Prudential Investment Portfolios N-CSR Certified 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, 6th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6th 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:	9/30/2022

Item 1 – Reports to Stockholders

PGIM BALANCED FUND

ANNUAL REPORT

SEPTEMBER 30, 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
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	12
Holdings and Financial Statements	15
Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial companyand 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, 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 annual report for the PGIM Balanced Fund informative and useful. The report covers performance for the 12-month period that ended September 30, 2022.
	The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth and corporate profits remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and

Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns.

After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts by a significant margin. International developed and emerging markets trailed the US market during this time.

Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.

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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Balanced Fund

November 15, 2022

PGIM Balanced Fund    3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 9/30/22
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-19.65	2.30	5.69	—
(without sales charges)	-16.95	2.98	6.04	—
Class C (with sales charges)	-18.32	2.20	5.28	—
(without sales charges)	-17.58	2.20	5.28	—
Class R (without sales charges)	-17.36	2.48	5.68	—
Class Z (without sales charges)	-16.74	3.23	6.33	—
Class R6 (without sales charges)	-16.66	N/A	N/A	2.87 (11/28/2017)
Customized Blend Index
	-16.40	4.29	6.38	—
Bloomberg US Aggregate Bond Index
	-14.60	-0.27	0.89	—
S&P 500 Index
	-15.46	9.24	11.70	—

Average Annual Total Returns as of 9/30/22 Since Inception (%)
	Class R6 (11/28/2017)
Customized Blend Index	3.84
Bloomberg US Aggregate Bond Index	-0.27
S&P 500 Index	8.37

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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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Customized Blend Index and the S&P 500 Index by portraying the initial account values at the beginning of the 10-year period (September 30, 2012) and the account values at the end of the current fiscal year (September 30, 2022), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Balanced Fund    5

Your Fund’s Performance (continued)

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 US 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.

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*The S&P 500 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 9/30/22

Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	2.8%
Microsoft Corp.	Software	2.6%
U.S. Treasury Bonds, 2.250%, 05/15/41	U.S. Treasury Obligations	2.0%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.2%
Tesla, Inc.	Automobiles	1.1%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.9%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	0.9%
U.S. Treasury Bonds, 2.500%, 02/15/46	U.S. Treasury Obligations	0.9%
UnitedHealth Group, Inc.	Health Care Providers & Services	0.8%
Federal National Mortgage Assoc., 4.500%, TBA	U.S. Government Agency Obligations	0.8%

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

PGIM Balanced Fund    7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Balanced Fund’s Class Z shares returned –16.74% in the 12-month reporting period that ended September 30, 2022, underperforming the –16.40% return of the Customized Blend Index (the Index). The Index consists of the S&P 500 Index (44%), the Bloomberg US Aggregate Bond Index (40%), the Russell 2000 Index (4%), and the MSCI ACWI ex US Index (12%).

What were the market conditions?

· During the reporting period, high inflation caused central banks around the world to do a U-turn and aggressively tighten policy, resulting in sharp declines among both equity and bond markets. Markets experienced one of the worst periods for 60/40 portfolios in history, with the S&P 500 Index down 15.46% and the Bloomberg US Bond Aggregate Index falling 14.60%.

· Aggressive monetary policy tightening, sky-high energy prices in Europe, high inflation, and heightened geopolitical risk all raised the specter of a global recession.

· The US economy suffered two consecutive quarters of negative GDP growth during the first half of 2022, although PGIM Quantitative Solutions believes these negative numbers could be revised upward. For this and other reasons, PGIM Quantitative Solutions does not expect 2022 to constitute an “official” US recession.

· The eurozone economy wilted under the pressure of rising natural gas and electricity prices, stemming from the disruption of Russia’s ongoing war in Ukraine. More dire outcomes are possible should Russia permanently cut off gas flows to the eurozone.

· Following the sharp pullback during the first half of 2022, global equity markets staged a partial recovery at the start of the third quarter but generally gave back most of their gains by the end of the period, as inflation failed to decline as expected, and central banks became increasingly hawkish.

What worked?

· Asset allocation contributed positively to performance during the reporting period. The Fund held an overweight to equities relative to their strategic allocation in the fourth quarter of 2021 as stocks rose almost 9%. Timely shifts during the first nine months of 2022 also had a minor positive impact on relative performance.

· Performance relative to the S&P 500 Index within the large-cap US equity segment of the Fund benefited from a tilt toward stocks that were comparatively inexpensive relative to industry peers, represented in the Fund’s value factors. To a lesser extent, growth and quality factors also contributed positively.

· Relative performance within the small-cap US equity segment of the Fund benefited from a tilt toward comparatively inexpensive, high-quality stocks with improving growth prospects. Relative valuation was the chief positive contributor during the period.

· In the international equity segment of the Fund, value factors worked especially well for the trailing 12 months and were the predominant drivers of the Fund’s relatively

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strong performance. Relative returns benefited from favoring reasonably priced energy and consumer staples names, and from avoiding expensive names in communication services, particularly in Korea and Singapore. Growth measures also contributed positively; however, their impact proved much more muted.

· In terms of markets, China contributed the strongest returns, driven by broadly effective stock selection and an overweight in energy—China’s only positive sector in absolute terms.

· On a sector basis, the best relative performers were information technology and utilities.

· Within the fixed income segment, the Fund’s yield curve positioning, principally along the US Treasury yield curve, added to performance. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

· Based on spread duration positioning, an underweight in mortgage-backed securities (MBS), including/collateralized mortgage obligations (CMOs), also contributed positively to the fixed income segment. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

What didn’t work?

· Within the large-cap US equity segment of the Fund, stock selection in the consumer discretionary sector lagged the S&P 500 Index during the reporting period.

· The small-cap US equity segment of the Fund underperformed the Russell 2000 Index in the real estate sector.

· Within the international equity segment of the Fund, quality and top-down measures struggled, particularly since the top- and bottom-ranked names were the worst and best performers, respectively, in each component. A tilt to high-quality industrials and materials names, and away from low-quality consumer discretionary and energy names, hurt performance. On a top-down basis, losses were driven by an overweight among highly ranked names in consumer staples, financials, and healthcare, and an underweight among bottom-ranked names in financials in South Korea.

· By market, underperformance was driven by positions in the UK, primarily due to an underweight to materials and stock selection in consumer discretionary; and in Russia, where a modest tilt proved detrimental when Russian securities were valued at close to zero in the wake of the country’s invasion of Ukraine.

· The materials and financials sectors detracted the most.

· The fixed income segment of the Fund underperformed the Bloomberg US Aggregate Bond Index during the period. Sector allocation within this segment detracted from performance, with allocations to high yield corporate bonds, commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs), emerging market debt, bank loans, agency securities, and municipal securities hurting returns.

PGIM Balanced Fund    9

Strategy and Performance Overview* (continued)

· Security selection in the fixed income segment of the Fund also undermined relative performance, particularly within investment-grade corporates, emerging market debt, and high yield. In the corporate sector, the Fund’s positions in healthcare and pharmaceuticals detracted from returns.

· The largest detractor within fixed income was a position in the Republic of Ukraine in emerging markets.

Did the Fund use derivatives?

· The Fund used S&P 500 equity futures to equitize cash positions and for liquidity purposes. This exposure had a small negative impact on the Fund’s performance during the reporting period.

· The US equity sleeves did not hold any derivatives. The international equity sleeve held derivatives, which were used to maintain exposure to equities and provide portfolio liquidity. The futures were fully collateralized and had minimal impact on performance.

· The Fund’s fixed income sleeve uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Over the period, futures and swaps hurt Fund performance, while options had a positive impact. In addition, the Fund traded foreign exchange derivatives, which added to performance.

Current outlook

· PGIM Quantitative Solutions doubts the US will make it through the ongoing interest rate hiking cycle without a recession, especially given the current high level of inflation and the low unemployment rate, but sees little evidence that a recession is imminent and thinks the recession could occur later rather than sooner.

· The inflation problem might not be easily solved, but central banks are laser beam focused on trying to stem it by aggressively hiking interest rates, even at the risk of creating substantial economic pain. The US Federal Reserve (Fed) has signaled that it intends to do whatever it takes to bring inflation down.

· China’s economy continues to be hobbled by ongoing COVID-19 restrictions and its real estate bust (and associated deleveraging). A host of structural problems (political, economic, geopolitical, and demographic) plague China’s long-term growth prospects.

· Monetary tightening works, in part, by tightening financial conditions, and the Fed has indicated that tight financial conditions (i.e., risk-off markets and higher rates) are a feature, not a bug, of their current policy stance.

· Given this environment, PGIM Quantitative Solutions maintains cautious tactical positioning on asset allocation relative to policy benchmarks; the Fund holds overweight exposure to cash and modestly underweight exposure to global equities.

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· While equities have already experienced the type of declines one might expect from a mild recession, still-larger declines are a real possibility given the odds of monetary policy over-tightening (and thus more significant economic contraction) in the current inflationary environment.

· On the brighter side, longer-term value in financial markets is being restored as interest rates rise, and stock valuations fall. The typical 60/40 balanced portfolio based on global equities and global bonds has seen a substantially improved long-term return profile given the recent carnage.

· Have equity valuations adjusted downward too much? A good case can be made for this proposition outside the US, where a host of developed and emerging market countries are trading at what appear to be bargain-basement prices.

· Valuations have improved in the US as well, but the equity market remains expensive on a historical basis and relative to other countries.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

PGIM Balanced Fund    11

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 September 30, 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

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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     April 1, 2022	Ending Account Value     September 30, 2022	Annualized Expense Ratio Based on the     Six-Month Period	Expenses Paid     During the Six-Month Period*
Class A	Actual	$1,000.00	$   830.40	1.00%	$4.59
	Hypothetical	$1,000.00	$1,020.05	1.00%	$5.06
Class C	Actual	$1,000.00	$   827.00	1.80%	$8.24
	Hypothetical	$1,000.00	$1,016.04	1.80%	$9.10
Class R	Actual	$1,000.00	$   828.40	1.47%	$6.74
	Hypothetical	$1,000.00	$1,017.70	1.47%	$7.44
Class Z	Actual	$1,000.00	$   831.60	0.77%	$3.54
	Hypothetical	$1,000.00	$1,021.21	0.77%	$3.90
Class R6	Actual	$1,000.00	$   831.80	0.65%	$2.98
	Hypothetical	$1,000.00	$1,021.81	0.65%	$3.29

* 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 183 days in the six-month period ended September 30, 2022, and divided by the 365 days in the Fund’s fiscal year ended 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.

PGIM Balanced Fund    13

Schedule of Investments

as of September 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS     98.6%
COMMON STOCKS     57.5%
Aerospace & Defense     1.0%
AerSale Corp.*		3,700	$	68,598
BAE Systems PLC (United Kingdom)		13,340		117,211
Bharat Electronics Ltd. (India)		41,076		50,653
General Dynamics Corp.		7,500		1,591,275
Howmet Aerospace, Inc.		23,200		717,576
Lockheed Martin Corp.		4,277		1,652,163
Maxar Technologies, Inc.		4,200		78,624
Moog, Inc. (Class A Stock)		1,700		119,595
Northrop Grumman Corp.		3,300		1,552,056
Parsons Corp.*		1,400		54,880
Raytheon Technologies Corp.		15,557		1,273,496
Thales SA (France)		378		41,653
TransDigm Group, Inc.		3,400		1,784,388
V2X, Inc.*		1,480		52,392
				9,154,560
Air Freight & Logistics     0.3%
FedEx Corp.		15,600		2,316,132
Hub Group, Inc. (Class A Stock)*		1,500		103,470
Radiant Logistics, Inc.*		7,939		45,173
				2,464,775
Airlines     0.3%
Alaska Air Group, Inc.*		48,900		1,914,435
Frontier Group Holdings, Inc.*		3,000		29,100
SkyWest, Inc.*		3,560		57,885
Southwest Airlines Co.*		18,100		558,204
Turk Hava Yollari AO (Turkey)*		11,319		42,978
				2,602,602
Auto Components     0.2%
Adient PLC*		6,700		185,925
American Axle & Manufacturing Holdings, Inc.*		16,300		111,329
BorgWarner, Inc.		40,900		1,284,260
Goodyear Tire & Rubber Co. (The)*		14,200		143,278
Hyundai Mobis Co. Ltd. (South Korea)		325		42,901
Visteon Corp.*		2,100		222,726
				1,990,419

See Notes to Financial Statements.

PGIM Balanced Fund    15

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles     1.9%
Astra International Tbk PT (Indonesia)		1,288,500	$	557,598
BYD Co. Ltd. (China) (Class H Stock)		25,000		615,889
Ferrari NV (Italy)		286		52,963
Ford Motor Co.		176,100		1,972,320
Ford Otomotiv Sanayi A/S (Turkey)		24,047		423,614
General Motors Co.		17,000		545,530
Kia Corp. (South Korea)		11,671		580,889
Mahindra & Mahindra Ltd. (India)		28,930		447,601
Mazda Motor Corp. (Japan)		9,400		62,417
Mercedes-Benz Group AG (Germany)		4,002		202,369
Stellantis NV		54,290		641,298
Suzuki Motor Corp. (Japan)		7,500		233,476
Tesla, Inc.*		37,400		9,920,350
Toyota Motor Corp. (Japan)		8,270		108,093
				16,364,407
Banks     3.5%
Amalgamated Financial Corp.		2,000		45,100
Ameris Bancorp		2,400		107,304
Associated Banc-Corp.		2,200		44,176
Banc of California, Inc.		5,500		87,835
Banco do Brasil SA (Brazil)		93,600		667,165
Bank Hapoalim BM (Israel)		15,035		126,917
Bank Leumi Le-Israel BM (Israel)		73,952		631,607
Bank Mandiri Persero Tbk PT (Indonesia)		181,000		111,141
Bank of America Corp.		97,600		2,947,520
Bank of Chengdu Co. Ltd. (China) (Class A Stock)		51,300		117,256
Bank of China Ltd. (China) (Class H Stock)		1,183,000		386,362
Bank of Communications Co. Ltd. (China) (Class H Stock)		221,000		116,506
Bank of Georgia Group PLC (Georgia)		10,814		238,073
Bank of Jiangsu Co. Ltd. (China) (Class A Stock)		152,200		158,073
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,698		87,577
BankUnited, Inc.		1,300		44,421
Barclays PLC (United Kingdom)		401,218		638,392
Cathay General Bancorp		2,100		80,766
China CITIC Bank Corp. Ltd. (China) (Class H Stock)		120,000		47,621
China Construction Bank Corp. (China) (Class H Stock)		1,503,000		867,535
Citigroup, Inc.		53,800		2,241,846
Citizens Financial Group, Inc.		49,000		1,683,640
Civista Bancshares, Inc.		1,400		29,064
CNB Financial Corp.		4,876		114,927
Coastal Financial Corp.*		800		31,792
Customers Bancorp, Inc.*		1,360		40,093
DBS Group Holdings Ltd. (Singapore)		39,900		923,021

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
DGB Financial Group, Inc. (South Korea)		18,914	$	91,703
DNB Bank ASA (Norway)		36,442		578,264
Eastern Bankshares, Inc.		1,000		19,640
Enterprise Financial Services Corp.		700		30,828
Eurobank Ergasias Services and Holdings SA (Greece)*		62,738		52,368
Financial Institutions, Inc.		6,552		157,707
First BanCorp. (Puerto Rico)		17,000		232,560
First Commonwealth Financial Corp.		2,800		35,952
First Financial Bancorp		800		16,864
First Internet Bancorp		4,688		158,736
Fulton Financial Corp.		800		12,640
Haci Omer Sabanci Holding A/S (Turkey)		380,002		527,153
Hana Financial Group, Inc. (South Korea)		21,901		537,779
Hancock Whitney Corp.		5,500		251,955
Hanmi Financial Corp.		1,200		28,416
Heartland Financial USA, Inc.		4,780		207,261
Hope Bancorp, Inc.		2,620		33,117
Horizon Bancorp, Inc.		3,300		59,268
HSBC Holdings PLC (United Kingdom)		29,722		153,896
Industrial & Commercial Bank of China Ltd. (China) (Class H Stock)		209,000		98,043
Industrial Bank Co. Ltd. (China) (Class A Stock)		68,600		159,321
Israel Discount Bank Ltd. (Israel) (Class A Stock)		8,148		41,028
JPMorgan Chase & Co.		28,624		2,991,208
KB Financial Group, Inc. (South Korea)		19,192		579,570
Lloyds Banking Group PLC (United Kingdom)		1,485,064		671,232
M&T Bank Corp.		1,400		246,848
Metropolitan Bank Holding Corp.*		1,200		77,232
MidWestOne Financial Group, Inc.		4,483		122,341
NatWest Group PLC (United Kingdom)		228,837		569,970
Nordea Bank Abp (Finland)		46,282		396,092
OceanFirst Financial Corp.		4,700		87,608
OFG Bancorp (Puerto Rico)		10,487		263,538
Old National Bancorp		3,700		60,939
Old Second Bancorp, Inc.		4,418		57,655
Origin Bancorp, Inc.		800		30,776
Orrstown Financial Services, Inc.		787		18,825
Oversea-Chinese Banking Corp. Ltd. (Singapore)		60,400		494,911
Peoples Bancorp, Inc.		400		11,572
Primis Financial Corp.		3,180		38,573
QCR Holdings, Inc.		1,873		95,411
RBB Bancorp		2,000		41,560
Renasant Corp.		1,000		31,280
Royal Bank of Canada (Canada)		900		81,032

See Notes to Financial Statements.

PGIM Balanced Fund    17

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
S&T Bancorp, Inc.		300	$	8,793
Sberbank of Russia PJSC (Russia)*^		202,510		—
Shinhan Financial Group Co. Ltd. (South Korea)		4,584		106,482
Simmons First National Corp. (Class A Stock)		1,700		37,043
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		8,018		76,418
Swedbank AB (Sweden) (Class A Stock)		43,091		565,602
Towne Bank		1,500		40,245
Truist Financial Corp.		47,400		2,063,796
Turkiye Is Bankasi A/S (Turkey) (Class C Stock)		558,106		224,759
U.S. Bancorp		2,700		108,864
Valley National Bancorp		11,260		121,608
Wells Fargo & Co.		107,920		4,340,542
WesBanco, Inc.		1,000		33,370
Woori Financial Group, Inc. (South Korea)		5,229		38,805
				30,834,729
Beverages    1.2%
Coca-Cola Co. (The)		85,400		4,784,108
Coca-Cola Consolidated, Inc.		340		139,988
Heineken Holding NV (Netherlands)		609		41,691
Heineken NV (Netherlands)		1,296		113,181
National Beverage Corp.		2,360		90,955
PepsiCo, Inc.		30,100		4,914,126
				10,084,049
Biotechnology    1.6%
AbbVie, Inc.		17,505		2,349,346
Agenus, Inc.*		52,100		106,805
Alkermes PLC*		4,500		100,485
Amgen, Inc.		800		180,320
Catalyst Pharmaceuticals, Inc.*		20,720		265,838
Cerevel Therapeutics Holdings, Inc.*		4,900		138,474
Chongqing Zhifei Biological Products Co. Ltd. (China) (Class A Stock)		13,300		160,481
Daan Gene Co. Ltd. (China) (Class A Stock)		18,400		42,648
Eagle Pharmaceuticals, Inc.*		3,480		91,942
Eiger BioPharmaceuticals, Inc.*		7,600		57,228
Emergent BioSolutions, Inc.*		4,964		104,194
Exact Sciences Corp.*		4,000		129,960
Forma Therapeutics Holdings, Inc.*		1,500		29,925
Geron Corp.*		23,200		54,288
Gilead Sciences, Inc.		43,289		2,670,498
Horizon Therapeutics PLC*		9,200		569,388

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
ImmunoGen, Inc.*		30,300	$	144,834
Immunovant, Inc.*		4,400		24,552
Insmed, Inc.*		9,700		208,938
IVERIC bio, Inc.*		700		12,558
Karuna Therapeutics, Inc.*		170		38,238
Keros Therapeutics, Inc.*		1,000		37,620
Kodiak Sciences, Inc.*		1,600		12,384
Kronos Bio, Inc.*		4,400		14,740
Mersana Therapeutics, Inc.*		2,400		16,224
MiMedx Group, Inc.*		4,200		12,054
Mirum Pharmaceuticals, Inc.*		7,700		161,777
Moderna, Inc.*		9,400		1,111,550
Organogenesis Holdings, Inc.*		27,400		88,776
PTC Therapeutics, Inc.*		6,180		310,236
Regeneron Pharmaceuticals, Inc.*		1,000		688,870
United Therapeutics Corp.*		3,100		649,078
Vanda Pharmaceuticals, Inc.*		15,877		156,865
Vaxcyte, Inc.*		2,100		50,400
Veracyte, Inc.*		10,400		172,640
Vertex Pharmaceuticals, Inc.*		9,300		2,692,722
Vir Biotechnology, Inc.*		4,400		84,832
				13,741,708
Building Products    0.1%
Cie de Saint-Gobain (France)		16,995		607,667
Griffon Corp.		2,500		73,800
Inwido AB (Sweden)		5,973		46,972
Nibe Industrier AB (Sweden) (Class B Stock)		11,388		101,583
Resideo Technologies, Inc.*		2,900		55,274
UFP Industries, Inc.		3,277		236,468
				1,121,764
Capital Markets    1.3%
3i Group PLC (United Kingdom)		19,603		235,382
Ameriprise Financial, Inc.		1,000		251,950
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		6,058		112,324
Bank of New York Mellon Corp. (The)		12,100		466,092
BGC Partners, Inc. (Class A Stock)		28,000		87,920
Brookfield Asset Management, Inc. (Canada) (Class A Stock)		7,900		323,183
Charles Schwab Corp. (The)		16,500		1,185,855
Deutsche Bank AG (Germany)		38,909		288,081
Goldman Sachs Group, Inc. (The)		13,510		3,959,105
Macquarie Group Ltd. (Australia)		5,854		571,118

See Notes to Financial Statements.

PGIM Balanced Fund    19

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Morgan Stanley		18,300	$	1,445,883
Onex Corp. (Canada)		6,800		311,904
Piper Sandler Cos.		1,100		115,214
Raymond James Financial, Inc.		2,700		266,814
State Street Corp.		3,600		218,916
StoneX Group, Inc.*		700		58,058
TMX Group Ltd. (Canada)		500		45,991
UBS Group AG (Switzerland)		36,035		522,794
Virtu Financial, Inc. (Class A Stock)		18,300		380,091
Virtus Investment Partners, Inc.		740		118,045
				10,964,720
Chemicals    0.8%
AdvanSix, Inc.		4,300		138,030
Avient Corp.		300		9,090
Cabot Corp.		1,100		70,279
Chemours Co. (The)		4,200		103,530
China BlueChemical Ltd. (China) (Class H Stock)		418,000		86,397
Dow, Inc.		15,700		689,701
Ecovyst, Inc.*		11,600		97,904
Elkem ASA (Norway), 144A*		60,536		194,542
Koppers Holdings, Inc.		500		10,390
Kronos Worldwide, Inc.		4,700		43,898
Kumho Petrochemical Co. Ltd. (South Korea)		3,113		249,235
Livent Corp.*		7,900		242,135
Lotte Chemical Titan Holding Bhd (Malaysia), 144A		295,000		85,164
LyondellBasell Industries NV (Class A Stock)		29,100		2,190,648
Minerals Technologies, Inc.		900		44,469
Nutrien Ltd. (Canada)		2,900		241,850
Olin Corp.		17,100		733,248
Orion Engineered Carbons SA (Germany)		2,160		28,836
Petronas Chemicals Group Bhd (Malaysia)		311,400		560,015
SABIC Agri-Nutrients Co. (Saudi Arabia)		16,329		678,300
Sahara International Petrochemical Co. (Saudi Arabia)		3,200		34,991
Sasol Ltd. (South Africa)		2,976		46,550
Saudi Basic Industries Corp. (Saudi Arabia)		4,585		107,298
Shin-Etsu Chemical Co. Ltd. (Japan)		500		49,478
Tronox Holdings PLC (Class A Stock)		2,600		31,850
Valhi, Inc.		1,300		32,708
Westlake Corp.		1,700		147,696
Yara International ASA (Brazil)		1,000		35,095
				6,983,327

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies    0.3%
BrightView Holdings, Inc.*		4,500	$	35,730
Brink’s Co. (The)		200		9,688
CoreCivic, Inc.*		5,000		44,200
Harsco Corp.*		8,900		33,286
Interface, Inc.		2,700		24,273
Matthews International Corp. (Class A Stock)		500		11,205
Securitas AB (Sweden) (Class B Stock)		4,893		33,967
SP Plus Corp.*		1,900		59,508
Waste Management, Inc.		13,800		2,210,898
				2,462,755
Communications Equipment    0.7%
Arista Networks, Inc.*		10,300		1,162,767
Aviat Networks, Inc.*		400		10,952
Calix, Inc.*		4,300		262,902
Cisco Systems, Inc.		98,637		3,945,480
Extreme Networks, Inc.*		2,100		27,447
NetScout Systems, Inc.*		4,659		145,920
Nokia OYJ (Finland)		144,722		621,300
				6,176,768
Construction & Engineering    0.1%
API Group Corp.*		5,300		70,331
Arcadis NV (Netherlands)		3,302		107,468
Dycom Industries, Inc.*		300		28,659
Eiffage SA (France)		480		38,493
EMCOR Group, Inc.		2,950		340,666
Greentown Management Holdings Co. Ltd. (China), 144A		228,000		192,855
Koninklijke BAM Groep NV (Netherlands)*		21,138		51,935
Metallurgical Corp. of China Ltd. (China) (Class A Stock)		134,100		55,914
Primoris Services Corp.		2,300		37,375
Sterling Infrastructure, Inc.*		3,000		64,410
Vinci SA (France)		2,664		215,413
				1,203,519
Construction Materials    0.2%
Eagle Materials, Inc.		13,000		1,393,340
Summit Materials, Inc. (Class A Stock)*		5,300		126,988
				1,520,328

See Notes to Financial Statements.

PGIM Balanced Fund    21

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Finance     0.3%
Atlanticus Holdings Corp.*		400	$	10,492
Bread Financial Holdings, Inc.		1,200		37,740
Capital One Financial Corp.		24,100		2,221,297
Enova International, Inc.*		6,400		187,328
LendingClub Corp.*		7,400		81,770
Navient Corp.		5,300		77,857
Oportun Financial Corp.*		2,300		10,051
Synchrony Financial		14,100		397,479
				3,024,014
Containers & Packaging     0.3%
Greif, Inc. (Class A Stock)		4,080		243,046
International Paper Co.		11,800		374,060
O-I Glass, Inc.*		2,300		29,785
Pactiv Evergreen, Inc.		5,900		51,507
Westrock Co.		62,400		1,927,536
				2,625,934
Diversified Consumer Services     0.1%
Laureate Education, Inc. (Class A Stock)		16,200		170,910
MegaStudyEdu Co. Ltd. (South Korea)		5,055		250,972
PowerSchool Holdings, Inc. (Class A Stock)*		2,300		38,387
Stride, Inc.*		400		16,812
Universal Technical Institute, Inc.*		8,100		44,064
Vivint Smart Home, Inc.*		3,200		21,056
				542,201
Diversified Financial Services     0.6%
Berkshire Hathaway, Inc. (Class B Stock)*		17,074		4,559,099
Cannae Holdings, Inc.*		1,380		28,511
ECN Capital Corp. (Canada)		72,100		238,533
Element Fleet Management Corp. (Canada)		44,800		528,642
Jackson Financial, Inc. (Class A Stock)		4,700		130,425
				5,485,210
Diversified Telecommunication Services     0.8%
AT&T, Inc.		149,900		2,299,466
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		251,337		410,859
China Tower Corp. Ltd. (China) (Class H Stock), 144A		1,232,000		131,629
Deutsche Telekom AG (Germany)		28,306		481,816
Koninklijke KPN NV (Netherlands)		182,484		493,868

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services (cont’d.)
Liberty Latin America Ltd. (Chile) (Class A Stock)*		11,800	$	73,042
Liberty Latin America Ltd. (Chile) (Class C Stock)*		18,500		113,775
Ooredoo QPSC (Qatar)		37,584		91,594
Spark New Zealand Ltd. (New Zealand)		13,780		38,553
Telekom Malaysia Bhd (Malaysia)		33,600		39,526
Verizon Communications, Inc.		80,940		3,073,292
				7,247,420
Electric Utilities     0.8%
ALLETE, Inc.		1,500		75,075
Avangrid, Inc.		15,000		625,500
Centrais Eletricas Brasileiras SA (Brazil)		5,600		44,722
CESC Ltd. (India)		152,880		144,444
CPFL Energia SA (Brazil)		28,200		176,487
Edison International		38,700		2,189,646
Exelon Corp.		59,088		2,213,437
FirstEnergy Corp.		2,900		107,300
Inter RAO UES PJSC (Russia)^		4,433,000		7
Otter Tail Corp.		2,980		183,330
Power Grid Corp. of India Ltd. (India)		275,515		715,377
SSE PLC (United Kingdom)		31,320		528,870
				7,004,195
Electrical Equipment     0.3%
Atkore, Inc.*		3,160		245,880
AZZ, Inc.		1,200		43,812
Bloom Energy Corp. (Class A Stock)*		2,500		49,975
Encore Wire Corp.		1,980		228,769
Fujikura Ltd. (Japan)		43,200		257,662
Hubbell, Inc.		7,600		1,694,800
Idec Corp. (Japan)		2,500		50,668
LG Energy Solution Ltd. (South Korea)*		147		43,344
TBEA Co. Ltd. (China) (Class A Stock)		42,500		128,161
				2,743,071
Electronic Equipment, Instruments & Components     0.4%
Belden, Inc.		2,200		132,044
BH Co. Ltd. (South Korea)		3,068		54,421
Citizen Watch Co. Ltd. (Japan)		14,000		58,424
Compeq Manufacturing Co. Ltd. (Taiwan)		198,000		280,299
Corning, Inc.		14,400		417,888
Daeduck Electronics Co. Ltd./New (South Korea)		2,626		38,474

See Notes to Financial Statements.

PGIM Balanced Fund    23

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
ePlus, Inc.*		1,460	$	60,648
Gold Circuit Electronics Ltd. (Taiwan)		37,900		110,284
Hamamatsu Photonics KK (Japan)		2,300		98,583
Hon Hai Precision Industry Co. Ltd. (Taiwan)		64,000		204,935
Insight Enterprises, Inc.*		500		41,205
Jabil, Inc.		9,700		559,787
LG Innotek Co. Ltd. (South Korea)		1,784		336,258
PC Connection, Inc.		1,000		45,090
Sanmina Corp.*		5,680		261,734
ScanSource, Inc.*		6,980		184,342
Sensirion Holding AG (Switzerland), 144A*		1,798		146,374
TTM Technologies, Inc.*		2,400		31,632
Unimicron Technology Corp. (Taiwan)		28,000		102,500
				3,164,922
Energy Equipment & Services     0.2%
Bristow Group, Inc.*		1,500		35,235
Halliburton Co.		46,000		1,132,520
Liberty Energy, Inc. (Class A Stock)*		6,600		83,688
Newpark Resources, Inc.*		17,100		43,092
NexTier Oilfield Solutions, Inc.*		1,700		12,580
ProPetro Holding Corp.*		11,900		95,795
RPC, Inc.		1,900		13,167
Select Energy Services, Inc. (Class A Stock)*		16,600		115,702
Solaris Oilfield Infrastructure, Inc. (Class A Stock)		4,900		45,864
TETRA Technologies, Inc.*		16,400		58,876
U.S. Silica Holdings, Inc.*		4,100		44,895
				1,681,414
Entertainment     0.6%
37 Interactive Entertainment Network Technology Group Co. Ltd. (China) (Class A Stock)		36,600		88,944
Activision Blizzard, Inc.		5,780		429,685
GungHo Online Entertainment, Inc. (Japan)		17,700		271,900
Lions Gate Entertainment Corp. (Class A Stock)*		9,700		72,071
Lions Gate Entertainment Corp. (Class B Stock)*		14,100		97,995
Marcus Corp. (The)		1,200		16,668
Mixi, Inc. (Japan)		3,300		52,384
NetEase, Inc. (China)		11,000		165,984
Spotify Technology SA*		3,000		258,900
Tencent Music Entertainment Group (China), ADR*		10,000		40,600
Walt Disney Co. (The)*		35,000		3,301,550

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Entertainment (cont’d.)
Warner Bros. Discovery, Inc.*		64,600	$	742,900
Webzen, Inc. (South Korea)*		4,560		46,703
				5,586,284
Equity Real Estate Investment Trusts (REITs)     1.2%
Acadia Realty Trust		2,100		26,502
American Assets Trust, Inc.		700		18,004
American Tower Corp.		800		171,760
Americold Realty Trust, Inc.		17,000		418,200
Apple Hospitality REIT, Inc.		19,200		269,952
Artis Real Estate Investment Trust (Canada)		26,600		182,745
Braemar Hotels & Resorts, Inc.		3,900		16,770
Chatham Lodging Trust*		4,800		47,376
City Office REIT, Inc.		2,200		21,934
DiamondRock Hospitality Co.		25,600		192,256
Diversified Healthcare Trust		47,600		47,129
Douglas Emmett, Inc.		6,400		114,752
EPR Properties		8,900		319,154
Equinix, Inc.		1,300		739,492
Franklin Street Properties Corp.		15,921		41,872
Goodman Group (Australia)		51,999		525,544
Hersha Hospitality Trust (Class A Stock)		7,600		60,648
Highwoods Properties, Inc.		15,200		409,792
Host Hotels & Resorts, Inc.		36,700		582,796
Hudson Pacific Properties, Inc.		20,400		223,380
Kilroy Realty Corp.		8,600		362,146
Kite Realty Group Trust		8,000		137,760
Klepierre SA (France)*		2,160		37,552
National Health Investors, Inc.		3,100		175,243
Paramount Group, Inc.		14,500		90,335
Park Hotels & Resorts, Inc.		77,400		871,524
Pebblebrook Hotel Trust		10,500		152,355
Piedmont Office Realty Trust, Inc. (Class A Stock)		12,660		133,690
Public Storage		4,100		1,200,521
RLJ Lodging Trust		13,800		139,656
Ryman Hospitality Properties, Inc.		2,400		176,616
Safestore Holdings PLC (United Kingdom)		14,913		138,791
Service Properties Trust		35,800		185,802
Simon Property Group, Inc.		1,800		161,550
Ventas, Inc.		25,700		1,032,369
Weyerhaeuser Co.		33,500		956,760
Xenia Hotels & Resorts, Inc.		14,500		199,955
				10,582,683

See Notes to Financial Statements.

PGIM Balanced Fund    25

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Food & Staples Retailing     0.7%
Albertson’s Cos., Inc. (Class A Stock)		81,300	$	2,021,118
Alimentation Couche-Tard, Inc. (Canada)		16,200		652,175
Andersons, Inc. (The)		500		15,515
Cencosud SA (Chile)		88,350		111,748
Coles Group Ltd. (Australia)		6,612		69,706
Costco Wholesale Corp.		3,600		1,700,172
Koninklijke Ahold Delhaize NV (Netherlands)		28,613		728,814
Loblaw Cos. Ltd. (Canada)		8,100		641,386
Metro, Inc. (Canada)		1,200		60,089
Sonae SGPS SA (Portugal)		46,873		37,806
Sprouts Farmers Market, Inc.*		500		13,875
United Natural Foods, Inc.*		5,600		192,472
Woolworths Group Ltd. (Australia)		5,918		128,602
				6,373,478
Food Products     1.1%
Archer-Daniels-Midland Co.		23,500		1,890,575
Bunge Ltd.		6,600		544,962
First Pacific Co. Ltd. (Indonesia)		836,000		254,194
Indofood Sukses Makmur Tbk PT (Indonesia)		702,600		277,612
JBS SA		111,800		523,109
Kraft Heinz Co. (The)		9,400		313,490
Mowi ASA (Norway)		1,980		25,185
Nestle SA		7,993		864,501
Pilgrim’s Pride Corp.*		44,500		1,024,390
Post Holdings, Inc.*		8,800		720,808
TreeHouse Foods, Inc.*		4,700		199,374
Tyson Foods, Inc. (Class A Stock)		36,800		2,426,224
Vital Farms, Inc.*		2,900		34,713
WH Group Ltd. (Hong Kong), 144A		70,000		44,026
Wilmar International Ltd. (China)		235,600		626,787
				9,769,950
Gas Utilities     0.1%
Beijing Enterprises Holdings Ltd. (China)		46,000		128,918
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		650		26,455
GAIL India Ltd. (India)		245,105		260,491
New Jersey Resources Corp.		500		19,350
Northwest Natural Holding Co.		2,600		112,788
Spire, Inc.		300		18,699
UGI Corp.		6,600		213,378
				780,079

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies     1.2%
Abbott Laboratories		32,820	$	3,175,663
Avanos Medical, Inc.*		5,000		108,900
Axonics, Inc.*		600		42,264
Baxter International, Inc.		15,200		818,672
Becton, Dickinson & Co.		500		111,415
Edwards Lifesciences Corp.*		18,900		1,561,707
Haemonetics Corp.*		1,500		111,045
Integer Holdings Corp.*		3,100		192,913
iRhythm Technologies, Inc.*		1,400		175,392
Jeol Ltd. (Japan)		1,400		45,958
Lantheus Holdings, Inc.*		4,400		309,452
Medtronic PLC		30,800		2,487,100
Merit Medical Systems, Inc.*		4,500		254,295
Shockwave Medical, Inc.*		970		269,728
STAAR Surgical Co.*		2,900		204,595
Zimmer Biomet Holdings, Inc.		3,600		376,380
				10,245,479
Health Care Providers & Services     2.1%
AdaptHealth Corp.*		1,300		24,414
Alignment Healthcare, Inc.*		14,700		174,048
Aveanna Healthcare Holdings, Inc.*		17,200		25,800
Bangkok Chain Hospital PCL (Thailand)		264,300		124,411
Centene Corp.*		2,400		186,744
Cigna Corp.		12,200		3,385,134
CorVel Corp.*		800		110,744
CVS Health Corp.		38,100		3,633,597
Elevance Health, Inc.		5,000		2,271,200
Ensign Group, Inc. (The)		1,880		149,460
McKesson Corp.		700		237,909
ModivCare, Inc.*		100		9,968
National HealthCare Corp.		200		12,668
OPKO Health, Inc.*		19,660		37,157
Privia Health Group, Inc.*		5,900		200,954
Progyny, Inc.*		3,900		144,534
Select Medical Holdings Corp.		1,734		38,321
Sonic Healthcare Ltd. (Australia)		22,605		440,915
UnitedHealth Group, Inc.		13,260		6,696,831
				17,904,809
Health Care Technology     0.1%
Allscripts Healthcare Solutions, Inc.*		800		12,184
Computer Programs & Systems, Inc.*		2,600		72,488

See Notes to Financial Statements.

PGIM Balanced Fund    27

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Technology (cont’d.)
Evolent Health, Inc. (Class A Stock)*		4,200	$	150,906
Multiplan Corp.*		32,100		91,806
NextGen Healthcare, Inc.*		6,975		123,457
				450,841
Hotels, Restaurants & Leisure     1.2%
Accel Entertainment, Inc.*		4,100		32,021
Aristocrat Leisure Ltd. (Australia)		27,010		569,549
Biglari Holdings, Inc. (Class B Stock)*		270		31,212
Bloomin’ Brands, Inc.		6,600		120,978
Booking Holdings, Inc.*		1,260		2,070,445
Century Casinos, Inc.*		15,100		99,056
Cheesecake Factory, Inc. (The)		400		11,712
Chipotle Mexican Grill, Inc.*		600		901,656
Chuy’s Holdings, Inc.*		500		11,590
Compass Group PLC (United Kingdom)		8,910		177,420
Evolution AB (Sweden), 144A		930		73,514
Expedia Group, Inc.*		5,700		534,033
Golden Entertainment, Inc.*		1,800		62,802
Hilton Grand Vacations, Inc.*		4,100		134,849
Hilton Worldwide Holdings, Inc.		2,200		265,364
Kura Sushi USA, Inc. (Class A Stock)*		600		44,148
Light & Wonder, Inc.*		3,900		167,232
Marriott International, Inc. (Class A Stock)		18,300		2,564,562
McDonald’s Corp.		2,220		512,243
ONE Group Hospitality, Inc. (The)*		2,900		19,256
Oriental Land Co. Ltd. (Japan)		4,700		637,456
RCI Hospitality Holdings, Inc.		587		38,354
Round One Corp. (Japan)		12,000		52,016
Starbucks Corp.		2,100		176,946
Toridoll Holdings Corp. (Japan)		20,400		422,354
Travel + Leisure Co.		15,400		525,448
				10,256,216
Household Durables     0.1%
Century Communities, Inc.		700		29,946
M/I Homes, Inc.*		1,700		61,591
MDC Holdings, Inc.		2,500		68,550
Meritage Homes Corp.*		1,480		104,000
Tamron Co. Ltd. (Japan)		2,100		42,104

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables (cont’d.)
Taylor Morrison Home Corp.*		9,400	$	219,208
Tri Pointe Homes, Inc.*		11,400		172,254
				697,653
Household Products     0.6%
Central Garden & Pet Co.*		300		10,812
Central Garden & Pet Co. (Class A Stock)*		2,100		71,736
Kimberly-Clark Corp.		15,900		1,789,386
Procter & Gamble Co. (The)		21,679		2,736,974
Reckitt Benckiser Group PLC (United Kingdom)		7,975		528,595
				5,137,503
Independent Power & Renewable Electricity Producers     0.2%
AES Corp. (The)		47,180		1,066,268
Altus Power, Inc.*		3,500		38,535
Clearway Energy, Inc. (Class A Stock)		1,400		40,740
Clearway Energy, Inc. (Class C Stock)		5,800		184,730
NTPC Ltd. (India)		184,973		361,264
Ormat Technologies, Inc.		700		60,340
				1,751,877
Industrial Conglomerates     0.6%
CITIC Ltd. (China)		548,000		516,304
GS Holdings Corp. (South Korea)		1,768		51,184
Honeywell International, Inc.		15,300		2,554,641
Industries Qatar QSC (Qatar)		166,065		766,604
Jardine Matheson Holdings Ltd. (Hong Kong)		12,100		611,752
KOC Holding A/S (Turkey)		124,984		304,220
Mytilineos SA (Greece)		3,129		42,734
Samsung C&T Corp. (South Korea)		483		34,611
SK, Inc. (South Korea)		273		36,247
Smiths Group PLC (United Kingdom)		5,678		94,578
				5,012,875
Insurance     1.7%
American International Group, Inc.		47,900		2,274,292
Argo Group International Holdings Ltd.		2,000		38,520
AXA SA (France)		16,838		367,623
Bright Health Group, Inc.*		9,200		9,660
Chubb Ltd.		13,500		2,455,380
Coface SA (France)		44,444		424,706

See Notes to Financial Statements.

PGIM Balanced Fund    29

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Dai-ichi Life Holdings, Inc. (Japan)		43,700	$	694,844
DB Insurance Co. Ltd. (South Korea)		1,020		39,077
eHealth, Inc.*		4,900		19,159
Enstar Group Ltd.*		1,050		178,069
Fairfax Financial Holdings Ltd. (Canada)		1,200		548,064
Genworth Financial, Inc. (Class A Stock)*		24,200		84,700
Hartford Financial Services Group, Inc. (The)		12,900		799,026
Japan Post Holdings Co. Ltd. (Japan)		59,100		391,550
Japan Post Insurance Co. Ltd. (Japan)		3,100		43,419
Kinsale Capital Group, Inc.		1,020		260,528
MS&AD Insurance Group Holdings, Inc. (Japan)		21,900		579,972
NN Group NV (Netherlands)		14,925		580,492
Palomar Holdings, Inc.*		1,800		150,696
PICC Property & Casualty Co. Ltd. (China) (Class H Stock)		48,000		49,636
Progressive Corp. (The)		19,300		2,242,853
Reinsurance Group of America, Inc.		6,200		780,022
Sampo OYJ (Finland) (Class A Stock)		15,794		674,272
Samsung Fire & Marine Insurance Co. Ltd. (South Korea)		315		40,288
SiriusPoint Ltd. (Bermuda)*		9,500		47,025
Sompo Holdings, Inc. (Japan)		15,300		612,174
Stewart Information Services Corp.		1,000		43,640
Zurich Insurance Group AG (Switzerland)		735		293,008
				14,722,695
Interactive Media & Services     2.5%
Alphabet, Inc. (Class A Stock)*		83,800		8,015,470
Alphabet, Inc. (Class C Stock)*		81,440		7,830,456
Bumble, Inc. (Class A Stock)*		2,600		55,874
Cargurus, Inc.*		7,900		111,943
Meta Platforms, Inc. (Class A Stock)*		35,094		4,761,554
Outbrain, Inc.*		8,700		31,755
Tencent Holdings Ltd. (China)		15,400		520,155
TrueCar, Inc.*		25,400		38,354
Yelp, Inc.*		400		13,564
				21,379,125
Internet & Direct Marketing Retail     1.3%
Alibaba Group Holding Ltd. (China)*		21,900		218,548
Amazon.com, Inc.*		90,940		10,276,220
Duluth Holdings, Inc. (Class B Stock)*		9,500		66,880
Pinduoduo, Inc. (China), ADR*		10,600		663,348
				11,224,996

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services     2.3%
Accenture PLC (Class A Stock)		9,030	$	2,323,419
Amadeus IT Group SA (Spain)*		1,170		54,244
Automatic Data Processing, Inc.		8,700		1,967,853
Capgemini SE (France)		4,014		642,644
CGI, Inc. (Canada)*		8,600		647,420
Cognizant Technology Solutions Corp. (Class A Stock)		14,300		821,392
Computacenter PLC (United Kingdom)		1,740		37,376
Conduent, Inc.*		5,700		19,038
Digital Garage, Inc. (Japan)		7,800		187,018
Edenred (France)		1,247		57,450
EPAM Systems, Inc.*		2,000		724,380
Fiserv, Inc.*		5,500		514,635
GMO internet group, Inc. (Japan)		2,900		50,904
Hackett Group, Inc. (The)		7,380		130,774
Information Services Group, Inc.		2,300		10,948
International Business Machines Corp.		9,494		1,127,982
Mastercard, Inc. (Class A Stock)		17,400		4,947,516
Nomura Research Institute Ltd. (Japan)		1,800		43,962
NTT Data Corp. (Japan)		44,000		568,353
Payoneer Global, Inc.*		34,800		210,540
Paysafe Ltd.*		44,800		61,824
Sabre Corp.*		2,600		13,390
SS&C Technologies Holdings, Inc.		16,000		764,000
TTEC Holdings, Inc.		1,400		62,034
Visa, Inc. (Class A Stock)		25,155		4,468,786
				20,457,882
Leisure Products     0.0%
GOLFZON Co. Ltd. (South Korea)		1,575		117,785
MasterCraft Boat Holdings, Inc.*		3,359		63,317
Topgolf Callaway Brands Corp.*		3,000		57,780
Vista Outdoor, Inc.*		1,200		29,184
				268,066
Life Sciences Tools & Services     0.5%
Agilent Technologies, Inc.		1,800		218,790
Avantor, Inc.*		15,200		297,920
Danaher Corp.		5,660		1,461,921
Divi’s Laboratories Ltd. (India)		912		41,291
Eurofins Scientific SE (Luxembourg)		702		41,674
IQVIA Holdings, Inc.*		3,600		652,104
NeoGenomics, Inc.*		6,100		52,521

See Notes to Financial Statements.

PGIM Balanced Fund    31

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services (cont’d.)
Sotera Health Co.*		19,000	$	129,580
Thermo Fisher Scientific, Inc.		2,833		1,436,869
				4,332,670
Machinery     0.7%
AGCO Corp.		5,000		480,850
Altra Industrial Motion Corp.		6,360		213,823
Atlas Copco AB (Sweden) (Class B Stock)		8,224		68,169
Caterpillar, Inc.		3,800		623,504
Hillenbrand, Inc.		6,600		242,352
Hitachi Construction Machinery Co. Ltd. (Japan)		5,500		102,216
IHI Corp. (Japan)		10,100		216,022
Japan Steel Works Ltd. (The) (Japan)		2,600		51,268
Makino Milling Machine Co. Ltd. (Japan)		1,800		55,545
Mueller Industries, Inc.		5,200		309,088
PACCAR, Inc.		28,400		2,376,796
REV Group, Inc.		7,200		79,416
SMC Corp. (Japan)		1,500		610,456
Standex International Corp.		1,100		89,815
Titan International, Inc.*		13,600		165,104
Volvo AB (Sweden) (Class B Stock)		7,414		104,915
				5,789,339
Marine     0.2%
AP Moller - Maersk A/S (Denmark) (Class B Stock)		328		596,051
D/S Norden A/S (Denmark)		2,470		104,200
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)		79,600		362,930
Kuehne + Nagel International AG (Switzerland)		2,663		542,272
Orient Overseas International Ltd. (Hong Kong)		21,000		365,465
SITC International Holdings Co. Ltd. (China)		15,000		27,509
				1,998,427
Media     0.3%
Advantage Solutions, Inc.*		7,700		16,401
Cheil Worldwide, Inc. (South Korea)		20,969		330,548
Comcast Corp. (Class A Stock)		31,293		917,824
Gray Television, Inc.		4,760		68,163
Informa PLC (United Kingdom)		7,800		44,584
Media Nusantara Citra Tbk PT (Indonesia)*		724,500		39,360
Publicis Groupe SA (France)		10,797		511,591

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
Television Francaise 1 (France)		19,265	$	110,057
WPP PLC (United Kingdom)		63,315		522,677
				2,561,205
Metals & Mining     0.5%
African Rainbow Minerals Ltd. (South Africa)		14,628		196,712
ArcelorMittal SA (Luxembourg)		23,888		475,331
Baoshan Iron & Steel Co. Ltd. (China) (Class A Stock)		116,200		85,365
BHP Group Ltd. (Australia)		4,340		107,884
BlueScope Steel Ltd. (Australia)		3,220		31,272
Carpenter Technology Corp.		700		21,798
Commercial Metals Co.		2,300		81,604
Ferrexpo PLC (Ukraine)		59,460		79,374
Fortescue Metals Group Ltd. (Australia)		24,784		266,065
Glencore PLC (Australia)		47,554		249,897
Hindalco Industries Ltd. (India)		9,261		43,899
Koza Anadolu Metal Madencilik Isletmeleri A/S (Turkey)*		35,802		51,341
National Aluminium Co. Ltd. (India)		62,946		54,539
Polyus PJSC (Russia)^		3,704		—
POSCO Holdings, Inc. (South Korea)		2,860		417,182
Rio Tinto Ltd. (Australia)		1,960		118,565
Ryerson Holding Corp.		7,800		200,772
Schnitzer Steel Industries, Inc. (Class A Stock)		1,900		54,074
Shanxi Taigang Stainless Steel Co. Ltd. (China) (Class A Stock)		81,900		51,146
SSAB AB (Sweden) (Class A Stock)		59,670		262,694
Steel Dynamics, Inc.		3,200		227,040
SunCoke Energy, Inc.		3,900		22,659
Tata Steel Ltd. (India)		510,260		616,025
TimkenSteel Corp.*		1,800		26,982
Vale SA (Brazil)		17,700		236,838
West African Resources Ltd. (Australia)*		629,919		420,635
				4,399,693
Mortgage Real Estate Investment Trusts (REITs)     0.0%
Apollo Commercial Real Estate Finance, Inc.		1,200		9,960
BrightSpire Capital, Inc.		1,800		11,358
Chimera Investment Corp.		2,400		12,528
Granite Point Mortgage Trust, Inc.		3,800		24,472
Ladder Capital Corp.		7,000		62,720
TPG RE Finance Trust, Inc.		6,520		45,640
				166,678

See Notes to Financial Statements.

PGIM Balanced Fund    33

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Multiline Retail    0.3%
Dollar General Corp.		9,200	$	2,206,712
Dollarama, Inc. (Canada)		10,600		608,521
Europris ASA (Norway), 144A		12,469		62,361
Macy’s, Inc.		10,300		161,401
				3,038,995
Multi-Utilities    0.5%
Black Hills Corp.		500		33,865
E.ON SE (Germany)		80,339		617,226
Engie SA (France)		60,059		691,273
NorthWestern Corp.		2,800		137,984
Sempra Energy		16,900		2,533,986
				4,014,334
Oil, Gas & Consumable Fuels    3.0%
Adaro Energy Indonesia Tbk PT (Indonesia)		161,700		41,699
Berry Corp.		9,500		71,250
California Resources Corp.		600		23,058
Canadian Natural Resources Ltd. (Canada)		6,000		279,292
Cheniere Energy, Inc.		3,800		630,458
Chevron Corp.		31,000		4,453,770
China Shenhua Energy Co. Ltd. (China) (Class H Stock)		249,500		742,427
Chord Energy Corp.		2,000		273,540
Civitas Resources, Inc.		1,900		109,041
ConocoPhillips		32,000		3,274,880
CONSOL Energy, Inc.		4,400		283,008
Cosmo Energy Holdings Co. Ltd. (Japan)		2,000		51,600
Diamondback Energy, Inc.		5,800		698,668
Eni SpA (Italy)		62,667		666,069
Equinor ASA (Norway)		21,634		713,462
Exxon Mobil Corp.		53,200		4,644,892
Imperial Oil Ltd. (Canada)		12,400		536,898
Indo Tambangraya Megah Tbk PT (Indonesia)		18,900		51,062
Inner Mongolia Yitai Coal Co. Ltd. (China) (Class B Stock)		33,800		50,726
Inpex Corp. (Japan)		60,400		563,356
LUKOIL PJSC (Russia)^		10,297		—
Marathon Petroleum Corp.		7,100		705,243
Matador Resources Co.		1,600		78,272
Murphy Oil Corp.		8,900		313,013
New Fortress Energy, Inc.		3,900		170,469
PBF Energy, Inc. (Class A Stock)*		1,700		59,772
Permian Resources Corp.*		28,600		194,480
Petroleo Brasileiro SA (Brazil)		19,400		119,687

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Phillips 66		12,300	$	992,856
Pioneer Natural Resources Co.		1,900		411,407
Rosneft Oil Co. PJSC (Russia)^		31,520		—
Shaanxi Coal Industry Co. Ltd. (China) (Class A Stock)		53,200		169,372
Shell PLC (Netherlands)		36,955		916,777
SM Energy Co.		7,500		282,075
Suncor Energy, Inc. (Canada)		26,400		743,447
Talos Energy, Inc.*		1,500		24,975
Valero Energy Corp.		25,400		2,713,990
Whitehaven Coal Ltd. (Australia)		8,762		50,836
World Fuel Services Corp.		4,049		94,908
Yankuang Energy Group Co. Ltd. (China) (Class H Stock)		12,000		43,328
				26,244,063
Paper & Forest Products    0.1%
Canfor Corp. (Canada)*		21,400		311,546
Interfor Corp. (Canada)*		2,900		50,763
Suzano SA (Brazil)		54,800		453,793
				816,102
Personal Products    0.2%
BellRing Brands, Inc.*		1,300		26,793
Chlitina Holding Ltd. (China)		88,000		429,731
Coty, Inc. (Class A Stock)*		23,000		145,360
elf Beauty, Inc.*		1,300		48,906
Haleon PLC (United Kingdom)*		59,393		185,185
Inter Parfums, Inc.		200		15,092
L’Oreal SA (France)		1,002		320,382
Unilever PLC (United Kingdom)		12,852		564,715
				1,736,164
Pharmaceuticals    3.1%
Amneal Pharmaceuticals, Inc.*		6,600		13,332
Amphastar Pharmaceuticals, Inc.*		2,300		64,630
AstraZeneca PLC (United Kingdom)		2,183		239,976
Bayer AG (Germany)		9,253		426,328
Bristol-Myers Squibb Co.		58,220		4,138,860
China Medical System Holdings Ltd. (China)		263,000		313,294
Chugai Pharmaceutical Co. Ltd. (Japan)		22,800		569,614
CSPC Pharmaceutical Group Ltd. (China)		46,800		46,387
Eli Lilly & Co.		2,700		873,045
Evolus, Inc.*		5,100		41,055

See Notes to Financial Statements.

PGIM Balanced Fund    35

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
GSK PLC		47,514	$	686,231
Harmony Biosciences Holdings, Inc.*		1,800		79,722
Ipsen SA (France)		4,309		398,799
Jazz Pharmaceuticals PLC*		4,600		613,134
Johnson & Johnson		22,869		3,735,880
Merck & Co., Inc.		51,000		4,392,120
Merck KGaA (Germany)		4,544		735,586
Novartis AG (Switzerland)		10,521		802,089
Novo Nordisk A/S (Denmark) (Class B Stock)		8,374		834,199
Ono Pharmaceutical Co. Ltd. (Japan)		1,800		42,046
Pfizer, Inc.		117,300		5,133,048
Prestige Consumer Healthcare, Inc.*		3,860		192,344
Roche Holding AG (Genusschein)		4,469		1,454,806
Sanofi (France)		12,718		968,431
Shionogi & Co. Ltd. (Japan)		1,400		67,612
Sun Pharmaceutical Industries Ltd. (India)		33,350		387,321
Takeda Pharmaceutical Co. Ltd. (Japan)		7,900		205,146
				27,455,035
Professional Services    0.4%
ASGN, Inc.*		2,280		206,044
CoStar Group, Inc.*		30,300		2,110,395
Heidrick & Struggles International, Inc.		700		18,193
Insperity, Inc.		1,900		193,971
Korn Ferry		4,200		197,190
Randstad NV (Netherlands)		972		41,952
TriNet Group, Inc.*		1,600		113,952
TrueBlue, Inc.*		2,100		40,068
Wolters Kluwer NV (Netherlands)		6,688		651,235
				3,573,000
Real Estate Management & Development    0.2%
Aldar Properties PJSC (United Arab Emirates)		57,204		65,302
CK Asset Holdings Ltd. (Hong Kong)		92,000		552,312
Cushman & Wakefield PLC*		4,200		48,090
Emaar Properties PJSC (United Arab Emirates)		335,595		526,592
Forestar Group, Inc.*		2,600		29,094
Longfor Group Holdings Ltd. (China), 144A		148,000		424,249
Newmark Group, Inc. (Class A Stock)		14,400		116,064
				1,761,703

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail    0.1%
Covenant Logistics Group, Inc.		700	$	20,090
Daseke, Inc.*		2,100		11,361
Ryder System, Inc.		5,900		445,391
Union Pacific Corp.		800		155,856
				632,698
Semiconductors & Semiconductor Equipment    2.5%
Amkor Technology, Inc.		11,900		202,895
ASML Holding NV (Netherlands)		815		337,637
Broadcom, Inc.		8,780		3,898,408
Daqo New Energy Corp. (China), ADR*		1,200		63,696
Diodes, Inc.*		3,600		233,676
Enphase Energy, Inc.*		10,500		2,913,435
Intel Corp.		120,168		3,096,729
Lattice Semiconductor Corp.*		2,800		137,788
MaxLinear, Inc.*		3,600		117,432
Microchip Technology, Inc.		14,400		878,832
Micron Technology, Inc.		36,800		1,843,680
NVIDIA Corp.		15,500		1,881,545
NXP Semiconductors NV (China)		8,000		1,180,080
PDF Solutions, Inc.*		6,600		161,898
Photronics, Inc.*		10,600		154,972
QUALCOMM, Inc.		15,400		1,739,892
Semtech Corp.*		1,280		37,645
STMicroelectronics NV (Singapore)		15,049		467,682
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		150,000		1,988,309
United Microelectronics Corp. (Taiwan)*		496,000		555,072
				21,891,303
Software    4.3%
A10 Networks, Inc.		6,080		80,682
ACI Worldwide, Inc.*		2,800		58,520
Adobe, Inc.*		6,318		1,738,713
Agilysys, Inc.*		1,300		71,955
Autodesk, Inc.*		3,100		579,080
Blackbaud, Inc.*		2,780		122,487
Box, Inc. (Class A Stock)*		7,900		192,681
Cadence Design Systems, Inc.*		15,300		2,500,479
ChannelAdvisor Corp.*		1,080		24,473
Check Point Software Technologies Ltd. (Israel)*		600		67,212
Cleanspark, Inc.*		3,200		10,176
CommVault Systems, Inc.*		1,800		95,472
Dassault Systemes SE (France)		18,360		633,880

See Notes to Financial Statements.

PGIM Balanced Fund    37

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
EngageSmart, Inc.*		6,600	$	136,554
Instructure Holdings, Inc.*		1,700		37,876
Microsoft Corp.		97,566		22,723,121
OneSpan, Inc.*		5,300		45,633
Oracle Corp.		21,198		1,294,562
Paycom Software, Inc.*		6,600		2,177,934
Progress Software Corp.		500		21,275
Qualys, Inc.*		100		13,939
Rimini Street, Inc.*		2,300		10,718
Roper Technologies, Inc.		2,600		935,064
Salesforce, Inc.*		2,200		316,448
Sapiens International Corp. NV (Israel)		1,100		21,098
Sprout Social, Inc. (Class A Stock)*		200		12,136
SPS Commerce, Inc.*		2,676		332,439
Sumo Logic, Inc.*		10,700		80,250
Synopsys, Inc.*		8,700		2,657,937
Tata Elxsi Ltd. (India)		399		41,532
Upland Software, Inc.*		7,900		64,227
Verint Systems, Inc.*		5,500		184,690
WiseTech Global Ltd. (Australia)		1,586		51,819
Xperi Holding Corp.		8,900		125,846
				37,460,908
Specialty Retail    0.9%
Aritzia, Inc. (Canada)*		9,300		305,590
Asbury Automotive Group, Inc.*		1,600		241,760
AutoNation, Inc.*		16,160		1,646,219
AutoZone, Inc.*		110		235,612
Chow Tai Fook Jewellery Group Ltd. (China)		381,000		716,043
Destination XL Group, Inc.*		4,400		23,848
Group 1 Automotive, Inc.		1,400		200,018
Home Depot, Inc. (The)		5,558		1,533,675
Industria de Diseno Textil SA (Spain)		29,328		605,231
JB Hi-Fi Ltd. (Australia)		3,670		88,816
JD Sports Fashion PLC (United Kingdom)		133,030		146,556
Lithia Motors, Inc.		3,800		815,290
Nishimatsuya Chain Co. Ltd. (Japan)		5,000		46,419
ODP Corp. (The)*		2,900		101,935
OneWater Marine, Inc. (Class A Stock)*		900		27,099
Penske Automotive Group, Inc.		8,300		816,969
TravelCenters of America, Inc.*		2,900		156,397
Ulta Beauty, Inc.*		500		200,595
				7,908,072

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals    3.0%
Apple, Inc.		174,004	$	24,047,353
Hewlett Packard Enterprise Co.		13,800		165,324
Lenovo Group Ltd. (China)		708,000		489,720
Pure Storage, Inc. (Class A Stock)*		34,400		941,528
Samsung Electronics Co. Ltd. (South Korea)		11,316		415,515
Seiko Epson Corp. (Japan)		2,900		39,598
Super Micro Computer, Inc.*		4,700		258,829
				26,357,867
Textiles, Apparel & Luxury Goods    0.4%
Burberry Group PLC (United Kingdom)		2,160		43,147
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		2,488		234,856
Descente Ltd. (Japan)		2,200		50,506
G-III Apparel Group Ltd.*		2,000		29,900
Gildan Activewear, Inc. (Canada)		4,200		118,732
Hermes International (France)		278		326,961
HUGO BOSS AG (Germany)		2,340		108,952
Li Ning Co. Ltd. (China)		11,500		87,261
LVMH Moet Hennessy Louis Vuitton SE (France)		1,288		759,372
Mavi Giyim Sanayi Ve Ticaret A/S (Turkey) (Class B Stock), 144A		35,508		137,380
Oxford Industries, Inc.		600		53,868
Page Industries Ltd. (India)		84		52,074
PVH Corp.		32,800		1,469,440
Raymond Ltd. (India)		4,850		60,683
Youngone Corp. (South Korea)		1,898		58,582
				3,591,714
Thrifts & Mortgage Finance    0.1%
Axos Financial, Inc.*		400		13,692
Enact Holdings, Inc.		1,900		42,123
Essent Group Ltd.		700		24,409
Genworth Mortgage Insurance Australia Ltd. (Australia)		233,190		406,245
Mr. Cooper Group, Inc.*		2,500		101,250
NMI Holdings, Inc. (Class A Stock)*		11,400		232,218
Paragon Banking Group PLC (United Kingdom)		7,981		34,923
PennyMac Financial Services, Inc.		300		12,870
Radian Group, Inc.		3,800		73,302
				941,032
Tobacco    0.5%
British American Tobacco PLC (United Kingdom)		28,254		1,013,119
Imperial Brands PLC (United Kingdom)		30,236		621,739

See Notes to Financial Statements.

PGIM Balanced Fund    39

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco (cont’d.)
ITC Ltd. (India)		15,652	$	63,613
Japan Tobacco, Inc. (Japan)		33,073		543,481
KT&G Corp. (South Korea)		777		46,915
Philip Morris International, Inc.		21,400		1,776,414
Scandinavian Tobacco Group A/S (Denmark), 144A		32,895		477,229
Turning Point Brands, Inc.		700		14,861
Vector Group Ltd.		1,800		15,858
				4,573,229
Trading Companies & Distributors    0.6%
Applied Industrial Technologies, Inc.		280		28,778
Boise Cascade Co.		3,560		211,678
Brenntag SE (Germany)		672		40,624
GMS, Inc.*		2,840		113,628
H&E Equipment Services, Inc.		500		14,170
LX International Corp. (South Korea)		1,898		51,225
Marubeni Corp. (Japan)		73,000		636,961
Mitsubishi Corp. (Japan)		14,300		391,108
Mitsui & Co. Ltd. (Japan)		38,500		819,271
MRC Global, Inc.*		3,700		26,603
Rush Enterprises, Inc. (Class A Stock)		500		21,930
Russel Metals, Inc. (Canada)		5,500		102,328
Sumitomo Corp. (Japan)		47,500		586,833
Titan Machinery, Inc.*		6,300		178,038
Univar Solutions, Inc.*		27,900		634,446
Veritiv Corp.*		1,800		175,986
WESCO International, Inc.*		7,200		859,536
				4,893,143
Transportation Infrastructure    0.0%
Shanghai International Port Group Co. Ltd. (China) (Class A Stock)		211,800		164,525
Water Utilities    0.0%
Artesian Resources Corp. (Class A Stock)		1,405		67,609
SJW Group		1,100		63,360
				130,969
Wireless Telecommunication Services    0.2%
Airtel Africa PLC (Nigeria), 144A		39,246		56,290
Intelsat Emergence SA (Luxembourg)*		4,218		115,995
SoftBank Group Corp. (Japan)		13,400		454,141

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services (cont’d.)
Telephone & Data Systems, Inc.		6,300	$	87,570
T-Mobile US, Inc.*		6,000		805,020
				1,519,016
TOTAL COMMON STOCKS (cost $467,269,034)				501,743,186
EXCHANGE-TRADED FUND    0.2%
iShares MSCI EAFE ETF(a) (cost $2,461,211)		40,000		2,240,400
PREFERRED STOCKS    0.2%
Automobiles    0.0%
Porsche Automobil Holding SE (Germany) (PRFC)		759		42,765
Volkswagen AG (Germany) (PRFC)		2,856		348,980
				391,745
Banks    0.0%
Citigroup Capital XIII, 9.176%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40		3,000		83,700
Capital Markets    0.0%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		5,000		122,250
Electric Utilities    0.1%
Cia Energetica de Minas Gerais (Brazil) (PRFC)		108,939		217,904
Cia Paranaense de Energia (Brazil) (PRFC B)		387,600		472,793
				690,697
Metals & Mining    0.0%
Gerdau SA (Brazil) (PRFC)		10,000		45,306
Oil, Gas & Consumable Fuels    0.1%
Petroleo Brasileiro SA (Brazil) (PRFC)		137,600		764,225
Technology Hardware, Storage & Peripherals    0.0%
Samsung Electronics Co. Ltd. (South Korea) (PRFC)		4,320		140,326
TOTAL PREFERRED STOCKS (cost $2,219,056)				2,238,249

See Notes to Financial Statements.

PGIM Balanced Fund    41

Schedule of Investments  (continued)

as of September 30, 2022

Description	Units		Value
RIGHTS*    0.0%
Wireless Telecommunication Services
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/31/22^		440	$	4,194
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/31/22^		440		871
				5,065

	Interest       Rate		Maturity       Date		Principal       Amount (000)#
ASSET-BACKED SECURITIES    6.2%
Automobiles    0.9%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class C		3.360%		02/18/25		159	158,275
Series 2019-02, Class C		2.740		04/18/25		300	297,326
Series 2019-03, Class C		2.320		07/18/25		800	788,077
Series 2020-02, Class D		2.130		03/18/26		100	93,833
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A		4.000		03/20/25		300	294,747
Series 2020-01A, Class A, 144A		2.330		08/20/26		500	459,964
Series 2020-02A, Class A, 144A		2.020		02/20/27		100	89,125
Series 2021-02A, Class C, 144A		2.350		02/20/28		500	411,604
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C		1.320		07/15/25		77	75,585
Series 2020-03A, Class D		1.730		07/15/26		100	96,660
Ford Credit Auto Owner Trust,
Series 2021-01, Class C, 144A		1.910		10/17/33		180	155,879
Series 2021-02, Class D, 144A		2.600		05/15/34		300	252,251
Hertz Vehicle Financing III LLC,
Series 2022-01A, Class C, 144A		2.630		06/25/26		100	89,374
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A		1.680		12/27/27		700	598,633
Series 2021-02A, Class B, 144A		2.120		12/27/27		100	85,424
Hertz Vehicle Financing LLC,
Series 2022-02A, Class B, 144A		2.650		06/26/28		100	85,086
JPMorgan Chase Bank, NA,
Series 2020-02, Class D, 144A		1.487		02/25/28		213	207,541
Series 2021-02, Class D, 144A		1.138		12/26/28		156	149,034
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A		3.630		09/14/27		1,280	1,216,003
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A		7.375		05/15/32		246	241,173

See Notes to Financial Statements.

42

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D		2.220%		09/15/26			100	$	97,645
Series 2020-03, Class D		1.640		11/16/26			400		387,127
Series 2020-04, Class D		1.480		01/15/27			300		288,376
Series 2021-01, Class D		1.130		11/16/26			800		765,020
World Omni Select Auto Trust,
Series 2019-A, Class B		2.170		12/15/25			534		531,689
Series 2019-A, Class C		2.380		12/15/25			200		197,419
									8,112,870
Collateralized Debt Obligations    0.2%
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%)		3.735(c)		01/15/37			900		875,944
MF1 Ltd. (Cayman Islands),
Series 2022-FL08, Class A, 144A, 30 Day Average
SOFR + 1.350% (Cap N/A, Floor 1.350%)		3.634(c)		02/19/37			500		484,397
									1,360,341
Collateralized Loan Obligations    4.0%
AlbaCore Euro CLO DAC (Ireland),
Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)		2.600(c)		07/15/35		EUR	2,000		1,810,945
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		3.830(c)		01/20/32			1,500		1,451,250
Barings Loan Partners CLO Ltd. (Cayman Islands),
Series LP-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		3.810(c)		01/20/34			2,100		2,021,578
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		4.012(c)		05/17/31			1,000		977,687
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		3.812(c)		04/30/31			1,000		978,983
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)		1.241(c)		05/22/32		EUR	1,500		1,410,774
Series 14A, Class A2R, 144A		1.250		05/22/32		EUR	1,500		1,372,592

See Notes to Financial Statements.

PGIM Balanced Fund    43

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		3.860%(c)		04/20/34			1,350	$	1,302,750
Madison Park Funding Ltd. (Cayman Islands),
Series 2021-59A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)		3.880(c)		01/18/34			1,500		1,450,509
Series 2021-59A, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		4.440(c)		01/18/34			1,000		936,095
Northwoods Capital Ltd. (Cayman Islands),
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)		4.397(c)		09/01/31			2,500		2,443,776
OZLM Ltd. (Cayman Islands),
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)		3.760(c)		04/20/31			1,500		1,459,270
Palmer Square CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)		3.840(c)		07/16/31			4,000		3,891,270
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%)		3.692(c)		10/15/34			3,500		3,349,834
Sixth Street CLO Ltd. (Cayman Islands),
Series 2021-19A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		3.810(c)		07/20/34			4,000		3,832,932
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)		3.757(c)		10/20/32			3,500		3,396,560
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		3.910(c)		07/20/31			250		242,697
Trinitas Euro CLO DAC (Ireland),
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)		3.750(c)		04/15/35		EUR	2,750		2,348,740
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.910(c)		10/20/31			500		485,326
									35,163,568
Consumer Loans    0.6%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A		2.509		10/20/39		CAD	200		135,680

See Notes to Financial Statements.

44

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	$	87,058
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A		2.780		04/20/28			900		875,526
Series 2021-01A, Class A, 144A		1.900		11/20/31			700		588,111
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34			200		193,056
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A		3.840		05/14/32			193		191,898
Series 2020-02A, Class A, 144A		1.750		09/14/35			400		352,149
Series 2022-02A, Class D, 144A		6.550		10/14/34			800		773,847
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A		1.210		03/08/28			400		371,383
Series 2021-A, Class B, 144A		1.760		03/08/28			300		275,755
Oportun Issuance Trust,
Series 2022-02, Class A, 144A		5.940		10/09/29			912		906,321
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A		3.070		03/15/32			400		361,510
									5,112,294
Credit Cards    0.1%
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)		3.372(c)		11/15/28		GBP	465		515,560
Equipment    0.0%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A		2.720		06/15/40			400		389,410
Manufactured Housing    0.0%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A		3.000(cc)		11/25/58			49		47,925

See Notes to Financial Statements.

PGIM Balanced Fund    45

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Other    0.2%
Loandepot GMSR Master Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		5.739%(c)		10/16/23			100	$	92,016
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		5.884(c)		06/25/24			1,400		1,297,182
									1,389,198
Residential Mortgage-Backed Securities    0.0%
Countrywide Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.834(c)		03/25/34			24		22,864
Rathlin Residential DAC (Ireland),
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.085(c)		09/27/75		EUR	424		398,036
									420,900
Student Loans    0.2%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A		2.680		09/25/42			110		101,396
Series 2018-AGS, Class A1, 144A		3.210		02/25/44			89		84,415
Series 2018-CGS, Class A1, 144A		3.870		02/25/46			36		34,996
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A		2.810		11/25/42			21		20,584
Series 2018-B, Class A2FX, 144A		3.540		05/26/43			44		43,768
Series 2019-A, Class A2FX, 144A		2.730		10/25/48			64		62,443
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A		3.190		02/18/42			54		53,504
Series 2018-CA, Class A2, 144A		3.520		06/16/42			52		50,974
Series 2019-CA, Class A2, 144A		3.130		02/15/68			128		123,089
SoFi Professional Loan Program LLC,
Series 2019-B, Class A2FX, 144A		3.090		08/17/48			171		161,938
Series 2019-C, Class A2FX, 144A		2.370		11/16/48			328		307,208

See Notes to Financial Statements.

46

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		112	$	109,427
Series 2020-A, Class A2FX, 144A		2.540		05/15/46		440		409,801
								1,563,543
TOTAL ASSET-BACKED SECURITIES     (cost $58,166,899)								54,075,609
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.1%
BANK,
Series 2017-BNK04, Class A3		3.362		05/15/50		1,000		919,953
Series 2020-BN26, Class A3		2.155		03/15/63		1,800		1,466,715
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO		0.736(cc)		02/15/50		40,575		925,451
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4		4.047		12/15/51		1,351		1,266,007
Series 2020-C07, Class XB, IO		1.100(cc)		04/15/53		4,900		294,822
Benchmark Mortgage Trust,
Series 2019-B13, Class A3		2.701		08/15/57		1,800		1,527,923
Series 2020-B17, Class A4		2.042		03/15/53		650		523,157
BX Commercial Mortgage Trust,
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		5.468(c)		10/15/36		1,275		1,217,536
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)		5.015(c)		11/15/38		1,000		939,878
BX Trust,
Series 2021-LGCY, Class F, 144A, 1 Month LIBOR + 1.949% (Cap N/A, Floor 1.949%)		4.767(c)		10/15/23		1,350		1,204,641
BXSC Commercial Mortgage Trust,
Series 2022-WSS, Class XCP, IO, 144A		0.620(cc)		03/15/35		476,980		1,334,447
CFK Trust,
Series 2020-MF02, Class B, 144A		2.792		03/15/39		1,200		1,026,272
Series 2020-MF02, Class C, 144A		2.995		03/15/39		1,500		1,249,069
Series 2020-MF02, Class D, 144A		3.349		03/15/39		900		737,944
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4		3.575		05/10/47		139		135,538
Series 2015-GC29, Class A3		2.935		04/10/48		385		363,328
Series 2015-P01, Class A4		3.462		09/15/48		600		571,252
Series 2019-GC41, Class A4		2.620		08/10/56		3,600		3,033,922
Series 2020-GC46, Class A4		2.477		02/15/53		1,400		1,156,640

See Notes to Financial Statements.

PGIM Balanced Fund    47

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage Trust,
Series 2013-CR08, Class A4		3.334%		06/10/46		52	$	51,081
Series 2014-CR18, Class A4		3.550		07/15/47		332		322,879
Series 2014-UBS04, Class A4		3.420		08/10/47		700		678,199
Series 2015-LC21, Class A3		3.445		07/10/48		596		569,421
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		5.468(c)		05/15/36		1,766		1,691,786
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A		3.953		09/15/37		1,600		1,452,332
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A3		3.231		06/15/57		649		616,963
Series 2017-C08, Class A3		3.127		06/15/50		774		697,184
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A3A		3.015		05/10/49		705		648,724
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO		1.482(cc)		03/25/26		2,164		81,189
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4		3.136		02/10/48		368		352,385
Series 2021-GSA03, Class XB, IO		0.747(cc)		12/15/54		35,000		1,696,408
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP07, Class ASB		3.241		09/15/50		387		358,210
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A4		2.694		04/15/46		89		88,053
Series 2018-AON, Class E, 144A		4.767(cc)		07/05/31		800		652,645
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		4.068(c)		09/15/29		602		592,726
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C23, Class A3		3.451		07/15/50		584		552,063
Series 2015-C25, Class A4		3.372		10/15/48		700		663,477
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class A3		2.531		08/15/49		1,269		1,141,764
Series 2019-H06, Class A3		3.158		06/15/52		1,250		1,088,651
Series 2020-L04, Class A2		2.449		02/15/53		3,600		2,978,981
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class E, 144A, 1 Month SOFR + 4.289% (Cap N/A, Floor 4.289%)		7.134(c)		03/15/39		1,100		1,069,215
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB		3.264		08/15/50		492		470,647
Series 2017-C05, Class A4		3.212		11/15/50		1,422		1,302,035
Series 2018-C08, Class A4		3.983		02/15/51		1,650		1,541,345
Series 2018-C09, Class A3		3.854		03/15/51		400		370,447
Series 2018-C14, Class A3		4.180		12/15/51		996		921,371

See Notes to Financial Statements.

48

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C06, Class A3		2.971%		04/10/46		95	$	94,371
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS02, Class A4		3.498		07/15/58		800		765,008
Series 2016-C33, Class A3		3.162		03/15/59		941		880,252
Series 2016-C34, Class A3		2.834		06/15/49		800		744,039
Series 2016-C35, Class A3		2.674		07/15/48		1,161		1,060,211
Series 2016-NXS06, Class A3		2.642		11/15/49		1,500		1,371,482
Series 2017-C38, Class A4		3.190		07/15/50		682		623,811
Series 2018-C46, Class A3		3.888		08/15/51		1,050		978,203
Series 2018-C48, Class A4		4.037		01/15/52		1,707		1,599,254
Series 2019-C52, Class A3		2.631		08/15/52		2,500		2,358,703
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $59,584,477)								53,020,010
CORPORATE BONDS    15.3%
Aerospace & Defense    0.5%
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		1,860		1,651,244
Sr. Unsec’d. Notes		3.750		02/01/50		515		332,639
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		02/15/28		475		399,000
Sr. Unsec’d. Notes, 144A		7.125		06/15/26		375		343,125
Sr. Unsec’d. Notes, 144A		7.500		03/15/25		260		252,822
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		425		391,000
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050		06/15/25		99		93,790
Embraer Overseas Ltd. (Brazil), Gtd. Notes, 144A		5.696		09/16/23		210		209,711
Raytheon Technologies Corp., Sr. Unsec’d. Notes		4.125		11/16/28		235		219,890
Teledyne Technologies, Inc., Gtd. Notes		2.750		04/01/31		935		737,665
								4,630,886
Agriculture    0.3%
Altria Group, Inc., Gtd. Notes		3.400		02/04/41		620		390,906
BAT Capital Corp. (United Kingdom), Gtd. Notes		3.557		08/15/27		410		360,012

See Notes to Financial Statements.

PGIM Balanced Fund    49

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
BAT International Finance PLC (United Kingdom), Gtd. Notes		4.448%		03/16/28		1,410	$	1,255,918
Vector Group Ltd., Sr. Sec’d. Notes, 144A		5.750		02/01/29		400		328,085
								2,334,921
Airlines     0.1%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates		3.575		07/15/29		150		133,938
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates		4.000		04/29/26		66		62,588
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		260		254,639
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates		4.000		10/11/27		55		50,645
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		260		231,981
Sr. Sec’d. Notes, 144A		4.625		04/15/29		60		49,824
								783,615
Auto Manufacturers     0.4%
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750		01/15/43		350		232,723
Sr. Unsec’d. Notes		5.291		12/08/46		135		95,681
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.900		02/16/28		425		334,690
Sr. Unsec’d. Notes		3.350		11/01/22		770		768,732
General Motors Co.,
Sr. Unsec’d. Notes		4.875		10/02/23		155		154,345
Sr. Unsec’d. Notes		5.000		04/01/35		1,085		885,019
Sr. Unsec’d. Notes		6.250		10/02/43		95		82,691
Sr. Unsec’d. Notes		6.600		04/01/36		80		74,739
General Motors Financial Co., Inc.,
Gtd. Notes		3.950		04/13/24		616		600,739
								3,229,359

See Notes to Financial Statements.

50

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment     0.1%
Dana, Inc.,
Sr. Unsec’d. Notes		5.375%		11/15/27		250	$	211,820
Magna International, Inc. (Canada),
Sr. Unsec’d. Notes		2.450		06/15/30		350		282,802
								494,622
Banks     4.0%
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes, 144A		4.875		01/11/29		200		178,850
Banco Santander SA (Spain),
Sr. Unsec’d. Notes		1.849		03/25/26		200		172,868
Bank of America Corp.,
Jr. Sub. Notes, Series JJ		5.125(ff)		06/20/24(oo)		350		328,793
Jr. Sub. Notes, Series MM		4.300(ff)		01/28/25(oo)		235		194,010
Sr. Unsec’d. Notes		2.299(ff)		07/21/32		665		497,602
Sr. Unsec’d. Notes		3.004(ff)		12/20/23		191		190,033
Sr. Unsec’d. Notes, GMTN		3.593(ff)		07/21/28		160		144,477
Sr. Unsec’d. Notes, MTN		3.194(ff)		07/23/30		215		181,079
Sr. Unsec’d. Notes, MTN		3.550(ff)		03/05/24		85		84,348
Sr. Unsec’d. Notes, MTN		3.824(ff)		01/20/28		1,835		1,689,989
Sr. Unsec’d. Notes, MTN		3.974(ff)		02/07/30		115		102,630
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29		350		319,310
Sr. Unsec’d. Notes, Series N		2.651(ff)		03/11/32		2,290		1,785,305
Sub. Notes, MTN		4.450		03/03/26		365		352,127
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN		0.625		07/09/24		660		611,385
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		2.950		01/29/23		170		169,074
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		2.645(ff)		06/24/31		1,075		798,289
Sr. Unsec’d. Notes		4.375		01/12/26		200		188,712
Sr. Unsec’d. Notes, MTN		4.972(ff)		05/16/29		400		360,157
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		1.904(ff)		09/30/28		750		603,752
Sr. Unsec’d. Notes, 144A		3.132(ff)		01/20/33		685		521,943
BPCE SA (France),
Sr. Unsec’d. Notes, 144A		2.277(ff)		01/20/32		250		182,618
Citigroup, Inc.,
Jr. Sub. Notes, Series U		5.000(ff)		09/12/24(oo)		100		89,670
Jr. Sub. Notes, Series V		4.700(ff)		01/30/25(oo)		1,290		1,036,716
Sr. Unsec’d. Notes		2.561(ff)		05/01/32		185		142,099

See Notes to Financial Statements.

PGIM Balanced Fund    51

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc., (cont’d.)
Sr. Unsec’d. Notes		2.572%(ff)		06/03/31		880	$	693,178
Sr. Unsec’d. Notes		3.057(ff)		01/25/33		280		220,801
Sr. Unsec’d. Notes		3.668(ff)		07/24/28		290		262,041
Sr. Unsec’d. Notes		3.700		01/12/26		200		189,225
Sr. Unsec’d. Notes		3.887(ff)		01/10/28		1,500		1,381,643
Sub. Notes		4.400		06/10/25		767		745,779
Sub. Notes		4.450		09/29/27		195		180,893
Sub. Notes		4.750		05/18/46		55		43,629
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		3.091(ff)		05/14/32		495		346,730
Sr. Unsec’d. Notes, 144A		6.537(ff)		08/12/33		495		444,727
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		3.961(ff)		11/26/25		245		228,542
Discover Bank,
Sr. Unsec’d. Notes		4.250		03/13/26		315		297,369
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U		3.650(ff)		08/10/26(oo)		290		223,789
Jr. Sub. Notes, Series V		4.125(ff)		11/10/26(oo)		395		313,887
Sr. Unsec’d. Notes		2.383(ff)		07/21/32		465		351,258
Sr. Unsec’d. Notes		2.615(ff)		04/22/32		1,405		1,089,193
Sr. Unsec’d. Notes		3.750		02/25/26		50		47,399
Sr. Unsec’d. Notes		3.814(ff)		04/23/29		190		168,935
Sr. Unsec’d. Notes		3.850		01/26/27		410		382,227
Sr. Unsec’d. Notes		4.223(ff)		05/01/29		95		86,510
Sub. Notes		6.750		10/01/37		275		274,781
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF		5.000(ff)		08/01/24(oo)		345		310,164
Jr. Sub. Notes, Series HH		4.600(ff)		02/01/25(oo)		1,290		1,122,156
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		6.276(c)		01/30/23(oo)		146		145,343
Sr. Unsec’d. Notes		1.578(ff)		04/22/27		1,005		868,744
Sr. Unsec’d. Notes		2.580(ff)		04/22/32		375		290,213
Sr. Unsec’d. Notes		2.947(ff)		02/24/28		110		97,482
Sr. Unsec’d. Notes		2.963(ff)		01/25/33		495		389,881
Sr. Unsec’d. Notes		3.509(ff)		01/23/29		265		234,753
Sr. Unsec’d. Notes		3.702(ff)		05/06/30		145		126,807
Sr. Unsec’d. Notes		3.782(ff)		02/01/28		1,591		1,459,132
Sr. Unsec’d. Notes		4.005(ff)		04/23/29		796		719,974
Sr. Unsec’d. Notes		4.323(ff)		04/26/28		85		79,951
Sr. Unsec’d. Notes		4.452(ff)		12/05/29		250		228,679
Sub. Notes		3.875		09/10/24		90		88,077

See Notes to Financial Statements.

52

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes		3.750%		01/11/27		300	$	275,776
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		2.239(ff)		07/21/32		1,005		755,709
Sr. Unsec’d. Notes, GMTN		3.750		02/25/23		45		44,860
Sr. Unsec’d. Notes, GMTN		3.772(ff)		01/24/29		1,173		1,057,028
Sr. Unsec’d. Notes, GMTN		3.875		01/27/26		370		352,960
Sr. Unsec’d. Notes, GMTN		4.431(ff)		01/23/30		240		220,843
Sr. Unsec’d. Notes, MTN		2.511(ff)		10/20/32		215		164,569
Sr. Unsec’d. Notes, MTN		2.943(ff)		01/21/33		485		383,332
Sr. Unsec’d. Notes, MTN		3.591(ff)		07/22/28		1,536		1,386,432
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A		1.488(ff)		12/14/26		1,000		848,738
State Bank of India (India),
Sr. Unsec’d. Notes, 144A		4.375		01/24/24		310		305,796
State Street Corp.,
Jr. Sub. Notes, Series F, 3 Month LIBOR + 3.597%		6.890(c)		12/15/22(oo)		63		62,757
Sub. Notes		2.200		03/03/31		960		748,581
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A		3.127(ff)		06/03/32		405		287,633
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.393(ff)		06/02/28		2,500		2,143,492
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		1,025		820,407
								34,918,641
Beverages     0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc. (Belgium), Gtd. Notes		4.700		02/01/36		150		135,232
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		4.000		01/17/43		120		92,447
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		5.550		01/23/49		825		776,070
								1,003,749
Biotechnology     0.0%
Amgen, Inc.,
Sr. Unsec’d. Notes		3.000		01/15/52		600		378,762

See Notes to Financial Statements.

PGIM Balanced Fund    53

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Building Materials     0.1%
Griffon Corp.,
Gtd. Notes		5.750%		03/01/28		625	$	537,101
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		300		229,376
								766,477
Chemicals     0.3%
CF Industries, Inc.,
Gtd. Notes		5.375		03/15/44		150		127,298
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.375		11/15/42		20		15,786
Sr. Unsec’d. Notes		9.400		05/15/39		31		39,409
Huntsman International LLC,
Sr. Unsec’d. Notes		4.500		05/01/29		1,650		1,453,852
Sasol Financing USA LLC (South Africa),
Gtd. Notes		4.375		09/18/26		200		175,597
Gtd. Notes		5.875		03/27/24		200		192,500
Gtd. Notes		6.500		09/27/28		200		177,782
Westlake Corp.,
Sr. Unsec’d. Notes		3.125		08/15/51		315		194,240
								2,376,464
Commercial Services     0.5%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500		03/01/28		157		141,705
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		07/15/26		500		445,722
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700		11/01/23		1,166		1,134,757
Gtd. Notes, 144A		7.000		10/15/37		20		20,973
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A		2.813		01/01/60		100		62,809
Loxam SAS (France),
Sr. Sub. Notes(a)		5.750		07/15/27	EUR	603		454,127
Nexi SpA (Italy),
Sr. Unsec’d. Notes(a)		2.125		04/30/29	EUR	930		690,963
President & Fellows of Harvard College,
Unsec’d. Notes		3.300		07/15/56		270		201,035

See Notes to Financial Statements.

54

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
RELX Capital, Inc. (United Kingdom),
Gtd. Notes		4.750%		05/20/32		210	$	197,467
Trustees of Boston College,
Unsec’d. Notes		3.129		07/01/52		279		193,545
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		55		35,487
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		200		157,032
Gtd. Notes		3.875		02/15/31		62		50,473
Yale University,
Unsec’d. Notes, Series 2020		1.482		04/15/30		595		476,488
								4,262,583
Distribution/Wholesale     0.0%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		400		317,589
Diversified Financial Services    0.1%
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500		08/15/28		120		94,444
Gtd. Notes, 144A		6.000		01/15/27		400		341,649
OneMain Finance Corp.,
Gtd. Notes		3.875		09/15/28		350		257,879
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250		02/15/29		325		235,227
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN		6.150		12/06/28		200		195,725
								1,124,924
Electric     1.3%
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes		6.350		10/01/36		115		121,071
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes		5.950		05/15/37		120		120,165
Calpine Corp.,
Sr. Sec’d. Notes, 144A		4.500		02/15/28		200		175,125
Sr. Unsec’d. Notes, 144A		4.625		02/01/29		150		122,489
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		225		179,879
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2		6.950		03/15/33		120		133,738

See Notes to Financial Statements.

PGIM Balanced Fund    55

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
CenterPoint Energy Houston Electric LLC, (cont’d.)
General Ref. Mortgage, Series Z		2.400%		09/01/26		170	$	154,610
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A		4.688		05/15/29		440		366,657
Commonwealth Edison Co.,
First Mortgage, Series 123		3.750		08/15/47		754		582,991
Dominion Energy, Inc.,
Jr. Sub. Notes		3.071		08/15/24		800		767,057
DTE Electric Co.,
General Ref. Mortgage		3.750		08/15/47		622		483,733
Duke Energy Carolinas LLC,
First Mortgage		6.050		04/15/38		55		56,574
Duke Energy Corp.,
Sr. Unsec’d. Notes		2.650		09/01/26		210		190,512
El Paso Electric Co.,
Sr. Unsec’d. Notes		6.000		05/15/35		135		131,725
Emera US Finance LP (Canada),
Gtd. Notes		3.550		06/15/26		685		637,296
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.250		07/12/31		1,190		826,006
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A		3.400		01/28/30		200		151,000
Eversource Energy,
Sr. Unsec’d. Notes, Series O		4.250		04/01/29		315		291,418
Florida Power & Light Co.,
First Mortgage		5.950		10/01/33		60		61,983
Iberdrola International BV (Spain),
Gtd. Notes		6.750		09/15/33		30		30,726
Interstate Power & Light Co.,
Sr. Unsec’d. Notes		2.300		06/01/30		315		252,521
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN		4.250		08/14/28		235		216,831
Monongahela Power Co.,
First Mortgage, 144A		4.100		04/15/24		280		274,460
NRG Energy, Inc.,
Gtd. Notes		5.750		01/15/28		50		46,366
Gtd. Notes, 144A		3.375		02/15/29		50		40,530
Gtd. Notes, 144A		3.625		02/15/31		125		97,597
Gtd. Notes, 144A		3.875		02/15/32		100		78,186
Gtd. Notes, 144A		5.250		06/15/29		400		352,249
Ohio Power Co.,
Sr. Unsec’d. Notes		4.000		06/01/49		160		123,280

See Notes to Financial Statements.

56

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Ohio Power Co., (cont’d.)
Sr. Unsec’d. Notes		4.150%		04/01/48		175	$	139,851
Pacific Gas & Electric Co.,
First Mortgage		3.950		12/01/47		260		166,808
First Mortgage		4.550		07/01/30		540		462,707
Public Service Co. of Colorado,
First Mortgage		4.300		03/15/44		35		29,003
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN		5.800		05/01/37		125		128,337
San Diego Gas & Electric Co.,
First Mortgage		4.150		05/15/48		230		189,970
Southwestern Public Service Co.,
First Mortgage		3.700		08/15/47		250		185,746
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A		2.875		07/15/29		1,135		984,727
Vistra Corp.,
Jr. Sub. Notes, 144A		7.000(ff)		12/15/26(oo)		200		174,870
Jr. Sub. Notes, 144A		8.000(ff)		10/15/26(oo)		650		597,558
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.625		02/15/27		600		561,911
Sr. Sec’d. Notes, 144A		3.550		07/15/24		645		614,394
Xcel Energy, Inc.,
Sr. Unsec’d. Notes		4.800		09/15/41		105		89,754
								11,392,411
Electronics     0.1%
Trimble, Inc.,
Sr. Unsec’d. Notes		4.750		12/01/24		1,200		1,185,207
Engineering & Construction     0.1%
Cellnex Finance Co. SA (Spain),
Gtd. Notes, EMTN		2.000		02/15/33	EUR	300		191,357
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN		1.750		10/23/30	EUR	300		206,893
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes		5.500		07/31/47		200		123,940
Sr. Sec’d. Notes, 144A		4.250		10/31/26		200		176,000
Sr. Sec’d. Notes, 144A		5.500		07/31/47		200		123,940

See Notes to Financial Statements.

PGIM Balanced Fund    57

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Engineering & Construction (cont’d.)
TopBuild Corp.,
Gtd. Notes, 144A		4.125%		02/15/32		100	$	76,731
								898,861
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		114,568
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		7.625		04/15/26		175		172,646
International Game Technology PLC,
Sr. Sec’d. Notes, 144A		6.500		02/15/25		650		648,375
Scientific Games International, Inc.,
Gtd. Notes, 144A		8.625		07/01/25		225		230,686
Warnermedia Holdings, Inc.,
Gtd. Notes, 144A		5.050		03/15/42		265		198,351
Gtd. Notes, 144A		5.141		03/15/52		380		276,130
								1,640,756
Foods     0.3%
B&G Foods, Inc.,
Gtd. Notes		5.250		09/15/27		325		263,228
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		3.250		02/16/26	GBP	700		587,724
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		4.000		02/16/27	GBP	500		340,105
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.500		01/15/30		500		461,875
Kraft Heinz Foods Co.,
Gtd. Notes		4.875		10/01/49		450		371,782
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A		4.125		01/31/30		150		126,837
Gtd. Notes, 144A		4.375		01/31/32		150		124,321
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		5.500		11/04/27	GBP	800		690,832
								2,966,704

See Notes to Financial Statements.

58

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Forest Products & Paper     0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes		4.500%		08/01/24		310	$	302,870
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.750		05/20/27		775		697,531
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes		4.100		09/01/47		200		160,819
NiSource, Inc.,
Sr. Unsec’d. Notes		3.490		05/15/27		548		504,529
Sr. Unsec’d. Notes		4.800		02/15/44		40		33,601
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes		3.500		06/01/29		740		650,662
								2,047,142
Healthcare-Products     0.1%
DH Europe Finance II Sarl,
Gtd. Notes		1.350		09/18/39	EUR	385		249,241
Medline Borrower LP,
Sr. Sec’d. Notes, 144A		3.875		04/01/29		350		281,065
Sr. Unsec’d. Notes, 144A		5.250		10/01/29		75		56,624
Medtronic Global Holdings SCA,
Gtd. Notes		2.250		03/07/39	EUR	100		76,909
								663,839
Healthcare-Services     0.6%
Ascension Health,
Sr. Unsec’d. Notes		3.945		11/15/46		795		672,176
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A		2.375		03/01/28	EUR	800		602,535
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017		3.920		06/01/47		95		76,708
Elevance Health, Inc.,
Sr. Unsec’d. Notes		4.625		05/15/42		45		38,911
Sr. Unsec’d. Notes		4.650		01/15/43		30		25,859
HCA, Inc.,
Gtd. Notes		3.500		07/15/51		215		133,541
Gtd. Notes		5.375		02/01/25		130		128,470
Gtd. Notes, 144A		4.625		03/15/52		165		124,141
Gtd. Notes, MTN		7.750		07/15/36		400		412,001

See Notes to Financial Statements.

PGIM Balanced Fund    59

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A		2.200%		06/01/30		360	$	283,189
IHC Health Services, Inc.,
Sec’d. Notes		4.131		05/15/48		480		406,586
Kaiser Foundation Hospitals,
Gtd. Notes		4.150		05/01/47		140		117,195
Unsec’d. Notes, Series 2021		2.810		06/01/41		495		345,355
MidMichigan Health,
Sec’d. Notes, Series 2020		3.409		06/01/50		155		107,586
MultiCare Health System,
Unsec’d. Notes		2.803		08/15/50		280		173,191
OhioHealth Corp.,
Sec’d. Notes		2.297		11/15/31		1,155		915,477
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29		190		156,995
Unsec’d. Notes, Series H		2.746		10/01/26		50		45,839
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125		10/01/28		250		220,552
Sr. Sec’d. Notes		4.625		07/15/24		196		189,643
Sr. Sec’d. Notes, 144A		4.375		01/15/30		300		250,209
								5,426,159
Home Builders     0.3%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A		4.875		02/15/30		600		443,112
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625		03/01/30		675		514,046
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750		01/15/28		500		439,480
Gtd. Notes, 144A		5.875		06/15/27		90		83,799
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		80		64,603
Toll Brothers Finance Corp.,
Gtd. Notes(a)		4.350		02/15/28		1,650		1,446,260
								2,991,300
Insurance     0.2%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.950		05/15/60		115		72,875
Gtd. Notes, 144A		3.951		10/15/50		180		122,010

See Notes to Financial Statements.

60

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Liberty Mutual Group, Inc., (cont’d.)
Gtd. Notes, 144A		4.569%		02/01/29		350	$	321,905
Lincoln National Corp.,
Sr. Unsec’d. Notes		6.300		10/09/37		110		109,543
Markel Corp.,
Sr. Unsec’d. Notes		5.000		03/30/43		25		21,597
Sr. Unsec’d. Notes		5.000		04/05/46		325		276,419
New York Life Insurance Co.,
Sub. Notes, 144A		6.750		11/15/39		110		121,163
Principal Financial Group, Inc.,
Gtd. Notes		4.625		09/15/42		15		12,711
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270		05/15/47		240		196,865
Sub. Notes, 144A		6.850		12/16/39		22		24,091
								1,279,179
Lodging     0.1%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625		02/15/32		375		287,550
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		561		516,241
MGM Resorts International,
Gtd. Notes		6.750		05/01/25		250		246,123
								1,049,914
Machinery-Diversified     0.1%
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		4.950		09/15/28		89		82,746
Xylem, Inc.,
Sr. Unsec’d. Notes		1.950		01/30/28		975		825,780
								908,526
Media     0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250		02/01/31		350		270,767
Sr. Unsec’d. Notes, 144A		5.375		06/01/29		725		635,748
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		3.900		06/01/52		290		180,941

See Notes to Financial Statements.

PGIM Balanced Fund    61

Schedule of Investments  (continued)

as of September 30, 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	$	92,405
Sr. Sec’d. Notes		6.384		10/23/35		110		101,361
Sr. Sec’d. Notes		6.484		10/23/45		172		151,957
Comcast Corp.,
Gtd. Notes		3.969		11/01/47		19		14,532
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		3.150		08/15/24		255		244,263
CSC Holdings LLC,
Gtd. Notes, 144A		3.375		02/15/31		310		218,502
Sr. Unsec’d. Notes, 144A		4.625		12/01/30		300		204,002
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A(a)		5.375		08/15/26		550		109,225
Discovery Communications LLC,
Gtd. Notes		5.300		05/15/49		575		430,402
DISH DBS Corp.,
Gtd. Notes		5.125		06/01/29		100		58,760
Gtd. Notes		7.375		07/01/28		100		67,268
Gtd. Notes		7.750		07/01/26		400		306,758
Paramount Global,
Sr. Unsec’d. Notes		4.375		03/15/43		600		401,222
Sr. Unsec’d. Notes		5.250		04/01/44		65		47,714
Time Warner Cable LLC,
Sr. Sec’d. Notes		5.500		09/01/41		140		110,602
								3,646,429
Mining     0.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes		5.750		05/01/43		280		263,713
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN		5.315		04/14/32		200		165,500
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		7.500		07/27/35		95		103,047
								532,260
Miscellaneous Manufacturing     0.1%
Pentair Finance Sarl,
Gtd. Notes		4.500		07/01/29		450		406,757

See Notes to Financial Statements.

62

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	$	69,663
Oil & Gas     0.9%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250		02/15/26		225		217,514
Aker BP ASA (Norway),
Gtd. Notes, 144A		3.100		07/15/31		450		353,256
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		9.000		11/01/27		79		96,383
Sr. Unsec’d. Notes, 144A		8.250		12/31/28		125		121,436
BP Capital Markets PLC (United Kingdom),
Gtd. Notes		4.375(ff)		06/22/25(oo)		750		689,063
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		5.400		06/15/47		318		272,028
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500		02/01/26		125		119,723
Gtd. Notes, 144A		5.875		02/01/29		125		116,106
ConocoPhillips Co.,
Gtd. Notes, 144A		3.758		03/15/42		150		120,467
Continental Resources, Inc.,
Gtd. Notes		4.500		04/15/23		151		150,176
Gtd. Notes, 144A		2.875		04/01/32		550		401,814
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.600		07/15/41		35		31,417
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes		5.875		09/18/23		353		350,278
Sr. Unsec’d. Notes		6.875		04/29/30		68		57,120
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.750		01/30/28		400		380,489
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A		4.500		03/30/24		100		94,000
Sr. Sec’d. Notes, 144A		4.875		03/30/26		200		178,500
Sr. Sec’d. Notes, 144A		5.375		03/30/28		275		235,125
EOG Resources, Inc.,
Sr. Unsec’d. Notes		3.900		04/01/35		120		102,557
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750		02/01/29		50		44,124
Sr. Unsec’d. Notes, 144A		6.000		04/15/30		125		110,266
Sr. Unsec’d. Notes, 144A		6.000		02/01/31		50		43,700
Sr. Unsec’d. Notes, 144A		6.250		04/15/32		150		133,422

See Notes to Financial Statements.

PGIM Balanced Fund    63

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		7.125%		02/01/27		200	$	203,000
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		6.450		09/15/36		200		199,128
Petrobras Global Finance BV (Brazil),
Gtd. Notes		6.625		01/16/34	GBP	230		205,493
Gtd. Notes		7.375		01/17/27		21		21,551
Petroleos Mexicanos (Mexico),
Gtd. Notes		4.750		02/26/29	EUR	180		121,722
Gtd. Notes		5.350		02/12/28		49		37,113
Gtd. Notes		6.490		01/23/27		61		50,819
Gtd. Notes		6.500		03/13/27		1,613		1,350,726
Gtd. Notes, EMTN		4.875		02/21/28	EUR	240		172,587
Gtd. Notes, MTN		6.750		09/21/47		133		73,815
Gtd. Notes, MTN		6.875		08/04/26		10		8,970
Phillips 66 Co.,
Gtd. Notes, 144A		3.550		10/01/26		360		334,285
Qatar Energy (Qatar),
Sr. Unsec’d. Notes, 144A		3.125		07/12/41		210		152,421
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A		5.000		05/18/27		870		818,347
								8,168,941
Oil & Gas Services     0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900		05/17/28		336		303,770
Packaging & Containers     0.2%
AptarGroup, Inc.,
Sr. Unsec’d. Notes		3.600		03/15/32		780		638,376
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%		5.000		06/30/27	EUR	918		611,144
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A		4.000		10/15/27		200		167,914
								1,417,434
Pharmaceuticals     0.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.800		03/15/25		315		304,987

See Notes to Financial Statements.

64

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
AbbVie, Inc., (cont’d.)
Sr. Unsec’d. Notes		4.250%		11/21/49		1,285	$	1,031,104
Sr. Unsec’d. Notes		4.500		05/14/35		235		209,670
Sr. Unsec’d. Notes		4.550		03/15/35		430		386,339
Sr. Unsec’d. Notes		4.700		05/14/45		250		212,386
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000		01/30/28		150		54,952
Gtd. Notes, 144A		5.000		02/15/29		75		28,945
Gtd. Notes, 144A		5.250		01/30/30		50		18,750
Gtd. Notes, 144A		5.250		02/15/31		350		133,000
Gtd. Notes, 144A		6.250		02/15/29		200		74,290
Gtd. Notes, 144A		7.000		01/15/28		250		95,362
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes		3.734		12/15/24		18		17,487
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		4.125		06/15/39		70		61,127
Cigna Corp.,
Gtd. Notes		4.500		02/25/26		967		943,740
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300		03/25/28		359		339,549
Sr. Unsec’d. Notes		4.780		03/25/38		90		78,879
Sr. Unsec’d. Notes		5.125		07/20/45		487		426,226
Sr. Unsec’d. Notes		5.300		12/05/43		45		40,395
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes		3.025		07/09/40		250		177,045
Utah Acquisition Sub, Inc.,
Gtd. Notes		5.250		06/15/46		800		562,460
Viatris, Inc.,
Gtd. Notes		4.000		06/22/50		325		194,198
								5,390,891
Pipelines     0.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A		5.750		03/01/27		350		323,621
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes		4.600		12/15/44		10		8,160
Energy Transfer LP,
Jr. Sub. Notes, Series H		6.500(ff)		11/15/26(oo)		610		521,223
Sr. Unsec’d. Notes		4.950		06/15/28		210		196,270
Sr. Unsec’d. Notes		5.000		05/15/50		170		132,842

See Notes to Financial Statements.

PGIM Balanced Fund    65

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Energy Transfer LP, (cont’d.)
Sr. Unsec’d. Notes		5.300%		04/15/47		500	$	399,877
Enterprise Products Operating LLC,
Gtd. Notes		3.200		02/15/52		275		175,943
Gtd. Notes		4.200		01/31/50		345		263,322
Gtd. Notes		4.850		03/15/44		185		154,636
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A		2.550		07/01/30		350		279,193
Kinder Morgan, Inc.,
Gtd. Notes		3.250		08/01/50		220		137,928
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		630		495,253
Sr. Unsec’d. Notes		4.500		04/15/38		175		140,579
Sr. Unsec’d. Notes		4.875		06/01/25		375		368,258
Sr. Unsec’d. Notes		4.950		03/14/52		520		408,970
Sr. Unsec’d. Notes		5.200		03/01/47		20		16,481
Sr. Unsec’d. Notes		5.500		02/15/49		90		76,701
ONEOK Partners LP,
Gtd. Notes		6.200		09/15/43		205		179,276
ONEOK, Inc.,
Gtd. Notes		4.500		03/15/50		1,000		721,883
Gtd. Notes		4.950		07/13/47		50		38,599
Spectra Energy Partners LP,
Gtd. Notes		3.375		10/15/26		165		152,165
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500		01/15/28		275		235,147
Gtd. Notes, 144A		6.000		12/31/30		125		106,236
Gtd. Notes, 144A		7.500		10/01/25		150		148,123
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A		3.875		08/15/29		30		25,787
Sr. Sec’d. Notes, 144A		4.125		08/15/31		30		24,861
Western Midstream Operating LP,
Sr. Unsec’d. Notes		5.300		03/01/48		20		16,416
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.850		03/01/48		20		16,544
Sr. Unsec’d. Notes		4.900		01/15/45		220		178,628
Sr. Unsec’d. Notes		5.300		08/15/52		175		153,313
Sr. Unsec’d. Notes		5.400		03/04/44		175		152,885
								6,249,120

See Notes to Financial Statements.

66

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    0.0%
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125%		02/01/29		350	$	270,386
Real Estate Investment Trusts (REITs)    0.7%
Brandywine Operating Partnership LP,
Gtd. Notes		4.550		10/01/29		450		398,123
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		4.050		07/01/30		345		291,297
Diversified Healthcare Trust,
Sr. Unsec’d. Notes		4.750		02/15/28		400		252,012
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		5.375		04/15/26		175		167,341
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes		2.875		01/15/31		315		257,028
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		0.993		10/15/26	EUR	200		159,156
Realty Income Corp.,
Sr. Unsec’d. Notes		3.400		01/15/28		800		727,696
Sun Communities Operating LP,
Gtd. Notes		2.700		07/15/31		675		511,263
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		7.875		02/15/25		700		681,986
Ventas Realty LP,
Gtd. Notes		2.650		01/15/25		1,750		1,646,519
Welltower, Inc.,
Sr. Unsec’d. Notes		4.250		04/01/26		160		153,413
WP Carey, Inc.,
Sr. Unsec’d. Notes		2.250		04/01/33		545		387,100
								5,632,934
Retail    0.3%
AutoZone, Inc.,
Sr. Unsec’d. Notes		1.650		01/15/31		185		137,534
Dollar Tree, Inc.,
Sr. Unsec’d. Notes		2.650		12/01/31		750		588,446
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes		6.250		10/30/25	EUR	1,200		1,016,427

See Notes to Financial Statements.

PGIM Balanced Fund    67

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.625%		12/01/25		170	$	161,048
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		450		425,896
								2,329,351
Semiconductors    0.3%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A		3.137		11/15/35		166		116,388
Sr. Unsec’d. Notes, 144A		3.187		11/15/36		975		667,610
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		1,750		1,342,671
								2,126,669
Software    0.0%
Microsoft Corp.,
Sr. Unsec’d. Notes		2.525		06/01/50		48		31,570
Telecommunications    0.8%
AT&T, Inc.,
Sr. Unsec’d. Notes		2.550		12/01/33		274		203,903
Sr. Unsec’d. Notes		3.500		09/15/53		1,658		1,104,716
Sr. Unsec’d. Notes		3.550		09/15/55		115		75,518
Sr. Unsec’d. Notes		4.300		02/15/30		5		4,576
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes		9.625		12/15/30		50		57,812
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A		8.000		12/31/26		150		91,500
Sr. Sec’d. Notes, 144A		8.750		05/25/24		200		180,000
Sr. Sec’d. Notes, 144A		8.750		05/25/24		175		159,119
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A		7.000		10/15/28		200		171,000
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		531,375
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A		3.400		03/01/27		900		753,434

See Notes to Financial Statements.

68

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Matterhorn Telecom SA (Luxembourg),
Sr. Sec’d. Notes		3.125%		09/15/26	EUR	800	$	683,349
Sprint Capital Corp.,
Gtd. Notes		8.750		03/15/32		300		347,719
T-Mobile USA, Inc.,
Gtd. Notes		2.625		02/15/29		275		227,013
Sr. Unsec’d. Notes		2.550		02/15/31		1,910		1,513,088
Sr. Unsec’d. Notes		4.500		04/15/50		300		241,285
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		3.400		03/22/41		480		351,363
								6,696,770
Transportation    0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		6.700		08/01/28		135		143,813
CSX Corp.,
Sr. Unsec’d. Notes		6.150		05/01/37		170		176,115
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN		3.570		01/21/32		200		159,538
Norfolk Southern Corp.,
Sr. Unsec’d. Notes		2.903		02/15/23		97		96,260
Sr. Unsec’d. Notes		5.590		05/17/25		20		20,128
								595,854
TOTAL CORPORATE BONDS
(cost $163,429,553)								133,244,259
FLOATING RATE AND OTHER LOANS    0.1%
Media    0.0%
Diamond Sports Group LLC,
First Lien Term Loan, 1 Month SOFR + 8.000%		10.695(c)		05/25/26		75		71,492
Second Lien Term Loan, 1 Month SOFR + 3.350%		5.945(c)		08/24/26		622		120,580
								192,072
Oil & Gas    0.0%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%^		11.455(c)		11/01/25		152		158,840

See Notes to Financial Statements.

PGIM Balanced Fund    69

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
FLOATING RATE AND OTHER LOANS (Continued)
Telecommunications    0.1%
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%		6.365%(c)		05/27/24		345	$	304,625
TOTAL FLOATING RATE AND OTHER LOANS (cost $745,536)								655,537
MUNICIPAL BONDS    0.4%
Alabama    0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B		4.263		09/15/32		35		32,915
California    0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2		6.263		04/01/49		220		250,613
Taxable, Revenue Bonds		2.574		04/01/31		415		358,561
State of California,
General Obligation Unlimited, BABs		7.300		10/01/39		210		252,657
General Obligation Unlimited, Taxable, BABs		7.500		04/01/34		15		17,681
								879,512
Illinois    0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B		6.395		01/01/40		160		176,786
State of Illinois,
General Obligation Unlimited, Series A		5.000		10/01/22		35		35,000
General Obligation Unlimited, Series D		5.000		11/01/22		710		710,680
General Obligation Unlimited, Taxable		5.100		06/01/33		100		95,058
								1,017,524
Michigan    0.1%
Michigan State University,
Taxable, Revenue Bonds, Series A		4.165		08/15/22		435		318,608
University of Michigan,
Taxable, Revenue Bonds, Series A		4.454		04/01/2122		440		350,870
Taxable, Revenue Bonds, Series B		2.437		04/01/40		550		384,349
								1,053,827

See Notes to Financial Statements.

70

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F		7.414%		01/01/40		165	$	200,847
New York    0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs		5.767		08/01/36		180		183,189
Ohio    0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C		4.910		06/01/40		65		64,213
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2		4.879		12/01/34		45		44,881
								109,094
Oregon    0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A		5.834		11/15/34		70		74,531
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B		5.511		12/01/45		80		81,255
Virginia    0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C		4.179		09/01/2117		80		62,806
TOTAL MUNICIPAL BONDS (cost $4,036,455)								3,695,500
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.7%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1		5.250		09/25/35		2		1,632
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1		2.540(cc)		02/25/35		7		6,434
Bellemeade Re Ltd.,
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		4.934(c)		10/25/28		30		29,997

See Notes to Financial Statements.

PGIM Balanced Fund    71

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd., (cont’d.)
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		4.684%(c)		07/25/29		174	$	173,722
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		5.084(c)		10/25/29		6		6,048
Series 2020-04A, Class M2B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)		6.684(c)		06/25/30		78		78,094
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)		4.031(c)		03/25/31		228		227,219
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)		5.231(c)		03/25/31		150		145,037
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)		4.431(c)		01/26/32		160		156,460
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)		5.981(c)		01/26/32		360		335,994
BVRT Financing Trust,
Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000%^		4.285(c)		09/12/26		570		566,985
Central Park Funding Trust,
Series 2021-02, Class PT, 144A, 1 Month LIBOR + 3.000%		6.113(c)		10/27/22		938		933,253
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5		3.094(cc)		02/25/37		17		16,036
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A		6.170		09/25/62		299		292,761
Connecticut Avenue Securities Trust,
Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%)		5.234(c)		09/25/31		24		23,910
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		5.184(c)		10/25/39		25		24,752
Series 2022-R02, Class 2B1, 144A, 30 Day Average SOFR + 4.500% (Cap N/A, Floor 0.000%)		6.781(c)		01/25/42		100		89,375
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)		8.531(c)		03/25/42		105		100,634
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)		7.531(c)		03/25/42		90		82,694
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A		3.850(cc)		09/25/57		213		200,452
Series 2020-RPL06, Class A1, 144A		2.688(cc)		03/25/59		377		360,566
Eagle Re Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		4.784(c)		11/25/28		69		68,287
Series 2019-01, Class M2, 144A, 1 Month LIBOR + 3.300% (Cap N/A, Floor 0.000%)		6.384(c)		04/25/29		200		195,599

See Notes to Financial Statements.

72

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Eagle Re Ltd., (cont’d.)
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)		4.431%(c)		10/25/33		175	$	174,484
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)		4.981(c)		10/25/33		280		278,190
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)		5.731(c)		04/25/34		240		231,867
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%)		5.581(c)		11/25/41		110		99,314
Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)		4.281(c)		11/25/41		90		80,459
Fannie Mae REMICS,
Series 2014-11, Class VB		4.500		04/25/42		500		491,838
Series 2018-78, Class A		3.500		07/25/43		3		3,381
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%)		6.281(c)		11/25/50		250		227,743
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)		4.881(c)		11/25/50		769		760,619
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)		5.681(c)		08/25/33		1,120		1,008,045
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)		4.934(c)		02/25/50		166		163,026
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)		9.084(c)		08/25/50		450		464,902
Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)		6.834(c)		08/25/50		3		2,942
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)		7.081(c)		10/25/50		190		191,265
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)		6.684(c)		07/25/50		13		13,067
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)		5.781(c)		10/25/33		275		253,237
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)		5.331(c)		01/25/34		180		159,695
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)		3.931(c)		01/25/34		96		93,144
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)		5.681(c)		10/25/41		300		268,267
Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)		5.431(c)		12/25/33		100		81,180

See Notes to Financial Statements.

PGIM Balanced Fund    73

Schedule of Investments  (continued)

as of September 30, 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 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)		5.631%(c)		09/25/41		170	$	145,681
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)		4.381(c)		09/25/41		300		252,000
Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)		6.031(c)		12/25/41		90		78,816
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)		4.631(c)		12/25/41		200		170,000
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)		4.131(c)		01/25/42		410		372,075
Home Re Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)		3.881(c)		01/25/34		150		146,659
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)		5.081(c)		01/25/34		235		221,146
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1		3.940(cc)		07/25/35		5		5,314
Jupiter Mortgage PLC (United Kingdom),
Series 01A, Class B, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)		3.088(c)		07/20/60	GBP	300		330,264
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A		3.858		09/25/59		239		237,914
Series 2020-GS01, Class A1, 144A		2.882		10/25/59		278		276,358
Series 2020-SL01, Class A, 144A		2.734		01/25/60		106		102,712
Series 2021-GS01, Class A1, 144A		1.892		10/25/66		139		128,319
Series 2021-SL01, Class A, 144A		1.991(cc)		09/25/60		147		143,325
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A		2.750(cc)		01/25/61		68		66,933
Series 2018-01, Class A1, 144A		3.250(cc)		05/25/62		49		46,994
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.834(c)		01/25/48		77		74,475
Oaktown Re VII Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)		5.181(c)		04/25/34		200		186,428
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)		3.734(c)		06/25/57		64		61,907
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)		6.928(c)		12/25/22		652		632,187

See Notes to Financial Statements.

74

Description	Interest       Rate		Maturity       Date		Principal     Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		5.934%(c)		02/25/23		150	$	148,902
Radnor Re Ltd.,
Series 2019-02, Class M1B, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)		4.834(c)		06/25/29		43		42,595
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		4.534(c)		01/25/30		200		197,713
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)		4.131(c)		11/25/31		213		206,837
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)		5.981(c)		11/25/31		300		281,304
Retiro Mortgage Securities DAC (Spain),
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)		2.238(c)		07/30/75	EUR	362		347,581
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA		3.500		08/25/58		329		313,743
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3		3.624(cc)		02/25/34		13		12,618
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)		3.684(c)		02/25/57		114		112,733
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $15,376,219)								14,506,139
SOVEREIGN BONDS     0.8%
1MDB Global Investments Ltd. (Malaysia),
Sr. Unsec’d. Notes		4.400		03/09/23		1,000		956,437
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		3.125		10/11/27		485		452,202
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A		2.375		08/20/30		200		158,538
Bulgaria Government International Bond (Bulgaria),
Sr. Unsec’d. Notes		1.375		09/23/50	EUR	180		88,734
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		7.375		09/18/37		100		86,863
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A		5.500		02/22/29		440		376,832
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A		3.875		02/01/28		200		182,226

See Notes to Financial Statements.

PGIM Balanced Fund    75

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		1.100%		03/12/33	EUR	100	$	66,817
Sr. Unsec’d. Notes		1.450		09/18/26	EUR	315		274,140
Sr. Unsec’d. Notes		3.375		07/30/25	EUR	350		336,007
Sr. Unsec’d. Notes		3.500		01/11/28		370		337,579
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		2.125		10/25/23		200		195,649
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		6.700		01/26/36		200		195,787
Province of Manitoba (Canada),
Sr. Unsec’d. Notes		2.125		06/22/26		100		91,673
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A		5.103		04/23/48		200		193,500
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes		2.875		10/17/29		2,000		1,632,592
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN		3.875		10/29/35	EUR	130		87,297
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		2.875		03/04/23		285		282,506
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes		1.500		06/26/29	EUR	581		376,806
Sr. Unsec’d. Notes		3.125		05/15/27	EUR	497		396,365
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		8.994		02/01/26(d)		300		62,250
Sr. Unsec’d. Notes, 144A		4.375		01/27/32(d)	EUR	200		35,576
Sr. Unsec’d. Notes, 144A		7.750		09/01/24(d)		640		176,320
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.975		04/20/55		110		97,886
Sr. Unsec’d. Notes		5.100		06/18/50		65		59,203
TOTAL SOVEREIGN BONDS (cost $9,406,129)								7,199,785
U.S. GOVERNMENT AGENCY OBLIGATIONS     5.9%
Federal Home Loan Bank(k)		5.500		07/15/36		135		150,267
Federal Home Loan Mortgage Corp.		2.500		03/01/51		1,546		1,306,016
Federal Home Loan Mortgage Corp.		3.000		01/01/52		2,143		1,872,720
Federal Home Loan Mortgage Corp.		3.000		02/01/52		1,450		1,266,647
Federal Home Loan Mortgage Corp.		3.500		03/01/52		969		873,829
Federal Home Loan Mortgage Corp.		4.500		10/01/39		69		67,739
Federal Home Loan Mortgage Corp.		5.000		04/01/34		7		6,789
Federal Home Loan Mortgage Corp.		5.000		05/01/34		14		14,488
Federal Home Loan Mortgage Corp.		5.000		10/01/35		20		19,749
Federal Home Loan Mortgage Corp.		5.000		11/01/41		140		141,545

See Notes to Financial Statements.

76

Description	Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.	5.500%	12/01/33		15	$	14,655
Federal Home Loan Mortgage Corp.	5.500	05/01/34		3		3,102
Federal Home Loan Mortgage Corp.	5.500	07/01/34		30		30,999
Federal Home Loan Mortgage Corp.	5.500	05/01/37		5		5,134
Federal Home Loan Mortgage Corp.	5.500	10/01/37		9		9,774
Federal Home Loan Mortgage Corp.	6.000	01/01/34		13		13,274
Federal Home Loan Mortgage Corp.	7.000	10/01/31		1		567
Federal Home Loan Mortgage Corp.	7.000	05/01/32		10		10,189
Federal National Mortgage Assoc.	2.000	12/01/50		1,364		1,110,258
Federal National Mortgage Assoc.	2.000	05/01/51		572		465,413
Federal National Mortgage Assoc.	2.000	08/01/51		1,294		1,052,516
Federal National Mortgage Assoc.	2.000	11/01/51		1,092		886,619
Federal National Mortgage Assoc.	2.500	TBA		1,500		1,254,932
Federal National Mortgage Assoc.	2.500	TBA(tt)		3,500		2,935,830
Federal National Mortgage Assoc.	3.000	TBA(tt)		2,000		1,739,675
Federal National Mortgage Assoc.	3.000	12/01/51		969		847,169
Federal National Mortgage Assoc.	3.000	02/01/52		479		417,700
Federal National Mortgage Assoc.	3.000	03/01/52		2,912		2,542,080
Federal National Mortgage Assoc.	3.500	TBA(tt)		500		449,961
Federal National Mortgage Assoc.	3.500	TBA		2,500		2,248,161
Federal National Mortgage Assoc.	3.500	01/01/52		457		412,449
Federal National Mortgage Assoc.	3.500	02/01/52		1,433		1,292,546
Federal National Mortgage Assoc.	4.000	04/01/52		1,443		1,340,728
Federal National Mortgage Assoc.	4.000	05/01/52		2,714		2,522,368
Federal National Mortgage Assoc.	4.500	TBA(tt)		1,500		1,428,867
Federal National Mortgage Assoc.	4.500	TBA		7,000		6,659,926
Federal National Mortgage Assoc.	4.500	09/01/39		53		52,024
Federal National Mortgage Assoc.	4.500	08/01/40		47		45,689
Federal National Mortgage Assoc.	4.500	02/01/44		65		64,073
Federal National Mortgage Assoc.	4.500	08/01/44		134		130,915
Federal National Mortgage Assoc.	4.500	01/01/45		119		116,215
Federal National Mortgage Assoc.	4.500	05/01/52		505		482,217
Federal National Mortgage Assoc.	4.500	06/01/52		488		466,543
Federal National Mortgage Assoc.	5.000	TBA		4,500		4,376,976
Federal National Mortgage Assoc.	5.000	07/01/35		17		16,628
Federal National Mortgage Assoc.	5.000	02/01/36		28		27,918
Federal National Mortgage Assoc.	5.000	06/01/52		487		474,822
Federal National Mortgage Assoc.	5.000	07/01/52		1,982		1,932,528
Federal National Mortgage Assoc.	5.500	06/01/33		6		5,915
Federal National Mortgage Assoc.	5.500	08/01/33		12		12,181
Federal National Mortgage Assoc.	5.500	09/01/33		14		14,832
Federal National Mortgage Assoc.	5.500	09/01/33		29		29,977
Federal National Mortgage Assoc.	5.500	01/01/34		12		12,641
Federal National Mortgage Assoc.	5.500	01/01/34		12		12,811

See Notes to Financial Statements.

PGIM Balanced Fund    77

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	5.500%	07/01/34		22		$	22,524
Federal National Mortgage Assoc.	5.500	08/01/52		327			325,776
Federal National Mortgage Assoc.	6.000	01/01/34		4			4,555
Federal National Mortgage Assoc.	6.000	01/01/34		68			71,203
Federal National Mortgage Assoc.	6.000	02/01/34		6			6,546
Federal National Mortgage Assoc.	6.000	10/01/34		1			1,180
Federal National Mortgage Assoc.	6.000	10/01/34		4			4,464
Federal National Mortgage Assoc.	6.000	11/01/34		9			9,562
Federal National Mortgage Assoc.	6.000	11/01/34		15			15,606
Federal National Mortgage Assoc.	6.000	11/01/34		25			25,783
Federal National Mortgage Assoc.	6.000	01/01/35		51			52,102
Federal National Mortgage Assoc.	6.000	02/01/35		35			35,915
Federal National Mortgage Assoc.	6.000	08/01/36		10			10,002
Federal National Mortgage Assoc.	6.000	08/01/38		4			4,169
Federal National Mortgage Assoc.	6.500	05/01/24		4			4,059
Federal National Mortgage Assoc.	6.500	07/01/29		5			5,279
Federal National Mortgage Assoc.	6.500	07/01/32		9			9,233
Federal National Mortgage Assoc.	6.500	04/01/33		5			5,665
Federal National Mortgage Assoc.	6.500	01/01/34		2			1,807
Federal National Mortgage Assoc.	6.500	01/01/34		10			9,839
Federal National Mortgage Assoc.	6.500	10/01/36		11			11,150
Federal National Mortgage Assoc.	6.500	09/01/37		37			38,988
Federal National Mortgage Assoc.	6.500	10/01/37		39			40,667
Federal National Mortgage Assoc.(k)	6.625	11/15/30		200			234,111
Federal National Mortgage Assoc.	7.000	06/01/32		7			6,857
Federal National Mortgage Assoc.(k)	7.125	01/15/30		452			535,843
Federal National Mortgage Assoc.	7.500	09/01/30		—	(r)		510
Federal National Mortgage Assoc.	8.000	12/01/23		—	(r)		11
Federal National Mortgage Assoc.	8.500	02/01/28		1			884
Government National Mortgage Assoc.	3.000	TBA		500			441,563
Government National Mortgage Assoc.	3.000	09/20/43		103			92,876
Government National Mortgage Assoc.	3.000	01/20/44		32			28,611
Government National Mortgage Assoc.	3.000	03/15/45		64			56,860
Government National Mortgage Assoc.	3.000	05/20/45		99			89,241
Government National Mortgage Assoc.	3.000	08/20/45		183			164,092
Government National Mortgage Assoc.	3.000	06/20/46		197			176,620
Government National Mortgage Assoc.	3.000	03/20/47		111			99,419
Government National Mortgage Assoc.	3.000	12/20/48		522			467,665
Government National Mortgage Assoc.	3.000	06/20/51		638			564,863
Government National Mortgage Assoc.	3.000	08/20/51		1,992			1,770,169
Government National Mortgage Assoc.	3.500	TBA		1,000			908,789
Government National Mortgage Assoc.	4.500	TBA		1,000			957,148
Government National Mortgage Assoc.	5.000	10/20/37		10			9,713
Government National Mortgage Assoc.	5.000	04/20/45		52			52,855

See Notes to Financial Statements.

78

Description	Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.	5.500%	07/15/33		10		$	10,331
Government National Mortgage Assoc.	5.500	12/15/33		4			4,126
Government National Mortgage Assoc.	5.500	09/15/34		86			86,752
Government National Mortgage Assoc.	5.500	01/15/36		31			31,367
Government National Mortgage Assoc.	5.500	02/15/36		66			66,222
Government National Mortgage Assoc.	6.500	09/15/23		—	(r)		495
Government National Mortgage Assoc.	6.500	12/15/23		—	(r)		241
Government National Mortgage Assoc.	6.500	12/15/23		1			525
Government National Mortgage Assoc.	6.500	12/15/23		1			747
Government National Mortgage Assoc.	6.500	04/15/24		7			7,109
Government National Mortgage Assoc.	6.500	07/15/32		1			1,167
Government National Mortgage Assoc.	6.500	08/15/32		—	(r)		202
Government National Mortgage Assoc.	6.500	08/15/32		1			634
Government National Mortgage Assoc.	6.500	08/15/32		1			1,381
Government National Mortgage Assoc.	6.500	08/15/32		6			6,659
Government National Mortgage Assoc.	7.000	06/15/24		1			1,154
Government National Mortgage Assoc.	7.000	05/15/31		3			3,455
Government National Mortgage Assoc.	7.500	04/15/29		—	(r)		480
Government National Mortgage Assoc.	8.000	12/15/22		—	(r)		0
Government National Mortgage Assoc.	8.000	06/15/25		9			8,774
Tennessee Valley Authority, Sr. Unsec’d. Notes	7.125	05/01/30		90			105,640
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS     (cost $53,750,021)							51,401,821
U.S. TREASURY OBLIGATIONS     4.2%
U.S. Treasury Bonds	1.375	11/15/40		135			87,244
U.S. Treasury Bonds	2.000	11/15/41		8,140			5,825,188
U.S. Treasury Bonds(k)	2.250	05/15/41		22,655			17,122,224
U.S. Treasury Bonds	2.500	02/15/46		9,945			7,545,769
U.S. Treasury Bonds	2.500	05/15/46		2,065			1,564,238
U.S. Treasury Bonds	2.875	05/15/43		1,380			1,136,559
U.S. Treasury Bonds	3.625	08/15/43		230			214,295
U.S. Treasury Strips Coupon	1.467(s)	11/15/41		210			93,425
U.S. Treasury Strips Coupon(k)	2.052(s)	11/15/43		6,350			2,602,508
U.S. Treasury Strips Coupon(k)	2.374(s)	05/15/43		550			228,981
U.S. Treasury Strips Coupon	2.415(s)	11/15/40		500			236,289
U.S. Treasury Strips Coupon	2.450(s)	02/15/45		120			46,655
U.S. Treasury Strips Coupon	2.732(s)	08/15/30		286			209,651

See Notes to Financial Statements.

PGIM Balanced Fund    79

Schedule of Investments  (continued)

as of September 30, 2022

Description	Interest       Rate		Maturity       Date		Principal       Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon		2.487%(s)		11/15/30		154	$	111,758
TOTAL U.S. TREASURY OBLIGATIONS     (cost $50,875,062)								37,024,784
TOTAL LONG-TERM INVESTMENTS     (cost $887,319,652)								861,050,344
					Shares
SHORT-TERM INVESTMENTS     4.1%
AFFILIATED MUTUAL FUND     0.4%
PGIM Institutional Money Market Fund (cost $3,737,920; includes $3,728,818 of cash collateral for securities on loan)(b)(wa)						3,741,457		3,738,839
	Interest Rate		Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)     0.0%
U.S. Treasury Bills
(cost $114,265)		3.094%		12/15/22		115		114,331
					Shares
UNAFFILIATED FUND     3.6%
Dreyfus Government Cash Management (Institutional Shares)   (cost $31,636,355)						31,636,355		31,636,355
OPTIONS PURCHASED*~     0.1%
(cost $155,295)								254,514
TOTAL SHORT-TERM INVESTMENTS
(cost $35,643,835)								35,744,039
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN      (cost $922,963,487)								896,794,383

See Notes to Financial Statements.

80

Description	Value
OPTIONS WRITTEN*~     (0.0)%
(premiums received $179,840)	$	(88,787	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN     102.7%     (cost $922,783,647)		896,705,596
Liabilities in excess of other assets(z)     (2.7)%		(23,888,325	)
NET ASSETS     100.0%	$	872,817,271

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ADR—American Depositary Receipt

BABs—Build America Bonds

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CVR—Contingent Value Rights

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)

See Notes to Financial Statements.

PGIM Balanced Fund    81

Schedule of Investments  (continued)

as of September 30, 2022

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

REMIC—Real Estate Mortgage Investment Conduit

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

* 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, excluding centrally cleared swaptions.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $732,113 and 0.1% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $3,597,394; cash collateral of $3,728,818 (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 September 30, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of September 30, 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.

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

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

(n) Rate shown reflects yield to maturity at purchased date.

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

(r) Less than $500 par.

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 5,500,000 is 0.6% 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:

See Notes to Financial Statements.

82

Options Purchased:

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value
CDX.NA.IG.38.V1, 06/20/27	Call	Barclays Bank PLC	10/19/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,410	$	—
CDX.NA.IG.38.V1, 06/20/27	Call	BNP Paribas S.A.	10/19/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,820		—
CDX.NA.IG.38.V1, 06/20/27	Call	Deutsche Bank AG	10/19/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,840		—
CDX.NA.IG.38.V1, 06/20/27	Call	JPMorgan Chase Bank, N.A.	10/19/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,410		—
CDX.NA.IG.38.V1, 06/20/27	Call	Bank of America, N.A.	11/16/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,820		—
CDX.NA.IG.38.V1, 06/20/27	Call	Citibank, N.A.	11/16/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,820		—
CDX.NA.IG.38.V1, 06/20/27	Call	Goldman Sachs International	11/16/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,820		—
CDX.NA.IG.38.V1, 06/20/27	Call	Morgan Stanley & Co. International PLC	11/16/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,490		—
CDX.NA.IG.38.V1, 06/20/27	Call	Morgan Stanley & Co. International PLC	11/16/22	0.35%	1.00%(Q)	CDX.NA.IG.38. V1(Q)		3,490		—
CDX.NA.HY.38.V2, 06/20/27	Put	Barclays Bank PLC	10/19/22	$100.50	CDX.NA.HY.38. V2(Q)	5.00%(Q)		910		28,521
CDX.NA.HY.38.V2, 06/20/27	Put	Deutsche Bank AG	11/16/22	$100.50	CDX.NA.HY.38. V2(Q)	5.00%(Q)		910		34,049
CDX.NA.IG.38.V1, 06/20/27	Put	BNP Paribas S.A.	10/19/22	0.88%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,820		22,314
CDX.NA.IG.38.V1, 06/20/27	Put	Deutsche Bank AG	10/19/22	0.90%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,840		19,303
CDX.NA.IG.38.V1, 06/20/27	Put	Barclays Bank PLC	10/19/22	0.93%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,410		14,647
CDX.NA.IG.38.V1, 06/20/27	Put	JPMorgan Chase Bank, N.A.	10/19/22	0.93%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,410		14,647
CDX.NA.IG.38.V1, 06/20/27	Put	Morgan Stanley & Co. International PLC	11/16/22	0.85%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,490		27,343
CDX.NA.IG.38.V1, 06/20/27	Put	Morgan Stanley & Co. International PLC	11/16/22	0.88%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,490		24,757
CDX.NA.IG.38.V1, 06/20/27	Put	Bank of America, N.A.	11/16/22	0.90%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,820		24,527

See Notes to Financial Statements.

PGIM Balanced Fund    83

Schedule of Investments  (continued)

as of September 30, 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	Put	Citibank, N.A.	11/16/22	0.93%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,820	$	22,203
CDX.NA.IG.38.V1, 06/20/27	Put	Goldman Sachs International	11/16/22	0.93%	CDX.NA.IG.38. V1(Q)	1.00%(Q)		3,820		22,203
Total Options Purchased (cost $155,295)									$	254,514

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.38.V2, 06/20/27

Call

Barclays Bank PLC

10/19/22

$

102.00

CDX.NA.HY.38. V2(Q)

5.00%(Q)

910

$

(551

)

CDX.NA.HY.38.V2, 06/20/27

Call

Deutsche Bank AG

11/16/22

$

102.00

CDX.NA.HY.38. V2(Q)

5.00%(Q)

910

(1,410

)

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

Call

BNP Paribas S.A.

10/19/22

0.80%

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

1.00%(Q)

3,820

(406

)

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

Call

Deutsche Bank AG

10/19/22

0.80%

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

1.00%(Q)

3,840

(408

)

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

Call

Barclays Bank PLC

10/19/22

0.83%

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

1.00%(Q)

3,410

(533

)

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

Call

JPMorgan Chase Bank, N.A.

10/19/22

0.83%

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

1.00%(Q)

3,410

(533

)

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

Call

Morgan Stanley & Co. International PLC

11/16/22

0.75%

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

1.00%(Q)

3,490

(686

)

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

Call

Morgan Stanley & Co. International PLC

11/16/22

0.75%

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

1.00%(Q)

3,490

(686

)

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

Call

Bank of America, N.A.

11/16/22

0.78%

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

1.00%(Q)

3,820

(993

)

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

Call

Goldman Sachs International

11/16/22

0.78%

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

1.00%(Q)

3,820

(993

)

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

Call

Citibank, N.A.

11/16/22

0.80%

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

1.00%(Q)

3,820

(1,370

)

CDX.NA.HY.38.V2, 06/20/27

Put

Morgan Stanley & Co. International PLC

10/19/22

$

95.00

CDX.NA.HY.38. V2(Q)

5.00%(Q)

1,190

(5,829

)

CDX.NA.HY.38.V2, 06/20/27

Put

Barclays Bank PLC

10/19/22

$

97.00

5.00%(Q)

CDX.NA.HY.38. V2(Q)

910

(9,266

)

See Notes to Financial Statements.

84

Options Written (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.38.V2, 06/20/27

Put

Deutsche Bank AG

11/16/22

$

96.00

5.00%(Q)

CDX.NA.HY.38. V2(Q)

910

$

(13,726

)

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

Put

BNP Paribas S.A.

10/19/22

1.18%

1.00%(Q)

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

3,820

(2,985

)

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

Put

Barclays Bank PLC

10/19/22

1.20%

1.00%(Q)

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

3,410

(2,252

)

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

Put

Deutsche Bank AG

10/19/22

1.20%

1.00%(Q)

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

3,840

(2,536

)

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

Put

JPMorgan Chase Bank, N.A.

10/19/22

1.23%

1.00%(Q)

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

3,410

(1,907

)

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

Put

Morgan Stanley & Co. International PLC

11/16/22

1.15%

1.00%(Q)

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

3,490

(8,487

)

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

Put

Morgan Stanley & Co. International PLC

11/16/22

1.20%

1.00%(Q)

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

3,490

(7,031

)

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

Put

Bank of America, N.A.

11/16/22

1.23%

1.00%(Q)

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

3,820

(7,012

)

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

Put

Goldman Sachs International

11/16/22

1.25%

1.00%(Q)

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

3,820

(6,394

)

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

Put

Citibank, N.A.

11/16/22

1.28%

1.00%(Q)

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

3,820

(5,836

)

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

Put

Goldman Sachs International

01/18/23

3.00%

1.00%(Q)

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

2,730

(750

)

CDX.NA.IG.39.V1, 12/20/27

Put

BNP Paribas S.A.

11/16/22

1.38%

1.00%(Q)

CDX.NA.IG.39. V1(Q)

3,680

(6,062

)

GS_21-PJ2A^

Put

Goldman Sachs International

11/15/24

0.50%

0.50%(M)

GS_21-PJ2A(M)

2,330

(50

)

GS_21-PJA^

Put

Goldman Sachs International

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

4,500

(95

)

Total Options Written (premiums received $179,840)

$

(88,787

)

Options Purchased:

Centrally Cleared Swaptions

Description

Call/ Put

Expiration  Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.39.V1, 12/20/27

Put

11/16/22

$

85.00

CDX.NA.HY.39.V1(Q)

5.00%(Q)

595

$

1,682

(cost $1,770)

See Notes to Financial Statements.

PGIM Balanced Fund    85

Schedule of Investments  (continued)

as of September 30, 2022

Options Written:

Centrally Cleared Swaptions

Description	Call/ Put	Expiration  Date	Strike		Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.38.V2, 06/20/27	Put	12/21/22	$	91.00	5.00%(Q)	CDX.NA.HY.38.V2(Q)		740	$	(7,993	)
CDX.NA.HY.39.V1, 12/20/27	Put	01/18/23	$	90.00	5.00%(Q)	CDX.NA.HY.39.V1(Q)		1,190		(21,748	)
CDX.NA.IG.39.V1, 12/20/27	Put	12/21/22		1.50%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		3,680		(8,551	)
Total Centrally Cleared Swaptions (premiums received $41,547)									$	(38,292	)

Futures contracts outstanding at September 30, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
202	2 Year U.S.Treasury Notes		Dec. 2022		$	41,488,906		$	(679,139	)
89	5 Year U.S.Treasury Notes		Dec. 2022			9,568,195			(109,474	)
364	10 Year U.S. Treasury Notes		Dec. 2022			40,790,750			(1,695,311	)
77	30 Year U.S. Ultra Treasury Bonds		Dec. 2022			10,549,000			(964,543	)
23	Mini MSCI Emerging Markets Index		Dec. 2022			1,002,225			(134,681	)
3	S&P 500 E-Mini Index		Dec. 2022			540,225			(72,735	)
									(3,655,883	)
Short Positions:
24	5 Year Euro-Bobl		Dec. 2022			2,816,664			73,444
24	10 Year Euro-Bund		Dec. 2022			3,257,451			167,112
64	10 Year U.S. Ultra Treasury Notes		Dec. 2022			7,583,000			490,016
92	20 Year U.S. Treasury Bonds		Dec. 2022			11,629,375			897,060
9	Euro Schatz Index		Dec. 2022			945,244			8,415
									1,636,047
								$	(2,019,836	)

Forward foreign currency exchange contracts outstanding at September 30, 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 10/19/22	JPMorgan Chase Bank, N.A.		AUD	169		$	115,093		$	108,125		$	—		$	(6,968	)

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at September 30, 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.):									��
Australian Dollar (cont’d.),
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		AUD	169		$	117,342		$	108,125		$	—		$	(9,217	)
Brazilian Real,
Expiring 10/04/22	The Toronto-Dominion Bank		BRL	4,426			856,156			819,536			—			(36,620	)
Canadian Dollar,
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	149			114,000			108,200			—			(5,800	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	149			113,000			107,670			—			(5,330	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	147			111,000			106,677			—			(4,323	)
Chilean Peso,
Expiring 12/21/22	Barclays Bank PLC		CLP	122,500			125,643			124,611			—			(1,032	)
Expiring 12/21/22	Barclays Bank PLC		CLP	89,918			91,357			91,467			110			—
Chinese Renminbi,
Expiring 11/23/22	Bank of America, N.A.		CNH	3,852			558,000			540,105			—			(17,895	)
Expiring 11/23/22	Bank of America, N.A.		CNH	3,668			532,000			514,301			—			(17,699	)
Expiring 11/23/22	HSBC Bank PLC		CNH	4,676			656,000			655,559			—			(441	)
Expiring 11/23/22	HSBC Bank PLC		CNH	2,953			428,000			413,971			—			(14,029	)
Expiring 11/23/22	JPMorgan Chase Bank, N.A.		CNH	3,851			553,000			539,912			—			(13,088	)
Expiring 11/23/22	JPMorgan Chase Bank, N.A.		CNH	3,698			531,000			518,421			—			(12,579	)
Expiring 11/23/22	JPMorgan Chase Bank, N.A.		CNH	1,864			268,000			261,303			—			(6,697	)
Colombian Peso,
Expiring 12/21/22	Barclays Bank PLC		COP	451,249			99,158			96,410			—			(2,748	)
Czech Koruna,
Expiring 10/19/22	Morgan Stanley & Co. International PLC		CZK	8,210			332,302			326,483			—			(5,819	)
Euro,
Expiring 10/19/22	HSBC Bank PLC		EUR	236			243,000			231,786			—			(11,214	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	372			377,396			365,320			—			(12,076	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	93			92,000			91,286			—			(714	)
Hungarian Forint,
Expiring 10/19/22	Bank of America, N.A.		HUF	96,961			244,000			223,382			—			(20,618	)
Expiring 10/19/22	Barclays Bank PLC		HUF	130,284			330,000			300,151			—			(29,849	)
Expiring 10/19/22	Barclays Bank PLC		HUF	90,432			229,000			208,339			—			(20,661	)
Expiring 10/19/22	Barclays Bank PLC		HUF	76,020			189,000			175,136			—			(13,864	)

See Notes to Financial Statements.

PGIM Balanced Fund    87

Schedule of Investments  (continued)

as of September 30, 2022

Forward foreign currency exchange contracts outstanding at September 30, 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.):
Hungarian Forint (cont’d.),
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		HUF	104,108		$	251,000		$	239,846		$	—		$	(11,154	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		HUF	100,734			255,000			232,074			—			(22,926	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		HUF	90,661			229,000			208,867			—			(20,133	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		HUF	83,678			202,000			192,780			—			(9,220	)
Expiring 10/19/22	Morgan Stanley & Co. International PLC		HUF	89,047			218,113			205,148			—			(12,965	)
Expiring 10/19/22	Morgan Stanley & Co. International PLC		HUF	79,964			193,000			184,222			—			(8,778	)
Expiring 10/19/22	UBS AG		HUF	101,418			249,000			233,649			—			(15,351	)
Expiring 10/19/22	UBS AG		HUF	97,025			245,000			223,528			—			(21,472	)
Expiring 10/19/22	UBS AG		HUF	82,459			203,000			189,970			—			(13,030	)
Indian Rupee,
Expiring 12/21/22	Morgan Stanley & Co. International PLC		INR	35,718			434,000			434,424			424			—
Expiring 12/21/22	The Toronto-Dominion Bank		INR	76,650			959,985			932,258			—			(27,727	)
Indonesian Rupiah,
Expiring 12/21/22	HSBC Bank PLC		IDR	9,279,942			609,001			603,805			—			(5,196	)
New Taiwanese Dollar,
Expiring 12/21/22	Bank of America, N.A.		TWD	18,005			570,001			567,018			—			(2,983	)
Expiring 12/21/22	Barclays Bank PLC		TWD	5,747			184,000			180,989			—			(3,011	)
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		TWD	20,566			649,000			647,673			—			(1,327	)
Expiring 12/21/22	Morgan Stanley & Co. International PLC		TWD	15,364			491,000			483,865			—			(7,135	)
Peruvian Nuevo Sol,
Expiring 12/21/22	BNP Paribas S.A.		PEN	1,626			413,072			404,295			—			(8,777	)
Polish Zloty,
Expiring 10/19/22	Citibank, N.A.		PLN	1,991			427,000			400,346			—			(26,654	)
Expiring 10/19/22	Goldman Sachs International		PLN	537			107,000			108,086			1,086			—
Expiring 10/19/22	HSBC Bank PLC		PLN	4,892			1,024,510			983,988			—			(40,522	)
Expiring 10/19/22	HSBC Bank PLC		PLN	1,523			315,817			306,336			—			(9,481	)
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		PLN	2,028			436,000			407,908			—			(28,092	)
South African Rand,
Expiring 12/21/22	Bank of America, N.A.		ZAR	3,553			200,000			194,888			—			(5,112	)

See Notes to Financial Statements.

88

Forward foreign currency exchange contracts outstanding at September 30, 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.):
South African Rand (cont’d.),
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		ZAR	4,282		$	243,000		$	234,878		$	—		$	(8,122	)
Expiring 12/21/22	Morgan Stanley & Co. International PLC		ZAR	4,023			221,000			220,642			—			(358	)
Expiring 12/21/22	Morgan Stanley & Co. International PLC		ZAR	3,499			196,000			191,916			—			(4,084	)
South Korean Won,
Expiring 12/21/22	Bank of America, N.A.		KRW	677,881			488,000			471,568			—			(16,432	)
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		KRW	672,856			488,000			468,073			—			(19,927	)
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		KRW	530,229			387,000			368,854			—			(18,146	)
Thai Baht,
Expiring 12/21/22	HSBC Bank PLC		THB	21,634			592,000			577,084			—			(14,916	)
Expiring 12/21/22	Morgan Stanley & Co. International PLC		THB	17,690			480,000			471,869			—			(8,131	)
Expiring 12/21/22	Standard Chartered Bank		THB	9,509			252,000			253,654			1,654			—
						$	19,517,946		$	18,860,777			3,274			(660,443	)

Sale Contracts	Counterparty	Notional Amount             (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		AUD	169		$	118,412		$	108,125		$	10,287		$	—
Expiring 10/19/22	The Toronto-Dominion Bank		AUD	244			165,880			156,101			9,779			—
Brazilian Real,
Expiring 10/04/22	Citibank, N.A.		BRL	1,032			199,000			191,074			7,926			—
Expiring 10/04/22	Citibank, N.A.		BRL	977			185,000			180,983			4,017			—
Expiring 10/04/22	Morgan Stanley & Co. International PLC		BRL	1,126			214,000			208,571			5,429			—
Expiring 10/04/22	The Toronto-Dominion Bank		BRL	1,045			198,000			193,605			4,395			—
Expiring 10/04/22	The Toronto-Dominion Bank		BRL	518			100,000			95,976			4,024			—
British Pound,
Expiring 10/19/22	The Toronto-Dominion Bank		GBP	2,817			3,356,439			3,146,978			209,461			—

See Notes to Financial Statements.

PGIM Balanced Fund    89

Schedule of Investments  (continued)

as of September 30, 2022

Forward foreign currency exchange contracts outstanding at September 30, 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.):
Canadian Dollar,
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	151		$	115,000		$	109,390		$	5,610		$	—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	149			114,000			107,510			6,490			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CAD	149			113,000			108,035			4,965			—
Expiring 10/19/22	The Toronto-Dominion Bank		CAD	211			162,304			152,585			9,719			—
Chilean Peso,
Expiring 12/21/22	Morgan Stanley & Co. International PLC		CLP	170,612			186,000			173,552			12,448			—
Expiring 12/21/22	The Toronto-Dominion Bank		CLP	191,274			211,000			194,569			16,431			—
Expiring 12/21/22	UBS AG		CLP	223,881			246,856			227,738			19,118			—
Chinese Renminbi,
Expiring 11/23/22	Citibank, N.A.		CNH	3,192			467,000			447,512			19,488			—
Expiring 11/23/22	Goldman Sachs International		CNH	36,501			5,376,427			5,117,394			259,033			—
Czech Koruna,
Expiring 10/19/22	HSBC Bank PLC		CZK	12,230			504,000			486,352			17,648			—
Expiring 10/19/22	HSBC Bank PLC		CZK	10,168			418,000			404,319			13,681			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CZK	12,515			513,000			497,656			15,344			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		CZK	6,061			247,000			241,009			5,991			—
Euro,
Expiring 10/19/22	Barclays Bank PLC		EUR	3,881			3,934,005			3,808,468			125,537			—
Expiring 10/19/22	Barclays Bank PLC		EUR	495			510,000			485,422			24,578			—
Expiring 10/19/22	Deutsche Bank AG		EUR	6,807			6,901,034			6,680,289			220,745			—
Expiring 10/19/22	HSBC Bank PLC		EUR	832			846,819			816,465			30,354			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	622			638,000			610,634			27,366			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	396			407,000			388,563			18,437			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	316			324,357			309,857			14,500			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	228			232,561			224,015			8,546			—
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		EUR	114			115,000			112,000			3,000			—
Expiring 10/19/22	Standard Chartered Bank		EUR	6,440			6,609,014			6,320,148			288,866			—
Expiring 10/19/22	UBS AG		EUR	437			444,000			429,177			14,823			—

See Notes to Financial Statements.

90

Forward foreign currency exchange contracts outstanding at September 30, 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.):
Indian Rupee,
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		INR	35,943		$	448,000		$	437,153		$	10,847		$	—
Indonesian Rupiah,
Expiring 12/21/22	Standard Chartered Bank		IDR	2,668,719			178,105			173,642			4,463			—
Israeli Shekel,
Expiring 12/21/22	Barclays Bank PLC		ILS	1,470			428,000			415,313			12,687			—
Expiring 12/21/22	Citibank, N.A.		ILS	1,296			368,000			366,116			1,884			—
Expiring 12/21/22	Citibank, N.A.		ILS	1,228			360,141			346,822			13,319			—
Expiring 12/21/22	Citibank, N.A.		ILS	1,121			316,000			316,562			—			(562	)
Expiring 12/21/22	Citibank, N.A.		ILS	717			210,552			202,586			7,966			—
Expiring 12/21/22	Citibank, N.A.		ILS	644			188,448			181,973			6,475			—
Japanese Yen,
Expiring 10/19/22	JPMorgan Chase Bank, N.A.		JPY	10,154			78,000			70,282			7,718			—
Mexican Peso,
Expiring 12/21/22	Bank of America, N.A.		MXN	8,817			432,000			431,365			635			—
Expiring 12/21/22	HSBC Bank PLC		MXN	2,757			134,560			134,901			—			(341	)
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		MXN	7,874			383,000			385,246			—			(2,246	)
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		MXN	5,314			260,000			259,962			38			—
New Taiwanese Dollar,
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		TWD	64,244			2,096,062			2,023,210			72,852			—
Peruvian Nuevo Sol,
Expiring 12/21/22	Barclays Bank PLC		PEN	1,000			255,089			248,819			6,270			—
Expiring 12/21/22	Barclays Bank PLC		PEN	559			141,547			138,964			2,583			—
Philippine Peso,
Expiring 12/21/22	HSBC Bank PLC		PHP	16,339			284,324			276,026			8,298			—
Expiring 12/21/22	Morgan Stanley & Co. International PLC		PHP	6,500			109,000			109,811			—			(811	)
Expiring 12/21/22	Standard Chartered Bank		PHP	28,147			485,000			475,516			9,484			—
Polish Zloty,
Expiring 10/19/22	HSBC Bank PLC		PLN	618			130,530			124,304			6,226			—
Expiring 10/19/22	HSBC Bank PLC		PLN	546			117,000			109,838			7,162			—
Singapore Dollar,
Expiring 12/21/22	Citibank, N.A.		SGD	693			492,000			482,738			9,262			—
Expiring 12/21/22	Goldman Sachs International		SGD	769			537,000			535,886			1,114			—
Expiring 12/21/22	Standard Chartered Bank		SGD	728			515,000			507,111			7,889			—

See Notes to Financial Statements.

PGIM Balanced Fund    91

Schedule of Investments  (continued)

as of September 30, 2022

Forward foreign currency exchange contracts outstanding at September 30, 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.):
South African Rand,
Expiring 12/21/22	Morgan Stanley & Co. International PLC		ZAR	6,102		$	349,357		$	334,701		$	14,656		$	—
South Korean Won,
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		KRW	1,565,953			1,134,740			1,089,356			45,384			—
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		KRW	156,042			113,000			108,550			4,450			—
Thai Baht,
Expiring 12/21/22	Goldman Sachs International		THB	19,485			538,000			519,759			18,241			—
Expiring 12/21/22	Goldman Sachs International		THB	13,367			369,000			356,573			12,427			—
Expiring 12/21/22	HSBC Bank PLC		THB	17,307			474,000			461,665			12,335			—
Expiring 12/21/22	JPMorgan Chase Bank, N.A.		THB	121,225			3,327,239			3,233,644			93,595			—
Turkish Lira,
Expiring 12/21/22	Goldman Sachs International		TRY	2,852			145,152			138,909			6,243			—
						$	49,569,954		$	47,731,375			1,842,539			(3,960	)
												$	1,845,813		$	(664,403	)

Cross currency exchange contracts outstanding at September 30, 2022:

Settlement	Type		Notional Amount (000)			In Exchange For (000)		Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
10/19/22		Buy		EUR	180	PLN	855		$	4,283		$	—		Morgan Stanley & Co. International PLC
10/19/22		Buy		EUR	209	CZK	5,187			—			(727	)	Morgan Stanley & Co. International PLC
10/19/22		Buy		EUR	223	PLN	1,060			5,890			—		UBS AG
10/19/22		Buy		EUR	242	CZK	6,017			—			(1,352	)	Barclays Bank PLC
10/19/22		Buy		EUR	253	PLN	1,201			7,177			—		HSBC Bank PLC
10/19/22		Buy		EUR	279	PLN	1,332			5,739			—		HSBC Bank PLC
10/19/22		Buy		EUR	396	PLN	1,881			10,477			—		JPMorgan Chase Bank, N.A.
10/19/22		Buy		EUR	426	PLN	2,028			9,803			—		Citibank, N.A.
10/19/22		Buy		EUR	443	PLN	2,099			12,126			—		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

92

Cross currency exchange contracts outstanding at September 30, 2022 (continued):

Settlement	Type		Notional Amount (000)			In Exchange For (000)		Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
10/19/22		Buy		EUR	450	CZK	11,219		$	—		$	(4,340	)	Barclays Bank PLC
10/19/22		Buy		HUF	123,259	EUR	305			—			(15,632	)	Barclays Bank PLC
10/19/22		Buy		PLN	846	EUR	177			—			(3,128	)	Goldman Sachs International
10/19/22		Buy		PLN	927	EUR	193			—			(2,807	)	Bank of America, N.A.
10/19/22		Buy		PLN	1,236	EUR	258			—			(4,150	)	Bank of America, N.A.
									$	55,495		$	(32,136	)

Credit default swap agreements outstanding at September 30, 2022:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at September 30, 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		10/14/22		0.500%(M)		1,062		0.500%	$	692		$	(14	)		$	706		Goldman Sachs International
GS_21-PJA		10/14/22		0.250%(M)		2,050		*		669			(13	)			682		Goldman Sachs International
									$	1,361		$	(27	)		$	1,388

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

$

1,531

$

(2,115

)

$

3,646

Barclays Bank PLC

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Implied Credit Spread at September 30, 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	6.097%	$	(40,275	)		$	(9,280	)		$	(30,995	)		Barclays Bank PLC

See Notes to Financial Statements.

PGIM Balanced Fund    93

Schedule of Investments  (continued)

as of September 30, 2022

Credit default swap agreements outstanding at September 30, 2022: (continued)

Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Value at Trade Date				Value at September 30,         2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):
CDX.NA.HY.38.V2		06/20/27	5.000%(Q)		330		$	7,512			$	6,963		$	(549	)
CDX.NA.IG.39.V1		12/20/27	1.000%(Q)		27,860			(26,274	)			87,114			113,388
							$	(18,762	)		$	94,077		$	112,839

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

See Notes to Financial Statements.

94

derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair 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 September 30, 2022:

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date				Value at September 30,         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	)		$	3,436		$	6,147
GBP 928		05/08/26		1.000%(A)	1 Day SONIA(1)(A)			(34,697	)			146,762			181,459
GBP 190		05/08/31		1.150%(A)	1 Day SONIA(1)(A)			(8,272	)			50,661			58,933
							$	(45,680	)		$	200,859		$	246,539

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

(2) The Fund pays the floating rate and receives the fixed 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	$—	$(11,422)	$5,034	$(30,995)

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		$	1,882,139
Goldman Sachs & Co. LLC			—			114,331
Total		$	156,000		$	1,996,470

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 Balanced Fund    95

Schedule of Investments  (continued)

as of September 30, 2022

The following is a summary of the inputs used as of September 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	416,981,427	$	84,761,752		$	7
Exchange-Traded Fund		2,240,400		—			—
Preferred Stocks		1,706,178		532,071			—
Rights		—		—			5,065
Asset-Backed Securities
Automobiles		—		8,112,870			—
Collateralized Debt Obligations		—		1,360,341			—
Collateralized Loan Obligations		—		35,163,568			—
Consumer Loans		—		5,112,294			—
Credit Cards		—		515,560			—
Equipment		—		389,410			—
Manufactured Housing		—		47,925			—
Other		—		1,389,198			—
Residential Mortgage-Backed Securities		—		420,900			—
Student Loans		—		1,563,543			—
Commercial Mortgage-Backed Securities		—		53,020,010			—
Corporate Bonds		—		133,244,259			—
Floating Rate and other Loans		—		496,697			158,840
Municipal Bonds		—		3,695,500			—
Residential Mortgage-Backed Securities		—		13,939,154			566,985
Sovereign Bonds		—		7,199,785			—
U.S. Government Agency Obligations		—		51,401,821			—
U.S. Treasury Obligations		—		37,024,784			—
Short-Term Investments
Affiliated Mutual Fund		3,738,839		—			—
U.S. Treasury Obligation		—		114,331			—
Unaffiliated Fund		31,636,355		—			—
Options Purchased		—		256,196			—
Total	$	456,303,199	$	439,761,969		$	730,897
Liabilities
Options Written	$	—	$	(126,934	)	$	(145	)
Other Financial Instruments*
Assets
Futures Contracts	$	1,636,047	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—		1,845,813			—
OTC Cross Currency Exchange Contracts		—		55,495			—
Centrally Cleared Credit Default Swap Agreement		—		113,388			—
OTC Credit Default Swap Agreements		—		1,531			1,361
Centrally Cleared Interest Rate Swap Agreements		—		246,539			—
Total	$	1,636,047	$	2,262,766		$	1,361

See Notes to Financial Statements.

96

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities
Futures Contracts	$	(3,655,883	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(664,403	)		—
OTC Cross Currency Exchange Contracts		—			(32,136	)		—
Centrally Cleared Credit Default Swap Agreement		—			(549	)		—
OTC Credit Default Swap Agreement		—			(40,275	)		—
Total	$	(3,655,883	)	$	(737,363	)	$	—

* 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 September 30, 2022 were as follows:

Banks	7.5	%
Commercial Mortgage-Backed Securities	6.1
U.S. Government Agency Obligations	5.9
Software	4.3
U.S. Treasury Obligations	4.2
Collateralized Loan Obligations	4.0
Pharmaceuticals	3.7
Unaffiliated Fund	3.6
Oil, Gas & Consumable Fuels	3.1
Technology Hardware, Storage & Peripherals	3.0
Automobiles	2.8
Semiconductors & Semiconductor Equipment	2.5
Interactive Media & Services	2.5
IT Services	2.3
Health Care Providers & Services	2.1
Insurance	1.9
Residential Mortgage-Backed Securities	1.7
Biotechnology	1.6
Aerospace & Defense	1.5
Electric	1.3
Internet & Direct Marketing Retail	1.3
Beverages	1.3
Capital Markets	1.3
Equity Real Estate Investment Trusts (REITs)	1.2
Hotels, Restaurants & Leisure	1.2
Health Care Equipment & Supplies	1.2
Food Products	1.1
Chemicals	1.1

Oil & Gas	0.9	%
Specialty Retail	0.9
Electric Utilities	0.9
Telecommunications	0.9
Diversified Telecommunication Services	0.8
Entertainment	0.8
Sovereign Bonds	0.8
Diversified Financial Services	0.7
Media	0.7
Food & Staples Retailing	0.7
Pipelines	0.7
Communications Equipment	0.7
Machinery	0.7
Real Estate Investment Trusts (REITs)	0.7
Healthcare-Services	0.6
Household Products	0.6
Consumer Loans	0.6
Industrial Conglomerates	0.6
Trading Companies & Distributors	0.6
Tobacco	0.5
Metals & Mining	0.5
Life Sciences Tools & Services	0.5
Commercial Services	0.5
Multi-Utilities	0.5
Affiliated Mutual Fund (0.4% represents investments purchased with collateral from securities on loan)	0.4
Municipal Bonds	0.4

See Notes to Financial Statements.

PGIM Balanced Fund    97

Schedule of Investments  (continued)

as of September 30, 2022

Industry Classification (continued):

Textiles, Apparel & Luxury Goods	0.4	%
Professional Services	0.4
Airlines	0.4
Auto Manufacturers	0.4
Electronic Equipment, Instruments & Components	0.4
Multiline Retail	0.3
Consumer Finance	0.3
Home Builders	0.3
Foods	0.3
Electrical Equipment	0.3
Containers & Packaging	0.3
Air Freight & Logistics	0.3
Commercial Services & Supplies	0.3
Agriculture	0.3
Retail	0.3
Semiconductors	0.3
Exchange-Traded Fund	0.2
Gas	0.2
Marine	0.2
Auto Components	0.2
Real Estate Management & Development	0.2
Independent Power & Renewable Electricity Producers	0.2
Personal Products	0.2
Energy Equipment & Services	0.2
Student Loans	0.2
Wireless Telecommunication Services	0.2
Construction Materials	0.2
Packaging & Containers	0.2
Other	0.2
Collateralized Debt Obligations	0.2
Construction & Engineering	0.1
Electronics	0.1
Building Products	0.1
Lodging	0.1
Thrifts & Mortgage Finance	0.1

Machinery-Diversified	0.1	%
Engineering & Construction	0.1
Paper & Forest Products	0.1
Gas Utilities	0.1
Building Materials	0.1
Household Durables	0.1
Healthcare-Products	0.1
Road & Rail	0.1
Transportation	0.1
Diversified Consumer Services	0.1
Mining	0.1
Credit Cards	0.1
Auto Parts & Equipment	0.1
Health Care Technology	0.1
Miscellaneous Manufacturing	0.1
Options Purchased	0.1
Equipment	0.0	*
Distribution/Wholesale	0.0	*
Oil & Gas Services	0.0	*
Forest Products & Paper	0.0	*
Real Estate	0.0	*
Leisure Products	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Transportation Infrastructure	0.0	*
Water Utilities	0.0	*
Multi-National	0.0	*
Manufactured Housing	0.0	*
	102.7
Options Written	(0.0	)*
Liabilities in excess of other assets	(2.7	)
	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.

98

Fair values of derivative instruments as of September 30, 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 and swaptions	$	115,070*		Due from/to broker-variation margin swaps and swaptions	$	38,841*
Credit contracts		—		—		Premiums received for OTC swap agreements		11,422
Credit contracts		Unaffiliated investments		254,514		Options written outstanding, at value		88,787
Credit contracts		Unrealized appreciation on OTC swap agreements		5,034		Unrealized depreciation on OTC swap agreements		30,995
Equity contracts		—		—		Due from/to broker-variation margin futures		207,416	*
Foreign exchange contracts		Unrealized appreciation on OTC cross currency exchange contracts		55,495		Unrealized depreciation on OTC cross currency exchange contracts		32,136
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts		1,845,813		Unrealized depreciation on OTC forward foreign currency exchange contracts		664,403
Interest rate contracts		Due from/to broker-variation margin futures		1,636,047	*	Due from/to broker-variation margin futures		3,448,467	*
Interest rate contracts		Due from/to broker-variation margin swaps and swaptions		246,539	*	—		—
			$	4,158,512			$	4,522,467

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

See Notes to Financial Statements.

PGIM Balanced Fund    99

Schedule of Investments  (continued)

as of September 30, 2022

The effects of derivative instruments on the Statement of Operations for the year ended September 30, 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		$	(387,920	)	$	416,081	$	—		$	—	$	481,841
Equity contracts			—			—		(274,192	)		—		—
Foreign exchange contracts			—			—		—			3,756,520		—
Interest rate contracts			—			—		(3,565,356	)		—		(3,944,261	)
Total		$	(387,920	)	$	416,081	$	(3,839,548	)	$	3,756,520	$	(3,462,420	)

(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		$	101,731		$	94,412	$	—			$	—	$	94,994
Equity contracts			—			—		(91,741	)			—		—
Foreign exchange contracts			—			—		—				557,413		—
Interest rate contracts			—			—		(1,745,035	)			—		2,722,447
Total		$	101,731		$	94,412	$	(1,836,776	)		$	557,413	$	2,817,441

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

For the year ended September 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)	$      107,483
Options Written (2)	74,714,856
Futures Contracts - Long Positions (2)	88,209,898
Futures Contracts - Short Positions (2)	106,391,120
Forward Foreign Currency Exchange Contracts - Purchased (3)	16,373,680
Forward Foreign Currency Exchange Contracts - Sold (3)	43,448,095
Cross Currency Exchange Contracts (4)	1,249,118
Interest Rate Swap Agreements (2)	13,705,021
Credit Default Swap Agreements - Buy Protection (2)	16,430,974
Credit Default Swap Agreements - Sell Protection (2)	5,462,945

See Notes to Financial Statements.

100

Derivative Contract Type	Average Volume of Derivative Activities*
Inflation Swap Agreements (2)	$    2,112,000

* Average volume is based on average quarter end balances as noted for the year ended September 30, 2022.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(2)	Net  Amount
Securities on Loan	$3,597,394	$(3,597,394)	$—

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.	$	25,162	$	(95,701	)	$	(70,539	)	$	—		$	(70,539	)
Barclays Bank PLC		218,579		(147,481	)		71,098			—			71,098
BNP Paribas S.A.		22,314		(18,230	)		4,084			—			4,084
Citibank, N.A.		102,343		(34,422	)		67,921			—			67,921
Deutsche Bank AG		274,097		(18,080	)		256,017			(256,017	)		—
Goldman Sachs International		321,735		(11,437	)		310,298			(290,000	)		20,298
HSBC Bank PLC		108,620		(96,140	)		12,480			—			12,480
JPMorgan Chase Bank, N.A.		392,670		(220,525	)		172,145			—			172,145
Morgan Stanley & Co. International PLC		89,340		(71,527	)		17,813			—			17,813
Standard Chartered Bank		312,356		—			312,356			(290,000	)		22,356

See Notes to Financial Statements.

PGIM Balanced Fund    101

Schedule of Investments  (continued)

as of September 30, 2022

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
The Toronto-Dominion Bank		$	253,809		$	(64,347	)		$	189,462			$	(189,462	)		$	—
UBS AG			39,831			(49,853	)			(10,022	)			—				(10,022	)
		$	2,160,856		$	(827,743	)		$	1,333,113			$	(1,025,479	)		$	307,634

(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.

102

Statement of Assets and Liabilities

as of September 30, 2022

Assets
Investments at value, including securities on loan of $3,597,394:
Unaffiliated investments (cost $919,225,567)	$	893,055,544
Affiliated investments (cost $3,737,920)		3,738,839
Foreign currency, at value (cost $367,656)		331,022
Receivable for investments sold		11,801,443
Dividends and interest receivable		3,713,425
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,845,813
Receivable for Fund shares sold		788,279
Tax reclaim receivable		337,748
Deposit with broker for centrally cleared/exchange-traded derivatives		156,000
Unrealized appreciation on OTC cross currency exchange contracts		55,495
Unrealized appreciation on OTC swap agreements		5,034
Due from broker—variation margin swaps and swaptions		4,582
Foreign capital gains tax benefit accrued		3,058
Prepaid expenses and other assets		37,142
Total Assets		915,873,424
Liabilities
Payable for investments purchased		35,880,054
Payable to broker for collateral for securities on loan		3,728,818
Payable for Fund shares purchased		1,365,958
Unrealized depreciation on OTC forward foreign currency exchange contracts		664,403
Management fee payable		394,480
Due to broker—variation margin futures		275,730
Accrued expenses and other liabilities		241,880
Distribution fee payable		219,932
Affiliated transfer agent fee payable		121,558
Options written outstanding, at value (premiums received $179,840)		88,787
Unrealized depreciation on OTC cross currency exchange contracts		32,136
Unrealized depreciation on OTC swap agreements		30,995
Premiums received for OTC swap agreements		11,422
Total Liabilities		43,056,153
Net Assets	$	872,817,271
Net assets were comprised of:
Common stock, at par	$	63,325
Paid-in capital in excess of par		912,148,463
Total distributable earnings (loss)		(39,394,517	)
Net assets, September 30, 2022	$	872,817,271

See Notes to Financial Statements.

PGIM Balanced Fund    103

Statement of Assets and Liabilities

as of September 30, 2022

Class A
Net asset value and redemption price per share, ($615,650,408 ÷ 44,783,267 shares of common stock issued and outstanding)	$	13.75
Maximum sales charge (3.25% of offering price)		0.46
Maximum offering price to public	$	14.21
Class C
Net asset value, offering price and redemption price per share, ($65,656,406 ÷ 4,741,044 shares of common stock issued and outstanding)	$	13.85
Class R
Net asset value, offering price and redemption price per share, ($209,076 ÷ 15,201 shares of common stock issued and outstanding)	$	13.75
Class Z
Net asset value, offering price and redemption price per share, ($113,094,556 ÷ 8,151,336 shares of common stock issued and outstanding)	$	13.87
Class R6
Net asset value, offering price and redemption price per share, ($78,206,825 ÷ 5,634,261 shares of common stock issued and outstanding)	$	13.88

See Notes to Financial Statements.

104

Statement of Operations

Year Ended September 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $619,538 foreign withholding tax)	$	13,671,954
Interest income (net of $14,299 foreign withholding tax)		12,151,013
Income from securities lending, net (including affiliated income of $10,554)		21,507
Affiliated dividend income		4,638
Total income		25,849,112
Expenses
Management fee		6,825,416
Distribution fee(a)		3,052,594
Transfer agent’s fees and expenses (including affiliated expense of $560,255)(a)		1,168,177
Custodian and accounting fees		268,719
Registration fees(a)		92,390
Shareholders’ reports		89,962
Audit fee		48,000
Legal fees and expenses		43,267
Directors’ fees		22,320
Miscellaneous		60,469
Total expenses		11,671,314
Less: Fee waiver and/or expense reimbursement(a)		(1,092,473	)
Distribution fee waiver(a)		(1,006	)
Net expenses		10,577,835
Net investment income (loss)		15,271,277
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(62))		3,590,724
Futures transactions		(3,839,548	)
Forward and cross currency contract transactions		3,756,520
Options written transactions		416,081
Swap agreement transactions		(3,462,420	)
Foreign currency transactions		(246,899	)
		214,458
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $433)		(199,028,945	)
Futures		(1,836,776	)
Forward and cross currency contracts		557,413
Options written		94,412
Swap agreements		2,817,441
Foreign currencies		29,028
		(197,367,427	)
Net gain (loss) on investment and foreign currency transactions		(197,152,969	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(181,881,692	)

See Notes to Financial Statements.

PGIM Balanced Fund    105

Statement of Operations

Year Ended September 30, 2022

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		2,198,620			850,957			3,017			—			—
Transfer agent’s fees and expenses		892,052			101,425			1,287			172,374			1,039
Registration fees		31,080			15,833			6,533			18,648			20,296
Fee waiver and/or expense reimbursement		(909,017	)		(41,200	)		(6,724	)		(71,127	)		(64,405	)
Distribution fee waiver		—			—			(1,006	)		—			—

See Notes to Financial Statements.

106

Statements of Changes in Net Assets

	Year Ended September 30,
	2022			2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	15,271,277		$	13,201,185
Net realized gain (loss) on investment and foreign currency transactions		214,458			102,716,755
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(197,367,427	)		54,991,627
Net increase (decrease) in net assets resulting from operations		(181,881,692	)		170,909,567
Dividends and Distributions
Distributions from distributable earnings
Class A		(89,089,854	)		(9,619,489	)
Class C		(10,015,315	)		(575,795	)
Class R		(47,861	)		(6,251	)
Class Z		(19,206,654	)		(2,572,768	)
Class R6		(10,593,601	)		(1,211,010	)
		(128,953,285	)		(13,985,313	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		148,806,824			189,670,542
Net asset value of shares issued in reinvestment of dividends and distributions		126,356,982			13,639,341
Cost of shares purchased		(203,879,367	)		(163,060,976	)
Net increase (decrease) in net assets from Fund share transactions		71,284,439			40,248,907
Total increase (decrease)		(239,550,538	)		197,173,161
Net Assets:
Beginning of year		1,112,367,809			915,194,648
End of year	$	872,817,271		$	1,112,367,809

See Notes to Financial Statements.

PGIM Balanced Fund    107

Financial Highlights

Class A Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.70			$15.96			$15.61			$16.38			$15.93
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.23			0.24			0.24			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.02	)		2.75			0.63			0.04			1.15
Total from investment operations		(2.78	)		2.98			0.87			0.28			1.34
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.20	)		(0.24	)		(0.25	)		(0.20	)
Distributions from net realized gains		(1.88	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.17	)		(0.24	)		(0.52	)		(1.05	)		(0.89	)
Net asset value, end of year		$13.75			$18.70			$15.96			$15.61			$16.38
Total Return(b):		(16.95	)%		18.76	%		5.64	%		2.28	%		8.66	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$615,650			$760,976			$616,646			$590,383			$360,798
Average net assets (000)		$732,873			$710,895			$593,393			$416,723			$352,124
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.00	%		1.00	%		1.00	%		1.00	%		1.12	%
Expenses before waivers and/or expense reimbursement		1.12	%		1.11	%		1.16	%		1.16	%		1.17	%
Net investment income (loss)		1.46	%		1.28	%		1.52	%		1.58	%		1.22	%
Portfolio turnover rate(d)(e)		109	%		85	%		108	%		128	%		145	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

(e) 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.

108

Class C Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.81			$16.06			$15.71			$16.48			$16.02
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.09			0.12			0.13			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.03	)		2.77			0.64			0.04			1.16
Total from investment operations		(2.92	)		2.86			0.76			0.17			1.24
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.07	)		(0.13	)		(0.14	)		(0.09	)
Distributions from net realized gains		(1.88	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.04	)		(0.11	)		(0.41	)		(0.94	)		(0.78	)
Net asset value, end of year		$13.85			$18.81			$16.06			$15.71			$16.48
Total Return(b):		(17.58	)%		17.82	%		4.77	%		1.62	%		7.92	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$65,656			$93,656			$95,166			$108,958			$89,949
Average net assets (000)		$85,096			$96,972			$102,396			$92,047			$82,930
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.79	%		1.78	%		1.77	%		1.73	%		1.81	%
Expenses before waivers and/or expense reimbursement		1.84	%		1.82	%		1.84	%		1.84	%		1.87	%
Net investment income (loss)		0.65	%		0.50	%		0.75	%		0.87	%		0.52	%
Portfolio turnover rate(d)(e)		109	%		85	%		108	%		128	%		145	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

(e) 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    109

Financial Highlights (continued)

Class R Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.70			$15.97			$15.64			$16.38			$15.94
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.14			0.16			0.17			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.02	)		2.75			0.64			0.05			1.14
Total from investment operations		(2.86	)		2.89			0.80			0.22			1.25
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.12	)		(0.19	)		(0.16	)		(0.12	)
Distributions from net realized gains		(1.88	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.09	)		(0.16	)		(0.47	)		(0.96	)		(0.81	)
Net asset value, end of year		$13.75			$18.70			$15.97			$15.64			$16.38
Total Return(b):		(17.36	)%		18.15	%		5.16	%		1.85	%		8.07	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$209			$427			$1,135			$2,047			$2,226
Average net assets (000)		$402			$675			$1,439			$1,959			$1,837
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.47	%		1.47	%		1.47	%		1.45	%		1.63	%
Expenses before waivers and/or expense reimbursement		3.39	%		2.72	%		2.61	%		2.16	%		2.88	%
Net investment income (loss)		0.97	%		0.80	%		1.04	%		1.14	%		0.71	%
Portfolio turnover rate(d)(e)		109	%		85	%		108	%		128	%		145	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

(e) 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.

110

Class Z Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.85			$16.09			$15.73			$16.49			$16.04
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.27			0.27			0.29			0.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.05	)		2.77			0.65			0.04			1.15
Total from investment operations		(2.77	)		3.04			0.92			0.33			1.39
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.24	)		(0.28	)		(0.29	)		(0.25	)
Distributions from net realized gains		(1.88	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.21	)		(0.28	)		(0.56	)		(1.09	)		(0.94	)
Net asset value, end of year		$13.87			$18.85			$16.09			$15.73			$16.49
Total Return(b):		(16.74	)%		18.99	%		5.90	%		2.59	%		8.91	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$113,095			$171,776			$147,635			$174,033			$183,204
Average net assets (000)		$146,908			$165,225			$156,846			$172,091			$156,026
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.78	%		0.77	%		0.78	%		0.75	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.83	%		0.81	%		0.85	%		0.86	%		0.88	%
Net investment income (loss)		1.65	%		1.50	%		1.74	%		1.86	%		1.52	%
Portfolio turnover rate(d)(e)		109	%		85	%		108	%		128	%		145	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

(e) 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    111

Financial Highlights (continued)

Class R6 Shares
	Year Ended September 30,												November 28, 2017(a) through September 30,
	2022			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)		0.30			0.30			0.29			0.30			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.05	)		2.76			0.65			0.05			0.73
Total from investment operations		(2.75	)		3.06			0.94			0.35			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.26	)		(0.30	)		(0.31	)		(0.25	)
Distributions from net realized gains		(1.88	)		(0.04	)		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(2.23	)		(0.30	)		(0.58	)		(1.11	)		(0.94	)
Net asset value, end of period		$13.88			$18.86			$16.10			$15.74			$16.50
Total Return(c):		(16.66	)%		19.12	%		6.01	%		2.69	%		6.10	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$78,207			$85,533			$54,613			$34,369			$2,502
Average net assets (000)		$88,957			$71,970			$44,247			$16,501			$295
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65	%		0.65	%		0.65	%		0.65	%		0.67	%(e)
Expenses before waivers and/or expense reimbursement		0.72	%		0.72	%		0.74	%		0.83	%		11.39	%(e)
Net investment income (loss)		1.82	%		1.63	%		1.88	%		1.96	%		1.73	%(e)
Portfolio turnover rate(f)(g)		109	%		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.

112

Notes to Financial Statements

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 approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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 provided to the Board at the first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting year-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

PGIM Balanced Fund    113

Notes to Financial Statements (continued)

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

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

114

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 days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other 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. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other 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 policies and procedures 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

PGIM Balanced Fund    115

Notes to Financial Statements (continued)

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 Valuation Designee 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.

116

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 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

PGIM Balanced Fund    117

Notes to Financial Statements (continued)

since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

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. The Fund entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

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.

118

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.

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

PGIM Balanced Fund    119

Notes to Financial Statements (continued)

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.

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.

Floating Rate and other Loans: The Fund invested in floating rate and other loans. Floating rate and other loans include 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 floating rate and other loans 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 floating rate and other loans 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 floating rate and other loans participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result,

120

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, 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

PGIM Balanced Fund    121

Notes to Financial Statements (continued)

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 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

122

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 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 open loans 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.

PGIM Balanced Fund    123

Notes to Financial Statements (continued)

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, 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

124

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 which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative 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 subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended September 30, 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;		0.65%
0.60% on average daily net assets over $1 billion.

The Manager has contractually agreed, through January 31, 2024, 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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		—

PGIM Balanced Fund    125

Notes to Financial Statements (continued)

Class	Expense  Limitations
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, 2024 to limit such fees on certain classes based on the average net assets. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rate, where applicable, are as follows:

Class	Gross Distribution Fee			Net Distribution Fee
A		0.30	%		0.30	%
C		1.00			1.00
R		0.75			0.50
Z		N/A			N/A
R6		N/A			N/A

For the year ended September 30, 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:

Class	FESL		CDSC
A	$	631,155	$10,755
C		—	10,865

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 and

126

shareholder servicing 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 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 year ended September 30, 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 September 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$1,073,222,199	$1,071,374,094

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended September 30, 2022, is presented as follows:

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		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		47,833,122		44,718,163		433		(62)		3,738,839		3,741,457		10,554(2	)
$19,591,973		$108,517,784		$124,371,289		$433		$(62)		$3,738,839				$15,192

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

PGIM Balanced Fund    127

Notes to Financial Statements (continued)

(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. Distributions and Tax Information

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.

For the year ended September 30, 2022, the tax character of dividends paid by the Fund were $62,308,953 of ordinary income and $66,644,332 of long-term capital gains. For the year ended September 30, 2021, the tax character of dividends paid by the Fund was $13,985,313 of ordinary income.

As of September 30, 2022, the accumulated undistributed earnings on a tax basis was $1,493,492 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of September 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$925,044,935	$99,173,148	$(128,042,169)	$(28,869,021)

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, investments in passive foreign investment companies, mark-to-market of futures and forwards contracts and other cost basis differences between GAAP and tax accounting.

The Fund elected to treat certain post-October capital losses of approximately $12,019,000 as having been incurred in the following fiscal year (September 30, 2023).

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, 2022 are subject to such review.

128

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 CDSC of 1% 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.

As of September 30, 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	38,011	0.1%
Z	1,620,706	19.9

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	46.6

PGIM Balanced Fund    129

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Year ended September 30, 2022:
Shares sold		5,408,918		$	90,321,955
Shares issued in reinvestment of dividends and distributions		5,182,991			87,779,782
Shares purchased		(6,614,906	)		(108,173,643	)
Net increase (decrease) in shares outstanding before conversion		3,977,003			69,928,094
Shares issued upon conversion from other share class(es)		407,148			6,681,476
Shares purchased upon conversion into other share class(es)		(304,295	)		(5,175,557	)
Net increase (decrease) in shares outstanding		4,079,856		$	71,434,013
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
Class C
Year ended September 30, 2022:
Shares sold		648,125		$	11,075,552
Shares issued in reinvestment of dividends and distributions		578,168			9,917,089
Shares purchased		(1,033,668	)		(17,002,315	)
Net increase (decrease) in shares outstanding before conversion		192,625			3,990,326
Shares purchased upon conversion into other share class(es)		(430,115	)		(7,103,378	)
Net increase (decrease) in shares outstanding		(237,490	)	$	(3,113,052	)
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	)

130

Share Class	Shares			Amount
Class R
Year ended September 30, 2022:
Shares sold		1,423		$	24,791
Shares issued in reinvestment of dividends and distributions		2,811			47,861
Shares purchased		(11,849	)		(178,008	)
Net increase (decrease) in shares outstanding		(7,615	)	$	(105,356	)
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	)
Class Z
Year ended September 30, 2022:
Shares sold		1,250,576		$	20,216,036
Shares issued in reinvestment of dividends and distributions		1,054,436			18,024,293
Shares purchased		(3,535,098	)		(58,851,937	)
Net increase (decrease) in shares outstanding before conversion		(1,230,086	)		(20,611,608	)
Shares issued upon conversion from other share class(es)		286,888			4,914,239
Shares purchased upon conversion into other share class(es)		(19,426	)		(321,855	)
Net increase (decrease) in shares outstanding		(962,624	)	$	(16,019,224	)
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
Year ended September 30, 2022:
Shares sold		1,620,521		$	27,168,490
Shares issued in reinvestment of dividends and distributions		621,165			10,587,957
Shares purchased		(1,202,626	)		(19,673,464	)
Net increase (decrease) in shares outstanding before conversion		1,039,060			18,082,983
Shares issued upon conversion from other share class(es)		60,461			1,014,196
Shares purchased upon conversion into other share class(es)		(608	)		(9,121	)
Net increase (decrease) in shares outstanding		1,098,913		$	19,088,058

PGIM Balanced Fund    131

Notes to Financial Statements (continued)

Share Class	Shares			Amount
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 group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	9/30/2022 - 9/28/2023	10/1/2021 – 9/29/2022
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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 year ended September 30, 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 September 30, 2022, the Fund did not have an outstanding loan amount.

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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 higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of 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. 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 not be able to reinvest at the same rate of interest and therefore would earn less income.

PGIM Balanced Fund    133

Notes to Financial Statements (continued)

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” or may create economic leverage for the Fund. 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. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. 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. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, 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.

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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. 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. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. 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

PGIM Balanced Fund    135

Notes to Financial Statements (continued)

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).

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

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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 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.

PGIM Balanced Fund    137

Notes to Financial Statements (continued)

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 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Prudential Investment Portfolios, Inc. and Shareholders of PGIM Balanced Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Balanced Fund (one of the funds constituting The Prudential Investment Portfolios, Inc., referred to hereafter as the “Fund”) as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the three years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended September 30, 2019 and the financial highlights for each of the periods ended on or prior to September 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 15, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

November 17, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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Tax Information (unaudited)

We are advising you that during the fiscal year ended September 30, 2022, the Fund reports the maximum amount allowed per share, but not less than $1.07 for Class A, C, R, Z and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended September 30, 2022, the Series reports in the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income distributions paid as 1) qualified dividend income (QDI), and 2) eligible for corporate dividends received deduction (“DRD”) and 3) interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code (“IR”):

Fund	QDI	DRD	IR
PGIM Balanced Fund	31.80%	20.59%	10.56%

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of distributions received by you in calendar year 2022.

For more detailed information regarding your state and local taxes, you should contact your tax advisor or the state/local taxing authorities.

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INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Balanced Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Balanced Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 96	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer ("PEO") (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Balanced Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

PGIM Balanced Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Balanced Fund (the “Fund”)1 consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreements with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) as well as PGIM Limited (“PGIML”) and PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from

¹ PGIM Balanced Fund is a series of The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

Approval of Advisory Agreements(continued)

portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, which serve as the Fund’s subadvisers pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. The Board noted that PGIM Quantitative Solutions, PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions, PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with

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information pertaining to PGIM Investments’, PGIM Quantitative Solutions’, PGIML’s and PGIM Fixed Income’s organizational structures, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to each of PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by each of PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

PGIM Balanced Fund

Approval of Advisory Agreements(continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions, PGIML PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions, PGIML and PGIM Fixed Income included their ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended September 30, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	2nd Quartile	1st Quartile	1st Quartile
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

· The Board noted that the Fund outperformed its benchmark index over the one- and ten-year periods and underperformed its benchmark index over the three- and five-year periods.

· The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class A shares, 0.65% for Class R6 shares, and 1.47% for Class R shares through January 31, 2023.

· In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

· The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

· The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*  *  *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Balanced Fund

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

PROXY VOTING

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

DIRECTORS

Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

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

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

MF185E

PGIM JENNISON GROWTH FUND

ANNUAL REPORT

SEPTEMBER 30, 2022

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Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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

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

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 annual report for the PGIM Jennison Growth Fund informative and useful. The report covers performance for the 12-month period that ended September 30, 2022.   The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth and corporate profits remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns.

After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts by a significant margin. International developed and emerging markets trailed the US market during this time.

Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.

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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Growth Fund

November 15, 2022

PGIM Jennison Growth Fund    3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 9/30/22
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-37.79	8.45	11.94	—
(without sales charges)	-34.17	9.68	12.57	—
Class C
(with sales charges)	-35.15	8.94	11.81	—
(without sales charges)	-34.61	8.94	11.81	—
Class R
(without sales charges)	-34.30	9.44	12.34	—
Class Z
(without sales charges)	-33.95	10.02	12.92	—
Class R2
(without sales charges)	-34.23	N/A	N/A	8.25 (11/28/2017)
Class R4
(without sales charges)	-34.07	N/A	N/A	8.53 (11/28/2017)
Class R6
(without sales charges)	-33.88	10.15	N/A	10.34 (09/27/2017)
Russell 1000® Growth Index
	-22.59	12.17	13.70	—
S&P 500 Index
	-15.46	9.24	11.70	—

Average Annual Total Returns as of 9/30/22 Since Inception (%)
	Class R2, Class R4 (11/28/2017)	Class R6   (09/27/2017)
Russell 1000® Growth Index	11.04	12.17
S&P 500 Index	8.37	9.24

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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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Russell 1000 Growth Index and the S&P 500 Index by portraying the initial account values at the beginning of the 10-year period (September 30, 2012) and the account values at the end of the current fiscal year (September 30, 2022), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Jennison Growth Fund    5

Your Fund’s Performance (continued)

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 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.

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Presentation of Fund Holdings as of 9/30/22

Ten Largest Holdings	Line of Business	% of Net Assets
Tesla, Inc.	Automobiles	8.7%
Apple, Inc.	Technology Hardware, Storage & Peripherals	7.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	6.5%
Microsoft Corp.	Software	5.7%
Eli Lilly & Co.	Pharmaceuticals	3.5%
Visa, Inc. (Class A Stock)	IT Services	3.2%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.9%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	2.8%
Mastercard, Inc. (Class A Stock)	IT Services	2.6%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	2.6%

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

PGIM Jennison Growth Fund 7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Jennison Growth Fund’s Class Z shares returned –33.95% in the 12-month reporting period that ended September 30, 2022, underperforming the –22.59% return of the Russell 1000^® Growth Index (the Index).

What were the market conditions?

• During the reporting period, the investment backdrop changed from one of stimulus and spending to one of inflation and tightening financial conditions, with the need to control inflation moving aggressively to the fore.

• US equity markets closed out 2021 at all-time highs. However, rapidly rising inflation spurred the Federal Reserve (the Fed) to pivot to a tightening stance late in the year, leading to a spike in Treasury yields and a general repricing of risk.

• The investment environment at the start of 2022 was clouded by continued uncertainties related to the COVID-19 pandemic, inflation, and the prospect of slowing growth on the back of the Fed’s plans for policy tightening. The brutal military conflict in Ukraine added a dangerous new dimension of uncertainty in late February. Commodity prices rose sharply, led by crude oil, as the sanctions imposed on Russia by the US and European Union made it difficult for the world’s largest oil exporter to complete transactions.

• As the year progressed, stock prices continued to suffer from the impacts of the war in Ukraine, unexpectedly high inflation, aggressive monetary tightening, and declining growth prospects around the globe. A brief summer rebound in equity markets gave way to fresh lows by the end of September. The S&P 500 ^® Index and the Russell 1000^® Growth Index posted three consecutive quarters of negative returns, something not seen since the depths of the global financial crisis in 2009.

• US interest rates continued their move higher, following the third successive increase in the federal funds rate of 75 basis points in mid-September 2022, with the Fed clearly messaging that more tightening should be expected into next year. (One basis point equals 0.01%.) The 10-year US Treasury yield closed the third quarter at 3.83%, which—combined with declining growth outlooks across the globe—powered a further increase in the value of the US dollar against other major currencies.

• Within the Index, all sectors declined over the period, except for energy and utilities. Communications services, information technology, and consumer discretionary sectors suffered the biggest losses.

What worked?

• Shares in electric vehicle maker Tesla Inc. produced solid performance during the period. Jennison continues to expect the company to deliver above-consensus earnings over the next several years.

• In healthcare, positions in pharmaceutical company Eli Lilly and Company, healthcare plan provider UnitedHealth Group Inc., and medical diagnostics and research equipment maker Danaher Corp. added value, benefiting in part from the relative defensiveness of

8 Visit our website at pgim.com/investments

the healthcare sector. In the case of Eli Lilly, the successful launch of a diabetes drug that also demonstrated a high degree of efficacy in the treatment of obesity in clinical trials led to higher growth expectations and pushed the stock to all-time highs.

What didn’t work?

• The Fund’s underperformance relative to the Index during the period reflected the repricing of risk mentioned above, as well as a small number of fundamental disappointments. Holdings in information technology and internet media were the largest detractors. Specifically, commerce software platform Shopify Inc., streaming entertainment service Netflix Inc., and online visual communication company Snap Inc. released disappointing results, with elevated uncertainty regarding their growth outlooks. Jennison sold the Fund’s positions in Shopify and Snap during the period.

• The Fund’s relative performance was also hindered by underweight exposure to Index heavyweights Apple Inc. and Microsoft Corp., as both stocks outperformed in the period. While these stocks were among the Fund’s 10 largest holdings, Jennison’s diversified approach to gaining exposure to growth opportunities led to a smaller weight than the Index in both positions.

• Jennison made adjustments to the Fund during the period in response to elevated market risk and lower-growth expectations. Specific changes included reduced positions in companies that benefited disproportionately from the pandemic, as well as social media and select consumer names, and added exposure to more economically defensive positions in sectors like healthcare. That said, secular growth remains the driving force behind the Fund’s holdings.

Current outlook

• Monetary tightening, the ongoing war in Ukraine, persistently high inflation, and periodic lockdowns in China continue to contribute to elevated risk aversion, equity volatility, and concerns about global growth.

• With interest rates moving higher to combat inflationary pressures, the pace of US growth is moderating, with a more pronounced slowdown expected in 2023. Tightening into a slowdown complicates the Fed’s attempt to orchestrate a soft landing.

• The significant appreciation of the US dollar vis-à-vis other major currencies this year is likely to have a dampening effect on growth rates reported by large multinationals in US dollar terms for the second half of 2022.

• Jennison expects US profit growth to continue to slow over the next year, following last year’s rebound from the worst effects of the pandemic.

• The Fund’s holdings have, in our view, competitive advantages likely to generate durable growth over Jennison’s investment time horizon. While not immune to the factors creating greater uncertainty, Jennison believes their absolute and relative rates of profit growth should prove resilient in the current environment.

PGIM Jennison Growth Fund 9

Strategy and Performance Overview* (continued)

• The business environment will likely remain fluid, and Jennison will continue to reassess its assumptions and make adjustments to the Fund’s exposures as needed, based on fundamental analysis.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

10 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 September 30, 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 11

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 April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio Based on the Six-Month  Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$   729.40	1.01%	$4.38
	Hypothetical	$1,000.00	$1,020.00	1.01%	$5.11
Class C	Actual	$1,000.00	$   726.90	1.69%	$7.32
	Hypothetical	$1,000.00	$1,016.60	1.69%	$8.54
Class R	Actual	$1,000.00	$   728.80	1.20%	$5.20
	Hypothetical	$1,000.00	$1,019.05	1.20%	$6.07
Class Z	Actual	$1,000.00	$   730.60	0.69%	$2.99
	Hypothetical	$1,000.00	$1,021.61	0.69%	$3.50
Class R2	Actual	$1,000.00	$   729.00	1.10%	$4.77
	Hypothetical	$1,000.00	$1,019.55	1.10%	$5.57
Class R4	Actual	$1,000.00	$   729.80	0.89%	$3.86
	Hypothetical	$1,000.00	$1,020.61	0.89%	$4.51
Class R6	Actual	$1,000.00	$   731.00	0.58%	$2.52
	Hypothetical	$1,000.00	$1,022.16	0.58%	$2.94

*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 183 days in the six-month period ended September 30, 2022, and divided by the 365 days in the Fund’s fiscal year ended 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.

12 Visit our website at pgim.com/investments

Schedule of Investments

as of September 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    99.8%
COMMON STOCKS    99.3%
Aerospace & Defense    0.7%
Northrop Grumman Corp.		71,101	$	33,440,222
Automobiles    8.7%
Tesla, Inc.*		1,662,368		440,943,112
Biotechnology    1.5%
Vertex Pharmaceuticals, Inc.*		261,078		75,592,524
Capital Markets    3.3%
Goldman Sachs Group, Inc. (The)		219,862		64,430,559
KKR & Co., Inc.(a)		1,026,364		44,133,652
S&P Global, Inc.		202,361		61,790,931
				170,355,142
Energy Equipment & Services    1.4%
Schlumberger NV		2,034,404		73,035,104
Entertainment    1.1%
Netflix, Inc.*		130,135		30,638,985
ROBLOX Corp. (Class A Stock)*(a)		688,335		24,669,926
				55,308,911
Equity Real Estate Investment Trusts (REITs)    1.4%
American Tower Corp.		338,274		72,627,428
Food & Staples Retailing    2.4%
Costco Wholesale Corp.		258,777		122,212,614
Health Care Equipment & Supplies    2.1%
Abbott Laboratories		503,538		48,722,337
Dexcom, Inc.*		390,698		31,466,817
Intuitive Surgical, Inc.*		154,195		28,902,311
				109,091,465
Health Care Providers & Services    2.6%
UnitedHealth Group, Inc.		258,479		130,542,234
Hotels, Restaurants & Leisure    4.1%
Airbnb, Inc. (Class A Stock)*		553,375		58,126,510

See Notes to Financial Statements.

PGIM Jennison Growth Fund 13

Schedule of Investments (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Chipotle Mexican Grill, Inc.*(a)		41,293	$	62,053,469
Marriott International, Inc. (Class A Stock)		444,832		62,338,756
McDonald’s Corp.		107,203		24,736,020
				207,254,755
Interactive Media & Services    7.2%
Alphabet, Inc. (Class A Stock)*		1,560,341		149,246,617
Alphabet, Inc. (Class C Stock)*		1,502,835		144,497,585
Meta Platforms, Inc. (Class A Stock)*		338,463		45,922,660
ZoomInfo Technologies, Inc.*(a)		696,971		29,035,812
				368,702,674
Internet & Direct Marketing Retail    7.9%
Amazon.com, Inc.*		2,918,171		329,753,323
MercadoLibre, Inc. (Brazil)*		88,174		72,988,674
				402,741,997
IT Services    8.5%
Adyen NV (Netherlands), 144A*		58,446		72,891,636
Mastercard, Inc. (Class A Stock)		466,815		132,734,177
Snowflake, Inc. (Class A Stock)*		386,570		65,701,437
Visa, Inc. (Class A Stock)(a)		917,381		162,972,735
				434,299,985
Life Sciences Tools & Services    2.0%
Danaher Corp.		401,177		103,620,007
Media    1.1%
Trade Desk, Inc. (The) (Class A Stock)*(a)		939,162		56,114,930
Multiline Retail    0.5%
Target Corp.(a)		180,367		26,764,659
Personal Products    1.9%
Estee Lauder Cos., Inc. (The) (Class A Stock)		444,036		95,867,372
Pharmaceuticals    4.8%
Eli Lilly & Co.		550,285		177,934,655
Novo Nordisk A/S (Denmark), ADR		663,432		66,097,730
				244,032,385

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail    1.7%
Uber Technologies, Inc.*		3,312,328	$	87,776,692
Semiconductors & Semiconductor Equipment    5.3%
ASML Holding NV (Netherlands)		115,881		48,131,173
Broadcom, Inc.		202,045		89,710,001
NVIDIA Corp.		1,083,641		131,543,181
				269,384,355
Software    12.9%
Adobe, Inc.*		238,954		65,760,141
Atlassian Corp. PLC (Class A Stock)*		346,722		73,016,186
Crowdstrike Holdings, Inc. (Class A Stock)*		517,959		85,364,823
HubSpot, Inc.*		57,057		15,412,237
Microsoft Corp.		1,247,812		290,615,415
Salesforce, Inc.*		901,552		129,679,239
				659,848,041
Specialty Retail    4.0%
Home Depot, Inc. (The)		294,564		81,281,990
O’Reilly Automotive, Inc.*		76,569		53,854,806
TJX Cos., Inc. (The)		1,123,114		69,767,842
				204,904,638
Technology Hardware, Storage & Peripherals    7.1%
Apple, Inc.		2,634,953		364,150,505
Textiles, Apparel & Luxury Goods    4.6%
Lululemon Athletica, Inc.*		244,344		68,308,809
LVMH Moet Hennessy Louis Vuitton SE (France)		211,777		124,858,381
NIKE, Inc. (Class B Stock)		487,177		40,494,152
				233,661,342
Wireless Telecommunication Services    0.5%
T-Mobile US, Inc.*		168,561		22,615,829
TOTAL COMMON STOCKS     (cost $2,928,833,382)				5,064,888,922

See Notes to Financial Statements.

PGIM Jennison Growth Fund 15

Schedule of Investments (continued)

as of September 30, 2022

Description	Shares		Value
PREFERRED STOCK    0.5%
Automobiles
Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)*     (cost $24,541,437)		304,584	$	24,626,873
TOTAL LONG-TERM INVESTMENTS     (cost $2,953,374,819)				5,089,515,795
SHORT-TERM INVESTMENTS    4.5%
AFFILIATED MUTUAL FUND    4.1%
PGIM Institutional Money Market Fund     (cost $211,578,163; includes $210,352,071 of cash collateral for securities on     loan)(b)(wa)		211,848,261		211,699,967
UNAFFILIATED FUND    0.4%
Dreyfus Government Cash Management (Institutional Shares)     (cost $18,076,509)		18,076,509		18,076,509
TOTAL SHORT-TERM INVESTMENTS     (cost $229,654,672)				229,776,476
TOTAL INVESTMENTS    104.3%     (cost $3,183,029,491)				5,319,292,271
Liabilities in excess of other assets    (4.3)%				(221,160,151	)
NET ASSETS    100.0%			$	5,098,132,120

Below is a list of the abbreviation(s) used in the annual 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

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing 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 $204,525,486; cash collateral of $210,352,071 (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.

See Notes to Financial Statements.

16

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of September 30, 2022 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$	33,440,222		$	—		$	—
Automobiles			440,943,112			—			—
Biotechnology			75,592,524			—			—
Capital Markets			170,355,142			—			—
Energy Equipment & Services			73,035,104			—			—
Entertainment			55,308,911			—			—
Equity Real Estate Investment Trusts (REITs)			72,627,428			—			—
Food & Staples Retailing			122,212,614			—			—
Health Care Equipment & Supplies			109,091,465			—			—
Health Care Providers & Services			130,542,234			—			—
Hotels, Restaurants & Leisure			207,254,755			—			—
Interactive Media & Services			368,702,674			—			—
Internet & Direct Marketing Retail			402,741,997			—			—
IT Services			361,408,349			72,891,636			—
Life Sciences Tools & Services			103,620,007			—			—
Media			56,114,930			—			—
Multiline Retail			26,764,659			—			—
Personal Products			95,867,372			—			—
Pharmaceuticals			244,032,385			—			—
Road & Rail			87,776,692			—			—
Semiconductors & Semiconductor Equipment			269,384,355			—			—
Software			659,848,041			—			—
Specialty Retail			204,904,638			—			—
Technology Hardware, Storage & Peripherals			364,150,505			—			—
Textiles, Apparel & Luxury Goods			108,802,961			124,858,381			—
Wireless Telecommunication Services			22,615,829			—			—
Preferred Stock
Automobiles			—			24,626,873			—

See Notes to Financial Statements.

PGIM Jennison Growth Fund 17

Schedule of Investments (continued)

as of September 30, 2022

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Fund		$	211,699,967		$	—		$	—
Unaffiliated Fund			18,076,509			—			—
Total		$	5,096,915,381		$	222,376,890		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2022 were as follows:

Software	12.9	%
Automobiles	9.2
IT Services	8.5
Internet & Direct Marketing Retail	7.9
Interactive Media & Services	7.2
Technology Hardware, Storage & Peripherals	7.1
Semiconductors & Semiconductor Equipment	5.3
Pharmaceuticals	4.8
Textiles, Apparel & Luxury Goods	4.6
Affiliated Mutual Fund (4.1% represents investments purchased with collateral from securities on loan)	4.1
Hotels, Restaurants & Leisure	4.1
Specialty Retail	4.0
Capital Markets	3.3
Health Care Providers & Services	2.6
Food & Staples Retailing	2.4
Health Care Equipment & Supplies	2.1

Life Sciences Tools & Services	2.0	%
Personal Products	1.9
Road & Rail	1.7
Biotechnology	1.5
Energy Equipment & Services	1.4
Equity Real Estate Investment Trusts (REITs)	1.4
Media	1.1
Entertainment	1.1
Aerospace & Defense	0.7
Multiline Retail	0.5
Wireless Telecommunication Services	0.5
Unaffiliated Fund	0.4
	104.3
Liabilities in excess of other assets	(4.3	)
	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.

See Notes to Financial Statements.

18

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	$204,525,486	$(204,525,486)	$—

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 19

Statement of Assets and Liabilities

as of September 30, 2022

Assets
Investments at value, including securities on loan of $204,525,486:
Unaffiliated investments (cost $2,971,451,328)	$	5,107,592,304
Affiliated investments (cost $211,578,163)		211,699,967
Receivable for investments sold		60,657,690
Receivable for Fund shares sold		4,492,701
Tax reclaim receivable		778,839
Dividends receivable		662,633
Prepaid expenses		42,906
Total Assets		5,385,927,040
Liabilities
Payable to broker for collateral for securities on loan		210,352,071
Payable for investments purchased		63,668,989
Payable for Fund shares purchased		8,395,702
Management fee payable		2,593,484
Accrued expenses and other liabilities		2,061,915
Distribution fee payable		528,118
Affiliated transfer agent fee payable		194,641
Total Liabilities		287,794,920
Net Assets	$	5,098,132,120
Net assets were comprised of:
Common stock, at par	$	128,164
Paid-in capital in excess of par		2,902,781,919
Total distributable earnings (loss)		2,195,222,037
Net assets, September 30, 2022	$	5,098,132,120

See Notes to Financial Statements.

20

Class A
Net asset value and redemption price per share, ($1,277,204,842 ÷ 34,182,694 shares of common stock issued and outstanding)	$	37.36
Maximum sales charge (5.50% of offering price)		2.17
Maximum offering price to public	$	39.53
Class C
Net asset value, offering price and redemption price per share, ($96,604,222 ÷ 3,738,408 shares of common stock issued and outstanding)	$	25.84
Class R
Net asset value, offering price and redemption price per share, ($214,699,211 ÷ 7,044,370 shares of common stock issued and outstanding)	$	30.48
Class Z
Net asset value, offering price and redemption price per share, ($2,511,301,669 ÷ 59,623,380 shares of common stock issued and outstanding)	$	42.12
Class R2
Net asset value, offering price and redemption price per share, ($4,515,919 ÷ 109,707 shares of common stock issued and outstanding)	$	41.16
Class R4
Net asset value, offering price and redemption price per share, ($16,676,217 ÷ 399,103 shares of common stock issued and outstanding)	$	41.78
Class R6
Net asset value, offering price and redemption price per share, ($977,130,040 ÷ 23,066,118 shares of common stock issued and outstanding)	$	42.36

See Notes to Financial Statements.

PGIM Jennison Growth Fund 21

Statement of Operations

Year Ended September 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $733,478 foreign withholding tax)	$	32,517,031
Income from securities lending, net (including affiliated income of $297,843)		301,858
Affiliated dividend income		13,818
Total income		32,832,707
Expenses
Management fee		39,907,008
Distribution fee(a)		8,821,149
Shareholder servicing fees (including affiliated expense of $2,867)(a)		28,696
Transfer agent’s fees and expenses (including affiliated expense of $1,587,233)(a)		6,829,739
Custodian and accounting fees		391,754
Shareholders’ reports		234,493
Registration fees(a)		126,955
Directors’ fees		97,610
Legal fees and expenses		56,761
Audit fee		24,000
Miscellaneous		133,672
Total expenses		56,651,837
Less: Fee waiver and/or expense reimbursement(a)		(12,190	)
Distribution fee waiver(a)		(712,817	)
Net expenses		55,926,830
Net investment income (loss)		(23,094,123	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $233,494)		194,008,071
Foreign currency transactions		(37,750	)
		193,970,321
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(116,826))		(2,949,199,096	)
Foreign currencies		(167,830	)
		(2,949,366,926	)
Net gain (loss) on investment and foreign currency transactions		(2,755,396,605	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,778,490,728	)

(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		5,260,837		1,407,353		2,138,450			—		14,509			—			—
Shareholder servicing fees		—		—		—			—		5,804			22,892			—
Transfer agent’s fees and expenses		1,945,742		126,998		384,276			4,313,414		9,596			40,780			8,933
Registration fees		33,045		16,092		9,772			38,814		6,672			5,423			17,137
Fee waiver and/or expense reimbursement		—		—		—			—		(6,109	)		(6,081	)		—
Distribution fee waiver		—		—		(712,817	)		—		—			—			—

See Notes to Financial Statements.

22

Statements of Changes in Net Assets

	Year Ended September 30,
	2022			2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(23,094,123	)	$	(37,424,526	)
Net realized gain (loss) on investment and foreign currency transactions		193,970,321			1,104,043,246
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,949,366,926	)		642,486,142
Net increase (decrease) in net assets resulting from operations		(2,778,490,728	)		1,709,104,862
Dividends and Distributions
Distributions from distributable earnings
Class A		(280,939,495	)		(167,457,498	)
Class C		(31,630,818	)		(19,618,123	)
Class R		(53,351,055	)		(31,849,117	)
Class Z		(550,612,131	)		(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		1,433,891,050			1,723,838,987
Net asset value of shares issued in reinvestment of dividends and distributions		981,630,936			582,993,386
Cost of shares purchased		(1,936,395,564	)		(1,978,280,134	)
Net increase (decrease) in net assets from Fund share transactions		479,126,422			328,552,239
Total increase (decrease)		(3,365,586,359	)		1,410,684,470
Net Assets:
Beginning of year		8,463,718,479			7,053,034,009
End of year	$	5,098,132,120		$	8,463,718,479

See Notes to Financial Statements.

PGIM Jennison Growth Fund 23

Financial Highlights

Class A Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$64.97			$57.22			$39.94			$42.79			$35.78
Income (loss) from investment operations:
Net investment income (loss)		(0.27	)		(0.40	)		(0.21	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(18.61	)		13.46			20.86			(0.71	)		9.23
Total from investment operations		(18.88	)		13.06			20.65			(0.80	)		9.13
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of year		$37.36			$64.97			$57.22			$39.94			$42.79
Total Return(b):		(34.17	)%		24.17	%		55.32	%		(1.25	)%		26.60	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,277,205			$2,112,035			$1,816,527			$1,266,661			$1,349,940
Average net assets (000)		$1,753,612			$2,031,924			$1,454,874			$1,257,759			$1,258,241
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.99	%		0.97	%		1.00	%		1.03	%		1.02	%
Expenses before waivers and/or expense reimbursement		0.99	%		0.97	%		1.00	%		1.03	%		1.02	%
Net investment income (loss)		(0.53	)%		(0.65	)%		(0.46	)%		(0.24	)%		(0.26	)%
Portfolio turnover rate(d)		35	%		46	%		49	%		43	%		40	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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 C Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$47.75			$43.62			$31.38			$34.34			$29.29
Income (loss) from investment operations:
Net investment income (loss)		(0.43	)		(0.61	)		(0.39	)		(0.27	)		(0.30	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.75	)		10.05			16.00			(0.64	)		7.47
Total from investment operations		(13.18	)		9.44			15.61			(0.91	)		7.17
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of year		$25.84			$47.75			$43.62			$31.38			$34.34
Total Return(b):		(34.61	)%		23.33	%		54.27	%		(1.92	)%		25.76	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$96,604			$175,778			$165,724			$119,260			$175,142
Average net assets (000)		$140,735			$175,013			$135,568			$145,286			$148,000
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.68	%		1.66	%		1.68	%		1.70	%		1.69	%
Expenses before waivers and/or expense reimbursement		1.68	%		1.66	%		1.68	%		1.70	%		1.69	%
Net investment income (loss)		(1.22	)%		(1.33	)%		(1.13	)%		(0.89	)%		(0.94	)%
Portfolio turnover rate(d)		35	%		46	%		49	%		43	%		40	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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 (continued)

Class R Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$54.62			$48.99			$34.71			$37.57			$31.72
Income (loss) from investment operations:
Net investment income (loss)		(0.31	)		(0.46	)		(0.25	)		(0.15	)		(0.16	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(15.10	)		11.40			17.90			(0.66	)		8.13
Total from investment operations		(15.41	)		10.94			17.65			(0.81	)		7.97
Less Dividends and Distributions:
Distributions from net realized gains		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of year		$30.48			$54.62			$48.99			$34.71			$37.57
Total Return(b):		(34.30	)%		23.88	%		54.99	%		(1.46	)%		26.34	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$214,699			$340,339			$300,323			$266,084			$332,402
Average net assets (000)		$285,127			$334,043			$278,701			$282,917			$334,713
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.21	%		1.21	%		1.21	%		1.23	%		1.23	%
Expenses before waivers and/or expense reimbursement		1.46	%		1.46	%		1.46	%		1.48	%		1.48	%
Net investment income (loss)		(0.75	)%		(0.88	)%		(0.66	)%		(0.43	)%		(0.47	)%
Portfolio turnover rate(d)		35	%		46	%		49	%		43	%		40	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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.

26

Class Z Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$71.99			$62.71			$43.34			$46.12			$38.30
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.25	)		(0.07	)		0.04			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(21.01	)		14.84			22.81			(0.75	)		9.92
Total from investment operations		(21.14	)		14.59			22.74			(0.71	)		9.94
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	)
Total dividends and distributions		(8.73	)		(5.31	)		(3.37	)		(2.07	)		(2.12	)
Net asset value, end of year		$42.12			$71.99			$62.71			$43.34			$46.12
Total Return(b):		(33.95	)%		24.51	%		55.83	%		(0.95	)%		26.99	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,511,302			$4,578,256			$4,149,643			$3,028,962			$3,533,891
Average net assets (000)		$3,714,344			$4,536,203			$3,436,278			$3,237,702			$3,107,412
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.69	%		0.69	%		0.69	%		0.71	%		0.71	%
Expenses before waivers and/or expense reimbursement		0.69	%		0.69	%		0.69	%		0.71	%		0.71	%
Net investment income (loss)		(0.23	)%		(0.36	)%		(0.15	)%		0.09	%		0.04	%
Portfolio turnover rate(d)		35	%		46	%		49	%		43	%		40	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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

Financial Highlights (continued)

Class R2 Shares
	Year Ended September 30,												November 28, 2017(a) through September 30, 2018
	2022			2021			2020			2019
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)		(0.35	)		(0.52	)		(0.27	)		(0.14	)		(0.32)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(20.57	)		14.65			22.58			(0.75	)		7.19
Total from investment operations		(20.92	)		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		$41.16			$70.81			$61.99			$43.05			$45.99
Total Return(c):		(34.23	)%		24.00	%		55.19	%		(1.37	)%		17.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,516			$6,175			$4,534			$3,084			$7,815
Average net assets (000)		$5,804			$5,521			$3,663			$5,033			$1,011
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10	%		1.10	%		1.10	%		1.10	%		1.10%(e)
Expenses before waivers and/or expense reimbursement		1.21	%		1.24	%		1.45	%		1.41	%		3.11%(e)
Net investment income (loss)		(0.63	)%		(0.78	)%		(0.56	)%		(0.33	)%		(0.86)%(e)
Portfolio turnover rate(f)		35	%		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.

28

Class R4 Shares
	Year Ended September 30,												November 28, 2017(a) through September 30, 2018
	2022			2021			2020			2019
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)		(0.22	)		(0.37	)		(0.15	)		(0.03	)		(0.22)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(20.86	)		14.79			22.74			(0.74	)		7.18
Total from investment operations		(21.08	)		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		$41.78			$71.59			$62.48			$43.26			$46.08
Total Return(c):		(34.07	)%		24.30	%		55.59	%		(1.09	)%		17.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,676			$27,267			$6,840			$3,969			$372
Average net assets (000)		$22,892			$11,773			$4,883			$4,125			$38
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.85	%		0.85	%		0.85	%		0.85	%		0.85%(e)
Expenses before waivers and/or expense reimbursement		0.88	%		0.85	%		1.12	%		1.22	%		57.88%(e)
Net investment income (loss)		(0.39	)%		(0.52	)%		(0.31	)%		(0.06	)%		(0.62)%(e)
Portfolio turnover rate(f)		35	%		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 29

Financial Highlights (continued)

Class R6 Shares
				Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$72.29			$62.87			$43.41			$46.19			$38.30
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.18	)		(0.02	)		0.08			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(21.14	)		14.91			22.85			(0.75	)		9.93
Total from investment operations		(21.20	)		14.73			22.83			(0.67	)		10.01
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 year		$42.36			$72.29			$62.87			$43.41			$46.19
Total Return(b):		(33.88	)%		24.64	%		55.98	%		(0.83	)%		27.18	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$977,130			$1,223,868			$609,443			$349,897			$91,625
Average net assets (000)		$1,183,306			$951,504			$427,945			$205,755			$50,011
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.58	%		0.57	%		0.58	%		0.59	%		0.60	%
Expenses before waivers and/or expense reimbursement		0.58	%		0.57	%		0.58	%		0.59	%		0.62	%
Net investment income (loss)		(0.10	)%		(0.26	)%		(0.04	)%		0.19	%		0.18	%
Portfolio turnover rate(d)		35	%		46	%		49	%		43	%		40	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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.

30

Notes to Financial Statements

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 “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 approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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 provided to the Board at the first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting year-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

PGIM Jennison Growth Fund 31

Notes to Financial Statements (continued)

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

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

32

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 Valuation Designee 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 Growth Fund 33

Notes to Financial Statements (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 open loans 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.

34

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.

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.

PGIM Jennison Growth Fund 35

Notes to Financial Statements (continued)

3.     Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative 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.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended September 30, 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, 2024, 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 for purpose of preventing the expenses from exceeding a certain expense ratio limit 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		—

36

Class	Expense Limitations
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.

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, 2024 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 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 compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Fund’s annual gross and net distribution and maximum shareholder service fee, where applicable, are as follows:

Class	Gross Distribution Fee			Net Distribution Fee			Shareholder Service Fee
A		0.30	%		0.30	%		N/A	%
C		1.00			1.00			N/A
R		0.75			0.50			N/A
Z		N/A			N/A			N/A
R2		0.25			0.25			0.10
R4		N/A			N/A			0.10
R6		N/A			N/A			N/A

For the year ended September 30, 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

PGIM Jennison Growth Fund 37

Notes to Financial Statements (continued)

charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

Class	FESL		CDSC
A		$1,115,692		$25,724
C		—		10,277

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 and shareholder servicing agent. Transfer agent’s and shareholder servicing 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. 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 year ended September 30, 2022, no 17a-7 transactions were entered into by the Fund.

38

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 September 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$2,484,194,603	$3,068,228,582

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended September 30, 2022, is presented as follows:

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		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		4,963,200,648		5,005,609,685		(116,826)		233,494		211,699,967		211,848,261		297,843	(2)
$271,072,675	$	5,491,713,173	$	5,551,202,549	$	(116,826)	$	233,494	$	211,699,967			$	311,661

(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.    Distributions and Tax Information

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. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par. For the year ended September 30, 2022, the adjustments were to increase total distributable earnings and decrease paid-in capital in excess of par by $11,080,401 due to a net operating loss. Net investment income (loss), net realized gain (loss) on investments and net assets were not affected by this change.

For the year ended September 30, 2022, the tax character of dividends paid by the Fund were $20,080,985 of ordinary income and $1,046,141,068 of long-term capital gains. For the year ended September 30, 2021, the tax character of dividends paid by the Fund were $20,353,895 of ordinary income and $606,618,736 of long-term capital gains.

PGIM Jennison Growth Fund 39

Notes to Financial Statements (continued)

As of September 30, 2022, the accumulated undistributed earnings on a tax basis was $118,056,090 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of September 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$3,230,074,852	$2,492,429,541	$(403,212,122)	$2,089,217,419

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales.

The Fund elected to treat certain late-year ordinary income losses of approximately $12,051,000 as having been incurred in the following fiscal year (September 30, 2023).

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, 2022 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 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.

40

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 September 30, 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		24,346		0.1	%
C		50		0.1
R		6,391,579		90.7
Z		418,385		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	41.4

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Year ended September 30, 2022:
Shares sold		2,518,893			$	125,549,488
Shares issued in reinvestment of dividends and distributions		4,512,099				271,808,819
Shares purchased		(5,613,880	)			(277,498,540	)
Net increase (decrease) in shares outstanding before conversion		1,417,112				119,859,767
Shares issued upon conversion from other share class(es)		562,485				26,831,881
Shares purchased upon conversion into other share class(es)		(306,289	)			(15,692,564	)
Net increase (decrease) in shares outstanding		1,673,308			$	130,999,084

PGIM Jennison Growth Fund 41

Notes to Financial Statements (continued)

Share Class	Shares			Amount
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
Year ended September 30, 2022:
Shares sold		484,360			$	17,229,035
Shares issued in reinvestment of dividends and distributions		735,280				30,800,876
Shares purchased		(790,483	)			(26,800,468	)
Net increase (decrease) in shares outstanding before conversion		429,157				21,229,443
Shares issued upon conversion from other share class(es)		459				21,948
Shares purchased upon conversion into other share class(es)		(372,474	)			(13,363,708	)
Net increase (decrease) in shares outstanding		57,142			$	7,887,683
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	)
Class R
Year ended September 30, 2022:
Shares sold		1,118,410			$	40,186,734
Shares issued in reinvestment of dividends and distributions		1,082,946				53,302,609
Shares purchased		(1,387,975	)			(55,041,083	)
Net increase (decrease) in shares outstanding before conversion		813,381				38,448,260
Shares purchased upon conversion into other share class(es)		(308	)			(15,701	)
Net increase (decrease) in shares outstanding		813,073			$	38,432,559

42

Share Class	Shares			Amount
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
Year ended September 30, 2022:
Shares sold		12,560,769			$    698,009,778
Shares issued in reinvestment of dividends and distributions		7,292,571			493,998,764
Shares purchased		(23,824,334	)		(1,279,165,787	)
Net increase (decrease) in shares outstanding before conversion		(3,970,994	)		(87,157,245	)
Shares issued upon conversion from other share class(es)		333,549			19,165,538
Shares purchased upon conversion into other share class(es)		(332,945	)		(17,096,518	)
Net increase (decrease) in shares outstanding		(3,970,390	)		$     (85,088,225	)
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	)
Class R2
Year ended September 30, 2022:
Shares sold		26,851			$        1,519,972
Shares issued in reinvestment of dividends and distributions		12,223			811,837
Shares purchased		(16,568	)		(850,236	)
Net increase (decrease) in shares outstanding		22,506			$        1,481,573
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
Year ended September 30, 2022:
Shares sold		43,081			$        2,585,918
Shares issued in reinvestment of dividends and distributions		39,077			2,629,896
Shares purchased		(63,921	)		(3,463,260	)
Net increase (decrease) in shares outstanding		18,237			$        1,752,554

PGIM Jennison Growth Fund 43

Notes to Financial Statements (continued)

Share Class	Shares			Amount
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
Class R6
Year ended September 30, 2022:
Shares sold		9,514,430			$     548,810,125
Shares issued in reinvestment of dividends and distributions		1,884,503			128,278,135
Shares purchased		(5,267,568	)		(293,576,190	)
Net increase (decrease) in shares outstanding before conversion		6,131,365			383,512,070
Shares issued upon conversion from other share class(es)		5,389			253,670
Shares purchased upon conversion into other share class(es)		(1,763	)		(104,546	)
Net increase (decrease) in shares outstanding		6,134,991			$     383,661,194
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.

	Current SCA	Prior SCA
Term of Commitment	9/30/2022 - 9/28/2023	10/1/2021 – 9/29/2022
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the  Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on  Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

44

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 year ended September 30, 2022. The average daily balance for the 10 days that the Fund had loans outstanding during the period was approximately $5,671,500, borrowed at a weighted average interest rate of 1.77%. The maximum loan outstanding amount during the period was $12,591,000. At September 30, 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.

PGIM Jennison Growth Fund 45

Notes to Financial Statements (continued)

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.

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. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the 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

46

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).

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.

PGIM Jennison Growth Fund 47

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Prudential Investment Portfolios, Inc. and Shareholders of PGIM Jennison Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Growth Fund (one of the funds constituting The Prudential Investment Portfolios, Inc., referred to hereafter as the “Fund”) as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the three years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended September 30, 2019 and the financial highlights for each of the periods ended on or prior to September 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 15, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

November 17, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

48

Tax Information (unaudited)

We are advising you that during the fiscal year ended September 30, 2022, the Fund reported the maximum amount allowed per share, but not less than $8.56 for Class A, C, R, Z, R2, R4 and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended September 30, 2022, the Fund reports, in accordance with Section 854 of the Internal Revenue Code, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):

Fund	QDI	DRD
PGIM Jennison Growth Fund	96.41%	78.11%

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of distributions received by you in calendar year 2022.

PGIM Jennison Growth Fund 49

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison Growth Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Growth Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 96	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (”PEO”) (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Jennison Growth Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

PGIM Jennison Growth Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

^∎  Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

^∎  Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

^∎  There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

^∎  “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

^∎  “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

^∎  As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Growth Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

¹PGIM Jennison Growth Fund is a series of The Prudential Investment Portfolios, Inc.

PGIM Jennison Growth Fund

Approval of Advisory Agreements (continued)

management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, including investment research and security selection, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of the Jennison portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to each of PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

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Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds, and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that

PGIM Jennison Growth Fund

Approval of Advisory Agreements (continued)

the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended September 30, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to evaluate performance, and the Peer Group, which was used to evaluate expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	1st Quartile	1st Quartile	1st Quartile
	Actual Management Fees: 2nd Quartile
	Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the three-, five-, and ten-year periods, though it underperformed its benchmark index over the one-year period.

Visit our website at pgim.com/investments

• The Board noted PGIM Investments’ assertions that, in a reversal from the prior year, the Fund’s exposure to secular growth stocks was out of favor, and as markets return to favoring such stocks, they expect relative returns to improve and remain encouraged by the Fund’s strong longer-term performance.

• The Board also considered that the Fund outperformed its peer group for the three-, five- and ten-year periods ended March 31, 2022.

• The Board and PGIM Investments agreed to a contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 0.60% of average daily net assets for Class R6 shares through January 31, 2023.

• The Board and PGIM Investments also agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) limits transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause annual operating expenses to exceed 1.10% for Class R2 shares and 0.85% for Class R4 shares through January 31, 2023.

• In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*  *  *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Growth Fund

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

PROXY VOTING

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

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Isabelle Sajous, Chief Compliance Officer • Kelly Florio, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

 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

MF168E

PGIM JENNISON FOCUSED VALUE FUND

ANNUAL REPORT

SEPTEMBER 30, 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
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	12
Holdings and Financial Statements	15
Approval of Advisory Agreements

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

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

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 annual report for the PGIM Jennison Focused Value Fund informative and useful. The report covers performance for the 12-month period that ended September 30, 2022.
	The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth and corporate profits remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns.

After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts by a significant margin. International developed and emerging markets trailed the US market during this time.

Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.

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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Focused Value Fund

November 15, 2022

PGIM Jennison Focused Value Fund    3

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 9/30/22
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-18.38	1.40	6.90	—
(without sales charges)	-13.63	2.55	7.51	—
Class C
(with sales charges)	-15.38	1.67	6.67	—
(without sales charges)	-14.57	1.67	6.67	—
Class R
(without sales charges)	-13.99	2.13	7.18	—
Class Z
(without sales charges)	-13.39	2.86	7.83	—
Class R6
(without sales charges)	-13.43	2.80	N/A	4.52 (11/25/2014)
Russell 1000 Value Index
	-11.36	5.29	9.17	—

Average Annual Total Returns as of 9/30/22 Since Inception (%)
	Class R6 (11/25/2014)
Russell 1000 Value Index	6.06

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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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Russell 1000 Value Index by portraying the initial account values at the beginning of the 10-year period (September 30, 2012) and the account values at the end of the current fiscal year (September 30, 2022), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing fees and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Jennison Focused Value Fund    5

Your Fund’s Performance (continued)

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.

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Presentation of Fund Holdings as of 9/30/22

Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas & Consumable Fuels	10.3%
Eli Lilly & Co.	Pharmaceuticals	5.8%
Walmart, Inc.	Food & Staples Retailing	4.3%
Chubb Ltd.	Insurance	4.1%
Microsoft Corp.	Software	3.9%
Bristol-Myers Squibb Co.	Pharmaceuticals	3.9%
AstraZeneca plc (United Kingdom), ADR	Pharmaceuticals	3.8%
Union Pacific Corp.	Road & Rail	3.4%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.3%
MetLife, Inc.	Insurance	3.2%

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

PGIM Jennison Focused Value Fund    7

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Focused Value Fund’s Class Z shares returned — 13.39% in the 12-month reporting period that ended September 30, 2022, underperforming the — 11.36% return of the Russell 1000^® Value Index (the Index).

What were the market conditions?

· During the reporting period, the investment backdrop changed from one of stimulus and spending to one of inflation and tightening financial conditions, with the need to control inflation moving aggressively to the fore.

· US equity markets closed out 2021 at all-time highs. However, rapidly rising inflation spurred the Federal Reserve (the Fed) to pivot to a tightening stance late in the year, leading to a spike in Treasury yields and a general repricing of risk.

· The investment environment at the start of 2022 was clouded by continued uncertainties related to the COVID-19 pandemic, inflation, and the prospect of slowing growth on the back of the Fed’s plans for policy tightening. The brutal military conflict in Ukraine added a dangerous new dimension of uncertainty in late February. Commodity prices rose sharply, led by crude oil, as the sanctions imposed on Russia by the US and European Union made it difficult for the world’s largest oil exporter to complete transactions.

· As the year progressed, stock prices continued to suffer from the impacts of the war in Ukraine, unexpectedly high inflation, tightening monetary policy, and declining growth prospects around the globe. A brief summer rebound in equity markets gave way to fresh lows by the end of September. In 2022, the S&P 500 ^® Index posted three consecutive quarters of negative returns, something not seen since the depths of the global financial crisis. The Russell 1000^® Value index, after an essentially flat first quarter of 2022, also declined by double digits through the rest of the period. Not surprisingly, given soaring oil and gas prices, the energy sector bucked the negative trend, generating strongly positive returns.

· US interest rates continued their move higher following the third successive increase of the federal funds rate of 75 basis points in mid-September 2022, with the Fed clearly messaging that more tightening should be expected into next year. (One basis point equals 0.01%.) The 10-year US Treasury note yield closed the third quarter at 3.83%, which—combined with declining growth outlooks across the globe—powered a further increase in the value of the US dollar against other major currencies.

· Within the Index, all sectors declined over the period, except for energy and utilities. Communications services, information technology, and consumer discretionary sectors suffered the biggest losses. There was a wide performance spread between the energy sector, which saw a very large gain and the rest of the market. Defensive sectors (utilities, healthcare, and consumer staples) notably outperformed all other sectors.

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What worked?

Individual Fund holdings delivering strong performance during the reporting period included global independent oil and gas exploration and production company ConocoPhillips and pharmaceutical firm Eli Lilly and Co.

· ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids (NGLs). The company has operations around the world and—through recent acquisitions—has become one of the largest energy producers in the US Permian shale basin. The stock benefited from elevated oil and gas prices, as well as its leading production position and increasing levels of profitability.

· Shares in Eli Lilly benefited from the relative defensiveness of healthcare and the approval of the company’s latest diabetes drug in the US. Along with several drug therapies in its portfolio for cancer and other chronic diseases, Eli Lilly also has an obesity drug in clinical trials that could be a significant catalyst for its future prospects. In Jennison’s opinion, this is a well-run company with a durable business model that has been executing at a high level and is well positioned for solid growth.

What didn’t work?

The most significant detractors from the Fund’s total returns during the reporting period included online advertising and diversified technology firm Alphabet Inc., multinational investment bank and financial services company JP Morgan Chase & Co., vehicle manufacturer General Motors Co., aerospace and defense company Airbus SE, and cruise line company Royal Caribbean Group.

· Shares of Alphabet, the parent company of Google, lost ground during the period, although the company’s business model continued to dominate in a secular growth industry, and its valuation remained reasonable. Headwinds for the stock included concerns about slower growth in global advertising and pressure from potential future regulation and changes to privacy and tracking requirements.

· JPMorgan Chase features a diversified business mix and strong balance sheet. After strong performance over most of 2021, the company’s shares sold off on concerns regarding the impact that global inflation and a resulting recession could have on financial results. Investors saw a challenge to near-term earnings as capital markets activities slowed dramatically from 2021, along with potential credit losses across the company’s commercial and consumer books. Jennison continues to favor the stock, given the company’s strategic growth initiatives focused on leveraging its scale and deepening customer relationships across its diversified businesses, as well as its commitment to investment spending and productivity improvement.

· Shares of General Motors (GM) fell over the period after the company reported disappointing results. Key issues were expenses related to a recall of the Chevy Bolt, as well as the market’s tepid reception of GM’s other electric vehicle (EV) initiatives, higher input costs, supply concerns (especially regarding semiconductors), and management’s tempered guidance. While sentiment regarding GM’s strategy of

PGIM Jennison Focused Value Fund    9

Strategy and Performance Overview* (continued)

creating a separate and distinct EV company remains cautious, Jennison continues to believe that the market has underpriced the company’s competitive position, improving execution by management, and the long-term prospects of its EV transition opportunity.

· Airbus shares suffered primarily from supply constraints across multiple products in its commercial division, an area in which the company maintains a duopoly alongside Boeing. As a result, Airbus provided slightly lower guidance on deliveries and production. Jennison continues to like the long-term trajectory of the company’s business model, along with its scale advantage and strong free cash flow profile. Additionally, Airbus’s valuation remains very attractive.

· Although leisure demand remained strong, shares of Royal Caribbean declined amid concerns regarding rising labor/fuel/food costs and potential future economic hard-landing impacts. With the company apparently vulnerable to ongoing margin compression and pressure on forward free cash flow dynamics because of the prevailing extreme input-price environment, Jennison sold the Fund’s position (during the reporting period) to make room for more attractive investments.

Current outlook

· The Fed’s voluble campaign against inflation continues apace, with rhetoric backed up by action. Hopes of near-term policy moderation have effectively been dashed, which may accelerate the restoration of a degree of market equilibrium. That said, uncertainty regarding the near-term path of the economy remains elevated, and tightening into a slowdown complicates the Fed’s attempt to orchestrate a soft landing. However, Fed officials have stressed the need to maintain credibility, so a marked economic slowdown may be a price policymakers are willing to pay.

· The Fed’s inflation fight has been joined by central banks around the world. Tighter domestic liquidity in many economies and the pain caused by the US dollar’s surge further cloud the global outlook.

· Growth is set to decelerate across Europe heading into a winter that will likely feature industrial shutdowns, fuel rationing, and lowered thermostats to offset the loss of Russian gas. Russia’s move to formally annex Eastern Ukrainian territory leaves seemingly little room for a resolution of the conflict in the near term and continues to depress sentiment. China is still coming to terms with the impacts of its “zero-COVID-19” policy, and more lockdowns cannot be ruled out as a result. Also in China, policymakers have taken initial steps to alleviate the effects of a mortgage crisis that has embroiled the domestic real estate market, including interest rate reductions to alleviate interest burdens and resuscitate activity.

· Share price declines, year to date, reflect a combination of an increase in risk aversion and lower price/earnings ratios in the face of higher interest rates. Slowing growth and possible recession are now challenging revenue estimates and profit margin assumptions. Jennison’s opinion of the fundamental growth prospects for the

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Fund’s holdings is affected by the difficulties and uncertainty created by the macroeconomic environment. Jennison has reduced earnings forecasts for a number of the Fund’s holdings in the past few months, largely due to US dollar strength.

· Most economic slowdowns and recessions in the modern era occurred under different circumstances than those confronting investors today. But in their aftermath, leadership has generally come from companies with structurally solid business models generating superior free cash flows and growing intrinsic values. From this perspective, Jennison sees much to be optimistic about, within the context of a multiyear investment horizon. Greater clarity on some of the macroeconomic and geopolitical challenges investors face may be required before superior fundamentals reassert themselves, and share price leadership is reestablished. Jennison continues to believe the Fund is well positioned for such an environment, given the fundamentals embodied by current holdings.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

PGIM Jennison Focused Value Fund    11

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 September 30, 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

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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 April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$   823.20	1.16%	$  5.30
	Hypothetical	$1,000.00	$1,019.25	1.16%	$  5.87
Class C	Actual	$1,000.00	$   818.30	2.19%	$  9.98
	Hypothetical	$1,000.00	$1,014.09	2.19%	$11.06
Class R	Actual	$1,000.00	$   821.80	1.53%	$  6.99
	Hypothetical	$1,000.00	$1,017.40	1.53%	$  7.74
Class Z	Actual	$1,000.00	$   824.50	0.85%	$  3.89
	Hypothetical	$1,000.00	$1,020.81	0.85%	$  4.31
Class R6	Actual	$1,000.00	$   824.00	0.84%	$  3.84
	Hypothetical	$1,000.00	$1,020.86	0.84%	$  4.26

*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 183 days in the six-month period ended September 30, 2022, and divided by the 365 days in the Fund’s fiscal year ended 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.

PGIM Jennison Focused Value Fund    13

Schedule of Investments

as of September 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS     97.0%
COMMON STOCKS
Aerospace & Defense     4.0%
Airbus SE (France)		54,001	$	4,654,907
Raytheon Technologies Corp.		27,594		2,258,845
				6,913,752
Automobiles     1.3%
General Motors Co.		72,175		2,316,096
Banks     9.9%
Bank of America Corp.		146,634		4,428,347
JPMorgan Chase & Co.		45,309		4,734,791
PNC Financial Services Group, Inc. (The)		26,077		3,896,425
Truist Financial Corp.		89,826		3,911,024
				16,970,587
Biotechnology     3.1%
AbbVie, Inc.		39,673		5,324,513
Building Products     2.7%
Johnson Controls International PLC		95,843		4,717,392
Capital Markets     4.3%
Blackstone, Inc.		25,010		2,093,337
Goldman Sachs Group, Inc. (The)		18,248		5,347,576
				7,440,913
Chemicals     2.7%
Linde PLC (United Kingdom)		17,459		4,706,772
Containers & Packaging     2.6%
Crown Holdings, Inc.		55,277		4,479,095
Electric Utilities     2.3%
NextEra Energy, Inc.		50,378		3,950,139
Food & Staples Retailing     4.3%
Walmart, Inc.		56,657		7,348,413
Health Care Providers & Services     1.4%
Centene Corp.*		31,540		2,454,127

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    15

Schedule of Investments  (continued)

as of September 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure     3.2%
McDonald’s Corp.		23,467	$	5,414,776
Insurance     7.3%
Chubb Ltd.		39,071		7,106,233
MetLife, Inc.		89,093		5,415,073
				12,521,306
Interactive Media & Services     3.3%
Alphabet, Inc. (Class A Stock)*		59,531		5,694,140
Life Sciences Tools & Services     2.5%
Danaher Corp.		16,827		4,346,246
Machinery     1.5%
Deere & Co.		7,730		2,580,970
Multi-Utilities     3.1%
Dominion Energy, Inc.		77,122		5,329,901
Oil, Gas & Consumable Fuels     10.3%
ConocoPhillips		172,706		17,674,732
Pharmaceuticals     13.5%
AstraZeneca PLC (United Kingdom), ADR		119,748		6,566,980
Bristol-Myers Squibb Co.		93,351		6,636,323
Eli Lilly & Co.		30,962		10,011,563
				23,214,866
Road & Rail     3.4%
Union Pacific Corp.		30,181		5,879,862
Semiconductors & Semiconductor Equipment     6.4%
Broadcom, Inc.		6,509		2,890,061
Lam Research Corp.		5,432		1,988,112
NXP Semiconductors NV (China)		20,054		2,958,165
QUALCOMM, Inc.		27,671		3,126,270
				10,962,608

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Software     3.9%
Microsoft Corp.		29,039	$	6,763,183
TOTAL LONG-TERM INVESTMENTS     (cost $142,869,640)				167,004,389
SHORT-TERM INVESTMENT     3.0%
UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares)     (cost $5,093,953)		5,093,953		5,093,953
TOTAL INVESTMENTS     100.0%     (cost $147,963,593)				172,098,342
Liabilities in excess of other assets (0.0)%				(10,159	)
NET ASSETS     100.0%			$	172,088,183

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

* Non-income producing security.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of September 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	2,258,845	$	4,654,907		$	—
Automobiles		2,316,096		—			—
Banks		16,970,587		—			—
Biotechnology		5,324,513		—			—

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    17

Schedule of Investments  (continued)

as of September 30, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Building Products	$	4,717,392	$	—		$	—
Capital Markets		7,440,913		—			—
Chemicals		4,706,772		—			—
Containers & Packaging		4,479,095		—			—
Electric Utilities		3,950,139		—			—
Food & Staples Retailing		7,348,413		—			—
Health Care Providers & Services		2,454,127		—			—
Hotels, Restaurants & Leisure		5,414,776		—			—
Insurance		12,521,306		—			—
Interactive Media & Services		5,694,140		—			—
Life Sciences Tools & Services		4,346,246		—			—
Machinery		2,580,970		—			—
Multi-Utilities		5,329,901		—			—
Oil, Gas & Consumable Fuels		17,674,732		—			—
Pharmaceuticals		23,214,866		—			—
Road & Rail		5,879,862		—			—
Semiconductors & Semiconductor Equipment		10,962,608		—			—
Software		6,763,183		—			—
Short-Term Investment
Unaffiliated Fund		5,093,953		—			—
Total	$	167,443,435	$	4,654,907		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2022 were as follows:

Pharmaceuticals	13.5	%
Oil, Gas & Consumable Fuels	10.3
Banks	9.9
Insurance	7.3
Semiconductors & Semiconductor Equipment	6.4
Capital Markets	4.3
Food & Staples Retailing	4.3
Aerospace & Defense	4.0
Software	3.9
Road & Rail	3.4
Interactive Media & Services	3.3
Hotels, Restaurants & Leisure	3.2
Multi-Utilities	3.1
Biotechnology	3.1
Unaffiliated Fund	3.0

Building Products	2.7	%
Chemicals	2.7
Containers & Packaging	2.6
Life Sciences Tools & Services	2.5
Electric Utilities	2.3
Machinery	1.5
Health Care Providers & Services	1.4
Automobiles	1.3
	100.0
Liabilities in excess of other assets	(0.0	)*
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

18

Statement of Assets and Liabilities

as of September 30, 2022

Assets
Unaffiliated investments (cost $147,963,593)	$	172,098,342
Dividends receivable		356,196
Receivable for Fund shares sold		103,152
Tax reclaim receivable		56,146
Prepaid expenses		1,836
Total Assets		172,615,672
Liabilities
Payable for Fund shares purchased		295,618
Management fee payable		90,685
Accrued expenses and other liabilities		73,584
Distribution fee payable		40,448
Affiliated transfer agent fee payable		27,154
Total Liabilities		527,489
Net Assets	$	172,088,183
Net assets were comprised of:
Common stock, at par	$	11,319
Paid-in capital in excess of par		142,465,812
Total distributable earnings (loss)		29,611,052
Net assets, September 30, 2022	$	172,088,183

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    19

Statement of Assets and Liabilities

as of September 30, 2022

Class A
Net asset value and redemption price per share, ($140,225,945 ÷ 9,238,153 shares of common stock issued and outstanding)	$	15.18
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	16.06
Class C
Net asset value, offering price and redemption price per share, ($3,448,889 ÷ 308,599 shares of common stock issued and outstanding)	$	11.18
Class R
Net asset value, offering price and redemption price per share, ($431,212 ÷ 34,392 shares of common stock issued and outstanding)	$	12.54
Class Z
Net asset value, offering price and redemption price per share, ($23,080,026 ÷ 1,432,567 shares of common stock issued and outstanding)	$	16.11
Class R6
Net asset value, offering price and redemption price per share, ($4,902,111 ÷ 305,152 shares of common stock issued and outstanding)	$	16.06

See Notes to Financial Statements.

20

Statement of Operations

Year Ended September 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $22,432 foreign withholding tax)	$	4,209,623
Income from securities lending, net (including affiliated income of $4,199)		4,313
Affiliated dividend income		966
Total income		4,214,902
Expenses
Management fee		1,260,997
Distribution fee(a)		570,444
Transfer agent’s fees and expenses (including affiliated expense of $123,942)(a)		293,936
Registration fees(a)		51,490
Custodian and accounting fees		50,804
Shareholders’ reports		34,730
Audit fee		23,800
Legal fees and expenses		23,477
Directors’ fees		12,500
Miscellaneous		19,008
Total expenses		2,341,186
Less: Fee waiver and/or expense reimbursement(a)		(9,620	)
Distribution fee waiver(a)		(1,231	)
Net expenses		2,330,335
Net investment income (loss)		1,884,567
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $2,188)		5,144,533
Foreign currency transactions		(1,000	)
		5,143,533
Net change in unrealized appreciation (depreciation) on:
Investments		(34,266,626	)
Foreign currencies		(8,449	)
		(34,275,075	)
Net gain (loss) on investment and foreign currency transactions		(29,131,542	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(27,246,975	)

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

	Class A		Class C		Class R			Class Z		Class R6
Distribution fee		519,868		46,882		3,694			—		—
Transfer agent’s fees and expenses		248,932		9,399		1,454			33,915		236
Registration fees		15,836		11,386		4,891			9,986		9,391
Fee waiver and/or expense reimbursement		—		—		(4,613	)		—		(5,007	)
Distribution fee waiver		—		—		(1,231	)		—		—

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    21

Statements of Changes in Net Assets

	Year Ended September 30,
	2022				2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,884,567		$	1,158,862
Net realized gain (loss) on investment and foreign currency transactions			5,143,533			14,556,078
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(34,275,075	)		41,496,657
Net increase (decrease) in net assets resulting from operations			(27,246,975	)		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			15,317,662			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			(34,420,948	)		(38,766,241	)
Net increase (decrease) in net assets from Fund share transactions			(9,299,268	)		(25,607,408	)
Total increase (decrease)			(46,484,474	)		29,750,816
Net Assets:
Beginning of year			218,572,657			188,821,841
End of year		$	172,088,183		$	218,572,657

See Notes to Financial Statements.

22

Financial Highlights

Class A Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.37			$14.03			$15.63			$20.62			$20.89
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.09			0.12			0.14			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.50	)		4.39			(0.38	)		(2.42	)		2.42
Total from investment operations		(2.34	)		4.48			(0.26	)		(2.28	)		2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.14	)		(0.15	)		(0.09	)		(0.19	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.85	)		(0.14	)		(1.34	)		(2.71	)		(2.83	)
Net asset value, end of year		$15.18			$18.37			$14.03			$15.63			$20.62
Total Return(b):		(13.63	)%		32.13	%		(2.50	)%		(10.13	)%		13.39	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$140,226			$179,848			$151,149			$181,559			$229,733
Average net assets (000)		$173,289			$173,975			$163,554			$193,160			$233,106
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.13	%		1.11	%		1.15	%		1.11	%		1.06	%
Expenses before waivers and/or expense reimbursement		1.13	%		1.11	%		1.15	%		1.11	%		1.06	%
Net investment income (loss)		0.88	%		0.53	%		0.85	%		0.87	%		0.72	%
Portfolio turnover rate(d)		31	%		32	%		128	%		47	%		59	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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    23

Financial Highlights (continued)

Class C Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$13.78			$10.59			$12.15			$16.75			$17.48
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(b)		(0.05	)(b)		(-	)(b)(c)		0.02			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.83	)		3.32			(0.29	)		(2.00	)		1.99
Total from investment operations		(1.85	)		3.27			(0.29	)		(1.98	)		1.99
Less Dividends and Distributions:
Dividends from net investment income		(-	)(c)		(0.08	)		(0.08	)		-			(0.08	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.75	)		(0.08	)		(1.27	)		(2.62	)		(2.72	)
Net asset value, end of year		$11.18			$13.78			$10.59			$12.15			$16.75
Total Return(d):		(14.57	)%		31.06	%		(3.41	)%		(10.78	)%		12.61	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,449			$5,279			$5,874			$10,945			$32,765
Average net assets (000)		$4,688			$5,725			$8,068			$20,114			$34,589
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		2.12	%		2.03	%		2.02	%		1.85	%		1.78	%
Expenses before waivers and/or expense reimbursement		2.12	%		2.03	%		2.02	%		1.85	%		1.78	%
Net investment income (loss)		(0.14	)%		(0.39	)%		(0.02	)%		0.13	%		0.01	%
Portfolio turnover rate(f)		31	%		32	%		128	%		47	%		59	%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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 R Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$15.33			$11.75			$13.30			$18.01			$18.63
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.02			0.05			0.06			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.06	)		3.68			(0.30	)		(2.13	)		2.12
Total from investment operations		(1.99	)		3.70			(0.25	)		(2.07	)		2.17
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.12	)		(0.11	)		(0.02	)		(0.15	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.80	)		(0.12	)		(1.30	)		(2.64	)		(2.79	)
Net asset value, end of year		$12.54			$15.33			$11.75			$13.30			$18.01
Total Return(b):		(13.99	)%		31.64	%		(2.82	)%		(10.53	)%		12.85	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$431			$487			$494			$2,041			$3,424
Average net assets (000)		$492			$562			$1,047			$2,504			$4,542
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Expenses before waivers and/or expense reimbursement		2.72	%		2.74	%		2.91	%		1.89	%		1.84	%
Net investment income (loss)		0.49	%		0.11	%		0.38	%		0.44	%		0.26	%
Portfolio turnover rate(d)		31	%		32	%		128	%		47	%		59	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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    25

Financial Highlights (continued)

Class Z Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$19.44			$14.82			$16.43			$21.52			$21.68
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.15			0.18			0.21			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.65	)		4.65			(0.42	)		(2.54	)		2.52
Total from investment operations		(2.43	)		4.80			(0.24	)		(2.33	)		2.73
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.18	)		(0.14	)		(0.25	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.90	)		(0.18	)		(1.37	)		(2.76	)		(2.89	)
Net asset value, end of year		$16.11			$19.44			$14.82			$16.43			$21.52
Total Return(b):		(13.39	)%		32.52	%		(2.16	)%		(9.86	)%		13.74	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$23,080			$30,080			$30,153			$58,051			$137,027
Average net assets (000)		$28,698			$30,701			$40,142			$101,530			$131,155
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.83	%		0.82	%		0.84	%		0.80	%		0.76	%
Expenses before waivers and/or expense reimbursement		0.83	%		0.82	%		0.84	%		0.80	%		0.76	%
Net investment income (loss)		1.17	%		0.82	%		1.15	%		1.20	%		0.99	%
Portfolio turnover rate(d)		31	%		32	%		128	%		47	%		59	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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.

26

Class R6 Shares
	Year Ended September 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$19.39			$14.79			$16.39			$21.53			$21.70
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.15			0.18			0.22			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.66	)		4.63			(0.41	)		(2.59	)		2.52
Total from investment operations		(2.43	)		4.78			(0.23	)		(2.37	)		2.74
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.18	)		(0.15	)		(0.27	)
Distributions from net realized gains		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.90	)		(0.18	)		(1.37	)		(2.77	)		(2.91	)
Net asset value, end of year		$16.06			$19.39			$14.79			$16.39			$21.53
Total Return(b):		(13.43	)%		32.54	%		(2.17	)%		(10.08	)%		13.80	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$4,902			$2,878			$1,151			$1,332			$18,870
Average net assets (000)		$2,998			$1,894			$1,210			$12,474			$18,366
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.83	%		0.82	%		0.84	%		0.78	%		0.72	%
Expenses before waivers and/or expense reimbursement		1.00	%		0.98	%		1.83	%		0.78	%		0.72	%
Net investment income (loss)		1.20	%		0.80	%		1.17	%		1.26	%		1.04	%
Portfolio turnover rate(d)		31	%		32	%		128	%		47	%		59	%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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    27

Notes to Financial Statements

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 approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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 provided to the Board at the first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting year-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

28    

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

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

PGIM Jennison Focused Value Fund    29

Notes to Financial Statements (continued)

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 Valuation Designee 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

30    

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 open loans 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,

PGIM Jennison Focused Value Fund    31

Notes to Financial Statements (continued)

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 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 which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative 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 September 30, 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, 2024, 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 exclude 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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*	Prior Expense  Limitations
A	—%	—%
C	—	—
R	1.53**	1.53**
Z	0.75	—
R6	0.75	—

*Expense limitation effective October 1, 2022.

**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 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.

PGIM Jennison Focused Value Fund    33

Notes to Financial Statements (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, 2024 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 gross and net distribution rate, where applicable, are as follows:

Class	Gross Distribution Fee	Net Distribution Fee
A	0.30%	0.30%
C	1.00	1.00
R	0.75	0.50
Z	N/A	N/A
R6	N/A	N/A

For the year ended September 30, 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:

Class	FESL		CDSC
A		$79,400		$340
C		—		659

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 and shareholder servicing 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

34    

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 year ended September 30, 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 September 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$64,230,179	$82,324,520

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended September 30, 2022, is presented as follows:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	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	189,915,180	195,405,968	—	2,188	—	—		4,199	(2)
$10,252,614	$  195,309,400	$205,564,202	$—	$2,188	$—			$5,165

(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. Distributions and Tax Information

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.

PGIM Jennison Focused Value Fund    35

Notes to Financial Statements (continued)

For the year ended September 30, 2022, the tax character of dividends paid by the Fund were $1,183,462 of ordinary income and $8,754,769 of long-term capital gains. For the year ended September 30, 2021, the tax character of dividends paid by the Fund was $1,853,373 of ordinary income.

As of September 30, 2022, the accumulated undistributed earnings on a tax basis were $1,833,090 of ordinary income and $4,057,315 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of September 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$148,377,695	$37,953,338	$(14,232,691)	$23,720,647

The differences between GAAP and tax basis were primarily attributable to deferred losses on wash sales.

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, 2022 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 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.

36    

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, $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 September 30, 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	4,549	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	3	49.9

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Year ended September 30, 2022:
Shares sold		391,978		$	7,051,901
Shares issued in reinvestment of dividends and distributions		426,329			8,019,259
Shares purchased		(1,373,535	)		(24,227,920	)
Net increase (decrease) in shares outstanding before conversion		(555,228	)		(9,156,760	)
Shares issued upon conversion from other share class(es)		62,586			1,115,823
Shares purchased upon conversion into other share class(es)		(58,295	)		(1,018,885	)
Net increase (decrease) in shares outstanding		(550,937	)	$	(9,059,822	)

PGIM Jennison Focused Value Fund    37

Notes to Financial Statements (continued)

Share Class	Shares			Amount
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
Year ended September 30, 2022:
Shares sold		66,895		$	870,331
Shares issued in reinvestment of dividends and distributions		19,378			270,521
Shares purchased		(68,741	)		(883,603	)
Net increase (decrease) in shares outstanding before conversion		17,532			257,249
Shares purchased upon conversion into other share class(es)		(92,121	)		(1,221,981	)
Net increase (decrease) in shares outstanding		(74,589	)	$	(964,732	)
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	)
Class R
Year ended September 30, 2022:
Shares sold		3,952		$	58,030
Shares issued in reinvestment of dividends and distributions		1,648			25,692
Shares purchased		(2,981	)		(43,926	)
Net increase (decrease) in shares outstanding		2,619		$	39,796
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	)

38    

Share Class	Shares			Amount
Class Z
Year ended September 30, 2022:
Shares sold		181,044		$	3,467,347
Shares issued in reinvestment of dividends and distributions		68,234			1,359,218
Shares purchased		(421,069	)		(7,943,418	)
Net increase (decrease) in shares outstanding before conversion		(171,791	)		(3,116,853	)
Shares issued upon conversion from other share class(es)		57,529			1,078,634
Shares purchased upon conversion into other share class(es)		(478	)		(9,074	)
Net increase (decrease) in shares outstanding		(114,740	)	$	(2,047,293	)
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	)
Class R6
Year ended September 30, 2022:
Shares sold		219,316		$	3,870,053
Shares issued in reinvestment of dividends and distributions		6,512			129,328
Shares purchased		(72,453	)		(1,322,081	)
Net increase (decrease) in shares outstanding before conversion		153,375			2,677,300
Shares issued upon conversion from other share class(es)		3,324			55,483
Net increase (decrease) in shares outstanding		156,699		$	2,732,783
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 current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	9/30/2022 - 9/28/2023	10/1/2021 – 9/29/2022

PGIM Jennison Focused Value Fund    39

Notes to Financial Statements (continued)

	Current SCA	Prior SCA
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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 year ended September 30, 2022.

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

40    

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. 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.

PGIM Jennison Focused Value Fund    41

Notes to Financial Statements (continued)

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.

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.

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

42    

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.

PGIM Jennison Focused Value Fund    43

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Prudential Investment Portfolios, Inc. and Shareholders of PGIM Jennison Focused Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Focused Value Fund (one of the funds constituting The Prudential Investment Portfolios, Inc., referred to hereafter as the “Fund”) as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the three years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended September 30, 2019 and the financial highlights for each of the periods ended on or prior to September 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 15, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

November 17, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

44

Tax Information (unaudited)

We are advising you that during the year ended September 30, 2022, the Fund reports the maximum amount allowed per share, but not less than $0.75 for Class A, C, R, Z and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended September 30, 2022, the Fund reports in the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income distributions paid as 1) qualified dividend income (QDI), and 2) eligible for corporate dividends received deduction (DRD):

Fund	QDI	DRD
PGIM Jennison Focused Value Fund	100.00%	100.00%

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of distributions received by you in calendar year 2022.

PGIM Jennison Focused Value Fund    45

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Jennison Focused Value Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014-September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Jennison Focused Value Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 96	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and Principal Executive Officer (“PEO”) (since September 2022) of the PGIM Private Credit Fund; President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund; Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Jennison Focused Value Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022
Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

PGIM Jennison Focused Value Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019
Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Jennison Focused Value Fund (the “Fund”)1 consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

¹PGIM Jennison Focused Value Fund is a series of The Prudential Investment Portfolios, Inc.

PGIM Jennison Focused Value Fund

Approval of Advisory Agreements (continued)

management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of the Jennison portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to each of PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

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Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that

PGIM Jennison Focused Value Fund

Approval of Advisory Agreements (continued)

the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended September 30, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	4th Quartile	4th Quartile	4th Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 3rd Quartile

· The Board noted that the Fund outperformed its benchmark index over the one-year period but underperformed over the three-, five-, and ten-year periods.

· In December 2019, the Fund’s investment approach transitioned from blend to a focused large-cap value strategy, and the benchmark changed from the S&P 500

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Index to the Russell 1000 Value Index. The Board considered the Fund’s performance history prior to December 31, 2019 does not reflect its current investment mandate.

· The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause annual fund operating expenses to exceed 1.53% for Class R shares through January 31, 2023.

· In addition, PGIM Investments will 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, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

· The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

· The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Focused Value Fund

⬛  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 ● Kelly Florio, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, 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	655 Broad Street
	Management Services LLC	Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund	PO Box 9658
	Services LLC	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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

  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

MF172E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended September 30, 2022 and September 30, 2021, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $95,800 and $95,800, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended September 30, 2022 and September 30, 2021: none.

(c) Tax Fees

For the fiscal years ended September 30, 2022 and September 30, 2021: none.

(d) All Other Fees

For the fiscal years ended September 30, 2022 and September 30, 2021: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on

whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to

these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –

	Fiscal Year Ended September 30, 2022	Fiscal Year Ended September 30, 2021
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended September 30, 2022 and September 30, 2021 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably 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 – Attached hereto as Exhibit EX-99.CODE-ETH.

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