Co. International PLC	EUR	105		129,000		123,587		—		(5,413	)
Expiring 04/19/21	UBS AG	EUR	1,661		2,007,636		1,948,518		—		(59,118	)
Hungarian Forint,
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	HUF	37,345		126,000		120,898		—		(5,102	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	HUF	33,046		107,000		106,983		—		(17	)
Indian Rupee,
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	INR	87,535		1,177,434		1,181,713		4,279		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	INR	62,843		846,829		848,372		1,543		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	INR	22,035		299,171		297,473		—		(1,698	)
Expiring 06/16/21	Morgan Stanley & Co. International PLC	INR	56,168		760,492		758,261		—		(2,231	)
Indonesian Rupiah,
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	IDR	12,870,476		881,479		874,060		—		(7,419	)

See Notes to Financial Statements.

PGIM Balanced Fund    75

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Purchase Contracts	Counterparty	Notional     Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel,
Expiring 06/16/21	Barclays Bank PLC	ILS	1,517	$	457,923	$	454,388	$	—	$	(3,535	)
Expiring 06/16/21	Citibank, N.A.	ILS	1,517		459,310		454,388		—		(4,922	)
Japanese Yen,
Expiring 04/19/21	Morgan Stanley & Co. International PLC	JPY	31,535		303,310		284,862		—		(18,448	)
Mexican Peso,
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	MXN	2,250		108,000		109,173		1,173		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	MXN	1,825		85,000		88,525		3,525		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	MXN	1,751		84,000		84,936		936		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	MXN	1,713		82,000		83,088		1,088		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC	MXN	11,644		557,237		564,888		7,651		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC	MXN	11,644		555,905		564,888		8,983		—
New Taiwanese Dollar,
Expiring 06/16/21	Goldman Sachs International	TWD	30,731		1,118,443		1,088,353		—		(30,090	)
New Zealand Dollar,
Expiring 04/20/21	BNP Paribas S.A.	NZD	152		106,968		106,154		—		(814	)
Expiring 04/20/21	Goldman Sachs International	NZD	314		219,000		219,204		204		—
Expiring 04/20/21	Goldman Sachs International	NZD	152		106,884		106,153		—		(731	)
Peruvian Nuevo Sol,
Expiring 06/16/21	Goldman Sachs International	PEN	626		169,000		167,041		—		(1,959	)
Expiring 06/16/21	Morgan Stanley & Co. International PLC	PEN	816		221,000		217,969		—		(3,031	)
Philippine Peso,
Expiring 06/16/21	HSBC Bank PLC	PHP	8,327		170,000		170,354		354		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	PHP	8,271		168,000		169,204		1,204		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	PHP	6,885		140,000		140,850		850		—
Expiring 06/16/21	Standard Chartered Bank	PHP	8,131		166,000		166,339		339		—
Polish Zloty,
Expiring 04/19/21	HSBC Bank PLC	PLN	666		180,000		168,455		—		(11,545	)

See Notes to Financial Statements.

76

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Purchase Contracts	Counterparty	Notional     Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	PLN	498	$	135,000	$	125,973	$	—	$	(9,027	)
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	PLN	458		124,000		115,958		—		(8,042	)
Russian Ruble,
Expiring 06/16/21	Barclays Bank PLC	RUB	30,336		407,256		397,643		—		(9,613	)
Expiring 06/16/21	Barclays Bank PLC	RUB	9,610		131,000		125,964		—		(5,036	)
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	RUB	30,336		406,653		397,643		—		(9,010	)
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	RUB	19,160		256,301		251,143		—		(5,158	)
Expiring 06/16/21	Morgan Stanley & Co. International PLC	RUB	8,198		110,000		107,460		—		(2,540	)
Singapore Dollar,
Expiring 06/16/21	Credit Suisse International	SGD	261		195,000		194,239		—		(761	)
South African Rand,
Expiring 06/17/21	JPMorgan Chase Bank, N.A.	ZAR	1,251		83,000		83,913		913		—
South Korean Won,
Expiring 06/16/21	Citibank, N.A.	KRW	161,616		143,000		143,319		319		—
Expiring 06/16/21	Credit Suisse International	KRW	181,899		160,000		161,307		1,307		—
Expiring 06/16/21	Standard Chartered Bank	KRW	216,979		192,000		192,415		415		—
Expiring 06/16/21	Standard Chartered Bank	KRW	125,047		111,000		110,891		—		(109	)
Thai Baht,
Expiring 06/16/21	Goldman Sachs International	THB	8,263		267,537		264,340		—		(3,197	)
Expiring 06/16/21	HSBC Bank PLC	THB	14,403		473,000		460,761		—		(12,239	)
Turkish Lira,
Expiring 06/16/21	Barclays Bank PLC	TRY	2,613		335,110		300,314		—		(34,796	)
Expiring 06/16/21	Barclays Bank PLC	TRY	2,009		264,046		230,953		—		(33,093	)
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	TRY	2,627		344,914		301,900		—		(43,014	)
					$25,433,777		$24,965,449		42,338		(510,666	)

See Notes to Financial Statements.

PGIM Balanced Fund    77

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/20/21	Barclays Bank PLC	AUD	213	$	164,876	$	161,909	$	2,967	$	—
Expiring 04/20/21	Citibank, N.A.	AUD	329		253,000		250,144		2,856		—
Expiring 04/20/21	Citibank, N.A.	AUD	142		109,000		107,531		1,469		—
Expiring 04/20/21	Goldman Sachs International	AUD	141		109,046		107,109		1,937		—
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	AUD	143		111,000		108,639		2,361		—
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	AUD	142		109,278		107,869		1,409		—
Expiring 04/20/21	Morgan Stanley & Co. International PLC	AUD	144		110,064		109,389		675		—
Brazilian Real,
Expiring 05/04/21	Citibank, N.A.	BRL	423		72,000		75,015		—		(3,015	)
Expiring 05/04/21	Citibank, N.A.	BRL	335		57,000		59,327		—		(2,327	)
Expiring 05/04/21	Citibank, N.A.	BRL	327		57,000		58,008		—		(1,008	)
Expiring 05/04/21	JPMorgan Chase Bank, N.A.	BRL	712		128,000		126,303		1,697		—
Expiring 05/04/21	JPMorgan Chase Bank, N.A.	BRL	612		109,000		108,542		458		—
British Pound,
Expiring 04/19/21	Citibank, N.A.	GBP	739		1,009,341		1,018,925		—		(9,584	)
Expiring 04/19/21	HSBC Bank PLC	GBP	300		415,378		413,604		1,774		—
Expiring 04/19/21	Morgan Stanley & Co. International PLC	GBP	739		1,009,622		1,018,925		—		(9,303	)
Expiring 04/19/21	UBS AG	GBP	1,835		2,585,193		2,530,275		54,918		—
Canadian Dollar,
Expiring 04/20/21	BNP Paribas S.A.	CAD	115		91,000		91,485		—		(485	)
Expiring 04/20/21	Citibank, N.A.	CAD	552		434,631		439,645		—		(5,014	)
Expiring 04/20/21	Citibank, N.A.	CAD	271		216,000		216,020		—		(20	)
Expiring 04/20/21	Morgan Stanley & Co. International PLC	CAD	46		36,000		36,286		—		(286	)
Chilean Peso,
Expiring 06/16/21	HSBC Bank PLC	CLP	79,864		109,000		110,909		—		(1,909	)
Expiring 06/16/21	Morgan Stanley & Co. International PLC	CLP	232,858		314,885		323,373		—		(8,488	)
Expiring 06/16/21	Morgan Stanley & Co. International PLC	CLP	80,520		110,000		111,819		—		(1,819	)
Chinese Renminbi,
Expiring 05/18/21	HSBC Bank PLC	CNH	1,750		265,000		265,630		—		(630	)
Expiring 05/18/21	HSBC Bank PLC	CNH	1,403		214,000		212,863		1,137		—
Expiring 05/18/21	HSBC Bank PLC	CNH	1,347		205,000		204,471		529		—

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 05/18/21	JPMorgan Chase Bank, N.A.	CNH	2,890	$	439,000	$	438,676	$	324	$	—
Expiring 05/18/21	Morgan Stanley & Co. International PLC	CNH	1,060		162,000		160,908		1,092		—
Colombian Peso,
Expiring 06/16/21	BNP Paribas S.A.	COP	1,280,425		347,354		348,915		—		(1,561	)
Expiring 06/16/21	BNP Paribas S.A.	COP	946,401		259,196		257,894		1,302		—
Czech Koruna,
Expiring 04/19/21	Barclays Bank PLC	CZK	2,783		128,000		125,026		2,974		—
Expiring 04/19/21	Barclays Bank PLC	CZK	2,207		100,000		99,156		844		—
Expiring 04/19/21	Citibank, N.A.	CZK	2,600		121,000		116,835		4,165		—
Expiring 04/19/21	Morgan Stanley & Co. International PLC	CZK	2,039		94,000		91,625		2,375		—
Expiring 04/19/21	Morgan Stanley & Co. International PLC	CZK	1,875		87,000		84,261		2,739		—
Expiring 04/20/21	Barclays Bank PLC	CZK	2,878		132,000		129,313		2,687		—
Euro,
Expiring 04/19/21	Barclays Bank PLC	EUR	3,589		4,374,048		4,210,538		163,510		—
Expiring 04/19/21	Barclays Bank PLC	EUR	684		805,750		802,601		3,149		—
Expiring 04/19/21	Barclays Bank PLC	EUR	110		131,000		128,731		2,269		—
Expiring 04/19/21	Barclays Bank PLC	EUR	54		64,273		63,171		1,102		—
Expiring 04/19/21	BNP Paribas S.A.	EUR	3,967		4,818,270		4,653,753		164,517		—
Expiring 04/19/21	Citibank, N.A.	EUR	107		130,466		125,528		4,938		—
Expiring 04/19/21	Citibank, N.A.	EUR	90		109,000		105,174		3,826		—
Expiring 04/19/21	Citibank, N.A.	EUR	71		87,000		83,737		3,263		—
Expiring 04/19/21	Goldman Sachs International	EUR	3,625		4,414,807		4,252,373		162,434		—
Expiring 04/19/21	Goldman Sachs International	EUR	180		217,000		211,180		5,820		—
Expiring 04/19/21	Goldman Sachs International	EUR	90		109,000		106,058		2,942		—
Expiring 04/19/21	Goldman Sachs International	EUR	54		65,500		63,287		2,213		—
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	360		437,218		422,338		14,880		—
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	183		221,000		214,336		6,664		—
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	92		110,719		107,931		2,788		—
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	EUR	92		110,000		108,431		1,569		—

See Notes to Financial Statements.

PGIM Balanced Fund    79

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 04/19/21	Morgan Stanley & Co. International PLC	EUR	90	$	109,000	$	105,179	$	3,821	$	—
Hungarian Forint,
Expiring 04/19/21	Barclays Bank PLC	HUF	33,903		110,000		109,756		244		—
Expiring 04/19/21	Barclays Bank PLC	HUF	21,834		74,000		70,684		3,316		—
Expiring 04/19/21	Citibank, N.A.	HUF	99,834		336,384		323,198		13,186		—
Expiring 04/19/21	Citibank, N.A.	HUF	32,046		108,000		103,743		4,257		—
Expiring 04/19/21	JPMorgan Chase Bank, N.A.	HUF	26,866		91,000		86,976		4,024		—
Expiring 04/19/21	Morgan Stanley & Co. International PLC	HUF	32,345		107,000		104,712		2,288		—
Indian Rupee,
Expiring 06/16/21	Citibank, N.A.	INR	16,436		223,000		221,881		1,119		—
Expiring 06/16/21	Citibank, N.A.	INR	14,637		199,000		197,598		1,402		—
Expiring 06/16/21	Credit Suisse International	INR	16,694		227,000		225,361		1,639		—
Expiring 06/16/21	HSBC Bank PLC	INR	17,903		242,000		241,687		313		—
Indonesian Rupiah,
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	IDR	1,650,196		113,000		112,068		932		—
Expiring 06/16/21	Morgan Stanley & Co. International PLC	IDR	1,620,933		111,000		110,081		919		—
Israeli Shekel,
Expiring 06/16/21	Bank of America, N.A.	ILS	551		166,000		165,120		880		—
Expiring 06/16/21	Citibank, N.A.	ILS	395		119,000		118,380		620		—
Japanese Yen,
Expiring 04/19/21	Citibank, N.A.	JPY	6,899		65,500		62,321		3,179		—
Mexican Peso,
Expiring 06/16/21	BNP Paribas S.A.	MXN	2,592		124,000		125,729		—		(1,729	)
Expiring 06/16/21	BNP Paribas S.A.	MXN	2,265		110,000		109,891		109		—
Expiring 06/16/21	Citibank, N.A.	MXN	1,829		88,000		88,738		—		(738	)
New Taiwanese Dollar,
Expiring 06/16/21	Citibank, N.A.	TWD	3,727		133,000		132,003		997		—
Expiring 06/16/21	Credit Suisse International	TWD	5,588		199,000		197,899		1,101		—
Expiring 06/16/21	Credit Suisse International	TWD	5,257		188,000		186,171		1,829		—
New Zealand Dollar,
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	NZD	220		157,574		153,326		4,248		—
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	NZD	152		109,000		106,134		2,866		—
Expiring 04/20/21	JPMorgan Chase Bank, N.A.	NZD	150		109,000		104,919		4,081		—

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Sale Contracts		Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol,	��
Expiring 06/16/21		Citibank, N.A.		PEN	1,456		$	392,998		$	388,704		$	4,294		$	—
Expiring 06/16/21		Citibank, N.A.		PEN	413			110,000			110,229			—			(229	)
Expiring 06/16/21		Goldman Sachs International		PEN	784			211,574			209,302			2,272			—
Expiring 06/16/21		Goldman Sachs International		PEN	482			132,039			128,696			3,343			—
Expiring 06/16/21		Morgan Stanley & Co. International PLC		PEN	492			134,198			131,270			2,928			—
Polish Zloty,
Expiring 04/19/21		Barclays Bank PLC		PLN	315			81,000			79,705			1,295			—
Expiring 04/19/21		Barclays Bank PLC		PLN	309			83,000			78,275			4,725			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	522			139,000			132,078			6,922			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	491			131,000			124,296			6,704			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	425			114,000			107,471			6,529			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	420			109,000			106,224			2,776			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	414			111,000			104,656			6,344			—
Expiring 04/19/21		JPMorgan Chase Bank, N.A.		PLN	297			77,848			75,061			2,787			—
Expiring 04/19/21		UBS AG		PLN	326			87,000			82,456			4,544			—
Russian Ruble,
Expiring 06/16/21		JPMorgan Chase Bank, N.A.		RUB	11,659			152,000			152,826			—			(826	)
Expiring 06/16/21		Morgan Stanley & Co. International PLC		RUB	16,311			218,000			213,797			4,203			—
Expiring 06/16/21		Morgan Stanley & Co. International PLC		RUB	4,819			64,000			63,169			831			—
Singapore Dollar,
Expiring 06/16/21		JPMorgan Chase Bank, N.A.		SGD	302			226,578			224,181			2,397			—
South African Rand,
Expiring 06/17/21		Bank of America, N.A.		ZAR	1,298			83,000			87,059			—			(4,059	)
Expiring 06/17/21		Barclays Bank PLC		ZAR	7,345			481,334			492,506			—			(11,172	)
Expiring 06/17/21		BNP Paribas S.A.		ZAR	1,304			84,000			87,452			—			(3,452	)
Expiring 06/17/21		HSBC Bank PLC		ZAR	1,384			88,000			92,807			—			(4,807	)
Expiring 06/17/21		JPMorgan Chase Bank, N.A.		ZAR	18,887			1,235,808			1,266,443			—			(30,635	)

See Notes to Financial Statements.

PGIM Balanced Fund      81

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Forward foreign currency exchange contracts outstanding at March 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/17/21	Morgan Stanley & Co. International PLC	ZAR	1,688	$	110,000	$	113,173	$	—	$	(3,173	)
South Korean Won,
Expiring 06/16/21	HSBC Bank PLC	KRW	1,316,581		1,152,429		1,167,533		—		(15,104	)
Thai Baht,
Expiring 06/16/21	Citibank, N.A.	THB	5,216		169,000		166,868		2,132		—
Expiring 06/16/21	Goldman Sachs International	THB	5,987		195,000		191,545		3,455		—
Expiring 06/16/21	Goldman Sachs International	THB	5,375		173,000		171,949		1,051		—
Expiring 06/16/21	HSBC Bank PLC	THB	6,902		221,000		220,807		193		—
Expiring 06/16/21	JPMorgan Chase Bank, N.A.	THB	5,115		166,000		163,627		2,373		—
Turkish Lira,
Expiring 04/26/21	Barclays Bank PLC	TRY	711		85,634		84,375		1,259		—
Expiring 04/26/21	Barclays Bank PLC	TRY	656		80,000		77,873		2,127		—
Expiring 04/26/21	JPMorgan Chase Bank, N.A.	TRY	1,516		176,000		179,946		—		(3,946	)
Expiring 04/26/21	JPMorgan Chase Bank, N.A.	TRY	353		42,000		41,945		55		—
Expiring 04/26/21	UBS AG	TRY	1,949		233,000		231,345		1,655		—
Expiring 06/16/21	Barclays Bank PLC	TRY	410		52,000		47,140		4,860		—
Expiring 06/16/21	Citibank, N.A.	TRY	1,461		165,529		167,971		—		(2,442	)
				$	37,664,342	$	37,014,106		777,997		(127,761	)
								$	820,335	$	(638,427	)

Cross currency exchange contracts outstanding at March 31, 2021:

Settlement	Type		Notional     Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
04/19/21		Buy	EUR	90	JPY	11,407	$	2,545	$	—		Citibank, N.A.
04/19/21		Buy	EUR	119	GBP	106		—		(5,970	)	JPMorgan Chase Bank, N.A.
04/19/21		Buy	JPY	11,324	EUR	90		—		(3,292	)	Citibank, N.A.
04/20/21		Buy	AUD	141	JPY	11,474		3,463		—		Citibank, N.A.
04/20/21		Buy	AUD	141	EUR	90		1,391		—		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

82

Cross currency exchange contracts outstanding at March 31, 2021 (continued):

Settlement	Type	Notional     Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
04/20/21	Buy	CAD	138	NZD	151		$    4,376		$         —		The Toronto-Dominion Bank
04/20/21	Buy	CAD	139	AUD	142		2,764		—		JPMorgan Chase Bank, N.A.
04/20/21	Buy	CAD	166	EUR	108		5,532		—		Barclays Bank PLC
04/20/21	Buy	NZD	199	CAD	181		—		(5,136	)	Citibank, N.A.
							$20,071		$(14,398	)

Credit default swap agreements outstanding at March 31, 2021:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):

United Mexican States

12/20/24

1.000%(Q)

400

$(3,081)

$(3,544)

$463

Barclays Bank PLC

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at March 31, 2021(4)	Fair Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Boeing Co.		12/20/21		1.000	%(Q)		1,000	0.393%		$	4,766			$	3,919			$	847			Bank of America, N.A.
Petroleos Mexicanos		12/20/24		1.000	%(Q)		400	3.566%			(35,609	)			(15,551	)			(20,058	)		Barclays Bank PLC
										$	(30,843	)		$	(11,632	)			$(19,211)

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date	Value at March 31, 2021	Unrealized Appreciation     (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.36.V1	06/20/26	1.000%(Q)	11,860	$(261,756)	$(281,206)		$(19,450)

The Series entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

See Notes to Financial Statements.

PGIM Balanced Fund      83

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

(1) If the Series is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Series will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Series is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Series will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Series could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Series is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation swap agreements outstanding at March 31, 2021:    

Notional Amount       (000)#	Termination   Date		Fixed           Rate		Floating       Rate	Value at Trade Date		Value at March 31, 2021		Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
565		01/12/26		2.185%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		$—		$(11,707)		$(11,707)
950		01/13/31		2.230%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(28,789)		(28,789)
							$—		$(40,496)		$(40,496	)

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

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

Interest rate swap agreements outstanding at March 31, 2021:

Notional Amount       (000)#	Termination     Date		Fixed         Rate	Floating         Rate	Value at Trade Date			Value at March 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD     1,800		02/13/30	1.210%(S)	6 Month BBSW(2)(S)	$	(7	)	$	(55,467	)	$	(55,460	)

See Notes to Financial Statements.

84

Interest rate swap agreements outstanding at March 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at March 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
AUD	360		01/18/31	1.073%(S)	6 Month BBSW(2)(S)	$	(8	)	$	(18,665)		$	(18,657	)
AUD	360		01/18/31	1.081%(S)	6 Month BBSW(2)(S)		(8	)		(18,457	)		(18,449	)
AUD	1,660		03/19/31	1.800%(S)	6 Month BBSW(2)(S)		(183	)		(5,307	)		(5,124	)
AUD	550		03/19/31	1.850%(S)	6 Month BBSW(2)(S)		(62	)		216			278
BRL	5,646		01/02/25	6.343%(T)	1 Day BROIS(2)(T)		—			(49,280	)		(49,280	)
BRL	6,198		01/02/25	6.343%(T)	1 Day BROIS(2)(T)		—			(54,455	)		(54,455	)
BRL	9,569		01/02/25	6.359%(T)	1 Day BROIS(2)(T)		—			(83,321	)		(83,321	)
BRL	11,882		01/04/27	6.215%(T)	1 Day BROIS(2)(T)		—			(173,284	)		(173,284	)
BRL	2,360		01/04/27	6.845%(T)	1 Day BROIS(2)(T)		—			(32,572	)		(32,572	)
BRL	1,951		01/04/27	6.890%(T)	1 Day BROIS(2)(T)		—			(26,164	)		(26,164	)
BRL	3,500		01/04/27	6.890%(T)	1 Day BROIS(2)(T)		—			(47,156	)		(47,156	)
CAD	2,620		01/14/26	0.875%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(23	)		(50,039	)		(50,016	)
CAD	2,160		01/19/26	0.865%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(19	)		(42,529	)		(42,510	)
CLP	2,000,000		01/20/28	2.090%(S)	1 Day CLOIS(2)(S)		—			(157,782	)		(157,782	)
CNH	30,350		02/13/25	2.570%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(18	)		(23,842	)		(23,824	)
COP	1,141,000		02/18/25	4.505%(Q)	1 Day COOIS(2)(Q)		—			5,651			5,651
COP	1,967,840		02/21/25	4.565%(Q)	1 Day COOIS(2)(Q)		—			12,468			12,468
COP	5,286,000		02/03/26	3.080%(Q)	1 Day COOIS(2)(Q)		—			(86,121	)		(86,121	)
COP	806,000		02/18/30	5.072%(Q)	1 Day COOIS(2)(Q)		—			(4,472	)		(4,472	)
COP	564,000		02/18/30	5.081%(Q)	1 Day COOIS(2)(Q)		—			(3,024	)		(3,024	)
COP	1,216,000		02/24/30	5.078%(Q)	1 Day COOIS(2)(Q)		—			(6,677	)		(6,677	)
HUF	452,000		02/14/30	1.605%(A)	6 Month BUBOR(2)(S)		—			(113,399	)		(113,399	)
HUF	123,000		02/18/30	1.803%(A)	6 Month BUBOR(2)(S)		—			(24,521	)		(24,521	)
MXN	13,605		03/19/26	6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(32	)		339			371
MXN	16,700		01/12/28	5.020%(M)	28 Day Mexican Interbank Rate(2)(M)		(13	)		(64,522	)		(64,509	)
MXN	2,050		01/03/31	5.550%(M)	28 Day Mexican Interbank Rate(2)(M)		(9	)		(9,279	)		(9,270	)

See Notes to Financial Statements.

PGIM Balanced Fund      85

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Interest rate swap agreements outstanding at March 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at March 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	6,570		01/13/31	5.460%(M)	28 Day Mexican Interbank Rate(2)(M)	$	(9	)	$	(32,157	)	$	(32,148	)
MXN	23,200		01/15/31	5.450%(M)	28 Day Mexican Interbank Rate(2)(M)		(31	)		(114,589	)		(114,558	)
MXN	1,540		12/28/35	6.000%(M)	28 Day Mexican Interbank Rate(2)(M)		(10	)		(9,140	)		(9,130	)
NZD	600		02/14/30	1.523%(S)	3 Month BBR(2)(Q)		—			(10,051	)		(10,051	)
NZD	340		01/19/31	1.090%(S)	3 Month BBR(2)(Q)		—			(18,224	)		(18,224	)
NZD	1,310		01/19/31	1.096%(S)	3 Month BBR(2)(Q)		586			(69,700	)		(70,286	)
NZD	460		01/26/31	1.098%(S)	3 Month BBR(2)(Q)		—			(24,579	)		(24,579	)
NZD	785		03/22/31	1.920%(S)	3 Month BBR(2)(Q)		—			(1,840	)		(1,840	)
PLN	950		01/19/31	1.200%(A)	6 Month WIBOR(2)(S)		525			(13,787	)		(14,312	)
PLN	4,840		01/21/31	1.170%(A)	6 Month WIBOR(2)(S)		(4,792	)		(73,815	)		(69,023	)
PLN	790		03/16/31	1.760%(A)	6 Month WIBOR(2)(S)		—			(1,665	)		(1,665	)
	1,520		01/19/26	0.380%(A)	1 Day USOIS(1)(A)		—			29,836			29,836
	1,660		01/21/26	0.374%(A)	1 Day USOIS(1)(A)		—			33,259			33,259
	900		02/14/30	1.382%(A)	1 Day USOIS(1)(A)		—			4,261			4,261
	120		01/19/31	0.931%(A)	1 Day USOIS(1)(A)		—			6,729			6,729
	1,290		03/22/31	1.449%(A)	1 Day USOIS(1)(A)		—			13,309			13,309
ZAR	10,200		07/07/25	5.160%(Q)	3 Month JIBAR(1)(Q)		(623	)		9,297			9,920
ZAR	6,100		12/17/25	4.855%(Q)	3 Month JIBAR(1)(Q)		—			16,634			16,634
ZAR	9,600		02/11/30	7.481%(Q)	3 Month JIBAR(2)(Q)		(335	)		7,339			7,674
ZAR	12,200		02/28/30	7.500%(Q)	3 Month JIBAR(2)(Q)		(3,871	)		8,284			12,155
ZAR	4,300		03/02/30	7.625%(Q)	3 Month JIBAR(2)(Q)		(16	)		5,292			5,308
ZAR	6,300		03/12/30	7.840%(Q)	3 Month JIBAR(2)(Q)		(53	)		13,363			13,416
ZAR	4,200		03/12/30	7.900%(Q)	3 Month JIBAR(2)(Q)		(38	)		10,070			10,108
ZAR	10,000		03/18/30	10.650%(Q)	3 Month JIBAR(2)(Q)		—			22,710			22,710
ZAR	3,500		04/01/30	8.600%(Q)	3 Month JIBAR(2)(Q)		(14	)		21,795			21,809

See Notes to Financial Statements.

86

Interest rate swap agreements outstanding at March 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
ZAR	8,300		04/03/30		9.300%(Q)	3 Month JIBAR(2)(Q)		$     (158	)		$      79,115			$      79,273
ZAR	17,400		07/07/30		7.040%(Q)	3 Month JIBAR(2)(Q)		(460	)		(27,615	)		(27,155	)
ZAR	5,200		01/15/31		6.765%(Q)	3 Month JIBAR(2)(Q)		(19,081	)		(19,182	)		(101	)
ZAR	3,900		03/18/31		7.660%(Q)	3 Month JIBAR(2)(Q)		(22	)		494			516
								$(28,784	)		$(1,266,218	)		$(1,237,434	)

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

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

Total return swap agreements outstanding at March 31, 2021:

Reference Entity

Financing Rate

Counterparty

Termination Date

Long (Short) Notional Amount (000)#(1)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)(2)

OTC Total Return Swap Agreement:

Bloomberg Barclays Capital U.S.CMBS (ERISA Only) Index (M)

1 Month LIBOR-15 bps (M)

Barclays Bank PLC

5/01/21

4,192

$(41,977)

$—

$(41,977)

(1) On a long total return swap, the Series receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Series makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$3,919	$(19,095)	$1,310	$(62,035)

See Notes to Financial Statements.

PGIM Balanced Fund      87

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency	Securities Market Value
Citigroup Global Markets, Inc.	$582,000	$2,626,072
Goldman Sachs & Co. LLC	—	274,972
Total	$582,000	$2,901,044

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, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks	$	546,815,841	$	112,151,836	$	14,175
Exchange-Traded Fund		1,998,871		—		—
Preferred Stocks		734,719		433,315		—
Rights		—		9		—
Asset-Backed Securities
Automobiles		—		10,512,576		—
Collateralized Loan Obligations.		—		15,497,939		—
Consumer Loans		—		5,156,027		—
Credit Cards		—		1,335,590		—
Equipment		—		950,006		—
Home Equity Loans		—		6,943		—
Manufactured Housing		—		120,877		—
Other		—		1,487,718		—
Residential Mortgage-Backed Securities		—		1,910,487		—
Student Loans		—		3,641,144		—
Bank Loans		—		404,596		—
Commercial Mortgage-Backed Securities		—		63,934,339		—
Corporate Bonds		—		157,171,793		—
Municipal Bonds		—		3,745,221		—
Residential Mortgage-Backed Securities		—		24,141,411		1,400,000
Sovereign Bonds		—		11,154,751		—
U.S. Government Agency Obligations		—		8,180,790		—

See Notes to Financial Statements.

88

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
U.S. Treasury Obligations	$	—		$	47,391,442		$	—
Affiliated Mutual Funds		24,957,101			—			—
Total	$	574,506,532		$	469,328,810		$	1,414,175
Other Financial Instruments*
Assets
Futures Contracts	$	777,088		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			820,335			—
OTC Cross Currency Exchange Contracts		—			20,071			—
OTC Credit Default Swap Agreement		—			4,766			—
Centrally Cleared Interest Rate Swap Agreements		—			305,685			—
Total	$	777,088		$	1,150,857		$	—
Liabilities
Futures Contracts	$	(1,704,872	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(638,427	)		—
OTC Cross Currency Exchange Contracts		—			(14,398	)		—
Centrally Cleared Credit Default Swap Agreement		—			(19,450	)		—
OTC Credit Default Swap Agreements		—			(38,690	)		—
Centrally Cleared Inflation Swap Agreements		—			(40,496	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(1,543,119	)		—
OTC Total Return Swap Agreement		—			(41,977	)		—
Total	$	(1,704,872	)	$	(2,336,557	)	$	—

* 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, 2021 were as follows:

Banks	7.3	%
Commercial Mortgage-Backed Securities	6.1
U.S. Treasury Obligations	4.5
Software	4.4
Semiconductors & Semiconductor Equipment	3.7
Pharmaceuticals	3.7
Interactive Media & Services	3.4
Technology Hardware, Storage & Peripherals	2.8
Internet & Direct Marketing Retail	2.6

Residential Mortgage-Backed Securities	2.6	%
IT Services	2.5
Affiliated Mutual Funds (0.3% represents investments purchased with collateral from securities on loan)	2.4
Automobiles	2.0
Health Care Equipment & Supplies	1.8
Capital Markets	1.7
Oil, Gas & Consumable Fuels	1.6

See Notes to Financial Statements.

PGIM Balanced Fund      89

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Industry Classification (continued):

Insurance	1.5	%
Health Care Providers & Services	1.5
Collateralized Loan Obligations	1.5
Chemicals	1.5
Aerospace & Defense	1.4
Biotechnology	1.3
Specialty Retail	1.3
Metals & Mining	1.2
Oil & Gas	1.2
Machinery	1.2
Entertainment	1.2
Equity Real Estate Investment Trusts (REITs)	1.1
Electric	1.1
Media	1.1
Diversified Telecommunication Services	1.1
Sovereign Bonds	1.1
Food & Staples Retailing	1.0
Hotels, Restaurants & Leisure	1.0
Life Sciences Tools & Services	0.9
Telecommunications	0.8
U.S. Government Agency Obligations	0.8
Household Products	0.8
Communications Equipment	0.8
Household Durables	0.8
Electric Utilities	0.8
Pipelines	0.7
Beverages	0.7
Electrical Equipment	0.7
Food Products	0.7
Consumer Finance	0.7
Tobacco	0.7
Industrial Conglomerates	0.7
Diversified Financial Services	0.5
Building Products	0.5
Retail	0.5
Electronic Equipment, Instruments & Components	0.5
Multi-Utilities	0.5
Auto Manufacturers	0.5
Healthcare-Services	0.5
Consumer Loans	0.5
Real Estate Investment Trusts (REITs)	0.5
Commercial Services	0.5
Trading Companies & Distributors	0.5
Multiline Retail	0.4
Independent Power & Renewable Electricity Producers	0.4

Textiles, Apparel & Luxury Goods	0.4	%
Air Freight & Logistics	0.4
Municipal Bonds	0.4
Student Loans	0.4
Leisure Products	0.3
Construction & Engineering	0.3
Semiconductors	0.3
Foods	0.3
Personal Products	0.3
Auto Components	0.3
Wireless Telecommunication Services	0.3
Gas	0.2
Gas Utilities	0.2
Road & Rail	0.2
Real Estate Management & Development	0.2
Construction Materials	0.2
Exchange-Traded Fund	0.2
Agriculture	0.2
Professional Services	0.2
Building Materials	0.2
Packaging & Containers	0.2
Other	0.1
Lodging	0.1
Airlines	0.1
Electronics	0.1
Credit Cards	0.1
Marine	0.1
Machinery-Diversified	0.1
Commercial Services & Supplies	0.1
Home Builders	0.1
Healthcare-Products	0.1
Equipment	0.1
Transportation	0.1
Miscellaneous Manufacturing	0.1
Mortgage Real Estate Investment Trusts (REITs)	0.1
Health Care Technology	0.1
Thrifts & Mortgage Finance	0.1
Auto Parts & Equipment	0.1
Mining	0.1
Engineering & Construction	0.1
Computers	0.0	*
Oil & Gas Services	0.0	*
Water Utilities	0.0	*
Real Estate	0.0	*
Paper & Forest Products	0.0	*
Containers & Packaging	0.0	*

See Notes to Financial Statements.

90

Industry Classification (continued):

Diversified Consumer Services	0.0	*%
Energy Equipment & Services	0.0	*
Multi-National	0.0	*
Manufactured Housing	0.0	*
Forest Products & Paper	0.0	*
Home Equity Loans	0.0	*
	99.9
Other assets in excess of liabilities	0.1
	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 credit contracts risk, equity contracts risk, foreign exchange contracts risk, and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. 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, 2021 as presented in the Statement of Assets and Liabilities:

	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
Credit contracts	—	$	—		Due from/to broker-variation margin swaps	$	19,450	*
Credit contracts	Premiums paid for OTC swap agreements		3,919		Premiums received for OTC swap agreements		19,095
Credit contracts	Unrealized appreciation on OTC swap agreements		1,310		Unrealized depreciation on OTC swap agreements		20,058
Equity contracts	Due from/to broker-variation margin futures		18,962	*	Due from/to broker-variation margin futures		185	*
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		20,071		Unrealized depreciation on OTC cross currency exchange contracts		14,398
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		820,335		Unrealized depreciation on OTC forward foreign currency exchange contracts		638,427

See Notes to Financial Statements.

PGIM Balanced Fund      91

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

	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	Due from/to broker-variation margin futures	$	758,126	*	Due from/to broker-variation margin futures	$	1,704,687	*
Interest rate contracts	Due from/to broker-variation margin swaps		305,685	*	Due from/to broker-variation margin swaps		1,583,615	*
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		41,977
		$	1,928,408			$	4,041,892

* 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, 2021 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Futures				Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—		$	—			$	—			$	(14,851	)
Equity contracts			—			337,591				—				—
Foreign exchange contracts			—			—				(157,896	)			—
Interest rate contracts			231,070			(4,836,699	)			—				103,849
Total		$	231,070		$	(4,499,108	)		$	(157,896	)		$	88,998

(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	Options Purchased(2)				Futures				Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—			$	—		$	33,031
Equity contracts			—				6,823				—			—
Foreign exchange contracts			—				—				469,712			—
Interest rate contracts			(197,046	)			(453,478	)			—			(1,616,852	)
Total		$	(197,046	)		$	(446,655	)		$	469,712		$	(1,583,821	)

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

See Notes to Financial Statements.

92

For the six months ended March 31, 2021, the Series’ average volume of derivative activities is as follows:

Options Purchased(1)	Futures Contracts— Long Positions(2)	Futures Contracts— Short Positions(2)	Forward Foreign Currency Exchange Contracts— Purchased(3)
$1,099	$86,812,814	$194,604,903	$26,522,219

Forward Foreign Currency Exchange Contracts—Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)	Credit Default Swap Agreements— Buy Protection(2)
$33,534,673	$672,667	$28,709,036	$4,353,333

Credit Default Swap Agreements— Sell Protection(2)	Total Return Swap Agreements(2)	Inflation Swap Agreements(2)
$1,692,704	$4,201,864	$505,000

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

Average volume is based on average quarter end balances as noted for the six months ended March 31, 2021.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized              Assets/(Liabilities)			Collateral Pledged/(Received)(2)				Net Amount
Securities on Loan		$	3,317,773		$	(3,317,773	)		$	—

See Notes to Financial Statements.

PGIM Balanced Fund      93

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

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.		$	5,646		$	(51,532	)		$	(45,886	)		$	—		$	(45,886	)
Barclays Bank PLC			203,323			(178,375	)			24,948				—			24,948
BNP Paribas S.A.			166,214			(9,994	)			156,220				—			156,220
Citibank, N.A.			59,364			(40,815	)			18,549				—			18,549
Credit Suisse International			5,876			(2,000	)			3,876				—			3,876
Goldman Sachs International			190,072			(38,226	)			151,846				—			151,846
HSBC Bank PLC			4,300			(55,019	)			(50,719	)			—			(50,719	)
JPMorgan Chase Bank, N.A.			106,088			(225,563	)			(119,475	)			—			(119,475	)
Morgan Stanley & Co. International PLC			38,505			(69,294	)			(30,789	)			—			(30,789	)
Standard Chartered Bank			754			(109	)			645				—			645
The Toronto-Dominion Bank			4,376			—				4,376				—			4,376
UBS AG			61,117			(63,028	)			(1,911	)			—			(1,911	)
		$	845,635		$	(733,955	)		$	111,680			$	—		$	111,680

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

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

See Notes to Financial Statements.

94

Statement of Assets and Liabilities (unaudited)

as of March 31, 2021

Assets
Investments at value, including securities on loan of $3,317,773:
Unaffiliated investments (cost $829,583,645)	$	1,020,292,416
Affiliated investments (cost $24,952,765)		24,957,101
Cash		44,003
Foreign currency, at value (cost $1,488,305)		1,483,756
Dividends and interest receivable		3,139,974
Receivable for investments sold		1,784,561
Receivable for Series shares sold		1,435,896
Unrealized appreciation on OTC forward foreign currency exchange contracts		820,335
Deposit with broker for centrally cleared/exchange-traded derivatives		582,000
Tax reclaim receivable		150,466
Unrealized appreciation on OTC cross currency exchange contracts		20,071
Due from broker—variation margin futures		16,785
Premiums paid for OTC swap agreements		3,919
Unrealized appreciation on OTC swap agreements		1,310
Prepaid expenses and other assets		29,976
Total Assets		1,054,762,569
Liabilities
Payable to broker for collateral for securities on loan		3,428,807
Payable for investments purchased		2,210,894
Payable for Series shares purchased		989,096
Unrealized depreciation on OTC forward foreign currency exchange contracts		638,427
Management fee payable		484,675
Distribution fee payable		257,847
Accrued expenses and other liabilities		241,280
Due to broker—variation margin futures		148,451
Foreign capital gains tax liability accrued		114,955
Affiliated transfer agent fee payable		101,357
Unrealized depreciation on OTC swap agreements		62,035
Due to broker—variation margin swaps		36,751
Premiums received for OTC swap agreements		19,095
Unrealized depreciation on OTC cross currency exchange contracts		14,398
Total Liabilities		8,748,068
Net Assets	$	1,046,014,501
Net assets were comprised of:
Common stock, at par	$	58,127
Paid-in capital in excess of par		821,822,719
Total distributable earnings (loss)		224,133,655
Net assets, March 31, 2021	$	1,046,014,501

See Notes to Financial Statements.

PGIM Balanced Fund      95

Statement of Assets and Liabilities (unaudited)

as of March 31, 2021

Class A
Net asset value and redemption price per share, ($713,397,488 ÷ 39,739,391 shares of common stock issued and outstanding)	$	17.95
Maximum sales charge (3.25% of offering price)		0.60
Maximum offering price to public	$	18.55
Class C
Net asset value, offering price and redemption price per share, ($94,904,674 ÷ 5,253,272 shares of common stock issued and outstanding)	$	18.07
Class R
Net asset value, offering price and redemption price per share, ($641,712 ÷ 35,737 shares of common stock issued and outstanding)	$	17.96
Class Z
Net asset value, offering price and redemption price per share, ($165,542,495 ÷ 9,147,665 shares of common stock issued and outstanding)	$	18.10
Class R6
Net asset value, offering price and redemption price per share, ($71,528,132 ÷ 3,950,443 shares of common stock issued and outstanding)	$	18.11

See Notes to Financial Statements.

96

Statement of Operations (unaudited)

Six Months Ended March 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $187,857 foreign withholding tax)	$	5,711,169
Interest income		5,264,267
Income from securities lending, net (including affiliated income of $3,242)		34,131
Affiliated dividend income		18,448
Total income		11,028,015
Expenses
Management fee		3,178,847
Distribution fee(a)		1,482,883
Transfer agent’s fees and expenses (including affiliated expense of $218,413)(a)		517,524
Custodian and accounting fees		151,912
Registration fees(a)		43,425
Shareholders’ reports		31,076
Audit fee		24,554
Legal fees and expenses		11,431
Directors’ fees		10,982
Miscellaneous		30,062
Total expenses		5,482,696
Less: Fee waiver and/or expense reimbursement(a)		(501,583	)
Distribution fee waiver(a)		(1,088	)
Net expenses		4,980,025
Net investment income (loss)		6,047,990
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $13,947) (net of foreign capital gains taxes $(52,123))		45,912,848
Futures transactions		(4,499,108	)
Forward and cross currency contract transactions		(157,896	)
Swap agreement transactions		88,998
Foreign currency transactions		358,274
		41,703,116
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(18,828)) (net of change in foreign capital gains taxes $(114,955))		74,244,264
Futures		(446,655	)
Forward and cross currency contracts		469,712
Swap agreements		(1,583,821	)
Foreign currencies		(11,693	)
		72,671,807
Net gain (loss) on investment and foreign currency transactions		114,374,923
Net Increase (Decrease) In Net Assets Resulting From Operations	$	120,422,913

See Notes to Financial Statements.

PGIM Balanced Fund      97

Statement of Operations (unaudited)

Six Months Ended March 31, 2021

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		993,218			486,402			3,263			—			—
Transfer agent’s fees and expenses		378,785			51,896			1,010			85,638			195
Registration fees		14,507			7,290			5,944			7,297			8,387
Fee waiver and/or expense reimbursement		(403,744	)		(25,767	)		(5,798	)		(41,146	)		(25,128	)
Distribution fee waiver		—			—			(1,088	)		—			—

See Notes to Financial Statements.

98

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2021				Year Ended   September 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	6,047,990			$	13,423,101
Net realized gain (loss) on investment and foreign currency transactions			41,703,116				981,888
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			72,671,807				33,393,632
Net increase (decrease) in net assets resulting from operations			120,422,913				47,798,621
Dividends and Distributions
Distributions from distributable earnings
Class A			(4,656,442	)			(19,801,537	)
Class B			—				(308,171	)
Class C			(314,529	)			(2,718,887	)
Class R			(4,443	)			(44,497	)
Class Z			(1,246,730	)			(5,698,818	)
Class R6			(541,491	)			(1,547,024	)
			(6,763,635	)			(30,118,934	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold			90,674,194				130,823,489
Net asset value of shares issued in reinvestment of dividends and distributions			6,597,146				29,261,978
Cost of shares purchased			(80,110,765	)			(187,522,568	)
Net increase (decrease) in net assets from Series share transactions			17,160,575				(27,437,101	)
Total increase (decrease)			130,819,853				(9,757,414	)
Net Assets:
Beginning of period			915,194,648				924,952,062
End of period		$	1,046,014,501			$	915,194,648

See Notes to Financial Statements.

PGIM Balanced Fund      99

Notes to Financial Statements (unaudited)

1.   Organization

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company currently consists of three series: PGIM Balanced Fund, PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund, each of which are diversified funds for purposes of the 1940 Act. 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.

2.   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 is a summary of significant accounting policies followed by the Series in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Series’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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 or preferred stocks, exchange-traded funds and derivative instruments, if applicable, 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 in open-end funds (other than exchange-traded 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 and centrally cleared 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 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 derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain 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.

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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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.

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:

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

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

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

PGIM Balanced Fund    103

Notes to Financial Statements (unaudited) (continued)

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 and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of 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.

104

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

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

Swap Agreements: The Series 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 or 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. For OTC-traded, 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.

PGIM Balanced Fund    105

Notes to Financial Statements (unaudited) (continued)

Inflation Swaps: The Series entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Series to interest rate risk.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Series is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Series’ maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Series generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Series effectively increases its investment risk because, in addition to its total net assets, the Series may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Series, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Series entered into for the same referenced entity or index. As a buyer of protection, the Series generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Series is the seller of protection as of

106

period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Series is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Series entered into total return swaps to manage its exposure to a security or an index. The Series’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Series’ favor, from the point of entering into the contract.

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 all or a portion of the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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 or re-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.

PGIM Balanced Fund    107

Notes to Financial Statements (unaudited) (continued)

Termination events applicable to the Series may occur upon a decline in the Series’ net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Series’ counterparties to elect early termination could impact the Series’ future derivative activity.

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

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Rights: The Series held rights acquired either through a direct purchase or pursuant to corporate actions. 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 rights are held as long positions by the Series until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Series invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded

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as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Series invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from 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 REITs.

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

PGIM Balanced Fund    109

Notes to Financial Statements (unaudited) (continued)

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. Such class specific expenses and waivers 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.    Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services.

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to the Series through its business unit PGIM Fixed Income, PGIM Limited, and QMA LLC (“QMA”) (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of subadvisers.

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

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management fee rate before any waivers and/or expense reimbursements was 0.65% for the reporting period ended March 31, 2021.

The Manager has contractually agreed, through January 31, 2022, 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, 1.47% of average daily net assets for Class R shares and 0.65% 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 expenses of the Series 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 such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The 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 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 C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%,1% and 0.75% of the average daily net assets of the Class A, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2022 to limit such fees to 0.50% of the average daily net assets of Class R shares. 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.

For the reporting period ended March 31, 2021, PIMS received $392,578 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2021, PIMS received $863 and $2,092 in contingent deferred sales charges imposed upon redemptions by certain Class A 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., PGIM Limited, PIMS and QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

PGIM Balanced Fund    111

Notes to Financial Statements (unaudited) (continued)

4.    Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Series may 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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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/trustees, and/or common officers. For the reporting period ended March 31, 2021, no 17a-7 transactions were entered into by the Series.

5.    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, 2021, were $347,055,102 and $388,078,886, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2021, 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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$  6,417,829		$170,732,958		$155,627,102		$       —			$       —		$21,523,685		21,523,685		$18,448
PGIM Institutional Money Market Fund (1)(b)(wa)
33,127,706		48,903,325		78,592,734		(18,828	)		13,947		3,433,416		3,435,134		3,242	(2)

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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
	$39,545,535		$	219,636,283		$	234,219,836		$(18,828)		$	13,947		$	24,957,101			$	21,690

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

6.    Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of March 31, 2021 were as follows:

Tax Basis	$	859,800,354
Gross Unrealized Appreciation		204,061,002
Gross Unrealized Depreciation		(20,725,323	)
Net Unrealized Appreciation	$	183,335,679

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

The Fund elected to treat post-October capital losses of approximately $531,000 and late year losses of approximately $344,000 as having been incurred in the following fiscal year (September 30, 2021).

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. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2020 are subject to such review.

7.    Capital and Ownership

The Series offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C

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Notes to Financial Statements (unaudited) (continued)

shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 6.625 billion shares of capital stock at $0.001 par value per share, 923 million of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	125,000,000
Class B	3,000,000
Class C	25,000,000
Class R	125,000,000
Class Z	280,000,000
Class T	75,000,000
Class R6	290,000,000

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

As of March 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of   Outstanding Shares
Class A		35,387		0.1%
Class C		247		0.1%
Class Z		1,415,728		15.5%

At the reporting period end, the number of shareholders holding greater than 5% of the Series are as follows:

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	3	41.1%

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Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2021:
Shares sold		3,036,578		$	52,758,628
Shares issued in reinvestment of dividends and distributions		267,058			4,575,443
Shares purchased		(2,662,084	)		(45,714,359	)
Net increase (decrease) in shares outstanding before conversion		641,552			11,619,712
Shares issued upon conversion from other share class(es)		580,521			10,342,245
Shares purchased upon conversion into other share class(es)		(114,095	)		(2,006,798	)
Net increase (decrease) in shares outstanding		1,107,978		$	19,955,159
Year ended September 30, 2020:
Shares sold		4,334,646		$	67,271,019
Shares issued in reinvestment of dividends and distributions		1,226,383			19,480,215
Shares purchased		(5,831,906	)		(89,710,377	)
Net increase (decrease) in shares outstanding before conversion		(270,877	)		(2,959,143	)
Shares issued upon conversion from other share class(es)		1,224,771			18,746,349
Shares purchased upon conversion into other share class(es)		(140,812	)		(2,154,486	)
Net increase (decrease) in shares outstanding		813,082		$	13,632,720
Class B
Period ended June 26, 2020*:
Shares sold		17,722		$	278,121
Shares issued in reinvestment of dividends and distributions		18,482			296,189
Shares purchased		(122,330	)		(1,878,726	)
Net increase (decrease) in shares outstanding before conversion		(86,126	)		(1,304,416	)
Shares purchased upon conversion into other share class(es)		(878,548	)		(13,417,695	)
Net increase (decrease) in shares outstanding		(964,674	)	$	(14,722,111	)
Class C
Six months ended March 31, 2021:
Shares sold		383,640		$	6,672,971
Shares issued in reinvestment of dividends and distributions		18,020			310,040
Shares purchased		(445,140	)		(7,622,404	)
Net increase (decrease) in shares outstanding before conversion		(43,480	)		(639,393	)
Shares purchased upon conversion into other share class(es)		(627,246	)		(11,221,110	)
Net increase (decrease) in shares outstanding		(670,726	)	$	(11,860,503	)
Year ended September 30, 2020:
Shares sold		855,885		$	13,317,003
Shares issued in reinvestment of dividends and distributions		162,109			2,598,199
Shares purchased		(1,476,919	)		(22,799,704	)
Net increase (decrease) in shares outstanding before conversion		(458,925	)		(6,884,502	)
Shares purchased upon conversion into other share class(es)		(550,497	)		(8,591,251	)
Net increase (decrease) in shares outstanding		(1,009,422	)	$	(15,475,753	)

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Notes to Financial Statements (unaudited) (continued)

Class R	Shares			Amount
Six months ended March 31, 2021:
Shares sold		1,714		$	29,490
Shares issued in reinvestment of dividends and distributions		237			4,056
Shares purchased		(37,313	)		(638,593	)
Net increase (decrease) in shares outstanding		(35,362	)	$	(605,047)
Year ended September 30, 2020:
Shares sold		8,305		$	128,286
Shares issued in reinvestment of dividends and distributions		2,574			40,959
Shares purchased		(70,659	)		(1,085,125	)
Net increase (decrease) in shares outstanding		(59,780	)	$	(915,880)
Class Z
Six months ended March 31, 2021:
Shares sold		890,629		$	15,582,341
Shares issued in reinvestment of dividends and distributions		67,516			1,166,152
Shares purchased		(1,133,612	)		(19,450,688	)
Net increase (decrease) in shares outstanding before conversion		(175,467	)		(2,702,195	)
Shares issued upon conversion from other share class(es)		151,136			2,672,384
Shares purchased upon conversion into other share class(es)		(3,769	)		(64,388	)
Net increase (decrease) in shares outstanding		(28,100	)	$	(94,199)
Year ended September 30, 2020:
Shares sold		1,548,789		$	24,126,132
Shares issued in reinvestment of dividends and distributions		331,245			5,299,470
Shares purchased		(4,104,407	)		(63,152,386	)
Net increase (decrease) in shares outstanding before conversion		(2,224,373	)		(33,726,784	)
Shares issued upon conversion from other share class(es)		361,400			5,578,690
Shares purchased upon conversion into other share class(es)		(23,897	)		(383,852	)
Net increase (decrease) in shares outstanding		(1,886,870	)	$	(28,531,946	)
Class R6
Six months ended March 31, 2021:
Shares sold		897,741		$	15,630,764
Shares issued in reinvestment of dividends and distributions		31,335			541,455
Shares purchased		(387,273	)		(6,684,721	)
Net increase (decrease) in shares outstanding before conversion		541,803			9,487,498
Shares issued upon conversion from other share class(es)		16,027			277,667
Net increase (decrease) in shares outstanding		557,830		$	9,765,165
Year ended September 30, 2020:
Shares sold		1,673,736		$	25,702,928
Shares issued in reinvestment of dividends and distributions		96,651			1,546,946
Shares purchased		(575,638	)		(8,896,250	)
Net increase (decrease) in shares outstanding before conversion		1,194,749			18,353,624
Shares issued upon conversion from other share class(es)		13,863			222,245
Net increase (decrease) in shares outstanding		1,208,612		$	18,575,869

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares.

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8.    Borrowings

The Company, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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 Participating Funds in the SCA equitably.

The Series did not utilize the SCA during the reporting period ended March 31, 2021.

9.    Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below. For further information on the Series’ risks, please refer to the Series’ Prospectus and Statement of Additional Information.

Asset Allocation Risk: Asset allocation risk is the risk that the Series’ assets may be allocated to an asset class that underperforms other classes. For example, the Series may be overweight in equities when the stock market is falling and the fixed income market is rising. Likewise, the Series may be overweight in fixed income securities when fixed income markets are falling and the equity markets are rising. Allocations to underperforming or volatile asset classes or other changes in asset allocations could lead to increased volatility in the Series’ portfolio.

Bond Obligations Risk: As with credit risk, market risk and interest rate 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

PGIM Balanced Fund    117

Notes to Financial Statements (unaudited) (continued)

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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Series’ use of derivatives may also increase the amount of taxes payable by shareholders. 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 lack 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.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. 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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

Interest Rate Risk: The value of your 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 debt

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securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” 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 lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Series’ shares. There is no requirement that these entities maintain their investment in the Series. There is a risk that such large shareholders or that the Series’ shareholders generally may redeem all or a substantial portion of their investments in the Series in a short period of time, which could have a significant negative impact on the Series’ NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Series’ ability to implement its investment strategy. The Series’ ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Series may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period,

PGIM Balanced Fund    119

Notes to Financial Statements (unaudited) (continued)

these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Series could not meet requests to redeem shares issued by the Series without significant dilution of remaining investors’ interests in the Series. The Series may invest in instruments that trade in lower volumes and are more illiquid than other investments. 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 cannot be readily sold at the desired time or price, the Series 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 Series’ value or prevent the Series from being able to take advantage of other investment opportunities.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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 your investment in the Series will decline.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates

120

decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Series may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

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.

10.     Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Series.

PGIM Balanced Fund    121

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31, 2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.96			$15.61			$16.38			$15.93			$14.99			$14.67
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.24			0.24			0.19			0.17			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.00			0.63			0.04			1.15			1.43			1.25
Total from investment operations		2.11			0.87			0.28			1.34			1.60			1.43
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.24	)		(0.25	)		(0.20	)		(0.18	)		(0.19	)
Distributions from net realized gains		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)
Total dividends and distributions		(0.12	)		(0.52	)		(1.05	)		(0.89	)		(0.66	)		(1.11	)
Net asset value, end of period		$17.95			$ 15.96			$15.61			$16.38			$15.93			$14.99
Total Return(b):		13.26	%		5.64	%		2.28	%		8.66	%		10.99	%		10.15	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$713,397			$616,646			$590,383			$360,798			$343,550			$324,422
Average net assets (000)		$663,965			$593,393			$416,723			$352,124			$332,088			$308,458
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.00	%(e)		1.00	%		1.00	%		1.12	%		1.18	%		1.23	%
Expenses before waivers and/or expense reimbursement		1.12	%(e)		1.16	%		1.16	%		1.17	%		1.20	%		1.25	%
Net investment income (loss)		1.26	%(e)		1.52	%		1.58	%		1.22	%		1.11	%		1.23	%
Portfolio turnover rate(f)(g)		43	%		108	%		128	%		145	%		180	%		230	%

(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 GAAP. 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 C Shares
	Six Months Ended March 31, 2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.06			$15.71			$16.48			$16.02			$15.08			$14.74
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.12			0.13			0.08			0.06			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.03			0.64			0.04			1.16			1.43			1.26
Total from investment operations		2.07			0.76			0.17			1.24			1.49			1.34
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.13	)		(0.14	)		(0.09	)		(0.07	)		(0.08	)
Distributions from net realized gains		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)
Total dividends and distributions		(0.06	)		(0.41	)		(0.94	)		(0.78	)		(0.55	)		(1.00	)
Net asset value, end of period		$18.07			$16.06			$15.71			$16.48			$16.02			$15.08
Total Return(b):		12.88	%		4.77	%		1.62	%		7.92	%		10.16	%		9.49	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$94,905			$95,166			$108,958			$89,949			$74,527			$57,448
Average net assets (000)		$97,548			$102,396			$92,047			$82,930			$66,532			$43,525
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.77	%(e)		1.77	%		1.73	%		1.81	%		1.88	%		1.93	%
Expenses before waivers and/or expense reimbursement		1.82	%(e)		1.84	%		1.84	%		1.87	%		1.90	%		1.95	%
Net investment income (loss)		0.48	%(e)		0.75	%		0.87	%		0.52	%		0.41	%		0.53	%
Portfolio turnover rate(f)(g)		43	%		108	%		128	%		145	%		180	%		230	%

(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 GAAP. 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 R Shares
	Six Months Ended March 31, 2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.97			$15.64			$16.38			$15.94			$15.00			$14.68
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.17			0.11			0.14			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.00			0.64			0.05			1.14			1.43			1.25
Total from investment operations		2.07			0.80			0.22			1.25			1.57			1.40
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.19	)		(0.16	)		(0.12	)		(0.15	)		(0.16	)
Distributions from net realized gains		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)
Total dividends and distributions		(0.08	)		(0.47	)		(0.96	)		(0.81	)		(0.63	)		(1.08	)
Net asset value, end of period		$17.96			$15.97			$15.64			$16.38			$15.94			$15.00
Total Return(b):		13.00	%		5.16	%		1.85	%		8.07	%		10.77	%		9.93	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$642			$1,135			$2,047			$2,226			$1,457			$723
Average net assets (000)		$873			$1,439			$1,959			$1,837			$947			$739
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.47	%(e)		1.47	%		1.45	%		1.63	%		1.38	%		1.43	%
Expenses before waivers and/or expense reimbursement		3.05	%(e)		2.61	%		2.16	%		2.88	%		1.65	%		1.70	%
Net investment income (loss)		0.79	%(e)		1.04	%		1.14	%		0.71	%		0.92	%		1.04	%
Portfolio turnover rate(f)(g)		43	%		108	%		128	%		145	%		180	%		230	%

(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 GAAP. 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 Z Shares
	Six Months Ended March 31, 2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.09			$ 15.73			$16.49			$16.04			$15.09			$14.75
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.27			0.29			0.24			0.22			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.02			0.65			0.04			1.15			1.43			1.27
Total from investment operations		2.15			0.92			0.33			1.39			1.65			1.49
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.28	)		(0.29	)		(0.25	)		(0.22	)		(0.23	)
Distributions from net realized gains		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)
Total dividends and distributions		(0.14	)		(0.56	)		(1.09	)		(0.94	)		(0.70	)		(1.15	)
Net asset value, end of period		$18.10			$ 16.09			$15.73			$16.49			$16.04			$15.09
Total Return(b):		13.40	%		5.90	%		2.59	%		8.91	%		11.32	%		10.57	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$165,542			$147,635			$174,033			$183,204			$139,497			$92,562
Average net assets (000)		$155,767			$156,846			$172,091			$156,026			$118,555			$79,518
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.77	%(e)		0.78	%		0.75	%		0.82	%		0.88	%		0.93	%
Expenses before waivers and/or expense reimbursement		0.82	%(e)		0.85	%		0.86	%		0.88	%		0.90	%		0.95	%
Net investment income (loss)		1.48	%(e)		1.74	%		1.86	%		1.52	%		1.41	%		1.53	%
Portfolio turnover rate(f)(g)		43	%		108	%		128	%		145	%		180	%		230	%

(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 GAAP. 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      125

Financial Highlights (unaudited)(continued)

Class R6 Shares
	Six Months Ended March 31, 2021
										November 28, 2017(a) through September  30, 2018
				Year Ended September 30,
				2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period	$	16.10		$	15.74		$	16.50		$	16.48
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.29			0.30			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.02			0.65			0.05			0.73
Total from investment operations		2.16			0.94			0.35			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.30	)		(0.31	)		(0.25	)
Distributions from net realized gains		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(0.15	)		(0.58	)		(1.11	)		(0.94	)
Net asset value, end of period	$	18.11		$	16.10		$	15.74		$	16.50
Total Return(c):		13.46	%		6.01	%		2.69	%		6.10	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	71,528		$	54,613		$	34,369		$	2,502
Average net assets (000)	$	62,642		$	44,247		$	16,501		$	295
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65	%(e)		0.65	%		0.65	%		0.67	%(e)
Expenses before waivers and/or expense reimbursement		0.73	%(e)		0.74	%		0.83	%		11.39	%(e)
Net investment income (loss)		1.61	%(e)		1.88	%		1.96	%		1.73	%(e)
Portfolio turnover rate(f)(g)		43	%		108	%		128	%		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 GAAP. 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.

126

Series Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Series has adopted and implemented a liquidity risk management program (the “LRMP”). The Series’ LRMP seeks to assess and manage the Series’ liquidity risk, which is defined as the risk that the Series is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Series. The Company’s Board of Directors (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Series’ investment manager, to serve as the administrator of the Series’ LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Series’ LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Series’ LRMP includes no less than annual assessments of factors that influence the Series’ liquidity risk; no less than monthly classifications of the Series’ investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Series’ assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Series does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness the Series’ LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the Series’ LRMP was reasonably designed to assess and manage the Series’ liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Series’ investment strategies continue to be appropriate given the Series’ status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Series, including liquidity risks presented by the Series’ investment portfolio, is found in the Series’ Prospectus and Statement of Additional Information.

PGIM Balanced Fund 127

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. 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 • 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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income PGIM Limited	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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Mutual Funds:

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

PGIM BALANCED FUND

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

MF185E2

PGIM JENNISON FOCUSED VALUE FUND

SEMIANNUAL REPORT

MARCH 31, 2021

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of March 31, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2021 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 pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Jennison Focused Value Fund informative and useful. The report covers performance for the six-month period ended March 31, 2021.

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 Focused Value Fund

May 14, 2021

PGIM Jennison Focused Value Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 3/31/21 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	25.94	42.96	8.37	8.46	—
Class C	25.35	48.83	8.76	8.28	—
Class R	25.71	50.73	9.22	8.78	—
Class Z	26.04	51.72	9.93	9.41	—
Class R6	26.04	51.68	9.91	N/A	7.19 (11/25/14)
Russell 1000 Value Index
	29.34	56.09	11.74	10.99	—

Average Annual Total Returns as of 3/31/21 Since Inception (%)
	Class R6 (11/25/14)
Russell 1000 Value Index	8.87

*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index is measured from the closest month-end to the inception date of Class R6 shares.

4 Visit our website at pgim.com/investments

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

	Class A	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	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%	0.75% (0.50% currently)	None	None

Benchmark Definitions

Russell 1000 Value Index—The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Jennison Focused Value Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas & Consumable Fuels	4.8%
Goldman Sachs Group, Inc. (The)	Capital Markets	4.8%
JPMorgan Chase & Co.	Banks	4.7%
Union Pacific Corp.	Road & Rail	4.5%
Bank of America Corp.	Banks	4.0%
Walt Disney Co. (The)	Entertainment	3.8%
General Motors Co.	Automobiles	3.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.8%
Linde PLC (United Kingdom)	Chemicals	3.7%
Dominion Energy, Inc.	Multi-Utilities	3.7%

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

6 Visit our website at pgim.com/investments

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 Focused Value Fund 7

Fees and Expenses (continued)

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

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

PGIM Jennison Focused Value Fund		Beginning Account Value October 1, 2020		Ending Account Value March 31, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,259.40		1.12	%	$	6.31
	Hypothetical	$	1,000.00	$	1,019.35		1.12	%	$	5.64
Class C	Actual	$	1,000.00	$	1,253.50		2.07	%	$	11.63
	Hypothetical	$	1,000.00	$	1,014.61		2.07	%	$	10.40
Class R	Actual	$	1,000.00	$	1,257.10		1.53	%	$	8.61
	Hypothetical	$	1,000.00	$	1,017.30		1.53	%	$	7.70
Class Z	Actual	$	1,000.00	$	1,260.40		0.85	%	$	4.79
	Hypothetical	$	1,000.00	$	1,020.69		0.85	%	$	4.28
Class R6	Actual	$	1,000.00	$	1,260.40		0.85	%	$	4.79
	Hypothetical	$	1,000.00	$	1,020.69		0.85	%	$	4.28

*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, 2021, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of March 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS     99.6%
COMMON STOCKS
Aerospace & Defense     4.7%
Airbus SE (France)*		46,242	$	5,244,252
Raytheon Technologies Corp.		63,728		4,924,262
				10,168,514
Air Freight & Logistics     1.5%
FedEx Corp.		11,440		3,249,418
Airlines     1.4%
Delta Air Lines, Inc.*		64,645		3,121,061
Automobiles     3.8%
General Motors Co.*		144,397		8,297,052
Banks     14.8%
Bank of America Corp.		225,947		8,741,889
JPMorgan Chase & Co.		66,718		10,156,481
PNC Financial Services Group, Inc. (The)		36,672		6,432,636
Truist Financial Corp.		114,023		6,649,821
				31,980,827
Building Products     3.0%
Johnson Controls International PLC		109,673		6,544,188
Capital Markets     4.8%
Goldman Sachs Group, Inc. (The)		31,935		10,442,745
Chemicals     3.7%
Linde PLC (United Kingdom)		28,769		8,059,348
Containers & Packaging     1.3%
Crown Holdings, Inc.		29,901		2,901,593
Entertainment     3.8%
Walt Disney Co. (The)*		45,014		8,305,983
Food & Staples Retailing     3.4%
Walmart, Inc.		53,687		7,292,305
Health Care Equipment & Supplies     2.4%
Zimmer Biomet Holdings, Inc.		32,487		5,200,519

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      9

Schedule of Investments  (unaudited)(continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services     3.3%
Cigna Corp.		14,641	$	3,539,315
Laboratory Corp. of America Holdings*		14,262		3,637,238
				7,176,553
Household Durables     1.7%
D.R. Horton, Inc.		41,960		3,739,475
Household Products     1.4%
Procter & Gamble Co. (The)		21,686		2,936,935
Industrial Conglomerates     1.6%
General Electric Co.		267,962		3,518,341
Insurance     5.9%
Chubb Ltd.		40,175		6,346,445
MetLife, Inc.		106,195		6,455,594
				12,802,039
Interactive Media & Services     3.8%
Alphabet, Inc. (Class A Stock)*		3,931		8,107,766
Multi-Utilities     3.7%
Dominion Energy, Inc.		104,089		7,906,600
Oil, Gas & Consumable Fuels     4.8%
ConocoPhillips		197,235		10,447,538
Pharmaceuticals     4.9%
AstraZeneca PLC (United Kingdom), ADR(a)		104,112		5,176,449
Eli Lilly & Co.		28,744		5,369,954
				10,546,403
Road & Rail     4.5%
Union Pacific Corp.		43,898		9,675,558
Semiconductors & Semiconductor Equipment     4.5%
Broadcom, Inc.		9,045		4,193,805
Texas Instruments, Inc.		29,142		5,507,546
				9,701,351

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Software     5.5%
Microsoft Corp.		29,614	$	6,982,093
PTC, Inc.*		36,243		4,988,849
				11,970,942
Specialty Retail     5.4%
Lowe’s Cos., Inc.		29,823		5,671,738
Ross Stores, Inc.		50,627		6,070,684
				11,742,422
TOTAL LONG-TERM INVESTMENTS (cost $160,552,205)				215,835,476
SHORT-TERM INVESTMENTS     2.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		928,422		928,422
PGIM Institutional Money Market Fund (cost $5,309,333; includes $5,308,908 of cash collateral for securities on loan)(b)(wa)		5,311,988		5,309,333
TOTAL SHORT-TERM INVESTMENTS (cost $6,237,755)				6,237,755
TOTAL INVESTMENTS     102.5% (cost $166,789,960)				222,073,231
Liabilities in excess of other assets     (2.5)%				(5,319,744	)
NET ASSETS     100.0%			$	216,753,487

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $5,175,852; cash collateral of $5,308,908 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wa) 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, if applicable.

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      11

Schedule of Investments  (unaudited)(continued)

as of March 31, 2021

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, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense		$	4,924,262		$	5,244,252		$	—
Air Freight & Logistics			3,249,418			—			—
Airlines			3,121,061			—			—
Automobiles			8,297,052			—			—
Banks			31,980,827			—			—
Building Products			6,544,188			—			—
Capital Markets			10,442,745			—			—
Chemicals			8,059,348			—			—
Containers & Packaging			2,901,593			—			—
Entertainment			8,305,983			—			—
Food & Staples Retailing			7,292,305			—			—
Health Care Equipment & Supplies			5,200,519			—			—
Health Care Providers & Services			7,176,553			—			—
Household Durables			3,739,475			—			—
Household Products			2,936,935			—			—
Industrial Conglomerates			3,518,341			—			—
Insurance			12,802,039			—			—
Interactive Media & Services			8,107,766			—			—
Multi-Utilities			7,906,600			—			—
Oil, Gas & Consumable Fuels			10,447,538			—			—
Pharmaceuticals			10,546,403			—			—
Road & Rail			9,675,558			—			—
Semiconductors & Semiconductor Equipment			9,701,351			—			—
Software			11,970,942			—			—
Specialty Retail			11,742,422			—			—
Affiliated Mutual Funds			6,237,755			—			—
Total		$	216,828,979		$	5,244,252		$	—

See Notes to Financial Statements.

12

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, 2021 were as follows:

Banks	14.8	%
Insurance	5.9
Software	5.5
Specialty Retail	5.4
Pharmaceuticals	4.9
Oil, Gas & Consumable Fuels	4.8
Capital Markets	4.8
Aerospace & Defense	4.7
Semiconductors & Semiconductor Equipment	4.5
Road & Rail	4.5
Entertainment	3.8
Automobiles	3.8
Interactive Media & Services	3.8
Chemicals	3.7
Multi-Utilities	3.7
Food & Staples Retailing	3.4
Health Care Providers & Services	3.3

Building Products	3.0	%
Affiliated Mutual Funds (2.4% represents investments purchased with collateral from securities on loan)	2.9
Health Care Equipment & Supplies	2.4
Household Durables	1.7
Industrial Conglomerates	1.6
Air Freight & Logistics	1.5
Airlines	1.4
Household Products	1.4
Containers & Packaging	1.3
	102.5
Liabilities in excess of other assets	(2.5	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized         Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	5,175,852		$	(5,175,852	)		$	—

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      13

Statement of Assets and Liabilities  (unaudited)

as of March 31, 2021

Assets
Investments at value, including securities on loan of $5,175,852:
Unaffiliated investments (cost $160,552,205)	$	215,835,476
Affiliated investments (cost $6,237,755)		6,237,755
Receivable for Series shares sold		199,236
Dividends receivable		109,233
Tax reclaim receivable		65,275
Prepaid expenses		1,885
Total Assets		222,448,860
Liabilities
Payable to broker for collateral for securities on loan		5,308,908
Payable for Series shares purchased		124,948
Management fee payable		107,614
Accrued expenses and other liabilities		81,190
Distribution fee payable		49,767
Affiliated transfer agent fee payable		22,649
Directors’ fees payable		297
Total Liabilities		5,695,373
Net Assets	$	216,753,487
Net assets were comprised of:
Common stock, at par	$	12,392
Paid-in capital in excess of par		160,740,941
Total distributable earnings (loss)		56,000,154
Net assets, March 31, 2021	$	216,753,487

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($177,487,759 ÷ 10,138,939 shares of common stock issued and outstanding)	$	17.51
Maximum sales charge (5.50% of offering price)		1.02
Maximum offering price to public	$	18.53
Class C
Net asset value, offering price and redemption price per share, ($5,538,206 ÷ 420,071 shares of common stock issued and outstanding)	$	13.18
Class R
Net asset value, offering price and redemption price per share, ($614,496 ÷ 41,984 shares of common stock issued and outstanding)	$	14.64
Class Z
Net asset value, offering price and redemption price per share, ($31,655,789 ÷ 1,711,725 shares of common stock issued and outstanding)	$	18.49
Class R6
Net asset value, offering price and redemption price per share, ($1,457,237 ÷ 79,008 shares of common stock issued and outstanding)	$	18.44

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      15

Statement of Operations  (unaudited)

Six Months Ended March 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	1,798,990
Income from securities lending, net (including affiliated income of $1,106)		1,907
Affiliated dividend income		1,031
Total income		1,801,928
Expenses
Management fee		605,550
Distribution fee(a)		277,516
Transfer agent’s fees and expenses (including affiliated expense of $48,606)(a)		134,065
Registration fees(a)		31,298
Custodian and accounting fees		27,898
Audit fee		12,486
Shareholders’ reports		9,976
Legal fees and expenses		9,927
Directors’ fees		6,726
Miscellaneous		11,156
Total expenses		1,126,598
Less: Fee waiver and/or expense reimbursement(a)		(11,337	)
Distribution fee waiver(a)		(676	)
Net expenses		1,114,585
Net investment income (loss)		687,343
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(413))		7,347,372
Foreign currency transactions		1,545
		7,348,917
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(2,254))		38,379,221
Foreign currencies		12
		38,379,233
Net gain (loss) on investment and foreign currency transactions		45,728,150
Net Increase (Decrease) In Net Assets Resulting From Operations	$	46,415,493

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

	Class A		Class C		Class R			Class Z		Class R6
Distribution fee		246,419		29,068		2,029			—		—
Transfer agent’s fees and expenses		108,792		5,181		621			19,442		29
Registration fees		6,323		6,113		6,323			6,124		6,415
Fee waiver and/or expense reimbursement		—		—		(5,991	)		—		(5,346	)
Distribution fee waiver		—		—		(676	)		—		—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2021				Year Ended   September 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	687,343			$	1,868,888
Net realized gain (loss) on investment and foreign currency transactions			7,348,917				(5,403,092	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			38,379,233				(1,512,793	)
Net increase (decrease) in net assets resulting from operations			46,415,493				(5,046,997	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(1,469,215	)			(14,946,779	)
Class B			—				(264,691	)
Class C			(42,973	)			(995,657	)
Class R			(4,570	)			(179,353	)
Class Z			(322,890	)			(4,375,230	)
Class R6			(13,725	)			(106,094	)
			(1,853,373	)			(20,867,804	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold			5,369,041				10,015,902
Net asset value of shares issued in reinvestment of dividends and distributions			1,827,039				20,476,867
Cost of shares purchased			(23,826,554	)			(72,470,026	)
Net increase (decrease) in net assets from Series share transactions			(16,630,474	)			(41,977,257	)
Total increase (decrease)			27,931,646				(67,892,058	)
Net Assets:
Beginning of period			188,821,841				256,713,899
End of period		$	216,753,487			$	188,821,841

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      17

Notes to Financial Statements  (unaudited)

1. Organization

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company currently consists of three series: PGIM Balanced Fund, PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund, each of which are diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Jennison Focused Value Fund (the “Series”).

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

2. 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 is a summary of significant accounting policies followed by the Series in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Series’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

18

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 or preferred stocks, exchange-traded funds and derivative instruments, if applicable, 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 in open-end funds (other than exchange-traded 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

PGIM Jennison Focused Value Fund        19

Notes to Financial Statements  (unaudited)(continued)

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

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

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

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

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

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment 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 all or a portion 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

20

right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-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. Such class specific expenses and waivers 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.

PGIM Jennison Focused Value Fund        21

Notes to Financial Statements  (unaudited)(continued)

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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3. Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison” or the “subadvisor”). The Manager pays for the services of Jennison.

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 million. The effective management fee rate before any waivers and/or expense reimbursements was 0.60% for the reporting period ended March 31, 2021.

The Manager has contractually agreed, through January 31, 2022, 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 1.53% 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.

22

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/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 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 C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%,1% and 0.75% of the average daily net assets of the Class A, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2022 to limit such fees to 0.50% of the average daily net assets of Class R shares. 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.

For the reporting period ended March 31, 2021, PIMS received $33,532 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2021, PIMS received $202 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. 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”).

4. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Series’ transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Series may 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. PGIM Investments

PGIM Jennison Focused Value Fund        23

Notes to Financial Statements  (unaudited)(continued)

and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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/trustees, and/or common officers. For the reporting period ended March 31, 2021, no 17a-7 transactions were entered into by the Series.

5. 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, 2021, were $40,922,101 and $57,731,534, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2021, 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
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
	$  2,134,123		$27,314,367		$28,520,068		$       —			$      —			$   928,422		928,422		$1,031
	PGIM Institutional Money Market Fund (1)(b)(wa)
	19,738,227		25,980,124		40,406,351		(2,254	)		(413	)		5,309,333		5,311,988		1,106	(2)
	$21,872,350		$53,294,491		$68,926,419		$(2,254	)		$(413	)		$6,237,755				$2,137

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

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6. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of March 31, 2021 were as follows:

Tax Basis	$	167,701,761
Gross Unrealized Appreciation		55,333,983
Gross Unrealized Depreciation		(962,513	)
Net Unrealized Appreciation	$	54,371,470

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

For federal income tax purposes, the Series had a capital loss carryforward as of September 30, 2021 of approximately $6,380,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares. 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 eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

PGIM Jennison Focused Value Fund        25

Notes to Financial Statements  (unaudited)(continued)

The Company is authorized to issue 6.625 billion shares of capital stock, $0.001 par value per share, 1.02 billion of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	100,000,000
Class B	2,000,000
Class C	25,000,000
Class R	200,000,000
Class Z	325,000,000
Class T	50,000,000
Class R6	320,000,000

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

As of March 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares	Percentage of         Outstanding Shares
Class A	6,084	0.1%

At the reporting period end, the number of shareholders holding greater than 5% of the Series are as follows:

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	2	48.4%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2021:
Shares sold		195,936		$	3,120,710
Shares issued in reinvestment of dividends and distributions		93,540			1,444,252
Shares purchased		(964,801	)		(15,163,691	)
Net increase (decrease) in shares outstanding before conversion		(675,325	)		(10,598,729	)
Shares issued upon conversion from other share class(es)		74,576			1,222,146
Shares purchased upon conversion into other share class(es)		(36,207	)		(558,644	)
Net increase (decrease) in shares outstanding		(636,956	)	$	(9,935,227	)
Year ended September 30, 2020:
Shares sold		316,168		$	4,319,339
Shares issued in reinvestment of dividends and distributions		950,412			14,721,886
Shares purchased		(2,308,864	)		(33,022,444	)
Net increase (decrease) in shares outstanding before conversion		(1,042,284	)		(13,981,219	)
Shares issued upon conversion from other share class(es)		259,959			3,562,850
Shares purchased upon conversion into other share class(es)		(59,327	)		(856,219	)
Net increase (decrease) in shares outstanding		(841,652	)	$	(11,274,588	)

26

Class B	Shares			Amount
Period ended June 26, 2020*:
Shares sold		456		$	4,983
Shares issued in reinvestment of dividends and distributions		22,124			259,740
Shares purchased		(42,757	)		(478,245	)
Net increase (decrease) in shares outstanding before conversion		(20,177	)		(213,522	)
Shares purchased upon conversion into other share class(es)		(210,198	)		(2,109,887	)
Net increase (decrease) in shares outstanding		(230,375	)	$	(2,323,409	)
Class C
Six months ended March 31, 2021:
Shares sold		33,390		$	414,347
Shares issued in reinvestment of dividends and distributions		3,649			42,556
Shares purchased		(71,265	)		(838,074	)
Net increase (decrease) in shares outstanding before conversion		(34,226	)		(381,171	)
Shares issued upon conversion from other share class(es)		1,175			15,175
Shares purchased upon conversion into other share class(es)		(101,323	)		(1,251,398	)
Net increase (decrease) in shares outstanding		(134,374	)	$	(1,617,394	)
Year ended September 30, 2020:
Shares sold		31,395		$	344,871
Shares issued in reinvestment of dividends and distributions		79,485			936,329
Shares purchased		(297,775	)		(3,354,686	)
Net increase (decrease) in shares outstanding before conversion		(186,895	)		(2,073,486	)
Shares purchased upon conversion into other share class(es)		(159,747	)		(1,756,143	)
Net increase (decrease) in shares outstanding		(346,642	)	$	(3,829,629	)
Class R
Six months ended March 31, 2021:
Shares sold		2,760		$	37,979
Shares issued in reinvestment of dividends and distributions		351			4,530
Shares purchased		(3,206	)		(41,010	)
Net increase (decrease) in shares outstanding		(95	)	$	1,499
Year ended September 30, 2020:
Shares sold		14,065		$	177,686
Shares issued in reinvestment of dividends and distributions		6,606			85,944
Shares purchased		(131,990	)		(1,639,082	)
Net increase (decrease) in shares outstanding		(111,319	)	$	(1,375,452	)

PGIM Jennison Focused Value Fund        27

Notes to Financial Statements  (unaudited)(continued)

Class Z	Shares			Amount
Six months ended March 31, 2021:
Shares sold		92,696		$	1,581,300
Shares issued in reinvestment of dividends and distributions		19,765			321,976
Shares purchased		(467,302	)		(7,531,156	)
Net increase (decrease) in shares outstanding before conversion		(354,841	)		(5,627,880	)
Shares issued upon conversion from other share class(es)		33,038			534,115
Shares purchased upon conversion into other share class(es)		(411	)		(7,242	)
Net increase (decrease) in shares outstanding		(322,214	)	$	(5,101,007	)
Year ended September 30, 2020:
Shares sold		324,643		$	4,865,762
Shares issued in reinvestment of dividends and distributions		267,414			4,366,874
Shares purchased		(2,160,614	)		(33,420,477	)
Net increase (decrease) in shares outstanding before conversion		(1,568,557	)		(24,187,841	)
Shares issued upon conversion from other share class(es)		73,979			1,129,565
Shares purchased upon conversion into other share class(es)		(4,840	)		(65,102	)
Net increase (decrease) in shares outstanding		(1,499,418	)	$	(23,123,378	)
Class R6
Six months ended March 31, 2021:
Shares sold		12,739		$	214,705
Shares issued in reinvestment of dividends and distributions		845			13,725
Shares purchased		(15,000	)		(252,623	)
Net increase (decrease) in shares outstanding before conversion		(1,416	)		(24,193	)
Shares issued upon conversion from other share class(es)		2,559			45,848
Net increase (decrease) in shares outstanding		1,143		$	21,655
Year ended September 30, 2020:
Shares sold		20,920		$	303,261
Shares issued in reinvestment of dividends and distributions		6,513			106,094
Shares purchased		(37,137	)		(555,092	)
Net increase (decrease) in shares outstanding before conversion		(9,704	)		(145,737	)
Shares issued upon conversion from other share class(es)		6,294			94,936
Net increase (decrease) in shares outstanding		(3,410	)	$	(50,801	)

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares.

8. Borrowings

The Company, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*

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	Current SCA	Prior SCA
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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 Participating Funds in the SCA equitably.

The Series utilized the SCA during the reporting period ended March 31, 2021. The average daily balance for the 2 days that the Series had loans outstanding during the period was approximately $250,000, borrowed at a weighted average interest rate of 1.41%. The maximum loan outstanding amount during the period was $318,000. At March 31, 2021, the Series did not have an outstanding loan amount.

9. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below. For further information on the Series’ risks, please refer to the Series’ Prospectus and Statement of Additional Information.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. 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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

PGIM Jennison Focused Value Fund        29

Notes to Financial Statements  (unaudited)(continued)

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Series’ shares. There is no requirement that these entities maintain their investment in the Series. There is a risk that such large shareholders or that the Series’ shareholders generally may redeem all or a substantial portion of their investments in the Series in a short period of time, which could have a significant negative impact on the Series’ NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Series’ ability to implement its investment strategy. The Series’ ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Series may invest a larger portion of its assets in cash or cash equivalents.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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 your investment in the Series will decline.

Value Style Risk: Since the Series follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued

30

may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Series’ value investment style may go out of favor with investors, negatively affecting the Series’ performance. If the Series’ assessment of market conditions or a company’s value is inaccurate, the Series could suffer losses or produce poor performance relative to other funds.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Series.

PGIM Jennison Focused Value Fund        31

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$14.03			$15.63			$20.62			$20.89			$19.11			$18.46
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.12			0.14			0.14			0.08			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.57			(0.38	)		(2.42	)		2.42			3.21			1.97
Total from investment operations		3.62			(0.26	)		(2.28	)		2.56			3.29			2.11
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.15	)		(0.09	)		(0.19	)		(0.16	)		(0.13	)
Distributions from net realized gains		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)
Total dividends and distributions		(0.14	)		(1.34	)		(2.71	)		(2.83	)		(1.51	)		(1.46	)
Net asset value, end of period		$17.51			$14.03			$15.63			$20.62			$20.89			$19.11
Total Return(b):		25.94	%		(2.50	)%		(10.13	)%		13.39	%		17.80	%		12.14	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$177,488			$151,149			$181,559			$229,733			$229,043			$226,889
Average net assets (000)		$164,731			$163,554			$193,160			$233,106			$231,082			$235,287
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.12	%(e)		1.15	%		1.11	%		1.06	%		1.09	%		1.07	%
Expenses before waivers and/or expense reimbursement		1.12	%(e)		1.15	%		1.11	%		1.06	%		1.09	%		1.07	%
Net investment income (loss)		0.67	%(e)		0.85	%		0.87	%		0.72	%		0.39	%		0.78	%
Portfolio turnover rate(f)		21	%		128	%		47	%		59	%		49	%		59	%

(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 GAAP. 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.

See Notes to Financial Statements.

32

Class C Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.59			$12.15			$16.75			$17.48			$16.24			$15.89
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(b)		-	(c)		0.02			-	(c)		(0.05	)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.69			(0.29	)		(2.00	)		1.99			2.70			1.69
Total from investment operations		2.67			(0.29	)		(1.98	)		1.99			2.65			1.70
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.08	)		-			(0.08	)		(0.06	)		(0.02	)
Distributions from net realized gains		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)
Total dividends and distributions		(0.08	)		(1.27	)		(2.62	)		(2.72	)		(1.41	)		(1.35	)
Net asset value, end of period		$13.18			$10.59			$12.15			$16.75			$17.48			$16.24
Total Return(d):		25.35	%		(3.41	)%		(10.78	)%		12.61	%		16.91	%		11.41	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,538			$5,874			$10,945			$32,765			$35,289			$37,229
Average net assets (000)		$5,830			$8,068			$20,114			$34,589			$37,497			$40,176
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		2.07	%(g)		2.02	%		1.85	%		1.78	%		1.79	%		1.77	%
Expenses before waivers and/or expense reimbursement		2.07	%(g)		2.02	%		1.85	%		1.78	%		1.79	%		1.77	%
Net investment income (loss)		(0.30	)%(g)		(0.02	)%		0.13	%		0.01	%		(0.31	)%		0.08	%
Portfolio turnover rate(h)		21	%		128	%		47	%		59	%		49	%		59	%

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) Amount rounds to zero.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. 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.

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      33

Financial Highlights  (unaudited)(continued)

Class R Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$11.75			$13.30			$18.01			$18.63			$17.21			$16.76
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.05			0.06			0.05			0.03			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.99			(0.30	)		(2.13	)		2.12			2.87			1.79
Total from investment operations		3.01			(0.25	)		(2.07	)		2.17			2.90			1.88
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.02	)		(0.15	)		(0.13	)		(0.10	)
Distributions from net realized gains		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)
Total dividends and distributions		(0.12	)		(1.30	)		(2.64	)		(2.79	)		(1.48	)		(1.43	)
Net asset value, end of period		$14.64			$11.75			$13.30			$18.01			$18.63			$17.21
Total Return(b):		25.71	%		(2.82	)%		(10.53	)%		12.85	%		17.49	%		11.98	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$614			$494			$2,041			$3,424			$5,382			$5,880
Average net assets (000)		$543			$1,047			$2,504			$4,542			$5,859			$6,281
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.53	%(e)		1.53	%		1.53	%		1.53	%		1.29	%		1.27	%
Expenses before waivers and/or expense reimbursement		3.99	%(e)		2.91	%		1.89	%		1.84	%		1.54	%		1.52	%
Net investment income (loss)		0.26	%(e)		0.38	%		0.44	%		0.26	%		0.19	%		0.57	%
Portfolio turnover rate(f)		21	%		128	%		47	%		59	%		49	%		59	%

(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 GAAP. 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.

See Notes to Financial Statements.

34

Class Z Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$14.82			$16.43			$21.52			$21.68			$19.78			$19.06
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.18			0.21			0.21			0.14			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.77			(0.42	)		(2.54	)		2.52			3.32			2.04
Total from investment operations		3.85			(0.24	)		(2.33	)		2.73			3.46			2.24
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.18	)		(0.14	)		(0.25	)		(0.21	)		(0.19	)
Distributions from net realized gains		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)
Total dividends and distributions		(0.18	)		(1.37	)		(2.76	)		(2.89	)		(1.56	)		(1.52	)
Net asset value, end of period		$18.49			$14.82			$16.43			$21.52			$21.68			$19.78
Total Return(b):		26.04	%		(2.16	)%		(9.86	)%		13.74	%		18.11	%		12.49	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$31,656			$30,153			$58,051			$137,027			$124,480			$102,564
Average net assets (000)		$30,015			$40,142			$101,530			$131,155			$115,507			$123,372
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.85	%(e)		0.84	%		0.80	%		0.76	%		0.79	%		0.77	%
Expenses before waivers and/or expense reimbursement		0.85	%(e)		0.84	%		0.80	%		0.76	%		0.79	%		0.77	%
Net investment income (loss)		0.93	%(e)		1.15	%		1.20	%		0.99	%		0.70	%		1.06	%
Portfolio turnover rate(f)		21	%		128	%		47	%		59	%		49	%		59	%

(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 GAAP. 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.

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund      35

Financial Highlights  (unaudited)(continued)

Class R6 Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$14.79			$16.39			$21.53			$21.70			$19.80			$19.09
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.18			0.22			0.22			0.17			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.75			(0.41	)		(2.59	)		2.52			3.31			2.03
Total from investment operations		3.83			(0.23	)		(2.37	)		2.74			3.48			2.26
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.18	)		(0.15	)		(0.27	)		(0.23	)		(0.22	)
Distributions from net realized gains		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)
Total dividends and distributions		(0.18	)		(1.37	)		(2.77	)		(2.91	)		(1.58	)		(1.55	)
Net asset value, end of period		$18.44			$14.79			$16.39			$21.53			$21.70			$19.80
Total Return(b):		26.04	%		(2.17	)%		(10.08	)%		13.80	%		18.21	%		12.61	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,457			$1,151			$1,332			$18,870			$17,438			$16,766
Average net assets (000)		$1,287			$1,210			$12,474			$18,366			$16,981			$16,698
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.85	%(e)		0.84	%		0.78	%		0.72	%		0.66	%		0.66	%
Expenses before waivers and/or expense reimbursement		1.68	%(e)		1.83	%		0.78	%		0.72	%		0.66	%		0.66	%
Net investment income (loss)		0.94	%(e)		1.17	%		1.26	%		1.04	%		0.81	%		1.20	%
Portfolio turnover rate(f)		21	%		128	%		47	%		59	%		49	%		59	%

(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 GAAP. 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.

See Notes to Financial Statements.

36

Series Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Series has adopted and implemented a liquidity risk management program (the “LRMP”). The Series’ LRMP seeks to assess and manage the Series’ liquidity risk, which is defined as the risk that the Series is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Series. The Company’s Board of Directors (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Series’ investment manager, to serve as the administrator of the Series’ LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Series’ LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Series’ LRMP includes no less than annual assessments of factors that influence the Series’ liquidity risk; no less than monthly classifications of the Series’ investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Series’ assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Series does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness the Series’ LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the Series’ LRMP was reasonably designed to assess and manage the Series’ liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Series’ investment strategies continue to be appropriate given the Series’ status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Series, including liquidity risks presented by the Series’ investment portfolio, is found in the Series’ Prospectus and Statement of Additional Information.

PGIM Jennison Focused Value Fund 37

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. 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 • 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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso,

Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/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 Jennison Focused Value Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Mutual Funds:

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

PGIM JENNISON FOCUSED VALUE FUND

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

MF172E2

PGIM JENNISON GROWTH FUND

SEMIANNUAL REPORT

MARCH 31, 2021

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of March 31, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2021 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 pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Jennison Growth Fund informative and useful. The report covers performance for the six-month period ended March 31, 2021.

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 14, 2021

PGIM Jennison Growth Fund 3

Your Fund’s Performance

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

		Average Annual Total Returns as of 3/31/21
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	8.95		61.76		21.57		16.53		—
Class C	8.58		69.00		22.12		16.39		—
Class R	8.82		70.81		22.70		16.97		—
Class Z	9.10		71.69		23.34		17.56		—
Class R2	8.87		70.97		N/A		N/A		22.32 (11/28/17)
Class R4	9.00		71.40		N/A		N/A		22.63 (11/28/17)
Class R6	9.16		71.90		N/A		N/A		24.68 (9/27/17)
Russell 1000 Growth Index
	12.44		62.74		21.05		16.63		—
S&P 500 Index
	19.08		56.31		16.29		13.90		—

Average Annual Total Returns as of 3/31/21 Since Inception (%)
	Class R2, R4 (11/28/17)	Class R6 (9/27/17)
Russell 1000 Growth Index	21.09	22.34
S&P 500 Index	15.10	16.08

*Not annualized

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

4 Visit our website at pgim.com/investments

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

	Class A	Class C	Class 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
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	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%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	0.10%*	0.10%*	None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

Benchmark Definitions

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

S&P 500 Index**—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

**The S&P 500 Index (the Index) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright^© 2021 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

PGIM Jennison Growth Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Amazon.com, Inc.	Internet & Direct Marketing Retail	7.0%
Tesla, Inc.	Automobiles	5.6%
Apple, Inc.	Technology Hardware, Storage & Peripherals	5.4%
Facebook, Inc. (Class A Stock)	Interactive Media & Services	4.1%
Shopify, Inc. (Canada) (Class A Stock)	IT Services	3.9%
Microsoft Corp.	Software	3.9%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	3.1%
Netflix, Inc.	Entertainment	2.9%
Adobe, Inc.	Software	2.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.6%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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 7

Fees and Expenses (continued)

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

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

PGIM Jennison Growth Fund		Beginning Account ValueOctober 1, 2020		Ending Account ValueMarch 31, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,089.50		0.97	%	$	5.05
	Hypothetical	$	1,000.00	$	1,020.09		0.97	%	$	4.89
Class C	Actual	$	1,000.00	$	1,085.80		1.65	%	$	8.58
	Hypothetical	$	1,000.00	$	1,016.70		1.65	%	$	8.30
Class R	Actual	$	1,000.00	$	1,088.20		1.20	%	$	6.25
	Hypothetical	$	1,000.00	$	1,018.95		1.20	%	$	6.04
Class Z	Actual	$	1,000.00	$	1,091.00		0.68	%	$	3.54
	Hypothetical	$	1,000.00	$	1,021.54		0.68	%	$	3.43
Class R2	Actual	$	1,000.00	$	1,088.70		1.10	%	$	5.73
	Hypothetical	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class R4	Actual	$	1,000.00	$	1,090.00		0.85	%	$	4.43
	Hypothetical	$	1,000.00	$	1,020.69		0.85	%	$	4.28
Class R6	Actual	$	1,000.00	$	1,091.60		0.57	%	$	2.97
	Hypothetical	$	1,000.00	$	1,022.09		0.57	%	$	2.87

* 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, 2021, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of March 31, 2021

Description	Shares			Value
LONG-TERM INVESTMENTS    98.9%
COMMON STOCKS
Aerospace & Defense    1.0%
Safran SA (France)*		539,256		$           73,474,259
Automobiles    5.6%
Tesla, Inc.*(a)		636,374		425,053,286
Capital Markets    1.0%
Goldman Sachs Group, Inc. (The)		121,504		39,731,808
S&P Global, Inc.		115,009		40,583,226
				80,315,034
Entertainment    4.5%
Netflix, Inc.*		421,905		220,090,962
ROBLOX Corp. (Class A Stock)*(a)		445,975		28,912,559
Spotify Technology SA*		360,172		96,508,088
				345,511,609
Food & Staples Retailing    1.3%
Costco Wholesale Corp.		282,863		99,703,550
Health Care Equipment & Supplies    2.1%
Danaher Corp.		350,530		78,897,292
Dexcom, Inc.*		133,620		48,021,692
Intuitive Surgical, Inc.*		45,663	��	33,742,217
				160,661,201
Health Care Providers & Services    0.4%
Guardant Health, Inc.*		194,236		29,650,125
Health Care Technology    0.2%
Teladoc Health, Inc.*		77,824		14,144,512
Hotels, Restaurants & Leisure    1.3%
Airbnb, Inc. (Class A Stock)*(a)		36,307		6,823,538
Chipotle Mexican Grill, Inc.*		65,920		93,660,454
				100,483,992
Interactive Media & Services    12.7%
Alphabet, Inc. (Class A Stock)*		95,658		197,296,538
Alphabet, Inc. (Class C Stock)*		95,134		196,797,047

See Notes to Financial Statements.

PGIM Jennison Growth Fund      9

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services (cont’d.)
Facebook, Inc. (Class A Stock)*		1,079,146	$         317,840,871
Match Group, Inc.*		1,103,957	151,661,613
Snap, Inc. (Class A Stock)*		1,993,866	104,259,253
			967,855,322
Internet & Direct Marketing Retail    7.9%
Amazon.com, Inc.*		174,212	539,025,865
Farfetch Ltd. (United Kingdom) (Class A Stock)*		401,485	21,286,735
MercadoLibre, Inc. (Argentina)*		31,208	45,942,545
			606,255,145
IT Services    17.4%
Adyen NV (Netherlands), 144A*		66,547	148,718,777
Afterpay Ltd. (Australia)*		328,955	25,762,784
Mastercard, Inc. (Class A Stock)		388,494	138,323,289
Okta, Inc.*		123,210	27,159,180
PayPal Holdings, Inc.*		702,956	170,705,835
Shopify, Inc. (Canada) (Class A Stock)*		271,665	300,597,322
Snowflake, Inc. (Class A Stock)*		184,789	42,368,422
Square, Inc. (Class A Stock)*		558,512	126,810,150
Twilio, Inc. (Class A Stock)*		449,648	153,222,052
Visa, Inc. (Class A Stock)(a)		912,508	193,205,319
			1,326,873,130
Leisure Products    1.0%
Peloton Interactive, Inc. (Class A Stock)*		688,786	77,447,098
Multiline Retail    1.3%
Target Corp.		496,381	98,318,185
Personal Products    2.0%
Estee Lauder Cos., Inc. (The) (Class A Stock)		526,688	153,187,205
Pharmaceuticals    1.0%
Eli Lilly & Co.		412,659	77,092,954
Road & Rail    3.5%
Uber Technologies, Inc.*		3,220,652	175,557,741
Union Pacific Corp.		415,800	91,646,478
			267,204,219

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    5.1%
NVIDIA Corp.		443,876	$      236,998,713
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR(a)		1,287,747	152,314,715
			389,313,428
Software    14.3%
Adobe, Inc.*		432,824	205,751,545
Atlassian Corp. PLC (Class A Stock)*		283,330	59,714,631
Coupa Software, Inc.*(a)		180,277	45,876,891
Crowdstrike Holdings, Inc. (Class A Stock)*		445,227	81,258,380
Microsoft Corp.		1,267,299	298,791,085
RingCentral, Inc. (Class A Stock)*		234,385	69,818,604
salesforce.com, Inc.*		544,326	115,326,349
ServiceNow, Inc.*		68,183	34,099,000
Trade Desk, Inc. (The) (Class A Stock)*		110,134	71,769,922
Workday, Inc. (Class A Stock)*		317,656	78,915,280
Zoom Video Communications, Inc. (Class A Stock)*		86,185	27,690,379
			1,089,012,066
Specialty Retail    3.4%
Carvana Co.*		420,828	110,425,267
Home Depot, Inc. (The)		123,432	37,677,618
TJX Cos., Inc. (The)		1,645,889	108,875,558
			256,978,443
Technology Hardware, Storage & Peripherals    5.4%
Apple, Inc.		3,402,815	415,653,852
Textiles, Apparel & Luxury Goods    6.5%
Kering SA (France)		161,307	111,458,668
Lululemon Athletica, Inc.*		293,436	89,999,755
LVMH Moet Hennessy Louis Vuitton SE (France)		229,632	153,250,561
NIKE, Inc. (Class B Stock)		1,092,454	145,176,212
			499,885,196
TOTAL LONG-TERM INVESTMENTS (cost $3,350,215,055)			7,554,073,811
SHORT-TERM INVESTMENTS    4.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		116,117,255	116,117,255

See Notes to Financial Statements.

PGIM Jennison Growth Fund      11

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $221,326,871; includes $221,289,124 of cash collateral for securities on loan)(b)(wa)		221,697,220	$	221,586,371
TOTAL SHORT-TERM INVESTMENTS (cost $337,444,126)				337,703,626
TOTAL INVESTMENTS    103.3% (cost $3,687,659,181)				7,891,777,437
Liabilities in excess of other assets    (3.3)%				(252,027,663	)
NET ASSETS    100.0%			$	7,639,749,774

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

* 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 $217,833,634; cash collateral of $221,289,124 (included in liabilities) was received with which the Series purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Series may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wa) 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, if applicable.

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, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	—	$	73,474,259		$—

See Notes to Financial Statements.

12

		Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Automobiles		$	425,053,286	$	—		$—
Capital Markets			80,315,034		—		—
Entertainment			345,511,609		—		—
Food & Staples Retailing			99,703,550		—		—
Health Care Equipment & Supplies			160,661,201		—		—
Health Care Providers & Services			29,650,125		—		—
Health Care Technology			14,144,512		—		—
Hotels, Restaurants & Leisure			100,483,992		—		—
Interactive Media & Services			967,855,322		—		—
Internet & Direct Marketing Retail			606,255,145		—		—
IT Services			1,152,391,569		174,481,561		—
Leisure Products			77,447,098		—		—
Multiline Retail			98,318,185		—		—
Personal Products			153,187,205		—		—
Pharmaceuticals			77,092,954		—		—
Road & Rail			267,204,219		—		—
Semiconductors & Semiconductor Equipment			389,313,428		—		—
Software			1,089,012,066		—		—
Specialty Retail			256,978,443		—		—
Technology Hardware, Storage & Peripherals			415,653,852		—		—
Textiles, Apparel & Luxury Goods			235,175,967		264,709,229		—
Affiliated Mutual Funds	��		337,703,626		—		—
Total		$	7,379,112,388	$	512,665,049		$—

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, 2021 were as follows:

IT Services	17.4	%
Software	14.3
Interactive Media & Services	12.7
Internet & Direct Marketing Retail	7.9
Textiles, Apparel & Luxury Goods	6.5
Automobiles	5.6
Technology Hardware, Storage & Peripherals	5.4
Semiconductors & Semiconductor Equipment	5.1
Entertainment	4.5
Affiliated Mutual Funds (2.9% represents investments purchased with collateral from securities on loan)	4.4
Road & Rail	3.5
Specialty Retail	3.4

Health Care Equipment & Supplies	2.1	%
Personal Products	2.0
Hotels, Restaurants & Leisure	1.3
Food & Staples Retailing	1.3
Multiline Retail	1.3
Capital Markets	1.0
Leisure Products	1.0
Pharmaceuticals	1.0
Aerospace & Defense	1.0
Health Care Providers & Services	0.4

See Notes to Financial Statements.

PGIM Jennison Growth Fund      13

Schedule of Investments (unaudited) (continued)

as of March 31, 2021

Industry Classification (continued):

Health Care Technology	0.2	%
	103.3
Liabilities in excess of other assets	(3.3	)
	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 to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized           Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	217,833,634		$	(217,833,634	)		$	—

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

See Notes to Financial Statements.

14

Statement of Assets and Liabilities (unaudited)

as of March 31, 2021

Assets
Investments at value, including securities on loan of $217,833,634:
Unaffiliated investments (cost $3,350,215,055)	$	7,554,073,811
Affiliated investments (cost $337,444,126)		337,703,626
Receivable for Series shares sold		17,643,271
Dividends receivable		828,695
Tax reclaim receivable		732,939
Prepaid expenses		30,549
Total Assets		7,911,012,891
Liabilities
Payable to broker for collateral for securities on loan		221,289,124
Payable for investments purchased		37,565,283
Payable for Series shares purchased		6,845,366
Management fee payable		3,619,344
Accrued expenses and other liabilities		800,937
Distribution fee payable		769,866
Affiliated transfer agent fee payable		372,445
Affiliated shareholder servicing fees payable		752
Total Liabilities		271,263,117
Net Assets	$	7,639,749,774
Net assets were comprised of:
Common stock, at par	$	127,269
Paid-in capital in excess of par		2,630,066,478
Total distributable earnings (loss)		5,009,556,027
Net assets, March 31, 2021	$	7,639,749,774

See Notes to Financial Statements.

PGIM Jennison Growth Fund      15

Statement of Assets and Liabilities (unaudited)

as of March 31, 2021

Class A
Net asset value and redemption price per share,
($1,945,283,287 ÷ 34,124,130 shares of common stock issued and outstanding)	$57.01
Maximum sales charge (5.50% of offering price)	3.32
Maximum offering price to public	$60.33
Class C
Net asset value, offering price and redemption price per share, ($164,473,602 ÷ 3,912,044 shares of common stock issued and outstanding)	$42.04
Class R
Net asset value, offering price and redemption price per share, ($324,027,309 ÷ 6,752,965 shares of common stock issued and outstanding)	$47.98
Class Z
Net asset value, offering price and redemption price per share, ($4,296,156,102 ÷ 68,104,093 shares of common stock issued and outstanding)	$63.08
Class R2
Net asset value, offering price and redemption price per share, ($5,287,084 ÷ 85,043 shares of common stock issued and outstanding)	$62.17
Class R4
Net asset value, offering price and redemption price per share, ($7,348,132 ÷ 117,042 shares of common stock issued and outstanding)	$62.78
Class R6
Net asset value, offering price and redemption price per share, ($897,174,258 ÷ 14,173,390 shares of common stock issued and outstanding)	$63.30

See Notes to Financial Statements.

16

Statement of Operations (unaudited)

Six Months Ended March 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $290,774 foreign withholding tax)	$	12,495,769
Income from securities lending, net (including affiliated income of $235,992)		255,169
Affiliated dividend income		48,967
Total income		12,799,905
Expenses
Management fee		21,479,021
Distribution fee(a)		5,000,364
Shareholder servicing fees (including affiliated expense of $2,284)(a)		6,372
Transfer agent’s fees and expenses (including affiliated expense of $997,093)(a)		3,438,469
Custodian and accounting fees		235,673
Registration fees(a)		73,726
Shareholders’ reports		50,972
Directors’ fees		49,006
Legal fees and expenses		24,280
Audit fee		12,566
Miscellaneous		62,301
Total expenses		30,432,750
Less: Fee waiver and/or expense reimbursement(a)		(10,380	)
Distribution fee waiver(a)		(400,007	)
Net expenses		30,022,363
Net investment income (loss)		(17,222,458	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,345))		848,382,766
In-kind redemptions		49,359,533
Foreign currency transactions		(267,954	)
		897,474,345
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(174,519))		(238,835,929	)
Foreign currencies		717
		(238,835,212	)
Net gain (loss) on investment and foreign currency transactions		658,639,133
Net Increase (Decrease) In Net Assets Resulting From Operations	$	641,416,675

See Notes to Financial Statements.

PGIM Jennison Growth Fund      17

Statement of Operations (unaudited)

Six Months Ended March 31, 2021

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

	Class A		Class C		Class R			Class Z		Class R2			Class R4			Class R6
Distribution fee		2,929,292		864,638		1,200,022			—		6,412			—			—
Shareholder servicing fees		—		—		—			—		2,565			3,807			—
Transfer agent’s fees and expenses		896,523		60,473		194,686			2,276,302		3,494			4,927			2,064
Registration fees		15,224		7,766		6,844			23,476		6,640			6,653			7,123
Fee waiver and/or expense reimbursement		—		—		—			—		(5,572	)		(4,808	)		—
Distribution fee waiver		—		—		(400,007	)		—		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2021				Year Ended    September 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(17,222,458	)		$	(15,300,176	)
Net realized gain (loss) on investment and foreign currency transactions			897,474,345				663,233,974
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(238,835,212	)			1,969,770,765
Net increase (decrease) in net assets resulting from operations			641,416,675				2,617,704,563
Dividends and Distributions
Distributions from distributable earnings
Class A			(167,457,497	)			(104,917,397	)
Class B			—				(785,755	)
Class C			(19,618,123	)			(12,359,218	)
Class R			(31,849,118	)			(25,255,542	)
Class Z			(352,350,202	)			(227,550,125	)
Class R2			(396,338	)			(233,992	)
Class R4			(595,127	)			(302,253	)
Class R6			(54,706,226	)			(27,740,336	)
			(626,972,631	)			(399,144,618	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold			1,067,939,364				1,233,112,621
Net asset value of shares issued in reinvestment of dividends and distributions			582,993,386				373,641,405
Cost of shares purchased			(1,078,661,029	)			(1,818,140,629	)
Net increase (decrease) in net assets from Series share transactions			572,271,721				(211,386,603	)
Total increase (decrease)			586,715,765				2,007,173,342
Net Assets:
Beginning of period			7,053,034,009				5,045,860,667
End of period		$	7,639,749,774			$	7,053,034,009

See Notes to Financial Statements.

PGIM Jennison Growth Fund      19

Notes to Financial Statements (unaudited)

1. Organization

The Prudential Investment Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company currently consists of three series: PGIM Balanced Fund, PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund, each of which are diversified funds for purposes of the 1940 Act. 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.

2. 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 is a summary of significant accounting policies followed by the Series in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Series’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

20

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 or preferred stocks, exchange-traded funds and derivative instruments, if applicable, 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 in open-end funds (other than exchange-traded 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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

PGIM Jennison Growth Fund      21

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment 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 all or a portion 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

22

right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Series invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from 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 REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, 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

PGIM Jennison Growth Fund      23

Notes to Financial Statements (unaudited) (continued)

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. Such class specific expenses and waivers 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3. Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison” or the “Subadviser”). The Manager pays for the services of Jennison.

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 0.56% for the reporting period ended March 31, 2021.

24

The Manager has contractually agreed, through January 31, 2022, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.60% of average daily net assets for Class R6 shares. Separately, the Manager has contractually agreed, through January 31, 2022, 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.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The 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 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 C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through January 31, 2022 to limit such fees to 0.50% of the average daily net assets of the Class R shares. 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.

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 up to 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, as applicable.

For the reporting period ended March 31, 2021, PIMS received $1,035,740 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period

PGIM Jennison Growth Fund      25

Notes to Financial Statements (unaudited) (continued)

ended March 31, 2021, PIMS received $3,654 and $9,481 in contingent deferred sales charges imposed upon redemptions by certain Class A 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, PMFS and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

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

The Series may 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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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/trustees, and/or common officers. For the reporting period ended March 31, 2021, no 17a-7 transactions were entered into by the Series.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended March 31, 2021, were $2,409,264,153 and $2,343,888,358, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2021, is presented as follows:

26

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
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund (1)(wa)
$    10,045,805		$1,134,930,505	$1,028,859,055	$           —	$      —		$116,117,255		116,117,255		$  48,967
PGIM Institutional Money Market Fund (1)(b)(wa)
1,051,334,544		2,722,500,459	3,552,069,768	(174,519)	(4,345)		221,586,371		221,697,220		235,992	(2)
$1,061,380,349		$3,857,430,964	$4,580,928,823	$(174,519)	$(4,345)		$337,703,626				$284,959

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) 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, if applicable.

6. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of March 31, 2021 were as follows:

Tax Basis	$	3,706,721,369
Gross Unrealized Appreciation		4,305,461,698
Gross Unrealized Depreciation		(120,405,630	)
Net Unrealized Appreciation	$	4,185,056,068

The GAAP basis may differ from tax basis due to certain tax-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. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2020 are subject to such review.

7. Capital and Ownership

The Series offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A

PGIM Jennison Growth Fund      27

Notes to Financial Statements (unaudited) (continued)

shares. 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 eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 6.625 billion shares of common stock at $0.001 par value per share, 1.897 billion of which are designated as shares of the Series. The shares are further classified and designated as follows:

Class A	125,000,000
Class B	2,000,000
Class C	25,000,000
Class R	220,000,000
Class Z	825,000,000
Class T	50,000,000
Class R2	125,000,000
Class R4	250,000,000
Class R6	275,000,000

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

As of March 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of     Outstanding Shares
Class A		23,891		0.1	%
Class C		55		0.1	%
Class R		6,037,010		89.4	%
Class Z		415,916		0.6	%
Class R6		1,792		0.1	%

At the reporting period end, the number of shareholders holding greater than 5% of the Series are as follows:

Affiliated		Unaffiliated
Number of       Shareholders	Percentage of               Outstanding Shares	Number of             Shareholders	Percentage of               Outstanding Shares
—	—%	4	41.1%

28

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2021:
Shares sold		2,200,475		$	129,408,347
Shares issued in reinvestment of dividends and distributions		2,834,142			161,007,610
Shares purchased		(2,827,293	)		(166,789,468	)
Net increase (decrease) in shares outstanding before conversion		2,207,324			123,626,489
Shares issued upon conversion from other share class(es)		291,319			17,713,398
Shares purchased upon conversion into other share class(es)		(122,638	)		(7,275,361	)
Net increase (decrease) in shares outstanding		2,376,005		$	134,064,526
Year ended September 30, 2020:
Shares sold		3,000,083		$	134,784,660
Shares issued in reinvestment of dividends and distributions		2,507,625			100,355,167
Shares purchased		(5,754,156	)		(252,674,381	)
Net increase (decrease) in shares outstanding before conversion		(246,448	)		(17,534,554	)
Shares issued upon conversion from other share class(es)		534,595			24,811,598
Shares purchased upon conversion into other share class(es)		(256,632	)		(11,542,404	)
Net increase (decrease) in shares outstanding		31,515		$	(4,265,360	)
Class B
Period ended June 26, 2020*:
Shares sold		11,550		$	365,038
Shares issued in reinvestment of dividends and distributions		24,675			750,130
Shares purchased		(30,195	)		(927,412	)
Net increase (decrease) in shares outstanding before conversion		6,030			187,756
Shares purchased upon conversion into other share class(es)		(261,146	)		(8,966,022	)
Net increase (decrease) in shares outstanding		(255,116	)	$	(8,778,266	)
Class C
Six months ended March 31, 2021:
Shares sold		383,327		$	16,895,218
Shares issued in reinvestment of dividends and distributions		452,114			18,979,738
Shares purchased		(328,395	)		(14,486,241	)
Net increase (decrease) in shares outstanding before conversion		507,046			21,388,715
Shares purchased upon conversion into other share class(es)		(394,260	)		(17,839,595	)
Net increase (decrease) in shares outstanding		112,786		$	3,549,120
Year ended September 30, 2020:
Shares sold		800,396		$	27,303,459
Shares issued in reinvestment of dividends and distributions		369,447			11,330,931
Shares purchased		(742,441	)		(24,576,600	)
Net increase (decrease) in shares outstanding before conversion		427,402			14,057,790
Shares purchased upon conversion into other share class(es)		(428,961	)		(15,571,038	)
Net increase (decrease) in shares outstanding		(1,559	)	$	(1,513,248	)

PGIM Jennison Growth Fund      29

Notes to Financial Statements (unaudited) (continued)

Class R	Shares			Amount
Six months ended March 31, 2021:
Shares sold		558,261		$	27,358,968
Shares issued in reinvestment of dividends and distributions		665,097			31,824,869
Shares purchased		(601,009	)		(30,139,040	)
Net increase (decrease) in shares outstanding		622,349		$	29,044,797
Year ended September 30, 2020:
Shares sold		370,381		$	14,187,150
Shares issued in reinvestment of dividends and distributions		730,106			25,057,244
Shares purchased		(2,634,607	)		(100,392,994	)
Net increase (decrease) in shares outstanding before conversion		(1,534,120	)		(61,148,600	)
Shares purchased upon conversion into other share class(es)		(1,833	)		(64,169	)
Net increase (decrease) in shares outstanding		(1,535,953	)	$	(61,212,769	)
Class Z
Six months ended March 31, 2021:
Shares sold		8,779,481		$	571,275,560
Shares issued in reinvestment of dividends and distributions		5,040,864			316,616,651
Shares purchased		(12,004,087	)		(783,840,965	)
Net increase (decrease) in shares outstanding before conversion		1,816,258			104,051,246
Shares issued upon conversion from other share class(es)		168,838			11,041,091
Shares purchased upon conversion into other share class(es)		(57,878	)		(3,775,564	)
Net increase (decrease) in shares outstanding		1,927,218		$	111,316,773
Year ended September 30, 2020:
Shares sold		16,988,157		$	838,426,937
Shares issued in reinvestment of dividends and distributions		4,763,454			208,401,095
Shares purchased		(25,684,039	)		(1,281,369,220	)
Net increase (decrease) in shares outstanding before conversion		(3,932,428	)		(234,541,188	)
Shares issued upon conversion from other share class(es)		327,220			16,106,467
Shares purchased upon conversion into other share class(es)		(100,672	)		(4,918,555	)
Net increase (decrease) in shares outstanding		(3,705,880	)	$	(223,353,276	)
Class R2
Six months ended March 31, 2021:
Shares sold		8,552		$	556,365
Shares issued in reinvestment of dividends and distributions		6,395			396,338
Shares purchased		(3,037	)		(197,603	)
Net increase (decrease) in shares outstanding		11,910		$	755,100
Year ended September 30, 2020:
Shares sold		12,605		$	597,344
Shares issued in reinvestment of dividends and distributions		5,393			233,992
Shares purchased		(16,490	)		(819,225	)
Net increase (decrease) in shares outstanding		1,508		$	12,111

30

Class R4	Shares			Amount
Six months ended March 31, 2021:
Shares sold		18,840		$	1,184,651
Shares issued in reinvestment of dividends and distributions		4,169			260,703
Shares purchased		(15,438	)		(998,421	)
Net increase (decrease) in shares outstanding		7,571		$	446,933
Year ended September 30, 2020:
Shares sold		34,265		$	1,719,417
Shares issued in reinvestment of dividends and distributions		2,774			121,069
Shares purchased		(19,299	)		(893,830	)
Net increase (decrease) in shares outstanding		17,740		$	946,656
Class R6
Six months ended March 31, 2021:
Shares sold		4,883,719		$	321,260,255
Shares issued in reinvestment of dividends and distributions		855,538			53,907,477
Shares purchased		(1,261,035	)		(82,209,291	)
Net increase (decrease) in shares outstanding before conversion		4,478,222			292,958,441
Shares issued upon conversion from other share class(es)		2,078			136,031
Net increase (decrease) in shares outstanding		4,480,300		$	293,094,472
Year ended September 30, 2020:
Shares sold		4,068,459		$	215,728,616
Shares issued in reinvestment of dividends and distributions		624,955			27,391,777
Shares purchased		(3,063,977	)		(156,486,967	)
Net increase (decrease) in shares outstanding before conversion		1,629,437			86,633,426
Shares issued upon conversion from other share class(es)		2,725			144,123
Net increase (decrease) in shares outstanding		1,632,162		$	86,777,549

* Effective June 26, 2020, all of the issued and outstanding Class B shares of the Series converted into Class A shares.

8. Borrowings

The Company, on behalf of the Series, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

PGIM Jennison Growth Fund      31

Notes to Financial Statements (unaudited) (continued)

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 Participating Funds in the SCA equitably.

The Series did not utilize the SCA during the reporting period ended March 31, 2021.

9. Purchases & Redemption In-kind

As of the close of business on February 1, 2021, the Series settled the redemption of fund shares by delivering to an affiliate portfolio securities and other assets. The value of such securities and other assets that were transferred in-kind was $189,889,179.

In-kind redemption gains and losses are excluded in the calculation of a Fund’s taxable gain (loss) for federal income tax purposes.

10. Risks of Investing in the Series

The Series’ risks include, but are not limited to, some or all of the risks discussed below. For further information on the Series’ risks, please refer to the Series’ Prospectus and Statement of Additional Information.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. 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. 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. The securities of such issuers may trade in 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. Lack of information may also affect the value of these securities.

32

Growth Style Risk: The Series’ growth style may subject the Series to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Series follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Series may underperform the market in general, its benchmark and other mutual funds.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Series’ shares. There is no requirement that these entities maintain their investment in the Series. There is a risk that such large shareholders or that the Series’ shareholders generally may redeem all or a substantial portion of their investments in the Series in a short period of time, which could have a significant negative impact on the Series’ NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Series’ ability to implement its investment strategy. The Series’ ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Series may invest a larger portion of its assets in cash or cash equivalents.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Series’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Series invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market 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 your investment in the Series will decline.

PGIM Jennison Growth Fund      33

Notes to Financial Statements (unaudited) (continued)

11. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Series.

34

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,     2021
							Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$57.22			$39.94			$42.79			$35.78			$29.86			$29.37
Income (loss) from investment operations:
Net investment income (loss)		(0.19	)		(0.21	)		(0.09	)		(0.10	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.29			20.86			(0.71	)		9.23			7.13			2.60
Total from investment operations		5.10			20.65			(0.80	)		9.13			7.08			2.54
Less Dividends and Distributions:
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)
Net asset value, end of period		$57.01			$57.22			$39.94			$42.79			$35.78			$29.86
Total Return(b):		8.95	%		55.32	%		(1.25	)%		26.60	%		24.70	%		8.63	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,945,283			$1,816,527			$1,266,661			$1,349,940			$1,147,941			$1,044,317
Average net assets (000)		$1,958,226			$1,454,874			$1,257,759			$1,258,241			$1,055,913			$1,061,391
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.97	%(e)		1.00	%		1.03	%		1.02	%		1.02	%		1.03	%
Expenses before waivers and/or expense reimbursement		0.97	%(e)		1.00	%		1.03	%		1.02	%		1.02	%		1.03	%
Net investment income (loss)		(0.63	)%(e)		(0.46	)%		(0.24	)%		(0.26	)%		(0.16	)%		(0.19	)%
Portfolio turnover rate(f)		31	%		49	%		43	%		40	%		54	%(g)		36	%

(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 GAAP. 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 of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Growth Fund      35

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$43.62			$31.38			$34.34			$29.29			$24.82			$24.89
Income (loss) from investment operations:
Net investment income (loss)		(0.29	)		(0.39	)		(0.27	)		(0.30	)		(0.22	)		(0.21	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.02			16.00			(0.64	)		7.47			5.85			2.19
Total from investment operations		3.73			15.61			(0.91	)		7.17			5.63			1.98
Less Dividends and Distributions:
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)
Net asset value, end of period		$42.04			$43.62			$31.38			$34.34			$29.29			$24.82
Total Return(b):		8.58	%		54.27	%		(1.92	)%		25.76	%		23.84	%		7.89	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$164,474			$165,724			$119,260			$175,142			$121,092			$115,018
Average net assets (000)		$173,403			$135,568			$145,286			$148,000			$113,836			$110,677
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.65	%(e)		1.68	%		1.70	%		1.69	%		1.72	%		1.73	%
Expenses before waivers and/or expense reimbursement		1.65	%(e)		1.68	%		1.70	%		1.69	%		1.72	%		1.73	%
Net investment income (loss)		(1.32	)%(e)		(1.13	)%		(0.89	)%		(0.94	)%		(0.86	)%		(0.88	)%
Portfolio turnover rate(f)		31	%		49	%		43	%		40	%		54	%(g)		36	%

(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 GAAP. 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 of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

36

Class R Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$48.99			$34.71			$37.57			$31.72			$26.65			$26.47
Income (loss) from investment operations:
Net investment income (loss)		(0.22	)		(0.25	)		(0.15	)		(0.16	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.52			17.90			(0.66	)		8.13			6.33			2.33
Total from investment operations		4.30			17.65			(0.81	)		7.97			6.23			2.23
Less Dividends and Distributions:
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)
Net asset value, end of period		$47.98			$48.99			$34.71			$37.57			$31.72			$26.65
Total Return(b):		8.82	%		54.99	%		(1.46	)%		26.34	%		24.48	%		8.39	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$324,027			$300,323			$266,084			$332,402			$318,202			$290,328
Average net assets (000)		$320,885			$278,701			$282,917			$334,713			$306,004			$277,093
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20	%(e)		1.21	%		1.23	%		1.23	%		1.22	%		1.23	%
Expenses before waivers and/or expense reimbursement		1.45	%(e)		1.46	%		1.48	%		1.48	%		1.47	%		1.48	%
Net investment income (loss)		(0.86	)%(e)		(0.66	)%		(0.43	)%		(0.47	)%		(0.36	)%		(0.39	)%
Portfolio turnover rate(f)		31	%		49	%		43	%		40	%		54	%(g)		36	%

(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 GAAP. 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 of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Growth Fund      37

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,     2021
				Year Ended September 30,
				2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$62.71			$43.34			$46.12			$38.30			$31.79			$31.05
Income (loss) from investment operations:
Net investment income (loss)		(0.11	)		(0.07	)		0.04			0.02			0.04			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.79			22.81			(0.75	)		9.92			7.63			2.76
Total from investment operations		5.68			22.74			(0.71	)		9.94			7.67			2.79
Less Dividends and Distributions:
Dividends from net investment income		-			-			(0.02	)		-			-			-
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)
Total dividends and distributions		(5.31	)		(3.37	)		(2.07	)		(2.12	)		(1.16	)		(2.05	)
Net asset value, end of period		$63.08			$62.71			$43.34			$46.12			$38.30			$31.79
Total Return(b):		9.10	%		55.83	%		(0.95	)%		26.99	%		25.07	%		8.99	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,296,156			$4,149,643			$3,028,962			$3,533,891			$2,763,070			$2,015,895
Average net assets (000)		$4,439,610			$3,436,278			$3,237,702			$3,107,412			$2,264,779			$1,944,589
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.68	%(e)		0.69	%		0.71	%		0.71	%		0.72	%		0.73	%
Expenses before waivers and/or expense reimbursement		0.68	%(e)		0.69	%		0.71	%		0.71	%		0.72	%		0.73	%
Net investment income (loss)		(0.34	)%(e)		(0.15	)%		0.09	%		0.04	%		0.13	%		0.11	%
Portfolio turnover rate(f)		31	%		49	%		43	%		40	%		54	%(g)		36	%

(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 GAAP. 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 of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

38

Class R2 Shares
	Six Months Ended March 31,     2021									November 28, 2017(a) through September  30, 2018
				Year Ended September 30,
				2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$61.99			$43.05			$45.99			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.25	)		(0.27	)		(0.14	)		(0.32	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.74			22.58			(0.75	)		7.19
Total from investment operations		5.49			22.31			(0.89	)		6.87
Less Dividends and Distributions:
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$62.17			$61.99			$43.05			$45.99
Total Return(c):		8.87	%		55.19	%		(1.37	)%		17.60	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,287			$4,534			$3,084			$7,815
Average net assets (000)		$5,144			$3,663			$5,033			$1,011
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10	%(e)		1.10	%		1.10	%		1.10	%(e)
Expenses before waivers and/or expense reimbursement		1.32	%(e)		1.45	%		1.41	%		3.11	%(e)
Net investment income (loss)		(0.77	)%(e)		(0.56	)%		(0.33	)%		(0.86	)%(e)
Portfolio turnover rate(f)		31	%		49	%		43	%		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 GAAP. 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.

PGIM Jennison Growth Fund      39

Financial Highlights (unaudited) (continued)

Class R4 Shares
	Six Months Ended March 31,     2021									November 28, 2017(a) through September 30, 2018
				Year Ended September 30,
				2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$62.48			$43.26			$46.08			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.15	)		(0.03	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.78			22.74			(0.74	)		7.18
Total from investment operations		5.61			22.59			(0.77	)		6.96
Less Dividends and Distributions:
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$62.78			$62.48			$43.26			$46.08
Total Return(c):		9.00	%		55.59	%		(1.09	)%		17.83	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,348			$6,840			$3,969			$372
Average net assets (000)		$7,635			$4,883			$4,125			$38
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.85	%(e)		0.85	%		0.85	%		0.85	%(e)
Expenses before waivers and/or expense reimbursement		0.98	%(e)		1.12	%		1.22	%		57.88	%(e)
Net investment income (loss)		(0.51	)%(e)		(0.31	)%		(0.06	)%		(0.62	)%(e)
Portfolio turnover rate(f)		31	%		49	%		43	%		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 GAAP. 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.

40

Class R6 Shares
	Six Months Ended March 31,     2021												September 27, 2017(a) through September  30, 2017
				Year Ended September 30,
				2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$62.87			$43.41			$46.19			$38.30			$37.92
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.02	)		0.08			0.08			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.82			22.85			(0.75	)		9.93			0.38
Total from investment operations		5.74			22.83			(0.67	)		10.01			0.38
Less Dividends and Distributions:
Dividends from net investment income		-			-			(0.06	)		-			-
Distributions from net realized gains		(5.31	)		(3.37	)		(2.05	)		(2.12	)		-
Total dividends and distributions		(5.31	)		(3.37	)		(2.11	)		(2.12	)		-
Net asset value, end of period		$63.30			$62.87			$43.41			$46.19			$38.30
Total Return(d):		9.16	%		55.98	%		(0.83	)%		27.18	%		1.00	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$897,174			$609,443			$349,897			$91,625			$13,539
Average net assets (000)		$777,108			$427,945			$205,755			$50,011			$13,296
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.57	%(g)		0.58	%		0.59	%		0.60	%		0.58	%(g)
Expenses before waivers and/or expense reimbursement		0.57	%(g)		0.58	%		0.59	%		0.62	%		0.58	%(g)
Net investment income (loss)		(0.25	)%(g)		(0.04	)%		0.19	%		0.18	%		(0.43	)%(g)
Portfolio turnover rate(h)		31	%		49	%		43	%		40	%		54	%(i)

(a) Commencement of offering.

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

(c) Amount rounds to zero.

(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 GAAP. 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 of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Growth Fund      41

Series Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Series has adopted and implemented a liquidity risk management program (the “LRMP”). The Series’ LRMP seeks to assess and manage the Series’ liquidity risk, which is defined as the risk that the Series is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Series. The Company’s Board of Directors (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Series’ investment manager, to serve as the administrator of the Series’ LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Series’ LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Series’ LRMP includes no less than annual assessments of factors that influence the Series’ liquidity risk; no less than monthly classifications of the Series’ investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Series’ assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Series does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness the Series’ LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that the Series’ LRMP was reasonably designed to assess and manage the Series’ liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Series’ investment strategies continue to be appropriate given the Series’ status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Series, including liquidity risks presented by the Series’ investment portfolio, is found in the Series’ Prospectus and Statement of Additional Information.

42

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. 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 • 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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jonathan Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/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 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 that Director at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Mutual Funds:

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

PGIM JENNISON GROWTH FUND

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

MF168 E2

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 – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

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

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

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

SIGNATURES

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

Registrant:	The Prudential Investment Portfolios, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	May 18, 2021

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 18, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	May 18, 2021