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:	9/30/2022
Date of reporting period:	3/31/2022

Item 1 – Reports to Stockholders

PGIM BALANCED FUND

SEMIANNUAL REPORT

MARCH 31, 2022

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

The accompanying financial statements as of March 31, 2022 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. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. © 2022 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 PGIM Balanced Fund informative and useful. The report covers performance for the six-month period ended March 31, 2022.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Balanced Fund

May 15, 2022

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.

	Total Returns as of 3/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception(%)
Class A	0.01	1.46	7.38	8.00	—
Class C	-0.34	3.09	7.29	7.58	—
Class R	-0.24	4.31	7.60	8.01	—
Class Z	0.12	5.05	8.37	8.66	—
Class R6	0.20	5.19	N/A	N/A	7.68 (11/28/2017)
Customized Blend Index
	-0.44	4.60	9.29	8.58	—
Bloomberg US Aggregate Bond Index
	-5.92	-4.15	2.14	2.24	—
S&P 500 Index
	5.92	15.64	15.98	14.63	—

Average Annual Total Returns as of 3/31/22 Since Inception (%)
	Class R6 (11/28/2017)
Customized Blend Index	8.59
Bloomberg US Aggregate Bond Index	1.96
S&P 500 Index	15.22

*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’s 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 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. Note: Prior to February 3, 2020, the Customized Blend Index consisted of the S&P 500 Index (50%), the Bloomberg US Aggregate Bond Index (40%), the Russell 2000 Index (5%), and the MSCI Europe, Australasia and Far East (EAFE) Net Dividend (ND) Index (5%).

Bloomberg US Aggregate Bond Index—The Bloomberg 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.

PGIM Balanced Fund 5

Your Fund’s Performance (continued)

*The S&P 500 Index (“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 © 2022 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.

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.

Presentation of Fund Holdings as of 3/31/22

Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	3.1%
Microsoft Corp.	Software	3.1%
U.S. Treasury Bonds, 2.250%, 05/15/41	U.S. Treasury Obligations	2.0%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.5%
U.S. Treasury Notes, 1.250%, 06/30/28	U.S. Treasury Obligations	1.4%
Tesla, Inc.	Automobiles	1.3%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.1%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.1%
U.S. Treasury Bonds, 2.500%, 02/15/46	U.S. Treasury Obligations	0.9%
Johnson & Johnson	Pharmaceuticals	0.7%

Holdings reflect only long-term investments.

6 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Balanced Fund 7

Fees and Expenses (continued)

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, 2021	Ending         Account Value         March 31, 2022	Annualized         Expense         Ratio Based on the          Six-Month Period	Expenses Paid         During the         Six-Month Period*
Class A	Actual	$1,000.00	$1,000.10	1.00%	$4.99
	Hypothetical	$1,000.00	$1,019.95	1.00%	$5.04
Class C	Actual	$1,000.00	$   996.60	1.78%	$8.86
	Hypothetical	$1,000.00	$1,016.06	1.78%	$8.95
Class R	Actual	$1,000.00	$   997.60	1.47%	$7.32
	Hypothetical	$1,000.00	$1,017.60	1.47%	$7.39
Class Z	Actual	$1,000.00	$1,001.20	0.79%	$3.94
	Hypothetical	$1,000.00	$1,020.99	0.79%	$3.98
Class R6	Actual	$1,000.00	$1,002.00	0.65%	$3.24
	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, 2022, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2022 (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, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    98.4%
COMMON STOCKS    60.1%
Aerospace & Defense    0.6%
General Dynamics Corp.		8,500	$	2,050,030
L3Harris Technologies, Inc.		3,700		919,339
Lockheed Martin Corp.		777		342,968
Parsons Corp.*		1,800		69,660
Raytheon Technologies Corp.		28,257		2,799,421
Vectrus, Inc.*		1,480		53,073
				6,234,491
Air Freight & Logistics    0.6%
Deutsche Post AG (Germany)		19,415		927,788
FedEx Corp.		12,400		2,869,236
Hub Group, Inc. (Class A Stock)*		1,900		146,699
Radiant Logistics, Inc.*		8,839		56,305
United Parcel Service, Inc. (Class B Stock)		10,100		2,166,046
				6,166,074
Airlines    0.0%
Mesa Air Group, Inc.*		8,800		38,720
SkyWest, Inc.*		3,560		102,706
				141,426
Auto Components    0.2%
Adient PLC*		3,300		134,541
ARB Corp. Ltd. (Australia)		16,372		503,756
Cie Generale des Etablissements Michelin SCA (France)		4,472		605,548
Goodyear Tire & Rubber Co. (The)*		8,100		115,749
Shoei Co. Ltd. (Japan)		2,600		96,996
Tenneco, Inc. (Class A Stock)*		9,800		179,536
Visteon Corp.*		1,300		141,869
				1,777,995
Automobiles    1.9%
Astra International Tbk PT (Indonesia)		132,300		59,905
Bayerische Motoren Werke AG (Germany)		1,690		145,629
BYD Co. Ltd. (China) (Class H Stock)		28,000		781,155
Ford Motor Co.		173,200		2,928,812
Ford Otomotiv Sanayi A/S (Turkey)		24,047		489,602
Kia Corp. (South Korea)		11,671		706,467
Lordstown Motors Corp. (Class A Stock)*		23,900		81,499

See Notes to Financial Statements.

PGIM Balanced Fund      9

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles (cont’d.)
Mercedes-Benz Group AG (Germany)		5,408	$	378,623
Suzuki Motor Corp. (Japan)		1,900		65,050
Tesla, Inc.*		12,900		13,901,040
Toyota Motor Corp. (Japan)		8,270		149,432
Trigano SA (France)		2,871		418,460
Winnebago Industries, Inc.		2,800		151,284
Yamaha Motor Co. Ltd. (Japan)		2,000		44,880
				20,301,838
Banks    3.3%
Abu Dhabi Commercial Bank PJSC (United Arab Emirates)		25,530		72,871
Agricultural Bank of China Ltd. (China) (Class H Stock)		160,000		61,240
Amalgamated Financial Corp.		2,300		41,331
Banc of California, Inc.		7,700		149,072
Banco de Chile (Chile)		549,120		58,792
Banco do Brasil SA (Brazil)		46,800		340,110
Banco Santander Brasil SA (Brazil), UTS		22,800		173,596
Banco Santander SA (Spain)		93,525		318,137
Bancorp, Inc. (The)*		3,100		87,823
Bank Hapoalim BM (Israel)		6,620		65,517
Bank Leumi Le-Israel BM (Israel)		73,952		800,599
Bank of America Corp.		88,400		3,643,848
Bank of Communications Co. Ltd. (China) (Class H Stock)		1,295,000		926,878
Bank of Georgia Group PLC (Georgia)		4,401		68,335
Bank of Montreal (Canada)		3,300		388,324
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,698		96,804
Barclays PLC (United Kingdom)		368,194		715,325
Canadian Imperial Bank of Commerce (Canada)		8,600		1,043,915
Capstar Financial Holdings, Inc.		2,700		56,916
Cathay General Bancorp		1,700		76,075
China CITIC Bank Corp. Ltd. (China) (Class H Stock)		120,000		60,646
China Construction Bank Corp. (China) (Class H Stock)		1,503,000		1,123,976
Citigroup, Inc.		10,800		576,720
Civista Bancshares, Inc.		1,900		45,790
CNB Financial Corp.		4,776		125,704
Coastal Financial Corp.*		1,000		45,750
Columbia Banking System, Inc.		400		12,908
ConnectOne Bancorp, Inc.		1,499		47,983
Customers Bancorp, Inc.*		1,660		86,552
DBS Group Holdings Ltd. (Singapore)		43,500		1,142,143
DGB Financial Group, Inc. (South Korea)		29,547		227,115
Eastern Bankshares, Inc.		2,600		56,004
Enterprise Financial Services Corp.		700		33,117
Financial Institutions, Inc.		6,552		197,412

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First BanCorp. (Puerto Rico)		1,300	$	17,056
First Internet Bancorp		4,488		193,029
Grupo Financiero Banorte SAB de CV (Mexico) (Class O Stock)		13,200		99,428
Haci Omer Sabanci Holding A/S (Turkey)		179,389		214,190
Hana Financial Group, Inc. (South Korea)		21,901		876,991
Hancock Whitney Corp.		5,200		271,180
Hanmi Financial Corp.		600		14,766
Heartland Financial USA, Inc.		3,380		161,665
Home BancShares, Inc.		3,500		79,100
Hope Bancorp, Inc.		1,920		30,874
Horizon Bancorp, Inc.		3,200		59,744
Huaxia Bank Co. Ltd. (China) (Class A Stock)		215,600		188,207
Industrial & Commercial Bank of China Ltd. (China) (Class H Stock)		1,549,000		947,829
Industrial Bank Co. Ltd. (China) (Class A Stock)		59,800		193,853
ING Groep NV (Netherlands)		66,386		695,008
JPMorgan Chase & Co.		26,924		3,670,280
KB Financial Group, Inc. (South Korea)		19,192		963,328
KeyCorp		14,100		315,558
Lloyds Banking Group PLC (United Kingdom)		806,349		494,673
Mediobanca Banca di Credito Finanziario SpA (Italy)		4,820		48,877
Metropolitan Bank Holding Corp.*		1,200		122,124
MidWestOne Financial Group, Inc.		4,283		141,767
Mitsubishi UFJ Financial Group, Inc. (Japan)		197,500		1,215,199
OceanFirst Financial Corp.		7,600		152,760
OFG Bancorp (Puerto Rico)		12,487		332,654
Old National Bancorp		5,800		95,004
Old Second Bancorp, Inc.		5,518		80,066
Origin Bancorp, Inc.		800		33,832
Orrstown Financial Services, Inc.		1,087		24,925
Peoples Bancorp, Inc.		1,500		46,965
Primis Financial Corp.		4,980		69,620
QCR Holdings, Inc.		4,373		247,468
RBB Bancorp		1,800		42,282
Royal Bank of Canada (Canada)		900		99,089
S&T Bancorp, Inc.		1,700		50,286
Sberbank of Russia PJSC (Russia)^		202,510		—
Silvergate Capital Corp. (Class A Stock)*		1,000		150,570
Toronto-Dominion Bank (The) (Canada)		18,100		1,436,099
Towne Bank		1,400		41,916
Truist Financial Corp.		37,300		2,114,910
U.S. Bancorp		28,600		1,520,090
United Overseas Bank Ltd. (Singapore)		4,900		114,958

See Notes to Financial Statements.

PGIM Balanced Fund      11

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Valley National Bancorp		10,560	$	137,491
Wells Fargo & Co.		108,320		5,249,187
				36,022,226
Beverages    0.8%
Ambev SA (Brazil)		25,000		81,495
Coca-Cola Co. (The)		87,100		5,400,200
Coca-Cola Consolidated, Inc.		110		54,653
National Beverage Corp.		2,360		102,660
PepsiCo, Inc.		19,600		3,280,648
				8,919,656
Biotechnology    1.1%
AbbVie, Inc.		22,805		3,696,919
Albireo Pharma, Inc.*		1,800		53,694
Alkermes PLC*		700		18,417
Anavex Life Sciences Corp.*		2,000		24,620
Apellis Pharmaceuticals, Inc.*		6,400		325,184
Arrowhead Pharmaceuticals, Inc.*		2,700		124,173
Blueprint Medicines Corp.*		2,100		134,148
Catalyst Pharmaceuticals, Inc.*		42,220		350,004
Cerevel Therapeutics Holdings, Inc.*		2,300		80,523
Daan Gene Co. Ltd. (China) (Class A Stock)		18,400		53,960
Eagle Pharmaceuticals, Inc.*		4,480		221,715
Emergent BioSolutions, Inc.*		1,564		64,218
Epizyme, Inc.*		26,300		30,245
Gilead Sciences, Inc.		42,989		2,555,696
Halozyme Therapeutics, Inc.*		2,300		91,724
iTeos Therapeutics, Inc.*		3,000		96,540
Karuna Therapeutics, Inc.*		100		12,679
Krystal Biotech, Inc.*		400		26,616
MEI Pharma, Inc.*		28,100		16,930
Mirum Pharmaceuticals, Inc.*		2,800		61,656
OPKO Health, Inc.*		74,560		256,486
Organogenesis Holdings, Inc.*		17,800		135,636
Precision BioSciences, Inc.*		9,000		27,720
PTC Therapeutics, Inc.*		6,080		226,845
Regeneron Pharmaceuticals, Inc.*		1,200		838,104
Sarepta Therapeutics, Inc.*		4,800		374,976
SpringWorks Therapeutics, Inc.*		900		50,796
Surface Oncology, Inc.*		18,200		53,508
TCR2 Therapeutics, Inc.*		15,200		41,952
Vanda Pharmaceuticals, Inc.*		9,777		110,578

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Vaxcyte, Inc.*		1,400	$	33,810
Vertex Pharmaceuticals, Inc.*		7,400		1,931,178
Vir Biotechnology, Inc.*		3,200		82,304
Xencor, Inc.*		3,200		85,376
				12,288,930
Building Products    0.3%
Armstrong World Industries, Inc.		6,500		585,065
Carlisle Cos., Inc.		3,400		836,128
Cie de Saint-Gobain (France)		16,026		953,208
Insteel Industries, Inc.		1,400		51,786
Inwido AB (Sweden)		5,973		94,749
Kingspan Group PLC (Ireland)		1,908		187,181
Owens Corning		4,400		402,600
Resideo Technologies, Inc.*		2,400		57,192
UFP Industries, Inc.		2,477		191,125
				3,359,034
Capital Markets    1.8%
3i Group PLC (United Kingdom)		42,983		782,073
Affiliated Managers Group, Inc.		2,300		324,185
Ameriprise Financial, Inc.		6,400		1,922,304
Anima Holding SpA (Italy), 144A		65,088		290,967
Bank of New York Mellon Corp. (The)		3,800		188,594
BGC Partners, Inc. (Class A Stock)		24,800		109,120
Canaccord Genuity Group, Inc. (Canada)		24,000		237,092
Carlyle Group, Inc. (The)		10,600		518,446
China Everbright Ltd. (China)		50,000		49,265
Cohen & Steers, Inc.		1,100		94,479
Donnelley Financial Solutions, Inc.*		3,800		126,388
Focus Financial Partners, Inc. (Class A Stock)*		1,600		73,184
Goldman Sachs Group, Inc. (The)		13,810		4,558,681
Macquarie Group Ltd. (Australia)		5,854		880,815
Morgan Stanley		28,900		2,525,860
Piper Sandler Cos.		1,100		144,375
Raymond James Financial, Inc.		14,750		1,621,172
State Street Corp.		13,800		1,202,256
Stifel Financial Corp.		32,600		2,213,540
StoneX Group, Inc.*		700		51,961
UBS Group AG (Switzerland)		65,108		1,271,560

See Notes to Financial Statements.

PGIM Balanced Fund      13

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Value Partners Group Ltd. (Hong Kong)		273,000	$	116,770
Virtus Investment Partners, Inc.		740		177,593
				19,480,680
Chemicals     1.1%
AdvanSix, Inc.		2,000		102,180
Cabot Corp.		1,400		95,774
CF Industries Holdings, Inc.		6,000		618,360
China BlueChemical Ltd. (China) (Class H Stock)		418,000		143,148
Covestro AG (Germany), 144A		11,901		600,272
Dow, Inc.		25,000		1,593,000
DuPont de Nemours, Inc.		37,200		2,737,176
Ecovyst, Inc.		18,100		209,236
Formosa Plastics Corp. (Taiwan)		15,000		55,419
Hawkins, Inc.		1,204		55,264
Kronos Worldwide, Inc.		6,300		97,776
Kumho Petrochemical Co. Ltd. (South Korea)		3,113		396,241
Livent Corp.*		2,100		54,747
Lotte Chemical Titan Holding Bhd (Malaysia), 144A		295,000		156,430
Minerals Technologies, Inc.		2,000		132,300
Nutrien Ltd. (Canada)		2,900		299,754
Olin Corp.		13,700		716,236
Orion Engineered Carbons SA (Germany)		13,660		218,150
SABIC Agri-Nutrients Co. (Saudi Arabia)		5,643		273,924
Tosoh Corp. (Japan)		3,000		44,327
Westlake Corp.		25,800		3,183,720
				11,783,434
Commercial Services & Supplies     0.0%
ABM Industries, Inc.		4,300		197,972
ACCO Brands Corp.		1,800		14,400
BrightView Holdings, Inc.*		4,400		59,884
Brink’s Co. (The)		200		13,600
Interface, Inc.		1,300		17,641
Tetra Tech, Inc.		1,000		164,940
				468,437
Communications Equipment     0.2%
Cisco Systems, Inc.		14,037		782,703
Digi International, Inc.*		2,100		45,192
Extreme Networks, Inc.*		8,000		97,680
NetScout Systems, Inc.*		4,659		149,461

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment (cont’d.)
Nokia OYJ (Finland)*		51,192	$	281,549
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)		50,287		458,353
Viavi Solutions, Inc.*		4,700		75,576
				1,890,514
Construction & Engineering     0.1%
API Group Corp.*		14,100		296,523
Comfort Systems USA, Inc.		1,000		89,010
EMCOR Group, Inc.		6,250		703,937
Fluor Corp.*		1,300		37,297
Greentown Management Holdings Co. Ltd. (China), 144A		228,000		195,106
Metallurgical Corp. of China Ltd. (China) (Class A Stock)		317,400		186,442
MYR Group, Inc.*		900		84,636
Sterling Construction Co., Inc.*		600		16,080
				1,609,031
Construction Materials     0.2%
Buzzi Unicem SpA (Italy)		31,082		576,132
Eagle Materials, Inc.		13,000		1,668,680
HeidelbergCement AG (Germany)		760		43,181
Summit Materials, Inc. (Class A Stock)*		2,700		83,862
				2,371,855
Consumer Finance     0.5%
American Express Co.		9,400		1,757,800
Atlanticus Holdings Corp.*		300		15,537
Capital One Financial Corp.		24,200		3,177,218
Enova International, Inc.*		6,500		246,805
LendingClub Corp.*		8,300		130,974
Navient Corp.		3,400		57,936
Oportun Financial Corp.*		3,800		54,568
				5,440,838
Containers & Packaging     0.0%
Greif, Inc. (Class A Stock)		4,280		278,457
Smurfit Kappa Group PLC (Ireland)		1,219		54,116
				332,573

See Notes to Financial Statements.

PGIM Balanced Fund      15

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Distributors     0.2%
D’ieteren Group (Belgium)		1,155	$	195,012
LKQ Corp.		33,800		1,534,858
				1,729,870
Diversified Consumer Services     0.1%
Laureate Education, Inc. (Class A Stock)		18,800		222,780
MegaStudyEdu Co. Ltd. (South Korea)		9,080		769,062
				991,842
Diversified Financial Services     0.7%
Berkshire Hathaway, Inc. (Class B Stock)*		17,174		6,060,876
Cannae Holdings, Inc.*		6,180		147,826
FirstRand Ltd. (South Africa)		93,414		493,209
Investor AB (Sweden) (Class A Stock)		2,684		62,654
Investor AB (Sweden) (Class B Stock)		27,262		593,990
				7,358,555
Diversified Telecommunication Services     0.6%
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)*		330,136		568,073
Chunghwa Telecom Co. Ltd. (Taiwan)		19,000		84,057
Deutsche Telekom AG (Germany)		6,031		112,940
Intelsat Emergence SA (Luxembourg)*		4,218		126,540
Koninklijke KPN NV (Netherlands)		18,060		62,790
Liberty Latin America Ltd. (Chile) (Class A Stock)*		7,500		72,750
Liberty Latin America Ltd. (Chile) (Class C Stock)*		18,300		175,497
Nippon Telegraph & Telephone Corp. (Japan)		17,200		499,784
Telefonica SA (Spain)		49,550		239,745
Telkom Indonesia Persero Tbk PT (Indonesia)		2,665,800		847,589
Verizon Communications, Inc.		79,640		4,056,862
				6,846,627
Electric Utilities     0.6%
ALLETE, Inc.		2,500		167,450
CESC Ltd. (India)		152,880		152,780
Constellation Energy Corp.		5,195		292,219
Edison International		7,800		546,780
Endesa SA (Spain)		12,294		267,744
Enerjisa Enerji A/S (Turkey), 144A		327,089		362,042
Exelon Corp.		50,288		2,395,217
Inter RAO UES PJSC (Russia)^		4,433,000		6
Otter Tail Corp.		4,280		267,500

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont’d.)
PG&E Corp.*		20,900	$	249,546
Portland General Electric Co.		2,100		115,815
Power Grid Corp. of India Ltd. (India)		300,034		858,258
PPL Corp.		5,400		154,224
Southern Co. (The)		15,400		1,116,654
SSE PLC (United Kingdom)		4,940		113,340
				7,059,575
Electrical Equipment     0.6%
Acuity Brands, Inc.		1,980		374,814
AMETEK, Inc.		15,100		2,011,018
Atkore, Inc.*		3,860		379,978
AZZ, Inc.		3,200		154,368
Bloom Energy Corp. (Class A Stock)*		1,300		31,395
Emerson Electric Co.		22,000		2,157,100
Encore Wire Corp.		1,580		180,231
Hubbell, Inc.		8,500		1,562,045
				6,850,949
Electronic Equipment, Instruments & Components     0.4%
Belden, Inc.		3,100		171,740
Corning, Inc.		16,200		597,942
ePlus, Inc.*		2,560		143,514
Jabil, Inc.		6,400		395,072
Keyence Corp. (Japan)		800		372,515
LG Innotek Co. Ltd. (South Korea)		336		106,261
Nan Ya Printed Circuit Board Corp. (Taiwan)		3,000		54,534
PC Connection, Inc.		500		26,195
Redington India Ltd. (India)		164,048		312,920
Sanmina Corp.*		6,080		245,754
ScanSource, Inc.*		7,080		246,313
Sensirion Holding AG (Switzerland), 144A*		3,408		419,818
TD SYNNEX Corp.		1,400		144,494
Unimicron Technology Corp. (Taiwan)		7,000		60,287
Zebra Technologies Corp. (Class A Stock)*		3,000		1,241,100
				4,538,459
Energy Equipment & Services     0.3%
Bristow Group, Inc.*		1,100		40,788
ChampionX Corp.*		13,500		330,480
Expro Group Holdings NV*		800		14,224
Halliburton Co.		39,900		1,511,013

See Notes to Financial Statements.

PGIM Balanced Fund      17

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services (cont’d.)
Newpark Resources, Inc.*		28,600	$	104,676
Oceaneering International, Inc.*		8,840		134,014
ProPetro Holding Corp.*		8,500		118,405
Schlumberger NV		19,200		793,152
Select Energy Services, Inc. (Class A Stock)*		8,900		76,273
				3,123,025
Entertainment     1.0%
Activision Blizzard, Inc.		9,780		783,476
Electronic Arts, Inc.		2,160		273,262
GungHo Online Entertainment, Inc. (Japan)		12,000		255,347
Lions Gate Entertainment Corp. (Class A Stock)*		3,600		58,500
Lions Gate Entertainment Corp. (Class B Stock)*		8,600		129,258
Marcus Corp. (The)*		800		14,160
Netflix, Inc.*		8,600		3,221,474
Nintendo Co. Ltd. (Japan)		1,200		604,161
Playtika Holding Corp.*		24,700		477,451
Walt Disney Co. (The)*		36,500		5,006,340
				10,823,429
Equity Real Estate Investment Trusts (REITs)     1.4%
Acadia Realty Trust		1,600		34,672
American Assets Trust, Inc.		900		34,101
Apple Hospitality REIT, Inc.		19,400		348,618
Artis Real Estate Investment Trust (Canada)		26,600		278,096
Charter Hall Group (Australia)		20,799		253,554
City Office REIT, Inc.		1,600		28,256
Dexus (Australia)		63,423		516,792
DiamondRock Hospitality Co.*		18,900		190,890
DigitalBridge Group, Inc.*		5,800		41,760
Diversified Healthcare Trust		8,400		26,880
Franklin Street Properties Corp.		16,521		97,474
Goodman Group (Australia)		47,127		800,054
Hersha Hospitality Trust*		7,600		69,008
Kite Realty Group Trust		8,100		184,437
Lamar Advertising Co. (Class A Stock)		5,500		638,990
Link REIT (Hong Kong)		92,100		784,614
National Storage Affiliates Trust		400		25,104
Necessity Retail REIT, Inc. (The)		4,300		34,013
Outfront Media, Inc.		10,400		295,672
Pebblebrook Hotel Trust		5,200		127,296
Piedmont Office Realty Trust, Inc. (Class A Stock)		16,160		278,275
PotlatchDeltic Corp.		1,800		94,914

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Prologis, Inc.		19,200	$	3,100,416
PS Business Parks, Inc.		200		33,616
Public Storage		3,100		1,209,868
RLJ Lodging Trust		12,000		168,960
Ryman Hospitality Properties, Inc.*		1,900		176,263
Sabra Health Care REIT, Inc.		5,420		80,704
Safestore Holdings PLC (United Kingdom)		14,913		258,427
SBA Communications Corp.		5,800		1,995,780
Service Properties Trust		29,500		260,485
Simon Property Group, Inc.		5,900		776,204
Weyerhaeuser Co.		40,400		1,531,160
Whitestone REIT		1,200		15,900
Xenia Hotels & Resorts, Inc.*		7,100		136,959
				14,928,212
Food & Staples Retailing     0.8%
Albertson’s Cos., Inc. (Class A Stock)		16,200		538,650
BJ’s Wholesale Club Holdings, Inc.*		2,260		152,799
Chefs’ Warehouse, Inc. (The)*		600		19,560
Costco Wholesale Corp.		4,900		2,821,665
Koninklijke Ahold Delhaize NV (Netherlands)		28,613		918,398
Kroger Co. (The)		8,500		487,645
Loblaw Cos. Ltd. (Canada)		8,100		726,839
North West Co., Inc. (The) (Canada)		2,600		79,654
Performance Food Group Co.*		1,900		96,729
Sonae SGPS SA (Portugal)		46,873		53,906
Tesco PLC (United Kingdom)		158,861		575,028
United Natural Foods, Inc.*		800		33,080
Walmart, Inc.		11,949		1,779,445
				8,283,398
Food Products     1.0%
Archer-Daniels-Midland Co.		4,700		424,222
First Pacific Co. Ltd. (Indonesia)		836,000		338,002
Indofood Sukses Makmur Tbk PT (Indonesia)		702,600		291,142
Ingredion, Inc.		4,400		383,460
JBS SA		111,800		880,348
Kraft Heinz Co. (The)		64,700		2,548,533
Nestle SA (Switzerland)		7,993		1,037,786
Pilgrim’s Pride Corp.*		15,400		386,540
Sanderson Farms, Inc.		1,800		337,482
Simply Good Foods Co. (The)*		400		15,180

See Notes to Financial Statements.

PGIM Balanced Fund      19

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont’d.)
Tyson Foods, Inc. (Class A Stock)		38,500	$	3,450,755
Wilmar International Ltd. (China)		235,600		816,575
				10,910,025
Gas Utilities     0.0%
Beijing Enterprises Holdings Ltd. (China)		46,000		145,318
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		300		22,632
Chesapeake Utilities Corp.		300		41,328
New Jersey Resources Corp.		400		18,344
ONE Gas, Inc.		680		60,003
				287,625
Health Care Equipment & Supplies     1.4%
Abbott Laboratories		36,520		4,322,507
Apyx Medical Corp.*		2,100		13,713
Baxter International, Inc.		15,000		1,163,100
Becton, Dickinson & Co.		4,200		1,117,200
Bioventus, Inc. (Class A Stock)*		1,700		23,970
Boston Scientific Corp.*		53,700		2,378,373
Edwards Lifesciences Corp.*		7,700		906,444
Haemonetics Corp.*		3,600		227,592
Hologic, Inc.*		2,400		184,368
Hoya Corp. (Japan)		2,000		225,790
Intco Medical Technology Co. Ltd. (China) (Class A Stock)		22,111		160,360
Integer Holdings Corp.*		3,400		273,938
iRadimed Corp.		500		22,420
iRhythm Technologies, Inc.*		1,200		188,964
Lantheus Holdings, Inc.*		7,200		398,232
LivaNova PLC*		200		16,366
Medtronic PLC		22,500		2,496,375
Merit Medical Systems, Inc.*		4,700		312,644
Shockwave Medical, Inc.*		1,300		269,568
STAAR Surgical Co.*		1,100		87,901
				14,789,825
Health Care Providers & Services     1.9%
AMN Healthcare Services, Inc.*		1,400		146,062
Anthem, Inc.		5,300		2,603,466
Aveanna Healthcare Holdings, Inc.*		16,700		56,947
Centene Corp.*		32,200		2,710,918
Cigna Corp.		5,200		1,245,972
CorVel Corp.*		1,400		235,816

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
CVS Health Corp.		28,000	$	2,833,880
Ensign Group, Inc. (The)		1,280		115,213
Fresenius SE & Co. KGaA (Germany)		16,942		622,479
Fulgent Genetics, Inc.*		500		31,205
HCA Healthcare, Inc.		5,000		1,253,100
Medipal Holdings Corp. (Japan)		20,400		335,574
Molina Healthcare, Inc.*		800		266,872
National HealthCare Corp.		200		14,046
Privia Health Group, Inc.*		3,500		93,555
Select Medical Holdings Corp.		10,934		262,307
Sonic Healthcare Ltd. (Australia)		24,705		653,402
Tenet Healthcare Corp.*		1,700		146,132
UnitedHealth Group, Inc.		14,560		7,425,163
				21,052,109
Health Care Technology     0.1%
Computer Programs & Systems, Inc.*		3,100		106,795
Evolent Health, Inc. (Class A Stock)*		3,300		106,590
Multiplan Corp.*		28,100		131,508
NextGen Healthcare, Inc.*		14,875		311,036
				655,929
Hotels, Restaurants & Leisure     1.0%
Accel Entertainment, Inc.*		9,500		115,710
Biglari Holdings, Inc. (Class B Stock)*		270		39,045
Century Casinos, Inc.*		14,700		175,665
Choice Hotels International, Inc.		1,100		155,936
Compass Group PLC (United Kingdom)		8,910		191,778
Dave & Buster’s Entertainment, Inc.*		5,600		274,960
Everi Holdings, Inc.*		1,200		25,200
Golden Entertainment, Inc.*		1,400		81,298
Hilton Grand Vacations, Inc.*		5,100		265,251
Jumbo Interactive Ltd. (Australia)		6,468		90,155
Kura Sushi USA, Inc. (Class A Stock)*		400		22,060
Leejam Sports Co. JSC (Saudi Arabia)		8,880		297,956
McDonald’s Corp.		15,220		3,763,601
MOS Food Services, Inc. (Japan)		2,400		56,585
ONE Group Hospitality, Inc. (The)*		2,200		23,122
Planet Fitness, Inc. (Class A Stock)*		12,600		1,064,448
RCI Hospitality Holdings, Inc.		2,887		177,435
Starbucks Corp.		23,300		2,119,601
Texas Roadhouse, Inc.		2,400		200,952

See Notes to Financial Statements.

PGIM Balanced Fund      21

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Wyndham Hotels & Resorts, Inc.		8,100	$	685,989
Yum! Brands, Inc.		4,500		533,385
				10,360,132
Household Durables     0.5%
Cavco Industries, Inc.*		910		219,173
Century Communities, Inc.		200		10,714
Lennar Corp. (Class A Stock)		7,900		641,243
M/I Homes, Inc.*		1,700		75,395
Meritage Homes Corp.*		880		69,722
PulteGroup, Inc.		22,200		930,180
Skyline Champion Corp.*		4,500		246,960
Sony Group Corp. (Japan)		2,650		272,861
Taylor Morrison Home Corp.*		1,000		27,220
Toll Brothers, Inc.		48,000		2,256,960
Tri Pointe Homes, Inc.*		12,200		244,976
				4,995,404
Household Products     0.3%
Colgate-Palmolive Co.		2,000		151,660
Procter & Gamble Co. (The)		22,879		3,495,911
				3,647,571
Independent Power & Renewable Electricity Producers     0.4%
AES Corp. (The)		119,580		3,076,793
Clearway Energy, Inc. (Class C Stock)		700		25,557
NTPC Ltd. (India)		36,880		65,490
Ormat Technologies, Inc.		1,400		114,562
Vistra Corp.		36,400		846,300
				4,128,702
Industrial Conglomerates     0.6%
CITIC Ltd. (China)		436,000		482,133
Honeywell International, Inc.		15,600		3,035,448
Industries Qatar QSC (Qatar)		171,026		891,974
KOC Holding A/S (Turkey)		22,840		61,561
Roper Technologies, Inc.		2,800		1,322,244
Toshiba Corp. (Japan)		18,800		702,111
				6,495,471

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance     1.3%
Allianz SE (Germany)		2,074	$	494,205
American International Group, Inc.		13,600		853,672
Arch Capital Group Ltd.*		37,000		1,791,540
Argo Group International Holdings Ltd.		1,800		74,304
Cathay Financial Holding Co. Ltd. (Taiwan)		289,000		647,753
Chubb Ltd.		15,200		3,251,280
CNP Assurances (France)		2,163		52,126
Coface SA (France)*		36,029		435,453
Dai-ichi Life Holdings, Inc. (Japan)		43,700		881,204
DB Insurance Co. Ltd. (South Korea)		1,020		58,661
Enstar Group Ltd.*		1,020		266,373
Fairfax Financial Holdings Ltd. (Canada)		1,500		818,338
Japan Post Holdings Co. Ltd. (Japan)		83,100		609,246
Kinsale Capital Group, Inc.		1,320		300,986
Markel Corp.*		400		590,096
MetLife, Inc.		14,056		987,856
Reinsurance Group of America, Inc.		5,000		547,300
Sampo OYJ (Finland) (Class A Stock)		15,794		772,118
Stewart Information Services Corp.		1,800		109,098
Tokio Marine Holdings, Inc. (Japan)		3,100		179,880
United Fire Group, Inc.		1,000		31,070
Zurich Insurance Group AG (Switzerland)		735		361,995
				14,114,554
Interactive Media & Services     2.8%
Alphabet, Inc. (Class A Stock)*		4,505		12,529,982
Alphabet, Inc. (Class C Stock)*		4,197		11,722,179
Eventbrite, Inc. (Class A Stock)*		1,000		14,770
Meta Platforms, Inc. (Class A Stock)*		23,694		5,268,598
Outbrain, Inc.*		9,100		97,643
Society Pass, Inc.*(a)		6,000		17,820
Tencent Holdings Ltd. (China)		16,600		774,573
				30,425,565
Internet & Direct Marketing Retail     1.8%
Alibaba Group Holding Ltd. (China)*		28,900		391,790
Amazon.com, Inc.*		4,837		15,768,378
Duluth Holdings, Inc. (Class B Stock)*		7,000		85,610
eBay, Inc.		51,300		2,937,438
JD.com, Inc. (China) (Class A Stock)*		790		22,780
Liquidity Services, Inc.*		4,400		75,328
				19,281,324

See Notes to Financial Statements.

PGIM Balanced Fund      23

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services     2.5%
Accenture PLC (Class A Stock)		12,830	$	4,326,661
Amdocs Ltd.		1,960		161,132
Automatic Data Processing, Inc.		9,800		2,229,892
Capgemini SE (France)		2,466		548,526
CGI, Inc. (Canada)*		8,600		685,097
Cognizant Technology Solutions Corp. (Class A Stock)		7,900		708,393
Computacenter PLC (United Kingdom)		1,740		66,736
Concentrix Corp.		2,100		349,776
Digital Garage, Inc. (Japan)		5,700		213,373
Evo Payments, Inc. (Class A Stock)*		5,800		133,922
ExlService Holdings, Inc.*		2,300		329,521
Fidelity National Information Services, Inc.		1,600		160,672
Fiserv, Inc.*		3,800		385,320
Fujitsu Ltd. (Japan)		4,230		633,378
Gartner, Inc.*		8,400		2,498,664
Hackett Group, Inc. (The)		8,080		186,325
Infosys Ltd. (India)		44,885		1,126,212
International Business Machines Corp.		5,494		714,330
Mastercard, Inc. (Class A Stock)		10,900		3,895,442
NTT Data Corp. (Japan)		9,000		176,792
Transcosmos, Inc. (Japan)*		4,400		114,728
TTEC Holdings, Inc.		1,400		115,528
Verra Mobility Corp.*		15,400		250,712
Visa, Inc. (Class A Stock)		33,055		7,330,607
				27,341,739
Leisure Products     0.1%
American Outdoor Brands, Inc.*		3,000		39,390
MasterCraft Boat Holdings, Inc.*		2,559		62,977
Shimano, Inc. (Japan)		3,500		799,299
Smith & Wesson Brands, Inc.		5,500		83,215
				984,881
Life Sciences Tools & Services     0.8%
Bio-Rad Laboratories, Inc. (Class A Stock)*		600		337,938
Danaher Corp.		6,860		2,012,244
Eurofins Scientific SE (Luxembourg)		1,552		153,487
IQVIA Holdings, Inc.*		13,300		3,075,093
Medpace Holdings, Inc.*		2,080		340,267
Thermo Fisher Scientific, Inc.		5,233		3,090,872
				9,009,901

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery     1.2%
Altra Industrial Motion Corp.		5,860	$	228,130
Atlas Copco AB (Sweden) (Class A Stock)		3,388		175,832
Atlas Copco AB (Sweden) (Class B Stock)		2,056		92,674
Bucher Industries AG (Switzerland)		110		44,421
Caterpillar, Inc.		11,300		2,517,866
Chart Industries, Inc.*		300		51,531
CNH Industrial NV (United Kingdom)		5,132		81,179
Crane Co.		4,800		519,744
Cummins, Inc.		5,200		1,066,572
Hillenbrand, Inc.		6,700		295,939
Husqvarna AB (Sweden) (Class B Stock)		4,180		43,545
IMI PLC (United Kingdom)		2,625		46,868
Ingersoll Rand, Inc.		16,800		845,880
Komatsu Ltd. (Japan)		25,700		616,222
Meritor, Inc.*		6,300		224,091
Mueller Industries, Inc.		6,300		341,271
PACCAR, Inc.		32,500		2,862,275
Parker-Hannifin Corp.		5,200		1,475,552
REV Group, Inc.		17,200		230,480
Sandvik AB (Sweden)		2,530		53,728
SFS Group AG (Switzerland)		740		102,634
Shyft Group, Inc. (The)		600		21,666
SMC Corp. (Japan)		300		167,825
Standex International Corp.		1,300		129,896
Terex Corp.		2,100		74,886
Titan International, Inc.*		8,700		128,151
Trinity Industries, Inc.		600		20,616
Turk Traktor ve Ziraat Makineleri A/S (Turkey)		11,524		182,518
VAT Group AG (Switzerland), 144A		144		54,727
Watts Water Technologies, Inc. (Class A Stock)		100		13,959
Wuxi Shangji Automation Co. Ltd. (China) (Class A Stock)		7,900		169,302
				12,879,980
Marine     0.2%
AP Moller - Maersk A/S (Denmark) (Class B Stock)		328		991,125
COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock)*		82,950		143,199
Costamare, Inc. (Monaco)		2,940		50,127
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)		113,000		528,988
Kuehne + Nagel International AG (Switzerland)		2,663		754,825
Matson, Inc.		200		24,124
SITC International Holdings Co. Ltd. (China)		15,000		52,656
				2,545,044

See Notes to Financial Statements.

PGIM Balanced Fund      25

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Media     0.4%
Advantage Solutions, Inc.*		4,400	$	28,072
Comcast Corp. (Class A Stock)		31,393		1,469,820
Gray Television, Inc.		9,760		215,403
MFE-MediaForEurope NV (Italy) (Class A Stock)*		109,548		76,659
MFE-MediaForEurope NV (Italy) (Class B Stock)		145,005		168,236
Nine Entertainment Co. Holdings Ltd. (Australia)		48,831		107,315
Publicis Groupe SA (France)		10,797		654,877
TEGNA, Inc.		12,000		268,800
Television Francaise 1 (France)		51,620		500,753
WPP PLC (United Kingdom)		59,523		781,173
				4,271,108
Metals & Mining     1.2%
ArcelorMittal SA (Luxembourg)		26,740		857,659
Aurubis AG (Germany)		1,743		207,861
Baoshan Iron & Steel Co. Ltd. (China) (Class A Stock)		171,400		181,320
BHP Group Ltd. (Australia)		12,260		469,445
BlueScope Steel Ltd. (Australia)		3,220		49,699
Carpenter Technology Corp.		400		16,792
Commercial Metals Co.		6,700		278,854
Ferrexpo PLC (Ukraine)		184,977		451,139
Freeport-McMoRan, Inc.		68,700		3,417,138
Impala Platinum Holdings Ltd. (South Africa)		44,276		682,501
JSW Steel Ltd. (India)		6,342		61,014
MP Materials Corp.*		900		51,606
Polyus PJSC (Russia)^		3,704		—
POSCO Holdings, Inc. (South Korea)		3,185		765,491
Reliance Steel & Aluminum Co.		8,400		1,540,140
Rio Tinto Ltd. (Australia)		1,960		174,269
Rio Tinto PLC (Australia)		5,649		448,756
Shanxi Taigang Stainless Steel Co. Ltd. (China) (Class A Stock)		81,900		85,812
Sibanye Stillwater Ltd. (South Africa)		202,828		824,790
SSAB AB (Sweden) (Class A Stock)*		59,670		415,095
Steel Dynamics, Inc.		11,400		951,102
Tata Steel Ltd. (India)		51,026		875,036
TimkenSteel Corp.*		7,000		153,160
West African Resources Ltd. (Australia)*		344,203		319,771
				13,278,450
Mortgage Real Estate Investment Trusts (REITs)     0.0%
BrightSpire Capital, Inc.		8,600		79,550
Great Ajax Corp.		6,200		72,726
Ladder Capital Corp.		7,300		86,651

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
MFA Financial, Inc.		25,300	$	101,959
TPG RE Finance Trust, Inc.		5,220		61,648
				402,534
Multiline Retail     0.3%
Canadian Tire Corp. Ltd. (Canada) (Class A Stock)		400		60,396
Dollarama, Inc. (Canada)		1,500		85,070
Europris ASA (Norway), 144A		19,639		126,022
Macy’s, Inc.		3,200		77,952
Target Corp.		14,020		2,975,324
				3,324,764
Multi-Utilities     0.2%
E.ON SE (Germany)		67,781		787,659
Engie SA (France)		9,106		119,547
Public Service Enterprise Group, Inc.		20,300		1,421,000
				2,328,206
Oil, Gas & Consumable Fuels     2.6%
APA Corp.		23,300		962,989
Berry Corp.		3,500		36,120
California Resources Corp.		800		35,784
Canadian Natural Resources Ltd. (Canada)		20,600		1,275,564
Cheniere Energy, Inc.		10,700		1,483,555
Chevron Corp.		31,400		5,112,862
China Shenhua Energy Co. Ltd. (China) (Class H Stock)		262,000		836,030
Civitas Resources, Inc.		4,400		262,724
ConocoPhillips		4,000		400,000
CONSOL Energy, Inc.*		500		18,815
Earthstone Energy, Inc. (Class A Stock)*		9,700		122,511
Eni SpA (Italy)		57,123		835,972
EOG Resources, Inc.		37,300		4,447,279
Equinor ASA (Norway)		7,678		285,663
Exxon Mobil Corp.		79,800		6,590,682
Falcon Minerals Corp.		4,800		32,352
Imperial Oil Ltd. (Canada)		1,200		58,073
Indian Oil Corp. Ltd. (India)		38,200		59,788
Kinder Morgan, Inc.		36,200		684,542
LUKOIL PJSC (Russia)^		10,297		—
Marathon Petroleum Corp.		1,900		162,450
Matador Resources Co.		8,000		423,840
Murphy Oil Corp.		5,400		218,106

See Notes to Financial Statements.

PGIM Balanced Fund      27

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Occidental Petroleum Corp.		7,500	$	425,550
Oil & Natural Gas Corp. Ltd. (India)		379,518		819,058
OMV AG (Austria)		13,861		661,071
Ovintiv, Inc.		6,000		324,420
PDC Energy, Inc.		5,100		370,668
PetroChina Co. Ltd. (China) (Class H Stock)		884,000		453,208
Petroleo Brasileiro SA (Brazil)		19,400		143,960
Rosneft Oil Co. PJSC (Russia)^		31,520		—
Shaanxi Coal Industry Co. Ltd. (China) (Class A Stock)		85,900		222,006
Shell PLC (Netherlands)		16,006		439,747
SM Energy Co.		5,500		214,225
Whiting Petroleum Corp.		1,500		122,265
World Fuel Services Corp.		8,649		233,869
				28,775,748
Paper & Forest Products     0.1%
Canfor Corp. (Canada)*		21,400		440,958
Interfor Corp. (Canada)		21,300		592,410
				1,033,368
Personal Products     0.2%
Bajaj Consumer Care Ltd. (India)		150,491		324,078
Chlitina Holding Ltd. (China)		88,000		622,164
Coty, Inc. (Class A Stock)*		17,100		153,729
Industri Jamu Dan Farmasi Sido Muncul Tbk PT (Indonesia)		706,000		50,164
Inter Parfums, Inc.		2,500		220,125
L’Oreal SA (France)		1,002		401,481
Medifast, Inc.		920		157,118
Unilever PLC (United Kingdom)		9,569		435,575
				2,364,434
Pharmaceuticals     2.9%
AstraZeneca PLC (United Kingdom)		740		97,893
Bayer AG (Germany)		1,014		69,245
Bristol-Myers Squibb Co.		18,120		1,323,304
China Medical System Holdings Ltd. (China)		263,000		411,798
Chugai Pharmaceutical Co. Ltd. (Japan)		22,800		763,285
CSPC Pharmaceutical Group Ltd. (China)		456,800		525,047
Eli Lilly & Co.		7,200		2,061,864
GlaxoSmithKline PLC		59,393		1,284,272
Harmony Biosciences Holdings, Inc.*		300		14,595
Intra-Cellular Therapies, Inc.*		5,300		324,307

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Ipsen SA (France)		4,309	$	539,063
Johnson & Johnson		43,269		7,668,565
Merck & Co., Inc.		55,700		4,570,185
Merck KGaA (Germany)		4,544		952,153
Novartis AG (Switzerland)		10,747		941,793
Novo Nordisk A/S (Denmark) (Class B Stock)		1,451		161,096
Pfizer, Inc.		111,700		5,782,709
Prestige Consumer Healthcare, Inc.*		6,260		331,404
Roche Holding AG (Switzerland)		4,469		1,768,384
Sanofi (France)		12,718		1,300,804
Shionogi & Co. Ltd. (Japan)		1,400		86,273
Sun Pharmaceutical Industries Ltd. (India)		6,660		80,263
Takeda Pharmaceutical Co. Ltd. (Japan)		10,800		309,214
				31,367,516
Professional Services     0.2%
ASGN, Inc.*		2,980		347,796
CBIZ, Inc.*		1,900		79,743
Insperity, Inc.		300		30,126
Kforce, Inc.		680		50,299
Korn Ferry		4,300		279,242
ManpowerGroup, Inc.		2,800		262,976
Randstad NV (Netherlands)		10,623		637,276
Recruit Holdings Co. Ltd. (Japan)		15,100		661,075
TriNet Group, Inc.*		3,000		295,080
Wolters Kluwer NV (Netherlands)		520		55,308
				2,698,921
Real Estate Management & Development     0.2%
Aldar Properties PJSC (United Arab Emirates)		57,204		76,717
CBRE Group, Inc. (Class A Stock)*		8,700		796,224
Cushman & Wakefield PLC*		4,200		86,142
Daiwa House Industry Co. Ltd. (Japan)		13,500		352,147
Forestar Group, Inc.*		3,100		55,056
Kennedy-Wilson Holdings, Inc.		6,100		148,779
Marcus & Millichap, Inc.		400		21,072
Newmark Group, Inc. (Class A Stock)		20,800		331,136
Selvaag Bolig ASA (Norway)		12,369		70,496
				1,937,769
Road & Rail     0.1%
AMERCO		1,400		835,716

See Notes to Financial Statements.

PGIM Balanced Fund      29

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail (cont’d.)
ArcBest Corp.		800	$	64,400
CSX Corp.		4,400		164,780
Schneider National, Inc. (Class B Stock)		6,300		160,650
Werner Enterprises, Inc.		300		12,300
Yellow Corp.*		3,700		25,937
				1,263,783
Semiconductors & Semiconductor Equipment     3.8%
Advanced Micro Devices, Inc.*		3,500		382,690
Amkor Technology, Inc.		9,500		206,340
Applied Materials, Inc.		1,204		158,687
ASML Holding NV (Netherlands)		1,071		717,371
Axcelis Technologies, Inc.*		1,900		143,507
Broadcom, Inc.		8,880		5,591,558
Daqo New Energy Corp. (China), ADR*		1,200		49,584
Diodes, Inc.*		3,400		295,766
Intel Corp.		64,668		3,204,946
KLA Corp.		5,600		2,049,936
Kulicke & Soffa Industries, Inc. (Singapore)		2,800		156,856
Lam Research Corp.		2,000		1,075,220
MaxLinear, Inc.*		3,400		198,390
MediaTek, Inc. (Taiwan)		22,000		691,833
Microchip Technology, Inc.		41,900		3,148,366
Micron Technology, Inc.		12,000		934,680
Novatek Microelectronics Corp. (Taiwan)		4,000		59,045
NVIDIA Corp.		21,900		5,975,634
NXP Semiconductors NV (China)		14,400		2,665,152
ON Semiconductor Corp.*		33,800		2,116,218
Onto Innovation, Inc.*		200		17,378
PDF Solutions, Inc.*		4,900		136,563
Photronics, Inc.*		1,800		30,546
Power Integrations, Inc.		1,200		111,216
QUALCOMM, Inc.		35,400		5,409,828
Renesas Electronics Corp. (Japan)*		6,400		74,297
Semtech Corp.*		3,680		255,171
SiTime Corp.*		590		146,214
STMicroelectronics NV (Singapore)		16,624		719,991
Synaptics, Inc.*		350		69,825
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		104,000		2,142,865
Texas Instruments, Inc.		1,580		289,898
Tokyo Electron Ltd. (Japan)		2,495		1,282,012
United Microelectronics Corp. (Taiwan)		401,000		744,745
				41,252,328

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Software     4.6%
A10 Networks, Inc.		15,780	$	220,131
ACI Worldwide, Inc.*		2,100		66,129
Adobe, Inc.*		6,318		2,878,607
Agilysys, Inc.*		1,300		51,844
Appfolio, Inc. (Class A Stock)*		200		22,642
Black Knight, Inc.*		35,800		2,076,042
Blackbaud, Inc.*		2,780		166,439
BTRS Holdings, Inc. (Class 1 Stock)*		10,600		79,288
ChannelAdvisor Corp.*		2,280		37,780
CommVault Systems, Inc.*		1,500		99,525
Dassault Systemes SE (France)		5,498		270,274
EngageSmart, Inc.*		2,200		46,882
Fortinet, Inc.*		1,500		512,610
Intapp, Inc.*		800		19,208
Manhattan Associates, Inc.*		4,300		596,453
Marathon Digital Holdings, Inc.*		5,000		139,750
Microsoft Corp.		107,566		33,163,673
Nemetschek SE (Germany)		460		44,503
OneSpan, Inc.*		4,900		70,756
Oracle Corp.		50,098		4,144,608
Paycom Software, Inc.*		2,200		762,036
salesforce.com, Inc.*		1,100		233,552
Sapiens International Corp. NV (Israel)		9,000		228,510
Sprout Social, Inc. (Class A Stock)*		2,100		168,252
SPS Commerce, Inc.*		2,776		364,211
SS&C Technologies Holdings, Inc.		16,000		1,200,320
Synopsys, Inc.*		5,100		1,699,677
Tanla Platforms Ltd. (India)		2,540		51,129
Tenable Holdings, Inc.*		2,000		115,580
Upland Software, Inc.*		2,700		47,547
Verint Systems, Inc.*		5,600		289,520
Xperi Holding Corp.		6,200		107,384
				49,974,862
Specialty Retail     0.8%
Aritzia, Inc. (Canada)*		9,300		379,618
Asbury Automotive Group, Inc.*		1,700		272,340
AutoNation, Inc.*		23,660		2,356,063
AutoZone, Inc.*		200		408,916
Chow Tai Fook Jewellery Group Ltd. (China)*		381,000		688,210
Dunelm Group PLC (United Kingdom)		7,782		112,624
Group 1 Automotive, Inc.		4,900		822,367
Halfords Group PLC (United Kingdom)		86,721		278,755
Hibbett, Inc.		300		13,302

See Notes to Financial Statements.

PGIM Balanced Fund      31

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Home Depot, Inc. (The)		5,558	$	1,663,676
JB Hi-Fi Ltd. (Australia)		3,670		148,184
JD Sports Fashion PLC (United Kingdom)		133,030		258,448
O’Reilly Automotive, Inc.*		700		479,472
Penske Automotive Group, Inc.		4,100		384,252
Shimamura Co. Ltd. (Japan)		5,200		462,534
Sonic Automotive, Inc. (Class A Stock)		2,400		102,024
Tilly’s, Inc. (Class A Stock)		2,100		19,656
Zhongsheng Group Holdings Ltd. (China)		43,000		301,914
				9,152,355
Technology Hardware, Storage & Peripherals     3.4%
Apple, Inc.		195,304		34,102,031
Asustek Computer, Inc. (Taiwan)		50,000		650,564
Canon, Inc. (Japan)		34,200		836,665
Dell Technologies, Inc. (Class C Stock)*		3,800		190,722
Lenovo Group Ltd. (China)		708,000		764,971
Pure Storage, Inc. (Class A Stock)*		4,200		148,302
Samsung Electronics Co. Ltd. (South Korea)		12,616		721,571
Super Micro Computer, Inc.*		900		34,263
				37,449,089
Textiles, Apparel & Luxury Goods     0.6%
Capri Holdings Ltd.*		42,200		2,168,658
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		6,156		776,825
Crocs, Inc.*		4,000		305,600
EssilorLuxottica SA (France)		1,174		215,153
Gildan Activewear, Inc. (Canada)		4,200		157,531
Hermes International (France)		155		219,414
Kering SA (France)		243		153,631
Li Ning Co. Ltd. (China)		79,000		674,783
LVMH Moet Hennessy Louis Vuitton SE (France)		1,288		917,974
Moncler SpA (Italy)		1,092		60,640
Oxford Industries, Inc.		1,100		99,550
Pandora A/S (Denmark)		1,725		165,229
Ralph Lauren Corp.		4,800		544,512
Titan Co. Ltd. (India)		3,230		107,761
				6,567,261
Thrifts & Mortgage Finance     0.1%
Genworth Mortgage Insurance Australia Ltd. (Australia)		74,688		160,650
Mr. Cooper Group, Inc.*		2,300		105,041

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
NMI Holdings, Inc. (Class A Stock)*		7,200	$	148,464
Paragon Banking Group PLC (United Kingdom)		8,085		53,236
PennyMac Financial Services, Inc.		300		15,960
Provident Financial Services, Inc.		2,100		49,140
				532,491
Tobacco     0.4%
22nd Century Group, Inc.*		7,200		16,704
British American Tobacco PLC (United Kingdom)		31,203		1,309,743
Imperial Brands PLC (United Kingdom)		22,397		473,350
Japan Tobacco, Inc. (Japan)		43,773		747,799
Philip Morris International, Inc.		7,500		704,550
Scandinavian Tobacco Group A/S (Denmark), 144A		32,895		702,910
Vector Group Ltd.		3,100		37,324
				3,992,380
Trading Companies & Distributors     0.5%
Air Lease Corp.		7,800		348,270
Applied Industrial Technologies, Inc.		2,280		234,065
Boise Cascade Co.		1,060		73,638
Ferguson PLC		6,420		866,837
GMS, Inc.*		1,240		61,715
Herc Holdings, Inc.		1,400		233,926
ITOCHU Corp. (Japan)		24,400		825,795
Marubeni Corp. (Japan)		64,400		746,199
Mitsubishi Corp. (Japan)		5,800		217,597
Mitsui & Co. Ltd. (Japan)		40,600		1,098,441
Rush Enterprises, Inc. (Class A Stock)		2,300		117,093
Russel Metals, Inc. (Canada)		5,500		145,710
Sumitomo Corp. (Japan)		2,900		50,117
Titan Machinery, Inc.*		5,700		161,082
Veritiv Corp.*		1,500		200,385
				5,380,870
Transportation Infrastructure     0.0%
Shanghai International Port Group Co. Ltd. (China) (Class A Stock)		211,800		181,344
Water Utilities     0.0%
American States Water Co.		780		69,435
Artesian Resources Corp. (Class A Stock)		1,505		73,068
				142,503

See Notes to Financial Statements.

PGIM Balanced Fund      33

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services     0.2%
Advanced Info Service PCL (Thailand)		114,000	$	797,203
KDDI Corp. (Japan)		8,200		268,887
T-Mobile US, Inc.*		8,600		1,103,810
Turkcell Iletisim Hizmetleri A/S (Turkey)		40,020		61,522
				2,231,422
TOTAL COMMON STOCKS (cost $496,025,070)				654,932,260
EXCHANGE-TRADED FUND     0.4%
iShares MSCI EAFE ETF(a) (cost $4,268,643)		59,000		4,342,400
PREFERRED STOCKS     0.2%
Banks     0.0%
Citigroup Capital XIII, 6.669%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40		3,000		82,200
Capital Markets     0.0%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		5,000		132,350
Electric Utilities     0.1%
Cia Energetica de Minas Gerais (Brazil) (PRFC)		83,800		266,834
Cia Paranaense de Energia (Brazil) (PRFC B)		330,000		526,774
				793,608
Health Care Equipment & Supplies     0.0%
Sartorius AG (Germany) (PRFC)		125		55,272
Oil, Gas & Consumable Fuels     0.1%
Petroleo Brasileiro SA (Brazil) (PRFC)		156,800		1,099,334
Technology Hardware, Storage & Peripherals     0.0%
Samsung Electronics Co. Ltd. (South Korea) (PRFC)		4,320		223,469
TOTAL PREFERRED STOCKS (cost $1,751,122)				2,386,233

See Notes to Financial Statements.

34

Description					Units		Value
RIGHTS*     0.0%
Diversified Telecommunication Services
Intelsat Jackson Holdings SA, Series A (Luxembourg), expiring 12/31/22^						440	$	839
Intelsat Jackson Holdings SA, Series B (Luxembourg), expiring 12/31/22^						440		154
								993
	Interest     Rate		Maturity     Date		Principal Amount (000)#
ASSET-BACKED SECURITIES     5.0%
Automobiles     0.8%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class B		3.130%		02/18/25		56		56,614
Series 2019-01, Class C		3.360		02/18/25		200		201,556
Series 2019-02, Class C		2.740		04/18/25		300		301,161
Series 2019-03, Class C		2.320		07/18/25		800		801,632
Series 2020-02, Class D		2.130		03/18/26		100		97,731
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A		4.000		03/20/25		300		304,700
Series 2020-01A, Class A, 144A		2.330		08/20/26		500		485,104
Series 2020-02A, Class A, 144A		2.020		02/20/27		100		94,755
Series 2021-02A, Class C, 144A		2.350		02/20/28		500		456,848
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C		1.320		07/15/25		100		99,198
Series 2020-03A, Class D		1.730		07/15/26		100		98,118
Ford Auto Securitization Trust (Canada),
Series 2019-BA, Class A2, 144A		2.321		10/15/23	CAD	87		69,620
Ford Credit Auto Owner Trust,
Series 2021-01, Class C, 144A		1.910		10/17/33		180		167,529
Series 2021-02, Class D, 144A		2.600		05/15/34		300		280,677
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C		3.620		06/17/24		100		100,849
Hertz Vehicle Financing III LLC,
Series 2022-01A, Class C, 144A		2.630		06/25/26		100		94,883
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A		1.680		12/27/27		700		638,247
Series 2021-02A, Class B, 144A		2.120		12/27/27		100		91,022
Hertz Vehicle Financing LLC,
Series 2022-02A, Class B, 144A		2.650		06/26/28		100		93,748
JPMorgan Chase Bank, NA,
Series 2020-02, Class D, 144A		1.487		02/25/28		334		329,995

See Notes to Financial Statements.

PGIM Balanced Fund      35

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
JPMorgan Chase Bank, NA, (cont’d.)
Series 2021-02, Class D, 144A	1.138%	12/26/28		221	$	216,956
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A	3.630	09/14/27		1,280		1,284,804
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D	2.220	09/15/26		100		99,218
Series 2020-03, Class D	1.640	11/16/26		400		390,647
Series 2020-04, Class D	1.480	01/15/27		300		291,928
Series 2021-01, Class D	1.130	11/16/26		800		766,275
World Omni Select Auto Trust,
Series 2019-A, Class B	2.170	12/15/25		700		699,413
Series 2019-A, Class C	2.380	12/15/25		200		199,128
						8,812,356
Collateralized Debt Obligations     0.1%
Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands),
Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%)	1.500(c)	01/15/37		900		894,487
MF1 Ltd. (Cayman Islands),
Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%)	1.400(c)	02/19/37		500		495,953
						1,390,440
Collateralized Loan Obligations     3.2%
AlbaCore Euro CLO DAC (Ireland),
Series 04A, Class B1, 144A(hh)	—  (p)	07/15/35	EUR	2,000		2,212,500
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)	1.374(c)	01/20/32		1,500		1,489,017
Barings Loan Partners CLO Ltd. (Cayman Islands),
Series LP-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.313(c)	01/20/34		2,100		2,076,810
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)	1.539(c)	05/17/31		1,000		992,319
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	1.329(c)	04/30/31		1,000		994,577

See Notes to Financial Statements.

36

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)	0.850%(c)	05/22/32	EUR	1,500	$	1,645,572
Series 14A, Class A2R, 144A	1.250	05/22/32	EUR	1,500		1,644,892
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)	1.404(c)	04/20/34		1,350		1,335,816
Madison Park Funding Ltd. (Cayman Islands),
Series 2021-59A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)	1.385(c)	01/18/34		1,500		1,490,145
Series 2021-59A, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)	1.945(c)	01/18/34		1,000		992,497
OZLM Ltd. (Cayman Islands),
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)	1.304(c)	04/20/31		1,500		1,487,843
Palmer Square CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)	1.341(c)	07/16/31		4,000		3,972,487
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)	1.421(c)	10/15/34		3,500		3,463,544
Sixth Street CLO Ltd. (Cayman Islands),
Series 2021-19A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	1.354(c)	07/20/34		4,000		3,939,322
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month Term SOFR + 1.280% (Cap N/A, Floor 1.280%)	1.521(c)	10/20/32		3,500		3,478,710
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)	1.454(c)	07/20/31		250		248,732
Trinitas Euro CLO DAC (Ireland),
Series 02A, Class CR, 144A(hh)	—  (p)	04/15/35	EUR	2,750		3,034,582
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)	1.454(c)	10/20/31		500		497,375
						34,996,740
Consumer Loans     0.4%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A	2.509	10/20/39	CAD	200		152,727

See Notes to Financial Statements.

PGIM Balanced Fund      37

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Lending Funding Trust,
Series 2020-02A, Class A, 144A	2.320%	04/21/31		100	$	94,658
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A	2.780	04/20/28		900		890,488
Series 2021-01A, Class A, 144A	1.900	11/20/31		700		632,920
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A	2.190	08/21/34		200		192,285
OneMain Financial Issuance Trust,
Series 2018-01A, Class A, 144A	3.300	03/14/29		24		23,782
Series 2020-01A, Class A, 144A	3.840	05/14/32		300		302,320
Series 2020-02A, Class A, 144A	1.750	09/14/35		400		371,190
Oportun Funding LLC,
Series 2020-01, Class A, 144A	2.200	05/15/24		3		2,615
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A	1.210	03/08/28		400		388,362
Series 2021-A, Class B, 144A	1.760	03/08/28		300		294,633
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A	3.070	03/15/32		400		388,930
SoFi Consumer Loan Program Trust,
Series 2020-01, Class A, 144A	2.020	01/25/29		41		41,097
						3,776,007
Credit Cards     0.1%
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.845(c)	11/15/28		GBP                465		614,239
Equipment     0.0%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A	2.720	06/15/40		400		397,716
Home Equity Loans     0.0%
CDC Mortgage Capital Trust,
Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%)	2.107(c)	03/25/33		1		1,584
Manufactured Housing     0.0%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A	3.000(cc)	11/25/58		71		70,610

See Notes to Financial Statements.

38

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%)	3.231%(c)	10/16/23		100	$	100,093
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)	3.257(c)	06/25/24		1,400		1,372,533
						1,472,626
Residential Mortgage-Backed Securities     0.1%
Countrywide Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	1.207(c)	03/25/34		25		24,606
Rathlin Residential DAC (Ireland),
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000%	1.452(c)	09/27/75		EUR                481		520,984
						545,590
Student Loans     0.2%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A	2.680	09/25/42		124		123,499
Series 2018-AGS, Class A1, 144A	3.210	02/25/44		100		99,239
Series 2018-CGS, Class A1, 144A	3.870	02/25/46		43		42,990
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A	2.810	11/25/42		34		34,276
Series 2018-B, Class A2FX, 144A	3.540	05/26/43		75		75,888
Series 2019-A, Class A2FX, 144A	2.730	10/25/48		88		87,899
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A	3.190	02/18/42		113		113,560
Series 2018-CA, Class A2, 144A	3.520	06/16/42		77		77,591
Series 2019-CA, Class A2, 144A	3.130	02/15/68		160		158,988
SoFi Professional Loan Program LLC,
Series 2019-B, Class A2FX, 144A	3.090	08/17/48		208		207,986
Series 2019-C, Class A2FX, 144A	2.370	11/16/48		394		389,928

See Notes to Financial Statements.

PGIM Balanced Fund      39

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A	3.340%	08/25/47		150	$	150,006
Series 2020-A, Class A2FX, 144A	2.540	05/15/46		521		513,603
						2,075,453
TOTAL ASSET-BACKED SECURITIES
(cost $55,036,699)						54,153,361
BANK LOANS     0.1%
Media     0.0%
Diamond Sports Group LLC,
Second Lien Term Loan, SOFR + 3.250%	3.545(c)	08/24/26		149		50,581
Term Loan,	—  (p)	05/25/26		76		76,649
						127,230
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		162,450
Telecommunications     0.1%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 3 Month LIBOR + 3.250%	3.500(c)	05/27/24		347		330,046
TOTAL BANK LOANS
(cost $671,115)						619,726
COMMERCIAL MORTGAGE-BACKED SECURITIES     5.6%
BANK,
Series 2017-BNK04, Class A3	3.362	05/15/50		1,000		993,394
Series 2020-BN26, Class A3	2.155	03/15/63		1,800		1,658,851
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4	4.047	12/15/51		1,351		1,408,798
Benchmark Mortgage Trust,
Series 2019-B13, Class A3	2.701	08/15/57		1,800		1,716,709
Series 2020-B17, Class A4	2.042	03/15/53		650		591,278

See Notes to Financial Statements.

40

Description	Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
BX Commercial Mortgage Trust,
Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)	2.447%(c)	11/15/35		910	$	903,134
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	3.047(c)	10/15/36		1,275		1,244,964
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)	2.594(c)	11/15/38		1,000		972,865
BX TRUST,
Series 2021-LGCY, Class F, 144A, 1 Month LIBOR + 1.949% (Cap N/A, Floor 1.949%)	2.346(c)	10/15/23		1,350		1,291,768
BXSC Commercial Mortgage Trust,
Series 2022-WSS, Class XCP, IO, 144A	0.620(cc)	03/15/35		476,980		2,786,326
CFK Trust,
Series 2020-MF02, Class B, 144A	2.792	03/15/39		1,200		1,123,847
Series 2020-MF02, Class C, 144A	2.995	03/15/39		1,500		1,375,539
Series 2020-MF02, Class D, 144A	3.349	03/15/39		900		818,203
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4	3.575	05/10/47		153		153,542
Series 2015-GC29, Class A3	2.935	04/10/48		385		377,209
Series 2015-P01, Class A4	3.462	09/15/48		600		596,763
Series 2019-GC41, Class A4	2.620	08/10/56		3,600		3,417,426
Series 2020-GC46, Class A4	2.477	02/15/53		1,400		1,305,743
Commercial Mortgage Trust,
Series 2013-CR08, Class A4	3.334	06/10/46		57		57,437
Series 2014-CR18, Class A4	3.550	07/15/47		337		334,823
Series 2014-UBS04, Class A4	3.420	08/10/47		700		694,321
Series 2015-LC21, Class A3	3.445	07/10/48		693		688,023
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	3.047(c)	05/15/36		1,766		1,726,038
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A	3.953	09/15/37		1,600		1,572,616
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A3	3.231	06/15/57		761		750,434
Series 2017-C08, Class A3	3.127	06/15/50		775		751,538
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A3A	3.015	05/10/49		705		686,929
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO	1.508(cc)	05/25/22		295		3
Series K021, Class X1, IO	1.384(cc)	06/25/22		575		6
Series K025, Class X1, IO	0.777(cc)	10/25/22		1,241		3,680
Series K055, Class X1, IO	1.353(cc)	03/25/26		2,210		98,977
Series K079, Class AM	3.930	06/25/28		996		1,050,254

See Notes to Financial Statements.

PGIM Balanced Fund      41

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series K157, Class A2	3.990%(cc)	05/25/33		700	$	754,731
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4	3.136	02/10/48		388		383,613
Series 2021-GSA03, Class XB, IO	0.625(cc)	12/15/54		35,000		1,931,076
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A4	2.694	04/15/46		91		90,476
Series 2017-JP07, Class ASB	3.241	09/15/50		400		400,460
Series 2018-AON, Class E, 144A	4.613(cc)	07/05/31		800		793,989
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)	1.397(c)	09/15/29		602		599,425
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C08, Class A3	2.863	12/15/48		151		150,865
Series 2015-C23, Class A3	3.451	07/15/50		584		577,761
Series 2015-C25, Class A4	3.372	10/15/48		700		693,023
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class A3	2.531	08/15/49		1,300		1,253,417
Series 2019-H06, Class A3	3.158	06/15/52		1,250		1,211,973
Series 2020-L04, Class A2	2.449	02/15/53		3,600		3,374,371
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class E, 144A, 1 Month Term SOFR + 4.289% (Cap N/A, Floor 4.289%)	4.339(c)	03/15/39		1,100		1,094,705
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB	3.264	08/15/50		500		500,544
Series 2017-C05, Class A4	3.212	11/15/50		1,422		1,391,041
Series 2018-C08, Class A4	3.983	02/15/51		1,650		1,701,442
Series 2018-C09, Class A3	3.854	03/15/51		400		404,490
Series 2018-C14, Class A3	4.180	12/15/51		996		1,011,268
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C04, Class A4	2.792	12/10/45		200		199,994
Series 2013-C05, Class A3	2.920	03/10/46		68		67,851
Series 2013-C06, Class A3	2.971	04/10/46		187		187,172
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS02, Class A4	3.498	07/15/58		800		799,100
Series 2016-C33, Class A3	3.162	03/15/59		1,038		1,017,580
Series 2016-C34, Class A3	2.834	06/15/49		800		780,351
Series 2016-C35, Class A3	2.674	07/15/48		1,198		1,158,003
Series 2016-NXS06, Class A3	2.642	11/15/49		1,500		1,466,595
Series 2017-C38, Class A4	3.190	07/15/50		700		696,912
Series 2018-C46, Class A3	3.888	08/15/51		1,050		1,063,046
Series 2018-C48, Class A4	4.037	01/15/52		1,707		1,758,228

See Notes to Financial Statements.

42

Description	Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust, (cont’d.)
Series 2019-C52, Class A3	2.631%	08/15/52		2,500	$	2,464,770
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $63,501,058)						61,129,710
CORPORATE BONDS     15.0%
Aerospace & Defense     0.5%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		1,860		1,759,832
Sr. Unsec’d. Notes	3.750	02/01/50		515		460,716
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	6.000	02/15/28		475		445,060
Sr. Unsec’d. Notes, 144A	7.125	06/15/26		375		367,488
Sr. Unsec’d. Notes, 144A	7.500	03/15/25		260		261,373
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		425		416,232
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes	5.050	06/15/25		99		99,991
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A	5.696	09/16/23		210		216,969
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		235		245,681
Teledyne Technologies, Inc.,
Gtd. Notes	2.750	04/01/31		935		866,303
						5,139,645
Agriculture     0.3%
Altria Group, Inc.,
Gtd. Notes	3.400	02/04/41		620		505,916
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.557	08/15/27		410		398,983
BAT International Finance PLC (United Kingdom),
Gtd. Notes	4.448	03/16/28		1,410		1,413,307
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		400		364,323
						2,682,529
Airlines     0.1%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates	3.575	07/15/29		155		147,274

See Notes to Financial Statements.

PGIM Balanced Fund      43

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont’d.)
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates	4.000%	04/29/26		69	$	68,944
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		260		277,962
Sr. Unsec’d. Notes	5.250	05/04/25		300		314,844
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.000	10/11/27		58		58,036
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		260		255,996
Sr. Sec’d. Notes, 144A	4.625	04/15/29		60		57,120
						1,180,176
Auto Manufacturers     0.3%
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		350		316,688
Sr. Unsec’d. Notes	5.291	12/08/46		135		131,057
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.900	02/16/28		425		383,098
Sr. Unsec’d. Notes	3.350	11/01/22		770		772,088
General Motors Co.,
Sr. Unsec’d. Notes	4.875	10/02/23		155		159,722
Sr. Unsec’d. Notes	5.000	04/01/35		1,085		1,101,180
Sr. Unsec’d. Notes	6.250	10/02/43		95		108,412
Sr. Unsec’d. Notes	6.600	04/01/36		80		92,800
General Motors Financial Co., Inc.,
Gtd. Notes	3.950	04/13/24		616		625,500
						3,690,545
Auto Parts & Equipment     0.1%
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)	5.000	10/01/29		425		398,451
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27		250		248,590
Magna International, Inc. (Canada),
Sr. Unsec’d. Notes	2.450	06/15/30		350		322,528
						969,569

See Notes to Financial Statements.

44

Description	Interest     Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    3.7%
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes, 144A	4.875%	01/11/29		200	$	201,531
Banco Santander SA (Spain),
Sr. Unsec’d. Notes	1.849	03/25/26		200		187,054
Bank of America Corp.,
Jr. Sub. Notes, Series JJ	5.125(ff)	06/20/24(oo)		350		352,723
Jr. Sub. Notes, Series MM	4.300(ff)	01/28/25(oo)		235		223,138
Sr. Unsec’d. Notes	2.299(ff)	07/21/32		665		591,817
Sr. Unsec’d. Notes	3.004(ff)	12/20/23		191		191,485
Sr. Unsec’d. Notes, GMTN	3.593(ff)	07/21/28		160		160,391
Sr. Unsec’d. Notes, MTN	3.194(ff)	07/23/30		215		208,171
Sr. Unsec’d. Notes, MTN	3.550(ff)	03/05/24		85		85,578
Sr. Unsec’d. Notes, MTN	3.824(ff)	01/20/28		1,835		1,856,743
Sr. Unsec’d. Notes, MTN	3.974(ff)	02/07/30		115		116,899
Sr. Unsec’d. Notes, MTN	4.271(ff)	07/23/29		350		361,462
Sr. Unsec’d. Notes, Series N	2.651(ff)	03/11/32		2,290		2,105,650
Sub. Notes, MTN	4.450	03/03/26		365		377,635
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN	0.625	07/09/24		660		627,701
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN	2.200	08/16/23		782		781,619
Sr. Unsec’d. Notes, MTN	2.950	01/29/23		170		171,492
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes	2.645(ff)	06/24/31		1,075		976,917
Sr. Unsec’d. Notes	4.375	01/12/26		200		204,431
Sr. Unsec’d. Notes, MTN	4.972(ff)	05/16/29		400		419,969
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A	1.904(ff)	09/30/28		750		671,482
Sr. Unsec’d. Notes, 144A	3.132(ff)	01/20/33		685		634,201
Sr. Unsec’d. Notes, 144A, MTN	2.950	05/23/22		275		275,408
BPCE SA (France),
Sr. Unsec’d. Notes, 144A	2.277(ff)	01/20/32		250		219,668
Citigroup, Inc.,
Jr. Sub. Notes, Series U	5.000(ff)	09/12/24(oo)		100		99,109
Jr. Sub. Notes, Series V	4.700(ff)	01/30/25(oo)		1,290		1,233,925
Sr. Unsec’d. Notes	2.561(ff)	05/01/32		185		167,551
Sr. Unsec’d. Notes	2.572(ff)	06/03/31		880		805,205
Sr. Unsec’d. Notes	3.057(ff)	01/25/33		280		262,078
Sr. Unsec’d. Notes	3.668(ff)	07/24/28		290		290,266
Sr. Unsec’d. Notes	3.700	01/12/26		200		202,583
Sr. Unsec’d. Notes	3.887(ff)	01/10/28		1,500		1,516,262
Sub. Notes	4.400	06/10/25		767		789,253

See Notes to Financial Statements.

PGIM Balanced Fund      45

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc., (cont’d.)
Sub. Notes	4.450%	09/29/27		195	$	201,033
Sub. Notes	4.750	05/18/46		55		58,915
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A	3.091(ff)	05/14/32		495		445,371
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes	3.961(ff)	11/26/25		245		244,866
Discover Bank,
Sr. Unsec’d. Notes	4.250	03/13/26		315		323,440
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U	3.650(ff)	08/10/26(oo)		290		265,303
Jr. Sub. Notes, Series V	4.125(ff)	11/10/26(oo)		395		370,579
Sr. Unsec’d. Notes	2.383(ff)	07/21/32		465		413,211
Sr. Unsec’d. Notes	2.615(ff)	04/22/32		1,405		1,277,067
Sr. Unsec’d. Notes	3.750	02/25/26		50		50,851
Sr. Unsec’d. Notes	3.814(ff)	04/23/29		190		191,298
Sr. Unsec’d. Notes	3.850	01/26/27		410		414,804
Sr. Unsec’d. Notes	4.223(ff)	05/01/29		95		97,312
Sub. Notes	6.750	10/01/37		275		347,389
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF	5.000(ff)	08/01/24(oo)		345		342,813
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)		1,290		1,243,308
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%	3.769(c)	07/30/22(oo)		146		146,002
Sr. Unsec’d. Notes	1.578(ff)	04/22/27		1,005		936,202
Sr. Unsec’d. Notes	2.580(ff)	04/22/32		375		343,898
Sr. Unsec’d. Notes	2.950	10/01/26		210		208,653
Sr. Unsec’d. Notes	2.963(ff)	01/25/33		495		467,161
Sr. Unsec’d. Notes	3.509(ff)	01/23/29		265		264,616
Sr. Unsec’d. Notes	3.702(ff)	05/06/30		145		146,015
Sr. Unsec’d. Notes	3.782(ff)	02/01/28		1,591		1,611,201
Sr. Unsec’d. Notes	4.005(ff)	04/23/29		796		812,734
Sr. Unsec’d. Notes	4.452(ff)	12/05/29		250		261,316
Sub. Notes	3.875	09/10/24		90		91,935
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes	3.750	01/11/27		300		300,722
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN	2.239(ff)	07/21/32		1,005		891,093
Sr. Unsec’d. Notes, GMTN	3.750	02/25/23		45		45,705
Sr. Unsec’d. Notes, GMTN	3.772(ff)	01/24/29		1,173		1,182,297
Sr. Unsec’d. Notes, GMTN	3.875	01/27/26		370		377,021
Sr. Unsec’d. Notes, GMTN	4.431(ff)	01/23/30		240		251,297
Sr. Unsec’d. Notes, MTN	2.511(ff)	10/20/32		215		194,687

See Notes to Financial Statements.

46

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes, MTN	2.943%(ff)	01/21/33		485	$	454,454
Sr. Unsec’d. Notes, MTN	3.591(ff)	07/22/28		1,536		1,542,138
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A	1.488(ff)	12/14/26		1,000		908,460
State Bank of India (India),
Sr. Unsec’d. Notes, 144A	4.375	01/24/24		310		314,621
State Street Corp.,
Jr. Sub. Notes, Series F, 3 Month LIBOR + 3.597%	4.423(c)	06/15/22(oo)		63		62,866
Sub. Notes	2.200	03/03/31		960		868,525
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A	3.127(ff)	06/03/32		405		356,668
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.393(ff)	06/02/28		2,500		2,365,716
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		1,025		952,441
						40,015,401
Beverages    0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.700	02/01/36		150		163,028
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes	4.000	01/17/43		120		117,537
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	5.550	01/23/49		825		1,001,858
						1,282,423
Biotechnology    0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes	3.000	01/15/52		600		509,146
Building Materials    0.1%
Griffon Corp.,
Gtd. Notes	5.750	03/01/28		800		768,855
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30		300		274,848
						1,043,703

See Notes to Financial Statements.

PGIM Balanced Fund      47

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals    0.3%
CF Industries, Inc.,
Gtd. Notes	5.375%	03/15/44		150	$	169,386
CNAC HK Finbridge Co. Ltd. (China),
Gtd. Notes	1.750	06/14/22		EUR                200		221,367
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	4.375	11/15/42		20		20,788
Sr. Unsec’d. Notes	9.400	05/15/39		31		49,536
Huntsman International LLC,
Sr. Unsec’d. Notes	4.500	05/01/29		1,650		1,703,836
Sasol Financing USA LLC (South Africa),
Gtd. Notes	4.375	09/18/26		200		192,085
Gtd. Notes	5.875	03/27/24		200		202,836
Gtd. Notes	6.500	09/27/28		200		203,498
Westlake Corp.,
Sr. Unsec’d. Notes	3.125	08/15/51		315		261,244
						3,024,576
Commercial Services    0.5%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500	03/01/28		300		290,129
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		500		506,283
ERAC USA Finance LLC,
Gtd. Notes, 144A	2.700	11/01/23		1,166		1,164,699
Gtd. Notes, 144A	7.000	10/15/37		20		26,184
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A	2.813	01/01/60		100		82,391
Loxam SAS (France),
Sr. Sub. Notes	5.750	07/15/27		EUR                603		650,807
Nexi SpA (Italy),
Sr. Unsec’d. Notes	2.125	04/30/29		EUR                930		935,169
President & Fellows of Harvard College,
Unsec’d. Notes	3.300	07/15/56		270		267,756
S&P Global, Inc.,
Sr. Unsec’d. Notes, 144A	3.700	03/01/52		510		517,377
Trustees of Boston College,
Unsec’d. Notes	3.129	07/01/52		279		252,400
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		55		48,600

See Notes to Financial Statements.

48

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
United Rentals North America, Inc.,
Gtd. Notes	3.750%	01/15/32		200	$	186,535
Gtd. Notes	3.875	02/15/31		25		23,639
Gtd. Notes	5.500	05/15/27		75		77,490
Yale University,
Unsec’d. Notes, Series 2020	1.482	04/15/30		595		537,264
						5,566,723
Distribution/Wholesale    0.0%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875	12/15/28		400		374,376
Diversified Financial Services    0.1%
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28		120		115,567
Gtd. Notes, 144A	6.000	01/15/27		400		407,506
OneMain Finance Corp.,
Gtd. Notes	3.875	09/15/28		350		316,848
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	4.250	02/15/29		325		278,829
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN	6.150	12/06/28		200		219,538
						1,338,288
Electric    1.2%
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes	6.350	10/01/36		115		144,949
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes	5.950	05/15/37		120		146,348
Calpine Corp.,
Sr. Sec’d. Notes, 144A	4.500	02/15/28		200		195,160
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		150		138,800
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		225		204,919
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2	6.950	03/15/33		120		154,670
General Ref. Mortgage, Series Z	2.400	09/01/26		170		165,350
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A	4.688	05/15/29		440		434,325
Commonwealth Edison Co.,
First Mortgage, Series 123	3.750	08/15/47		754		748,115

See Notes to Financial Statements.

PGIM Balanced Fund      49

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Dominion Energy, Inc.,
Jr. Sub. Notes	3.071%	08/15/24		800	$	798,076
DTE Electric Co.,
General Ref. Mortgage	3.750	08/15/47		622		625,085
Duke Energy Carolinas LLC,
First Mortgage	6.050	04/15/38		55		68,580
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		210		204,739
El Paso Electric Co.,
Sr. Unsec’d. Notes	6.000	05/15/35		135		159,514
Emera US Finance LP (Canada),
Gtd. Notes	3.550	06/15/26		685		685,073
Enel Finance International NV (Italy),
Gtd. Notes, 144A	2.250	07/12/31		1,190		1,053,982
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A	3.400	01/28/30		200		184,245
Eversource Energy,
Sr. Unsec’d. Notes, Series O	4.250	04/01/29		315		327,288
Florida Power & Light Co.,
First Mortgage	5.950	10/01/33		60		72,806
Iberdrola International BV (Spain),
Gtd. Notes	6.750	09/15/33		30		36,665
Interstate Power & Light Co.,
Sr. Unsec’d. Notes	2.300	06/01/30		315		288,011
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN	4.250	08/14/28		235		236,940
Monongahela Power Co.,
First Mortgage, 144A	4.100	04/15/24		280		284,750
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		50		50,827
Gtd. Notes, 144A	3.375	02/15/29		50		44,533
Gtd. Notes, 144A	3.625	02/15/31		100		88,100
Gtd. Notes, 144A	3.875	02/15/32		125		110,409
Gtd. Notes, 144A	5.250	06/15/29		400		390,771
Ohio Power Co.,
Sr. Unsec’d. Notes	4.000	06/01/49		160		159,159
Sr. Unsec’d. Notes	4.150	04/01/48		175		178,335
Pacific Gas & Electric Co.,
First Mortgage	3.950	12/01/47		260		215,430
First Mortgage	4.550	07/01/30		540		535,804
Public Service Co. of Colorado,
First Mortgage	4.300	03/15/44		35		37,006

See Notes to Financial Statements.

50

Description	Interest     Rate	Maturity     Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN	5.800%	05/01/37		125	$	153,639
San Diego Gas & Electric Co.,
First Mortgage	4.150	05/15/48		230		242,783
Southwestern Public Service Co.,
First Mortgage	3.700	08/15/47		250		243,495
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	2.875	07/15/29		1,135		1,106,140
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		200		194,693
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		650		654,013
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.625	02/15/27		600		599,693
Sr. Sec’d. Notes, 144A	3.550	07/15/24		645		639,250
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	4.800	09/15/41		105		112,861
						13,115,331
Electronics    0.1%
Trimble, Inc.,
Sr. Unsec’d. Notes	4.750	12/01/24		1,200		1,234,592
Engineering & Construction    0.1%
Cellnex Finance Co. SA (Spain),
Gtd. Notes, EMTN	2.000	02/15/33	EUR	300		283,105
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN	1.750	10/23/30	EUR	300		290,008
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes	5.500	07/31/47		200		176,410
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		197,649
Sr. Sec’d. Notes, 144A	5.500	07/31/47		200		176,410
TopBuild Corp.,
Gtd. Notes, 144A	4.125	02/15/32		100		90,775
						1,214,357
Entertainment    0.2%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%	10.000	06/15/26		168		150,592

See Notes to Financial Statements.

PGIM Balanced Fund      51

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	6.500%	02/15/25		650	$	682,160
Magallanes, Inc.,
Gtd. Notes, 144A	5.050	03/15/42		265		270,351
Gtd. Notes, 144A	5.141	03/15/52		245		250,815
Gtd. Notes, 144A	5.391	03/15/62		125		129,152
Scientific Games International, Inc.,
Gtd. Notes, 144A	8.625	07/01/25		225		236,813
						1,719,883
Environmental Control    0.0%
Madison IAQ LLC,
Sr. Unsec’d. Notes, 144A	5.875	06/30/29		75		67,246
Foods    0.3%
B&G Foods, Inc.,
Gtd. Notes	5.250	09/15/27		325		310,397
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	3.250	02/16/26	GBP	700		849,506
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A	4.000	02/16/27	GBP	500		583,347
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.500	01/15/30		500		509,868
Kraft Heinz Foods Co.,
Gtd. Notes	4.875	10/01/49		450		474,440
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		150		140,096
Gtd. Notes, 144A	4.375	01/31/32		150		140,059
						3,007,713
Forest Products & Paper    0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes	4.500	08/01/24		310		318,584
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.750	05/20/27		825		822,107
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes	4.100	09/01/47		200		203,152

See Notes to Financial Statements.

52

Description	Interest     Rate	Maturity     Date	Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Gas (cont’d.)
NiSource, Inc.,
Sr. Unsec’d. Notes	3.490%	05/15/27		548	$	546,704
Sr. Unsec’d. Notes	4.800	02/15/44		40		41,654
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	3.500	06/01/29		740		741,198
						2,354,815
Healthcare-Products    0.1%
DH Europe Finance II Sarl,
Gtd. Notes	1.350	09/18/39	EUR	385		382,181
Medtronic Global Holdings SCA,
Gtd. Notes	2.250	03/07/39	EUR	100		112,993
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		350		323,734
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		75		69,779
						888,687
Healthcare-Services    0.7%
Allina Health System,
Unsec’d. Notes, Series 2019	3.887	04/15/49		115		116,688
Anthem, Inc.,
Sr. Unsec’d. Notes	4.625	05/15/42		45		49,304
Sr. Unsec’d. Notes	4.650	01/15/43		30		33,018
Ascension Health,
Sr. Unsec’d. Notes	3.945	11/15/46		795		831,875
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A	2.375	03/01/28	EUR	800		827,867
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017	3.920	06/01/47		95		99,147
HCA, Inc.,
Gtd. Notes	5.375	02/01/25		130		135,504
Gtd. Notes, MTN	7.750	07/15/36		400		501,553
Sr. Sec’d. Notes	3.500	07/15/51		550		476,570
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A	2.200	06/01/30		360		327,911
IHC Health Services, Inc.,
Sec’d. Notes	4.131	05/15/48		480		542,105
Kaiser Foundation Hospitals,
Gtd. Notes	4.150	05/01/47		140		150,781

See Notes to Financial Statements.

PGIM Balanced Fund      53

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Kaiser Foundation Hospitals, (cont’d.)
Unsec’d. Notes, Series 2021		2.810%		06/01/41		495	$	435,626
MEDNAX, Inc.,
Gtd. Notes, 144A		5.375		02/15/30		125		120,897
MidMichigan Health,
Sec’d. Notes, Series 2020		3.409		06/01/50		155		139,330
MultiCare Health System,
Unsec’d. Notes		2.803		08/15/50		280		231,101
OhioHealth Corp.,
Sec’d. Notes		2.297		11/15/31		1,155		1,057,438
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29		190		179,804
Unsec’d. Notes, Series H		2.746		10/01/26		50		49,507
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		250		254,112
Sr. Sec’d. Notes		4.625		07/15/24		196		196,899
Sr. Sec’d. Notes, 144A		4.375		01/15/30		325		312,249
								7,069,286
Home Builders    0.3%
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada),
Gtd. Notes, 144A (original cost $600,000; purchased 02/11/20)(f)		4.875		02/15/30		600		537,343
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625		03/01/30		675		633,851
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750		01/15/28		500		518,416
Gtd. Notes, 144A		5.875		06/15/27		90		93,638
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		80		78,207
Toll Brothers Finance Corp.,
Gtd. Notes(a)		4.350		02/15/28		1,650		1,663,218
								3,524,673
Insurance    0.2%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.950		05/15/60		115		104,876
Gtd. Notes, 144A		3.951		10/15/50		180		169,882
Gtd. Notes, 144A		4.569		02/01/29		350		371,162

See Notes to Financial Statements.

54

Description	Interest     Rate		Maturity     Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Lincoln National Corp.,
Sr. Unsec’d. Notes		6.300%		10/09/37		110	$	133,727
Markel Corp.,
Sr. Unsec’d. Notes		5.000		03/30/43		25		27,000
Sr. Unsec’d. Notes		5.000		04/05/46		325		357,527
New York Life Insurance Co.,
Sub. Notes, 144A		6.750		11/15/39		110		145,900
Principal Financial Group, Inc.,
Gtd. Notes		4.625		09/15/42		15		15,985
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270		05/15/47		240		253,637
Sub. Notes, 144A		6.850		12/16/39		22		28,914
								1,608,610
Lodging    0.1%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625		02/15/32		375		339,064
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.250		09/15/22		130		130,490
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		561		554,815
MGM Resorts International,
Gtd. Notes		6.750		05/01/25		350		361,873
								1,386,242
Machinery-Diversified    0.1%
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		4.950		09/15/28		89		94,030
Xylem, Inc.,
Sr. Unsec’d. Notes		1.950		01/30/28		975		904,331
								998,361
Media    0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250		02/01/31		350		319,019
Sr. Unsec’d. Notes, 144A		5.375		06/01/29		725		723,675
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		3.900		06/01/52		290		245,490

See Notes to Financial Statements.

PGIM Balanced Fund      55

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Charter Communications Operating LLC/Charter Communications Operating Capital, (cont’d.)
Sr. Sec’d. Notes	5.375%	05/01/47		120	$	122,671
Sr. Sec’d. Notes	6.384	10/23/35		110		124,997
Sr. Sec’d. Notes	6.484	10/23/45		172		196,035
Comcast Corp.,
Gtd. Notes	3.969	11/01/47		19		19,417
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A	3.150	08/15/24		255		255,508
CSC Holdings LLC,
Gtd. Notes, 144A	3.375	02/15/31		310		261,227
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		300		250,645
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A(a)	5.375	08/15/26		550		210,754
Discovery Communications LLC,
Gtd. Notes	5.300	05/15/49		575		605,527
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		100		85,135
Gtd. Notes	7.375	07/01/28		100		94,886
Gtd. Notes	7.750	07/01/26		400		397,022
Paramount Global,
Sr. Unsec’d. Notes	4.375	03/15/43		600		570,524
Sr. Unsec’d. Notes	5.250	04/01/44		65		67,750
Time Warner Cable LLC,
Sr. Sec’d. Notes	5.500	09/01/41		140		145,521
						4,695,803
Mining    0.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes	5.750	05/01/43		280		341,547
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes	7.500	07/27/35		95		122,353
Teck Resources Ltd. (Canada),
Sr. Unsec’d. Notes	6.250	07/15/41		730		874,236
						1,338,136
Miscellaneous Manufacturing    0.0%
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		450		468,242

See Notes to Financial Statements.

56

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National    0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes	2.750%	01/06/23		70	$	70,187
Oil & Gas    1.1%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250	02/15/26		225		234,129
Antero Resources Corp.,
Gtd. Notes, 144A	8.375	07/15/26		66		72,964
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	9.000	11/01/27		79		108,943
Sr. Unsec’d. Notes, 144A	8.250	12/31/28		125		131,194
BP Capital Markets America, Inc.,
Gtd. Notes	3.790	02/06/24		518		527,040
BP Capital Markets PLC (United Kingdom),
Gtd. Notes	4.375(ff)	06/22/25(oo)		750		753,855
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	4.400	04/15/29		650		674,731
Sr. Unsec’d. Notes	5.400	06/15/47		318		358,631
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		125		128,149
Gtd. Notes, 144A	5.875	02/01/29		125		129,143
ConocoPhillips Co.,
Gtd. Notes, 144A	3.758	03/15/42		150		152,464
Continental Resources, Inc.,
Gtd. Notes	4.500	04/15/23		151		153,099
Gtd. Notes, 144A	2.875	04/01/32		550		489,317
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		35		40,438
Diamondback Energy, Inc.,
Gtd. Notes	3.500	12/01/29		1,250		1,237,937
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes	5.875	09/18/23		353		361,574
Sr. Unsec’d. Notes	6.875	04/29/30		68		71,546
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		400		412,717
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.500	03/30/24		100		99,255
Sr. Sec’d. Notes, 144A	4.875	03/30/26		15		14,551
Sr. Sec’d. Notes, 144A	5.375	03/30/28		255		246,685
EOG Resources, Inc.,
Sr. Unsec’d. Notes	3.900	04/01/35		120		123,531

See Notes to Financial Statements.

PGIM Balanced Fund      57

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750%	02/01/29		50	$	50,020
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		50		50,553
Lundin Energy Finance BV (Netherlands),
Gtd. Notes, 144A	3.100	07/15/31		450		417,237
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	7.125	02/01/27		200		209,517
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes	6.450	09/15/36		200		235,037
Ovintiv, Inc.,
Gtd. Notes	6.500	08/15/34		340		403,973
Gtd. Notes	6.625	08/15/37		50		59,387
Petrobras Global Finance BV (Brazil),
Gtd. Notes	6.625	01/16/34	GBP	230		303,149
Gtd. Notes	6.900	03/19/49		159		158,493
Gtd. Notes	7.375	01/17/27		21		23,419
Petroleos Mexicanos (Mexico),
Gtd. Notes	4.750	02/26/29	EUR	180		184,531
Gtd. Notes	5.350	02/12/28		49		46,648
Gtd. Notes	6.350	02/12/48		136		107,140
Gtd. Notes	6.490	01/23/27		61		61,881
Gtd. Notes	6.500	03/13/27		1,613		1,637,540
Gtd. Notes, EMTN	4.875	02/21/28	EUR	240		252,538
Gtd. Notes, MTN	6.750	09/21/47		231		187,847
Gtd. Notes, MTN	6.875	08/04/26		10		10,456
Qatar Energy (Qatar),
Sr. Unsec’d. Notes, 144A	3.125	07/12/41		210		192,069
Sinopec Group Overseas Development 2018 Ltd. (China),
Gtd. Notes, 144A	3.680	08/08/49		345		309,155
						11,422,483
Oil & Gas Services    0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A	3.900	05/17/28		336		339,573
Packaging & Containers    0.2%
AptarGroup, Inc.,
Sr. Unsec’d. Notes	3.600	03/15/32		780		758,571

See Notes to Financial Statements.

58

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers (cont’d.)
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%	5.000%	06/30/27		EUR                918	$	924,558
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Group Issuer LLC,
Sr. Sec’d. Notes, 144A	4.000	10/15/27		225		209,096
						1,892,225
Pharmaceuticals    0.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.800	03/15/25		315		321,491
Sr. Unsec’d. Notes	4.250	11/21/49		1,285		1,340,807
Sr. Unsec’d. Notes	4.500	05/14/35		235		252,700
Sr. Unsec’d. Notes	4.550	03/15/35		430		463,411
Sr. Unsec’d. Notes	4.700	05/14/45		250		272,419
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	02/15/29		75		58,443
Gtd. Notes, 144A	5.250	02/15/31		400		311,456
Gtd. Notes, 144A	6.250	02/15/29		200		165,227
Gtd. Notes, 144A	7.000	01/15/28		475		425,610
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes	3.734	12/15/24		18		18,305
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.125	06/15/39		70		74,997
Cigna Corp.,
Gtd. Notes	4.500	02/25/26		967		1,011,514
Sr. Unsec’d. Notes	3.400	03/15/50		120		108,336
Sr. Unsec’d. Notes	3.400	03/15/51		495		447,436
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300	03/25/28		359		376,340
Sr. Unsec’d. Notes	4.780	03/25/38		90		98,250
Sr. Unsec’d. Notes	5.125	07/20/45		487		551,098
Sr. Unsec’d. Notes	5.300	12/05/43		45		52,022
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes	3.025	07/09/40		250		223,486

See Notes to Financial Statements.

PGIM Balanced Fund      59

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Utah Acquisition Sub, Inc.,
Gtd. Notes	5.250%	06/15/46		800	$	790,916
Viatris, Inc.,
Gtd. Notes	4.000	06/22/50		325		274,395
						7,638,659
Pipelines    0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	03/01/27		350		356,834
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes, 144A	4.600	12/15/44		10		10,379
Energy Transfer LP,
Jr. Sub. Notes, Series H	6.500(ff)	11/15/26(oo)		610		601,055
Sr. Unsec’d. Notes	4.950	06/15/28		210		220,436
Sr. Unsec’d. Notes	5.000	05/15/50		170		172,370
Sr. Unsec’d. Notes	5.300	04/15/47		500		512,786
Enterprise Products Operating LLC,
Gtd. Notes	3.200	02/15/52		275		233,665
Gtd. Notes	4.200	01/31/50		345		342,915
Gtd. Notes	4.850	03/15/44		185		195,993
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A	2.550	07/01/30		350		320,670
Kinder Morgan, Inc.,
Gtd. Notes	3.250	08/01/50		220		182,538
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		630		578,570
Sr. Unsec’d. Notes	4.500	04/15/38		175		178,338
Sr. Unsec’d. Notes	4.875	06/01/25		375		388,760
Sr. Unsec’d. Notes	4.950	03/14/52		520		541,601
Sr. Unsec’d. Notes	5.200	03/01/47		20		21,560
Sr. Unsec’d. Notes	5.500	02/15/49		90		99,949
ONEOK Partners LP,
Gtd. Notes	6.200	09/15/43		205		225,126
ONEOK, Inc.,
Gtd. Notes	4.500	03/15/50		1,000		965,868
Gtd. Notes	4.950	07/13/47		50		50,953
Phillips 66 Partners LP,
Sr. Unsec’d. Notes	3.550	10/01/26		360		360,647
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	4.300	01/31/43		740		660,468

See Notes to Financial Statements.

60

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Spectra Energy Partners LP,
Gtd. Notes	3.375%	10/15/26		165	$	164,742
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		275		265,931
Gtd. Notes, 144A	6.000	12/31/30		125		121,292
Gtd. Notes, 144A	7.500	10/01/25		150		158,119
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		30		29,179
Sr. Sec’d. Notes, 144A	4.125	08/15/31		30		29,451
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.000	07/01/22		445		445,000
Sr. Unsec’d. Notes	5.300	03/01/48		20		19,830
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	4.850	03/01/48		20		21,351
Sr. Unsec’d. Notes	4.900	01/15/45		220		229,967
Sr. Unsec’d. Notes	5.400	03/04/44		175		192,638
						8,898,981
Real Estate    0.0%
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125	02/01/29		350		328,971
Real Estate Investment Trusts (REITs)    0.6%
Brandywine Operating Partnership LP,
Gtd. Notes	4.550	10/01/29		450		465,872
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	4.050	07/01/30		345		346,064
Diversified Healthcare Trust,
Sr. Unsec’d. Notes	4.750	02/15/28		400		363,445
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	5.375	04/15/26		175		182,706
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes	2.875	01/15/31		315		298,619
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	0.993	10/15/26		EUR                200		206,461
Realty Income Corp.,
Sr. Unsec’d. Notes	3.400	01/15/28		800		798,490
Sun Communities Operating LP,
Gtd. Notes	2.700	07/15/31		675		608,997

See Notes to Financial Statements.

PGIM Balanced Fund      61

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875%	02/15/25		700	$	727,613
Ventas Realty LP,
Gtd. Notes	2.650	01/15/25		1,750		1,718,107
Welltower, Inc.,
Sr. Unsec’d. Notes	4.250	04/01/26		160		164,521
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.250	04/01/33		545		467,342
						6,348,237
Retail    0.3%
AutoZone, Inc.,
Sr. Unsec’d. Notes	1.650	01/15/31		185		157,882
Dollar Tree, Inc.,
Sr. Unsec’d. Notes	2.650	12/01/31		750		685,645
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes	6.250	10/30/25		EUR           1,200		1,324,181
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		170		172,247
Sec’d. Notes, 144A	8.750	04/30/25		350		365,767
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		500		506,978
						3,212,700
Semiconductors    0.2%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		166		146,352
Sr. Unsec’d. Notes, 144A	3.187	11/15/36		975		856,759
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		1,750		1,633,126
						2,636,237
Software    0.0%
Microsoft Corp.,
Sr. Unsec’d. Notes	2.525	06/01/50		48		41,622

See Notes to Financial Statements.

62

Description	Interest     Rate		Maturity     Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes		2.550%		12/01/33		274	$	243,738
Sr. Unsec’d. Notes		3.500		09/15/53		1,658		1,465,948
Sr. Unsec’d. Notes		3.550		09/15/55		115		100,881
Sr. Unsec’d. Notes		4.300		02/15/30		5		5,287
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes		9.625		12/15/30		50		68,320
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A		8.000		12/31/26		150		139,500
Sr. Sec’d. Notes, 144A		8.750		05/25/24		200		199,166
Sr. Sec’d. Notes, 144A		8.750		05/25/24		175		174,280
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A		7.000		10/15/28		200		200,364
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes^		5.500		08/01/23(d)		400		—
Gtd. Notes, 144A^		8.500		10/15/24(d)		25		—
Gtd. Notes, 144A^		9.750		07/15/25(d)		25		—
Sr. Sec’d. Notes, 144A		6.500		03/15/30		625		623,961
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A		3.400		03/01/27		900		847,351
Matterhorn Telecom SA (Luxembourg),
Sr. Sec’d. Notes		3.125		09/15/26		EUR                800		854,963
Sprint Capital Corp.,
Gtd. Notes		8.750		03/15/32		300		403,989
T-Mobile USA, Inc.,
Gtd. Notes		2.625		02/15/29		275		251,117
Sr. Sec’d. Notes		2.550		02/15/31		1,910		1,732,060
Sr. Sec’d. Notes		4.500		04/15/50		300		304,667
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		3.400		03/22/41		480		451,751
								8,067,343
Transportation    0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		6.700		08/01/28		135		159,026
CSX Corp.,
Sr. Unsec’d. Notes		6.150		05/01/37		170		213,249
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN		3.570		01/21/32		200		189,684

See Notes to Financial Statements.

PGIM Balanced Fund      63

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation (cont’d.)
Norfolk Southern Corp.,
Sr. Unsec’d. Notes	2.903%	02/15/23		97	$	97,451
Sr. Unsec’d. Notes	5.590	05/17/25		20		21,306
						680,716
TOTAL CORPORATE BONDS (cost $170,907,140)						163,405,595
MUNICIPAL BONDS    0.4%
Alabama    0.0%
Alabama Economic Settlement Authority, Taxable, Revenue Bonds, Series B	4.263	09/15/32		35		36,435
California    0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2	6.263	04/01/49		220		313,191
Taxable, Revenue Bonds	2.574	04/01/31		415		391,976
State of California,
General Obligation Unlimited, BABs	7.300	10/01/39		210		294,061
General Obligation Unlimited, Taxable, BABs	7.500	04/01/34		15		20,668
						1,019,896
Illinois    0.1%
Chicago O’Hare International Airport, Revenue Bonds, BABs, Series B	6.395	01/01/40		160		214,333
State of Illinois,
General Obligation Unlimited, Series A	5.000	10/01/22		35		35,596
General Obligation Unlimited, Series D	5.000	11/01/22		710		723,736
General Obligation Unlimited, Taxable	5.100	06/01/33		100		106,231
						1,079,896
Michigan    0.2%
Michigan State University, Taxable, Revenue Bonds, Series A	4.165	08/15/22		435		425,793
University of Michigan,
Taxable, Revenue Bonds, Series A	4.454	04/01/2122		440		472,682
Taxable, Revenue Bonds, Series B	2.437	04/01/40		550		477,336
						1,375,811

See Notes to Financial Statements.

64

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F	7.414%	01/01/40		165	$	241,254
New York    0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs	5.767	08/01/36		190		219,790
Ohio    0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C	4.910	06/01/40		65		76,614
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2	4.879	12/01/34		45		49,232
						125,846
Oregon    0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A	5.834	11/15/34		70		85,634
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B	5.511	12/01/45		80		104,283
Virginia    0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C	4.179	09/01/2117		80		79,339
TOTAL MUNICIPAL BONDS  (cost $4,054,619)						4,368,184
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.8%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1	5.250	09/25/35		2		1,640
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1	2.556(cc)	02/25/35		8		7,731
Bellemeade Re Ltd. (Bermuda),
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	2.307(c)	10/25/28		93		92,466

See Notes to Financial Statements.

PGIM Balanced Fund      65

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd. (Bermuda), (cont’d.)
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)	2.057%(c)	07/25/29		426	$	425,998
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	2.457(c)	10/25/29		177		177,017
Series 2020-04A, Class M2B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)	4.057(c)	06/25/30		121		121,596
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)	1.849(c)	03/25/31		326		325,143
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)	3.049(c)	03/25/31		150		149,203
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)	2.249(c)	01/26/32		160		159,360
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)	3.799(c)	01/26/32		360		345,794
BVRT Financing Trust,
Series 2021-04, Class F, 144A, SOFR + 2.000%^	2.050(c)	09/12/26		896		895,698
Central Park Funding Trust,
Series 2021-02, Class PT, 144A, 1 Month LIBOR + 3.000%	3.447(c)	10/27/22		967		965,105
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5	2.326(cc)	02/25/37		19		18,668
Connecticut Avenue Securities Trust,
Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%)	2.607(c)	09/25/31		46		45,685
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)	2.557(c)	10/25/39		47		46,744
Series 2022-R02, Class 2B1, 144A, 30 Day
Average SOFR + 4.500% (Cap N/A, Floor 0.000%)	4.599(c)	01/25/42		100		94,363
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)	6.349(c)	03/25/42		105		107,482
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A	3.850(cc)	09/25/57		235		235,524
Series 2020-RPL06, Class A1, 144A	2.688(cc)	03/25/59		407		398,753
Eagle Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)	1.887(c)	11/25/28		69		68,695

See Notes to Financial Statements.

66

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Eagle Re Ltd. (Bermuda), (cont’d.)
Series 2019-01, Class M2, 144A, 1 Month LIBOR + 3.300% (Cap N/A, Floor 0.000%)	3.757%(c)	04/25/29		200	$	200,197
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)	2.249(c)	10/25/33		180		179,559
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)	2.799(c)	10/25/33		280		281,358
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)	3.549(c)	04/25/34		240		228,094
Fannie Mae Connecticut Avenue Securities,
Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)	2.857(c)	05/25/30		123		124,193
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)	2.607(c)	10/25/30		68		68,097
Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%)	3.399(c)	11/25/41		110		102,019
Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)	2.099(c)	11/25/41		90		85,847
Fannie Mae REMICS,
Series 2014-11, Class VB	4.500	04/25/42		500		520,312
Series 2018-78, Class A	3.500	07/25/43		30		30,368
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)	4.099(c)	11/25/50		250		243,746
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)	2.699(c)	11/25/50		948		946,975
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	3.499(c)	08/25/33		1,120		1,042,856
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)	2.307(c)	02/25/50		209		208,913
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)	6.457(c)	08/25/50		450		472,566
Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)	4.207(c)	08/25/50		33		32,613

See Notes to Financial Statements.

PGIM Balanced Fund      67

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)	4.899%(c)	10/25/50		190	$	192,852
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)	4.057(c)	07/25/50		79		79,485
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)	3.599(c)	10/25/33		275		257,298
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)	3.149(c)	01/25/34		180		167,814
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)	1.749(c)	01/25/34		110		108,215
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	3.499(c)	10/25/41		300		276,769
Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)	3.249(c)	12/25/33		100		84,990
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)	3.449(c)	09/25/41		170		151,690
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)	2.199(c)	09/25/41		300		281,392
Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)	3.849(c)	12/25/41		90		80,892
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)	2.449(c)	12/25/41		200		187,972
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)	1.949(c)	01/25/42		410		386,448
Home Re Ltd. (Bermuda),
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)	1.699(c)	01/25/34		150		147,293
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)	2.899(c)	01/25/34		235		221,519

See Notes to Financial Statements.

68

Description	Interest       Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1	2.322%(cc)	07/25/35		6	$	5,614
Jupiter Mortgage PLC (United Kingdom),
Series 1A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)	1.492(c)	07/20/60	GBP	300		392,510
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A	3.000	06/25/59		68		67,668
Series 2019-PR01, Class A1, 144A	3.858	09/25/59		270		270,272
Series 2020-GS01, Class A1, 144A	2.882	10/25/59		304		304,429
Series 2020-SL01, Class A, 144A	2.734	01/25/60		166		164,639
Series 2021-GS01, Class A1, 144A	1.892	10/25/66		147		142,521
Series 2021-SL01, Class A, 144A	1.991(cc)	09/25/60		259		257,262
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A	2.750(cc)	01/25/61		94		94,409
Series 2018-01, Class A1, 144A	3.250(cc)	05/25/62		63		62,607
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	1.207(c)	01/25/48		92		91,640
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)	1.857(c)	07/25/29		12		11,594
Oaktown Re VII Ltd. (Bermuda),
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)	2.999(c)	04/25/34		200		191,779
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)	1.107(c)	06/25/57		75		74,145
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)	4.260(c)	12/25/22		740		738,360
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	3.307(c)	02/25/23		150		149,353
Radnor Re Ltd. (Bermuda),
Series 2019-02, Class M1B, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)	2.207(c)	06/25/29		122		122,297
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	1.907(c)	01/25/30		200		194,812
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)	1.949(c)	11/25/31		240		238,210

See Notes to Financial Statements.

PGIM Balanced Fund      69

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Radnor Re Ltd. (Bermuda), (cont’d.)
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)	3.799%(c)	11/25/31		300	$	290,965
Residential Mortgage Securities PLC (United Kingdom),
Series 32A, Class A, 144A, SONIA + 1.250% (Cap N/A, Floor 0.000%)	1.547(c)	06/20/70	GBP	465		613,082
Retiro Mortgage Securities DAC (Ireland),
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)	1.453(c)	07/30/75	EUR	508		560,352
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA	3.500	08/25/58		366		367,952
Station Place Securitization Trust,
Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)	1.355(c)	04/11/22		1,400		1,398,150
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3	2.459(cc)	02/25/34		15		14,473
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)	1.057(c)	02/25/57		156		155,818
ZH Trust,
Series 2021-01, Class A, 144A	2.253	02/18/27		130		127,979
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES  (cost $19,589,169)						19,177,899
SOVEREIGN BONDS    0.8%
1MDB Global Investments Ltd. (Malaysia),
Sr. Unsec’d. Notes	4.400	03/09/23		1,000		974,910
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A	3.125	10/11/27		485		496,947
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A	2.375	08/20/30		200		183,478
Bulgaria Government International Bond (Bulgaria),
Sr. Unsec’d. Notes	1.375	09/23/50	EUR	190		165,044
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes	7.375	09/18/37		100		112,660
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A	5.500	02/22/29		440		436,039

See Notes to Financial Statements.

70

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A	3.875%	02/01/28		200	$	198,132
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes, 144A	3.125	09/21/51		200		168,308
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	1.100	03/12/33	EUR	100		96,287
Sr. Unsec’d. Notes	3.375	07/30/25	EUR	350		408,483
Sr. Unsec’d. Notes	3.500	01/11/28		370		378,779
Sr. Unsec’d. Notes, EMTN	2.150	07/18/24	EUR	315		354,567
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN	2.125	10/25/23		200		199,085
Sr. Unsec’d. Notes, 144A, MTN	2.625	04/20/22		400		400,336
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes	6.700	01/26/36		200		247,274
Province of Manitoba (Canada),
Sr. Unsec’d. Notes	2.125	06/22/26		100		97,099
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A	3.875	04/23/23		200		203,570
Sr. Unsec’d. Notes, 144A	5.103	04/23/48		200		245,094
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes	2.875	10/17/29		2,000		1,890,421
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN	3.875	10/29/35	EUR	420		435,449
Sr. Unsec’d. Notes, EMTN	4.125	03/11/39	EUR	270		279,017
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN	2.875	03/04/23		285		286,986
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A	2.500	06/08/22		200		200,558
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes	8.994	02/01/24		300		132,000
Sr. Unsec’d. Notes, 144A	4.375	01/27/30	EUR	200		90,713
Sr. Unsec’d. Notes, 144A	7.750	09/01/22		640		380,800
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes	4.975	04/20/55		110		128,897
Sr. Unsec’d. Notes	5.100	06/18/50		65		77,028
TOTAL SOVEREIGN BONDS  (cost $10,262,966)						9,267,961

See Notes to Financial Statements.

PGIM Balanced Fund      71

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS    0.8%
Federal Home Loan Bank(k)	5.500%	07/15/36		135	$	175,670
Federal Home Loan Mortgage Corp.	4.500	10/01/39		76		81,232
Federal Home Loan Mortgage Corp.	5.000	04/01/34		8		8,166
Federal Home Loan Mortgage Corp.	5.000	05/01/34		15		16,747
Federal Home Loan Mortgage Corp.	5.000	10/01/35		22		24,054
Federal Home Loan Mortgage Corp.	5.000	11/01/41		164		176,143
Federal Home Loan Mortgage Corp.	5.500	12/01/33		15		16,351
Federal Home Loan Mortgage Corp.	5.500	05/01/34		3		3,428
Federal Home Loan Mortgage Corp.	5.500	07/01/34		31		34,177
Federal Home Loan Mortgage Corp.	5.500	05/01/37		5		6,038
Federal Home Loan Mortgage Corp.	5.500	10/01/37		11		11,935
Federal Home Loan Mortgage Corp.	6.000	01/01/34		13		14,349
Federal Home Loan Mortgage Corp.	7.000	10/01/31		1		651
Federal Home Loan Mortgage Corp.	7.000	05/01/32		11		11,021
Federal National Mortgage Assoc.	3.000	TBA(tt)		1,500		1,467,187
Federal National Mortgage Assoc.	3.000	TBA		2,500		2,439,593
Federal National Mortgage Assoc.	4.500	09/01/39		60		64,144
Federal National Mortgage Assoc.	4.500	08/01/40		51		54,604
Federal National Mortgage Assoc.	4.500	02/01/44		74		78,876
Federal National Mortgage Assoc.	4.500	08/01/44		158		167,654
Federal National Mortgage Assoc.	4.500	01/01/45		134		142,586
Federal National Mortgage Assoc.	5.000	07/01/35		18		19,813
Federal National Mortgage Assoc.	5.000	02/01/36		31		33,900
Federal National Mortgage Assoc.	5.500	06/01/33		7		7,448
Federal National Mortgage Assoc.	5.500	08/01/33		12		13,417
Federal National Mortgage Assoc.	5.500	09/01/33		15		16,761
Federal National Mortgage Assoc.	5.500	09/01/33		30		33,083
Federal National Mortgage Assoc.	5.500	01/01/34		14		15,207
Federal National Mortgage Assoc.	5.500	01/01/34		15		16,358
Federal National Mortgage Assoc.	5.500	07/01/34		24		26,691
Federal National Mortgage Assoc.	6.000	01/01/34		5		5,385
Federal National Mortgage Assoc.	6.000	01/01/34		71		77,563
Federal National Mortgage Assoc.	6.000	02/01/34		7		7,751
Federal National Mortgage Assoc.	6.000	10/01/34		1		1,386
Federal National Mortgage Assoc.	6.000	10/01/34		4		4,858
Federal National Mortgage Assoc.	6.000	11/01/34		9		10,434
Federal National Mortgage Assoc.	6.000	11/01/34		16		16,819
Federal National Mortgage Assoc.	6.000	11/01/34		35		38,045
Federal National Mortgage Assoc.	6.000	01/01/35		53		56,808
Federal National Mortgage Assoc.	6.000	02/01/35		37		40,719
Federal National Mortgage Assoc.	6.000	08/01/36		10		10,736
Federal National Mortgage Assoc.	6.000	08/01/38		4		4,533
Federal National Mortgage Assoc.	6.250	05/15/29		45		55,694
Federal National Mortgage Assoc.	6.500	05/01/24		5		5,608

See Notes to Financial Statements.

72

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	6.500%	07/01/29		6		$	6,009
Federal National Mortgage Assoc.	6.500	07/01/32		10			10,574
Federal National Mortgage Assoc.	6.500	04/01/33		6			6,869
Federal National Mortgage Assoc.	6.500	01/01/34		6			6,156
Federal National Mortgage Assoc.	6.500	01/01/34		10			10,614
Federal National Mortgage Assoc.	6.500	10/01/36		11			12,071
Federal National Mortgage Assoc.	6.500	09/01/37		45			50,332
Federal National Mortgage Assoc.	6.500	10/01/37		41			44,311
Federal National Mortgage Assoc.(k)	6.625	11/15/30		145			190,132
Federal National Mortgage Assoc.	7.000	06/01/32		9			9,542
Federal National Mortgage Assoc.(k)	7.125	01/15/30		452			596,763
Federal National Mortgage Assoc.	7.500	09/01/30		1			584
Federal National Mortgage Assoc.	8.000	12/01/23		—(r	)		54
Federal National Mortgage Assoc.	8.500	02/01/28		1			1,085
Government National Mortgage Assoc.	3.000	09/20/43		113			112,205
Government National Mortgage Assoc.	3.000	01/20/44		35			34,833
Government National Mortgage Assoc.	3.000	03/15/45		80			79,413
Government National Mortgage Assoc.	3.000	05/20/45		111			110,635
Government National Mortgage Assoc.	3.000	08/20/45		203			202,134
Government National Mortgage Assoc.	3.000	06/20/46		222			221,124
Government National Mortgage Assoc.(k)	3.000	12/20/46		367			365,959
Government National Mortgage Assoc.	3.000	01/20/47		338			336,523
Government National Mortgage Assoc.	3.000	03/20/47		124			123,814
Government National Mortgage Assoc.	3.000	12/20/48		612			609,350
Government National Mortgage Assoc.	5.000	10/20/37		10			10,663
Government National Mortgage Assoc.	5.000	04/20/45		58			63,906
Government National Mortgage Assoc.	5.500	07/15/33		11			12,070
Government National Mortgage Assoc.	5.500	12/15/33		5			5,473
Government National Mortgage Assoc.	5.500	09/15/34		89			95,252
Government National Mortgage Assoc.	5.500	01/15/36		35			38,265
Government National Mortgage Assoc.	5.500	02/15/36		67			71,976
Government National Mortgage Assoc.	6.500	09/15/23		1			842
Government National Mortgage Assoc.	6.500	10/15/23		1			730
Government National Mortgage Assoc.	6.500	12/15/23		—(r	)		384
Government National Mortgage Assoc.	6.500	12/15/23		1			959
Government National Mortgage Assoc.	6.500	12/15/23		1			1,259
Government National Mortgage Assoc.	6.500	04/15/24		10			11,122
Government National Mortgage Assoc.	6.500	07/15/32		1			1,257
Government National Mortgage Assoc.	6.500	08/15/32		—(r	)		216
Government National Mortgage Assoc.	6.500	08/15/32		1			669
Government National Mortgage Assoc.	6.500	08/15/32		1			1,480
Government National Mortgage Assoc.	6.500	08/15/32		7			7,641
Government National Mortgage Assoc.	7.000	06/15/24		2			2,163
Government National Mortgage Assoc.	7.000	05/15/31		4			4,028

See Notes to Financial Statements.

PGIM Balanced Fund      73

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.	7.500%	04/15/29		1		$	509
Government National Mortgage Assoc.	8.000	08/15/22		—(r	)		111
Government National Mortgage Assoc.	8.000	12/15/22		—(r	)		45
Government National Mortgage Assoc.	8.000	12/15/22		—(r	)		55
Government National Mortgage Assoc.	8.000	06/15/25		10			10,908
Tennessee Valley Authority, Sr. Unsec’d. Notes	7.125	05/01/30		90			118,681
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  (cost $9,087,908)							9,115,373
U.S. TREASURY OBLIGATIONS    8.2%
U.S. Treasury Bonds	1.375	11/15/40		135			110,341
U.S. Treasury Bonds	1.875	11/15/51		905			792,441
U.S. Treasury Bonds	2.000	11/15/41		8,140			7,364,156
U.S. Treasury Bonds(h)	2.250	05/15/41		22,655			21,377,116
U.S. Treasury Bonds	2.500	02/15/46		9,945			9,736,777
U.S. Treasury Bonds	2.500	05/15/46		2,895			2,836,195
U.S. Treasury Bonds	2.875	05/15/43		1,380			1,427,006
U.S. Treasury Bonds	3.625	08/15/43		230			266,656
U.S. Treasury Notes	0.250	10/31/25		55			50,703
U.S. Treasury Notes	0.375	11/30/25		7,350			6,794,731
U.S. Treasury Notes	0.375	01/31/26		895			824,659
U.S. Treasury Notes	0.375	09/30/27		4,630			4,132,637
U.S. Treasury Notes	1.250	04/30/28		6,000			5,589,844
U.S. Treasury Notes	1.250	06/30/28		16,590			15,432,588
U.S. Treasury Notes	1.500	02/15/25		200			194,438
U.S. Treasury Notes	1.875	02/15/32		60			57,628
U.S. Treasury Notes	2.875	05/15/28		7,255			7,423,905
U.S. Treasury Strips Coupon	1.467(s)	11/15/41		210			122,571
U.S. Treasury Strips Coupon(k)	2.052(s)	11/15/43		6,350			3,502,422
U.S. Treasury Strips Coupon	2.374(s)	05/15/43		550			306,367
U.S. Treasury Strips Coupon	2.415(s)	11/15/40		500			303,125
U.S. Treasury Strips Coupon	2.450(s)	02/15/45		120			64,125
U.S. Treasury Strips Coupon	2.487(s)	11/15/30		154			124,951
U.S. Treasury Strips Coupon	2.732(s)	08/15/30		286			233,604
TOTAL U.S. TREASURY OBLIGATIONS  (cost $96,009,344)							89,068,986
TOTAL LONG-TERM INVESTMENTS  (cost $931,164,853)							1,071,968,681

See Notes to Financial Statements.

74

Description					Shares		Value
SHORT-TERM INVESTMENTS    1.8%
AFFILIATED MUTUAL FUND    0.3%
PGIM Institutional Money Market Fund  (cost $2,708,587; includes $2,708,027 of cash collateral for securities on loan)(b)(wa)						2,711,678	$	2,709,238
	Interest Rate		Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) 0.0%
U.S. Treasury Bills (cost $129,881)		0.434%		06/16/22		130		129,885
					Shares
UNAFFILIATED FUND    1.5%
Dreyfus Government Cash Management (Institutional Shares) (cost $16,566,737)						16,566,737		16,566,737
OPTIONS PURCHASED*~ 0.0% (cost $164,283)								98,589
TOTAL SHORT-TERM INVESTMENTS (cost $19,569,488)								19,504,449
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN (cost $950,734,341)								1,091,473,130
OPTIONS WRITTEN*~ (0.0)% (premiums received $177,495)								(143,578	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.2% (cost $950,556,846)								1,091,329,552
Liabilities in excess of other assets(z) (0.2)%								(2,210,601	)
NET ASSETS 100.0%							$	1,089,118,951

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

See Notes to Financial Statements.

PGIM Balanced Fund      75

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

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

SGD—Singapore Dollar

THB—Thai Baht

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

ADR—American Depositary Receipt

BABs—Build America Bonds

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

EAFE—Europe, Australasia, Far East

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSCI—Morgan Stanley Capital International

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduit Security

S&P—Standard & Poor’s

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STRIPs—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

See Notes to Financial Statements.

76

	UTS—Unit Trust Security
*	Non-income producing security.
#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~	See tables subsequent to the Schedule of Investments for options detail.
^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $894,256 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 $2,618,715; cash collateral of $2,708,027 (included in liabilities) was received with which the Fund 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 Fund 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.
(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2022.
(cc)	Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2022. 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 $600,000. The aggregate value of $537,343 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.
(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(hh)	When-issued security.
(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.
(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r)	Less than $500 par.
(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(tt)	All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 1,500,000 is 0.1% of net assets.
(wa)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.
(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Options Purchased:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Call

BNP Paribas S.A.

04/20/22

0.35%

1.00%(Q)

CDX.NA.IG.37. V1(Q)

1,600

$    —

CDX.NA.IG.37.V1, 12/20/26

Call

Goldman Sachs International

04/20/22

0.35%

1.00%(Q)

CDX.NA.IG.37. V1(Q)

400

—

CDX.NA.IG.37.V1, 12/20/26

Call

Goldman Sachs International

04/20/22

0.35%

1.00%(Q)

CDX.NA.IG.37. V1(Q)

400

—

See Notes to Financial Statements.

PGIM Balanced Fund      77

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.38.V1, 06/20/27

Call

BNP Paribas S.A.

05/18/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,490

$1

CDX.NA.IG.38.V1, 06/20/27

Call

Goldman Sachs International

05/18/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,420

1

CDX.NA.IG.38.V1, 06/20/27

Call

BNP Paribas S.A.

06/15/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,510

4

CDX.NA.IG.38.V1, 06/20/27

Call

Goldman Sachs International

06/15/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,430

4

CDX.NA.IG.38.V1, 06/20/27

Call

Morgan Stanley & Co. International PLC

06/15/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

8,850

8

CDX.NA.IG.38.V1, 06/20/27

Call

Bank of America, N.A.

06/15/22

0.45%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,760

206

CDX.NA.IG.38.V1, 06/20/27

Call

Barclays Bank PLC

07/20/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,420

15

CDX.NA.IG.38.V1, 06/20/27

Call

Citibank, N.A.

07/20/22

0.35%

1.00%(Q)

CDX.NA.IG.38. V1(Q)

4,420

15

CDX.NA.HY.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

04/20/22

$96.00

CDX.NA.HY.37. V1(Q)

5.00%(Q)

1,190

368

CDX.NA.HY.37.V1, 12/20/26

Put

Citibank, N.A.

04/20/22

$99.00

CDX.NA.HY.37. V1(Q)

5.00%(Q)

1,190

569

CDX.NA.IG.37.V1, 12/20/26

Put

Goldman Sachs International

04/20/22

0.58%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

400

919

CDX.NA.IG.37.V1, 12/20/26

Put

BNP Paribas S.A.

04/20/22

0.60%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

1,600

2,588

CDX.NA.IG.37.V1, 12/20/26

Put

Goldman Sachs International

04/20/22

0.60%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

400

647

CDX.NA.IG.38.V1, 06/20/27

Put

Goldman Sachs International

05/18/22

0.75%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

6,904

CDX.NA.IG.38.V1, 06/20/27

Put

BNP Paribas S.A.

05/18/22

0.78%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,490

6,110

CDX.NA.IG.38.V1, 06/20/27

Put

Bank of America, N.A.

06/15/22

0.75%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,760

11,293

CDX.NA.IG.38.V1, 06/20/27

Put

BNP Paribas S.A.

06/15/22

0.75%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,510

10,700

CDX.NA.IG.38.V1, 06/20/27

Put

Goldman Sachs International

06/15/22

0.75%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,430

10,510

CDX.NA.IG.38.V1, 06/20/27

Put

Morgan Stanley & Co. International PLC

06/15/22

0.75%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

8,850

20,997

See Notes to Financial Statements.

78

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.38.V1, 06/20/27

Put

Barclays Bank PLC

07/20/22

0.78%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

$

13,365

CDX.NA.IG.38.V1, 06/20/27

Put

Citibank, N.A.

07/20/22

0.78%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

13,365

Total Options Purchased (cost $164,283)

$

98,589

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Call

BNP Paribas S.A.

04/20/22

0.53%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

1,600

$

(99

)

CDX.NA.IG.37.V1, 12/20/26

Call

Goldman Sachs International

04/20/22

0.53%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

400

(25

)

CDX.NA.IG.37.V1, 12/20/26

Call

Goldman Sachs International

04/20/22

0.53%

CDX.NA.IG.37. V1(Q)

1.00%(Q)

400

(25

)

CDX.NA.IG.38.V1, 06/20/27

Call

BNP Paribas S.A.

05/18/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,490

(8,469

)

CDX.NA.IG.38.V1, 06/20/27

Call

Goldman Sachs International

05/18/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

(8,337

)

CDX.NA.IG.38.V1, 06/20/27

Call

Bank of America, N.A.

06/15/22

0.65%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,760

(6,968

)

CDX.NA.IG.38.V1, 06/20/27

Call

BNP Paribas S.A.

06/15/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,510

(10,004

)

CDX.NA.IG.38.V1, 06/20/27

Call

Goldman Sachs International

06/15/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,430

(9,827

)

CDX.NA.IG.38.V1, 06/20/27

Call

Morgan Stanley & Co. International PLC

06/15/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

8,850

(19,632

)

CDX.NA.IG.38.V1, 06/20/27

Call

Barclays Bank PLC

07/20/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

(11,157

)

CDX.NA.IG.38.V1, 06/20/27

Call

Citibank, N.A.

07/20/22

0.68%

CDX.NA.IG.38. V1(Q)

1.00%(Q)

4,420

(11,157

)

CDX.NA.HY.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

04/20/22

$103.50

5.00%(Q)

CDX.HY.IG.37. V1(Q)

1,190

(1,828

)

CDX.NA.HY.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

06/15/22

$100.00

5.00%(Q)

CDX.NA.HY.37. V1(Q)

1,190

(5,002

)

See Notes to Financial Statements.

PGIM Balanced Fund      79

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Options Written (continued):

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike			Receive			Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Put	Goldman Sachs International		04/20/22		0.73	%		1.00	%(Q)	CDX.NA.IG.37. V1(Q)		400	$	(160	)
CDX.NA.IG.37.V1, 12/20/26	Put	BNP Paribas S.A.		04/20/22		0.75	%		1.00	%(Q)	CDX.NA.IG.37. V1(Q)		1,600		(523	)
CDX.NA.IG.37.V1, 12/20/26	Put	Goldman Sachs International		04/20/22		0.78	%		1.00	%(Q)	CDX.NA.IG.37. V1(Q)		400		(110	)
CDX.NA.IG.38.V1, 06/20/27	Put	Goldman Sachs International		05/18/22		0.93	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,420		(2,965	)
CDX.NA.IG.38.V1, 06/20/27	Put	BNP Paribas S.A.		05/18/22		1.00	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,490		(2,242	)
CDX.NA.IG.38.V1, 06/20/27	Put	Bank of America, N.A.		06/15/22		0.95	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,760		(5,461	)
CDX.NA.IG.38.V1, 06/20/27	Put	BNP Paribas S.A.		06/15/22		0.95	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,510		(5,174	)
CDX.NA.IG.38.V1, 06/20/27	Put	Goldman Sachs International		06/15/22		0.95	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,430		(5,082	)
CDX.NA.IG.38.V1, 06/20/27	Put	Morgan Stanley & Co. International PLC		06/15/22		0.95	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		8,850		(10,153	)
CDX.NA.IG.38.V1, 06/20/27	Put	Barclays Bank PLC		07/20/22		1.05	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,420		(6,340	)
CDX.NA.IG.38.V1, 06/20/27	Put	Citibank, N.A.		07/20/22		1.05	%		1.00	%(Q)	CDX.NA.IG.38. V1(Q)		4,420		(6,340	)
GS_21-PJ2A^	Put	Goldman Sachs International		11/15/24		0.50	%		0.50	%(M)	GS_21-PJ2A(M)		2,330		(93	)
GS_21-PJA ^	Put	Goldman Sachs International		06/17/24		0.25	%		0.25	%(M)	GS_21-PJA(M)		4,500		(165	)
iTraxx.XO.36.V1, 12/20/26^	Put	Barclays Bank PLC		09/21/22		9.00	%		5.00	%(Q)	iTraxx.XO.36. V1(Q)		EUR 1,800		(6,240	)
Total Options Written (premiums received $177,495)														$	(143,578	)

Futures contracts outstanding at March 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
204	5 Year U.S. Treasury Notes		Jun. 2022	$	23,396,250	$	(593,855	)
286	10 Year U.S. Treasury Notes		Jun. 2022		35,142,250		(365,224	)
108	30 Year U.S. Ultra Treasury Bonds		Jun. 2022		19,129,500		(434,254	)

See Notes to Financial Statements.

80

Futures contracts outstanding at March 31, 2022 (continued):

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
29	Mini MSCI Emerging Markets Index		Jun. 2022	$	1,631,975	$	75,008
3	S&P 500 E-Mini Index		Jun. 2022		679,612		50,676
							(1,267,649	)
Short Positions:
535	2 Year U.S.Treasury Notes		Jun. 2022		113,378,204		1,424,439
26	5 Year Euro-Bobl		Jun. 2022		3,706,336		118,666
25	10 Year Euro-Bund		Jun. 2022		4,387,941		232,524
64	10 Year U.S. Ultra Treasury Notes		Jun. 2022		8,670,000		266,666
59	20 Year U.S. Treasury Bonds		Jun. 2022		8,853,687		282,797
11	Euro Schatz Index		Jun. 2022		1,347,507		14,953
							2,340,045
						$	1,072,396

Forward foreign currency exchange contracts outstanding at March 31, 2022:

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 04/19/22	JPMorgan Chase Bank, N.A.		AUD	175	$	125,000	$	131,325	$	6,325	$	—
Expiring 04/19/22	JPMorgan Chase Bank, N.A.		AUD	175		124,000		131,202		7,202		—
Brazilian Real,
Expiring 04/04/22	JPMorgan Chase Bank, N.A.		BRL	3,920		768,004		822,421		54,417		—
Expiring 05/03/22	Goldman Sachs International		BRL	645		135,000		134,181		—		(819	)
British Pound,
Expiring 04/19/22	Barclays Bank PLC		GBP	64		84,000		83,875		—		(125	)
Canadian Dollar,
Expiring 04/19/22	Bank of America, N.A.		CAD	268		214,391		213,956		—		(435	)
Chilean Peso,
Expiring 06/15/22	Citibank, N.A.		CLP	225,431		276,000		282,800		6,800		—
Expiring 06/15/22	HSBC Bank PLC		CLP	220,503		267,000		276,617		9,617		—
Chinese Renminbi,
Expiring 05/23/22	HSBC Bank PLC		CNH	2,620		412,000		411,015		—		(985	)
Expiring 05/23/22	HSBC Bank PLC		CNH	1,625		256,000		254,915		—		(1,085	)
Colombian Peso,
Expiring 06/15/22	Citibank, N.A.		COP	568,152		149,000		148,958		—		(42	)
Expiring 06/15/22	Citibank, N.A.		COP	521,705		135,000		136,781		1,781		—
Czech Koruna,
Expiring 04/19/22	Barclays Bank PLC		CZK	5,862		270,218		265,069		—		(5,149	)

See Notes to Financial Statements.

PGIM Balanced Fund      81

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Forward foreign currency exchange contracts outstanding at March 31, 2022 (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 04/19/22	Citibank, N.A.	CZK	6,544	$	298,000	$	295,912	$	—	$	(2,088	)
Expiring 04/19/22	Morgan Stanley & Co. International PLC	CZK	7,679		353,000		347,207		—		(5,793	)
Expiring 04/19/22	Morgan Stanley & Co. International PLC	CZK	6,143		279,000		277,755		—		(1,245	)
Euro,
Expiring 04/19/22	Bank of America, N.A.	EUR	463		522,105		512,613		—		(9,492	)
Expiring 04/19/22	Goldman Sachs International	EUR	483		534,000		534,747		747		—
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	EUR	407		454,000		450,900		—		(3,100	)
Hungarian Forint,
Expiring 04/19/22	Barclays Bank PLC	HUF	73,878		219,000		221,881		2,881		—
Expiring 04/19/22	Barclays Bank PLC	HUF	69,791		203,000		209,607		6,607		—
Expiring 04/19/22	BNP Paribas S.A.	HUF	166,281		526,057		499,400		—		(26,657	)
Expiring 04/19/22	Citibank, N.A.	HUF	44,858		133,000		134,725		1,725		—
Expiring 04/19/22	Citibank, N.A.	HUF	44,295		127,000		133,033		6,033		—
Expiring 04/19/22	UBS AG	HUF	40,987		124,000		123,099		—		(901	)
Indian Rupee,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	98,508		1,276,376		1,284,582		8,206		—
Japanese Yen,
Expiring 04/19/22	The Toronto-Dominion Bank	JPY	25,893		224,626		212,768		—		(11,858	)
Mexican Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	2,784		128,000		138,040		10,040		—
Expiring 06/15/22	Morgan Stanley & Co. International PLC	MXN	9,541		452,305		473,119		20,814		—
Expiring 06/15/22	UBS AG	MXN	6,272		306,000		311,034		5,034		—
Expiring 06/15/22	UBS AG	MXN	2,777		128,000		137,707		9,707		—
New Taiwanese Dollar,
Expiring 06/15/22	UBS AG	TWD	10,171		356,000		356,449		449		—
New Zealand Dollar,
Expiring 04/19/22	Citibank, N.A.	NZD	184		123,000		127,603		4,603		—
Peruvian Nuevo Sol,
Expiring 06/15/22	BNP Paribas S.A.	PEN	508		134,067		137,190		3,123		—
Philippine Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	14,961		284,000		287,241		3,241		—
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	14,336		272,000		275,229		3,229		—
Expiring 06/15/22	Standard Chartered Bank	PHP	27,068		513,000		519,668		6,668		—
Expiring 06/15/22	Standard Chartered Bank	PHP	22,537		426,000		432,678		6,678		—
Polish Zloty,
Expiring 04/19/22	HSBC Bank PLC	PLN	6,774		1,705,628		1,609,317		—		(96,311	)
Singapore Dollar,
Expiring 06/15/22	Citibank, N.A.	SGD	565		417,000		417,201		201		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at March 31, 2022 (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.):
Singapore Dollar (cont’d.),
Expiring 06/15/22	HSBC Bank PLC	SGD	450	$	331,000	$	331,770		$       770		$           —
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	SGD	612		451,000		451,374		374		—
South Korean Won,
Expiring 06/15/22	HSBC Bank PLC	KRW	329,408		268,000		270,980		2,980		—
Expiring 06/15/22	HSBC Bank PLC	KRW	262,823		217,000		216,205		—		(795	)
Expiring 06/15/22	HSBC Bank PLC	KRW	154,540		125,000		127,129		2,129		—
Expiring 06/15/22	Standard Chartered Bank	KRW	240,012		197,000		197,440		440		—
Thai Baht,
Expiring 06/15/22	Goldman Sachs International	THB	8,085		243,000		243,421		421		—
				$	15,565,777	$	15,592,139		193,242		(166,880	)

Sales Contracts	Counterparty	Notional     Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	AUD	630	$	454,524	$	471,318		$         —		$ (16,794)
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	AUD	174		124,091		130,233		—		(6,142)
Brazilian Real,
Expiring 04/04/22	HSBC Bank PLC	BRL	1,722		337,411		361,234		—		(23,823)
Expiring 04/04/22	Morgan Stanley & Co. International PLC	BRL	2,141		423,759		449,167		—		(25,408)
British Pound,
Expiring 04/19/22	Standard Chartered Bank	GBP	2,700		3,681,469		3,546,554		134,915		—
Canadian Dollar,
Expiring 04/19/22	HSBC Bank PLC	CAD	474		377,838		379,512		—		(1,674)
Chilean Peso,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	CLP	238,806		293,645		299,579		—		(5,934)
Expiring 06/15/22	UBS AG	CLP	182,618		229,000		229,093		—		(93)
Chinese Renminbi,
Expiring 05/23/22	JPMorgan Chase Bank, N.A.	CNH	14,238		2,229,253		2,233,192		—		(3,939)
Expiring 05/23/22	Morgan Stanley & Co. International PLC	CNH	2,621		411,000		411,134		—		(134)
Expiring 05/23/22	UBS AG	CNH	2,727		429,000		427,757		1,243		—
Expiring 05/23/22	UBS AG	CNH	1,757		274,000		275,638		—		(1,638)

See Notes to Financial Statements.

PGIM Balanced Fund      83

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Forward foreign currency exchange contracts outstanding at March 31, 2022 (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.):
Czech Koruna,
Expiring 04/19/22	Barclays Bank PLC	CZK	6,457	$	276,000	$	291,979	$	—	$	(15,979	)
Expiring 04/19/22	Barclays Bank PLC	CZK	5,958		261,000		269,385		—		(8,385	)
Expiring 04/19/22	Barclays Bank PLC	CZK	4,849		223,000		219,270		3,730		—
Expiring 04/19/22	Barclays Bank PLC	CZK	3,154		147,000		142,600		4,400		—
Expiring 04/19/22	Citibank, N.A.	CZK	4,909		218,000		221,969		—		(3,969	)
Expiring 04/19/22	Citibank, N.A.	CZK	3,266		148,000		147,669		331		—
Euro,
Expiring 04/19/22	BNP Paribas S.A.	EUR	4,858		5,532,129		5,377,496		154,633		—
Expiring 04/19/22	Standard Chartered Bank	EUR	5,571		6,402,303		6,166,104		236,199		—
Expiring 04/19/22	UBS AG	EUR	3,272		3,753,658		3,621,364		132,294		—
Hungarian Forint,
Expiring 04/19/22	BNP Paribas S.A.	HUF	62,382		197,540		187,355		10,185		—
Expiring 04/19/22	BNP Paribas S.A.	HUF	55,322		175,000		166,150		8,850		—
Expiring 04/19/22	BNP Paribas S.A.	HUF	36,106		112,320		108,438		3,882		—
Expiring 04/19/22	Citibank, N.A.	HUF	39,639		119,000		119,050		—		(50	)
Expiring 04/19/22	HSBC Bank PLC	HUF	43,009		135,000		129,172		5,828		—
Expiring 04/19/22	HSBC Bank PLC	HUF	42,374		125,000		127,263		—		(2,263	)
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	HUF	42,430		124,000		127,432		—		(3,432	)
Expiring 04/19/22	Morgan Stanley & Co. International PLC	HUF	33,627		103,680		100,992		2,688		—
Indian Rupee,
Expiring 06/15/22	Citibank, N.A.	INR	36,643		476,000		477,840		—		(1,840	)
Expiring 06/15/22	HSBC Bank PLC	INR	35,737		461,000		466,023		—		(5,023	)
Expiring 06/15/22	HSBC Bank PLC	INR	21,544		278,000		280,946		—		(2,946	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	INR	36,918		480,000		481,421		—		(1,421	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	INR	32,788		426,000		427,575		—		(1,575	)
Indonesian Rupiah,
Expiring 06/15/22	Goldman Sachs International	IDR	3,743,526		261,164		260,324		840		—
Israeli Shekel,
Expiring 06/15/22	Barclays Bank PLC	ILS	740		226,000		232,425		—		(6,425	)
Expiring 06/15/22	Citibank, N.A.	ILS	770		241,000		241,806		—		(806	)
Expiring 06/15/22	HSBC Bank PLC	ILS	955		291,000		300,136		—		(9,136	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	ILS	926		284,000		290,749		—		(6,749	)
Mexican Peso,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	MXN	3,668		172,000		181,890		—		(9,890	)
Expiring 06/15/22	UBS AG	MXN	4,212		198,000		208,885		—		(10,885	)

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at March 31, 2022 (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.):
New Taiwanese Dollar,
Expiring 06/15/22	Goldman Sachs International	TWD	49,185	$	1,742,304	$	1,723,681	$	18,623	$	—
Philippine Peso,
Expiring 06/15/22	Bank of America, N.A.	PHP	17,369		332,000		333,462		—		(1,462	)
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	PHP	6,422		123,000		123,301		—		(301	)
Expiring 06/15/22	Morgan Stanley & Co. International PLC	PHP	15,142		285,811		290,714		—		(4,903	)
Polish Zloty,
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	PLN	1,290		280,000		306,446		—		(26,446	)
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	PLN	839		211,000		199,404		11,596		—
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	PLN	819		195,000		194,682		318		—
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	PLN	707		167,000		168,067		—		(1,067	)
Expiring 04/19/22	JPMorgan Chase Bank, N.A.	PLN	602		150,000		142,942		7,058		—
Expiring 04/19/22	UBS AG	PLN	865		212,000		205,398		6,602		—
Expiring 04/19/22	UBS AG	PLN	648		161,000		153,922		7,078		—
Singapore Dollar,
Expiring 06/15/22	Morgan Stanley & Co. International PLC	SGD	1,885		1,384,973		1,390,499		—		(5,526	)
South African Rand,
Expiring 06/15/22	Barclays Bank PLC	ZAR	7,304		481,490		495,004		—		(13,514	)
Expiring 06/15/22	Barclays Bank PLC	ZAR	7,182		464,335		486,682		—		(22,347	)
Expiring 06/15/22	Barclays Bank PLC	ZAR	4,775		308,735		323,594		—		(14,859	)
Expiring 06/15/22	Citibank, N.A.	ZAR	7,304		480,078		495,004		—		(14,926	)
South Korean Won,
Expiring 06/15/22	Citibank, N.A.	KRW	1,094,942		891,153		900,727		—		(9,574	)
Thai Baht,
Expiring 06/15/22	JPMorgan Chase Bank, N.A.	THB	70,354		2,122,734		2,118,292		4,442		—
				$	41,104,397	$	40,639,940		755,735		(291,278	)
								$	948,977	$	(458,158	)

See Notes to Financial Statements.

PGIM Balanced Fund      85

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Cross currency exchange contracts outstanding at March 31, 2022:

Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
04/19/22		Buy		AUD	177		CAD	158		$  6,039		$    —		Morgan Stanley & Co. International PLC
04/19/22		Buy		EUR	109		PLN	499		2,196		—		UBS AG
04/19/22		Buy		EUR	110		PLN	502		2,453		—		HSBC Bank PLC
04/19/22		Buy		HUF	27,853		EUR	73		2,851		—		UBS AG
04/19/22		Buy		PLN	1,992		EUR	428		—		(557	)	Barclays Bank PLC
										$13,539		$(557	)

Credit default swap agreements outstanding at March 31, 2022:

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at March 31, 2022(4)	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_21-PJ2A		04/14/22		0.500	%(M)		1,924	0.500%	$	1,657	$	(180	)	$	1,837		Goldman Sachs International
GS_21-PJA		04/14/22		0.250	%(M)		3,716	*		2,400		(347	)		2,747		Goldman Sachs International
									$	4,057	$	(527	)	$	4,584

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		$	(5,467	)		$	(2,592	)		$	(2,875	)		Barclays Bank PLC

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at March 31, 2022(4)	Fair Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):
Petroleos Mexicanos		12/20/24		1.000	%(Q)		400	2.509%		$	(15,455	)		$	(11,374	)		$	(4,081	)		Barclays Bank PLC

See Notes to Financial Statements.

86

Credit default swap agreements outstanding at March 31, 2022 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date	Value at March 31, 2022	Unrealized Appreciation     (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.38.V1	06/20/27	1.000%(Q)	21,520	$(314,071)	$(352,067)	$	(37,996	)

The Fund 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.

(1) If the Fund 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 Fund 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 Fund 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 Fund 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 Fund 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 Fund 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.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair

See Notes to Financial Statements.

PGIM Balanced Fund      87

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

value in absolute terms, when compared to the notional amount of the swap, represents 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.

Interest rate swap agreements outstanding at March 31, 2022:

Notional     Amount     (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date				Value at March 31, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP	119		05/08/23	0.950%(A)	1 Day SONIA(1)(A)		$	(2,711	)		$	895		$  3,606
GBP	928		05/08/26	1.000%(A)	1 Day SONIA(1)(A)			(34,697	)			41,323		76,020
GBP	190		05/08/31	1.150%(A)	1 Day SONIA(1)(A)			(8,272	)			9,839		18,111
							$	(45,680	)		$	52,057		$97,737

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

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$—	$(14,493)	$4,584	$(6,956)

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.		$	156,000		$	1,894,748
Goldman Sachs & Co. LLC			—			129,885
Total		$	156,000		$	2,024,633

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

88

The following is a summary of the inputs used as of March 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	543,908,989	$	111,023,265		$	6
Exchange-Traded Fund		4,342,400		—			—
Preferred Stocks		2,107,492		278,741			—
Rights		—		—			993
Asset-Backed Securities
Automobiles		—		8,812,356			—
Collateralized Debt Obligations		—		1,390,440			—
Collateralized Loan Obligations		—		34,996,740			—
Consumer Loans		—		3,776,007			—
Credit Cards		—		614,239			—
Equipment		—		397,716			—
Home Equity Loans		—		1,584			—
Manufactured Housing		—		70,610			—
Other		—		1,472,626			—
Residential Mortgage-Backed Securities		—		545,590			—
Student Loans		—		2,075,453			—
Bank Loans		—		619,726			—
Commercial Mortgage-Backed Securities		—		61,129,710			—
Corporate Bonds		—		163,405,595			—
Municipal Bonds		—		4,368,184			—
Residential Mortgage-Backed Securities		—		18,282,201			895,698
Sovereign Bonds		—		9,267,961			—
U.S. Government Agency Obligations		—		9,115,373			—
U.S. Treasury Obligations		—		89,068,986			—
Short-Term Investments
Affiliated Mutual Fund		2,709,238		—			—
U.S. Treasury Obligation		—		129,885			—
Unaffiliated Fund		16,566,737		—			—
Options Purchased		—		98,589			—
Total	$	569,634,856	$	520,941,577		$	896,697
Liabilities
Options Written	$	—	$	(137,080	)	$	(6,498	)
Other Financial Instruments*
Assets
Futures Contracts	$	2,465,729	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		948,977			—
OTC Cross Currency Exchange Contracts		—		13,539			—
OTC Credit Default Swap Agreements		—		—			4,057
Centrally Cleared Interest Rate Swap Agreements		—		97,737			—
Total	$	2,465,729	$	1,060,253		$	4,057

See Notes to Financial Statements.

PGIM Balanced Fund      89

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities
Futures Contracts	$	(1,393,333	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(458,158	)		—
OTC Cross Currency Exchange Contracts		—			(557	)		—
Centrally Cleared Credit Default Swap Agreement		—			(37,996	)		—
OTC Credit Default Swap Agreements		—			(20,922	)		—
Total	$	(1,393,333	)	$	(517,633	)	$	—

* 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 liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2022 were as follows:

U.S. Treasury Obligations	8.2	%
Banks	7.0
Commercial Mortgage-Backed Securities	5.6
Software	4.6
Semiconductors & Semiconductor Equipment	3.8
Pharmaceuticals	3.6
Technology Hardware, Storage & Peripherals	3.4
Collateralized Loan Obligations	3.2
Interactive Media & Services	2.8
Oil, Gas & Consumable Fuels	2.7
Automobiles	2.7
IT Services	2.5
Health Care Providers & Services	1.9
Residential Mortgage-Backed Securities	1.9
Capital Markets	1.8
Internet & Direct Marketing Retail	1.8
Unaffiliated Fund	1.5
Insurance	1.5
Equity Real Estate Investment Trusts (REITs)	1.4
Health Care Equipment & Supplies	1.4
Chemicals	1.4
Metals & Mining	1.2
Electric	1.2
Machinery	1.2
Biotechnology	1.2
Entertainment	1.2
Oil & Gas	1.1
Aerospace & Defense	1.1

Food Products	1.0	%
Hotels, Restaurants & Leisure	1.0
Beverages	0.9
Sovereign Bonds	0.8
Specialty Retail	0.8
U.S. Government Agency Obligations	0.8
Media	0.8
Life Sciences Tools & Services	0.8
Pipelines	0.8
Diversified Financial Services	0.8
Telecommunications	0.8
Food & Staples Retailing	0.8
Electric Utilities	0.7
Healthcare-Services	0.7
Electrical Equipment	0.6
Diversified Telecommunication Services	0.6
Textiles, Apparel & Luxury Goods	0.6
Industrial Conglomerates	0.6
Real Estate Investment Trusts (REITs)	0.6
Air Freight & Logistics	0.6
Commercial Services	0.5
Consumer Finance	0.5
Trading Companies & Distributors	0.5
Household Durables	0.5
Electronic Equipment, Instruments & Components	0.4
Municipal Bonds	0.4
Exchange-Traded Fund	0.4

See Notes to Financial Statements.

90

Industry Classification (continued):

Independent Power & Renewable Electricity Producers	0.4	%
Tobacco	0.4
Consumer Loans	0.4
Auto Manufacturers	0.3
Household Products	0.3
Home Builders	0.3
Building Products	0.3
Multiline Retail	0.3
Retail	0.3
Energy Equipment & Services	0.3
Foods	0.3
Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan)	0.3
Agriculture	0.3
Professional Services	0.2
Semiconductors	0.2
Marine	0.2
Construction Materials	0.2
Personal Products	0.2
Gas	0.2
Multi-Utilities	0.2
Wireless Telecommunication Services	0.2
Student Loans	0.2
Real Estate Management & Development	0.2
Packaging & Containers	0.2
Communications Equipment	0.2
Auto Components	0.2
Distributors	0.2
Construction & Engineering	0.1
Other	0.1
Collateralized Debt Obligations	0.1
Lodging	0.1
Mining	0.1
Airlines	0.1
Road & Rail	0.1
Electronics	0.1

Engineering & Construction	0.1	%
Building Materials	0.1
Paper & Forest Products	0.1
Machinery-Diversified	0.1
Diversified Consumer Services	0.1
Leisure Products	0.1
Auto Parts & Equipment	0.1
Healthcare-Products	0.1
Transportation	0.1
Health Care Technology	0.1
Credit Cards	0.1
Thrifts & Mortgage Finance	0.1
Commercial Services & Supplies	0.0	*
Miscellaneous Manufacturing	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Equipment	0.0	*
Distribution/Wholesale	0.0	*
Oil & Gas Services	0.0	*
Containers & Packaging	0.0	*
Real Estate	0.0	*
Forest Products & Paper	0.0	*
Gas Utilities	0.0	*
Transportation Infrastructure	0.0	*
Water Utilities	0.0	*
Options Purchased	0.0	*
Manufactured Housing	0.0	*
Multi-National	0.0	*
Environmental Control	0.0	*
Home Equity Loans	0.0	*
	100.2
Options Written	(0.0	)*
Liabilities in excess of other assets	(0.2	)
	100.0	%

* Less than +/- 0.05%

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

The Fund 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 Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

PGIM Balanced Fund      91

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

Fair values of derivative instruments as of March 31, 2022 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	$	37,996	*
Credit contracts	—		—		Premiums received for OTC swap agreements		14,493
Credit contracts	Unaffiliated investments		98,589		Options written outstanding, at value		143,578
Credit contracts	Unrealized appreciation on OTC swap agreements		4,584		Unrealized depreciation on OTC swap agreements		6,956
Equity contracts	Due from/to broker-variation margin futures		125,684	*	—		—
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		13,539		Unrealized depreciation on OTC cross currency exchange contracts		557
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		948,977		Unrealized depreciation on OTC forward foreign currency exchange contracts		458,158
Interest rate contracts	Due from/to broker-variation margin futures		2,340,045	*	Due from/to broker-variation margin futures		1,393,333	*
Interest rate contracts	Due from/to broker-variation margin swaps		97,737	*	—		—
		$	3,629,155			$	2,055,071

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

See Notes to Financial Statements.

92

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2022 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)				Options Written			Futures				Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts		$	(92,739	)		$	113,132		$	—			$	—		$	135,567
Equity contracts			—				—			(162,129	)			—			—
Foreign exchange contracts			—				—			—				1,070,309			—
Interest rate contracts			—				—			(716,009	)			—			(3,896,460	)
Total		$	(92,739	)		$	113,132		$	(878,138	)		$	1,070,309		$	(3,760,893	)

(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)				Options Written			Futures			Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	(63,094	)		$	34,021		$	—		$	—			$	(32,252	)
Equity contracts			—				—			241,359			—				—
Foreign exchange contracts			—				—			—			(143,555	)			—
Interest rate contracts			—				—			1,014,097			—				2,573,645
Total		$	(63,094	)		$	34,021		$	1,255,456		$	(143,555	)		$	2,541,393

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

See Notes to Financial Statements.

PGIM Balanced Fund      93

Schedule of Investments (unaudited) (continued)

as of March 31, 2022

For the six months ended March 31, 2022, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)	Options Written(2)	Futures Contracts— Long Positions(2)	Futures Contracts— Short Positions(2)	Forward Foreign Currency Exchange Contracts—Purchased(3)
$84,792	$69,812,657	$77,574,633	$159,955,798	$15,165,969

Forward Foreign Currency Exchange Contracts—Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)	Credit Default Swap Agreements— Buy Protection(2)
$39,242,795	$601,611	$21,879,378	$8,008,333

Credit Default Swap Agreements— Sell Protection(2)	Inflation Swap Agreements(2)
$6,561,927	$3,520,000

(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, 2022.

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

The Fund invested in OTC derivatives andentered 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		$	2,618,715		$	(2,618,715	)		$	—

See Notes to Financial Statements.

94

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.		$	11,499		$	(23,818	)		$	(12,319	)		$	—			$	(12,319	)
Barclays Bank PLC			30,998			(131,999	)			(101,001	)			—				(101,001	)
BNP Paribas S.A.			200,076			(53,168	)			146,908				—				146,908
Citibank, N.A.			35,423			(50,792	)			(15,369	)			—				(15,369	)
Goldman Sachs International			44,200			(28,135	)			16,065				—				16,065
HSBC Bank PLC			23,777			(144,041	)			(120,264	)			—				(120,264	)
JPMorgan Chase Bank, N.A.			116,448			(79,281	)			37,167				—				37,167
Morgan Stanley & Co. International PLC			50,914			(87,133	)			(36,219	)			36,219				—
Standard Chartered Bank			384,900			—				384,900				(260,000	)			124,900
The Toronto-Dominion Bank			—			(11,858	)			(11,858	)			—				(11,858	)
UBS AG			167,454			(13,517	)			153,937				—				153,937
		$	1,065,689		$	(623,742	)		$	441,947			$	(223,781	)		$	218,166

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

See Notes to Financial Statements.

PGIM Balanced Fund      95

Statement of Assets and Liabilities (unaudited)

as of March 31, 2022

Assets
Investments at value, including securities on loan of $2,618,715:
Unaffiliated investments (cost $948,025,754)	$	1,088,763,892
Affiliated investments (cost $2,708,587)		2,709,238
Foreign currency, at value (cost $817,779)		823,924
Receivable for investments sold		18,447,309
Dividends and interest receivable		3,587,398
Unrealized appreciation on OTC forward foreign currency exchange contracts		948,977
Receivable for Fund shares sold		903,934
Tax reclaim receivable		274,044
Deposit with broker for centrally cleared/exchange-traded derivatives		156,000
Due from broker—variation margin swaps		13,648
Unrealized appreciation on OTC cross currency exchange contracts		13,539
Unrealized appreciation on OTC swap agreements		4,584
Prepaid expenses		32,459
Total Assets		1,116,678,946
Liabilities
Payable for investments purchased		21,775,539
Payable to broker for collateral for securities on loan		2,708,027
Payable for Fund shares purchased		1,299,477
Management fee payable		500,406
Unrealized depreciation on OTC forward foreign currency exchange contracts		458,158
Distribution fee payable		265,666
Options written outstanding, at value (premiums received $177,495)		143,578
Accrued expenses and other liabilities		140,299
Affiliated transfer agent fee payable		126,578
Foreign capital gains tax liability accrued		88,782
Due to broker—variation margin futures		31,479
Premiums received for OTC swap agreements		14,493
Unrealized depreciation on OTC swap agreements		6,956
Unrealized depreciation on OTC cross currency exchange contracts		557
Total Liabilities		27,559,995
Net Assets	$	1,089,118,951
Net assets were comprised of:
Common stock, at par	$	65,022
Paid-in capital in excess of par		937,632,881
Total distributable earnings (loss)		151,421,048
Net assets, March 31, 2022	$	1,089,118,951

See Notes to Financial Statements.

96

Class A
Net asset value and redemption price per share, ($758,447,419 ÷ 45,399,442 shares of common stock issued and outstanding)	$	16.71
Maximum sales charge (3.25% of offering price)		0.56
Maximum offering price to public	$	17.27
Class C
Net asset value, offering price and redemption price per share, ($88,522,515 ÷ 5,261,178 shares of common stock issued and outstanding)	$	16.83
Class R
Net asset value, offering price and redemption price per share, ($438,382 ÷ 26,232 shares of common stock issued and outstanding)	$	16.71
Class Z
Net asset value, offering price and redemption price per share, ($148,118,895 ÷ 8,786,593 shares of common stock issued and outstanding)	$	16.86
Class R6
Net asset value, offering price and redemption price per share, ($93,591,740 ÷ 5,548,589 shares of common stock issued and outstanding)	$	16.87

See Notes to Financial Statements.

PGIM Balanced Fund      97

Statement of Operations (unaudited)

Six Months Ended March 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $245,323 foreign withholding tax)	$	6,819,209
Interest income (net of $10,116 foreign withholding tax)		5,688,641
Income from securities lending, net (including affiliated income of $772)		5,660
Affiliated dividend income		4,638
Total income		12,518,148
Expenses
Management fee		3,608,349
Distribution fee(a)		1,620,894
Transfer agent’s fees and expenses (including affiliated expense of $281,751)(a)		581,331
Custodian and accounting fees		135,580
Registration fees(a)		41,681
Shareholders’ reports		33,219
Audit fee		23,935
Legal fees and expenses		13,325
Directors’ fees		10,337
Miscellaneous		27,591
Total expenses		6,096,242
Less: Fee waiver and/or expense reimbursement(a)		(469,973	)
Distribution fee waiver(a)		(550	)
Net expenses		5,625,719
Net investment income (loss)		6,892,429
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(326)) (net of foreign capital gains taxes $(21,588))		25,238,496
Futures transactions		(878,138	)
Forward and cross currency contract transactions		1,070,309
Options written transactions		113,132
Swap agreement transactions		(3,760,893	)
Foreign currency transactions		(78,501	)
		21,704,405
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $165) (net of change in foreign capital gains taxes $1,122)		(32,212,804	)
Futures		1,255,456
Forward and cross currency contracts		(143,555	)
Options written		34,021
Swap agreements		2,541,393
Foreign currencies		(22,143	)
		(28,547,632	)
Net gain (loss) on investment and foreign currency transactions		(6,843,227	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	49,202

See Notes to Financial Statements.

98

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		1,156,113			463,131			1,650			—			—
Transfer agent’s fees and expenses		422,629			50,533			580			107,321			268
Registration fees		13,207			8,178			3,455			7,068			9,773
Fee waiver and/or expense reimbursement		(389,992	)		(17,681	)		(3,415	)		(31,468	)		(27,417	)
Distribution fee waiver		—			—			(550	)		—			—

See Notes to Financial Statements.

PGIM Balanced Fund      99

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2022				Year Ended   September 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	6,892,429			$	13,201,185
Net realized gain (loss) on investment and foreign currency transactions			21,704,405				102,716,755
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(28,547,632	)			54,991,627
Net increase (decrease) in net assets resulting from operations			49,202				170,909,567
Dividends and Distributions
Distributions from distributable earnings
Class A			(82,788,903	)			(9,619,489	)
Class C			(9,640,684	)			(575,795	)
Class R			(45,806	)			(6,251	)
Class Z			(17,936,131	)			(2,572,768	)
Class R6			(9,657,090	)			(1,211,010	)
			(120,068,614	)			(13,985,313	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			89,712,471				189,670,542
Net asset value of shares issued in reinvestment of dividends and distributions			117,645,584				13,639,341
Cost of shares purchased			(110,587,501	)			(163,060,976	)
Net increase (decrease) in net assets from Fund share transactions			96,770,554				40,248,907
Total increase (decrease)			(23,248,858	)			197,173,161
Net Assets:
Beginning of period			1,112,367,809				915,194,648
End of period		$	1,089,118,951			$	1,112,367,809

See Notes to Financial Statements.

100

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31, 2022
				Year Ended September 30,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.70			$15.96			$15.61			$16.38			$15.93			$14.99
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.23			0.24			0.24			0.19			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		2.75			0.63			0.04			1.15			1.43
Total from investment operations		0.04			2.98			0.87			0.28			1.34			1.60
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.20	)		(0.24	)		(0.25	)		(0.20	)		(0.18	)
Distributions from net realized gains		(1.89	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)
Total dividends and distributions		(2.03	)		(0.24	)		(0.52	)		(1.05	)		(0.89	)		(0.66	)
Net asset value, end of period		$16.71			$18.70			$15.96			$15.61			$16.38			$15.93
Total Return(b):		0.01	%		18.76	%		5.64	%		2.28	%		8.66	%		10.99	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$758,447			$760,976			$616,646			$590,383			$360,798			$343,550
Average net assets (000)		$772,859			$710,895			$593,393			$416,723			$352,124			$332,088
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.00	%(e)		1.00	%		1.00	%		1.00	%		1.12	%		1.18	%
Expenses before waivers and/or expense reimbursement		1.10	%(e)		1.11	%		1.16	%		1.16	%		1.17	%		1.20	%
Net investment income (loss)		1.24	%(e)		1.28	%		1.52	%		1.58	%		1.22	%		1.11	%
Portfolio turnover rate(f)(g)		51	%		85	%		108	%		128	%		145	%		180	%

(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 Fund invests.

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund      101

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended March 31, 2022
				Year Ended September 30,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.81			$16.06			$15.71			$16.48			$16.02			$15.08
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.09			0.12			0.13			0.08			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		2.77			0.64			0.04			1.16			1.43
Total from investment operations		(0.02	)		2.86			0.76			0.17			1.24			1.49
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.07	)		(0.13	)		(0.14	)		(0.09	)		(0.07	)
Distributions from net realized gains		(1.89	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)
Total dividends and distributions		(1.96	)		(0.11	)		(0.41	)		(0.94	)		(0.78	)		(0.55	)
Net asset value, end of period		$16.83			$18.81			$16.06			$15.71			$16.48			$16.02
Total Return(b):		(0.34	)%		17.82	%		4.77	%		1.62	%		7.92	%		10.16	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$88,523			$93,656			$95,166			$108,958			$89,949			$74,527
Average net assets (000)		$92,881			$96,972			$102,396			$92,047			$82,930			$66,532
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.78	%(e)		1.78	%		1.77	%		1.73	%		1.81	%		1.88	%
Expenses before waivers and/or expense reimbursement		1.82	%(e)		1.82	%		1.84	%		1.84	%		1.87	%		1.90	%
Net investment income (loss)		0.46	%(e)		0.50	%		0.75	%		0.87	%		0.52	%		0.41	%
Portfolio turnover rate(f)(g)		51	%		85	%		108	%		128	%		145	%		180	%

(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 Fund invests.

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

(e) Annualized.

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

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

See Notes to Financial Statements.

102

Class R Shares
	Six Months Ended March 31, 2022
				Year Ended September 30,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.70			$15.97			$15.64			$16.38			$15.94			$15.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.14			0.16			0.17			0.11			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		2.75			0.64			0.05			1.14			1.43
Total from investment operations		-	(b)		2.89			0.80			0.22			1.25			1.57
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.12	)		(0.19	)		(0.16	)		(0.12	)		(0.15	)
Distributions from net realized gains		(1.89	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)
Total dividends and distributions		(1.99	)		(0.16	)		(0.47	)		(0.96	)		(0.81	)		(0.63	)
Net asset value, end of period		$16.71			$18.70			$15.97			$15.64			$16.38			$15.94
Total Return(c):		(0.24	)%		18.15	%		5.16	%		1.85	%		8.07	%		10.77	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$438			$427			$1,135			$2,047			$2,226			$1,457
Average net assets (000)		$441			$675			$1,439			$1,959			$1,837			$947
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.47	%(f)		1.47	%		1.47	%		1.45	%		1.63	%		1.38	%
Expenses before waivers and/or expense reimbursement		3.27	%(f)		2.72	%		2.61	%		2.16	%		2.88	%		1.65	%
Net investment income (loss)		0.77	%(f)		0.80	%		1.04	%		1.14	%		0.71	%		0.92	%
Portfolio turnover rate(g)(h)		51	%		85	%		108	%		128	%		145	%		180	%

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

(b) Amount rounds to zero.

(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 Fund invests.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund      103

Financial Highlights (unaudited)(continued)

Class Z Shares
	Six Months Ended March 31, 2022
				Year Ended September 30,
				2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.85			$16.09			$15.73			$16.49			$16.04			$15.09
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.27			0.27			0.29			0.24			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		2.77			0.65			0.04			1.15			1.43
Total from investment operations		0.06			3.04			0.92			0.33			1.39			1.65
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.24	)		(0.28	)		(0.29	)		(0.25	)		(0.22	)
Distributions from net realized gains		(1.89	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)		(0.48	)
Total dividends and distributions		(2.05	)		(0.28	)		(0.56	)		(1.09	)		(0.94	)		(0.70	)
Net asset value, end of period		$16.86			$18.85			$16.09			$15.73			$16.49			$16.04
Total Return(b):		0.12	%		18.99	%		5.90	%		2.59	%		8.91	%		11.32	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$148,119			$171,776			$147,635			$174,033			$183,204			$139,497
Average net assets (000)		$165,298			$165,225			$156,846			$172,091			$156,026			$118,555
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.79	%(e)		0.77	%		0.78	%		0.75	%		0.82	%		0.88	%
Expenses before waivers and/or expense reimbursement		0.83	%(e)		0.81	%		0.85	%		0.86	%		0.88	%		0.90	%
Net investment income (loss)		1.44	%(e)		1.50	%		1.74	%		1.86	%		1.52	%		1.41	%
Portfolio turnover rate(f)(g)		51	%		85	%		108	%		128	%		145	%		180	%

(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 Fund invests.

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

(e) Annualized.

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

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

See Notes to Financial Statements.

104

Class R6 Shares
	Six Months Ended March 31, 2022												November 28, 2017(a) through September 30,
				Year Ended September 30,
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$18.86			$16.10			$15.74			$16.50			$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.30			0.29			0.30			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		2.76			0.65			0.05			0.73
Total from investment operations		0.08			3.06			0.94			0.35			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.26	)		(0.30	)		(0.31	)		(0.25	)
Distributions from net realized gains		(1.89	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.07	)		(0.30	)		(0.58	)		(1.11	)		(0.94	)
Net asset value, end of period		$16.87			$18.86			$16.10			$15.74			$16.50
Total Return(c):		0.20	%		19.12	%		6.01	%		2.69	%		6.10	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$93,592			$85,533			$54,613			$34,369			$2,502
Average net assets (000)		$91,274			$71,970			$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	%		0.65	%		0.67	%(e)
Expenses before waivers and/or expense reimbursement		0.71	%(e)		0.72	%		0.74	%		0.83	%		11.39	%(e)
Net investment income (loss)		1.59	%(e)		1.63	%		1.88	%		1.96	%		1.73	%(e)
Portfolio turnover rate(f)(g)		51	%		85	%		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 Fund invests.

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund      105

Notes to Financial Statements (unaudited)

1.   Organization

The Prudential Investment Portfolios, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Balanced Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2.   Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued 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 Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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

106

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

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

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 Fund 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 Fund 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    107

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.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

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 Fund 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

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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 Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Fund 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 Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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 Fund 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

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Notes to Financial Statements (unaudited) (continued)

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 Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: The Fund 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 Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s 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 Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund 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 Fund 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 Fund 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 Fund, 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 Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, 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 Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

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When the Fund writes an option on a swap, an amount equal to any premium received by the Fund 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 Fund 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 Fund 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 Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund 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 Fund 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 Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund 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 Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: The Fund 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.

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Notes to Financial Statements (unaudited) (continued)

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 Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund 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 Fund’s 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.

Inflation Swaps: The Fund 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 Fund 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 Fund 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 Fund’s 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 Fund 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 Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

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The maximum amount of the payment that the Fund, 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 Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund 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 Fund is the seller of protection as of 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.

Bank Loans: The Fund invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations,

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Notes to Financial Statements (unaudited) (continued)

collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right 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 RIC, on behalf of the Fund, 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 Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may

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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 Fund’s counterparties to elect early termination could impact the Fund’s 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 Fund 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 Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Fund 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 as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation

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Notes to Financial Statements (unaudited) (continued)

in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund 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 Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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,

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income	Quarterly
Short-Term Capital Gains	Annually
Long-Term Capital Gains	Annually

* Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

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

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

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Notes to Financial Statements (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.65% of average daily net assets up to and including $1 billion;		0.64%
0.60% on average daily net assets over $1 billion.

The Manager has contractually agreed, through January 31, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. 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 Fund 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 expense limitations attributable to each class are as follows:

Class	Expense Limitations
A		1.00%
C		—
R		1.47
Z		—
R6		0.65

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s 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 Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2023 to limit such fees on certain classes based

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on the average net assets. The distribution fees are accrued daily and payable monthly. The Fund’s annual distribution contractual rate and limit where applicable are as follows:

Class	Contractual Rate			Limit
A		0.30	%		—	%
C		1.00			—
R		0.75			0.50
Z		N/A			N/A
R6		N/A			N/A

For the reporting period ended March 31, 2022, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

FESL by Class	Amount
A		$414,077
CDSC by Class	Amount
A		$7,830
C		4,917

PGIM Investments, PGIM, Inc., PGIM Limited, PIMS and PGIM Quantitative Solutions 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 Fund’s 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 Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund 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. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Fund 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

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Notes to Financial Statements (unaudited) (continued)

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, 2022, no 17a-7 transactions were entered into by the Fund.

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, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$505,431,876	$524,235,415

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2022, 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)
	$18,968,464	$	60,684,662	$	79,653,126	$	—	$	—		$	—		—	$	4,638
	PGIM Institutional Money Market Fund(1)(b)(wa)
	623,509		21,413,249		19,327,359		165		(326	)		2,709,238		2,711,678		772	(2)
	$19,591,973	$	82,097,911	$	98,980,485	$	165	$	(326	)	$	2,709,238			$	5,410

(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 Fund, 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 Fund’s investments and the net unrealized appreciation as of March 31, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$951,632,996	$186,675,275	$(45,359,646)	$141,315,629

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2021 are subject to such review.

7. Capital and Ownership

The Fund 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. 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 Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

The RIC is authorized to issue 6,625,000,000 shares of capital stock at $0.001 par value per share, 923,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

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

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

PGIM Balanced Fund    121

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
A		35,692		0.1	%
C		247		0.1	%
Z		1,636,283		18.6	%

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

	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		3		45.8	%

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2022:
Shares sold		3,148,492		$	55,510,747
Shares issued in reinvestment of dividends and distributions		4,773,393			81,564,865
Shares purchased		(3,221,193	)		(56,641,778	)
Net increase (decrease) in shares outstanding before conversion		4,700,692			80,433,834
Shares issued upon conversion from other share class(es)		175,461			3,119,936
Shares purchased upon conversion into other share class(es)		(180,122	)		(3,270,892	)
Net increase (decrease) in shares outstanding		4,696,031		$	80,282,878
Year ended September 30, 2021:
Shares sold		6,088,493		$	110,133,845
Shares issued in reinvestment of dividends and distributions		523,371			9,454,768
Shares purchased		(5,077,130	)		(91,165,259	)
Net increase (decrease) in shares outstanding before conversion		1,534,734			28,423,354
Shares issued upon conversion from other share class(es)		774,002			13,991,014
Shares purchased upon conversion into other share class(es)		(236,738	)		(4,317,465	)
Net increase (decrease) in shares outstanding		2,071,998		$	38,096,903

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Share Class	Shares			Amount
Class C
Six months ended March 31, 2022:
Shares sold		442,803		$	7,878,185
Shares issued in reinvestment of dividends and distributions		553,890			9,546,247
Shares purchased		(524,216	)		(9,246,930	)
Net increase (decrease) in shares outstanding before conversion		472,477			8,177,502
Shares purchased upon conversion into other share class(es)		(189,833	)		(3,399,206	)
Net increase (decrease) in shares outstanding		282,644		$	4,778,296
Year ended September 30, 2021:
Shares sold		743,489		$	13,466,305
Shares issued in reinvestment of dividends and distributions		31,524			568,304
Shares purchased		(875,340	)		(15,746,238	)
Net increase (decrease) in shares outstanding before conversion		(100,327	)		(1,711,629	)
Shares purchased upon conversion into other share class(es)		(845,137	)		(15,345,831	)
Net increase (decrease) in shares outstanding		(945,464	)	$	(17,057,460	)
Class R
Six months ended March 31, 2022:
Shares sold		1,121		$	20,132
Shares issued in reinvestment of dividends and distributions		2,677			45,806
Shares purchased		(382	)		(7,369	)
Net increase (decrease) in shares outstanding		3,416		$	58,569
Year ended September 30, 2021:
Shares sold		2,687		$	47,792
Shares issued in reinvestment of dividends and distributions		332			5,863
Shares purchased		(51,302	)		(899,696	)
Net increase (decrease) in shares outstanding		(48,283	)	$	(846,041	)

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Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
Class Z
Six months ended March 31, 2022:
Shares sold		588,411		$	10,288,771
Shares issued in reinvestment of dividends and distributions		976,840			16,837,096
Shares purchased		(2,046,910	)		(36,044,591	)
Net increase (decrease) in shares outstanding before conversion		(481,659	)		(8,918,724	)
Shares issued upon conversion from other share class(es)		160,614			2,959,661
Shares purchased upon conversion into other share class(es)		(6,322	)		(112,192	)
Net increase (decrease) in shares outstanding		(327,367	)	$	(6,071,255	)
Year ended September 30, 2021:
Shares sold		1,839,090		$	33,574,560
Shares issued in reinvestment of dividends and distributions		131,797			2,399,431
Shares purchased		(2,278,993	)		(41,245,523	)
Net increase (decrease) in shares outstanding before conversion		(308,106	)		(5,271,532	)
Shares issued upon conversion from other share class(es)		268,124			4,898,876
Shares purchased upon conversion into other share class(es)		(21,823	)		(413,066	)
Net increase (decrease) in shares outstanding		(61,805	)	$	(785,722	)
Class R6
Six months ended March 31, 2022:
Shares sold		898,226		$	16,014,636
Shares issued in reinvestment of dividends and distributions		560,039			9,651,570
Shares purchased		(484,839	)		(8,646,833	)
Net increase (decrease) in shares outstanding before conversion		973,426			17,019,373
Shares issued upon conversion from other share class(es)		39,815			702,693
Net increase (decrease) in shares outstanding		1,013,241		$	17,722,066
Year ended September 30, 2021:
Shares sold		1,784,253		$	32,448,040
Shares issued in reinvestment of dividends and distributions		66,190			1,210,975
Shares purchased		(771,867	)		(14,004,260	)
Net increase (decrease) in shares outstanding before conversion		1,078,576			19,654,755
Shares issued upon conversion from other share class(es)		64,159			1,186,472
Net increase (decrease) in shares outstanding		1,142,735		$	20,841,227

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a

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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 SCA.

	SCA
Term of Commitment	10/1/2021 – 9/29/2022
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on  the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund utilized the SCA during the reporting period ended March 31, 2022. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $4,378,000, borrowed at a weighted average interest rate of 1.30%. The maximum loan outstanding amount during the period was $4,378,000. At March 31, 2022, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

Asset Allocation Risk: PGIM Quantitative Solutions may allocate assets to an asset class that underperforms other classes. For example, the Fund may be overweight in equities when the stock market is falling and the fixed income market is rising. Likewise, the Fund 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 Fund’s portfolio.

Blend Style Risk: The Fund’s blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking high quality stocks with good future growth prospects. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that

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Notes to Financial Statements (unaudited) (continued)

the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. 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. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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 lower the credit quality of a bond, the more sensitive it is to credit risk.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives 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 Fund. The Fund’s 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 Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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 Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease.

PGIM Balanced Fund    127

Notes to Financial Statements (unaudited) (continued)

Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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 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 Fund 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 Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund 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 Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the investments selected by the subadviser may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s 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. They have also had and may continue to 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 Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Money Market Instruments Risk: The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a

PGIM Balanced Fund    129

Notes to Financial Statements (unaudited) (continued)

significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

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 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 Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

Portfolio Turnover Risk: The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.

Small Company Risk: Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

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. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the

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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. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

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 Fund.

PGIM Balanced Fund    131

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s 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 Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s 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 Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s 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 Fund’s investment strategies continue to be appropriate given the Fund’s 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 Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

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  MAIL       655 Broad Street       Newark, NJ 07102   TELEPHONE       (800) 225-1852   WEBSITE       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 ● Isabelle Sajous, 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 E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
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	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED
FEDERAL GOVERNMENT AGENCY		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, 2022

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

The accompanying financial statements as of March 31, 2022 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. © 2022 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

	Dear Shareholder:
	We hope you find the semiannual report for PGIM Jennison Focused Value Fund informative and useful. The report covers performance for the six-month period ended March 31, 2022. 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 15, 2022

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.

	Total Returns as of 3/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/22
		(with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception(%)
Class A	4.91	4.01	6.12	8.99	—
Class C	4.39	8.14	6.46	8.78	—
Class R	4.67	9.60	6.90	9.28	—
Class Z	5.05	10.44	7.65	9.94	—
Class R6	5.06	10.47	7.62	N/A	7.63 (11/25/2014)
Russell 1000 Value Index
	6.98	11.67	10.29	11.70	—

Average Annual Total Returns as of 3/31/22 Since Inception (%)
	Class R6 (11/25/2014)
Russell 1000 Value Index	9.25

*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 are measured from the closest month-end to the class’s 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	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 Definition

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 3/31/22

Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas &Consumable Fuels	8.7%
Alphabet, Inc. (Class A Stock)	Interactive Media &Services	4.9%
Union Pacific Corp.	Road &Rail	4.6%
Goldman Sachs Group, Inc. (The)	Capital Markets	4.4%
Chubb Ltd.	Insurance	4.3%
Walmart, Inc.	Food &Staples Retailing	4.2%
Microsoft Corp.	Software	4.1%
Eli Lilly &Co.	Pharmaceuticals	4.0%
Linde plc (United Kingdom)	Chemicals	4.0%
AstraZeneca plc (United Kingdom), ADR	Pharmaceuticals	3.6%

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, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Focused Value Fund    7

Fees and Expenses (continued)

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, 2021	Ending Account Value  March 31, 2022	Annualized Expense  Ratio Based on the  Six-Month Period	Expenses Paid During the  Six-Month Period*
Class A	Actual	$1,000.00	$1,049.10	1.11%	$5.67
	Hypothetical	$1,000.00	$1,019.40	1.11%	$5.59
Class C	Actual	$1,000.00	$1,043.90	2.06%	$10.50
	Hypothetical	$1,000.00	$1,014.66	2.06%	$10.35
Class R	Actual	$1,000.00	$1,046.70	1.53%	$7.81
	Hypothetical	$1,000.00	$1,017.30	1.53%	$7.70
Class Z	Actual	$1,000.00	$1,050.50	0.82%	$4.19
	Hypothetical	$1,000.00	$1,020.84	0.82%	$4.13
Class R6	Actual	$1,000.00	$1,050.60	0.82%	$4.19
	Hypothetical	$1,000.00	$1,020.84	0.82%	$4.13

*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, 2022, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2022 (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, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    96.9%
COMMON STOCKS
Aerospace & Defense    3.0%
Airbus SE (France)*		54,001	$	6,529,272
Automobiles    2.7%
General Motors Co.*		133,157		5,824,287
Banks    11.5%
Bank of America Corp.		160,166		6,602,042
JPMorgan Chase & Co.		45,309		6,176,523
PNC Financial Services Group, Inc. (The)		34,122		6,293,803
Truist Financial Corp.		107,968		6,121,786
				25,194,154
Building Products    3.1%
Johnson Controls International PLC		104,364		6,843,148
Capital Markets    5.8%
Blackstone, Inc.		25,010		3,174,769
Goldman Sachs Group, Inc. (The)		29,170		9,629,017
				12,803,786
Chemicals    4.0%
Linde PLC (United Kingdom)		27,493		8,782,089
Containers & Packaging    3.2%
Crown Holdings, Inc.		55,277		6,914,600
Electric Utilities    1.6%
NextEra Energy, Inc.		42,329		3,585,690
Food & Staples Retailing    4.2%
Walmart, Inc.		62,525		9,311,223
Health Care Equipment & Supplies    3.4%
Abbott Laboratories		63,871		7,559,772
Health Care Providers & Services    1.4%
Laboratory Corp. of America Holdings*		11,709		3,087,195
Hotels, Restaurants & Leisure    1.1%
Royal Caribbean Cruises Ltd.*(a)		29,844		2,500,330

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    9

Schedule of Investments  (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance    7.7%
Chubb Ltd.		44,519	$	9,522,614
MetLife, Inc.		104,129		7,318,186
				16,840,800
Interactive Media & Services    4.9%
Alphabet, Inc. (Class A Stock)*		3,853		10,716,542
Machinery    1.6%
Deere & Co.		8,610		3,577,111
Multi-Utilities    3.0%
Dominion Energy, Inc.(a)		77,122		6,553,056
Oil, Gas & Consumable Fuels    8.7%
ConocoPhillips		191,069		19,106,900
Pharmaceuticals    7.7%
AstraZeneca PLC (United Kingdom), ADR		119,748		7,944,082
Eli Lilly & Co.		30,962		8,866,588
				16,810,670
Road & Rail    4.6%
Union Pacific Corp.		36,758		10,042,653
Semiconductors & Semiconductor Equipment    7.5%
Broadcom, Inc.		7,897		4,972,583
Lam Research Corp.		6,439		3,461,671
NXP Semiconductors NV (China)		20,054		3,711,594
QUALCOMM, Inc.		27,671		4,228,682
				16,374,530
Software    4.1%
Microsoft Corp.		29,039		8,953,014
Specialty Retail    2.1%
Lowe’s Cos., Inc.		23,009		4,652,190
TOTAL LONG-TERM INVESTMENTS (cost $146,758,017)				212,563,012

See Notes to Financial Statements.

10

Description	Shares		Value
SHORT-TERM INVESTMENTS    4.1%
AFFILIATED MUTUAL FUND    2.0%
PGIM Institutional Money Market Fund (cost $4,395,938; includes $ 4,394,817 of cash collateral for securities on loan)(b)(wa)		4,400,568	$	4,396,608
UNAFFILIATED FUND    2.1%
Dreyfus Government Cash Management (Institutional Shares) (cost $4,646,455)		4,646,455		4,646,455
TOTAL SHORT-TERM INVESTMENTS (cost $9,042,393)				9,043,063
TOTAL INVESTMENTS    101.0% (cost $155,800,410)				221,606,075
Liabilities in excess of other assets    (1.0)%				(2,088,661	)
NET ASSETS    100.0%			$	219,517,414

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 $4,365,984; cash collateral of $4,394,817 (included in liabilities) was received with which the Fund 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 Fund 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 Fund, 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 Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    11

Schedule of Investments  (unaudited) (continued)

as of March 31, 2022

The following is a summary of the inputs used as of March 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	—	$	6,529,272	$—
Automobiles		5,824,287		—	—
Banks		25,194,154		—	—
Building Products		6,843,148		—	—
Capital Markets		12,803,786		—	—
Chemicals		8,782,089		—	—
Containers & Packaging		6,914,600		—	—
Electric Utilities		3,585,690		—	—
Food & Staples Retailing		9,311,223		—	—
Health Care Equipment & Supplies		7,559,772		—	—
Health Care Providers & Services		3,087,195		—	—
Hotels, Restaurants & Leisure		2,500,330		—	—
Insurance		16,840,800		—	—
Interactive Media & Services		10,716,542		—	—
Machinery		3,577,111		—	—
Multi-Utilities		6,553,056		—	—
Oil, Gas & Consumable Fuels		19,106,900		—	—
Pharmaceuticals		16,810,670		—	—
Road & Rail		10,042,653		—	—
Semiconductors & Semiconductor Equipment		16,374,530		—	—
Software		8,953,014		—	—
Specialty Retail		4,652,190		—	—
Short-Term Investments
Affiliated Mutual Fund		4,396,608		—	—
Unaffiliated Fund		4,646,455		—	—
Total	$	215,076,803	$	6,529,272	$—

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, 2022 were as follows:

Banks	11.5	%
Oil, Gas & Consumable Fuels	8.7
Insurance	7.7
Pharmaceuticals	7.7
Semiconductors & Semiconductor Equipment	7.5
Capital Markets	5.8
Interactive Media & Services	4.9
Road & Rail	4.6
Food & Staples Retailing	4.2

Software	4.1	%
Chemicals	4.0
Health Care Equipment & Supplies	3.4
Containers & Packaging	3.2
Building Products	3.1
Multi-Utilities	3.0
Aerospace & Defense	3.0
Automobiles	2.7
Specialty Retail	2.1

See Notes to Financial Statements.

12

Industry Classification (continued):

Unaffiliated Fund	2.1	%
Affiliated Mutual Fund (2.0% represents investments purchased with collateral from securities on loan)	2.0
Electric Utilities	1.6
Machinery	1.6
Health Care Providers & Services	1.4

Hotels, Restaurants & Leisure	1.1	%
	101.0
Liabilities in excess of other assets	(1.0	)
	100.0	%

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right 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	$4,365,984	$(4,365,984)	$—

 (1) Collateral amount disclosed by the Fund 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, 2022

Assets
Investments at value, including securities on loan of $4,365,984:
Unaffiliated investments (cost $151,404,472)	$	217,209,467
Affiliated investments (cost $4,395,938)		4,396,608
Receivable for investments sold		2,339,816
Dividends receivable		197,930
Receivable for Fund shares sold		112,363
Tax reclaim receivable		62,126
Prepaid expenses		813
Total Assets		224,319,123
Liabilities
Payable to broker for collateral for securities on loan		4,394,817
Payable for Fund shares purchased		166,161
Management fee payable		109,653
Accrued expenses and other liabilities		52,952
Distribution fee payable		49,924
Affiliated transfer agent fee payable		28,202
Total Liabilities		4,801,709
Net Assets	$	219,517,414
Net assets were comprised of:
Common stock, at par	$	11,899
Paid-in capital in excess of par		151,896,667
Total distributable earnings (loss)		67,608,848
Net assets, March 31, 2022	$	219,517,414

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share,
($181,413,901 ÷ 9,834,838 shares of common stock issued and outstanding)	$	18.45
Maximum sales charge (5.50% of offering price)		1.07
Maximum offering price to public	$	19.52
Class C
Net asset value, offering price and redemption price per share,
($4,878,297 ÷ 357,311 shares of common stock issued and outstanding)	$	13.65
Class R
Net asset value, offering price and redemption price per share,
($498,544 ÷ 32,659 shares of common stock issued and outstanding)	$	15.27
Class Z
Net asset value, offering price and redemption price per share,
($29,863,411 ÷ 1,527,705 shares of common stock issued and outstanding)	$	19.55
Class R6
Net asset value, offering price and redemption price per share,
($2,863,261 ÷ 146,893 shares of common stock issued and outstanding)	$	19.49

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    15

Statement of Operations  (unaudited)

Six Months Ended March 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $4,234 foreign withholding tax)	$	1,959,230
Income from securities lending, net (including affiliated income of $1,081)		1,195
Affiliated dividend income		966
Total income		1,961,391
Expenses
Management fee		674,864
Distribution fee(a)		305,623
Transfer agent’s fees and expenses (including affiliated expense of $61,410)(a)		142,003
Custodian and accounting fees		28,063
Registration fees(a)		23,895
Shareholders’ reports		15,248
Audit fee		11,867
Legal fees and expenses		10,286
Directors’ fees		6,084
Miscellaneous		9,897
Total expenses		1,227,830
Less: Fee waiver and/or expense reimbursement(a)		(3,840	)
Distribution fee waiver(a)		(646	)
Net expenses		1,223,344
Net investment income (loss)		738,047
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,453))		2,611,803
Foreign currency transactions		(850	)
		2,610,953
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $670)		7,404,290
Foreign currencies		(2,469	)
		7,401,821
Net gain (loss) on investment and foreign currency transactions		10,012,774
Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,750,821

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

	Class A		Class C		Class R			Class Z		Class R6
Distribution fee		277,731		25,954		1,938			—		—
Transfer agent’s fees and expenses		118,777		4,697		676			17,800		53
Registration fees		7,406		5,438		2,723			4,899		3,429
Fee waiver and/or expense reimbursement		—		—		(2,475	)		—		(1,365	)
Distribution fee waiver		—		—		(646	)		—		—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended March 31, 2022				Year Ended   September 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	738,047			$	1,158,862
Net realized gain (loss) on investment and foreign currency transactions			2,610,953				14,556,078
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			7,401,821				41,496,657
Net increase (decrease) in net assets resulting from operations			10,750,821				57,211,597
Dividends and Distributions
Distributions from distributable earnings
Class A			(8,148,900	)			(1,469,215	)
Class C			(270,521	)			(42,973	)
Class R			(25,972	)			(4,570	)
Class Z			(1,363,410	)			(322,890	)
Class R6			(129,428	)			(13,725	)
			(9,938,231	)			(1,853,373	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			7,711,993				11,331,794
Net asset value of shares issued in reinvestment of dividends and distributions			9,804,018				1,827,039
Cost of shares purchased			(17,383,844	)			(38,766,241	)
Net increase (decrease) in net assets from Fund share transactions			132,167				(25,607,408	)
Total increase (decrease)			944,757				29,750,816
Net Assets:
Beginning of period			218,572,657				188,821,841
End of period		$	219,517,414			$	218,572,657

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    17

Financial Highlights   (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.37			$14.03			$15.63			$20.62			$20.89			$19.11
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.12			0.14			0.14			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.87			4.39			(0.38	)		(2.42	)		2.42			3.21
Total from investment operations		0.93			4.48			(0.26	)		(2.28	)		2.56			3.29
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.14	)		(0.15	)		(0.09	)		(0.19	)		(0.16	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)
Total dividends and distributions		(0.85	)		(0.14	)		(1.34	)		(2.71	)		(2.83	)		(1.51	)
Net asset value, end of period		$18.45			$18.37			$14.03			$15.63			$20.62			$20.89
Total Return(b):		4.91	%		32.13	%		(2.50	)%		(10.13	)%		13.39	%		17.80	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$181,414			$179,848			$151,149			$181,559			$229,733			$229,043
Average net assets (000)		$185,663			$173,975			$163,554			$193,160			$233,106			$231,082
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.11	%(e)		1.11	%		1.15	%		1.11	%		1.06	%		1.09	%
Expenses before waivers and/or expense reimbursement		1.11	%(e)		1.11	%		1.15	%		1.11	%		1.06	%		1.09	%
Net investment income (loss)		0.63	%(e)		0.53	%		0.85	%		0.87	%		0.72	%		0.39	%
Portfolio turnover rate(f)		15	%		32	%		128	%		47	%		59	%		49	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

18

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.78			$10.59			$12.15			$16.75			$17.48			$16.24
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(b)		(0.05	)(b)		(-	)(b)(c)		0.02			-	(c)		(0.05	)(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.64			3.32			(0.29	)		(2.00	)		1.99			2.70
Total from investment operations		0.62			3.27			(0.29	)		(1.98	)		1.99			2.65
Less Dividends and Distributions:
Dividends from net investment income		(-	)(c)		(0.08	)		(0.08	)		-			(0.08	)		(0.06	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)
Total dividends and distributions		(0.75	)		(0.08	)		(1.27	)		(2.62	)		(2.72	)		(1.41	)
Net asset value, end of period		$13.65			$13.78			$10.59			$12.15			$16.75			$17.48
Total Return(d):		4.39	%		31.06	%		(3.41	)%		(10.78	)%		12.61	%		16.91	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,878			$5,279			$5,874			$10,945			$32,765			$35,289
Average net assets (000)		$5,205			$5,725			$8,068			$20,114			$34,589			$37,497
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		2.06	%(g)		2.03	%		2.02	%		1.85	%		1.78	%		1.79	%
Expenses before waivers and/or expense reimbursement		2.06	%(g)		2.03	%		2.02	%		1.85	%		1.78	%		1.79	%
Net investment income (loss)		(0.33	)%(g)		(0.39	)%		(0.02	)%		0.13	%		0.01	%		(0.31	)%
Portfolio turnover rate(h)		15	%		32	%		128	%		47	%		59	%		49	%

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    19

Financial Highlights   (unaudited) (continued)

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.33			$11.75			$13.30			$18.01			$18.63			$17.21
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.02			0.05			0.06			0.05			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.72			3.68			(0.30	)		(2.13	)		2.12			2.87
Total from investment operations		0.74			3.70			(0.25	)		(2.07	)		2.17			2.90
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.12	)		(0.11	)		(0.02	)		(0.15	)		(0.13	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)
Total dividends and distributions		(0.80	)		(0.12	)		(1.30	)		(2.64	)		(2.79	)		(1.48	)
Net asset value, end of period		$15.27			$15.33			$11.75			$13.30			$18.01			$18.63
Total Return(b):		4.67	%		31.64	%		(2.82	)%		(10.53	)%		12.85	%		17.49	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$499			$487			$494			$2,041			$3,424			$5,382
Average net assets (000)		$518			$562			$1,047			$2,504			$4,542			$5,859
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.53	%(e)		1.53	%		1.53	%		1.53	%		1.53	%		1.29	%
Expenses before waivers and/or expense reimbursement		2.74	%(e)		2.74	%		2.91	%		1.89	%		1.84	%		1.54	%
Net investment income (loss)		0.21	%(e)		0.11	%		0.38	%		0.44	%		0.26	%		0.19	%
Portfolio turnover rate(f)		15	%		32	%		128	%		47	%		59	%		49	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

20

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.44			$14.82			$16.43			$21.52			$21.68			$19.78
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.15			0.18			0.21			0.21			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.92			4.65			(0.42	)		(2.54	)		2.52			3.32
Total from investment operations		1.01			4.80			(0.24	)		(2.33	)		2.73			3.46
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.18	)		(0.14	)		(0.25	)		(0.21	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)
Total dividends and distributions		(0.90	)		(0.18	)		(1.37	)		(2.76	)		(2.89	)		(1.56	)
Net asset value, end of period		$19.55			$19.44			$14.82			$16.43			$21.52			$21.68
Total Return(b):		5.05	%		32.52	%		(2.16	)%		(9.86	)%		13.74	%		18.11	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$29,863			$30,080			$30,153			$58,051			$137,027			$124,480
Average net assets (000)		$31,271			$30,701			$40,142			$101,530			$131,155			$115,507
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.82	%(e)		0.82	%		0.84	%		0.80	%		0.76	%		0.79	%
Expenses before waivers and/or expense reimbursement		0.82	%(e)		0.82	%		0.84	%		0.80	%		0.76	%		0.79	%
Net investment income (loss)		0.93	%(e)		0.82	%		1.15	%		1.20	%		0.99	%		0.70	%
Portfolio turnover rate(f)		15	%		32	%		128	%		47	%		59	%		49	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    21

Financial Highlights   (unaudited) (continued)

Class R6 Shares
	Six Months Ended March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.39			$14.79			$16.39			$21.53			$21.70			$19.80
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.15			0.18			0.22			0.22			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.91			4.63			(0.41	)		(2.59	)		2.52			3.31
Total from investment operations		1.00			4.78			(0.23	)		(2.37	)		2.74			3.48
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.18	)		(0.15	)		(0.27	)		(0.23	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)		(1.35	)
Total dividends and distributions		(0.90	)		(0.18	)		(1.37	)		(2.77	)		(2.91	)		(1.58	)
Net asset value, end of period		$19.49			$19.39			$14.79			$16.39			$21.53			$21.70
Total Return(b):		5.06	%		32.54	%		(2.17	)%		(10.08	)%		13.80	%		18.21	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,863			$2,878			$1,151			$1,332			$18,870			$17,438
Average net assets (000)		$2,915			$1,894			$1,210			$12,474			$18,366			$16,981
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.82	%(e)		0.82	%		0.84	%		0.78	%		0.72	%		0.66	%
Expenses before waivers and/or expense reimbursement		0.91	%(e)		0.98	%		1.83	%		0.78	%		0.72	%		0.66	%
Net investment income (loss)		0.92	%(e)		0.80	%		1.17	%		1.26	%		1.04	%		0.81	%
Portfolio turnover rate(f)		15	%		32	%		128	%		47	%		59	%		49	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

22

Notes to Financial Statements  (unaudited)

1. Organization

The Prudential Investment Portfolios, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Jennison Focused Value Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued 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 Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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

PGIM Jennison Focused Value Fund    23

Notes to Financial Statements  (unaudited) (continued)

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

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

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 Fund 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.

24

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

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

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

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

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

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the

PGIM Jennison Focused Value Fund    25

Notes to Financial Statements  (unaudited) (continued)

Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right 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 Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative

26

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 Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income	Annually
Short-Term Capital Gains	Annually
Long-Term Capital Gains	Annually

* Under certain circumstances, the Fund may make more than one distribution of short-term capital gains during a fiscal year.

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

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

PGIM Jennison Focused Value Fund    27

Notes to Financial Statements  (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers   and/or expense reimbursements
0.60% of average daily net assets up to and including $300 million;	0.60%
0.575% of average daily net assets over $300 million.

The Manager has contractually agreed, through January 31, 2023, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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 expense limitations attributable to each class are as follows:

Class	Expense Limitations
A		—	%
C		—
R		1.53
Z		—
R6		—

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s 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 Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2023 to limit such fees on certain classes based

28

on the average daily net assets. The distribution fees are accrued daily and payable monthly. The Fund’s annual distribution contractual rate and limit where applicable are as follows:

Class	Contractual Rate	Limit
A	0.30%	—%
C	1.00	—
R	0.75	0.50
Z	N/A	N/A
R6	N/A	N/A

For the reporting period ended March 31, 2022, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

FESL by Class	Amount
A		$42,543
CDSC by Class	Amount
A		$336
C		544

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 Fund’s 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 Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund 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. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Fund 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

PGIM Jennison Focused Value Fund    29

Notes to Financial Statements  (unaudited) (continued)

subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2022, no 17a-7 transactions were entered into by the Fund.

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, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$33,495,398	$45,224,372

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2022, 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)
	$	4,764,014		$	5,394,220		$	10,158,234		$	—		$	—			$	—		—		$	966
PGIM Institutional Money Market Fund(1)(b)(wa)
		5,488,600			66,498,549			67,589,758			670			(1,453	)			4,396,608		4,400,568			1,081	(2)
	$	10,252,614		$	71,892,769		$	77,747,992		$	670		$	(1,453	)		$	4,396,608				$	2,047

(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 Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

30

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$156,941,033	$68,138,774	$(3,473,732)	$64,665,042

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2021 are subject to such review.

7. Capital and Ownership

The Fund 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. 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 Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

PGIM Jennison Focused Value Fund    31

Notes to Financial Statements  (unaudited) (continued)

The RIC is authorized to issue 6,625,000,000 shares of capital stock, $0.001 par value per share, 1,022,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

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

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

As of March 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares	Percentage of Outstanding Shares
A	5,917	0.1%

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	2	47.3%

32     

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2022:
Shares sold		223,624		$	4,217,482
Shares issued in reinvestment of dividends and distributions		426,330			8,019,259
Shares purchased		(613,893	)		(11,574,937	)
Net increase (decrease) in shares outstanding before conversion		36,061			661,804
Shares issued upon conversion from other share class(es)		30,254			564,328
Shares purchased upon conversion into other share class(es)		(20,567	)		(390,931	)
Net increase (decrease) in shares outstanding		45,748		$	835,201
Year ended September 30, 2021:
Shares sold		382,114		$	6,534,598
Shares issued in reinvestment of dividends and distributions		93,540			1,444,252
Shares purchased		(1,502,401	)		(25,048,157	)
Net increase (decrease) in shares outstanding before conversion		(1,026,747	)		(17,069,307	)
Shares issued upon conversion from other share class(es)		96,090			1,616,519
Shares purchased upon conversion into other share class(es)		(56,148	)		(927,819	)
Net increase (decrease) in shares outstanding		(986,805	)	$	(16,380,607	)
Class C
Six months ended March 31, 2022:
Shares sold		31,010		$	424,613
Shares issued in reinvestment of dividends and distributions		19,378			270,521
Shares purchased		(29,499	)		(411,040	)
Net increase (decrease) in shares outstanding before conversion		20,889			284,094
Shares purchased upon conversion into other share class(es)		(46,766	)		(650,619	)
Net increase (decrease) in shares outstanding		(25,877	)	$	(366,525	)
Year ended September 30, 2021:
Shares sold		111,065		$	1,479,072
Shares issued in reinvestment of dividends and distributions		3,650			42,556
Shares purchased		(168,143	)		(2,178,750	)
Net increase (decrease) in shares outstanding before conversion		(53,428	)		(657,122	)
Shares issued upon conversion from other share class(es)		1,175			15,175
Shares purchased upon conversion into other share class(es)		(119,004	)		(1,496,804	)
Net increase (decrease) in shares outstanding		(171,257	)	$	(2,138,751	)

PGIM Jennison Focused Value Fund    33

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares			Amount
Class R
Six months ended March 31, 2022:
Shares sold		1,764		$	27,527
Shares issued in reinvestment of dividends and distributions		1,648			25,692
Shares purchased		(2,526	)		(37,985	)
Net increase (decrease) in shares outstanding		886		$	15,234
Year ended September 30, 2021:
Shares sold		4,379		$	62,814
Shares issued in reinvestment of dividends and distributions		351			4,530
Shares purchased		(15,036	)		(224,716	)
Net increase (decrease) in shares outstanding		(10,306	)	$	(157,372	)
Class Z
Six months ended March 31, 2022:
Shares sold		133,796		$	2,639,029
Shares issued in reinvestment of dividends and distributions		68,234			1,359,218
Shares purchased		(245,334	)		(4,799,429	)
Net increase (decrease) in shares outstanding before conversion		(43,304	)		(801,182	)
Shares issued upon conversion from other share class(es)		23,708			477,351
Shares purchased upon conversion into other share class(es)		(6	)		(129	)
Net increase (decrease) in shares outstanding		(19,602	)	$	(323,960	)
Year ended September 30, 2021:
Shares sold		152,959		$	2,741,565
Shares issued in reinvestment of dividends and distributions		19,765			321,976
Shares purchased		(635,320	)		(10,790,585	)
Net increase (decrease) in shares outstanding before conversion		(462,596	)		(7,727,044	)
Shares issued upon conversion from other share class(es)		52,096			907,156
Shares purchased upon conversion into other share class(es)		(76,132	)		(1,478,975	)
Net increase (decrease) in shares outstanding		(486,632	)	$	(8,298,863	)

34

Share Class	Shares			Amount
Class R6
Six months ended March 31, 2022:
Shares sold		20,433		$	403,342
Shares issued in reinvestment of dividends and distributions		6,512			129,328
Shares purchased		(28,505	)		(560,453	)
Net increase (decrease) in shares outstanding		(1,560	)	$	(27,783	)
Year ended September 30, 2021:
Shares sold		28,177		$	513,745
Shares issued in reinvestment of dividends and distributions		845			13,725
Shares purchased		(28,906	)		(524,033	)
Net increase (decrease) in shares outstanding before conversion		116			3,437
Shares issued upon conversion from other share class(es)		70,472			1,364,748
Net increase (decrease) in shares outstanding		70,588		$	1,368,185

8. Borrowings

The RIC, on behalf of the Fund, 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 SCA.

	SCA
Term of Commitment	10/1/2021 – 9/29/2022
Total Commitment	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the reporting period ended March 31, 2022.

PGIM Jennison Focused Value Fund    35

Notes to Financial Statements  (unaudited) (continued)

9. Risks of Investing in the Fund

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

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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 Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table of the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease.

36

Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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 Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

PGIM Jennison Focused Value Fund    37

Notes to Financial Statements  (unaudited) (continued)

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s 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. They have also had and may continue to 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 Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Portfolio Turnover Risk: The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.

Value Style Risk: Since the Fund 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 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 Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund 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

38

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 Fund.

PGIM Jennison Focused Value Fund    39

Liquidity Risk Management Program  (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s 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 Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s 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 Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s 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 Fund’s investment strategies continue to be appropriate given the Fund’s 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 Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

40

⬛  MAIL      655 Broad Street      Newark, NJ 07102 ⬛  TELEPHONE      (800) 225-1852 ⬛  WEBSITE      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 ● Isabelle Sajous, 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 E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. 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, 2022

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

The accompanying financial statements as of March 31, 2022 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. © 2022 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

	Dear Shareholder:
	We hope you find the semiannual report for PGIM Jennison Growth Fund informative and useful. The report covers performance for the six-month period ended March 31, 2022. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Growth Fund

May 15, 2022

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.

	Total Returns as of 3/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/22
		(with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception(%)
Class A	-9.74	-2.80	18.76	15.32	—
Class C	-10.04	1.33	19.30	15.18	—
Class R	-9.86	2.62	19.85	15.74	—
Class Z	-9.60	3.17	20.48	16.33	—
Class R2	-9.79	2.75	N/A	N/A	17.50 (11/28/2017)
Class R4	-9.66	3.02	N/A	N/A	17.81 (11/28/2017)
Class R6	-9.55	3.29	N/A	N/A	19.59 (09/27/2017)
Russell 1000® Growth Index
	1.54	14.98	20.88	17.04	—
S&P 500 Index
	5.92	15.64	15.98	14.63	—

Average Annual Total Returns as of 3/31/22 Since Inception (%)
	Class R2, Class R4 (11/28/2017)	Class R6   (09/27/2017)
Russell 1000® Growth Index	19.65	20.67
S&P 500 Index	15.22	15.98

*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’s 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 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.

*The S&P 500 Index (“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 © 2022 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)

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.

Presentation of Fund Holdings as of 3/31/22

Ten Largest Holdings	Line of Business	% of Net Assets
Tesla, Inc.	Automobiles	8.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	6.7%
Apple, Inc.	Technology Hardware, Storage & Peripherals	6.5%
Microsoft Corp.	Software	5.4%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	4.5%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	3.4%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.4%
Visa, Inc. (Class A Stock)	IT Services	2.9%
Salesforce.com, Inc.	Software	2.7%
Mastercard, Inc. (Class A Stock)	IT Services	2.4%

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, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Growth Fund    7

Fees and Expenses (continued)

provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Jennison Growth Fund		Beginning Account Value     October 1, 2021	Ending Account Value   March 31, 2022	Annualized Expense     Ratio Based on the     Six-Month Period	Expenses Paid During the   Six-Month Period*
Class A	Actual Hypothetical	$1,000.00 $1,000.00	$   902.60 $1,020.09	0.97% 0.97%	$4.60 $4.89
Class C	Actual Hypothetical	$1,000.00 $1,000.00	$   899.60 $1,016.60	1.67% 1.67%	$7.91 $8.40
Class R	Actual Hypothetical	$1,000.00 $1,000.00	$   901.40 $1,018.85	1.22% 1.22%	$5.78 $6.14
Class Z	Actual Hypothetical	$1,000.00 $1,000.00	$   904.00 $1,021.49	0.69% 0.69%	$3.28 $3.48
Class R2	Actual Hypothetical	$1,000.00 $1,000.00	$   902.10 $1,019.45	1.10% 1.10%	$5.22 $5.54
Class R4	Actual Hypothetical	$1,000.00 $1,000.00	$   903.40 $1,020.84	0.82% 0.82%	$3.89 $4.13
Class R6	Actual Hypothetical	$1,000.00 $1,000.00	$   904.50 $1,022.09	0.57% 0.57%	$2.71 $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, 2022, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2022 (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, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS     99.0%
COMMON STOCKS
Automobiles     8.4%
Tesla, Inc.*		584,803	$	630,183,713
Capital Markets     2.8%
Goldman Sachs Group, Inc. (The)		232,034		76,594,424
KKR & Co., Inc.		866,122		50,642,153
S&P Global, Inc.(a)		197,677		81,083,152
				208,319,729
Energy Equipment & Services     0.9%
Schlumberger NV		1,610,760		66,540,496
Entertainment     2.1%
Netflix, Inc.*		323,063		121,016,169
ROBLOX Corp. (Class A Stock)*(a)		714,731		33,049,162
				154,065,331
Equity Real Estate Investment Trusts (REITs)     0.4%
American Tower Corp.		132,276		33,230,377
Food & Staples Retailing     1.7%
Costco Wholesale Corp.		217,381		125,178,849
Health Care Equipment & Supplies     2.7%
Abbott Laboratories		478,051		56,582,116
Dexcom, Inc.*		145,411		74,392,268
Intuitive Surgical, Inc.*		223,224		67,342,216
				198,316,600
Health Care Providers & Services     1.5%
UnitedHealth Group, Inc.		216,514		110,415,644
Hotels, Restaurants & Leisure     3.6%
Airbnb, Inc. (Class A Stock)*		649,184		111,503,844
Chipotle Mexican Grill, Inc.*		55,742		88,185,516
Marriott International, Inc. (Class A Stock)*		404,174		71,033,581
				270,722,941
Interactive Media & Services     10.6%
Alphabet, Inc. (Class A Stock)*		91,183		253,611,837

See Notes to Financial Statements.

PGIM Jennison Growth Fund    9

Schedule of Investments  (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services (cont’d.)
Alphabet, Inc. (Class C Stock)*		91,113	$	254,477,698
Match Group, Inc.*(a)		629,522		68,454,222
Meta Platforms, Inc. (Class A Stock)*		396,475		88,160,181
Snap, Inc. (Class A Stock)*(a)		2,331,907		83,925,333
ZoomInfo Technologies, Inc.*		765,295		45,718,723
				794,347,994
Internet & Direct Marketing Retail     8.2%
Amazon.com, Inc.*		153,987		501,989,921
MercadoLibre, Inc. (Brazil)*		92,197		109,666,487
				611,656,408
IT Services     10.2%
Adyen NV (Netherlands), 144A*		54,203		107,356,491
Mastercard, Inc. (Class A Stock)		492,660		176,066,831
MongoDB, Inc.*		33,613		14,910,391
Okta, Inc.*		45,027		6,797,276
Shopify, Inc. (Canada) (Class A Stock)*		191,593		129,509,204
Snowflake, Inc. (Class A Stock)*		335,934		76,972,557
Twilio, Inc. (Class A Stock)*		229,396		37,806,755
Visa, Inc. (Class A Stock)(a)		968,172		214,711,504
				764,131,009
Life Sciences Tools & Services     1.4%
Danaher Corp.		358,676		105,210,431
Multiline Retail     1.3%
Target Corp.		466,030		98,900,887
Personal Products     1.6%
Estee Lauder Cos., Inc. (The) (Class A Stock)		445,434		121,300,587
Pharmaceuticals     2.7%
Eli Lilly & Co.		577,402		165,350,611
Novo Nordisk A/S (Denmark), ADR		297,265		33,011,278
				198,361,889
Road & Rail     1.5%
Uber Technologies, Inc.*		3,074,825		109,709,756

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment     6.3%
Broadcom, Inc.		168,944	$	106,380,658
NVIDIA Corp.		1,216,938		332,053,703
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		285,513		29,767,585
				468,201,946
Software     15.6%
Adobe, Inc.*		380,740		173,472,759
Atlassian Corp. PLC (Class A Stock)*		396,712		116,565,887
Crowdstrike Holdings, Inc. (Class A Stock)*		517,636		117,544,783
HubSpot, Inc.*		76,686		36,421,249
Microsoft Corp.		1,316,899		406,013,131
salesforce.com, Inc.*		951,467		202,015,473
Trade Desk, Inc. (The) (Class A Stock)*		933,900		64,672,575
Workday, Inc. (Class A Stock)*		201,048		48,142,954
				1,164,848,811
Specialty Retail     2.9%
Home Depot, Inc. (The)		317,323		94,984,294
O’Reilly Automotive, Inc.*		52,713		36,106,296
TJX Cos., Inc. (The)		1,424,161		86,275,673
				217,366,263
Technology Hardware, Storage & Peripherals     6.5%
Apple, Inc.		2,780,842		485,562,822
Textiles, Apparel & Luxury Goods     6.1%
Kering SA (France)		89,401		56,521,634
Lululemon Athletica, Inc.*		257,872		94,182,590
LVMH Moet Hennessy Louis Vuitton SE (France)		237,210		169,062,550
NIKE, Inc. (Class B Stock)		1,022,864		137,636,580
				457,403,354
TOTAL LONG-TERM INVESTMENTS   (cost $3,297,441,246)				7,393,975,837
SHORT-TERM INVESTMENTS     4.7%
AFFILIATED MUTUAL FUND     3.9%
PGIM Institutional Money Market Fund   (cost $287,381,646; includes $287,325,843 of cash collateral for securities on loan)(b)(wa)		287,736,178		287,477,215

See Notes to Financial Statements.

PGIM Jennison Growth Fund    11

Schedule of Investments  (unaudited) (continued)

as of March 31, 2022

Description	Shares		Value
UNAFFILIATED FUND     0.8%
Dreyfus Government Cash Management (Institutional Shares)   (cost $59,927,532)		59,927,532	$	59,927,532
TOTAL SHORT-TERM INVESTMENTS   (cost $347,309,178)				347,404,747
TOTAL INVESTMENTS     103.7%   (cost $3,644,750,424)				7,741,380,584
Liabilities in excess of other assets     (3.7)%				(275,270,195	)
NET ASSETS     100.0%			$	7,466,110,389

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

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $277,600,650; cash collateral of $287,325,843 (included in liabilities) was received with which the Fund 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 Fund 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 Fund, 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 Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

12

The following is a summary of the inputs used as of March 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles	$	630,183,713	$	—	$—
Capital Markets		208,319,729		—	—
Energy Equipment & Services		66,540,496		—	—
Entertainment		154,065,331		—	—
Equity Real Estate Investment Trusts (REITs)		33,230,377		—	—
Food & Staples Retailing		125,178,849		—	—
Health Care Equipment & Supplies		198,316,600		—	—
Health Care Providers & Services		110,415,644		—	—
Hotels, Restaurants & Leisure		270,722,941		—	—
Interactive Media & Services		794,347,994		—	—
Internet & Direct Marketing Retail		611,656,408		—	—
IT Services		656,774,518		107,356,491	—
Life Sciences Tools & Services		105,210,431		—	—
Multiline Retail		98,900,887		—	—
Personal Products		121,300,587		—	—
Pharmaceuticals		198,361,889		—	—
Road & Rail		109,709,756		—	—
Semiconductors & Semiconductor Equipment		468,201,946		—	—
Software		1,164,848,811		—	—
Specialty Retail		217,366,263		—	—
Technology Hardware, Storage & Peripherals		485,562,822		—	—
Textiles, Apparel & Luxury Goods		231,819,170		225,584,184	—
Short-Term Investments
Affiliated Mutual Fund		287,477,215		—	—
Unaffiliated Fund		59,927,532		—	—
Total	$	7,408,439,909	$	332,940,675	$—

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, 2022 were as follows:

Software	15.6	%
Interactive Media & Services	10.6
IT Services	10.2
Automobiles	8.4
Internet & Direct Marketing Retail	8.2
Technology Hardware, Storage & Peripherals	6.5
Semiconductors & Semiconductor Equipment	6.3
Textiles, Apparel & Luxury Goods	6.1

Affiliated Mutual Fund (3.8% represents investments purchased with collateral from securities on loan)	3.9	%
Hotels, Restaurants & Leisure	3.6
Specialty Retail	2.9
Capital Markets	2.8
Pharmaceuticals	2.7
Health Care Equipment & Supplies	2.7
Entertainment	2.1

See Notes to Financial Statements.

PGIM Jennison Growth Fund    13

Schedule of Investments  (unaudited) (continued)

as of March 31, 2022

Industry Classification (continued):

Food & Staples Retailing	1.7	%
Personal Products	1.6
Health Care Providers & Services	1.5
Road & Rail	1.5
Life Sciences Tools & Services	1.4
Multiline Retail	1.3
Energy Equipment & Services	0.9

Unaffiliated Fund	0.8	%
Equity Real Estate Investment Trusts (REITs)	0.4
	103.7
Liabilities in excess of other assets	(3.7	)
	100.0	%

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right 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	$277,600,650	$(277,600,650)	$—

(1) Collateral amount disclosed by the Fund 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, 2022

Assets
Investments at value, including securities on loan of $277,600,650:
Unaffiliated investments (cost $3,357,368,778)	$	7,453,903,369
Affiliated investments (cost $287,381,646)		287,477,215
Receivable for investments sold		61,675,119
Receivable for Fund shares sold		11,904,930
Dividends and interest receivable		873,754
Tax reclaim receivable		637,406
Prepaid expenses		40,397
Total Assets		7,816,512,190
Liabilities
Payable to broker for collateral for securities on loan		287,325,843
Payable for investments purchased		39,661,461
Payable for Fund shares purchased		17,836,571
Management fee payable		3,363,599
Accrued expenses and other liabilities		1,230,151
Distribution fee payable		676,240
Affiliated transfer agent fee payable		307,507
Affiliated shareholder servicing fees payable		429
Total Liabilities		350,401,801
Net Assets	$	7,466,110,389
Net assets were comprised of:
Common stock, at par	$	136,882
Paid-in capital in excess of par		3,303,366,616
Total distributable earnings (loss)		4,162,606,891
Net assets, March 31, 2022	$	7,466,110,389

See Notes to Financial Statements.

PGIM Jennison Growth Fund    15

Statement of Assets and Liabilities  (unaudited)

as of March 31, 2022

Class A
Net asset value and redemption price per share, ($1,827,276,901 ÷ 35,672,921 shares of common stock issued and outstanding)	$	51.22
Maximum sales charge (5.50% of offering price)		2.98
Maximum offering price to public	$	54.20
Class C
Net asset value, offering price and redemption price per share, ($145,508,932 ÷ 4,093,379 shares of common stock issued and outstanding)	$	35.55
Class R
Net asset value, offering price and redemption price per share, ($295,344,837 ÷ 7,061,485 shares of common stock issued and outstanding)	$	41.82
Class Z
Net asset value, offering price and redemption price per share, ($3,876,568,698 ÷ 67,244,599 shares of common stock issued and outstanding)	$	57.65
Class R2
Net asset value, offering price and redemption price per share, ($6,064,711 ÷ 107,420 shares of common stock issued and outstanding)	$	56.46
Class R4
Net asset value, offering price and redemption price per share, ($23,730,556 ÷ 414,516 shares of common stock issued and outstanding)	$	57.25
Class R6
Net asset value, offering price and redemption price per share, ($1,291,615,754 ÷ 22,288,154 shares of common stock issued and outstanding)	$	57.95

See Notes to Financial Statements.

16

Statement of Operations  (unaudited)

Six Months Ended March 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $377,585 foreign withholding tax)	$	13,814,949
Income from securities lending, net (including affiliated income of $62,102)		66,117
Affiliated dividend income		13,818
Total income		13,894,884
Expenses
Management fee		22,884,336
Distribution fee(a)		5,091,943
Shareholder servicing fees (including affiliated expense of $2,867)(a)		16,458
Transfer agent’s fees and expenses (including affiliated expense of $1,137,833)(a)		3,961,475
Custodian and accounting fees		228,772
Shareholders’ reports		107,825
Registration fees(a)		67,254
Directors’ fees		46,943
Legal fees and expenses		26,365
Audit fee		11,967
Miscellaneous		60,198
Total expenses		32,503,536
Less: Fee waiver and/or expense reimbursement(a)		(3,548	)
Distribution fee waiver(a)		(403,154	)
Net expenses		32,096,834
Net investment income (loss)		(18,201,950	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $128,467)		207,024,127
Foreign currency transactions		21,512
		207,045,639
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(143,061))		(988,831,716	)
Foreign currencies		(37,446	)
		(988,869,162	)
Net gain (loss) on investment and foreign currency transactions		(781,823,523	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(800,025,473	)

See Notes to Financial Statements.

PGIM Jennison Growth Fund    17

Statement of Operations  (unaudited)

Six Months Ended March 31, 2022

(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		3,044,621		829,868		1,209,461			—		7,993			—		—
Shareholder servicing fees		—		—		—			—		3,197			13,261		—
Transfer agent’s fees and expenses		1,008,176		69,911		234,287			2,624,602		4,880			16,489		3,130
Registration fees		20,374		8,922		5,117			17,808		4,364			2,942		7,727
Fee waiver and/or expense reimbursement		—		—		—			—		(3,548	)		—		—
Distribution fee waiver		—		—		(403,154	)		—		—			—		—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended March 31, 2022				Year Ended September 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(18,201,950	)		$	(37,424,526	)
Net realized gain (loss) on investment and foreign currency transactions			207,045,639				1,104,043,246
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(988,869,162	)			642,486,142
Net increase (decrease) in net assets resulting from operations			(800,025,473	)			1,709,104,862
Dividends and Distributions
Distributions from distributable earnings
Class A			(280,939,495	)			(167,457,498	)
Class C			(31,630,819	)			(19,618,123	)
Class R			(53,351,055	)			(31,849,117	)
Class Z			(550,612,130	)			(352,350,203	)
Class R2			(811,837	)			(396,339	)
Class R4			(3,344,480	)			(595,126	)
Class R6			(145,532,237	)			(54,706,225	)
			(1,066,222,053	)			(626,972,631	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			913,414,729				1,723,838,987
Net asset value of shares issued in reinvestment of dividends and distributions			981,630,945				582,993,386
Cost of shares purchased			(1,026,406,238	)			(1,978,280,134	)
Net increase (decrease) in net assets from Fund share transactions			868,639,436				328,552,239
Total increase (decrease)			(997,608,090	)			1,410,684,470
Net Assets:
Beginning of period			8,463,718,479				7,053,034,009
End of period		$	7,466,110,389			$	8,463,718,479

See Notes to Financial Statements.

PGIM Jennison Growth Fund    19

Financial Highlights  (unaudited)

Class A Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$64.97			$57.22			$39.94			$42.79			$35.78			$29.86
Income (loss) from investment operations:
Net investment income (loss)		(0.19	)		(0.40	)		(0.21	)		(0.09	)		(0.10	)		(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.83	)		13.46			20.86			(0.71	)		9.23			7.13
Total from investment operations		(5.02	)		13.06			20.65			(0.80	)		9.13			7.08
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)
Net asset value, end of period		$51.22			$64.97			$57.22			$39.94			$42.79			$35.78
Total Return(b):		(9.74	)%		24.17	%		55.32	%		(1.25	)%		26.60	%		24.70	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,827,277			$2,112,035			$1,816,527			$1,266,661			$1,349,940			$1,147,941
Average net assets (000)		$2,035,324			$2,031,924			$1,454,874			$1,257,759			$1,258,241			$1,055,913
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.97	%(e)		0.97	%		1.00	%		1.03	%		1.02	%		1.02	%
Expenses before waivers and/or expense reimbursement		0.97	%(e)		0.97	%		1.00	%		1.03	%		1.02	%		1.02	%
Net investment income (loss)		(0.63	)%(e)		(0.65	)%		(0.46	)%		(0.24	)%		(0.26	)%		(0.16	)%
Portfolio turnover rate(f)		21	%		46	%		49	%		43	%		40	%		54	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

20

Class C Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$47.75			$43.62			$31.38			$34.34			$29.29			$24.82
Income (loss) from investment operations:
Net investment income (loss)		(0.28	)		(0.61	)		(0.39	)		(0.27	)		(0.30	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.19	)		10.05			16.00			(0.64	)		7.47			5.85
Total from investment operations		(3.47	)		9.44			15.61			(0.91	)		7.17			5.63
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)
Net asset value, end of period		$35.55			$47.75			$43.62			$31.38			$34.34			$29.29
Total Return(b):		(10.04	)%		23.33	%		54.27	%		(1.92	)%		25.76	%		23.84	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$145,509			$175,778			$165,724			$119,260			$175,142			$121,092
Average net assets (000)		$166,430			$175,013			$135,568			$145,286			$148,000			$113,836
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.67	%(e)		1.66	%		1.68	%		1.70	%		1.69	%		1.72	%
Expenses before waivers and/or expense reimbursement		1.67	%(e)		1.66	%		1.68	%		1.70	%		1.69	%		1.72	%
Net investment income (loss)		(1.33	)%(e)		(1.33	)%		(1.13	)%		(0.89	)%		(0.94	)%		(0.86	)%
Portfolio turnover rate(f)		21	%		46	%		49	%		43	%		40	%		54	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund    21

Financial Highlights  (unaudited) (continued)

Class R Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$54.62			$48.99			$34.71			$37.57			$31.72			$26.65
Income (loss) from investment operations:
Net investment income (loss)		(0.21	)		(0.46	)		(0.25	)		(0.15	)		(0.16	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.86	)		11.40			17.90			(0.66	)		8.13			6.33
Total from investment operations		(4.07	)		10.94			17.65			(0.81	)		7.97			6.23
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)
Net asset value, end of period		$41.82			$54.62			$48.99			$34.71			$37.57			$31.72
Total Return(b):		(9.86	)%		23.88	%		54.99	%		(1.46	)%		26.34	%		24.48	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$295,345			$340,339			$300,323			$266,084			$332,402			$318,202
Average net assets (000)		$323,409			$334,043			$278,701			$282,917			$334,713			$306,004
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.22	%(e)		1.21	%		1.21	%		1.23	%		1.23	%		1.22	%
Expenses before waivers and/or expense reimbursement		1.47	%(e)		1.46	%		1.46	%		1.48	%		1.48	%		1.47	%
Net investment income (loss)		(0.88	)%(e)		(0.88	)%		(0.66	)%		(0.43	)%		(0.47	)%		(0.36	)%
Portfolio turnover rate(f)		21	%		46	%		49	%		43	%		40	%		54	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

22

Class Z Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$71.99			$62.71			$43.34			$46.12			$38.30			$31.79
Income (loss) from investment operations:
Net investment income (loss)		(0.12	)		(0.25	)		(0.07	)		0.04			0.02			0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(5.49	)		14.84			22.81			(0.75	)		9.92			7.63
Total from investment operations		(5.61	)		14.59			22.74			(0.71	)		9.94			7.67
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.02	)		-			-
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)		(1.16	)
Total dividends and distributions		(8.73	)		(5.31	)		(3.37	)		(2.07	)		(2.12	)		(1.16	)
Net asset value, end of period		$57.65			$71.99			$62.71			$43.34			$46.12			$38.30
Total Return(b):		(9.60	)%		24.51	%		55.83	%		(0.95	)%		26.99	%		25.07	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,876,569			$4,578,256			$4,149,643			$3,028,962			$3,533,891			$2,763,070
Average net assets (000)		$4,364,434			$4,536,203			$3,436,278			$3,237,702			$3,107,412			$2,264,779
Ratios to average net assets(c)(d) :
Expenses after waivers and/or expense reimbursement		0.69	%(e)		0.69	%		0.69	%		0.71	%		0.71	%		0.72	%
Expenses before waivers and/or expense reimbursement		0.69	%(e)		0.69	%		0.69	%		0.71	%		0.71	%		0.72	%
Net investment income (loss)		(0.35	)%(e)		(0.36	)%		(0.15	)%		0.09	%		0.04	%		0.13	%
Portfolio turnover rate(f)		21	%		46	%		49	%		43	%		40	%		54	%

(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 Fund invests.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund    23

Financial Highlights  (unaudited) (continued)

Class R2 Shares
	Six Months												November 28, 2017(a)
	Ended												through
	March 31,			Year Ended September 30,									September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$70.81			$61.99			$43.05			$45.99			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.24	)		(0.52	)		(0.27	)		(0.14	)		(0.32	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(5.38	)		14.65			22.58			(0.75	)		7.19
Total from investment operations		(5.62	)		14.13			22.31			(0.89	)		6.87
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$56.46			$70.81			$61.99			$43.05			$45.99
Total Return(c):		(9.79	)%		24.00	%		55.19	%		(1.37	)%		17.60	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,065			$6,175			$4,534			$3,084			$7,815
Average net assets (000)		$6,412			$5,521			$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	%		1.10	%(e)
Expenses before waivers and/or expense reimbursement		1.21	%(e)		1.24	%		1.45	%		1.41	%		3.11	%(e)
Net investment income (loss)		(0.76	)%(e)		(0.78	)%		(0.56	)%		(0.33	)%		(0.86	)%(e)
Portfolio turnover rate(f)		21	%		46	%		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 Fund invests.

(e) Annualized.

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

See Notes to Financial Statements.

24

Class R4 Shares
	Six Months												November 28, 2017(a)
	Ended												through
	March 31,			Year Ended September 30,									September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$71.59			$62.48			$43.26			$46.08			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.16	)		(0.37	)		(0.15	)		(0.03	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(5.45	)		14.79			22.74			(0.74	)		7.18
Total from investment operations		(5.61	)		14.42			22.59			(0.77	)		6.96
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$57.25			$71.59			$62.48			$43.26			$46.08
Total Return(c):		(9.66	)%		24.30	%		55.59	%		(1.09	)%		17.83	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$23,731			$27,267			$6,840			$3,969			$372
Average net assets (000)		$26,595			$11,773			$4,883			$4,125			$38
Ratios to average net assets(d) :
Expenses after waivers and/or expense reimbursement		0.82	%(e)		0.85	%		0.85	%		0.85	%		0.85	%(e)
Expenses before waivers and/or expense reimbursement		0.82	%(e)		0.85	%		1.12	%		1.22	%		57.88	%(e)
Net investment income (loss)		(0.48	)%(e)		(0.52	)%		(0.31	)%		(0.06	)%		(0.62	)%(e)
Portfolio turnover rate(f)		21	%		46	%		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 Fund invests.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund    25

Financial Highlights  (unaudited) (continued)

Class R6 Shares
	Six Months															September 27, 2017(a)
	Ended															through
	March 31,			Year Ended September 30,												September 30,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$72.29			$62.87			$43.41			$46.19			$38.30			$37.92
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.18	)		(0.02	)		0.08			0.08			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(5.54	)		14.91			22.85			(0.75	)		9.93			0.38
Total from investment operations		(5.61	)		14.73			22.83			(0.67	)		10.01			0.38
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.06	)		-			-
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)		-
Total dividends and distributions		(8.73	)		(5.31	)		(3.37	)		(2.11	)		(2.12	)
																	-
Net asset value, end of period		$57.95			$72.29			$62.87			$43.41			$46.19			$38.30
Total Return(d):		(9.55	)%		24.64	%		55.98	%		(0.83	)%		27.18	%		1.00	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,291,616			$1,223,868			$609,443			$349,897			$91,625			$13,539
Average net assets (000)		$1,271,836			$951,504			$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)		0.57	%		0.58	%		0.59	%		0.60	%		0.58	%(g)
Expenses before waivers and/or expense reimbursement		0.57	%(g)		0.57	%		0.58	%		0.59	%		0.62	%		0.58	%(g)
Net investment income (loss)		(0.23	)%(g)		(0.26	)%		(0.04	)%		0.19	%		0.18	%		(0.43	)%(g)
Portfolio turnover rate(h)		21	%		46	%		49	%		43	%		40	%		54	%

(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 Fund invests.

See Notes to Financial Statements.

26

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund    27

Notes to Financial Statements  (unaudited)

1. Organization

The Prudential Investment Portfolios, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the PGIM Jennison Growth Fund (the “Series”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued 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 Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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

28

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

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

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 Fund 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    29

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 Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

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

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

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

30

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.

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

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. 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 Growth Fund    31

Notes to Financial Statements  (unaudited) (continued)

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Annually
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

* Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

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

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

32

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers   and/or expense reimbursements
0.60% of average daily net assets up to and including $300 million;		0.56%
0.575% on next $2.7 billion of average daily net assets
0.55% on the average daily net asset over $3 billion

The Manager has contractually agreed, through January 31, 2023, to limit certain operating expenses and/or to limit total annual operating expenses after fee waivers and/or expense reimbursements. 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives 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 expense limitations attributable to each class are as follows:

Class	Expense Limitations
A		—%
C		—
R		—
Z		—
R2		1.10***
R4		0.85***
R6		0.60

***Expense limitation applicable only to blue sky fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s 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.

PGIM Jennison Growth Fund    33

Notes to Financial Statements  (unaudited) (continued)

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2023 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly. The Fund’s annual distribution contractual rate and limit where applicable are as follows:

Class	Contractual Rate	Limit
A	0.30%		—%
C	1.00		—
R	0.75		0.50
Z	N/A		N/A
R2	0.25		—
R4	N/A		N/A
R6	N/A		N/A

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, 2022, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

FESL by Class	Amount
A	$	706,336
CDSC by Class	Amount
A		$25,540
C		4,112

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 Fund’s 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.

34

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund 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. Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Fund 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, 2022, no 17a-7 transactions were entered into by the Fund.

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, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$1,710,519,310	$1,963,610,365

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2022, 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)
$17,080,339		$	528,512,525		$	545,592,864		$	—			$	—		$	—		—	$13,818
PGIM Institutional Money Market Fund(1)(b)(wa)
253,992,336			1,948,016,558			1,914,517,085			(143,061	)			128,467			287,477,215		287,736,178	62,102(2)
$271,072,675		$	2,476,529,083		$	2,460,109,949		$	(143,061	)		$	128,467		$	287,477,215			$75,920

(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.

PGIM Jennison Growth Fund    35

Notes to Financial Statements  (unaudited) (continued)

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net         Unrealized         Appreciation
$3,670,317,831	$4,287,607,368	$(216,544,615)	$4,071,062,753

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2021 are subject to such review.

7. Capital and Ownership

The Fund 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. 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 Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

36

The RIC is authorized to issue 6,625,000,000 shares of common stock at $0.001 par value per share, 1,897,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

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

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

As of March 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
A		25,415		0.1	%
C		57		0.1	%
R		6,338,900		89.8	%
Z		453,729		0.7	%

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

	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		4		40.9	%

PGIM Jennison Growth Fund    37

Notes to Financial Statements  (unaudited) (continued)

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2022:
Shares sold		1,252,689		$	72,856,473
Shares issued in reinvestment of dividends and distributions		4,512,099			271,808,828
Shares purchased		(2,636,589	)		(152,566,670	)
Net increase (decrease) in shares outstanding before conversion		3,128,199			192,098,631
Shares issued upon conversion from other share class(es)		211,121			12,449,559
Shares purchased upon conversion into other share class(es)		(175,785	)		(9,985,908	)
Net increase (decrease) in shares outstanding		3,163,535		$	194,562,282
Year ended September 30, 2021:
Shares sold		3,290,845		$	198,649,789
Shares issued in reinvestment of dividends and distributions		2,834,142			161,007,610
Shares purchased		(5,236,315	)		(317,149,642	)
Net increase (decrease) in shares outstanding before conversion		888,672			42,507,757
Shares issued upon conversion from other share class(es)		416,899			25,542,629
Shares purchased upon conversion into other share class(es)		(544,310	)		(33,381,286	)
Net increase (decrease) in shares outstanding		761,261		$	34,669,100
Class C
Six months ended March 31, 2022:
Shares sold		260,994		$	10,725,904
Shares issued in reinvestment of dividends and distributions		735,280			30,800,876
Shares purchased		(370,307	)		(14,676,692	)
Net increase (decrease) in shares outstanding before conversion		625,967			26,850,088
Shares issued upon conversion from other share class(es)		459			21,948
Shares purchased upon conversion into other share class(es)		(214,313	)		(8,708,081	)
Net increase (decrease) in shares outstanding		412,113		$	18,163,955
Year ended September 30, 2021:
Shares sold		629,677		$	28,460,383
Shares issued in reinvestment of dividends and distributions		452,114			18,979,738
Shares purchased		(604,479	)		(27,274,442	)
Net increase (decrease) in shares outstanding before conversion		477,312			20,165,679
Shares purchased upon conversion into other share class(es)		(595,304	)		(27,095,197	)
Net increase (decrease) in shares outstanding		(117,992	)	$	(6,929,518	)

38

Share Class	Shares			Amount
Class R
Six months ended March 31, 2022:
Shares sold		368,273		$	16,321,695
Shares issued in reinvestment of dividends and distributions		1,082,946			53,302,609
Shares purchased		(620,864	)		(29,382,417	)
Net increase (decrease) in shares outstanding before conversion		830,355			40,241,887
Shares purchased upon conversion into other share class(es)		(167	)		(10,042	)
Net increase (decrease) in shares outstanding		830,188		$	40,231,845
Year ended September 30, 2021:
Shares sold		648,184		$	32,169,406
Shares issued in reinvestment of dividends and distributions		665,096			31,824,869
Shares purchased		(1,210,978	)		(62,709,560	)
Net increase (decrease) in shares outstanding before conversion		102,302			1,284,715
Shares purchased upon conversion into other share class(es)		(1,621	)		(93,873	)
Net increase (decrease) in shares outstanding		100,681		$	1,190,842
Class Z
Six months ended March 31, 2022:
Shares sold		6,676,374		$	423,046,297
Shares issued in reinvestment of dividends and distributions		7,292,571			493,998,764
Shares purchased		(10,420,373	)		(658,217,021	)
Net increase (decrease) in shares outstanding before conversion		3,548,572			258,828,040
Shares issued upon conversion from other share class(es)		191,527			12,229,933
Shares purchased upon conversion into other share class(es)		(89,270	)		(6,034,060	)
Net increase (decrease) in shares outstanding		3,650,829		$	265,023,913
Year ended September 30, 2021:
Shares sold		13,862,576		$	926,075,850
Shares issued in reinvestment of dividends and distributions		5,040,864			316,616,651
Shares purchased		(20,159,712	)		(1,354,886,887	)
Net increase (decrease) in shares outstanding before conversion		(1,256,272	)		(112,194,386	)
Shares issued upon conversion from other share class(es)		621,857			42,168,005
Shares purchased upon conversion into other share class(es)		(1,948,690	)		(134,464,047	)
Net increase (decrease) in shares outstanding		(2,583,105	)	$	(204,490,428	)

PGIM Jennison Growth Fund    39

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares			Amount
Class R2
Six months ended March 31, 2022:
Shares sold		16,381		$	1,045,730
Shares issued in reinvestment of dividends and distributions		12,223			811,837
Shares purchased		(8,385	)		(487,102	)
Net increase (decrease) in shares outstanding		20,219		$	1,370,465
Year ended September 30, 2021:
Shares sold		14,362		$	970,569
Shares issued in reinvestment of dividends and distributions		6,395			396,338
Shares purchased		(6,689	)		(442,460	)
Net increase (decrease) in shares outstanding		14,068		$	924,447
Class R4
Six months ended March 31, 2022:
Shares sold		28,500		$	1,901,086
Shares issued in reinvestment of dividends and distributions		39,077			2,629,896
Shares purchased		(33,927	)		(2,052,139	)
Net increase (decrease) in shares outstanding		33,650		$	2,478,843
Year ended September 30, 2021:
Shares sold		323,412		$	23,487,506
Shares issued in reinvestment of dividends and distributions		4,169			260,703
Shares purchased		(56,186	)		(3,965,498	)
Net increase (decrease) in shares outstanding		271,395		$	19,782,711

40

Share Class	Shares			Amount
Class R6
Six months ended March 31, 2022:
Shares sold		6,113,264		$	387,517,544
Shares issued in reinvestment of dividends and distributions		1,884,503			128,278,135
Shares purchased		(2,641,310	)		(169,024,197	)
Net increase (decrease) in shares outstanding before conversion		5,356,457			346,771,482
Shares issued upon conversion from other share class(es)		734			45,912
Shares purchased upon conversion into other share class(es)		(164	)		(9,261	)
Net increase (decrease) in shares outstanding		5,357,027		$	346,808,133
Year ended September 30, 2021:
Shares sold		7,646,942		$	514,025,484
Shares issued in reinvestment of dividends and distributions		855,538			53,907,477
Shares purchased		(3,099,870	)		(211,851,645	)
Net increase (decrease) in shares outstanding before conversion		5,402,610			356,081,316
Shares issued upon conversion from other share class(es)		1,835,579			127,335,302
Shares purchased upon conversion into other share class(es)		(152	)		(11,533	)
Net increase (decrease) in shares outstanding		7,238,037		$	483,405,085

8. Borrowings

The RIC, on behalf of the Fund, 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 SCA.

	SCA
Term of Commitment	10/1/2021 – 9/29/2022
Total Commitment	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one- month LIBOR rate or (3) zero percent

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

PGIM Jennison Growth Fund    41

Notes to Financial Statements  (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended March 31, 2022. The average daily balance for the 9 days that the Fund had loans outstanding during the period was approximately $5,294,556, borrowed at a weighted average interest rate of 1.30%. The maximum loan outstanding amount during the period was $12,591,000. At March 31, 2022, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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 Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

42

Growth Style Risk: The Fund’s growth style may subject the Fund 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 Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table of the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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 Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

PGIM Jennison Growth Fund    43

Notes to Financial Statements  (unaudited) (continued)

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s 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. They have also had and may continue to 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 Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

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 Fund.

44

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s 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 Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s 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 Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s 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 Fund’s investment strategies continue to be appropriate given the Fund’s 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 Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

PGIM Jennison Growth Fund    45

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

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 ● Isabelle Sajous, 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 E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. 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
MF168E2

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 17, 2022

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 17, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	May 17, 2022