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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-07343
Exact name of registrant as specified in charter:	The Prudential Investment Portfolios, Inc.
Address of principal executive offices:	655 Broad Street, 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:	9/30/2023
Date of reporting period:	3/31/2023

Item 1 – Reports to Stockholders

PGIM BALANCED FUND

SEMIANNUAL REPORT

MARCH 31, 2023

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

Table of Contents

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

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

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

The accompanying financial statements as of March 31, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser and Prudential Financial company. ^© 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:   We hope you find the semiannual report for the PGIM Balanced Fund informative and useful. The report covers performance for the six-month period ended March 31, 2023.   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

May 15, 2023

PGIM Balanced Fund    3

Your Fund’s Performance

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

	Total Returns as of 3/31/23  (without sales charges)	Average Annual Total Returns as of 3/31/23 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	11.15	-10.69	3.93	6.08	—
Class C	10.71	-9.35	3.82	5.66	—
Class R	10.98	-8.07	4.13	6.07	—
Class Z	11.24	-7.48	4.85	6.72	—
Class R6	11.38	-7.36	4.98	N/A	4.69 (11/28/2017)
Customized Blend Index
	11.90	-6.05	6.09	6.94	—
Bloomberg US Aggregate Bond Index
	4.89	-4.78	0.91	1.36	—
S&P 500 Index
	15.62	-7.73	11.19	12.24	—

Average Annual Total Returns as of 3/31/23 Since Inception (%)
	Class R6 (11/28/2017)
Customized Blend Index		5.68
Bloomberg US Aggregate Bond Index		0.66
S&P 500 Index		10.52

*Not annualized

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

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

	Class A	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	0.75% (0.50% currently)	None	None

Benchmark Definitions

Customized Blend Index*—The Customized Blend Index is unmanaged and intended to provide a theoretical comparison to the Fund’s performance based on the amounts allocated to each asset class. S&P 500 Index (44%) provides a broad indicator of domestic stock price movements in large cap stocks; Bloomberg US Aggregate Bond Index (40%) includes investment grade securities issued by the US government, its agencies, and by corporations with between 1 and 10 years remaining to maturity; Russell 2000 Index (4%) contains the 2,000 smallest US companies included in the Russell 3000 Index, which gives a broad look at how stock prices of smaller companies have performed; and MSCI ACWI ex US Index (12%) is a stock market index comprising of non-US stocks from 23 developed markets and 26 emerging markets. Note: Prior to February 3, 2020, the Customized Blend Index consisted of the S&P 500 Index (50%), the Bloomberg US Aggregate Bond Index (40%), the Russell 2000 Index (5%), and the MSCI Europe, Australasia and Far East (EAFE) Net Dividend (ND) Index (5%).

Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and 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.

PGIM Balanced Fund    5

Your Fund’s Performance (continued)

*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 © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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

Presentation of Fund Holdings as of 3/31/23

Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	3.0%
Microsoft Corp.	Software	2.7%
U.S. Treasury Bonds, 2.250%, 05/15/41	U.S. Treasury Obligations	2.0%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	1.2%
Amazon.com, Inc.	Broadline Retail	0.9%
Tesla, Inc.	Automobiles	0.9%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	0.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.8%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	0.7%
UnitedHealth Group, Inc.	Health Care Providers & Services	0.7%

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

6 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Balanced Fund 7

Fees and Expenses (continued)

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

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

PGIM Balanced Fund		Beginning         Account Value          October 1, 2022	Ending         Account Value          March 31, 2023	Annualized         Expense          Ratio Based on the         Six-Month Period	Expenses Paid         During the         Six-Month Period*
Class A	Actual	$1,000.00	$1,111.50	1.01%	$5.34
	Hypothetical	$1,000.00	$1,019.88	1.01%	$5.11
Class C	Actual	$1,000.00	$1,107.10	1.83%	$9.63
	Hypothetical	$1,000.00	$1,015.79	1.83%	$9.22
Class R	Actual	$1,000.00	$1,109.80	1.48%	$7.81
	Hypothetical	$1,000.00	$1,017.53	1.48%	$7.46
Class Z	Actual	$1,000.00	$1,112.40	0.81%	$4.29
	Hypothetical	$1,000.00	$1,020.87	0.81%	$4.10
Class R6	Actual	$1,000.00	$1,113.80	0.66%	$3.50
	Hypothetical	$1,000.00	$1,021.62	0.66%	$3.35

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended March 31, 2023, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of March 31, 2023

Description	Shares		Value
LONG-TERM INVESTMENTS    98.0%
COMMON STOCKS    58.2%
Aerospace & Defense    1.1%
AerSale Corp.*		950	$	16,359
BAE Systems PLC (United Kingdom)		13,340		161,362
Dassault Aviation SA (France)		210		41,544
General Dynamics Corp.		8,975		2,048,185
Howmet Aerospace, Inc.		22,500		953,325
Kongsberg Gruppen ASA (Norway)		1,239		50,084
L3Harris Technologies, Inc.		1,900		372,856
Lockheed Martin Corp.		1,277		603,676
Moog, Inc. (Class A Stock)		1,600		161,200
Northrop Grumman Corp.		4,400		2,031,568
Parsons Corp.*		4,350		194,619
Raytheon Technologies Corp.		38,900		3,809,477
V2X, Inc.*		1,330		52,828
				10,497,083
Air Freight & Logistics    0.3%
FedEx Corp.		11,650		2,661,908
Hub Group, Inc. (Class A Stock)*		450		37,773
Radiant Logistics, Inc.*		8,989		58,968
				2,758,649
Automobile Components    0.5%
Adient PLC*		4,450		182,272
BorgWarner, Inc.		60,325		2,962,561
Dana, Inc.		3,500		52,675
Goodyear Tire & Rubber Co. (The)*		14,200		156,484
Hyundai Mobis Co. Ltd. (South Korea)		3,930		652,733
Modine Manufacturing Co.*		4,650		107,182
Visteon Corp.*		1,850		290,135
				4,404,042
Automobiles    1.6%
Bayerische Motoren Werke AG (Germany)		7,212		790,425
BYD Co. Ltd. (China) (Class H Stock)		27,500		808,944
General Motors Co.		72,100		2,644,628
Hyundai Motor Co. (South Korea)		630		89,632
Kia Corp. (South Korea)		12,551		783,284
Mahindra & Mahindra Ltd. (India)		28,930		408,822
Mercedes-Benz Group AG (Germany)		2,646		203,485
Mitsubishi Motors Corp. (Japan)*		15,000		59,112

See Notes to Financial Statements.

PGIM Balanced Fund      9

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Automobiles (cont’d.)
Nissan Motor Co. Ltd. (Japan)		12,600	$	47,686
Stellantis NV		31,162		566,721
Suzuki Motor Corp. (Japan)		8,000		291,339
Tesla, Inc.*		38,350		7,956,091
Toyota Motor Corp. (Japan)		8,270		117,727
				14,767,896
Banks    2.9%
ABN AMRO Bank NV (Netherlands), 144A, CVA		31,946		506,582
Agricultural Bank of China Ltd. (China) (Class H Stock)		130,000		48,142
Amalgamated Financial Corp.		3,350		59,262
Ameris Bancorp		2,300		84,134
ANZ Group Holdings Ltd. (Australia)		25,907		399,230
Associated Banc-Corp.		7,100		127,658
Banc of California, Inc.		2,050		25,687
Banco del Bajio SA (Mexico), 144A		12,000		43,652
Banco do Brasil SA (Brazil)		93,600		722,806
Bancorp, Inc. (The)*		3,850		107,222
Bank Mandiri Persero Tbk PT (Indonesia)		181,000		124,645
Bank of America Corp.		41,625		1,190,475
Bank of China Ltd. (China) (Class H Stock)		409,000		156,797
Bank of Communications Co. Ltd. (China) (Class H Stock)		314,000		197,476
Bank of Georgia Group PLC (Georgia)		10,814		367,277
Bank of Jiangsu Co. Ltd. (China) (Class A Stock)		152,200		155,651
Bank of Nanjing Co. Ltd. (China) (Class A Stock)		109,200		142,386
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,498		67,446
Barclays PLC (United Kingdom)		276,618		497,886
Byline Bancorp, Inc.		1,400		30,268
Cadence Bank		1,800		37,368
China CITIC Bank Corp. Ltd. (China) (Class H Stock)		120,000		60,367
China Construction Bank Corp. (China) (Class H Stock)		435,000		281,530
China Merchants Bank Co. Ltd. (China) (Class H Stock)		111,000		563,660
Chongqing Rural Commercial Bank Co. Ltd. (China) (Class A Stock)		220,700		117,892
Citigroup, Inc.		70,400		3,301,056
Civista Bancshares, Inc.		2,550		43,044
CNB Financial Corp.		4,626		88,819
Coastal Financial Corp.*		800		28,808
Customers Bancorp, Inc.*		5,260		97,415
DBS Group Holdings Ltd. (Singapore)		8,200		203,866
DNB Bank ASA (Norway)		19,425		347,625
Emirates NBD Bank PJSC (United Arab Emirates)		11,920		42,656
Eurobank Ergasias Services and Holdings SA (Greece)*		112,988		149,707
Financial Institutions, Inc.		6,102		117,647

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First BanCorp. (Puerto Rico)		9,400	$	107,348
First Foundation, Inc.		11,650		86,792
First Internet Bancorp		4,138		68,898
First Interstate BancSystem, Inc. (Class A Stock)		400		11,944
Haci Omer Sabanci Holding A/S (Turkey)		20,088		41,546
Hana Financial Group, Inc. (South Korea)		21,901		685,917
Hancock Whitney Corp.		250		9,100
Hanmi Financial Corp.		1,200		22,284
Heartland Financial USA, Inc.		2,830		108,559
Hope Bancorp, Inc.		10,320		101,342
Horizon Bancorp, Inc.		3,950		43,687
HSBC Holdings PLC (United Kingdom)		19,908		135,305
Industrial & Commercial Bank of China Ltd. (China) (Class H Stock)		255,000		135,517
Industrial Bank Co. Ltd. (China) (Class A Stock)		68,600		168,830
Industrial Bank of Korea (South Korea)		35,000		272,199
ING Groep NV (Netherlands)		38,076		452,166
JB Financial Group Co. Ltd. (South Korea)		7,800		52,422
JPMorgan Chase & Co.		18,974		2,472,502
Lloyds Banking Group PLC (United Kingdom)		1,134,989		667,315
Metropolitan Bank Holding Corp.*		1,350		45,752
MidWestOne Financial Group, Inc.		4,133		100,928
MVB Financial Corp.		900		18,576
National Bank of Canada (Canada)		1,500		107,292
Nordea Bank Abp (Finland)		62,116		663,293
OFG Bancorp (Puerto Rico)		6,087		151,810
Old National Bancorp		6,150		88,683
Old Second Bancorp, Inc.		718		10,095
Origin Bancorp, Inc.		800		25,720
Orrstown Financial Services, Inc.		887		17,616
Oversea-Chinese Banking Corp. Ltd. (Singapore)		57,000		531,342
PacWest Bancorp		4,500		43,785
Pathward Financial, Inc.		2,500		103,725
Ping An Bank Co. Ltd. (China) (Class A Stock)		95,500		173,994
Primis Financial Corp.		3,930		37,846
QCR Holdings, Inc.		1,323		58,093
RBB Bancorp		2,400		37,200
Renasant Corp.		1,850		56,573
Royal Bank of Canada (Canada)		900		86,071
Sberbank of Russia PJSC (Russia)*^		202,510		—
Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock)		171,100		179,038
Shanghai Rural Commercial Bank Co. Ltd. (China) (Class A Stock)		122,200		102,467
Shinhan Financial Group Co. Ltd. (South Korea)		4,584		124,526

See Notes to Financial Statements.

PGIM Balanced Fund      11

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Simmons First National Corp. (Class A Stock)		5,100	$	89,199
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)*		41,567		458,828
Suruga Bank Ltd. (Japan)		54,600		191,367
Swedbank AB (Sweden) (Class A Stock)		32,756		538,660
Truist Financial Corp.		43,900		1,496,990
Turkiye Is Bankasi A/S (Turkey) (Class C Stock)		698,776		473,075
United Overseas Bank Ltd. (Singapore)		5,500		123,360
Univest Financial Corp.		2,650		62,911
Valley National Bancorp		15,960		147,470
Veritex Holdings, Inc.		5,300		96,778
Washington Federal, Inc.		3,900		117,468
Wells Fargo & Co.		104,920		3,921,910
Woori Financial Group, Inc. (South Korea)		22,553		198,392
				26,860,648
Beverages    1.2%
Coca-Cola Co. (The)		82,325		5,106,620
Coca-Cola Consolidated, Inc.		390		208,681
Heineken Holding NV (Netherlands)		1,111		101,932
Heineken NV (Netherlands)		1,296		139,256
National Beverage Corp.*		460		24,251
PepsiCo, Inc.		27,150		4,949,445
Primo Water Corp.		9,350		143,523
				10,673,708
Biotechnology    0.9%
AbbVie, Inc.		17,730		2,825,630
ACADIA Pharmaceuticals, Inc.*		5,700		107,274
Alkermes PLC*		700		19,733
Allogene Therapeutics, Inc.*		8,300		41,002
Amgen, Inc.		900		217,575
Amicus Therapeutics, Inc.*		21,250		235,662
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (China) (Class A Stock)		9,729		164,419
Biogen, Inc.*		3,475		966,154
Catalyst Pharmaceuticals, Inc.*		14,470		239,913
Daan Gene Co. Ltd. (China) (Class A Stock)		18,400		43,129
Dynavax Technologies Corp.*		8,650		84,856
Eagle Pharmaceuticals, Inc.*		1,380		39,151
Enanta Pharmaceuticals, Inc.*		1,050		42,462
Fate Therapeutics, Inc.*		5,300		30,210
FibroGen, Inc.*		5,600		104,496
Gilead Sciences, Inc.		26,489		2,197,792

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
ImmunoGen, Inc.*		28,450	$	109,248
Immunovant, Inc.*		4,150		64,367
Intercept Pharmaceuticals, Inc.*		7,850		105,425
iTeos Therapeutics, Inc.*		1,950		26,540
Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		3,000		32,280
Kodiak Sciences, Inc.*		9,450		58,590
MiMedx Group, Inc.*		13,800		47,058
Organogenesis Holdings, Inc.*		25,650		54,635
REGENXBIO, Inc.*		600		11,346
Sangamo Therapeutics, Inc.*		6,850		12,056
Syndax Pharmaceuticals, Inc.*		1,450		30,624
Vanda Pharmaceuticals, Inc.*		23,477		159,409
Vaxcyte, Inc.*		1,150		43,102
Veracyte, Inc.*		9,750		217,425
Vir Biotechnology, Inc.*		6,350		147,764
				8,479,327
Broadline Retail    1.2%
Alibaba Group Holding Ltd. (China)*		14,900		188,716
Amazon.com, Inc.*		83,190		8,592,695
Dollarama, Inc. (Canada)		10,600		633,490
Macy’s, Inc.		42,800		748,572
PDD Holdings, Inc. (China), ADR*		10,700		812,130
Vipshop Holdings Ltd. (China), ADR*		3,100		47,058
				11,022,661
Building Products    0.1%
AAON, Inc.		2,850		275,567
American Woodmark Corp.*		500		26,035
Cie de Saint-Gobain (France)		2,223		126,363
Masonite International Corp.*		1,600		145,232
Nibe Industrier AB (Sweden) (Class B Stock)		11,388		129,813
Resideo Technologies, Inc.*		4,800		87,744
UFP Industries, Inc.		2,327		184,927
				975,681
Capital Markets    1.4%
3i Group PLC (United Kingdom)		28,254		588,912
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		3,578		57,705
Avantax, Inc.*		3,650		96,068
Bank of New York Mellon Corp. (The)		50,150		2,278,816
BGC Partners, Inc. (Class A Stock)		50,200		262,546

See Notes to Financial Statements.

PGIM Balanced Fund      13

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
CI Financial Corp. (Canada)		10,600	$	100,235
Deutsche Bank AG (Germany)		56,678		576,370
Goldman Sachs Group, Inc. (The)		4,985		1,630,643
Macquarie Group Ltd. (Australia)		1,807		213,948
MarketAxess Holdings, Inc.		6,500		2,543,385
Morgan Stanley		18,225		1,600,155
Piper Sandler Cos.		1,600		221,776
State Street Corp.		5,900		446,571
StoneX Group, Inc.*		250		25,883
UBS Group AG (Switzerland)		34,357		727,022
Victory Capital Holdings, Inc. (Class A Stock)		1,650		48,296
Virtu Financial, Inc. (Class A Stock)		94,425		1,784,632
Virtus Investment Partners, Inc.		430		81,868
				13,284,831
Chemicals    0.7%
AdvanSix, Inc.		4,050		154,994
Albemarle Corp.		5,425		1,199,142
Ecovyst, Inc.*		13,100		144,755
Elkem ASA (Norway), 144A		76,736		260,767
Koppers Holdings, Inc.		1,300		45,461
Livent Corp.*		5,950		129,234
Lotte Chemical Titan Holding Bhd (Malaysia), 144A		295,000		90,244
LyondellBasell Industries NV (Class A Stock)		25,700		2,412,973
PPG Industries, Inc.		4,100		547,678
SABIC Agri-Nutrients Co. (Saudi Arabia)		16,329		556,675
Shin-Etsu Chemical Co. Ltd. (Japan)		8,500		275,919
Solvay SA (Belgium)		2,240		256,180
Valhi, Inc.		2,050		35,691
Yara International ASA (Brazil)		12,500		543,257
				6,652,970
Commercial Services & Supplies    0.0%
BrightView Holdings, Inc.*		6,750		37,935
Brink’s Co. (The)		200		13,360
CoreCivic, Inc.*		3,500		32,200
Deluxe Corp.		1,650		26,400
Harsco Corp.*		8,300		56,689
Interface, Inc.		4,750		38,570
SP Plus Corp.*		1,850		63,437
				268,591

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment    0.7%
Accton Technology Corp. (Taiwan)		4,000	$	42,041
Arista Networks, Inc.*		3,875		650,458
Cisco Systems, Inc.		100,187		5,237,275
Extreme Networks, Inc.*		3,300		63,096
NetScout Systems, Inc.*		4,159		119,155
				6,112,025
Construction & Engineering    0.2%
Comfort Systems USA, Inc.		750		109,470
EMCOR Group, Inc.		2,100		341,439
Fluor Corp.*		900		27,819
Granite Construction, Inc.		400		16,432
JGC Holdings Corp. (Japan)		21,200		263,475
Primoris Services Corp.		3,100		76,446
Samsung Engineering Co. Ltd. (South Korea)*		2,160		52,789
Skanska AB (Sweden) (Class B Stock)		2,340		35,841
Sterling Infrastructure, Inc.*		4,950		187,506
Vinci SA (France)		2,411		276,403
				1,387,620
Construction Materials    0.2%
Eagle Materials, Inc.		9,375		1,375,781
Holcim AG*		8,415		542,695
Summit Materials, Inc. (Class A Stock)*		8,790		250,427
				2,168,903
Consumer Finance    0.1%
Enova International, Inc.*		5,100		226,593
LendingClub Corp.*		4,250		30,643
Navient Corp.		4,900		78,351
Synchrony Financial		26,625		774,255
				1,109,842
Consumer Staples Distribution & Retail    0.8%
Albertson’s Cos., Inc. (Class A Stock)		38,700		804,186
Alimentation Couche-Tard, Inc. (Canada)		13,400		673,718
Coles Group Ltd. (Australia)		5,950		71,892
Costco Wholesale Corp.		4,725		2,347,711
George Weston Ltd. (Canada)		600		79,512
Koninklijke Ahold Delhaize NV (Netherlands)		26,975		921,604
Kroger Co. (The)		21,200		1,046,644

See Notes to Financial Statements.

PGIM Balanced Fund      15

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Staples Distribution & Retail (cont’d.)
Loblaw Cos. Ltd. (Canada)		7,500	$	683,518
Metro, Inc. (Canada)		1,200		66,007
Sprouts Farmers Market, Inc.*		2,050		71,811
United Natural Foods, Inc.*		5,900		155,465
US Foods Holding Corp.*		8,600		317,684
Walmart, Inc.		2,375		350,194
Woolworths Group Ltd. (Australia)		5,445		138,427
				7,728,373
Containers & Packaging    0.3%
Berry Global Group, Inc.		5,400		318,060
Greif, Inc. (Class A Stock)		1,530		96,956
O-I Glass, Inc.*		11,650		264,572
Pactiv Evergreen, Inc.		3,950		31,600
Westrock Co.		65,300		1,989,691
				2,700,879
Distributors    0.2%
Genuine Parts Co.		900		150,579
LKQ Corp.		32,300		1,833,348
				1,983,927
Diversified Consumer Services    0.1%
Adtalem Global Education, Inc.*		3,250		125,515
Duolingo, Inc.*		1,150		163,978
Perdoceo Education Corp.*		7,300		98,039
Stride, Inc.*		3,650		143,263
Universal Technical Institute, Inc.*		1,800		13,284
WW International, Inc.*		7,500		30,900
				574,979
Diversified REITs    0.0%
Alexander & Baldwin, Inc.		3,600		68,076
American Assets Trust, Inc.		600		11,154
Empire State Realty Trust, Inc. (Class A Stock)		5,800		37,642
Essential Properties Realty Trust, Inc.		1,200		29,820
Star Holdings*		1,790		31,130
				177,822

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    0.6%
AT&T, Inc.		191,300	$	3,682,525
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		349,313		475,569
China Tower Corp. Ltd. (China) (Class H Stock), 144A		1,232,000		149,109
Deutsche Telekom AG (Germany)		14,759		357,644
Koninklijke KPN NV (Netherlands)		14,740		52,085
LG Uplus Corp. (South Korea)		5,140		42,823
Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)*		11,200		93,072
Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)*		17,350		143,311
Ooredoo QPSC (Qatar)		134,810		348,159
Saudi Telecom Co. (Saudi Arabia)		31,222		333,950
Swisscom AG (Switzerland)		126		80,410
Telefonica Deutschland Holding AG (Germany)		15,435		47,513
Verizon Communications, Inc.		2,990		116,281
				5,922,451
Electric Utilities    0.7%
ALLETE, Inc.		1,800		115,866
CESC Ltd. (India)		100,630		81,779
CPFL Energia SA (Brazil)		28,200		176,373
Duke Energy Corp.		9,800		945,406
Entergy Corp.		1,600		172,384
Exelon Corp.		60,913		2,551,646
Inter RAO UES PJSC (Russia)^		4,433,000		6
NRG Energy, Inc.		44,550		1,527,620
Power Grid Corp. of India Ltd. (India)		239,799		660,186
SSE PLC (United Kingdom)		4,860		108,445
				6,339,711
Electrical Equipment    0.4%
Acuity Brands, Inc.		6,075		1,110,085
Array Technologies, Inc.*		3,650		79,862
Atkore, Inc.*		2,110		296,413
Emerson Electric Co.		9,200		801,688
Encore Wire Corp.		1,280		237,222
EnerSys		1,250		108,600
Fujikura Ltd. (Japan)		51,600		366,544
Idec Corp. (Japan)		2,500		65,141
Shoals Technologies Group, Inc. (Class A Stock)*		1,200		27,348
Thermon Group Holdings, Inc.*		1,850		46,102
WEG SA (Brazil)		7,800		62,327
				3,201,332

See Notes to Financial Statements.

PGIM Balanced Fund      17

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components    0.2%
Belden, Inc.		2,950	$	255,971
Citizen Watch Co. Ltd. (Japan)		14,000		82,372
Compeq Manufacturing Co. Ltd. (Taiwan)		255,000		390,189
Delta Electronics, Inc. (Taiwan)		62,000		615,142
Gold Circuit Electronics Ltd. (Taiwan)		50,900		163,355
Horiba Ltd. (Japan)		1,100		66,019
Macnica Holdings, Inc. (Japan)		1,700		48,424
Napco Security Technologies, Inc.*		1,750		65,765
Riken Keiki Co. Ltd. (Japan)		1,200		51,718
Sanmina Corp.*		4,430		270,186
ScanSource, Inc.*		1,780		54,183
				2,063,324
Energy Equipment & Services    0.4%
Archrock, Inc.		2,050		20,029
Bristow Group, Inc.*		1,200		26,880
ChampionX Corp.		400		10,852
Halliburton Co.		40,500		1,281,420
Helix Energy Solutions Group, Inc.*		5,300		41,022
Helmerich & Payne, Inc.		300		10,725
Liberty Energy, Inc.		7,400		94,794
Newpark Resources, Inc.*		6,150		23,678
NexTier Oilfield Solutions, Inc.*		20,050		159,397
Patterson-UTI Energy, Inc.		6,950		81,315
RPC, Inc.		19,950		153,416
Schlumberger NV		33,075		1,623,982
U.S. Silica Holdings, Inc.*		8,550		102,087
Weatherford International PLC*		1,800		106,830
				3,736,427
Entertainment    1.0%
Electronic Arts, Inc.		17,225		2,074,751
GungHo Online Entertainment, Inc. (Japan)		28,800		527,608
Lions Gate Entertainment Corp. (Class A Stock)*		12,650		140,036
Lions Gate Entertainment Corp. (Class B Stock)*		14,750		153,105
Marcus Corp. (The)		1,550		24,800
MIXI, Inc. (Japan)		26,000		523,025
NetEase, Inc. (China)		36,900		651,391
Netflix, Inc.*		11,750		4,059,390
Tencent Music Entertainment Group (China), ADR*		10,000		82,800
Walt Disney Co. (The)*		13,025		1,304,193
				9,541,099

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Financial Services    2.3%
A-Mark Precious Metals, Inc.		500	$	17,325
Berkshire Hathaway, Inc. (Class B Stock)*		14,449		4,461,418
Cannae Holdings, Inc.*		7,280		146,910
Element Fleet Management Corp. (Canada)		44,800		588,383
Essent Group Ltd.		1,550		62,077
Fidelity National Information Services, Inc.		2,300		124,959
Financial Partners Group Co. Ltd. (Japan)		6,200		54,258
Fiserv, Inc.*		1,000		113,030
Helia Group Ltd. (Australia)		233,190		448,625
Investor AB (Sweden) (Class A Stock)		2,562		52,278
Mastercard, Inc. (Class A Stock)		14,775		5,369,383
Meritz Financial Group, Inc. (South Korea)		3,241		96,552
Mr. Cooper Group, Inc.*		5,400		221,238
NMI Holdings, Inc. (Class A Stock)*		6,900		154,077
ORIX Corp. (Japan)		39,200		646,330
Payoneer Global, Inc.*		30,800		193,424
PayPal Holdings, Inc.*		39,500		2,999,630
PennyMac Financial Services, Inc.		300		17,883
StoneCo Ltd. (Brazil) (Class A Stock)*		7,400		70,596
Visa, Inc. (Class A Stock)		24,105		5,434,713
				21,273,089
Food Products    1.0%
Archer-Daniels-Midland Co.		32,050		2,553,103
First Pacific Co. Ltd. (Indonesia)		836,000		268,683
Hershey Co. (The)		10,375		2,639,504
Indofood Sukses Makmur Tbk PT (Indonesia)		106,800		44,216
JBS SA		111,800		392,633
Lamb Weston Holdings, Inc.		14,300		1,494,636
Mowi ASA (Norway)		1,980		36,622
Nestle SA		7,993		974,591
Sovos Brands, Inc.*		2,900		48,372
TreeHouse Foods, Inc.*		4,400		221,892
WH Group Ltd. (Hong Kong), 144A		70,000		41,730
Wilmar International Ltd. (China)		235,600		746,407
				9,462,389
Gas Utilities    0.3%
Beijing Enterprises Holdings Ltd. (China)		46,000		165,580
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		350		16,121
GAIL India Ltd. (India)		245,105		314,557
Southwest Gas Holdings, Inc.		4,100		256,045

See Notes to Financial Statements.

PGIM Balanced Fund      19

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities (cont’d.)
Spire, Inc.		1,250	$	87,675
UGI Corp.		57,175		1,987,403
				2,827,381
Ground Transportation    0.1%
Ryder System, Inc.		3,100		276,644
Uber Technologies, Inc.*		21,300		675,210
Universal Logistics Holdings, Inc.		600		17,490
				969,344
Health Care Equipment & Supplies    1.7%
Abbott Laboratories		40,345		4,085,335
Avanos Medical, Inc.*		4,750		141,265
Baxter International, Inc.		40,700		1,650,792
Becton, Dickinson & Co.		800		198,032
Boston Scientific Corp.*		6,900		345,207
Edwards Lifesciences Corp.*		3,000		248,190
Haemonetics Corp.*		3,450		285,487
Hologic, Inc.*		22,900		1,848,030
IDEXX Laboratories, Inc.*		2,200		1,100,176
Inogen, Inc.*		1,850		23,088
Inspire Medical Systems, Inc.*		1,200		280,884
Integer Holdings Corp.*		1,350		104,625
Lantheus Holdings, Inc.*		4,250		350,880
Medtronic PLC		20,425		1,646,663
Merit Medical Systems, Inc.*		3,550		262,523
Orthofix Medical, Inc.*		1,450		24,288
SD Biosensor, Inc. (South Korea)		2,250		36,613
Shockwave Medical, Inc.*		560		121,425
Stryker Corp.		4,200		1,198,974
Tactile Systems Technology, Inc.*		2,700		44,334
TaiDoc Technology Corp. (Taiwan)		33,000		200,843
TransMedics Group, Inc.*		200		15,146
Zimmer Biomet Holdings, Inc.		14,875		1,921,850
				16,134,650
Health Care Providers & Services    1.8%
AdaptHealth Corp.*		1,250		15,538
Bangkok Chain Hospital PCL (Thailand)		264,300		158,022
BML, Inc. (Japan)		10,700		249,791
Brookdale Senior Living, Inc.*		16,500		48,675
Bumrungrad Hospital PCL (Thailand)		15,000		99,258

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
Cardinal Health, Inc.		9,550	$	721,025
Castle Biosciences, Inc.*		1,200		27,264
Centene Corp.*		2,300		145,383
Chularat Hospital PCL (Thailand)		1,070,000		113,357
Cigna Group (The)		12,350		3,155,795
CorVel Corp.*		250		47,570
CVS Health Corp.		35,975		2,673,302
Dr. Sulaiman Al Habib Medical Services Group Co. (Saudi Arabia)		560		43,591
Elevance Health, Inc.		2,100		965,601
Ensign Group, Inc. (The)		430		41,082
Hims & Hers Health, Inc.*		22,400		222,208
Humana, Inc.		1,475		716,053
ModivCare, Inc.*		1,350		113,508
National HealthCare Corp.		300		17,421
NeoGenomics, Inc.*		11,500		200,215
OPKO Health, Inc.*		29,760		43,450
Pediatrix Medical Group, Inc.*		3,950		58,894
UnitedHealth Group, Inc.		13,660		6,455,579
				16,332,582
Health Care REITs    0.0%
Diversified Healthcare Trust		41,550		56,093
Sabra Health Care REIT, Inc.		19,100		219,650
				275,743
Health Care Technology    0.0%
Computer Programs & Systems, Inc.*		1,650		49,830
Evolent Health, Inc. (Class A Stock)*		2,150		69,767
Multiplan Corp.*		51,150		54,219
NextGen Healthcare, Inc.*		1,950		33,950
Veradigm, Inc.*		2,400		31,320
				239,086
Hotel & Resort REITs    0.2%
Apple Hospitality REIT, Inc.		8,000		124,160
Braemar Hotels & Resorts, Inc.		3,650		14,089
Chatham Lodging Trust		3,300		34,617
Hersha Hospitality Trust (Class A Stock)		15,850		106,512
Park Hotels & Resorts, Inc.		104,050		1,286,058
Pebblebrook Hotel Trust		1,000		14,040

See Notes to Financial Statements.

PGIM Balanced Fund      21

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Hotel & Resort REITs (cont’d.)
Service Properties Trust		21,150	$	210,654
Xenia Hotels & Resorts, Inc.		6,550		85,740
				1,875,870
Hotels, Restaurants & Leisure    1.4%
Accel Entertainment, Inc.*		3,850		35,074
Aristocrat Leisure Ltd. (Australia)		2,635		65,882
Biglari Holdings, Inc. (Class B Stock)*		220		37,224
Bloomin’ Brands, Inc.		4,550		116,708
Booking Holdings, Inc.*		745		1,976,045
Brinker International, Inc.*		950		36,100
Century Casinos, Inc.*		10,500		76,965
Chuy’s Holdings, Inc.*		500		17,925
Compass Group PLC (United Kingdom)		8,910		223,922
Darden Restaurants, Inc.		11,425		1,772,703
Dave & Buster’s Entertainment, Inc.*		3,450		126,925
Hilton Grand Vacations, Inc.*		3,850		171,055
Hilton Worldwide Holdings, Inc.		5,100		718,437
Koshidaka Holdings Co. Ltd. (Japan)		15,600		113,310
Las Vegas Sands Corp.*		2,100		120,645
Leejam Sports Co. JSC (Saudi Arabia)		1,950		54,845
Life Time Group Holdings, Inc.*		2,350		37,506
Light & Wonder, Inc.*		4,000		240,200
Lottery Corp. Ltd. (The) (Australia)		62,216		213,983
Marriott International, Inc. (Class A Stock)		18,375		3,050,985
McDonald’s Corp.		1,220		341,124
Royal Holdings Co. Ltd. (Japan)		2,900		61,011
Saizeriya Co. Ltd. (Japan)		5,400		134,413
Starbucks Corp.		24,325		2,532,962
Texas Roadhouse, Inc.		950		102,657
Whitbread PLC (United Kingdom)		5,071		187,329
Wingstop, Inc.		950		174,401
Yoshinoya Holdings Co. Ltd. (Japan)		5,100		93,613
				12,833,949
Household Durables    0.1%
M/I Homes, Inc.*		1,650		104,099
Meritage Homes Corp.		1,430		166,967
Sekisui House Ltd. (Japan)		2,800		57,067
Taylor Morrison Home Corp.*		5,650		216,169
				544,302

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Household Products    0.8%
Central Garden & Pet Co. (Class A Stock)*		400	$	15,628
Colgate-Palmolive Co.		36,625		2,752,369
Essity AB (Sweden) (Class B Stock)		13,838		395,267
Procter & Gamble Co. (The)		26,904		4,000,356
				7,163,620
Independent Power & Renewable Electricity Producers    0.1%
AES Corp. (The)		6,105		147,008
Clearway Energy, Inc. (Class A Stock)		1,850		55,555
Clearway Energy, Inc. (Class C Stock)		5,400		169,182
NTPC Ltd. (India)		184,973		394,907
Ormat Technologies, Inc.		550		46,624
				813,276
Industrial Conglomerates    0.9%
3M Co.		25,250		2,654,028
CITIC Ltd. (China)		452,000		528,303
General Electric Co.		16,750		1,601,300
GS Holdings Corp. (South Korea)		1,768		54,843
Honeywell International, Inc.		10,575		2,021,094
Industries Qatar QSC (Qatar)		40,540		145,271
Jardine Matheson Holdings Ltd. (Hong Kong)		4,200		204,297
KOC Holding A/S (Turkey)		116,260		464,392
Mytilineos SA (Greece)		3,129		89,203
Nisshinbo Holdings, Inc. (Japan)		7,800		59,753
Samsung C&T Corp. (South Korea)		1,107		92,189
				7,914,673
Industrial REITs    0.2%
Americold Realty Trust, Inc.		37,050		1,054,072
Goodman Group (Australia)		49,236		624,797
Industrial Logistics Properties Trust		13,750		42,213
LXP Industrial Trust		1,100		11,341
				1,732,423
Insurance    1.3%
Allstate Corp. (The)		10,375		1,149,654
Ambac Financial Group, Inc.*		1,850		28,638
American International Group, Inc.		35,500		1,787,780
AXA SA (France)		29,246		892,517
CNO Financial Group, Inc.		3,600		79,884

See Notes to Financial Statements.

PGIM Balanced Fund      23

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Coface SA (France)*		44,444	$	629,550
DB Insurance Co. Ltd. (South Korea)		2,112		121,508
Employers Holdings, Inc.		750		31,268
Enstar Group Ltd.*		880		203,975
Fairfax Financial Holdings Ltd. (Canada)		1,000		665,061
Genworth Financial, Inc. (Class A Stock)*		40,200		201,804
Goosehead Insurance, Inc. (Class A Stock)*		1,150		60,030
Great-West Lifeco, Inc. (Canada)		22,600		598,988
Manulife Financial Corp. (Canada)		38,000		697,299
MetLife, Inc.		37,050		2,146,677
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		504		176,216
Oscar Health, Inc. (Class A Stock)*		20,200		132,108
PICC Property & Casualty Co. Ltd. (China) (Class H Stock)		40,000		40,804
Poste Italiane SpA (Italy), 144A		4,720		48,133
Progressive Corp. (The)		7,825		1,119,445
Samsung Fire & Marine Insurance Co. Ltd. (South Korea)		1,040		164,395
Selectquote, Inc.*		42,000		91,140
Sun Life Financial, Inc. (Canada)		14,500		677,418
Swiss Life Holding AG (Switzerland)		579		357,305
Unum Group		4,400		174,064
				12,275,661
Interactive Media & Services    2.5%
Alphabet, Inc. (Class A Stock)*		72,850		7,556,731
Alphabet, Inc. (Class C Stock)*		64,740		6,732,960
Bumble, Inc. (Class A Stock)*		9,600		187,680
Hello Group, Inc. (China), ADR		31,400		285,740
Meta Platforms, Inc. (Class A Stock)*		36,169		7,665,658
Outbrain, Inc.*		4,400		18,172
Tencent Holdings Ltd. (China)		12,700		620,640
TrueCar, Inc.*		20,700		47,610
				23,115,191
IT Services    0.9%
Accenture PLC (Class A Stock)		7,230		2,066,406
Arabian Internet & Communications Services Co. (Saudi Arabia)		660		43,865
CGI, Inc. (Canada)*		8,600		828,820
Cognizant Technology Solutions Corp. (Class A Stock)		2,000		121,860
Elm Co. (Saudi Arabia)		440		51,998
Hackett Group, Inc. (The)		3,480		64,310
HCL Technologies Ltd. (India)		46,668		619,545
Information Services International-Dentsu Ltd. (Japan)		3,300		130,168

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
Infosys Ltd. (India)		46,863	$	819,313
International Business Machines Corp.		18,794		2,463,705
Okta, Inc.*		4,400		379,456
Tata Consultancy Services Ltd. (India)		17,928		702,739
				8,292,185
Leisure Products    0.1%
GOLFZON Co. Ltd. (South Korea)		1,575		155,228
MasterCraft Boat Holdings, Inc.*		4,309		131,123
Sankyo Co. Ltd. (Japan)		7,100		296,437
				582,788
Life Sciences Tools & Services    0.5%
Adaptive Biotechnologies Corp.*		18,550		163,797
Agilent Technologies, Inc.		900		124,506
Sotera Health Co.*		78,450		1,405,039
Thermo Fisher Scientific, Inc.		4,858		2,800,005
				4,493,347
Machinery    1.5%
AGCO Corp.		5,300		716,560
Allison Transmission Holdings, Inc.		15,600		705,744
Atlas Copco AB (Sweden) (Class B Stock)		8,224		94,599
Blue Bird Corp.*		800		16,344
Caterpillar, Inc.		9,150		2,093,886
CKD Corp. (Japan)		3,600		58,783
CNH Industrial NV (United Kingdom)		38,624		590,993
Columbus McKinnon Corp.		1,350		50,166
Daimler Truck Holding AG (Germany)*		18,980		640,556
Deere & Co.		8,150		3,364,972
Doosan Bobcat, Inc. (South Korea)		1,500		50,450
EnPro Industries, Inc.		550		57,139
Epiroc AB (Sweden) (Class A Stock)		3,175		63,024
GEA Group AG (Germany)		960		43,793
Hillenbrand, Inc.		4,200		199,626
Hitachi Construction Machinery Co. Ltd. (Japan)		5,500		128,190
Kawasaki Heavy Industries Ltd. (Japan)		21,000		459,725
Komatsu Ltd. (Japan)		3,100		76,958
Manitowoc Co., Inc. (The)*		1,000		17,090
Mueller Industries, Inc.		3,200		235,136
PACCAR, Inc.		36,750		2,690,100
Proto Labs, Inc.*		800		26,520

See Notes to Financial Statements.

PGIM Balanced Fund      25

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Rational AG (Germany)		66	$	44,364
Standex International Corp.		650		79,586
Terex Corp.		4,900		237,062
Titan International, Inc.*		13,800		144,624
Volvo AB (Sweden) (Class B Stock)		39,291		809,656
Wabash National Corp.		8,100		199,179
				13,894,825
Marine Transportation    0.1%
D/S Norden A/S (Denmark)		3,445		231,675
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)		79,600		416,895
Kawasaki Kisen Kaisha Ltd. (Japan)		10,200		233,945
Orient Overseas International Ltd. (Hong Kong)		21,000		403,103
				1,285,618
Media    0.2%
Advantage Solutions, Inc.*		13,600		21,488
Comcast Corp. (Class A Stock)		3,243		122,942
Informa PLC (United Kingdom)		7,800		66,857
Integral Ad Science Holding Corp.*		4,250		60,648
Publicis Groupe SA (France)		10,797		842,812
WPP PLC (United Kingdom)		63,315		752,240
				1,866,987
Metals & Mining    0.8%
African Rainbow Minerals Ltd. (South Africa)		11,253		146,354
Alpha Metallurgical Resources, Inc.		350		54,600
ArcelorMittal SA (Luxembourg)		2,336		70,772
ATI, Inc.*		6,850		270,301
BHP Group Ltd. (Australia)		43,045		1,360,821
BlueScope Steel Ltd. (Australia)		3,220		43,584
Carpenter Technology Corp.		1,450		64,902
Commercial Metals Co.		4,150		202,935
Fortescue Metals Group Ltd. (Australia)		24,784		372,542
Glencore PLC (Australia)		34,748		199,948
Grupo Mexico SAB de CV (Mexico) (Class B Stock)		14,000		66,224
Hindalco Industries Ltd. (India)		9,261		45,917
Iluka Resources Ltd. (Australia)		9,175		65,481
Impala Platinum Holdings Ltd. (South Africa)		5,250		48,323
Kobe Steel Ltd. (Japan)		9,200		73,341
National Aluminium Co. Ltd. (India)		62,946		60,284
Nippon Steel Corp. (Japan)		36,000		848,934

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
Norsk Hydro ASA (Norway)		5,800	$	43,288
Olympic Steel, Inc.		700		36,547
Pacific Metals Co. Ltd. (Japan)*		7,400		108,384
Polyus PJSC (Russia)*^		3,704		—
Rio Tinto Ltd. (Australia)		1,960		157,486
Rio Tinto PLC (Australia)		5,075		344,481
Ryerson Holding Corp.		1,650		60,027
Schnitzer Steel Industries, Inc. (Class A Stock)		1,650		51,315
SSAB AB (Sweden) (Class A Stock)		55,110		407,209
Tata Steel Ltd. (India)		396,384		506,369
Tokyo Steel Manufacturing Co. Ltd. (Japan)		27,600		285,049
Vale SA (Brazil)		29,700		469,368
Vedanta Ltd. (India)		66,105		221,445
West African Resources Ltd. (Australia)*		629,919		403,232
				7,089,463
Mortgage Real Estate Investment Trusts (REITs)    0.0%
Granite Point Mortgage Trust, Inc.		4,550		22,568
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		900		25,740
MFA Financial, Inc.		8,300		82,336
TPG RE Finance Trust, Inc.		9,220		66,937
				197,581
Multi-Utilities    0.3%
Black Hills Corp.		3,650		230,315
DTE Energy Co.		10,425		1,141,954
E.ON SE (Germany)		70,824		883,510
Engie SA (France)		40,738		644,667
NorthWestern Corp.		1,450		83,897
Unitil Corp.		200		11,408
				2,995,751
Office REITs    0.2%
Hudson Pacific Properties, Inc.		215,300		1,431,745
Japan Real Estate Investment Corp. (Japan)		10		39,852
JBG SMITH Properties		16,750		252,255
Office Properties Income Trust		2,150		26,445
Paramount Group, Inc.		20,700		94,392
Piedmont Office Realty Trust, Inc. (Class A Stock)		2,760		20,148
				1,864,837

See Notes to Financial Statements.

PGIM Balanced Fund      27

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels    2.7%
Adaro Energy Indonesia Tbk PT (Indonesia)		161,700	$	31,345
Berry Corp.		10,900		85,565
BP PLC (United Kingdom)		169,442		1,070,962
Chevron Corp.		8,425		1,374,623
Chord Energy Corp.		150		20,190
Civitas Resources, Inc.		950		64,923
Coal India Ltd. (India)		212,961		555,146
ConocoPhillips		2,200		218,262
CONSOL Energy, Inc.		3,900		227,253
Eni SpA (Italy)		11,928		166,352
Equinor ASA (Norway)		23,021		654,451
Exxon Mobil Corp.		54,125		5,935,347
HF Sinclair Corp.		14,800		716,024
Imperial Oil Ltd. (Canada)		12,400		630,597
Indo Tambangraya Megah Tbk PT (Indonesia)		18,900		49,720
Inner Mongolia Yitai Coal Co. Ltd. (China) (Class B Stock)		33,800		49,679
Kosmos Energy Ltd. (Ghana)*		33,400		248,496
LUKOIL PJSC (Russia)^		10,297		—
Marathon Petroleum Corp.		23,050		3,107,832
Murphy Oil Corp.		5,050		186,749
Par Pacific Holdings, Inc.*		6,900		201,480
PBF Energy, Inc. (Class A Stock)		600		26,016
Peabody Energy Corp.*		8,350		213,760
Petroleo Brasileiro SA (Brazil)		19,400		101,585
Phillips 66		24,900		2,524,362
Rosneft Oil Co. PJSC (Russia)^		31,520		—
Shaanxi Coal Industry Co. Ltd. (China) (Class A Stock)		63,600		188,206
Shell PLC (Netherlands)		49,356		1,406,577
SM Energy Co.		8,600		242,176
Suncor Energy, Inc. (Canada)		2,700		83,827
Talos Energy, Inc.*		2,800		41,552
TotalEnergies SE (France)		9,170		540,697
Valero Energy Corp.		25,625		3,577,250
Vital Energy, Inc.*		4,150		188,991
Whitehaven Coal Ltd. (Australia)		18,712		84,240
World Fuel Services Corp.		649		16,582
Yankuang Energy Group Co. Ltd. (China) (Class H Stock)		12,000		42,965
				24,873,782
Paper & Forest Products    0.1%
Suzano SA (Brazil)		54,800		450,535

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Passenger Airlines    0.4%
Alaska Air Group, Inc.*		46,750	$	1,961,630
Delta Air Lines, Inc.*		19,250		672,210
Deutsche Lufthansa AG (Germany)*		45,156		502,248
Frontier Group Holdings, Inc.*		7,450		73,308
JetBlue Airways Corp.*		16,500		120,120
Qantas Airways Ltd. (Australia)*		10,962		48,928
SkyWest, Inc.*		3,060		67,840
Turk Hava Yollari AO (Turkey)*		23,799		147,374
United Airlines Holdings, Inc.*		6,150		272,138
				3,865,796
Personal Care Products    0.1%
Chlitina Holding Ltd. (China)		80,000		560,343
elf Beauty, Inc.*		4,050		333,517
Herbalife Nutrition Ltd.*		7,300		117,530
Inter Parfums, Inc.		200		28,448
Unilever PLC (United Kingdom)		2,790		144,575
				1,184,413
Pharmaceuticals    3.1%
Amneal Pharmaceuticals, Inc.*		32,400		45,036
Astellas Pharma, Inc. (Japan)		9,100		129,287
AstraZeneca PLC (United Kingdom)		2,183		302,464
Bayer AG (Germany)		12,053		769,965
Bristol-Myers Squibb Co.		32,545		2,255,694
China Medical System Holdings Ltd. (China)		263,000		414,953
Chugai Pharmaceutical Co. Ltd. (Japan)		9,800		241,988
CSPC Pharmaceutical Group Ltd. (China)		42,800		41,958
Elanco Animal Health, Inc.*		53,800		505,720
Eli Lilly & Co.		6,350		2,180,717
GSK PLC		53,069		937,693
Harmony Biosciences Holdings, Inc.*		1,750		57,138
Intra-Cellular Therapies, Inc.*		1,150		62,272
Ipsen SA (France)		3,823		420,958
Johnson & Johnson		36,719		5,691,445
Merck & Co., Inc.		47,725		5,077,463
Novartis AG (Switzerland)		10,641		977,041
Novo Nordisk A/S (Denmark) (Class B Stock)		11,914		1,892,198
Otsuka Holdings Co. Ltd. (Japan)		5,200		165,098
Pfizer, Inc.		89,925		3,668,940
Prestige Consumer Healthcare, Inc.*		2,010		125,886
Roche Holding AG		3,251		928,949
Sanofi		11,939		1,295,128

See Notes to Financial Statements.

PGIM Balanced Fund      29

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
SIGA Technologies, Inc.		19,850	$	114,137
Sun Pharmaceutical Industries Ltd. (India)		33,350		399,609
Theravance Biopharma, Inc.*		1,950		21,158
				28,722,895
Professional Services    0.2%
Alight, Inc. (Class A Stock)*		5,050		46,511
Arcadis NV (Netherlands)		4,527		185,354
Automatic Data Processing, Inc.		575		128,012
Conduent, Inc.*		5,000		17,150
ExlService Holdings, Inc.*		850		137,555
Insperity, Inc.		1,250		151,937
Korn Ferry		2,000		103,480
Maximus, Inc.		200		15,740
Randstad NV (Netherlands)		9,034		536,301
Thomson Reuters Corp. (Canada)		700		91,075
TriNet Group, Inc.*		550		44,336
TrueBlue, Inc.*		1,950		34,710
TTEC Holdings, Inc.		1,350		50,261
Wolters Kluwer NV (Netherlands)		4,012		506,461
				2,048,883
Real Estate Management & Development    0.2%
Anywhere Real Estate, Inc.*		37,050		195,624
CK Asset Holdings Ltd. (Hong Kong)		86,500		524,421
Douglas Elliman, Inc.		6,600		20,526
Emaar Properties PJSC (United Arab Emirates)		335,595		512,790
KE Holdings, Inc. (China), ADR*		3,000		56,520
Longfor Group Holdings Ltd. (China), 144A		148,000		417,414
Newmark Group, Inc. (Class A Stock)		6,900		48,852
Wharf Real Estate Investment Co. Ltd. (Hong Kong)		8,000		46,059
				1,822,206
Residential REITs    0.0%
Apartment Investment & Management Co. (Class A Stock)		1,500		11,535
Veris Residential, Inc.*		4,700		68,808
				80,343
Retail REITs    0.0%
Acadia Realty Trust		2,100		29,295
InvenTrust Properties Corp.		3,000		70,200

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Retail REITs (cont’d.)
Kite Realty Group Trust		7,550	$	157,946
Macerich Co. (The)		5,600		59,360
RPT Realty		4,250		40,418
				357,219
Semiconductors & Semiconductor Equipment    3.4%
Allegro MicroSystems, Inc. (Japan)*		9,400		451,106
Amkor Technology, Inc.		10,150		264,103
Analog Devices, Inc.		975		192,290
ASM International NV (Netherlands)		170		69,003
ASML Holding NV (Netherlands)		2,159		1,471,247
Axcelis Technologies, Inc.*		2,100		279,825
Broadcom, Inc.		6,055		3,884,525
Diodes, Inc.*		150		13,914
First Solar, Inc.*		10,600		2,305,500
Impinj, Inc.*		1,800		243,936
Infineon Technologies AG (Germany)		24,424		1,002,977
NVIDIA Corp.		38,450		10,680,256
NXP Semiconductors NV (China)		15,500		2,890,362
PDF Solutions, Inc.*		3,200		135,680
Photronics, Inc.*		6,700		111,086
QUALCOMM, Inc.		22,075		2,816,328
SCREEN Holdings Co. Ltd. (Japan)		400		35,482
Silicon Laboratories, Inc.*		1,350		236,371
STMicroelectronics NV (Singapore)		18,497		985,588
SUMCO Corp. (Japan)		39,200		589,722
Synaptics, Inc.*		350		38,903
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		83,000		1,454,544
Tongwei Co. Ltd. (China) (Class A Stock)		7,200		40,788
United Microelectronics Corp. (Taiwan)		496,000		867,967
				31,061,503
Software    4.5%
ACI Worldwide, Inc.*		2,300		62,054
Adeia, Inc.		8,450		74,867
Adobe, Inc.*		11,568		4,457,960
Agilysys, Inc.*		150		12,377
Appfolio, Inc. (Class A Stock)*		850		105,808
Blackbaud, Inc.*		400		27,720
Box, Inc. (Class A Stock)*		5,250		140,647
Cerence, Inc.*		3,600		101,124
Check Point Software Technologies Ltd. (Israel)*		400		52,000
CommVault Systems, Inc.*		2,950		167,383

See Notes to Financial Statements.

PGIM Balanced Fund      31

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
EngageSmart, Inc.*		3,400	$	65,450
Intapp, Inc.*		1,950		87,438
Microsoft Corp.		84,816		24,452,453
N-able, Inc.*		1,350		17,820
Palo Alto Networks, Inc.*		10,100		2,017,374
PowerSchool Holdings, Inc. (Class A Stock)*		3,850		76,307
Progress Software Corp.		2,950		169,477
Qualys, Inc.*		550		71,511
Roper Technologies, Inc.		1,500		661,035
Salesforce, Inc.*		12,600		2,517,228
ServiceNow, Inc.*		4,250		1,975,060
SolarWinds Corp.*		9,500		81,700
SPS Commerce, Inc.*		1,876		285,715
Sumo Logic, Inc.*		1,650		19,767
Synopsys, Inc.*		6,075		2,346,469
Tenable Holdings, Inc.*		4,900		232,799
Teradata Corp.*		24,075		969,741
Upland Software, Inc.*		3,350		14,405
Verint Systems, Inc.*		5,100		189,924
Yext, Inc.*		1,650		15,857
				41,469,470
Specialized REITs     0.4%
American Tower Corp.		6,100		1,246,474
iStar, Inc.		1,872		54,981
Public Storage		5,500		1,661,770
Weyerhaeuser Co.		9,000		271,170
				3,234,395
Specialty Retail     0.9%
Aaron’s Co., Inc. (The)		2,200		21,252
American Eagle Outfitters, Inc.		5,800		77,952
Asbury Automotive Group, Inc.*		350		73,500
Build-A-Bear Workshop, Inc.		600		13,944
Chico’s FAS, Inc.*		21,450		117,975
Container Store Group, Inc. (The)*		7,450		25,554
Designer Brands, Inc. (Class A Stock)		5,500		48,070
Duluth Holdings, Inc. (Class B Stock)*		2,450		15,631
Group 1 Automotive, Inc.		150		33,963
Home Depot, Inc. (The)		5,858		1,728,813
Industria de Diseno Textil SA (Spain)		28,206		947,587
JB Hi-Fi Ltd. (Australia)		12,238		349,264
JD Sports Fashion PLC (United Kingdom)		158,055		348,072

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Lowe’s Cos., Inc.		5,975	$	1,194,821
Premier Investments Ltd. (Australia)		2,856		50,261
Signet Jewelers Ltd.		200		15,556
Sleep Number Corp.*		1,200		36,492
TravelCenters of America, Inc.*		1,850		160,025
Ulta Beauty, Inc.*		4,900		2,673,783
Urban Outfitters, Inc.*		1,100		30,492
				7,963,007
Technology Hardware, Storage & Peripherals    3.5%
Apple, Inc.		170,854		28,173,825
Canon, Inc. (Japan)		4,500		100,214
FUJIFILM Holdings Corp. (Japan)		13,500		685,300
Hewlett Packard Enterprise Co.		148,050		2,358,437
Samsung Electronics Co. Ltd. (South Korea)		10,714		529,818
Super Micro Computer, Inc.*		2,500		266,375
Wiwynn Corp. (Taiwan)		1,000		37,101
Xerox Holdings Corp.		6,650		102,410
				32,253,480
Textiles, Apparel & Luxury Goods    0.5%
Burberry Group PLC (United Kingdom)		2,160		69,163
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		7,158		1,147,829
G-III Apparel Group Ltd.*		750		11,662
Goldwin, Inc. (Japan)		4,000		381,635
Hermes International (France)		524		1,061,235
HUGO BOSS AG (Germany)		2,340		168,271
LVMH Moet Hennessy Louis Vuitton SE (France)		803		737,080
Mavi Giyim Sanayi Ve Ticaret A/S (Turkey) (Class B Stock), 144A		35,508		194,631
NIKE, Inc. (Class B Stock)		1,000		122,640
Oxford Industries, Inc.		450		47,515
PVH Corp.		3,250		289,770
Raymond Ltd. (India)		4,850		72,380
Swatch Group AG (The) (Switzerland)		132		45,460
Youngone Corp. (South Korea)		1,898		66,786
				4,416,057
Tobacco    0.3%
British American Tobacco PLC (United Kingdom)		19,256		675,008
Imperial Brands PLC (United Kingdom)		30,236		695,297
ITC Ltd. (India)		34,216		160,093
Japan Tobacco, Inc. (Japan)		34,373		726,080

See Notes to Financial Statements.

PGIM Balanced Fund      33

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco (cont’d.)
Scandinavian Tobacco Group A/S (Denmark), 144A		25,315	$	503,990
Turning Point Brands, Inc.		700		14,700
Vector Group Ltd.		8,550		102,685
				2,877,853
Trading Companies & Distributors    0.6%
Ashtead Group PLC (United Kingdom)		7,272		446,537
Boise Cascade Co.		2,910		184,058
GMS, Inc.*		4,190		242,559
Herc Holdings, Inc.		850		96,815
ITOCHU Corp. (Japan)		5,800		188,885
LX International Corp. (South Korea)		1,898		42,313
Marubeni Corp. (Japan)		61,200		832,303
Mitsubishi Corp. (Japan)		22,700		815,757
Mitsui & Co. Ltd. (Japan)		25,200		785,480
MRC Global, Inc.*		4,350		42,282
Rexel SA (France)*		4,136		98,332
Russel Metals, Inc. (Canada)		5,500		139,708
Titan Machinery, Inc.*		400		12,180
Toyota Tsusho Corp. (Japan)		1,000		42,637
Veritiv Corp.		1,500		202,710
W.W. Grainger, Inc.		1,075		740,471
WESCO International, Inc.		6,175		954,284
				5,867,311
Transportation Infrastructure    0.0%
Shanghai International Port Group Co. Ltd. (China) (Class A Stock)		211,800		170,969
Water Utilities    0.0%
California Water Service Group		200		11,640
Wireless Telecommunication Services    0.2%
Intelsat Emergence SA (Luxembourg)*		4,218		109,668
Mobile Telecommunications Co. KSCP (Kuwait)		94,950		167,494
Telephone & Data Systems, Inc.		16,000		168,160
T-Mobile US, Inc.*		11,450		1,658,418
				2,103,740
TOTAL COMMON STOCKS (cost $430,463,418)				538,576,909

See Notes to Financial Statements.

34

Description	Shares		Value   ��
EXCHANGE-TRADED FUND    0.1%
iShares MSCI EAFE ETF (cost $328,780)		5,800	$	414,816
PREFERRED STOCKS    0.1%
Banks    0.0%
Bancolombia SA (Colombia) (PRFC)		7,160		44,863
Citigroup Capital XIII, 11.172%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40		3,000		85,620
				130,483
Capital Markets    0.0%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		5,000		125,350
Chemicals    0.0%
Sociedad Quimica y Minera de Chile SA (Chile) (PRFC B)		676		54,319
Electric Utilities    0.1%
Cia Energetica de Minas Gerais (Brazil) (PRFC)		108,939		246,531
Metals & Mining    0.0%
Gerdau SA (Brazil) (PRFC)		8,500		42,429
Oil, Gas & Consumable Fuels    0.0%
Petroleo Brasileiro SA (Brazil) (PRFC)		26,000		120,037
Technology Hardware, Storage & Peripherals    0.0%
Samsung Electronics Co. Ltd. (South Korea) (PRFC)		3,708		154,307
TOTAL PREFERRED STOCKS (cost $780,253)				873,456
	Units
RIGHTS*    0.0%
Wireless Telecommunication Services
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR,expiring 12/05/25^		440		4,194
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR,expiring 12/05/25^		440		871
				5,065

See Notes to Financial Statements.

PGIM Balanced Fund      35

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES    6.1%
Automobiles    1.2%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class C	3.360%	02/18/25		55	$	55,261
Series 2019-02, Class C	2.740	04/18/25		178		176,185
Series 2019-03, Class C	2.320	07/18/25		658		650,077
Series 2020-02, Class D	2.130	03/18/26		100		94,107
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A	4.000	03/20/25		300		296,374
Series 2020-01A, Class A, 144A	2.330	08/20/26		500		469,436
Series 2020-02A, Class A, 144A	2.020	02/20/27		100		91,868
Series 2021-02A, Class C, 144A	2.350	02/20/28		500		427,314
Series 2023-03A, Class B, 144A	6.120	02/22/28		400		399,775
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C	1.320	07/15/25		28		27,647
Series 2020-03A, Class D	1.730	07/15/26		100		97,125
Ford Credit Auto Owner Trust,
Series 2021-01, Class C, 144A	1.910	10/17/33		180		161,665
Series 2021-02, Class D, 144A	2.600	05/15/34		300		258,019
Series 2023-01, Class C, 144A	5.580	08/15/35		500		500,826
Hertz Vehicle Financing III LLC,
Series 2022-01A, Class C, 144A	2.630	06/25/26		100		91,536
Series 2023-01A, Class B, 144A	6.220	06/25/27		500		502,631
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A	1.680	12/27/27		700		620,037
Series 2021-02A, Class B, 144A	2.120	12/27/27		100		88,078
Hertz Vehicle Financing LLC,
Series 2022-02A, Class B, 144A	2.650	06/26/28		100		88,166
JPMorgan Chase Bank, NA,
Series 2020-02, Class D, 144A	1.487	02/25/28		121		118,185
Series 2021-02, Class D, 144A	1.138	12/26/28		106		101,960
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A	3.630	09/14/27		1,280		1,242,895
Series 2021-01A, Class C, 144A	1.420	07/14/28		500		446,821
Series 2023-01A, Class B, 144A	5.810	02/14/31		1,000		1,006,708
Series 2023-01A, Class C, 144A	6.140	02/14/31		400		402,939
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A	7.375	05/15/32		183		179,057
Series 2022-C, Class E, 144A	11.366	12/15/32		262		262,154
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D	2.220	09/15/26		100		97,785
Series 2020-03, Class D	1.640	11/16/26		400		387,886
Series 2020-04, Class D	1.480	01/15/27		300		288,801
Series 2021-01, Class D	1.130	11/16/26		800		760,628

See Notes to Financial Statements.

36

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
World Omni Select Auto Trust,
Series 2019-A, Class B	2.170%	12/15/25		111	$	110,290
Series 2019-A, Class C	2.380	12/15/25		200		197,557
						10,699,793
Collateralized Debt Obligations    0.1%
Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands),
Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%)	6.008(c)	01/15/37		900		886,793
MF1 Ltd. (Cayman Islands),
Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%)	5.910(c)	02/19/37		500		486,011
						1,372,804
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%)	4.888(c)	07/15/35		EUR         2,000		2,111,168
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)	5.928(c)	01/20/32		1,500		1,473,853
Barings Loan Partners CLO Ltd. (Cayman Islands),
Series LP-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	5.908(c)	01/20/34		2,100		2,058,787
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)	5.947(c)	05/17/31		1,000		987,553
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)	5.832(c)	04/30/31		1,000		989,484
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)	3.517(c)	05/22/32		EUR         1,500		1,588,143
Series 14A, Class A2R, 144A	1.250	05/22/32		EUR         1,500		1,504,410
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)	5.958(c)	04/20/34		1,350		1,317,902

See Notes to Financial Statements.

PGIM Balanced Fund      37

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Madison Park Funding Ltd. (Cayman Islands),
Series 2021-59A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)	5.935%(c)	01/18/34		1,500	$	1,471,901
Series 2021-59A, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)	6.495(c)	01/18/34		1,000		970,947
Northwoods Capital Ltd. (Cayman Islands),
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)	6.356(c)	09/01/31		2,500		2,471,496
OZLM Ltd. (Cayman Islands),
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)	5.858(c)	04/20/31		1,500		1,464,056
Palmer Square CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)	5.892(c)	07/16/31		4,000		3,949,903
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%)	5.972(c)	10/15/34		3,500		3,406,290
Sixth Street CLO Ltd. (Cayman Islands),
Series 2021-19A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)	5.908(c)	07/20/34		4,000		3,898,741
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)	5.919(c)	10/20/32		3,500		3,426,568
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)	6.008(c)	07/20/31		250		246,571
Trinitas Euro CLO DAC (Ireland),
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)	6.038(c)	04/15/35		EUR         2,750		2,933,500
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)	6.008(c)	10/20/31		500		492,760
						36,764,033
Consumer Loans    0.4%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A	2.509	10/20/39		CAD            200		140,759
Lending Funding Trust,
Series 2020-02A, Class A, 144A	2.320	04/21/31		100		89,864

See Notes to Financial Statements.

38

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A	2.780%	04/20/28		504	$	495,082
Series 2021-01A, Class A, 144A	1.900	11/20/31		700		610,884
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A	2.190	08/21/34		200		191,405
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A	3.840	05/14/32		90		89,209
Series 2020-02A, Class A, 144A	1.750	09/14/35		400		358,975
Series 2022-02A, Class D, 144A	6.550	10/14/34		800		773,756
Oportun Issuance Trust,
Series 2022-02, Class A, 144A	5.940	10/09/29		547		544,134
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A	3.070	03/15/32		400		374,733
						3,668,801
Credit Cards    0.1%
Newday Funding Master Issuer PLC (United Kingdom),
Series 2021-02A, Class A1, 144A, SONIA + 0.800% (Cap N/A, Floor 0.000%)	4.870(c)	07/15/29		GBP            100		122,142
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)	5.470(c)	11/15/28		GBP            465		572,869
						695,011
Equipment    0.0%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A	2.720	06/15/40		343		334,358
Home Equity Loans    0.0%
Towd Point HE Trust,
Series 2023-01, Class A1A, 144A	6.875	02/25/63		143		144,967
Manufactured Housing    0.0%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A	3.000(cc)	11/25/58		30		29,583

See Notes to Financial Statements.

PGIM Balanced Fund      39

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

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%)	7.528%(c)	10/16/23		100	$	80,000
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)	7.645(c)	06/25/24		1,400		1,317,274
						1,397,274
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%)	5.595(c)	03/25/34		22		21,854
Rathlin Residential DAC (Ireland),
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)	4.403(c)	09/27/75		EUR            372		385,028
						406,882
Student Loans    0.1%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A	2.680	09/25/42		102		91,124
Series 2018-AGS, Class A1, 144A	3.210	02/25/44		81		75,850
Series 2018-CGS, Class A1, 144A	3.870	02/25/46		32		30,770
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A	2.810	11/25/42		13		12,689
Series 2018-B, Class A2FX, 144A	3.540	05/26/43		29		28,803
Series 2019-A, Class A2FX, 144A	2.730	10/25/48		51		49,226
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A	3.190	02/18/42		23		23,314
Series 2018-CA, Class A2, 144A	3.520	06/16/42		35		34,488
Series 2019-CA, Class A2, 144A	3.130	02/15/68		111		105,732
SoFi Professional Loan Program LLC,
Series 2019-B, Class A2FX, 144A	3.090	08/17/48		148		139,849
Series 2019-C, Class A2FX, 144A	2.370	11/16/48		286		266,580
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A	3.340	08/25/47		89		86,420
Series 2020-A, Class A2FX, 144A	2.540	05/15/46		386		360,334
						1,305,179
TOTAL ASSET-BACKED SECURITIES
(cost $58,910,333)						56,818,685

See Notes to Financial Statements.

40

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    5.4%
BANK,
Series 2017-BNK04, Class A3	3.362%	05/15/50		995	$	925,590
Series 2020-BN26, Class A3	2.155	03/15/63		1,800		1,488,467
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO	0.586(cc)	02/15/50		40,575		836,502
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4	4.047	12/15/51		1,351		1,274,100
Series 2020-C07, Class XB, IO	0.987(cc)	04/15/53		4,900		293,024
Benchmark Mortgage Trust,
Series 2019-B13, Class A3	2.701	08/15/57		1,800		1,558,230
Series 2020-B17, Class A4	2.042	03/15/53		650		529,714
BX Commercial Mortgage Trust,
Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.764%)	7.592(c)	10/15/36		1,275		1,218,449
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)	6.882(c)	11/15/38		1,000		930,289
BX Trust,
Series 2021-LGCY, Class F, 144A, 1 Month LIBOR + 1.949% (Cap N/A, Floor 1.949%)	6.633(c)	10/15/36		1,350		1,205,929
BXSC Commercial Mortgage Trust,
Series 2022-WSS, Class XCP, IO, 144A	0.620(cc)	03/15/35		476,980		7,584
CFK Trust,
Series 2020-MF02, Class B, 144A	2.792	03/15/39		1,200		1,020,945
Series 2020-MF02, Class C, 144A	2.995	03/15/39		1,500		1,240,413
Series 2020-MF02, Class D, 144A	3.349	03/15/39		900		727,652
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4	3.575	05/10/47		127		124,259
Series 2015-GC29, Class A3	2.935	04/10/48		385		365,483
Series 2015-P01, Class A4	3.462	09/15/48		600		576,019
Series 2019-GC41, Class A4	2.620	08/10/56		3,600		3,107,635
Series 2020-GC46, Class A4	2.477	02/15/53		1,400		1,180,722
Commercial Mortgage Trust,
Series 2014-CR18, Class A4	3.550	07/15/47		150		145,940
Series 2014-UBS04, Class A4	3.420	08/10/47		700		678,266
Series 2015-LC21, Class A3	3.445	07/10/48		596		568,187
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	7.334(c)	05/15/36		1,762		1,712,615
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A	3.953	09/15/37		1,600		1,453,230
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A3	3.231	06/15/57		649		621,088
Series 2017-C08, Class A3	3.127	06/15/50		763		690,377

See Notes to Financial Statements.

PGIM Balanced Fund      41

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A3A	3.015%	05/10/49		705	$	658,383
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO	1.344(cc)	03/25/26		2,137		73,801
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4	3.136	02/10/48		368		354,326
Series 2021-GSA03, Class XB, IO	0.625(cc)	12/15/54		35,000		1,575,287
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-AON, Class E, 144A	4.613(cc)	07/05/31		800		360,000
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.000%)	5.934(c)	09/15/29		602		556,811
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C23, Class A3	3.451	07/15/50		574		550,213
Series 2015-C25, Class A4	3.372	10/15/48		700		666,817
Morgan Stanley Capital I Trust,
Series 2016-UB11, Class A3	2.531	08/15/49		1,269		1,157,145
Series 2019-H06, Class A3	3.158	06/15/52		1,250		1,115,635
Series 2020-L04, Class A2	2.449	02/15/53		3,600		3,025,220
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class E, 144A, 1 Month SOFR + 4.289% (Cap N/A, Floor 4.289%)	9.116(c)	03/15/39		1,100		1,040,102
UBS Commercial Mortgage Trust,
Series 2017-C05, Class A4	3.212	11/15/50		1,422		1,323,311
Series 2018-C08, Class A4	3.983	02/15/51		1,650		1,542,460
Series 2018-C09, Class A3	3.854	03/15/51		388		364,118
Series 2018-C14, Class A3	4.180	12/15/51		829		789,811
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS02, Class A4	3.498	07/15/58		800		767,245
Series 2016-C33, Class A3	3.162	03/15/59		879		825,469
Series 2016-C34, Class A3	2.834	06/15/49		800		758,875
Series 2016-C35, Class A3	2.674	07/15/48		1,061		978,406
Series 2016-NXS06, Class A3	2.642	11/15/49		1,500		1,386,036
Series 2017-C38, Class A4	3.190	07/15/50		676		622,597
Series 2018-C46, Class A3	3.888	08/15/51		1,050		1,011,473
Series 2018-C48, Class A4	4.037	01/15/52		1,707		1,619,656
Series 2019-C52, Class A3	2.631	08/15/52		2,500		2,380,675
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $56,283,075)						49,984,581

See Notes to Financial Statements.

42

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CONVERTIBLE BOND    0.0%
Telecommunications
Digicel Group Holdings Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (original cost $3,525; purchased 03/21/23)(f) (cost $3,525)	7.000%	04/17/23(oo)		30	$	3,450
CORPORATE BONDS    15.2%
Aerospace & Defense    0.4%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		1,860		1,725,357
Sr. Unsec’d. Notes	3.625	03/01/48		555		397,207
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	6.000	02/15/28		475		461,491
Sr. Unsec’d. Notes, 144A	7.125	06/15/26		375		377,321
Sr. Unsec’d. Notes, 144A	7.500	03/15/25		112		112,000
Sr. Unsec’d. Notes, 144A	7.500	02/01/29		75		76,406
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		425		429,909
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes	5.050	06/15/25		99		95,597
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A	5.696	09/16/23		210		208,950
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		235		231,572
						4,115,810
Agriculture    0.5%
Altria Group, Inc.,
Gtd. Notes	3.400	02/04/41		620		438,697
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.557	08/15/27		410		381,286
BAT International Finance PLC (United Kingdom),
Gtd. Notes	4.448	03/16/28		1,410		1,338,896
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	5.125	02/15/30		1,970		1,991,126
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A	5.750	02/01/29		400		355,823
						4,505,828
Airlines    0.1%
American Airlines 2016-1 Class AA Pass-Through Trust, Pass-Through Certificates	3.575	07/15/29		145		133,382

See Notes to Financial Statements.

PGIM Balanced Fund      43

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont’d.)
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates	4.000%	04/29/26		63	$	61,345
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		260		259,576
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.000	10/11/27		53		49,946
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		260		249,314
Sr. Sec’d. Notes, 144A	4.625	04/15/29		60		54,265
						807,828
Auto Manufacturers    0.3%
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		350		266,441
Sr. Unsec’d. Notes	5.291	12/08/46		135		109,516
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.900	02/16/28		425		364,581
General Motors Co.,
Sr. Unsec’d. Notes	5.000	04/01/35		1,085		995,937
Sr. Unsec’d. Notes	6.250	10/02/43		95		91,375
Sr. Unsec’d. Notes	6.600	04/01/36		80		82,453
General Motors Financial Co., Inc.,
Gtd. Notes	3.950	04/13/24		616		605,580
						2,515,883
Auto Parts & Equipment    0.1%
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27		250		236,286
Magna International, Inc. (Canada),
Sr. Unsec’d. Notes	2.450	06/15/30		350		296,649
						532,935
Banks    3.8%
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes, 144A	4.875	01/11/29		200		186,300
Banco Santander SA (Spain),
Sr. Unsec’d. Notes	1.849	03/25/26		200		179,106
Bank of America Corp.,
Jr. Sub. Notes, Series JJ	5.125(ff)	06/20/24(oo)		350		336,891

See Notes to Financial Statements.

44

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes	2.299%(ff)	07/21/32		665	$	535,853
Sr. Unsec’d. Notes, GMTN	3.593(ff)	07/21/28		160		150,421
Sr. Unsec’d. Notes, MTN	3.194(ff)	07/23/30		215		190,986
Sr. Unsec’d. Notes, MTN	3.824(ff)	01/20/28		1,835		1,750,226
Sr. Unsec’d. Notes, MTN	3.974(ff)	02/07/30		115		107,687
Sr. Unsec’d. Notes, MTN	4.271(ff)	07/23/29		350		336,865
Sr. Unsec’d. Notes, Series N	2.651(ff)	03/11/32		2,290		1,913,330
Sub. Notes, MTN	4.450	03/03/26		365		357,411
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN	0.625	07/09/24		660		622,741
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes	2.645(ff)	06/24/31		1,075		864,545
Sr. Unsec’d. Notes	3.650	03/16/25		200		189,853
Sr. Unsec’d. Notes, MTN	4.972(ff)	05/16/29		400		385,766
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A	1.904(ff)	09/30/28		750		633,751
Sr. Unsec’d. Notes, 144A	3.132(ff)	01/20/33		685		569,362
BPCE SA (France),
Sr. Unsec’d. Notes, 144A	2.277(ff)	01/20/32		250		194,354
Citigroup, Inc.,
Jr. Sub. Notes, Series U	5.000(ff)	09/12/24(oo)		100		93,314
Jr. Sub. Notes, Series V	4.700(ff)	01/30/25(oo)		1,290		1,131,624
Sr. Unsec’d. Notes	2.561(ff)	05/01/32		185		153,282
Sr. Unsec’d. Notes	2.572(ff)	06/03/31		880		742,723
Sr. Unsec’d. Notes	3.057(ff)	01/25/33		280		237,610
Sr. Unsec’d. Notes	3.668(ff)	07/24/28		290		274,705
Sr. Unsec’d. Notes	3.700	01/12/26		200		193,793
Sr. Unsec’d. Notes	3.887(ff)	01/10/28		1,500		1,435,869
Sub. Notes	4.400	06/10/25		767		747,584
Sub. Notes	4.450	09/29/27		195		189,112
Sub. Notes	4.750	05/18/46		55		48,720
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A	3.091(ff)	05/14/32		495		397,856
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes	3.961(ff)	11/26/25		245		232,073
Sub. Notes	7.079(ff)	02/10/34		250		230,958
Discover Bank,
Sr. Unsec’d. Notes	4.250	03/13/26		315		299,363
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U	3.650(ff)	08/10/26(oo)		290		236,870
Jr. Sub. Notes, Series V	4.125(ff)	11/10/26(oo)		395		328,213

See Notes to Financial Statements.

PGIM Balanced Fund      45

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes	2.383%(ff)	07/21/32		465	$	378,277
Sr. Unsec’d. Notes	2.615(ff)	04/22/32		1,405		1,170,321
Sr. Unsec’d. Notes	3.750	02/25/26		50		48,634
Sr. Unsec’d. Notes	3.814(ff)	04/23/29		190		178,728
Sr. Unsec’d. Notes	3.850	01/26/27		410		395,849
Sr. Unsec’d. Notes	4.223(ff)	05/01/29		95		90,662
Sub. Notes	6.750	10/01/37		275		298,211
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF	5.000(ff)	08/01/24(oo)		345		332,552
Jr. Sub. Notes, Series HH	4.600(ff)	02/01/25(oo)		1,290		1,205,037
Sr. Unsec’d. Notes	1.578(ff)	04/22/27		1,005		902,837
Sr. Unsec’d. Notes	2.580(ff)	04/22/32		375		315,874
Sr. Unsec’d. Notes	2.947(ff)	02/24/28		110		102,060
Sr. Unsec’d. Notes	2.963(ff)	01/25/33		495		423,704
Sr. Unsec’d. Notes	3.702(ff)	05/06/30		145		134,907
Sr. Unsec’d. Notes	3.782(ff)	02/01/28		1,591		1,522,643
Sr. Unsec’d. Notes	4.005(ff)	04/23/29		796		760,651
Sr. Unsec’d. Notes	4.323(ff)	04/26/28		85		83,030
Sr. Unsec’d. Notes	4.452(ff)	12/05/29		250		242,860
Sub. Notes	3.875	09/10/24		90		88,472
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes	3.750	01/11/27		300		279,962
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN	2.239(ff)	07/21/32		1,005		808,414
Sr. Unsec’d. Notes, GMTN	3.772(ff)	01/24/29		1,173		1,111,433
Sr. Unsec’d. Notes, GMTN	3.875	01/27/26		370		361,541
Sr. Unsec’d. Notes, GMTN	4.431(ff)	01/23/30		240		231,000
Sr. Unsec’d. Notes, MTN	2.511(ff)	10/20/32		215		175,979
Sr. Unsec’d. Notes, MTN	2.943(ff)	01/21/33		485		411,073
Sr. Unsec’d. Notes, MTN	3.591(ff)	07/22/28		1,536		1,451,944
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A	1.488(ff)	12/14/26		1,000		872,772
State Bank of India (India),
Sr. Unsec’d. Notes, 144A	4.375	01/24/24		310		307,539
State Street Corp.,
Jr. Sub. Notes, Series F, 3 Month LIBOR + 3.597%	8.463(c)	06/15/23(oo)		63		62,454
Sumitomo Mitsui Trust Bank Ltd. (Japan),
Sr. Unsec’d. Notes, 144A, MTN	5.650	03/09/26		250		253,981
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A	3.127(ff)	06/03/32		405		316,271

See Notes to Financial Statements.

46

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.393%(ff)	06/02/28		2,500	$	2,248,006
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		1,025		869,667
						34,916,462
Beverages    0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.700	02/01/36		150		148,987
Gtd. Notes	4.900	02/01/46		935		906,939
						1,055,926
Biotechnology    0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes	3.000	01/15/52		600		411,908
Sr. Unsec’d. Notes	5.600	03/02/43		495		510,403
						922,311
Building Materials    0.1%
Griffon Corp.,
Gtd. Notes	5.750	03/01/28		450		417,056
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30		300		260,476
						677,532
Chemicals    0.3%
CF Industries, Inc.,
Gtd. Notes	5.375	03/15/44		150		135,510
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	4.375	11/15/42		20		17,334
Sr. Unsec’d. Notes	9.400	05/15/39		31		41,562
Huntsman International LLC,
Sr. Unsec’d. Notes	4.500	05/01/29		1,650		1,549,846
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	4.900	03/27/28		245		244,728
Sasol Financing USA LLC (South Africa),
Gtd. Notes	4.375	09/18/26		200		181,198

See Notes to Financial Statements.

PGIM Balanced Fund      47

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Sasol Financing USA LLC (South Africa), (cont’d.)
Gtd. Notes	5.875%	03/27/24		200	$	197,600
Gtd. Notes	6.500	09/27/28		200		187,164
						2,554,942
Commercial Services    0.4%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500	03/01/28		132		125,207
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		500		480,216
ERAC USA Finance LLC,
Gtd. Notes, 144A	2.700	11/01/23		1,166		1,145,978
Gtd. Notes, 144A	7.000	10/15/37		20		23,634
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A	2.813	01/01/60		100		66,182
Nexi SpA (Italy),
Sr. Unsec’d. Notes(a)	2.125	04/30/29		EUR            930		824,009
President & Fellows of Harvard College,
Unsec’d. Notes	3.300	07/15/56		270		213,012
RELX Capital, Inc. (United Kingdom),
Gtd. Notes	4.750	05/20/32		210		207,282
Trustees of Boston College,
Unsec’d. Notes	3.129	07/01/52		279		204,520
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		55		39,446
United Rentals North America, Inc.,
Gtd. Notes	3.750	01/15/32		200		172,117
Gtd. Notes	3.875	02/15/31		62		54,701
Yale University,
Unsec’d. Notes, Series 2020	1.482	04/15/30		595		498,064
						4,054,368
Distribution/Wholesale     0.0%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875	12/15/28		400		351,628
Diversified Financial Services     0.1%
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.500	08/15/28		120		102,894

See Notes to Financial Statements.

48

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Nationstar Mortgage Holdings, Inc., (cont’d.)
Gtd. Notes, 144A	6.000%	01/15/27		400	$	363,617
OneMain Finance Corp.,
Gtd. Notes	3.875	09/15/28		350		276,883
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	4.250	02/15/29		325		258,747
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN	6.150	12/06/28		200		206,386
						1,208,527
Electric    1.3%
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes	6.350	10/01/36		115		128,278
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes	5.950	05/15/37		120		129,528
Calpine Corp.,
Sr. Sec’d. Notes, 144A	4.500	02/15/28		200		185,465
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		150		129,907
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		225		190,634
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2	6.950	03/15/33		120		139,700
General Ref. Mortgage, Series Z	2.400	09/01/26		170		158,305
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A	4.688	05/15/29		440		391,270
Commonwealth Edison Co.,
First Mortgage, Series 123	3.750	08/15/47		754		614,490
Dominion Energy, Inc.,
Jr. Sub. Notes	3.071	08/15/24		800		777,601
DTE Electric Co.,
General Ref. Mortgage	3.750	08/15/47		622		505,343
Duke Energy Carolinas LLC,
First Mortgage	6.050	04/15/38		55		60,108
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		210		196,696
El Paso Electric Co.,
Sr. Unsec’d. Notes	6.000	05/15/35		135		140,340
Emera US Finance LP (Canada),
Gtd. Notes	3.550	06/15/26		385		367,188
Enel Finance International NV (Italy),
Gtd. Notes, 144A	2.250	07/12/31		1,190		927,056

See Notes to Financial Statements.

PGIM Balanced Fund      49

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A	3.400%	01/28/30		200	$	162,912
Eversource Energy,
Sr. Unsec’d. Notes, Series O	4.250	04/01/29		315		308,288
Florida Power & Light Co.,
First Mortgage	5.950	10/01/33		60		65,584
Iberdrola International BV (Spain),
Gtd. Notes	6.750	09/15/33		30		32,264
Interstate Power & Light Co.,
Sr. Unsec’d. Notes	2.300	06/01/30		315		264,404
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN	4.250	08/14/28		235		219,989
Monongahela Power Co.,
First Mortgage, 144A	4.100	04/15/24		280		274,156
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		50		49,086
Gtd. Notes, 144A	3.375	02/15/29		50		41,573
Gtd. Notes, 144A	3.625	02/15/31		125		101,328
Gtd. Notes, 144A	3.875	02/15/32		100		80,058
Gtd. Notes, 144A	5.250	06/15/29		400		369,238
Jr. Sub. Notes, 144A	10.250(ff)	03/15/28(oo)		75		71,476
Ohio Power Co.,
Sr. Unsec’d. Notes	4.000	06/01/49		160		133,501
Sr. Unsec’d. Notes	4.150	04/01/48		175		150,450
Pacific Gas & Electric Co.,
First Mortgage	3.950	12/01/47		260		185,132
First Mortgage	4.550	07/01/30		540		504,857
Public Service Co. of Colorado,
First Mortgage	4.300	03/15/44		35		31,110
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN	5.800	05/01/37		125		135,244
San Diego Gas & Electric Co.,
First Mortgage	4.150	05/15/48		230		200,058
Southern California Edison Co.,
First Mortgage	5.300	03/01/28		490		502,692
Southwestern Public Service Co.,
First Mortgage	3.700	08/15/47		250		195,397
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	2.875	07/15/29		1,135		1,028,343
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		200		176,680
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		650		608,771

See Notes to Financial Statements.

50

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.625%	02/15/27		600	$	584,540
Sr. Sec’d. Notes, 144A	3.550	07/15/24		645		623,039
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	4.800	09/15/41		105		95,932
						12,238,011
Electronics    0.1%
Trimble, Inc.,
Sr. Unsec’d. Notes	4.750	12/01/24		1,200		1,189,054
Engineering & Construction    0.1%
Cellnex Finance Co. SA (Spain),
Gtd. Notes, EMTN	2.000	02/15/33		EUR            300		248,733
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN	1.750	10/23/30		EUR            300		258,971
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes	5.500	07/31/47		200		152,760
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		190,875
Sr. Sec’d. Notes, 144A	5.500	07/31/47		200		152,760
TopBuild Corp.,
Gtd. Notes, 144A	4.125	02/15/32		100		84,805
						1,088,904
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		143		90,638
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A	6.250	07/01/25		25		25,008
Sr. Sec’d. Notes, 144A	7.000	02/15/30		125		127,163
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625	04/15/26		175		176,259
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	6.250	01/15/27		200		201,000
Sr. Sec’d. Notes, 144A	6.500	02/15/25		250		251,875
Scientific Games International, Inc.,
Gtd. Notes, 144A	8.625	07/01/25		200		204,708

See Notes to Financial Statements.

PGIM Balanced Fund      51

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Warnermedia Holdings, Inc.,
Gtd. Notes, 144A	5.050%	03/15/42		265	$	221,580
Gtd. Notes, 144A	5.141	03/15/52		380		308,286
						1,606,517
Foods    0.3%
B&G Foods, Inc.,
Gtd. Notes	5.250	09/15/27		325		279,585
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	3.250	02/16/26		GBP            700		705,601
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A	4.000	02/16/27		GBP            500		435,870
Kraft Heinz Foods Co.,
Gtd. Notes	4.375	06/01/46		490		426,937
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		75		68,660
Gtd. Notes, 144A	4.375	01/31/32		150		136,398
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	5.500	11/04/27		GBP            300		279,410
						2,332,461
Forest Products & Paper    0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes	4.500	08/01/24		310		303,568
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.750	05/20/27		675		633,763
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes	4.100	09/01/47		200		169,271
NiSource, Inc.,
Sr. Unsec’d. Notes	3.490	05/15/27		548		519,564
Sr. Unsec’d. Notes	4.800	02/15/44		40		36,993
Sr. Unsec’d. Notes	5.250	03/30/28		100		101,763
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	3.500	06/01/29		740		687,527
						2,148,881

See Notes to Financial Statements.

52

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products    0.0%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875%	04/01/29		350	$	303,677
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		75		65,069
						368,746
Healthcare-Services    0.8%
Ascension Health,
Sr. Unsec’d. Notes	3.945	11/15/46		795		688,992
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A	2.375	03/01/28		EUR            800		777,280
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017	3.920	06/01/47		95		82,182
Elevance Health, Inc.,
Sr. Unsec’d. Notes	4.625	05/15/42		45		41,998
Sr. Unsec’d. Notes	4.650	01/15/43		30		28,102
HCA, Inc.,
Gtd. Notes	5.375	02/01/25		130		130,043
Gtd. Notes, MTN	7.750	07/15/36		400		447,263
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A	2.200	06/01/30		360		300,666
IHC Health Services, Inc.,
Sec’d. Notes	4.131	05/15/48		480		422,620
Kaiser Foundation Hospitals,
Gtd. Notes	4.150	05/01/47		140		122,859
Unsec’d. Notes, Series 2021	2.810	06/01/41		495		364,917
MultiCare Health System,
Unsec’d. Notes	2.803	08/15/50		280		174,680
MyMichigan Health,
Sec’d. Notes, Series 2020	3.409	06/01/50		155		109,799
OhioHealth Corp.,
Sec’d. Notes	2.297	11/15/31		1,155		957,262
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A	2.532	10/01/29		190		163,312
Unsec’d. Notes, Series H	2.746	10/01/26		50		46,495
Tenet Healthcare Corp.,
Gtd. Notes	6.125	10/01/28		250		238,361
Sr. Sec’d. Notes	4.375	01/15/30		300		269,327
Sr. Sec’d. Notes	4.625	07/15/24		196		193,350
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	5.200	04/15/63		1,935		1,961,098
						7,520,606

See Notes to Financial Statements.

PGIM Balanced Fund      53

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders    0.4%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	4.875%	02/15/30		600	$	447,000
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	4.625	03/01/30		675		591,975
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.750	01/15/28		500		491,222
Gtd. Notes, 144A	5.875	06/15/27		90		88,571
Sr. Unsec’d. Notes, 144A	5.125	08/01/30		55		50,944
Toll Brothers Finance Corp.,
Gtd. Notes	4.350	02/15/28		1,650		1,556,118
						3,225,830
Insurance    0.1%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	3.950	05/15/60		115		81,908
Gtd. Notes, 144A	3.951	10/15/50		180		136,621
Gtd. Notes, 144A	4.569	02/01/29		350		337,097
Lincoln National Corp.,
Sr. Unsec’d. Notes	6.300	10/09/37		110		108,515
Markel Corp.,
Sr. Unsec’d. Notes	5.000	03/30/43		25		22,236
New York Life Insurance Co.,
Sub. Notes, 144A	6.750	11/15/39		110		128,383
Principal Financial Group, Inc.,
Gtd. Notes	4.625	09/15/42		15		13,045
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A	4.270	05/15/47		240		201,481
Sub. Notes, 144A	6.850	12/16/39		22		24,761
						1,054,047
Leisure Time    0.0%
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A	7.250	01/15/30		50		50,313
Lodging    0.2%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A	3.625	02/15/32		375		316,141
Marriott International, Inc.,
Sr. Unsec’d. Notes	4.900	04/15/29		830		822,306

See Notes to Financial Statements.

54

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Marriott International, Inc., (cont’d.)
Sr. Unsec’d. Notes, Series R	3.125%	06/15/26		561	$	529,531
MGM Resorts International,
Gtd. Notes	6.750	05/01/25		250		252,105
						1,920,083
Machinery-Diversified    0.1%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A	7.500	01/01/30		50		51,661
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	4.950	09/15/28		89		87,408
Xylem, Inc.,
Sr. Unsec’d. Notes	1.950	01/30/28		975		863,328
						1,002,397
Media    0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		350		286,825
Sr. Unsec’d. Notes, 144A	5.375	06/01/29		725		665,960
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.900	06/01/52		290		191,038
Sr. Sec’d. Notes	5.375	05/01/47		120		98,643
Sr. Sec’d. Notes	6.384	10/23/35		110		109,167
Sr. Sec’d. Notes	6.484	10/23/45		172		162,127
Comcast Corp.,
Gtd. Notes	3.969	11/01/47		19		16,032
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A	3.150	08/15/24		255		248,385
CSC Holdings LLC,
Gtd. Notes, 144A	3.375	02/15/31		310		214,153
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		300		147,638
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A	5.375	08/15/26(d)		550		29,756
Discovery Communications LLC,
Gtd. Notes	5.300	05/15/49		575		479,661
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		100		52,768
Gtd. Notes	7.375	07/01/28		100		56,997

See Notes to Financial Statements.

PGIM Balanced Fund      55

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
DISH DBS Corp., (cont’d.)
Gtd. Notes	7.750%	07/01/26		400	$	264,001
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		175		168,272
Time Warner Cable LLC,
Sr. Sec’d. Notes	5.500	09/01/41		140		120,945
						3,312,368
Mining    0.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes	5.750	05/01/43		280		293,420
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN	5.315	04/14/32		200		188,218
Southern Copper Corp. (Mexico),
Sr. Unsec’d. Notes	7.500	07/27/35		95		110,945
						592,583
Miscellaneous Manufacturing    0.1%
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		450		428,197
Teledyne Technologies, Inc.,
Gtd. Notes	2.750	04/01/31		935		798,280
						1,226,477
Oil & Gas    0.8%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250	02/15/26		225		220,680
Aker BP ASA (Norway),
Gtd. Notes, 144A	3.100	07/15/31		450		378,991
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A (original cost $73,668; purchased 10/13/20)(f)	9.000	11/01/27		79		96,324
Sr. Unsec’d. Notes, 144A (original cost $125,000;purchased 12/14/20)(f)	8.250	12/31/28		125		121,088
BP Capital Markets PLC (United Kingdom),
Gtd. Notes	4.375(ff)	06/22/25(oo)		750		715,312
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	5.400	06/15/47		318		295,651

See Notes to Financial Statements.

56

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500%	02/01/26		125	$	122,970
Gtd. Notes, 144A	5.875	02/01/29		125		118,962
ConocoPhillips Co.,
Gtd. Notes	3.758	03/15/42		150		127,747
Continental Resources, Inc.,
Gtd. Notes	4.500	04/15/23		151		150,894
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		35		33,529
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes	6.875	04/29/30		68		62,223
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		400		397,102
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.500	03/30/24		100		96,875
Sr. Sec’d. Notes, 144A	4.875	03/30/26		200		184,400
Sr. Sec’d. Notes, 144A	5.375	03/30/28		275		246,180
EOG Resources, Inc.,
Sr. Unsec’d. Notes	3.900	04/01/35		120		110,033
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		50		46,518
Sr. Unsec’d. Notes, 144A	6.000	04/15/30		125		115,287
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		50		46,215
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		150		138,680
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	7.125	02/01/27		200		203,000
Petrobras Global Finance BV (Brazil),
Gtd. Notes	6.625	01/16/34	GBP	230		245,744
Petroleos Mexicanos (Mexico),
Gtd. Notes	4.750	02/26/29	EUR	180		153,764
Gtd. Notes	5.350	02/12/28		49		41,331
Gtd. Notes	6.490	01/23/27		61		55,357
Gtd. Notes	6.500	03/13/27		1,613		1,457,507
Gtd. Notes	6.700	02/16/32		10		7,928
Gtd. Notes, EMTN	4.875	02/21/28	EUR	240		216,244
Gtd. Notes, MTN	6.750	09/21/47		133		85,951
Phillips 66 Co.,
Gtd. Notes, 144A	3.550	10/01/26		360		343,781

See Notes to Financial Statements.

PGIM Balanced Fund      57

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
QatarEnergy (Qatar),
Sr. Unsec’d. Notes, 144A	3.125%	07/12/41		210	$	163,380
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A	5.000	05/18/27		870		833,870
						7,633,518
Oil & Gas Services    0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A	3.900	05/17/28		336		323,040
Packaging & Containers    0.1%
AptarGroup, Inc.,
Sr. Unsec’d. Notes	3.600	03/15/32		780		687,748
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A	4.000	10/15/27		200		179,499
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		25		25,297
						892,544
Pharmaceuticals    0.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.800	03/15/25		315		309,920
Sr. Unsec’d. Notes	4.250	11/21/49		1,285		1,133,666
Sr. Unsec’d. Notes	4.500	05/14/35		235		227,834
Sr. Unsec’d. Notes	4.550	03/15/35		430		420,579
Sr. Unsec’d. Notes	4.700	05/14/45		250		234,619
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	01/30/28		150		56,277
Gtd. Notes, 144A	5.000	02/15/29		75		27,816
Gtd. Notes, 144A	5.250	01/30/30		50		18,531
Gtd. Notes, 144A	5.250	02/15/31		350		134,313
Gtd. Notes, 144A	6.250	02/15/29		200		74,000
Gtd. Notes, 144A	7.000	01/15/28		250		102,500
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes	3.734	12/15/24		18		17,633
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.125	06/15/39		70		65,176
Cigna Group (The),
Gtd. Notes	4.500	02/25/26		967		962,402

See Notes to Financial Statements.

58

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
CVS Health Corp.,
Sr. Unsec’d. Notes	3.250%	08/15/29		800	$	731,728
Sr. Unsec’d. Notes	4.300	03/25/28		359		352,607
Sr. Unsec’d. Notes	5.125	07/20/45		357		338,346
Sr. Unsec’d. Notes	5.300	12/05/43		45		44,218
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes	3.025	07/09/40		250		190,743
Utah Acquisition Sub, Inc.,
Gtd. Notes	5.250	06/15/46		800		635,528
Viatris, Inc.,
Gtd. Notes	4.000	06/22/50		325		213,775
						6,292,211
Pipelines    0.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	03/01/27		350		341,852
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes	4.600	12/15/44		10		8,711
Energy Transfer LP,
Jr. Sub. Notes, Series H	6.500(ff)	11/15/26(oo)		610		538,253
Sr. Unsec’d. Notes	4.950	06/15/28		210		208,649
Sr. Unsec’d. Notes	5.000	05/15/50		170		144,646
Sr. Unsec’d. Notes	5.300	04/15/47		500		439,104
Enterprise Products Operating LLC,
Gtd. Notes	3.200	02/15/52		220		156,310
Gtd. Notes	3.950	01/31/60		55		42,633
Gtd. Notes	4.200	01/31/50		345		292,776
Gtd. Notes	4.850	03/15/44		185		171,584
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A	2.550	07/01/30		350		297,838
Kinder Morgan, Inc.,
Gtd. Notes	3.250	08/01/50		220		145,447
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		630		535,192
Sr. Unsec’d. Notes	4.500	04/15/38		175		155,238
Sr. Unsec’d. Notes	4.875	06/01/25		375		372,397
Sr. Unsec’d. Notes	4.950	03/14/52		520		451,491
Sr. Unsec’d. Notes	5.200	03/01/47		20		17,932
Sr. Unsec’d. Notes	5.500	02/15/49		90		83,779
Sr. Unsec’d. Notes	5.650	03/01/53		80		76,942

See Notes to Financial Statements.

PGIM Balanced Fund      59

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
ONEOK Partners LP,
Gtd. Notes	6.200%	09/15/43		205	$	202,790
ONEOK, Inc.,
Gtd. Notes	4.500	03/15/50		1,000		775,694
Gtd. Notes	4.950	07/13/47		50		41,859
Spectra Energy Partners LP,
Gtd. Notes	3.375	10/15/26		165		156,775
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		275		253,063
Gtd. Notes, 144A	6.000	12/31/30		125		111,634
Gtd. Notes, 144A	7.500	10/01/25		150		150,398
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		30		27,059
Sr. Sec’d. Notes, 144A	4.125	08/15/31		30		26,344
Western Midstream Operating LP,
Sr. Unsec’d. Notes	5.300	03/01/48		20		17,071
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	4.900	01/15/45		220		193,681
Sr. Unsec’d. Notes	5.300	08/15/52		195		184,113
Sr. Unsec’d. Notes	5.400	03/02/26		430		438,606
Sr. Unsec’d. Notes	5.400	03/04/44		175		164,259
						7,224,120
Real Estate    0.0%
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125	02/01/29		350		296,162
Real Estate Investment Trusts (REITs)    0.6%
Brandywine Operating Partnership LP,
Gtd. Notes	4.550	10/01/29		450		335,808
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	4.050	07/01/30		345		309,023
Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		50		35,785
Gtd. Notes	9.750	06/15/25		25		24,186
Sr. Unsec’d. Notes	4.750	05/01/24		50		45,264
Sr. Unsec’d. Notes	4.750	02/15/28		400		269,948
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	5.375	04/15/26		175		170,136

See Notes to Financial Statements.

60

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Healthpeak OP LLC,
Gtd. Notes	2.875%	01/15/31		315	$	271,117
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	0.993	10/15/26		EUR            200		145,865
Realty Income Corp.,
Sr. Unsec’d. Notes	3.400	01/15/28		800		750,996
Sun Communities Operating LP,
Gtd. Notes	2.700	07/15/31		675		546,760
Ventas Realty LP,
Gtd. Notes	2.650	01/15/25		1,750		1,666,707
Welltower OP LLC,
Gtd. Notes	4.250	04/01/26		160		156,866
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.250	04/01/33		545		415,844
						5,144,305
Retail    0.3%
Advance Auto Parts, Inc.,
Gtd. Notes	5.900	03/09/26		200		204,238
AutoZone, Inc.,
Sr. Unsec’d. Notes	1.650	01/15/31		185		147,200
Dollar Tree, Inc.,
Sr. Unsec’d. Notes	2.650	12/01/31		750		627,121
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes	6.250	10/30/25		EUR         1,200		1,200,631
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		170		168,005
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		450		438,207
						2,785,402
Semiconductors    0.2%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		1,750		1,463,837
Intel Corp.,
Sr. Unsec’d. Notes	5.900	02/10/63		205		210,798
						1,674,635

See Notes to Financial Statements.

PGIM Balanced Fund      61

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software    0.1%
Fiserv, Inc.,
Sr. Unsec’d. Notes	5.450%	03/02/28		620	$	633,300
Microsoft Corp.,
Sr. Unsec’d. Notes	2.525	06/01/50		48		33,805
Oracle Corp.,
Sr. Unsec’d. Notes	5.550	02/06/53		245		233,185
						900,290
Telecommunications    0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes	2.550	12/01/33		129		103,770
Sr. Unsec’d. Notes	3.500	09/15/53		1,658		1,203,982
Sr. Unsec’d. Notes	3.550	09/15/55		115		82,608
Sr. Unsec’d. Notes	4.300	02/15/30		5		4,862
Sr. Unsec’d. Notes	4.500	05/15/35		125		117,220
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes	9.625	12/15/30		50		62,188
Digicel Group Holdings Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% (original cost $33,363; purchased 03/21/23 - 03/22/23)(f)	8.000	04/01/25		85		33,788
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A (original cost $135,375; purchased 02/10/21)(f)	8.000	12/31/26		150		30,000
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% (original cost $15,750; purchased 03/17/23)(f)	13.000	12/31/25		25		15,750
Sr. Sec’d. Notes, 144A (original cost $210,000;purchased 01/05/21)(f)	8.750	05/25/24		200		182,000
Sr. Sec’d. Notes, 144A (original cost $183,969;purchased 01/05/21)(f)	8.750	05/25/24		175		159,250
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A (original cost $42,000; purchased 03/15/23)(f)	6.750	06/01/23		200		40,000
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A	7.000	10/15/28		200		189,188
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		—

See Notes to Financial Statements.

62

Description	Interest     Rate	Maturity        Date	Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Intelsat Jackson Holdings SA (Luxembourg), (cont’d.)
Sr. Sec’d. Notes, 144A	6.500%	03/15/30		625	$	572,957
Matterhorn Telecom SA (Luxembourg),
Sr. Sec’d. Notes	3.125	09/15/26	EUR	800		801,341
Sprint Capital Corp.,
Gtd. Notes	8.750	03/15/32		300		365,114
T-Mobile USA, Inc.,
Gtd. Notes	2.550	02/15/31		1,910		1,618,001
Gtd. Notes	2.625	02/15/29		275		242,544
Gtd. Notes	3.750	04/15/27		75		72,120
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	3.400	03/22/41		480		382,076
						6,278,759
Transportation    0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes	6.700	08/01/28		135		145,909
CSX Corp.,
Sr. Unsec’d. Notes	6.150	05/01/37		170		187,121
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN	3.570	01/21/32		200		173,537
Norfolk Southern Corp.,
Sr. Unsec’d. Notes	5.590	05/17/25		20		20,224
						526,791
Trucking & Leasing    0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.550	05/01/28		785		783,869
TOTAL CORPORATE BONDS (cost $158,854,870)						140,156,472
FLOATING RATE AND OTHER LOANS    0.1%
Media    0.0%
Diamond Sports Group LLC,
First Lien Term Loan, 3 Month SOFR + 8.150%	12.775(c)	05/25/26		75		69,811
Second Lien Term loan,	8.025	08/24/26		620		38,594
						108,405

See Notes to Financial Statements.

PGIM Balanced Fund      63

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
FLOATING RATE AND OTHER LOANS (Continued)
Oil & Gas    0.0%
Ascent Resources Utica Holdings LLC, Second Lien Term Loan, 3 Month LIBOR + 9.000%	13.815%(c)	11/01/25		152	$	160,930
Telecommunications    0.1%
Digicel International Finance Ltd. (Saint Lucia), First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%	8.081(c)	05/27/24		343		306,022
TOTAL FLOATING RATE AND OTHER LOANS  (cost $757,257)						575,357
MUNICIPAL BONDS    0.3%
Alabama    0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B	4.263	09/15/32		35		33,602
California    0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2	6.263	04/01/49		220		267,690
Taxable, Revenue Bonds	2.574	04/01/31		415		370,599
State of California,
General Obligation Unlimited, BABs	7.300	10/01/39		210		261,361
General Obligation Unlimited, Taxable, BABs	7.500	04/01/34		15		18,783
						918,433
Illinois    0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B	6.395	01/01/40		160		187,945
State of Illinois,
General Obligation Unlimited, Taxable	5.100	06/01/33		100		99,635
						287,580
Michigan    0.1%
Michigan State University,
Taxable, Revenue Bonds, Series A	4.165	08/15/22		435		341,861
University of Michigan,
Taxable, Revenue Bonds, Series A	4.454	04/01/2122		440		388,760
Taxable, Revenue Bonds, Series B	2.437	04/01/40		550		405,739
						1,136,360

See Notes to Financial Statements.

64

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F	7.414%	01/01/40		165	$	207,454
New York    0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs	5.767	08/01/36		180		189,742
Ohio    0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C	4.910	06/01/40		65		66,021
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2	4.879	12/01/34		45		45,885
						111,906
Oregon    0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A	5.834	11/15/34		70		77,727
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B	5.511	12/01/45		80		87,241
Virginia    0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C	4.179	09/01/2117		80		66,293
TOTAL MUNICIPAL BONDS
(cost $3,289,626)						3,116,338
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.4%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1	5.250	09/25/35		2		1,470
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1	3.901(cc)	02/25/35		6		5,369
Bellemeade Re Ltd.,
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)	6.695(c)	10/25/28		2		1,571

See Notes to Financial Statements.

PGIM Balanced Fund      65

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd., (cont’d.)
Series 2020-04A, Class M2B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)	8.445%(c)	06/25/30		57	$	57,850
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)	6.310(c)	03/25/31		115		114,851
Series 2021-01A, Class M1C, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 2.950%)	7.510(c)	03/25/31		150		149,817
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)	6.710(c)	01/26/32		160		158,253
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)	8.260(c)	01/26/32		360		349,895
BVRT Financing Trust^,
Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000%	6.558(c)	09/12/26		406		406,463
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5	3.949(cc)	02/25/37		15		14,072
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A	6.170	09/25/62		287		285,400
Connecticut Avenue Securities Trust,
Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%)	6.995(c)	09/25/31		11		11,163
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)	6.945(c)	10/25/39		14		14,383
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)	10.810(c)	03/25/42		105		108,215
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)	9.810(c)	03/25/42		90		91,379
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A	3.850(cc)	09/25/57		199		187,797
Series 2020-RPL06, Class A1, 144A	2.688(cc)	03/25/59		354		342,652
Eagle Re Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)	6.545(c)	11/25/28		69		68,753
Series 2019-01, Class M2, 144A, 1 Month LIBOR + 3.300% (Cap N/A, Floor 0.000%)	8.145(c)	04/25/29		200		200,451
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)	6.710(c)	10/25/33		29		28,503
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)	7.260(c)	10/25/33		280		279,508
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)	8.010(c)	04/25/34		240		242,666
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%)	6.560(c)	11/25/41		90		83,475

See Notes to Financial Statements.

66

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Fannie Mae REMIC,
Series 2014-11, Class VB	4.500%	04/25/42		500	$	498,444
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%)	8.560(c)	11/25/50		250		249,141
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)	7.160(c)	11/25/50		684		684,437
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	7.960(c)	08/25/33		1,120		1,065,227
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)	6.695(c)	02/25/50		146		145,167
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)	10.845(c)	08/25/50		424		457,538
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)	9.360(c)	10/25/50		190		200,191
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)	7.210(c)	01/25/51		100		91,273
Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)	8.060(c)	10/25/33		275		262,424
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)	7.610(c)	01/25/34		290		266,301
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)	6.210(c)	01/25/34		86		84,532
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)	7.960(c)	10/25/41		300		281,111
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)	7.560(c)	08/25/33		160		140,848
Series 2021-HQA02, Class B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%)	7.710(c)	12/25/33		100		88,531
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)	7.910(c)	09/25/41		100		90,946
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)	6.660(c)	09/25/41		300		270,015
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)	6.910(c)	12/25/41		200		180,008
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)	6.410(c)	01/25/42		410		387,497
Home Re Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)	6.160(c)	01/25/34		150		148,301
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)	7.360(c)	01/25/34		235		227,702

See Notes to Financial Statements.

PGIM Balanced Fund      67

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest       Rate	Maturity       Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1	3.938%(cc)	07/25/35		5	$	4,997
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A	6.858	09/25/59		218		213,479
Series 2020-GS01, Class A1, 144A	5.882	10/25/59		262		261,835
Series 2020-SL01, Class A, 144A	2.734	01/25/60		69		67,892
Series 2021-GS01, Class A1, 144A	1.892	10/25/66		133		122,859
Series 2021-SL01, Class A, 144A	1.991(cc)	09/25/60		110		107,577
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A	2.750(cc)	01/25/61		59		56,910
Series 2018-01, Class A1, 144A	3.250(cc)	05/25/62		40		38,507
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)	5.595(c)	01/25/48		67		65,101
Oaktown Re VII Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)	7.460(c)	04/25/34		200		197,432
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)	5.495(c)	06/25/57		60		55,436
PMT Credit Risk Transfer Trust,
Series 2023-1R, Class A, 144A, 30 Day Average SOFR + 4.400% (Cap N/A, Floor 0.000%)	9.131(c)	03/27/25		900		900,000
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)	7.695(c)	02/25/25		150		149,229
Radnor Re Ltd.,
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)	6.295(c)	01/25/30		192		191,362
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)	6.410(c)	11/25/31		172		171,161
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)	8.260(c)	11/25/31		300		292,940
Retiro Mortgage Securities DAC (Spain),
Series 01A, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap 5.000%, Floor 0.000%)	4.468(c)	07/30/75		EUR            225		233,826
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA	3.500	08/25/58		309		295,239
Shamrock Residential (Ireland),
Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)	3.902(c)	06/24/71		EUR            114		120,549
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3	5.193(cc)	02/25/34		13		11,675

See Notes to Financial Statements.

68

Description	Interest   Rate	Maturity       Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)	4.208%(c)	02/25/57		91	$	90,104
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES  (cost $13,006,759)						12,671,700
SOVEREIGN BONDS    0.7%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A	3.125	10/11/27		485		466,661
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A	2.375	08/20/30		200		169,663
Bulgaria Government International Bond (Bulgaria),
Sr. Unsec’d. Notes	1.375	09/23/50		EUR            180		107,366
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes	7.375	09/18/37		100		96,081
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A	5.500	02/22/29		440		413,132
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A	3.875	02/01/28		200		188,787
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	1.100	03/12/33		EUR            100		79,711
Sr. Unsec’d. Notes	1.450	09/18/26		EUR            315		312,537
Sr. Unsec’d. Notes	3.375	07/30/25		EUR            350		375,139
Sr. Unsec’d. Notes	3.500	01/11/28		370		353,882
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN	2.125	10/25/23		200		196,672
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes	6.700	01/26/36		200		211,850
Province of Manitoba (Canada),
Sr. Unsec’d. Notes	2.125	06/22/26		100		94,155
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A	5.103	04/23/48		200		203,000
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes	2.875	10/17/29		2,000		1,706,654
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN	3.875	10/29/35		EUR              98		80,774
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes	1.500	06/26/29		EUR            581		478,990
Sr. Unsec’d. Notes	3.125	05/15/27		EUR            497		485,029
Sr. Unsec’d. Notes, 144A	6.250	05/26/28		200		201,750
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes	8.994	02/01/26(d)		300		54,806

See Notes to Financial Statements.

PGIM Balanced Fund      69

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Ukraine Government International Bond (Ukraine), (cont’d.)
Sr. Unsec’d. Notes, 144A	4.375%	01/27/32(d)		EUR            200		$	36,873
Sr. Unsec’d. Notes, 144A	7.750	09/01/24(d)		640			139,720
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes	4.975	04/20/55		110			108,075
Sr. Unsec’d. Notes	5.100	06/18/50		65			65,195
TOTAL SOVEREIGN BONDS  (cost $8,287,833)							6,626,502
U.S. GOVERNMENT AGENCY OBLIGATIONS    6.2%
Federal Home Loan Bank	5.500	07/15/36		135			155,510
Federal Home Loan Mortgage Corp.	2.500	03/01/51		1,491			1,288,282
Federal Home Loan Mortgage Corp.	3.000	01/01/52		2,071			1,860,635
Federal Home Loan Mortgage Corp.	3.000	02/01/52		1,898			1,705,065
Federal Home Loan Mortgage Corp.	3.500	03/01/52		939			872,831
Federal Home Loan Mortgage Corp.	4.500	10/01/39		65			65,049
Federal Home Loan Mortgage Corp.	4.500	07/01/52		1,498			1,467,684
Federal Home Loan Mortgage Corp.	4.500	08/01/52		1,077			1,055,080
Federal Home Loan Mortgage Corp.	5.000	04/01/34		6			6,329
Federal Home Loan Mortgage Corp.	5.000	05/01/34		13			13,748
Federal Home Loan Mortgage Corp.	5.000	10/01/35		19			19,304
Federal Home Loan Mortgage Corp.	5.000	11/01/41		133			136,120
Federal Home Loan Mortgage Corp.	5.000	09/01/52		1,652			1,646,980
Federal Home Loan Mortgage Corp.	5.000	10/01/52		1,492			1,488,349
Federal Home Loan Mortgage Corp.	5.500	12/01/33		13			12,952
Federal Home Loan Mortgage Corp.	5.500	05/01/34		3			3,044
Federal Home Loan Mortgage Corp.	5.500	07/01/34		28			28,918
Federal Home Loan Mortgage Corp.	5.500	05/01/37		5			4,840
Federal Home Loan Mortgage Corp.	5.500	10/01/37		9			9,252
Federal Home Loan Mortgage Corp.	6.000	01/01/34		13			12,917
Federal Home Loan Mortgage Corp.	7.000	10/01/31		—(r	)		475
Federal Home Loan Mortgage Corp.	7.000	05/01/32		4			3,546
Federal National Mortgage Assoc.	2.000	11/01/50		3,000			2,488,720
Federal National Mortgage Assoc.	2.000	12/01/50		1,323			1,097,249
Federal National Mortgage Assoc.	2.000	05/01/51		556			461,154
Federal National Mortgage Assoc.	2.000	08/01/51		1,261			1,044,891
Federal National Mortgage Assoc.	2.000	11/01/51		3,093			2,561,893
Federal National Mortgage Assoc.	3.000	12/01/51		929			834,678
Federal National Mortgage Assoc.	3.000	02/01/52		463			416,276
Federal National Mortgage Assoc.	3.000	03/01/52		2,826			2,538,624
Federal National Mortgage Assoc.	3.500	TBA(tt)		2,000			1,858,359
Federal National Mortgage Assoc.	3.500	01/01/52		433			402,713
Federal National Mortgage Assoc.	3.500	02/01/52		1,352			1,257,845
Federal National Mortgage Assoc.	4.000	TBA		4,000			3,827,516

See Notes to Financial Statements.

70

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	4.000%	04/01/52		1,389	$	1,328,654
Federal National Mortgage Assoc.	4.000	05/01/52		2,628		2,514,611
Federal National Mortgage Assoc.	4.000	12/01/52		501		479,590
Federal National Mortgage Assoc.	4.500	TBA		2,000		1,959,592
Federal National Mortgage Assoc.	4.500	09/01/39		50		50,476
Federal National Mortgage Assoc.	4.500	08/01/40		45		45,430
Federal National Mortgage Assoc.	4.500	02/01/44		60		60,721
Federal National Mortgage Assoc.	4.500	08/01/44		132		131,505
Federal National Mortgage Assoc.	4.500	01/01/45		112		111,893
Federal National Mortgage Assoc.	4.500	05/01/52		479		471,863
Federal National Mortgage Assoc.	4.500	06/01/52		970		950,902
Federal National Mortgage Assoc.	4.500	07/01/52		998		977,712
Federal National Mortgage Assoc.	4.500	08/01/52		1,022		1,001,067
Federal National Mortgage Assoc.	5.000	07/01/35		16		16,448
Federal National Mortgage Assoc.	5.000	02/01/36		26		26,292
Federal National Mortgage Assoc.	5.000	06/01/52		470		469,055
Federal National Mortgage Assoc.	5.000	07/01/52		2,411		2,405,479
Federal National Mortgage Assoc.	5.000	09/01/52		1,351		1,346,987
Federal National Mortgage Assoc.	5.500	06/01/33		5		5,395
Federal National Mortgage Assoc.	5.500	08/01/33		11		11,755
Federal National Mortgage Assoc.	5.500	09/01/33		14		14,029
Federal National Mortgage Assoc.	5.500	09/01/33		28		28,830
Federal National Mortgage Assoc.	5.500	01/01/34		11		11,759
Federal National Mortgage Assoc.	5.500	01/01/34		12		12,094
Federal National Mortgage Assoc.	5.500	07/01/34		20		21,030
Federal National Mortgage Assoc.	5.500	08/01/52		313		316,424
Federal National Mortgage Assoc.	5.500	11/01/52		1,858		1,876,945
Federal National Mortgage Assoc.	6.000	01/01/34		4		4,176
Federal National Mortgage Assoc.	6.000	01/01/34		66		68,568
Federal National Mortgage Assoc.	6.000	02/01/34		6		6,070
Federal National Mortgage Assoc.	6.000	10/01/34		1		1,038
Federal National Mortgage Assoc.	6.000	10/01/34		4		4,303
Federal National Mortgage Assoc.	6.000	11/01/34		9		9,159
Federal National Mortgage Assoc.	6.000	11/01/34		15		15,234
Federal National Mortgage Assoc.	6.000	11/01/34		24		24,593
Federal National Mortgage Assoc.	6.000	01/01/35		49		50,116
Federal National Mortgage Assoc.	6.000	02/01/35		27		28,377
Federal National Mortgage Assoc.	6.000	08/01/36		10		9,810
Federal National Mortgage Assoc.	6.000	08/01/38		4		3,969
Federal National Mortgage Assoc.	6.000	11/01/52		1,077		1,099,648
Federal National Mortgage Assoc.	6.500	05/01/24		2		2,560
Federal National Mortgage Assoc.	6.500	07/01/29		3		2,610
Federal National Mortgage Assoc.	6.500	07/01/32		8		8,748
Federal National Mortgage Assoc.	6.500	04/01/33		5		5,457
Federal National Mortgage Assoc.	6.500	01/01/34		1		1,516

See Notes to Financial Statements.

PGIM Balanced Fund      71

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity       Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	6.500%	01/01/34		9		$	9,546
Federal National Mortgage Assoc.	6.500	10/01/36		11			11,031
Federal National Mortgage Assoc.	6.500	09/01/37		36			38,170
Federal National Mortgage Assoc.	6.500	10/01/37		34			35,524
Federal National Mortgage Assoc.(k)	6.625	11/15/30		200			237,011
Federal National Mortgage Assoc.	7.000	06/01/32		5			5,452
Federal National Mortgage Assoc.(k)	7.125	01/15/30		452			541,344
Federal National Mortgage Assoc.	7.500	09/01/30		—(r	)		463
Federal National Mortgage Assoc.	8.000	12/01/23		—(r	)		0
Federal National Mortgage Assoc.	8.500	02/01/28		1			718
Government National Mortgage Assoc.	3.000	09/20/43		98			91,269
Government National Mortgage Assoc.	3.000	01/20/44		30			28,067
Government National Mortgage Assoc.	3.000	03/15/45		60			55,320
Government National Mortgage Assoc.	3.000	05/20/45		94			87,334
Government National Mortgage Assoc.	3.000	08/20/45		174			161,568
Government National Mortgage Assoc.	3.000	06/20/46		186			172,043
Government National Mortgage Assoc.	3.000	03/20/47		105			96,626
Government National Mortgage Assoc.	3.000	12/20/48		498			459,405
Government National Mortgage Assoc.	3.000	06/20/51		607			555,609
Government National Mortgage Assoc.	3.000	08/20/51		1,902			1,738,729
Government National Mortgage Assoc.	3.500	TBA		4,000			3,749,844
Government National Mortgage Assoc.	5.000	10/20/37		9			9,592
Government National Mortgage Assoc.	5.000	04/20/45		48			49,772
Government National Mortgage Assoc.	5.500	07/15/33		9			9,303
Government National Mortgage Assoc.	5.500	12/15/33		4			3,861
Government National Mortgage Assoc.	5.500	09/15/34		83			84,199
Government National Mortgage Assoc.	5.500	01/15/36		30			30,352
Government National Mortgage Assoc.	5.500	02/15/36		64			65,004
Government National Mortgage Assoc.	6.500	09/15/23		—(r	)		164
Government National Mortgage Assoc.	6.500	12/15/23		—(r	)		112
Government National Mortgage Assoc.	6.500	12/15/23		—(r	)		293
Government National Mortgage Assoc.	6.500	04/15/24		4			3,928
Government National Mortgage Assoc.	6.500	07/15/32		1			1,113
Government National Mortgage Assoc.	6.500	08/15/32		—(r	)		194
Government National Mortgage Assoc.	6.500	08/15/32		1			607
Government National Mortgage Assoc.	6.500	08/15/32		1			1,325
Government National Mortgage Assoc.	6.500	08/15/32		6			6,285
Government National Mortgage Assoc.	7.000	06/15/24		—(r	)		350
Government National Mortgage Assoc.	7.000	05/15/31		3			3,123
Government National Mortgage Assoc.	7.500	04/15/29		—(r	)		450
Government National Mortgage Assoc.	8.000	06/15/25		7			6,789
Tennessee Valley Authority, Sr. Unsec’d. Notes	7.125	05/01/30		90			106,960
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  (cost $57,964,228)							57,098,167

See Notes to Financial Statements.

72

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS    4.2%
U.S. Treasury Bonds	1.375%	11/15/40		135	$	92,897
U.S. Treasury Bonds	2.000	11/15/41		8,140		6,140,613
U.S. Treasury Bonds(k)	2.250	05/15/41		22,655		17,993,026
U.S. Treasury Bonds	2.250	08/15/49		520		390,894
U.S. Treasury Bonds	2.375	11/15/49		2,915		2,252,293
U.S. Treasury Bonds	2.500	02/15/46		1,060		841,706
U.S. Treasury Bonds	2.875	05/15/43		1,380		1,191,113
U.S. Treasury Bonds	2.875	05/15/52		760		650,394
U.S. Treasury Bonds	3.000	02/15/49		5,420		4,744,194
U.S. Treasury Bonds	3.625	08/15/43		70		67,911
U.S. Treasury Bonds	4.000	11/15/42		160		164,350
U.S. Treasury Bonds	4.000	11/15/52		640		679,500
U.S. Treasury Strips Coupon	1.467(s)	11/15/41		210		100,972
U.S. Treasury Strips Coupon(k)	2.052(s)	11/15/43		6,350		2,799,705
U.S. Treasury Strips Coupon(k)	2.374(s)	05/15/43		550		247,822
U.S. Treasury Strips Coupon	2.415(s)	11/15/40		500		252,207
U.S. Treasury Strips Coupon	2.450(s)	02/15/45		90		37,779
U.S. Treasury Strips Coupon	2.732(s)	08/15/30		286		219,516
U.S. Treasury Strips Coupon	4.002(s)	05/15/41		30		14,784
U.S. Treasury Strips Coupon	4.018(s)	11/15/42		100		45,863
TOTAL U.S. TREASURY OBLIGATIONS  (cost $48,237,532)						38,927,539
TOTAL LONG-TERM INVESTMENTS  (cost $837,167,489)						905,849,037
			Shares
SHORT-TERM INVESTMENTS    3.7%
AFFILIATED MUTUAL FUNDS    3.7%
PGIM Core Government Money Market Fund(wi)				33,209,417		33,209,417
PGIM Institutional Money Market Fund (cost $874,136; includes $865,309 of cash collateral for securities on loan)(b)(wi)				874,537		874,099
TOTAL AFFILIATED MUTUAL FUNDS (cost $34,083,553)						34,083,516

See Notes to Financial Statements.

PGIM Balanced Fund      73

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Description	Interest     Rate	Maturity     Date	Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n)    0.0%
U.S. Treasury Bills (cost $113,901)	4.643%	06/15/23		115	$	113,919
TOTAL SHORT-TERM INVESTMENTS (cost $34,197,454)						34,197,435
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN (cost $871,364,943)						940,046,472
OPTIONS WRITTEN*~    (0.0)% (premiums received $18,399)						(5,873	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    101.7% (cost $871,346,544)						940,040,599
Liabilities in excess of other assets(z)    (1.7)%						(15,345,796	)
NET ASSETS    100.0%					$	924,694,803

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

See Notes to Financial Statements.

74

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

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CVA—Certificate Van Aandelen (Bearer)

CVR—Contingent Value Rights

DAC—Designated Activity Company

DB—Deutsche Bank AG

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

FNMA—Federal National Mortgage Association

GMTN—Global Medium Term Note

GS—Goldman Sachs & Co. LLC

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSCI—Morgan Stanley Capital International

MSI—Morgan Stanley & Co International PLC

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

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UAG—UBS AG

See Notes to Financial Statements.

PGIM Balanced Fund      75

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

	USOIS—United States Overnight Index Swap
*	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. Excludes centrally cleared swaptions.
^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $493,820 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 $811,452; cash collateral of $865,309 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2023.
(cc)	Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(f)	Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $822,650. The aggregate value of $681,650 is 0.1% of net assets.
(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n)	Rate shown reflects yield to maturity at purchased date.
(oo)	Perpetual security. Maturity date represents next call date.
(r)	Principal or notional amount is 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 $2,000,000 is 0.2% of net assets.
(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market 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:

Forward Commitment Contract:

U.S. Government Agency Obligation	Interest Rate			Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc. (proceeds receivable $894,004)		3.000	%		TBA		05/11/23	$	(1,000	)	$	(898,197	)

See Notes to Financial Statements.

76

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
FNMA TBA 5.50%	Call	BOA		04/06/23	$	100.75		—		1,500	$	(5,707	)
FNMA TBA 5.50%	Put	CGM		04/06/23	$	99.64		—		3,000		(93	)
Total OTC Traded (premiums received $18,399)											$	(5,800	)

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

GS_21-PJA ^

Put

GSI

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

4,500

$

(73

)

(premiums received $0)

Total Options Written (premiums received $18,399)

$

(5,873

)

Options Purchased:

Centrally Cleared Swaptions

Description

Call/ Put

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value at March 31, 2023

Unrealized Appreciation (Depreciation)

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

Put

04/19/23

0.85%

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

1.00%(Q)

14,200

$5,778

$(39,094)

(cost $44,872)

Options Written:

Centrally Cleared Swaptions

Description

Call/ Put

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value at March 31, 2023

Unrealized Appreciation (Depreciation)

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

Call

04/19/23

0.75%

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

1.00%(Q)

14,200

$(27,224)

$8,276

(premiums received $35,500)

Futures contracts outstanding at March 31, 2023:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
24	2 Year U.S.Treasury Notes		Jun. 2023	$	4,954,875	$	62,302
99	5 Year U.S.Treasury Notes		Jun. 2023		10,841,273		(55,972	)
412	10 Year U.S. Treasury Notes		Jun. 2023		47,347,815		753,747

See Notes to Financial Statements.

PGIM Balanced Fund      77

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Futures contracts outstanding at March 31, 2023 (continued):

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
15	Mini MSCI Emerging Markets Index		Jun. 2023	$	746,625		$   25,910
3	S&P 500 E-Mini Index		Jun. 2023		620,663		36,332
							822,319
Short Positions:
22	5 Year Euro-Bobl		Jun. 2023		2,812,499		(67,191	)
15	10 Year Euro-Bund		Jun. 2023		2,209,777		(75,712	)
64	10 Year U.S. Ultra Treasury Notes		Jun. 2023		7,753,000		(235,360	)
82	20 Year U.S. Treasury Bonds		Jun. 2023		10,754,812		(365,771	)
10	30 Year U.S. Ultra Treasury Bonds		Jun. 2023		1,411,250		18,583
7	Euro Schatz Index		Jun. 2023		802,384		(8,258	)
							(733,709	)
							$   88,610

Forward foreign currency exchange contracts outstanding at March 31, 2023:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/19/23	CITI		AUD	159	$	110,000	$	106,196	$	—	$	(3,804	)
Expiring 04/19/23	HSBC		AUD	162		109,402		108,363		—		(1,039	)
Expiring 04/19/23	JPM		AUD	671		468,705		448,609		—		(20,096	)
Expiring 04/19/23	MSI		AUD	158		110,000		105,560		—		(4,440	)
Brazilian Real,
Expiring 04/04/23	CITI		BRL	1,221		233,447		240,853		7,406		—
Expiring 05/03/23	CITI		BRL	587		111,014		115,068		4,054		—
British Pound,
Expiring 04/19/23	JPM		GBP	311		380,843		384,305		3,462		—
Expiring 04/19/23	MSI		GBP	439		542,597		541,969		—		(628	)
Canadian Dollar,
Expiring 04/19/23	BOA		CAD	231		172,236		170,798		—		(1,438	)
Chilean Peso,
Expiring 06/22/23	BARC		CLP	188,480		227,000		234,917		7,917		—
Expiring 06/22/23	UAG		CLP	179,130		222,000		223,263		1,263		—
Colombian Peso,
Expiring 06/21/23	BARC		COP	4,657,576		962,484		983,582		21,098		—
Expiring 06/21/23	BARC		COP	2,489,118		514,492		525,649		11,157		—
Expiring 06/21/23	DB		COP	3,058,634		633,159		645,919		12,760		—
Expiring 06/21/23	MSI		COP	2,696,545		554,993		569,453		14,460		—

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at March 31, 2023 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 04/19/23	BOA	CZK	9,420	$	421,000	$	434,860	$	13,860	$	—
Expiring 04/19/23	MSI	CZK	10,701		482,000		494,016		12,016		—
Euro,
Expiring 04/19/23	BARC	EUR	518		558,023		562,897		4,874		—
Expiring 04/19/23	MSI	EUR	102		112,000		110,275		—		(1,725	)
Expiring 04/19/23	MSI	EUR	102		110,108		110,737		629		—
Expiring 04/19/23	MSI	EUR	50		54,783		54,282		—		(501	)
Expiring 04/19/23	UAG	EUR	758		822,979		823,049		70		—
Hungarian Forint,
Expiring 04/19/23	BARC	HUF	19,601		51,681		55,594		3,913		—
Expiring 04/19/23	BOA	HUF	59,278		158,319		168,129		9,810		—
Expiring 04/19/23	HSBC	HUF	313,098		820,283		888,035		67,752		—
Expiring 04/19/23	HSBC	HUF	208,732		550,243		592,024		41,781		—
Expiring 04/19/23	JPM	HUF	125,413		333,028		355,708		22,680		—
Expiring 04/19/23	TD	HUF	188,120		501,527		533,562		32,035		—
Indian Rupee,
Expiring 06/21/23	BOA	INR	61,292		744,000		742,977		—		(1,023	)
Expiring 06/21/23	JPM	INR	31,266		377,000		379,000		2,000		—
Expiring 06/21/23	MSI	INR	96,580		1,171,765		1,170,737		—		(1,028	)
Indonesian Rupiah,
Expiring 06/21/23	GSI	IDR	15,077,888		974,647		1,007,136		32,489		—
Israeli Shekel,
Expiring 06/21/23	CITI	ILS	3,854		1,076,996		1,075,174		—		(1,822	)
Expiring 06/21/23	CITI	ILS	2,238		625,162		624,401		—		(761	)
Expiring 06/21/23	MSI	ILS	1,789		500,375		499,019		—		(1,356	)
Japanese Yen,
Expiring 04/19/23	CITI	JPY	19,468		145,000		147,069		2,069		—
Expiring 04/19/23	CITI	JPY	14,681		112,000		110,903		—		(1,097	)
Expiring 04/19/23	CITI	JPY	9,885		74,000		74,676		676		—
Expiring 04/19/23	CITI	JPY	9,870		74,000		74,561		561		—
Expiring 04/19/23	GSI	JPY	14,722		109,000		111,218		2,218		—
Expiring 04/19/23	GSI	JPY	14,528		114,705		109,751		—		(4,954	)
Expiring 04/19/23	MSI	JPY	17,362		130,000		131,162		1,162		—
Expiring 04/19/23	MSI	JPY	14,601		109,000		110,304		1,304		—
Expiring 04/19/23	MSI	JPY	14,595		109,000		110,256		1,256		—
Mexican Peso,
Expiring 06/21/23	JPM	MXN	33,472		1,822,537		1,827,848		5,311		—
New Taiwanese Dollar,
Expiring 06/21/23	MSI	TWD	7,798		257,726		257,647		—		(79	)
New Zealand Dollar,
Expiring 04/19/23	BARC	NZD	171		111,000		107,074		—		(3,926	)

See Notes to Financial Statements.

PGIM Balanced Fund      79

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Forward foreign currency exchange contracts outstanding at March 31, 2023 (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.):
Philippine Peso,
Expiring 06/21/23	CITI		PHP	28,055		$	512,000		$	516,335		$	4,335		$	—
Expiring 06/21/23	JPM		PHP	16,403			302,080			301,894			—			(186	)
Polish Zloty,
Expiring 04/19/23	HSBC		PLN	1,491			337,000			345,023			8,023			—
Singapore Dollar,
Expiring 06/21/23	BOA		SGD	771			578,000			581,186			3,186			—
South African Rand,
Expiring 06/21/23	JPM		ZAR	10,917			582,708			608,751			26,043			—
Expiring 06/21/23	TD		ZAR	11,908			647,265			663,987			16,722			—
South Korean Won,
Expiring 06/21/23	HSBC		KRW	509,696			391,000			392,048			1,048			—
Expiring 06/21/23	SCB		KRW	710,286			547,000			546,338			—			(662	)
Expiring 06/21/23	UAG		KRW	354,753			270,000			272,869			2,869			—
Thai Baht,
Expiring 06/21/23	GSI		THB	8,580			250,000			253,005			3,005			—
						$	23,383,312		$	23,740,021			407,274			(50,565	)

Sale Contracts	Counterparty	Notional     Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/19/23	BNP		AUD	313	$	222,000	$	209,041	$	12,959	$	—
Expiring 04/19/23	BNP		AUD	205		146,000		137,220		8,780		—
Expiring 04/19/23	CITI		AUD	330		221,875		220,739		1,136		—
Expiring 04/19/23	CITI		AUD	156		110,000		104,671		5,329		—
Expiring 04/19/23	JPM		AUD	490		326,000		327,980		—		(1,980	)
Expiring 04/19/23	JPM		AUD	334		223,354		223,414		—		(60	)
Expiring 04/19/23	JPM		AUD	206		146,268		137,794		8,474		—
Expiring 04/19/23	JPM		AUD	157		110,045		105,018		5,027		—
Expiring 04/19/23	MSI		AUD	158		111,389		105,687		5,702		—
Brazilian Real,
Expiring 04/04/23	CITI		BRL	635		121,000		125,194		—		(4,194	)
Expiring 04/04/23	CITI		BRL	587		111,508		115,659		—		(4,151	)
Expiring 05/03/23	SCB		BRL	1,132		219,999		222,060		—		(2,061	)
British Pound,
Expiring 04/19/23	HSBC		GBP	2,983		3,642,522		3,681,052		—		(38,530	)
Canadian Dollar,
Expiring 04/19/23	CITI		CAD	147		110,000		108,650		1,350		—
Expiring 04/19/23	GSI		CAD	147		110,000		108,935		1,065		—

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at March 31, 2023 (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 (cont’d.),
Expiring 04/19/23	JPM		CAD	147	$	110,000	$	109,147	$	853	$	—
Chilean Peso,
Expiring 06/22/23	BNP		CLP	252,852		306,079		315,149		—		(9,070	)
Expiring 06/22/23	CITI		CLP	90,385		111,000		112,654		—		(1,654	)
Expiring 06/22/23	MSI		CLP	91,541		111,000		114,094		—		(3,094	)
Expiring 06/22/23	UAG		CLP	663,278		819,529		826,694		—		(7,165	)
Expiring 06/22/23	UAG		CLP	181,087		222,000		225,702		—		(3,702	)
Chinese Renminbi,
Expiring 05/23/23	HSBC		CNH	4,033		581,000		589,367		—		(8,367	)
Expiring 05/23/23	JPM		CNH	3,644		530,000		532,444		—		(2,444	)
Expiring 05/23/23	MSI		CNH	23,120		3,377,893		3,378,414		—		(521	)
Expiring 05/23/23	SCB		CNH	4,111		594,000		600,750		—		(6,750	)
Colombian Peso,
Expiring 06/21/23	MSI		COP	1,131,840		228,000		239,021		—		(11,021	)
Expiring 06/21/23	MSI		COP	866,053		177,000		182,892		—		(5,892	)
Czech Koruna,
Expiring 04/19/23	HSBC		CZK	3,753		168,095		173,262		—		(5,167	)
Expiring 04/19/23	HSBC		CZK	2,530		111,000		116,793		—		(5,793	)
Euro,
Expiring 04/19/23	GSI		EUR	51		55,796		55,368		428		—
Expiring 04/19/23	HSBC		EUR	206		220,097		223,644		—		(3,547	)
Expiring 04/19/23	HSBC		EUR	104		111,558		112,908		—		(1,350	)
Expiring 04/19/23	JPM		EUR	905		985,559		982,513		3,046		—
Expiring 04/19/23	JPM		EUR	101		110,255		109,651		604		—
Expiring 04/19/23	MSI		EUR	8,569		9,348,740		9,303,115		45,625		—
Expiring 04/19/23	SCB		EUR	8,064		8,766,472		8,754,173		12,299		—
Hungarian Forint,
Expiring 04/19/23	BARC		HUF	92,312		242,000		261,824		—		(19,824	)
Expiring 04/19/23	BARC		HUF	87,169		228,500		247,236		—		(18,736	)
Expiring 04/19/23	BARC		HUF	67,496		184,000		191,438		—		(7,438	)
Expiring 04/19/23	HSBC		HUF	91,320		242,000		259,009		—		(17,009	)
Indian Rupee,
Expiring 06/21/23	BOA		INR	50,160		603,000		608,035		—		(5,035	)
Expiring 06/21/23	JPM		INR	33,279		399,942		403,406		—		(3,464	)
Expiring 06/21/23	JPM		INR	20,951		253,000		253,965		—		(965	)
Expiring 06/21/23	MSI		INR	41,154		495,000		498,868		—		(3,868	)
Expiring 06/21/23	SCB		INR	9,241		111,000		112,017		—		(1,017	)
Indonesian Rupiah,
Expiring 06/21/23	BOA		IDR	9,247,084		615,999		617,663		—		(1,664	)
Expiring 06/21/23	HSBC		IDR	2,846,876		183,000		190,159		—		(7,159	)
Israeli Shekel,
Expiring 06/21/23	CITI		ILS	1,620		448,000		452,003		—		(4,003	)

See Notes to Financial Statements.

PGIM Balanced Fund      81

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Forward foreign currency exchange contracts outstanding at March 31, 2023 (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.):
Japanese Yen,
Expiring 04/19/23	BOA		JPY	13,931	$	110,000	$	105,241	$	4,759	$	—
Expiring 04/19/23	CITI		JPY	14,536		112,000		109,811		2,189		—
Expiring 04/19/23	JPM		JPY	13,802		109,000		104,265		4,735		—
Expiring 04/19/23	MSI		JPY	14,333		111,000		108,278		2,722		—
Mexican Peso,
Expiring 06/21/23	JPM		MXN	8,745		453,000		477,521		—		(24,521	)
Expiring 06/21/23	JPM		MXN	8,441		459,000		460,943		—		(1,943	)
New Zealand Dollar,
Expiring 04/19/23	HSBC		NZD	179		111,945		111,934		11		—
Expiring 04/19/23	JPM		NZD	113		73,000		70,524		2,476		—
Expiring 04/19/23	TD		NZD	180		111,618		112,559		—		(941	)
Peruvian Nuevo Sol,
Expiring 06/21/23	BARC		PEN	885		232,817		234,017		—		(1,200	)
Expiring 06/21/23	SCB		PEN	961		252,055		254,027		—		(1,972	)
Philippine Peso,
Expiring 06/21/23	JPM		PHP	58,408		1,057,534		1,074,963		—		(17,429	)
Polish Zloty,
Expiring 04/19/23	BARC		PLN	1,120		249,910		259,237		—		(9,327	)
Expiring 04/19/23	BARC		PLN	551		123,090		127,490		—		(4,400	)
Expiring 04/19/23	BARC		PLN	238		54,195		54,972		—		(777	)
Expiring 04/19/23	BOA		PLN	776		177,967		179,553		—		(1,586	)
Expiring 04/19/23	CITI		PLN	1,201		273,000		277,944		—		(4,944	)
Expiring 04/19/23	MSI		PLN	3,402		773,335		787,153		—		(13,818	)
Expiring 04/19/23	MSI		PLN	1,919		439,000		444,102		—		(5,102	)
Singapore Dollar,
Expiring 06/21/23	HSBC		SGD	659		488,948		496,824		—		(7,876	)
South African Rand,
Expiring 06/21/23	HSBC		ZAR	2,043		112,000		113,930		—		(1,930	)
Expiring 06/21/23	JPM		ZAR	2,897		158,000		161,552		—		(3,552	)
Expiring 06/21/23	MSI		ZAR	4,286		235,000		239,007		—		(4,007	)
Expiring 06/21/23	MSI		ZAR	2,048		112,000		114,187		—		(2,187	)
South Korean Won,
Expiring 06/21/23	CITI		KRW	1,633,114		1,243,462		1,256,159		—		(12,697	)
Expiring 06/21/23	CITI		KRW	235,228		181,000		180,932		68		—
Expiring 06/21/23	CITI		KRW	144,950		112,000		111,493		507		—
Expiring 06/21/23	JPM		KRW	213,101		163,000		163,913		—		(913	)
Expiring 06/21/23	MSI		KRW	290,405		221,000		223,374		—		(2,374	)
Expiring 06/21/23	SCB		KRW	426,332		324,000		327,926		—		(3,926	)
Thai Baht,
Expiring 06/21/23	BOA		THB	20,407		587,000		601,766		—		(14,766	)
Expiring 06/21/23	HSBC		THB	9,951		290,000		293,438		—		(3,438	)
Expiring 06/21/23	MSI		THB	16,129		471,000		475,612		—		(4,612	)

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at March 31, 2023 (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.):
Thai Baht (cont’d.),
Expiring 06/21/23	MSI		THB	7,245	$	208,233	$	213,640		$	—		$	(5,407	)
Expiring 06/21/23	SCB		THB	9,823		282,000		289,670			—			(7,670	)
					$	47,454,583	$	47,704,449			130,144			(380,010	)
										$	537,418		$	(430,575	)

Cross currency exchange contracts outstanding at March 31, 2023:

Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation			Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
04/19/23		Buy		AUD	160		JPY	14,496		$	—		$	(2,485	)		GSI
04/19/23		Buy		AUD	317		JPY	29,101			—			(7,801	)		CITI
04/19/23		Buy		CZK	6,084		EUR	257			1,958			—			TD
04/19/23		Buy		EUR	204		HUF	78,817			—			(2,293	)		BARC
04/19/23		Buy		EUR	206		JPY	28,471			8,558			—			BARC
04/19/23		Buy		EUR	273		CZK	6,551			—			(6,052	)		MSI
04/19/23		Buy		EUR	357		PLN	1,704			—			(6,400	)		CITI
04/19/23		Buy		EUR	537		CZK	12,860			—			(11,114	)		BOA
04/19/23		Buy		HUF	68,339		EUR	170			8,942			—			BARC
04/19/23		Buy		HUF	81,645		EUR	205			9,335			—			BOA
04/19/23		Buy		HUF	88,717		EUR	224			8,117			—			BOA
04/19/23		Buy		HUF	95,187		EUR	240			9,746			—			HSBC
04/19/23		Buy		PLN	1,021		EUR	217			641			—			BARC
04/19/23		Buy		PLN	1,050		EUR	221			3,488			—			MSI
04/19/23		Buy		PLN	1,091		EUR	229			3,370			—			BOA
04/19/23		Buy		PLN	1,560		EUR	331			1,268			—			JPM
										$	55,423		$	(36,145	)

Credit default swap agreements outstanding at March 31, 2023:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at March 31, 2023(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

04/14/23

0.500%(M)

2,742

*

$2,359

$(256)

$2,615

GSI

See Notes to Financial Statements.

PGIM Balanced Fund      83

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Credit default swap agreements outstanding at March 31, 2023: (continued)

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 Agreements on corporate and/or sovereign issues - Buy Protection(1):
Republic of Italy		12/20/27		1.000%(Q)		EUR	685		$	(9,798	)		$	(24,573	)		$	14,775			BARC
United Mexican States		12/20/24		1.000%(Q)			400			(3,909	)			(1,640	)			(2,269	)		BARC
United States of America		12/20/27		0.250%(Q)		EUR	220			2,382				1,217				1,165			BARC
United States of America		12/20/27		0.250%(Q)		EUR	220			2,382				1,217				1,165			BARC
United States of America		12/20/32		0.250%(Q)		EUR	110			1,759				1,337				422			BNP
									$	(7,184	)		$	(22,442	)		$	15,258

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at March 31, 2023(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		4.158	%		$	(20,173	)		$	(7,198	)		$	(12,975	)		BARC

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date				Value at March 31, 2023				Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.40.V1		06/20/28		1.000%(Q)		34,825		$	(167,343	)		$	(409,907	)		$	(242,564	)

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

See Notes to Financial Statements.

84

index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at March 31, 2023:

Notional Amount (000)#		Termination Date			Fixed Rate	Floating Rate	Value at Trade Date				Value at March 31, 2023			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP	119		05/08/23	0.950%(A)				1 Day SONIA(1)(A)/ 4.178%		$	(2,711	)	$	4,754		$	7,465
GBP	928		05/08/26	1.000%(A)				1 Day SONIA(1)(A)/ 4.178%			(34,697	)		114,579			149,276
GBP	190		05/08/31	1.150%(A)				1 Day SONIA(1)(A)/ 4.178%			(8,272	)		40,614			48,886
	4,452		03/08/25	4.946%(A)				1 Day SOFR(2)(A)/ 4.870%			—			68,114			68,114
	5,724		03/09/25	5.110%(A)				1 Day SOFR(2)(A)/ 4.870%			—			105,472			105,472
	12,993		03/10/25	5.088%(A)				1 Day SOFR(2)(A)/ 4.870%			—			233,825			233,825
							$	(45,680	)		$	567,358		$	613,038

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

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

See Notes to Financial Statements.

PGIM Balanced Fund      85

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Total return swap agreements outstanding at March 31, 2023:

Reference Entity	Financing Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)			Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)	1 Day USOIS -50bps(T)/ 4.330%		GSI		06/20/23		(6,853	)		$	265,870			$	—		$	265,870
U.S. Treasury Bond(T)	1 Day USOIS +10bps(T)/ 4.930%		GSI		05/01/23		5,970				(105,827	)			—			(105,827	)
U.S. Treasury Bond(T)	1 Day USOIS +11bps(T)/ 4.940%		JPM		05/02/23		4,570				(75,786	)			—			(75,786	)
U.S. Treasury Bond(T)	1 Day USOIS +10bps(T)/ 4.930%		GSI		05/08/23		8,800				2,791				—			2,791
										$	87,048			$	—		$	87,048

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

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

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

	Premiums Paid			Premiums Received				Unrealized Appreciation			Unrealized Depreciation
OTC Swap Agreements		$	3,771		$	(33,667	)		$	288,803		$	(196,857	)

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
CGM		$	—		$	2,618,588
GS			—			113,919
Total		$	—		$	2,732,507

Fair Value Measurements:

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

See Notes to Financial Statements.

86

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

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

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

The following is a summary of the inputs used as of March 31, 2023 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	442,925,777	$	95,651,126		$	6
Exchange-Traded Fund		414,816		—			—
Preferred Stocks		664,830		208,626			—
Rights		—		—			5,065
Asset-Backed Securities
Automobiles		—		10,699,793			—
Collateralized Debt Obligations		—		1,372,804			—
Collateralized Loan Obligations		—		36,764,033			—
Consumer Loans		—		3,668,801			—
Credit Cards		—		695,011			—
Equipment		—		334,358			—
Home Equity Loans		—		144,967			—
Manufactured Housing		—		29,583			—
Other		—		1,317,274			80,000
Residential Mortgage-Backed Securities		—		406,882			—
Student Loans		—		1,305,179			—
Commercial Mortgage-Backed Securities		—		49,984,581			—
Convertible Bond		—		3,450			—
Corporate Bonds		—		140,156,472			—
Floating Rate and Other Loans		—		575,357			—
Municipal Bonds		—		3,116,338			—
Residential Mortgage-Backed Securities		—		12,265,237			406,463
Sovereign Bonds		—		6,626,502			—
U.S. Government Agency Obligations		—		57,098,167			—
U.S. Treasury Obligations		—		38,927,539			—
Short-Term Investments
Affiliated Mutual Funds		34,083,516		—			—
U.S. Treasury Obligation		—		113,919			—
Total	$	478,088,939	$	461,465,999		$	491,534
Liabilities
Options Written	$	—	$	(5,800	)	$	(73	)
Other Financial Instruments*
Assets
Centrally Cleared Swaptions Written	$	—	$	8,276		$	—
Futures Contracts		896,874		—			—
OTC Forward Foreign Currency Exchange Contracts		—		537,418			—

See Notes to Financial Statements.

PGIM Balanced Fund      87

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
OTC Cross Currency Exchange Contracts	$	—		$	55,423		$	—
OTC Credit Default Swap Agreements		—			6,523			2,359
Centrally Cleared Interest Rate Swap Agreements		—			613,038			—
OTC Total Return Swap Agreements		—			268,661			—
Total	$	896,874		$	1,489,339		$	2,359
Liabilities
Forward Commitment Contract	$	—		$	(898,197	)	$	—
Centrally Cleared Swaptions Purchased		—			(39,094	)		—
Futures Contracts		(808,264	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(430,575	)		—
OTC Cross Currency Exchange Contracts		—			(36,145	)		—
Centrally Cleared Credit Default Swap Agreement		—			(242,564	)		—
OTC Credit Default Swap Agreements		—			(33,880	)		—
OTC Total Return Swap Agreements		—			(181,613	)		—
Total	$	(808,264	)	$	(1,862,068	)	$	—

* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2023 were as follows:

Banks	6.7	%
U.S. Government Agency Obligations	6.2
Commercial Mortgage-Backed Securities	5.4
Software	4.6
U.S. Treasury Obligations	4.2
Collateralized Loan Obligations	4.0
Pharmaceuticals	3.8
Affiliated Mutual Funds (0.1% represents investments purchased with collateral from securities on loan)	3.7
Technology Hardware, Storage & Peripherals	3.5
Semiconductors & Semiconductor Equipment	3.4
Automobiles	2.8
Oil, Gas & Consumable Fuels	2.7
Interactive Media & Services	2.5
Financial Services	2.3
Health Care Providers & Services	1.8

Health Care Equipment & Supplies	1.7	%
Aerospace & Defense	1.5
Machinery	1.5
Capital Markets	1.4
Insurance	1.4
Residential Mortgage-Backed Securities	1.4
Hotels, Restaurants & Leisure	1.4
Electric	1.3
Beverages	1.3
Entertainment	1.2
Broadline Retail	1.2
Food Products	1.0
Biotechnology	1.0
Chemicals	1.0
IT Services	0.9
Specialty Retail	0.9
Industrial Conglomerates	0.9

See Notes to Financial Statements.

88

Industry Classification (continued):

Oil & Gas	0.8	%
Consumer Staples Distribution & Retail	0.8
Healthcare-Services	0.8
Pipelines	0.8
Household Products	0.8
Metals & Mining	0.8
Telecommunications	0.8
Electric Utilities	0.8
Sovereign Bonds	0.7
Communications Equipment	0.7
Diversified Telecommunication Services	0.6
Trading Companies & Distributors	0.6
Media	0.6
Real Estate Investment Trusts (REITs)	0.6
Agriculture	0.5
Life Sciences Tools & Services	0.5
Textiles, Apparel & Luxury Goods	0.5
Automobile Components	0.5
Commercial Services	0.4
Passenger Airlines	0.4
Energy Equipment & Services	0.4
Consumer Loans	0.4
Specialized REITs	0.4
Home Builders	0.4
Electrical Equipment	0.4
Municipal Bonds	0.3
Multi-Utilities	0.3
Tobacco	0.3
Gas Utilities	0.3
Retail	0.3
Air Freight & Logistics	0.3
Containers & Packaging	0.3
Auto Manufacturers	0.3
Foods	0.3
Construction Materials	0.2
Gas	0.2
Wireless Telecommunication Services	0.2
Electronic Equipment, Instruments & Components	0.2
Professional Services	0.2
Distributors	0.2
Lodging	0.2
Hotel & Resort REITs	0.2
Office REITs	0.2
Real Estate Management & Development	0.2
Industrial REITs	0.2
Semiconductors	0.2

Other	0.2	%
Construction & Engineering	0.2
Collateralized Debt Obligations	0.1
Student Loans	0.1
Marine Transportation	0.1
Miscellaneous Manufacturing	0.1
Diversified Financial Services	0.1
Electronics	0.1
Personal Care Products	0.1
Consumer Finance	0.1
Engineering & Construction	0.1
Machinery-Diversified	0.1
Building Products	0.1
Ground Transportation	0.1
Packaging & Containers	0.1
Independent Power & Renewable Electricity Producers	0.1
Airlines	0.1
Trucking & Leasing	0.1
Credit Cards	0.1
Building Materials	0.1
Mining	0.1
Leisure Products	0.1
Diversified Consumer Services	0.1
Household Durables	0.1
Auto Parts & Equipment	0.1
Transportation	0.1
Paper & Forest Products	0.1
Exchange-Traded Fund	0.1
Healthcare-Products	0.0	*
Retail REITs	0.0	*
Distribution/Wholesale	0.0	*
Equipment	0.0	*
Oil & Gas Services	0.0	*
Forest Products & Paper	0.0	*
Real Estate	0.0	*
Health Care REITs	0.0	*
Commercial Services & Supplies	0.0	*
Health Care Technology	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Diversified REITs	0.0	*
Transportation Infrastructure	0.0	*
Home Equity Loans	0.0	*
Residential REITs	0.0	*
Leisure Time	0.0	*
Manufactured Housing	0.0	*

See Notes to Financial Statements.

PGIM Balanced Fund      89

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

Industry Classification (continued):

Water Utilities	0.0	*%
	101.7
Options Written	(0.0	)*
Liabilities in excess of other assets	(1.7	)
	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.

Fair values of derivative instruments as of March 31, 2023 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	$	8,276	*	Due from/to broker-variation margin swaps and swaptions	$	281,658	*
Credit contracts	Premiums paid for OTC swap agreements		3,771		Premiums received for OTC swap agreements		33,667
Credit contracts	—		—		Options written outstanding, at value		73
Credit contracts	Unrealized appreciation on OTC swap agreements		20,142		Unrealized depreciation on OTC swap agreements		15,244
Equity contracts	Due from/to broker-variation margin futures		62,242	*	—		—
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		55,423		Unrealized depreciation on OTC cross currency exchange contracts		36,145
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		537,418		Unrealized depreciation on OTC forward foreign currency exchange contracts		430,575

See Notes to Financial Statements.

90

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	834,632	*	Due from/to broker-variation margin futures	$	808,264	*
Interest rate contracts	Due from/to broker-variation margin swaps and swaptions		613,038	*	—		—
Interest rate contracts			—		Options written outstanding, at value		5,800
Interest rate contracts	Unrealized appreciation on OTC swap agreements		268,661		Unrealized depreciation on OTC swap agreements		181,613
		$	2,403,603			$	1,793,039

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2023 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		$	(369,002	)		$	443,538		$	—			$	—			$	(413,316	)
Equity contracts			—				—			(76,518	)			—				—
Foreign exchange contracts			—				—			—				(710,279)				—
Interest rate contracts			—				—			(3,590,387	)			—				613,848
Total		$	(369,002	)		$	443,538		$	(3,666,905	)		$	(710,279	)		$	200,532

(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		$	(138,225	)		$	(86,105	)		$	—		$	—		$	(324,544	)
Equity contracts			—				—				269,658			—			—

See Notes to Financial Statements.

PGIM Balanced Fund      91

Schedule of Investments (unaudited) (continued)

as of March 31, 2023

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
Foreign exchange contracts		$	—			$	—			$	—		$	(1,078,648	)		$	—
Interest rate contracts			—				12,599				1,838,788			—				453,547
Total		$	(138,225	)		$	(73,506	)		$	2,108,446		$	(1,078,648	)		$	129,003

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

For the six months ended March 31, 2023, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$	124,094
Options Written (2)			70,280,000
Futures Contracts - Long Positions (2)			89,016,590
Futures Contracts - Short Positions (2)			27,253,204
Forward Foreign Currency Exchange Contracts - Purchased (3)			21,011,775
Forward Foreign Currency Exchange Contracts - Sold (3)			46,255,799
Cross Currency Exchange Contracts (4)			6,368,268
Interest Rate Swap Agreements (2)			9,190,536
Credit Default Swap Agreements - Buy Protection (2)			32,363,408
Credit Default Swap Agreements - Sell Protection (2)			3,191,871
Total Return Swap Agreements (2)			17,218,263

* Average volume is based on average quarter end balances as noted for the six months ended March 31, 2023.

(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.

See Notes to Financial Statements.

92

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	$811,452	$(811,452)	$—

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
BARC		$	86,639		$	(116,576	)		$	(29,937	)		$	—			$	(29,937	)
BNP			23,498			(9,070	)			14,428				—				14,428
BOA			52,437			(42,333	)			10,104				—				10,104
CGM			—			(93	)			(93	)			—				(93	)
CITI			29,680			(53,328	)			(23,648	)			—				(23,648	)
DB			12,760			—				12,760				—				12,760
GSI			310,481			(113,595	)			196,886				(10,000	)			186,886
HSBC			128,361			(101,205	)			27,156				—				27,156
JPM			85,979			(153,339	)			(67,360	)			—				(67,360	)
MSI			88,364			(77,712	)			10,652				(10,652	)			—
SCB			12,299			(24,058	)			(11,759	)			—				(11,759	)
TD			50,715			(941	)			49,774				—				49,774
UAG			4,202			(10,867	)			(6,665	)			—				(6,665	)
		$	885,415		$	(703,117	)		$	182,298			$	(20,652	)		$	161,646

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

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

See Notes to Financial Statements.

PGIM Balanced Fund      93

Statement of Assets and Liabilities (unaudited)

as of March 31, 2023

Assets
Investments at value, including securities on loan of $811,452:
Unaffiliated investments (cost $837,281,390)	$	905,962,956
Affiliated investments (cost $34,083,553)		34,083,516
Cash		33,069
Foreign currency, at value (cost $905,682)		907,983
Receivable for investments sold		11,472,396
Dividends and interest receivable		3,813,043
Receivable for Fund shares sold		614,936
Unrealized appreciation on OTC forward foreign currency exchange contracts		537,418
Tax reclaim receivable		382,198
Unrealized appreciation on OTC swap agreements		288,803
Unrealized appreciation on OTC cross currency exchange contracts		55,423
Due from broker—variation margin futures		22,860
Premiums paid for OTC swap agreements		3,771
Foreign capital gains tax benefit accrued		3,043
Prepaid expenses and other assets		38,249
Total Assets		958,219,664
Liabilities
Payable for investments purchased		29,023,030
Payable for Fund shares purchased		1,079,975
Forward commitment contracts, at value (proceeds receivable $894,004)		898,197
Payable to broker for collateral for securities on loan		865,309
Unrealized depreciation on OTC forward foreign currency exchange contracts		430,575
Management fee payable		402,445
Distribution fee payable		217,735
Unrealized depreciation on OTC swap agreements		196,857
Accrued expenses and other liabilities		178,064
Affiliated transfer agent fee payable		129,887
Unrealized depreciation on OTC cross currency exchange contracts		36,145
Premiums received for OTC swap agreements		33,667
Due to broker—variation margin swaps and swaptions		27,102
Options written outstanding, at value (premiums received $18,399)		5,873
Total Liabilities		33,524,861
Net Assets	$	924,694,803
Net assets were comprised of:
Common stock, at par	$	60,903
Paid-in capital in excess of par		876,762,706
Total distributable earnings (loss)		47,871,194
Net assets, March 31, 2023	$	924,694,803

See Notes to Financial Statements.

94

Class A
Net asset value and redemption price per share, ($655,270,105 ÷ 43,270,066 shares of common stock issued and outstanding)	$	15.14
Maximum sales charge (3.25% of offering price)		0.51
Maximum offering price to public	$	15.65
Class C
Net asset value, offering price and redemption price per share, ($64,089,570 ÷ 4,201,654 shares of common stock issued and outstanding)	$	15.25
Class R
Net asset value, offering price and redemption price per share, ($136,366 ÷ 9,000 shares of common stock issued and outstanding)	$	15.15
Class Z
Net asset value, offering price and redemption price per share, ($118,848,206 ÷ 7,776,191 shares of common stock issued and outstanding)	$	15.28
Class R6
Net asset value, offering price and redemption price per share, ($86,350,556 ÷ 5,646,307 shares of common stock issued and outstanding)	$	15.29

See Notes to Financial Statements.

PGIM Balanced Fund      95

Statement of Operations (unaudited)

Six Months Ended March 31, 2023

Net Investment Income (Loss)
Income
Interest income	$	7,212,470
Unaffiliated dividend income (net of $224,177 foreign withholding tax)		6,670,836
Affiliated dividend income		70,252
Income from securities lending, net (including affiliated income of $6,135)		6,169
Total income		13,959,727
Expenses
Management fee		2,955,981
Distribution fee(a)		1,298,484
Transfer agent’s fees and expenses (including affiliated expense of $254,757)(a)		579,040
Custodian and accounting fees		127,467
Registration fees(a)		45,791
Shareholders’ reports		42,605
Audit fee		23,935
Professional fees		12,888
Directors’ fees		9,915
Miscellaneous		33,960
Total expenses		5,130,066
Less: Fee waiver and/or expense reimbursement(a)		(571,822	)
Distribution fee waiver(a)		(223	)
Net expenses		4,558,021
Net investment income (loss)		9,401,706
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $5,248) (net of foreign capital gains taxes $(612))		(5,353,544	)
Futures transactions		(3,666,905	)
Forward and cross currency contract transactions		(710,279	)
Options written transactions		443,538
Swap agreement transactions		200,532
Foreign currency transactions		(264,804	)
		(9,351,462	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(956)) (net of change in foreign capital gains taxes $(15))		94,807,419
Futures		2,108,446
Forward and cross currency contracts		(1,078,648	)
Options written		(73,506	)
Swap agreements		129,003
Foreign currencies		44,147
		95,936,861
Net gain (loss) on investment and foreign currency transactions		86,585,399
Net Increase (Decrease) In Net Assets Resulting From Operations	$	95,987,105

See Notes to Financial Statements.

96

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		966,353			331,461			670			—			—
Transfer agent’s fees and expenses		452,138			48,783			584			76,946			589
Registration fees		15,261			7,975			3,230			9,252			10,073
Fee waiver and/or expense reimbursement		(483,958	)		(18,463	)		(3,578	)		(32,278	)		(33,545	)
Distribution fee waiver		—			—			(223	)		—			—

See Notes to Financial Statements.

PGIM Balanced Fund      97

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2023			Year Ended   September 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$    9,401,706			$     15,271,277
Net realized gain (loss) on investment and foreign currency transactions		(9,351,462	)		214,458
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		95,936,861			(197,367,427	)
Net increase (decrease) in net assets resulting from operations		95,987,105			(181,881,692	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(6,185,444	)		(89,089,854	)
Class C		(370,208	)		(10,015,315	)
Class R		(1,438	)		(47,861	)
Class Z		(1,236,408	)		(19,206,654	)
Class R6		(927,896	)		(10,593,601	)
		(8,721,394	)		(128,953,285	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		43,685,596			148,806,824
Net asset value of shares issued in reinvestment of dividends and distributions		8,549,670			126,356,982
Cost of shares purchased		(87,623,445	)		(203,879,367	)
Net increase (decrease) in net assets from Fund share transactions		(35,388,179	)		71,284,439
Total increase (decrease)		51,877,532			(239,550,538	)
Net Assets:
Beginning of period		872,817,271			1,112,367,809
End of period		$924,694,803			$   872,817,271

See Notes to Financial Statements.

98

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31, 2023
				Year Ended September 30,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.75			$18.70			$15.96			$15.61			$16.38			$15.93
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.24			0.23			0.24			0.24			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.38			(3.02	)		2.75			0.63			0.04			1.15
Total from investment operations		1.53			(2.78	)		2.98			0.87			0.28			1.34
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(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		(0.14	)		(2.17	)		(0.24	)		(0.52	)		(1.05	)		(0.89	)
Net asset value, end of period		$15.14			$13.75			$18.70			$15.96			$15.61			$16.38
Total Return(b):		11.15	%		(16.95	)%		18.76	%		5.64	%		2.28	%		8.66	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$655,270			$615,650			$760,976			$616,646			$590,383			$360,798
Average net assets (000)		$646,005			$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	%(d)		1.00	%		1.00	%		1.00	%		1.00	%		1.12	%
Expenses before waivers and/or expense reimbursement		1.15	%(d)		1.12	%		1.11	%		1.16	%		1.16	%		1.17	%
Net investment income (loss)		2.07	%(d)		1.46	%		1.28	%		1.52	%		1.58	%		1.22	%
Portfolio turnover rate(e)(f)		88	%		109	%		85	%		108	%		128	%		145	%

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

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

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

(d) Annualized.

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

(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 Balanced Fund      99

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31, 2023
				Year Ended September 30,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.85			$18.81			$16.06			$15.71			$16.48			$16.02
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.11			0.09			0.12			0.13			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.39			(3.03	)		2.77			0.64			0.04			1.16
Total from investment operations		1.48			(2.92	)		2.86			0.76			0.17			1.24
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(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		(0.08	)		(2.04	)		(0.11	)		(0.41	)		(0.94	)		(0.78	)
Net asset value, end of period		$15.25			$13.85			$18.81			$16.06			$15.71			$16.48
Total Return(b):		10.71	%		(17.58	)%		17.82	%		4.77	%		1.62	%		7.92	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$64,090			$65,656			$93,656			$95,166			$108,958			$89,949
Average net assets (000)		$66,474			$85,096			$96,972			$102,396			$92,047			$82,930
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.82	%(d)		1.79	%		1.78	%		1.77	%		1.73	%		1.81	%
Expenses before waivers and/or expense reimbursement		1.88	%(d)		1.84	%		1.82	%		1.84	%		1.84	%		1.87	%
Net investment income (loss)		1.24	%(d)		0.65	%		0.50	%		0.75	%		0.87	%		0.52	%
Portfolio turnover rate(e)(f)		88	%		109	%		85	%		108	%		128	%		145	%

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

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

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

(d) Annualized.

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

(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.

100

Class R Shares
	Six Months Ended March 31, 2023
				Year Ended September 30,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.75			$18.70			$15.97			$15.64			$16.38			$15.94
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.16			0.14			0.16			0.17			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.39			(3.02	)		2.75			0.64			0.05			1.14
Total from investment operations		1.51			(2.86	)		2.89			0.80			0.22			1.25
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(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		(0.11	)		(2.09	)		(0.16	)		(0.47	)		(0.96	)		(0.81	)
Net asset value, end of period		$15.15			$13.75			$18.70			$15.97			$15.64			$16.38
Total Return(b):		10.98	%		(17.36	)%		18.15	%		5.16	%		1.85	%		8.07	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$136			$209			$427			$1,135			$2,047			$2,226
Average net assets (000)		$179			$402			$675			$1,439			$1,959			$1,837
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.47	%(d)		1.47	%		1.47	%		1.47	%		1.45	%		1.63	%
Expenses before waivers and/or expense reimbursement		5.73	%(d)		3.39	%		2.72	%		2.61	%		2.16	%		2.88	%
Net investment income (loss)		1.60	%(d)		0.97	%		0.80	%		1.04	%		1.14	%		0.71	%
Portfolio turnover rate(e)(f)		88	%		109	%		85	%		108	%		128	%		145	%

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

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

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

(d) Annualized.

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

(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 Balanced Fund      101

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31, 2023
				Year Ended September 30,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.87			$18.85			$16.09			$15.73			$16.49			$16.04
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.28			0.27			0.27			0.29			0.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.40			(3.05	)		2.77			0.65			0.04			1.15
Total from investment operations		1.57			(2.77	)		3.04			0.92			0.33			1.39
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(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		(0.16	)		(2.21	)		(0.28	)		(0.56	)		(1.09	)		(0.94	)
Net asset value, end of period		$15.28			$13.87			$18.85			$16.09			$15.73			$16.49
Total Return(b) :		11.24	%		(16.74	)%		18.99	%		5.90	%		2.59	%		8.91	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$118,848			$113,095			$171,776			$147,635			$174,033			$183,204
Average net assets (000)		$116,141			$146,908			$165,225			$156,846			$172,091			$156,026
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.80	%(d)		0.78	%		0.77	%		0.78	%		0.75	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.86	%(d)		0.83	%		0.81	%		0.85	%		0.86	%		0.88	%
Net investment income (loss)		2.27	%(d)		1.65	%		1.50	%		1.74	%		1.86	%		1.52	%
Portfolio turnover rate(e)(f)		88	%		109	%		85	%		108	%		128	%		145	%

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

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

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

(d) Annualized.

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

(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.

102

Class R6 Shares
	Six Months Ended March 31, 2023															November 28, 2017(a) through September 30, 2018
				Year Ended September 30,
				2022			2021			2020			2019
Per Share Operating Performance(b) :
Net Asset Value, Beginning of Period		$13.88			$18.86			$16.10			$15.74			$16.50			$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.30			0.30			0.29			0.30			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.40			(3.05	)		2.76			0.65			0.05			0.73
Total from investment operations		1.58			(2.75	)		3.06			0.94			0.35			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(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		(0.17	)		(2.23	)		(0.30	)		(0.58	)		(1.11	)		(0.94	)
Net asset value, end of period		$15.29			$13.88			$18.86			$16.10			$15.74			$16.50
Total Return(c) :		11.38	%		(16.66	)%		19.12	%		6.01	%		2.69	%		6.10	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$86,351			$78,207			$85,533			$54,613			$34,369			$2,502
Average net assets (000)		$83,232			$88,957			$71,970			$44,247			$16,501			$295
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.67	%(e)
Expenses before waivers and/or expense reimbursement		0.73	%(e)		0.72	%		0.72	%		0.74	%		0.83	%		11.39	%(e)
Net investment income (loss)		2.42	%(e)		1.82	%		1.63	%		1.88	%		1.96	%		1.73	%(e)
Portfolio turnover rate(f)(g)		88	%		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.

PGIM Balanced Fund      103

Notes to Financial Statements (unaudited)

1. Organization

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

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has 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.

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

104

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

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

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business

PGIM Balanced Fund    105

Notes to Financial Statements (unaudited) (continued)

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

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 the issuer; the prices of any recent transactions or bids/offers for such securities or any

106

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.

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

PGIM Balanced Fund    107

Notes to Financial Statements (unaudited) (continued)

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

108

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.

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

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Notes to Financial Statements (unaudited) (continued)

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.

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

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

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

110

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.

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

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, 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

PGIM Balanced Fund    111

Notes to Financial Statements (unaudited) (continued)

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

112

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 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.

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Notes to Financial Statements (unaudited) (continued)

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.

Delayed-Delivery Transactions: The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

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,

114

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.

Mortgage Dollar Rolls: The Fund entered into mortgage dollar rolls in which the Fund sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price.

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

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

PGIM Balanced Fund    115

Notes to Financial Statements (unaudited) (continued)

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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

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

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

3. Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to 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 March 31, 2023, 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.

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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	—
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 rates, 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

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Notes to Financial Statements (unaudited) (continued)

For the reporting period ended March 31, 2023, 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	$	172,119	$	3,389
C		—		6,494

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 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 Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2023, no 17a-7 transactions were entered into by the Fund.

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5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2023, were as follows:

Cost of Purchases	Proceeds from Sales
$773,761,993	$818,073,778

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2023, is presented as follows:

Value,  Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund(1)(wi)
$           —		$  53,497,904		$20,288,487		$    —			$      —		$33,209,417		33,209,417		$70,252
PGIM Institutional Money Market Fund(1)(b)(wi)
3,738,839		55,665,302		58,534,334		(956	)		5,248		874,099		874,537		6,135	(2)
$3,738,839		$109,163,206		$78,822,821		$(956	)		$5,248		$34,083,516				$76,387

⁽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.

^(wi)  PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2023 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net               Unrealized       Appreciation
$873,565,097	$131,442,406	$(65,248,664)	$66,193,742

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

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).

PGIM Balanced Fund    119

Notes to Financial Statements (unaudited) (continued)

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 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.

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As of March 31, 2023, 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
Z	62,170	0.8%

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

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2023:
Shares sold		1,491,021		$	21,844,747
Shares issued in reinvestment of dividends and distributions		409,608			6,096,241
Shares purchased		(3,550,866	)		(52,116,013	)
Net increase (decrease) in shares outstanding before conversion		(1,650,237	)		(24,175,025	)
Shares issued upon conversion from other share class(es)		272,430			4,013,614
Shares purchased upon conversion into other share class(es)		(135,394	)		(1,972,418	)
Net increase (decrease) in shares outstanding		(1,513,201	)	$	(22,133,829	)
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
Class C
Six months ended March 31, 2023:
Shares sold		198,695		$	2,947,485
Shares issued in reinvestment of dividends and distributions		24,417			366,437
Shares purchased		(474,936	)		(7,056,914	)
Net increase (decrease) in shares outstanding before conversion		(251,824	)		(3,742,992	)
Shares purchased upon conversion into other share class(es)		(287,566	)		(4,259,345	)
Net increase (decrease) in shares outstanding		(539,390	)	$	(8,002,337	)

PGIM Balanced Fund    121

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
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	)
Class R
Six months ended March 31, 2023:
Shares sold		120		$	1,750
Shares issued in reinvestment of dividends and distributions		97			1,438
Shares purchased		(6,418	)		(92,805	)
Net increase (decrease) in shares outstanding		(6,201	)	$	(89,617	)
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	)
Class Z
Six months ended March 31, 2023:
Shares sold		687,886		$	10,281,227
Shares issued in reinvestment of dividends and distributions		77,115			1,157,903
Shares purchased		(1,251,271	)		(18,440,066	)
Net increase (decrease) in shares outstanding before conversion		(486,270	)		(7,000,936	)
Shares issued upon conversion from other share class(es)		118,964			1,739,338
Shares purchased upon conversion into other share class(es)		(7,839	)		(116,296	)
Net increase (decrease) in shares outstanding		(375,145	)	$	(5,377,894	)
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	)

122

Share Class	Shares			Amount
Class R6
Six months ended March 31, 2023:
Shares sold		579,928		$	8,610,387
Shares issued in reinvestment of dividends and distributions		61,733			927,651
Shares purchased		(669,787	)		(9,917,647	)
Net increase (decrease) in shares outstanding before conversion		(28,126	)		(379,609	)
Shares issued upon conversion from other share class(es)		40,248			596,278
Shares purchased upon conversion into other share class(es)		(76	)		(1,171	)
Net increase (decrease) in shares outstanding		12,046		$	215,498
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

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

	SCA
Term of Commitment	9/30/2022 - 9/28/2023
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	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

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

PGIM Balanced Fund    123

Notes to Financial Statements (unaudited) (continued)

The Fund did not utilize the SCA during the reporting period ended March 31, 2023.

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.

124

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.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. 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

PGIM Balanced Fund    125

Notes to Financial Statements (unaudited) (continued)

classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

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

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

126

may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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 future public health epidemics may have, an impact on the Fund’s investments and net asset value and

PGIM Balanced Fund    127

Notes to Financial Statements (unaudited) (continued)

have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the 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.

128

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

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

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

PGIM Balanced Fund    129

Liquidity Risk Management Program

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

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

At a meeting of the Board on March 7-9, 2023, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2022 through December 31, 2022 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

Visit our website at pgim.com/investments

∎ 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, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer · Drew Donohue, 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 · Russ Shupak, Treasurer and Principal Accounting Officer · Lana Lomuti, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert W. McCormack, 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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

PGIM BALANCED FUND

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

MF185E2

PGIM JENNISON GROWTH FUND

SEMIANNUAL REPORT

MARCH 31, 2023

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

Table of Contents

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

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

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

The accompanying financial statements as of March 31, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2    Visit our website at pgim.com/investments

Letter from the President

	Dear Shareholder:
	We hope you find the semiannual report for the PGIM Jennison Growth Fund informative and useful. The report covers performance for the six-month period ended March 31, 2023. 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

May 15, 2023

PGIM Jennison Growth Fund    3

Your Fund’s Performance

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

	Total Returns as of 3/31/23 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 3/31/23
		(with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	17.07	-19.31	9.47	13.12	—
Class C	16.66	-16.02	9.97	12.98	—
Class R	16.95	-14.76	10.48	13.52	—
Class Z	17.25	-14.33	11.06	14.11	—
Class R2	17.02	-14.69	10.61	N/A	10.67 (11/28/2017)
Class R4	17.18	-14.49	10.89	N/A	10.95 (11/28/2017)
Class R6	17.32	-14.24	11.19	N/A	12.58 (09/27/2017)
Russell 1000® Growth Index
	16.88	-10.90	13.66	14.59	—
S&P 500 Index
	15.62	-7.73	11.19	12.24	—

Average Annual Total Returns as of 3/31/23 Since Inception (%)
	Class R2, Class R4 (11/28/2017)	Class R6   (09/27/2017)
Russell 1000® Growth Index	13.22	14.19
S&P 500 Index	10.52	11.26

*Not annualized

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

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

	Class A	Class C	Class R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of     purchase	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	0.10%*	0.10%*	None

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

Benchmark Definitions

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

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

*The S&P 500 Index 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 © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

PGIM Jennison Growth Fund    5

Your Fund’s Performance (continued)

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

Presentation of Fund Holdings as of 3/31/23

Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	7.7%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	6.9%
Apple, Inc.	Technology Hardware, Storage & Peripherals	6.6%
Amazon.com, Inc.	Broadline Retail	4.9%
Tesla, Inc.	Automobiles	4.4%
Visa, Inc. (Class A Stock)	Financial Services	3.4%
LVMH Moet Hennessy Louis Vuitton SE (France)	Textiles, Apparel & Luxury Goods	3.1%
Mastercard, Inc. (Class A Stock)	Financial Services	2.7%
Eli Lilly & Co.	Pharmaceuticals	2.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.3%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Growth Fund    7

Fees and Expenses (continued)

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

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

PGIM Jennison Growth Fund		Beginning Account Value     October 1, 2022	Ending Account Value   March 31, 2023	Annualized Expense     Ratio Based on the     Six-Month Period	Expenses Paid During the   Six-Month Period*
Class A	Actual Hypothetical	$1,000.00 $1,000.00	$1,170.70 $1,019.85	1.02% 1.02%	$5.52 $5.14
Class C	Actual Hypothetical	$1,000.00 $1,000.00	$1,166.60 $1,016.36	1.72% 1.72%	$9.29 $8.65
Class R	Actual Hypothetical	$1,000.00 $1,000.00	$1,169.50 $1,018.85	1.22% 1.22%	$6.60 $6.14
Class Z	Actual Hypothetical	$1,000.00 $1,000.00	$1,172.50 $1,021.39	0.71% 0.71%	$3.85 $3.58
Class R2	Actual Hypothetical	$1,000.00 $1,000.00	$1,170.20 $1,019.45	1.10% 1.10%	$5.95 $5.54
Class R4	Actual Hypothetical	$1,000.00 $1,000.00	$1,171.80 $1,020.69	0.85% 0.85%	$4.60 $4.28
Class R6	Actual Hypothetical	$1,000.00 $1,000.00	$1,173.20 $1,022.04	0.58% 0.58%	$3.14 $2.92

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended March 31, 2023, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments  (unaudited)

as of March 31, 2023

Description	Shares		Value
LONG-TERM INVESTMENTS    100.0%
COMMON STOCKS    99.0%
Aerospace & Defense    0.4%
Northrop Grumman Corp.		47,473	$	21,919,234
Automobiles    4.4%
Tesla, Inc.*		1,216,268		252,326,959
Biotechnology    1.4%
Vertex Pharmaceuticals, Inc.*		248,363		78,251,730
Broadline Retail    6.8%
Amazon.com, Inc.*		2,710,888		280,007,621
MercadoLibre, Inc. (Brazil)*		81,906		107,957,022
				387,964,643
Capital Markets    2.2%
Goldman Sachs Group, Inc. (The)		87,350		28,573,059
Moody’s Corp.		83,849		25,659,471
S&P Global, Inc.		218,381		75,291,217
				129,523,747
Consumer Finance    0.3%
American Express Co.		104,910		17,304,904
Consumer Staples Distribution & Retail    2.1%
Costco Wholesale Corp.		240,394		119,444,567
Energy Equipment & Services    1.4%
Schlumberger NV		1,682,438		82,607,706
Entertainment    2.1%
Netflix, Inc.*		265,326		91,664,827
ROBLOX Corp. (Class A Stock)*		687,044		30,903,239
				122,568,066
Financial Services    7.3%
Adyen NV (Netherlands), 144A*		42,934		68,412,272
Mastercard, Inc. (Class A Stock)		433,657		157,595,290
Visa, Inc. (Class A Stock)(a)		852,220		192,141,521
				418,149,083

See Notes to Financial Statements.

PGIM Jennison Growth Fund    9

Schedule of Investments  (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Ground Transportation    1.7%
Uber Technologies, Inc.*(a)		3,077,048	$	97,542,422
Health Care Equipment & Supplies    2.3%
Abbott Laboratories(a)		113,360		11,478,834
Dexcom, Inc.*(a)		473,574		55,019,827
Intuitive Surgical, Inc.*		250,998		64,122,459
				130,621,120
Health Care Providers & Services    1.7%
UnitedHealth Group, Inc.		207,007		97,829,438
Hotels, Restaurants & Leisure    3.2%
Airbnb, Inc. (Class A Stock)*		451,832		56,207,901
Chipotle Mexican Grill, Inc.*		19,298		32,966,580
Marriott International, Inc. (Class A Stock)		335,234		55,662,253
McDonald’s Corp.		143,739		40,190,862
				185,027,596
Interactive Media & Services    5.7%
Alphabet, Inc. (Class A Stock)*		1,279,545		132,727,203
Alphabet, Inc. (Class C Stock)*		1,258,381		130,871,624
Meta Platforms, Inc. (Class A Stock)*		295,539		62,636,535
				326,235,362
IT Services    1.1%
Snowflake, Inc. (Class A Stock)*(a)		399,126		61,581,151
Life Sciences Tools & Services    2.1%
Danaher Corp.		292,320		73,676,333
Thermo Fisher Scientific, Inc.		84,738		48,840,441
				122,516,774
Media    0.5%
Trade Desk, Inc. (The) (Class A Stock)*(a)		481,413		29,322,866
Personal Care Products    1.6%
Estee Lauder Cos., Inc. (The) (Class A Stock)		71,427		17,603,898
L’Oreal SA (France)		162,576		72,645,902
				90,249,800

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals     6.0%
AstraZeneca PLC (United Kingdom), ADR(a)		788,799	$	54,750,538
Eli Lilly & Co.		453,564		155,762,949
Novo Nordisk A/S (Denmark), ADR		824,650		131,234,801
				341,748,288
Semiconductors & Semiconductor Equipment     12.6%
Advanced Micro Devices, Inc.*		1,285,404		125,982,446
ASML Holding NV (Netherlands)(a)		119,405		81,280,178
Broadcom, Inc.(a)		183,821		117,928,524
NVIDIA Corp.		1,420,132		394,470,066
				719,661,214
Software     12.9%
Adobe, Inc.*		221,980		85,544,433
Atlassian Corp. (Class A Stock)*(a)		322,099		55,133,686
Cadence Design Systems, Inc.*		194,309		40,822,378
Crowdstrike Holdings, Inc. (Class A Stock)*		324,567		44,550,066
Microsoft Corp.		1,526,234		440,013,262
Salesforce, Inc.*(a)		373,957		74,709,129
				740,772,954
Specialized REITs     1.3%
American Tower Corp.		372,190		76,053,305
Specialty Retail     4.0%
Home Depot, Inc. (The)		237,765		70,169,207
O’Reilly Automotive, Inc.*		71,127		60,385,400
TJX Cos., Inc. (The)		979,753		76,773,445
Ulta Beauty, Inc.*		37,094		20,241,083
				227,569,135
Technology Hardware, Storage & Peripherals     6.6%
Apple, Inc.		2,300,308		379,320,789
Textiles, Apparel & Luxury Goods     6.0%
Lululemon Athletica, Inc.*		264,384		96,286,009
LVMH Moet Hennessy Louis Vuitton SE (France)		196,731		180,581,073
NIKE, Inc. (Class B Stock)		554,365		67,987,323
				344,854,405

See Notes to Financial Statements.

PGIM Jennison Growth Fund    11

Schedule of Investments   (unaudited) (continued)

as of March 31, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services     1.3%
T-Mobile US, Inc.*(a)		501,503	$	72,637,695
TOTAL COMMON STOCKS (cost $2,870,770,179)				5,673,604,953
PREFERRED STOCK     1.0%
Automobiles
Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)* (cost $40,661,105)		431,887		55,432,381
TOTAL LONG-TERM INVESTMENTS (cost $2,911,431,284)				5,729,037,334
SHORT-TERM INVESTMENTS     7.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund(wi)		122		122
PGIM Institutional Money Market Fund (cost $445,106,411; includes $443,567,737 of cash collateral for securities on loan)(b)(wi)		445,505,813		445,283,061
TOTAL SHORT-TERM INVESTMENTS (cost $445,106,533)				445,283,183
TOTAL INVESTMENTS     107.8% (cost $3,356,537,817)				6,174,320,517
Liabilities in excess of other assets     (7.8)%				(445,340,906	)
NET ASSETS     100.0%			$	5,728,979,611

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

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

ADR—American Depositary Receipt

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 $440,461,958; cash collateral of $443,567,737 (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.

See Notes to Financial Statements.

12

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

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of March 31, 2023 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	21,919,234	$	—	$—
Automobiles		252,326,959		—	—
Biotechnology		78,251,730		—	—
Broadline Retail		387,964,643		—	—
Capital Markets		129,523,747		—	—
Consumer Finance		17,304,904		—	—
Consumer Staples Distribution & Retail		119,444,567		—	—
Energy Equipment & Services		82,607,706		—	—
Entertainment		122,568,066		—	—
Financial Services		349,736,811		68,412,272	—
Ground Transportation		97,542,422		—	—
Health Care Equipment & Supplies		130,621,120		—	—
Health Care Providers & Services		97,829,438		—	—
Hotels, Restaurants & Leisure		185,027,596		—	—
Interactive Media & Services		326,235,362		—	—
IT Services		61,581,151		—	—
Life Sciences Tools & Services		122,516,774		—	—
Media		29,322,866		—	—
Personal Care Products		17,603,898		72,645,902	—
Pharmaceuticals		341,748,288		—	—
Semiconductors & Semiconductor Equipment		719,661,214		—	—
Software		740,772,954		—	—
Specialized REITs		76,053,305		—	—
Specialty Retail		227,569,135		—	—
Technology Hardware, Storage & Peripherals		379,320,789		—	—
Textiles, Apparel & Luxury Goods		164,273,332		180,581,073	—
Wireless Telecommunication Services		72,637,695		—	—

See Notes to Financial Statements.

PGIM Jennison Growth Fund    13

Schedule of Investments   (unaudited) (continued)

as of March 31, 2023

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Preferred Stock
Automobiles	$	—	$	55,432,381		$—
Short-Term Investments
Affiliated Mutual Funds		445,283,183		—		—
Total	$	5,797,248,889	$	377,071,628		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2023 were as follows:

Software	12.9	%
Semiconductors & Semiconductor Equipment	12.6
Affiliated Mutual Funds (7.7% represents investments purchased with collateral from securities on loan)	7.8
Financial Services	7.3
Broadline Retail	6.8
Technology Hardware, Storage & Peripherals	6.6
Textiles, Apparel & Luxury Goods	6.0
Pharmaceuticals	6.0
Interactive Media & Services	5.7
Automobiles	5.4
Specialty Retail	4.0
Hotels, Restaurants & Leisure	3.2
Health Care Equipment & Supplies	2.3
Capital Markets	2.2
Entertainment	2.1
Life Sciences Tools & Services	2.1

Consumer Staples Distribution & Retail	2.1	%
Health Care Providers & Services	1.7
Ground Transportation	1.7
Personal Care Products	1.6
Energy Equipment & Services	1.4
Biotechnology	1.4
Specialized REITs	1.3
Wireless Telecommunication Services	1.3
IT Services	1.1
Media	0.5
Aerospace & Defense	0.4
Consumer Finance	0.3
	107.8
Liabilities in excess of other assets	(7.8	)
	100.0	%

See Notes to Financial Statements.

14

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized         Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$440,461,958	$(440,461,958)	$—

(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    15

Statement of Assets and Liabilities  (unaudited)

as of March 31, 2023

Assets
Investments at value, including securities on loan of $440,461,958:
Unaffiliated investments (cost $2,911,431,284)	$	5,729,037,334
Affiliated investments (cost $445,106,533)		445,283,183
Cash		1
Receivable for investments sold		14,346,827
Receivable for Fund shares sold		5,071,190
Dividends receivable		1,385,133
Tax reclaim receivable		291,807
Prepaid expenses		17,531
Total Assets		6,195,433,006
Liabilities
Payable to broker for collateral for securities on loan		443,567,737
Payable for Fund shares purchased		10,256,358
Loan payable		4,128,000
Payable for investments purchased		2,748,870
Management fee payable		2,610,378
Accrued expenses and other liabilities		2,413,838
Distribution fee payable		519,271
Affiliated transfer agent fee payable		208,943
Total Liabilities		466,453,395
Net Assets	$	5,728,979,611
Net assets were comprised of:
Common stock, at par	$	125,694
Paid-in capital in excess of par		2,805,953,814
Total distributable earnings (loss)		2,922,900,103
Net assets, March 31, 2023	$	5,728,979,611

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($1,410,140,837 ÷ 33,090,726 shares of common stock issued and outstanding)	$	42.61
Maximum sales charge (5.50% of offering price)		2.48
Maximum offering price to public	$	45.09
Class C
Net asset value, offering price and redemption price per share, ($96,735,762 ÷ 3,333,167 shares of common stock issued and outstanding)	$	29.02
Class R
Net asset value, offering price and redemption price per share, ($235,468,481 ÷ 6,821,560 shares of common stock issued and outstanding)	$	34.52
Class Z
Net asset value, offering price and redemption price per share, ($2,733,131,906 ÷ 56,636,019 shares of common stock issued and outstanding)	$	48.26
Class R2
Net asset value, offering price and redemption price per share, ($1,631,996 ÷ 34,691 shares of common stock issued and outstanding)	$	47.04
Class R4
Net asset value, offering price and redemption price per share, ($14,975,213 ÷ 313,078 shares of common stock issued and outstanding)	$	47.83
Class R6
Net asset value, offering price and redemption price per share, ($1,236,895,416 ÷ 25,464,493 shares of common stock issued and outstanding)	$	48.57

See Notes to Financial Statements.

PGIM Jennison Growth Fund    17

Statement of Operations  (unaudited)

Six Months Ended March 31, 2023

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $361,887 foreign withholding tax)	$	19,276,953
Affiliated income from securities lending, net		400,895
Affiliated dividend income		57,280
Total income		19,735,128
Expenses
Management fee		14,774,189
Distribution fee(a)		3,272,612
Shareholder servicing fees(a)		9,754
Transfer agent’s fees and expenses (including affiliated expense of $395,995)(a)		2,751,891
Custodian and accounting fees		149,773
Shareholders’ reports		108,361
Registration fees(a)		62,775
Directors’ fees		41,489
Professional fees		26,675
Audit fee		11,967
Miscellaneous		67,910
Total expenses		21,277,396
Less: Fee waiver and/or expense reimbursement(a)		(7,995	)
Distribution fee waiver(a)		(282,139	)
Net expenses		20,987,262
Net investment income (loss)		(1,252,134	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $55,073)		171,618,287
Foreign currency transactions		(21,100	)
		171,597,187
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $54,846)		681,519,920
Foreign currencies		160,889
		681,680,809
Net gain (loss) on investment and foreign currency transactions		853,277,996
Net Increase (Decrease) In Net Assets Resulting From Operations	$	852,025,862

See Notes to Financial Statements.

18

(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		1,954,939		465,522		846,418			—		5,733			—			—
Shareholder servicing fees		—		—		—			—		2,293			7,461			—
Transfer agent’s fees and expenses		916,400		57,840		156,716			1,598,667		4,191			14,297			3,780
Registration fees		15,780		7,910		4,872			19,354		3,327			2,703			8,829
Fee waiver and/or expense reimbursement		—		—		—			—		(3,633	)		(4,362	)		—
Distribution fee waiver		—		—		(282,139	)		—		—			—			—

See Notes to Financial Statements.

PGIM Jennison Growth Fund    19

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended March 31, 2023				Year Ended September 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(1,252,134	)		$	(23,094,123	)
Net realized gain (loss) on investment and foreign currency transactions			171,597,187				193,970,321
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			681,680,809				(2,949,366,926	)
Net increase (decrease) in net assets resulting from operations			852,025,862				(2,778,490,728	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(33,330,006	)			(280,939,495	)
Class C			(3,483,621	)			(31,630,818	)
Class R			(6,850,731	)			(53,351,055	)
Class Z			(58,070,492	)			(550,612,131	)
Class R2			(109,679	)			(811,837	)
Class R4			(311,583	)			(3,344,480	)
Class R6			(22,191,684	)			(145,532,237	)
			(124,347,796	)			(1,066,222,053	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			532,395,059				1,433,891,050
Net asset value of shares issued in reinvestment of dividends and distributions			114,468,735				981,630,936
Cost of shares purchased			(743,694,369	)			(1,936,395,564	)
Net increase (decrease) in net assets from Fund share transactions			(96,830,575	)			479,126,422
Total increase (decrease)			630,847,491				(3,365,586,359	)
Net Assets:
Beginning of period			5,098,132,120				8,463,718,479
End of period		$	5,728,979,611			$	5,098,132,120

See Notes to Financial Statements.

20

Financial Highlights(unaudited)

Class A Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$37.36			$64.97			$57.22			$39.94			$42.79			$35.78
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		(0.27	)		(0.40	)		(0.21	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.30			(18.61	)		13.46			20.86			(0.71	)		9.23
Total from investment operations		6.25			(18.88	)		13.06			20.65			(0.80	)		9.13
Less Dividends and Distributions:
Distributions from net realized gains		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$42.61			$37.36			$64.97			$57.22			$39.94			$42.79
Total Return(b):		17.07	%		(34.17	)%		24.17	%		55.32	%		(1.25	)%		26.60	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,410,141			$1,277,205			$2,112,035			$1,816,527			$1,266,661			$1,349,940
Average net assets (000)		$1,306,873			$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		1.02	%(d)		0.99	%		0.97	%		1.00	%		1.03	%		1.02	%
Expenses before waivers and/or expense reimbursement		1.02	%(d)		0.99	%		0.97	%		1.00	%		1.03	%		1.02	%
Net investment income (loss)		(0.27	)%(d)		(0.53	)%		(0.65	)%		(0.46	)%		(0.24	)%		(0.26	)%
Portfolio turnover rate(e)		19	%		35	%		46	%		49	%		43	%		40	%

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

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

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

(d) Annualized.

(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 Jennison Growth Fund    21

Financial Highlights  (unaudited) (continued)

Class C Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$25.84			$47.75			$43.62			$31.38			$34.34			$29.29
Income (loss) from investment operations:
Net investment income (loss)		(0.13	)		(0.43	)		(0.61	)		(0.39	)		(0.27	)		(0.30	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.31			(12.75	)		10.05			16.00			(0.64	)		7.47
Total from investment operations		4.18			(13.18	)		9.44			15.61			(0.91	)		7.17
Less Dividends and Distributions:
Distributions from net realized gains		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$29.02			$25.84			$47.75			$43.62			$31.38			$34.34
Total Return(b):		16.66	%		(34.61	)%		23.33	%		54.27	%		(1.92	)%		25.76	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$96,736			$96,604			$175,778			$165,724			$119,260			$175,142
Average net assets (000)		$93,360			$140,735			$175,013			$135,568			$145,286			$148,000
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.72	%(d)		1.68	%		1.66	%		1.68	%		1.70	%		1.69	%
Expenses before waivers and/or expense reimbursement		1.72	%(d)		1.68	%		1.66	%		1.68	%		1.70	%		1.69	%
Net investment income (loss)		(0.97	)%(d)		(1.22	)%		(1.33	)%		(1.13	)%		(0.89	)%		(0.94	)%
Portfolio turnover rate(e)		19	%		35	%		46	%		49	%		43	%		40	%

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

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

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

(d) Annualized.

(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.

22

Class R Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$30.48			$54.62			$48.99			$34.71			$37.57			$31.72
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.31	)		(0.46	)		(0.25	)		(0.15	)		(0.16	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.11			(15.10	)		11.40			17.90			(0.66	)		8.13
Total from investment operations		5.04			(15.41	)		10.94			17.65			(0.81	)		7.97
Less Dividends and Distributions:
Distributions from net realized gains		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$34.52			$30.48			$54.62			$48.99			$34.71			$37.57
Total Return(b):		16.95	%		(34.30	)%		23.88	%		54.99	%		(1.46	)%		26.34	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$235,468			$214,699			$340,339			$300,323			$266,084			$332,402
Average net assets (000)		$226,331			$285,127			$334,043			$278,701			$282,917			$334,713
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.22	%(d)		1.21	%		1.21	%		1.21	%		1.23	%		1.23	%
Expenses before waivers and/or expense reimbursement		1.47	%(d)		1.46	%		1.46	%		1.46	%		1.48	%		1.48	%
Net investment income (loss)		(0.47	)%(d)		(0.75	)%		(0.88	)%		(0.66	)%		(0.43	)%		(0.47	)%
Portfolio turnover rate(e)		19	%		35	%		46	%		49	%		43	%		40	%

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

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

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

(d) Annualized.

(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 Jennison Growth Fund    23

Financial Highlights  (unaudited) (continued)

Class Z Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$42.12			$71.99			$62.71			$43.34			$46.12			$38.30
Income (loss) from investment operations:
Net investment income (loss)		0.01	(b)		(0.13	)		(0.25	)		(0.07	)		0.04			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.13			(21.01	)		14.84			22.81			(0.75	)		9.92
Total from investment operations		7.14			(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		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Total dividends and distributions		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.07	)		(2.12	)
Net asset value, end of period		$48.26			$42.12			$71.99			$62.71			$43.34			$46.12
Total Return(c):		17.25	%		(33.95	)%		24.51	%		55.83	%		(0.95	)%		26.99	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,733,132			$2,511,302			$4,578,256			$4,149,643			$3,028,962			$3,533,891
Average net assets (000)		$2,548,767			$3,714,344			$4,536,203			$3,436,278			$3,237,702			$3,107,412
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.71	%(e)		0.69	%		0.69	%		0.69	%		0.71	%		0.71	%
Expenses before waivers and/or expense reimbursement		0.71	%(e)		0.69	%		0.69	%		0.69	%		0.71	%		0.71	%
Net investment income (loss)		0.05	%(e)		(0.23	)%		(0.36	)%		(0.15	)%		0.09	%		0.04	%
Portfolio turnover rate(f)		19	%		35	%		46	%		49	%		43	%		40	%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

24

Class R2 Shares
	Six Months Ended March 31,			Year Ended September 30,												November 28, 2017(a) through September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$41.16			$70.81			$61.99			$43.05			$45.99			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.35	)		(0.52	)		(0.27	)		(0.14	)		(0.32	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.95			(20.57	)		14.65			22.58			(0.75	)		7.19
Total from investment operations		6.88			(20.92	)		14.13			22.31			(0.89	)		6.87
Less Dividends and Distributions:
Distributions from net realized gains		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$47.04			$41.16			$70.81			$61.99			$43.05			$45.99
Total Return(c):		17.02	%		(34.23	)%		24.00	%		55.19	%		(1.37	)%		17.60	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,632			$4,516			$6,175			$4,534			$3,084			$7,815
Average net assets (000)		$4,599			$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	%(e)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(e)
Expenses before waivers and/or
expense reimbursement		1.26	%(e)		1.21	%		1.24	%		1.45	%		1.41	%		3.11	%(e)
Net investment income (loss)		(0.34	)%(e)		(0.63	)%		(0.78	)%		(0.56	)%		(0.33	)%		(0.86	)%(e)
Portfolio turnover rate(f)		19	%		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    25

Financial Highlights  (unaudited) (continued)

Class R4 Shares
	Six Months Ended March 31,			Year Ended September 30,												November 28, 2017(a) through September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$41.78			$71.59			$62.48			$43.26			$46.08			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.22	)		(0.37	)		(0.15	)		(0.03	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.07			(20.86	)		14.79			22.74			(0.74	)		7.18
Total from investment operations		7.05			(21.08	)		14.42			22.59			(0.77	)		6.96
Less Dividends and Distributions:
Distributions from net realized gains		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$47.83			$41.78			$71.59			$62.48			$43.26			$46.08
Total Return(c):		17.18	%		(34.07	)%		24.30	%		55.59	%		(1.09	)%		17.83	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,975			$16,676			$27,267			$6,840			$3,969			$372
Average net assets (000)		$14,963			$22,892			$11,773			$4,883			$4,125			$38
Ratios to average net assets(d):
Expenses after waivers and/or
expense reimbursement		0.85	%(e)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(e)
Expenses before waivers and/or
expense reimbursement		0.91	%(e)		0.88	%		0.85	%		1.12	%		1.22	%		57.88	%(e)
Net investment income (loss)		(0.09	)%(e)		(0.39	)%		(0.52	)%		(0.31	)%		(0.06	)%		(0.62	)%(e)
Portfolio turnover rate(f)		19	%		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.

26

Class R6 Shares
	Six Months Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$42.36			$72.29			$62.87			$43.41			$46.19			$38.30
Income (loss) from investment operations:
Net investment income (loss)		0.04	(b)		(0.06	)		(0.18	)		(0.02	)		0.08			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.17			(21.14	)		14.91			22.85			(0.75	)		9.93
Total from investment operations		7.21			(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		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.05	)		(2.12	)
Total dividends and distributions		(1.00	)		(8.73	)		(5.31	)		(3.37	)		(2.11	)		(2.12	)
Net asset value, end of period		$48.57			$42.36			$72.29			$62.87			$43.41			$46.19
Total Return(c):		17.32	%		(33.88	)%		24.64	%		55.98	%		(0.83	)%		27.18	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,236,895			$977,130			$1,223,868			$609,443			$349,897			$91,625
Average net assets (000)		$1,042,298			$1,183,306			$951,504			$427,945			$205,755			$50,011
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58	%(e)		0.58	%		0.57	%		0.58	%		0.59	%		0.60	%
Expenses before waivers and/or expense reimbursement		0.58	%(e)		0.58	%		0.57	%		0.58	%		0.59	%		0.62	%
Net investment income (loss)		0.18	%(e)		(0.10	)%		(0.26	)%		(0.04	)%		0.19	%		0.18	%
Portfolio turnover rate(f)		19	%		35	%		46	%		49	%		43	%		40	%

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

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

(c) 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    27

Notes to Financial Statements  (unaudited)

1. Organization

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

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

28

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

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

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on 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 the issuer; the prices of any recent transactions or bids/offers for such securities or any

PGIM Jennison Growth Fund    29

Notes to Financial Statements  (unaudited) (continued)

comparable securities; any available analyst media or other reports or information deemed reliable by the 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 Fund’s exposure to the counterparty. However, there is no assurance that such mitigating

30

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

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

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

PGIM Jennison Growth Fund    31

Notes to Financial Statements  (unaudited) (continued)

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.

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.

32

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 March 31, 2023, 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;		0.57%
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		—
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

PGIM Jennison Growth Fund    33

Notes to Financial Statements  (unaudited) (continued)

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 rates 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 reporting period ended March 31, 2023, 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		$321,920	$	320
C		—		6,194

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

34

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 Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2023, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2023, were as follows:

Cost of Purchases	Proceeds from Sales
$988,150,002	$1,201,656,163

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2023, is presented as follows:

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund(1)(wi)
$          —	$	59,654,085	$	59,653,963	$	—	$	—	$	122		122	$57,280

PGIM Jennison Growth Fund    35

Notes to Financial Statements  (unaudited) (continued)

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
PGIM Institutional Money Market Fund(1)(b)(wi)
$211,699,967		$2,553,139,128		$2,319,665,953		$54,846		$55,073		$445,283,061		445,505,813	$400,895(2)
$211,699,967		$2,612,793,213		$2,379,319,916		$54,846		$55,073		$445,283,183			$458,175

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2023 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$3,403,422,289	$2,895,251,683	$(124,353,455)	$2,770,898,228

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

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

36

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.

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

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

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

As of March 31, 2023, 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
Z	18,707		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	4	42.1

PGIM Jennison Growth Fund    37

Notes to Financial Statements  (unaudited) (continued)

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2023:
Shares sold		865,944		$	33,277,802
Shares issued in reinvestment of dividends and distributions		858,634			32,370,492
Shares purchased		(2,799,079	)		(108,132,099	)
Net increase (decrease) in shares outstanding before conversion		(1,074,501	)		(42,483,805	)
Shares issued upon conversion from other share class(es)		168,643			6,491,056
Shares purchased upon conversion into other share class(es)		(186,110	)		(7,232,869	)
Net increase (decrease) in shares outstanding		(1,091,968	)	$	(43,225,618	)
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
Class C
Six months ended March 31, 2023:
Shares sold		181,897		$	4,824,600
Shares issued in reinvestment of dividends and distributions		132,693			3,414,199
Shares purchased		(511,321	)		(13,471,991	)
Net increase (decrease) in shares outstanding before conversion		(196,731	)		(5,233,192	)
Shares purchased upon conversion into other share class(es)		(208,510	)		(5,501,535	)
Net increase (decrease) in shares outstanding		(405,241	)	$	(10,734,727	)
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

38

Share Class	Shares			Amount
Class R
Six months ended March 31, 2023:
Shares sold		549,462		$	15,996,196
Shares issued in reinvestment of dividends and distributions		224,105			6,848,640
Shares purchased		(996,113	)		(32,126,563	)
Net increase (decrease) in shares outstanding before conversion		(222,546	)		(9,281,727	)
Shares purchased upon conversion into other share class(es)		(264	)		(8,364	)
Net increase (decrease) in shares outstanding		(222,810	)	$	(9,290,091	)
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
Class Z
Six months ended March 31, 2023:
Shares sold		5,831,785		$	253,600,239
Shares issued in reinvestment of dividends and distributions		1,250,305			53,325,489
Shares purchased		(10,141,617	)		(442,205,395	)
Net increase (decrease) in shares outstanding before conversion		(3,059,527	)		(135,279,667	)
Shares issued upon conversion from other share class(es)		186,829			8,207,020
Shares purchased upon conversion into other share class(es)		(114,663	)		(5,105,612	)
Net increase (decrease) in shares outstanding		(2,987,361	)	$	(132,178,259	)
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	)
Class R2
Six months ended March 31, 2023:
Shares sold		5,876		$	249,015
Shares issued in reinvestment of dividends and distributions		2,635			109,679
Shares purchased		(83,527	)		(3,782,884	)
Net increase (decrease) in shares outstanding		(75,016	)	$	(3,424,190	)

PGIM Jennison Growth Fund    39

Notes to Financial Statements  (unaudited) (continued)

Share Class	Shares				Amount
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
Class R4
Six months ended March 31, 2023:
Shares sold		9,224			$	401,594
Shares issued in reinvestment of dividends and distributions		6,953				294,128
Shares purchased		(102,202	)			(4,438,227	)
Net increase (decrease) in shares outstanding		(86,025	)		$	(3,742,505	)
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
Class R6
Six months ended March 31, 2023:
Shares sold		5,034,398			$	224,045,613
Shares issued in reinvestment of dividends and distributions		421,857				18,106,108
Shares purchased		(3,127,338	)			(139,537,210	)
Net increase (decrease) in shares outstanding before conversion		2,328,917				102,614,511
Shares issued upon conversion from other share class(es)		69,470				3,150,855
Shares purchased upon conversion into other share class(es)		(12	)			(551	)
Net increase (decrease) in shares outstanding		2,398,375			$	105,764,815
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

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

40

group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

	SCA
Term of Commitment	9/30/2022 - 9/28/2023
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	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

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

The Fund utilized the SCA during the reporting period ended March 31, 2023. The average daily balance for the 17 days that the Fund had loans outstanding during the period was approximately $8,180,353, borrowed at a weighted average interest rate of 4.80%. The maximum loan outstanding amount during the period was $42,431,000. At March 31, 2023, the Fund had an outstanding loan balance of $4,128,000.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. 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.

PGIM Jennison Growth Fund    41

Notes to Financial Statements  (unaudited) (continued)

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.

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

42

or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

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

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

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 future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may result in

PGIM Jennison Growth Fund    43

Notes to Financial Statements  (unaudited) (continued)

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.

44

Liquidity Risk Management Program

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

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

At a meeting of the Board on March 7-9, 2023, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2022 through December 31, 2022 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Jennison Growth Fund    45

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ● Drew Donohue, 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 ● Russ Shupak, Treasurer and Principal Accounting Officer ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer ● Robert W. McCormack, 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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

PGIM JENNISON GROWTH FUND
SHARE CLASS	A	C	R	Z	R2	R4	R6
NASDAQ	PJFAX	PJFCX	PJGRX	PJFZX	PJFOX	PJFPX	PJFQX
CUSIP	74437E107	74437E305	74437E651	74437E404	74437E420	74437E412	74437E479
MF168E2

PGIM JENNISON FOCUSED VALUE FUND

SEMIANNUAL REPORT

MARCH 31, 2023

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

Table of Contents

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

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

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

The accompanying financial statements as of March 31, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:   We hope you find the semiannual report for the PGIM Jennison Focused Value Fund informative and useful. The report covers performance for the six-month period ended March 31, 2023.   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

May 15, 2023

PGIM Jennison Focused Value Fund    3

Your Fund’s Performance

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

	Total Returns as of 3/31/23 (without sales charges)	Average Annual Total Returns as of 3/31/23 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	11.71	-13.10	2.23	6.79	—
Class C	11.15	-9.93	2.48	6.55	—
Class R	11.50	-8.38	2.98	7.06	—
Class Z	11.98	-7.68	3.73	7.73	—
Class R6	11.95	-7.75	3.67	N/A	5.66 (11/25/2014)
Russell 1000 Value Index
	13.55	-5.91	7.50	9.13	—

Average Annual Total Returns as of 3/31/23 Since Inception (%)
	Class R6 (11/25/2014)
Russell 1000 Value Index	7.31

*Not annualized

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

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

	Class A	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	0.75% (0.50% currently)	None	None

Benchmark Definition

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

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

PGIM Jennison Focused Value Fund    5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/23

Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas & Consumable Fuels	7.0%
Microsoft Corp.	Software	4.6%
Walmart, Inc.	Consumer Staples Distribution & Retail	4.6%
AstraZeneca plc (United Kingdom), ADR	Pharmaceuticals	4.6%
Chubb Ltd.	Insurance	4.2%
Linde plc	Chemicals	3.9%
Eli Lilly & Co.	Pharmaceuticals	3.9%
Union Pacific Corp.	Ground Transportation	3.4%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	3.3%
JPMorgan Chase & Co.	Banks	3.2%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Focused Value Fund    7

Fees and Expenses (continued)

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

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

PGIM Jennison Focused Value Fund		Beginning Account Value      October 1, 2022	Ending Account Value   March 31, 2023	Annualized Expense Ratio Based on the   Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual	$1,000.00	$1,117.10	1.16%	$  6.12
	Hypothetical	$1,000.00	$1,019.15	1.16%	$  5.84
Class C	Actual	$1,000.00	$1,111.50	2.24%	$11.79
	Hypothetical	$1,000.00	$1,013.76	2.24%	$11.25
Class R	Actual	$1,000.00	$1,115.00	1.53%	$  8.07
	Hypothetical	$1,000.00	$1,017.30	1.53%	$  7.70
Class Z	Actual	$1,000.00	$1,119.80	0.75%	$  3.96
	Hypothetical	$1,000.00	$1,021.19	0.75%	$  3.78
Class R6	Actual	$1,000.00	$1,119.50	0.75%	$  3.96
	Hypothetical	$1,000.00	$1,021.19	0.75%	$  3.78

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended March 31, 2023, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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 Schedule of Investments  (unaudited)

  as of March 31, 2023

Description	Shares		Value
LONG-TERM INVESTMENTS    98.0%
COMMON STOCKS
Aerospace & Defense    5.4%
Airbus SE (France)		41,634	$	5,560,951
Raytheon Technologies Corp.		41,213		4,035,989
				9,596,940
Automobile Components    1.9%
Aptiv PLC*		30,850		3,461,061
Automobiles    1.9%
General Motors Co.		92,828		3,404,931
Banks    8.3%
Bank of America Corp.		122,841		3,513,252
JPMorgan Chase & Co.		44,790		5,836,585
PNC Financial Services Group, Inc. (The)		25,778		3,276,384
Truist Financial Corp.		69,102		2,356,378
				14,982,599
Biotechnology    2.8%
AbbVie, Inc.		30,989		4,938,717
Building Products    3.2%
Johnson Controls International PLC		94,745		5,705,544
Capital Markets    4.0%
Blackstone, Inc.		25,445		2,235,089
Goldman Sachs Group, Inc. (The)		15,276		4,996,932
				7,232,021
Chemicals    3.9%
Linde PLC		19,867		7,061,526
Consumer Staples Distribution & Retail    4.6%
Walmart, Inc.		56,008		8,258,380
Electric Utilities    2.1%
NextEra Energy, Inc.		49,801		3,838,661
Energy Equipment & Services    1.8%
Schlumberger NV		66,348		3,257,687

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    9

Schedule of Investments  (unaudited) (continued)

as of March 31, 2023

Description	Shares			Value
COMMON STOCKS (Continued)
Ground Transportation    3.4%			��
Union Pacific Corp.		29,835		$	6,004,592
Hotels, Restaurants & Leisure    2.7%
McDonald’s Corp.		17,023			4,759,801
Insurance    7.0%
Chubb Ltd.		38,623			7,499,814
MetLife, Inc.		88,072			5,102,892
					12,602,706
Interactive Media & Services    4.5%
Alphabet, Inc. (Class A Stock)*		19,857			2,059,767
Meta Platforms, Inc. (Class A Stock)*		28,258			5,989,000
					8,048,767
Machinery    1.3%
Deere & Co.		5,787			2,389,337
Multi-Utilities    2.7%
NiSource, Inc.		172,985			4,836,661
Oil, Gas & Consumable Fuels    7.0%
ConocoPhillips		127,363			12,635,683
Pharmaceuticals    11.7%
AstraZeneca PLC (United Kingdom), ADR		118,375			8,216,409
Bristol-Myers Squibb Co.		83,857			5,812,128
Eli Lilly & Co.		20,231			6,947,730
					20,976,267
Semiconductors & Semiconductor Equipment    10.5%
Advanced Micro Devices, Inc.*		34,689			3,399,869
Broadcom, Inc.		6,434			4,127,668
Lam Research Corp.		7,933			4,205,442
NXP Semiconductors NV (China)		19,824			3,696,681
QUALCOMM, Inc.		27,354			3,489,823
					18,919,483

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Software    7.3%
Microsoft Corp.		28,706	$	8,275,940
Salesforce, Inc.*		24,354		4,865,442
				13,141,382
TOTAL LONG-TERM INVESTMENTS (cost $135,273,799)				176,052,746
SHORT-TERM INVESTMENT    2.3%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (cost $4,016,495)(wi)		4,016,495		4,016,495
TOTAL INVESTMENTS    100.3% (cost $139,290,294)				180,069,241
Liabilities in excess of other assets    (0.3)%				(461,585	)
NET ASSETS    100.0%			$	179,607,656

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

ADR—American Depositary Receipt

SOFR—Secured Overnight Financing Rate

* Non-income producing security.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    11

Schedule of Investments  (unaudited) (continued)

as of March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	4,035,989	$	5,560,951		$—
Automobile Components		3,461,061		—		—
Automobiles		3,404,931		—		—
Banks		14,982,599		—		—
Biotechnology		4,938,717		—		—
Building Products		5,705,544		—		—
Capital Markets		7,232,021		—		—
Chemicals		7,061,526		—		—
Consumer Staples Distribution & Retail		8,258,380		—		—
Electric Utilities		3,838,661		—		—
Energy Equipment & Services		3,257,687		—		—
Ground Transportation		6,004,592		—		—
Hotels, Restaurants & Leisure		4,759,801		—		—
Insurance		12,602,706		—		—
Interactive Media & Services		8,048,767		—		—
Machinery		2,389,337		—		—
Multi-Utilities		4,836,661		—		—
Oil, Gas & Consumable Fuels		12,635,683		—		—
Pharmaceuticals		20,976,267		—		—
Semiconductors & Semiconductor Equipment		18,919,483		—		—
Software		13,141,382		—		—
Short-Term Investment
Affiliated Mutual Fund		4,016,495		—		—
Total	$	174,508,290	$	5,560,951		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2023 were as follows:

Pharmaceuticals	11.7	%
Semiconductors & Semiconductor Equipment	10.5
Banks	8.3
Software	7.3
Oil, Gas & Consumable Fuels	7.0
Insurance	7.0
Aerospace & Defense	5.4
Consumer Staples Distribution & Retail	4.6
Interactive Media & Services	4.5
Capital Markets	4.0
Chemicals	3.9

Ground Transportation	3.4	%
Building Products	3.2
Biotechnology	2.8
Multi-Utilities	2.7
Hotels, Restaurants & Leisure	2.7
Affiliated Mutual Fund	2.3
Electric Utilities	2.1
Automobile Components	1.9
Automobiles	1.9
Energy Equipment & Services	1.8

See Notes to Financial Statements.

12

Industry Classification (continued):

Machinery	1.3	%
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    13

Statement of Assets and Liabilities  (unaudited)

as of March 31, 2023

Assets
Investments at value:
Unaffiliated investments (cost $135,273,799)	$	176,052,746
Affiliated investments (cost $4,016,495)		4,016,495
Cash		1
Dividends receivable		217,105
Receivable for Fund shares sold		88,785
Tax reclaim receivable		9,707
Prepaid expenses		783
Total Assets		180,385,622
Liabilities
Payable for investments purchased		415,193
Payable for Fund shares purchased		155,847
Management fee payable		86,999
Distribution fee payable		40,773
Accrued expenses and other liabilities		31,491
Affiliated transfer agent fee payable		29,201
Transfer agent fee payable		18,462
Total Liabilities		777,966
Net Assets	$	179,607,656
Net assets were comprised of:
Common stock, at par	$	10,931
Paid-in capital in excess of par		135,868,419
Total distributable earnings (loss)		43,728,306
Net assets, March 31, 2023	$	179,607,656

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($149,783,560 ÷ 9,120,582 shares of common stock issued and outstanding)	$	16.42
Maximum sales charge (5.50% of offering price)		0.96
Maximum offering price to public	$	17.38
Class C
Net asset value, offering price and redemption price per share, ($3,525,109 ÷ 293,878 shares of common stock issued and outstanding)	$	12.00
Class R
Net asset value, offering price and redemption price per share, ($470,544 ÷ 34,879 shares of common stock issued and outstanding)	$	13.49
Class Z
Net asset value, offering price and redemption price per share, ($20,702,326 ÷ 1,186,509 shares of common stock issued and outstanding)	$	17.45
Class R6
Net asset value, offering price and redemption price per share, ($5,126,117 ÷ 294,682 shares of common stock issued and outstanding)	$	17.40

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    15

Statement of Operations  (unaudited)

Six Months Ended March 31, 2023

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $5,557 foreign withholding tax)	$	2,018,907
Affiliated dividend income		7,497
Affiliated income from securities lending, net		1,586
Total income		2,027,990
Expenses
Management fee		557,169
Distribution fee(a)		249,703
Transfer agent’s fees and expenses (including affiliated expense of $58,157)(a)		146,721
Registration fees(a)		25,675
Custodian and accounting fees		22,250
Shareholders’ reports		15,432
Audit fee		11,867
Professional fees		11,286
Directors’ fees		6,017
Miscellaneous		10,808
Total expenses		1,056,928
Less: Fee waiver and/or expense reimbursement(a)		(18,357	)
Distribution fee waiver(a)		(593	)
Net expenses		1,037,978
Net investment income (loss)		990,012
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,932))		2,505,071
Foreign currency transactions		(2,509	)
		2,502,562
Net change in unrealized appreciation (depreciation) on:
Investments		16,644,198
Foreign currencies		6,203
		16,650,401
Net gain (loss) on investment and foreign currency transactions		19,152,963
Net Increase (Decrease) In Net Assets Resulting From Operations	$	20,142,975

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

	Class A		Class C		Class R	Class Z		Class R6
Distribution fee		229,157		18,767	1,779		—		—
Transfer agent’s fees and expenses		125,428		4,674	689		15,776		154
Registration fees		7,897		5,677	2,439		4,979		4,683
Fee waiver and/or expense reimbursement		—		—	(2,306)		(12,884)		(3,167)
Distribution fee waiver		—		—	(593)		—		—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended March 31, 2023				Year Ended September 30, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	990,012			$	1,884,567
Net realized gain (loss) on investment and foreign currency transactions			2,502,562				5,143,533
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			16,650,401				(34,275,075	)
Net increase (decrease) in net assets resulting from operations			20,142,975				(27,246,975	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(4,904,534	)			(8,148,900	)
Class C			(129,521	)			(270,521	)
Class R			(17,021	)			(25,972	)
Class Z			(806,229	)			(1,363,410	)
Class R6			(168,416)				(129,428)
			(6,025,721	)			(9,938,231	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			5,025,492				15,317,662
Net asset value of shares issued in reinvestment of dividends and distributions			5,942,215				9,804,018
Cost of shares purchased			(17,565,488	)			(34,420,948	)
Net increase (decrease) in net assets from Fund share transactions			(6,597,781	)			(9,299,268	)
Total increase (decrease)			7,519,473				(46,484,474	)
Net Assets:
Beginning of period			172,088,183				218,572,657
End of period		$	179,607,656			$	172,088,183

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    17

Financial Highlights  (unaudited)

Class A Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.18			$18.37			$14.03			$15.63			$20.62			$20.89
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.16			0.09			0.12			0.14			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.69			(2.50	)		4.39			(0.38	)		(2.42	)		2.42
Total from investment operations		1.78			(2.34	)		4.48			(0.26	)		(2.28	)		2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.10	)		(0.14	)		(0.15	)		(0.09	)		(0.19	)
Distributions from net realized gains		(0.38	)		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.54	)		(0.85	)		(0.14	)		(1.34	)		(2.71	)		(2.83	)
Net asset value, end of period		$16.42			$15.18			$18.37			$14.03			$15.63			$20.62
Total Return(b):		11.71	%		(13.63	)%		32.13	%		(2.50	)%		(10.13	)%		13.39	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$149,784			$140,226			$179,848			$151,149			$181,559			$229,733
Average net assets (000)		$153,191			$173,289			$173,975			$163,554			$193,160			$233,106
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.16	%(d)		1.13	%		1.11	%		1.15	%		1.11	%		1.06	%
Expenses before waivers and/or expense reimbursement		1.16	%(d)		1.13	%		1.11	%		1.15	%		1.11	%		1.06	%
Net investment income (loss)		1.03	%(d)		0.88	%		0.53	%		0.85	%		0.87	%		0.72	%
Portfolio turnover rate(e)		19	%		31	%		32	%		128	%		47	%		59	%

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

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

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

(d) Annualized.

(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.

18

Class C Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$11.18			$13.78			$10.59			$12.15			$16.75			$17.48
Income (loss) from investment operations:
Net investment income (loss)		(-	)(b)(c)		(0.02	)(b)		(0.05	)(b)		(-	)(b)(c)		0.02			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.25			(1.83	)		3.32			(0.29	)		(2.00	)		1.99
Total from investment operations		1.25			(1.85	)		3.27			(0.29	)		(1.98	)		1.99
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(-	)(c)		(0.08	)		(0.08	)		-			(0.08	)
Distributions from net realized gains		(0.38	)		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.43	)		(0.75	)		(0.08	)		(1.27	)		(2.62	)		(2.72	)
Net asset value, end of period		$12.00			$11.18			$13.78			$10.59			$12.15			$16.75
Total Return(d):		11.15	%		(14.57	)%		31.06	%		(3.41	)%		(10.78	)%		12.61	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,525			$3,449			$5,279			$5,874			$10,945			$32,765
Average net assets (000)		$3,764			$4,688			$5,725			$8,068			$20,114			$34,589
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		2.24	%(f)		2.12	%		2.03	%		2.02	%		1.85	%		1.78	%
Expenses before waivers and/or expense reimbursement		2.24	%(f)		2.12	%		2.03	%		2.02	%		1.85	%		1.78	%
Net investment income (loss)		(0.06	)%(f)		(0.14	)%		(0.39	)%		(0.02	)%		0.13	%		0.01	%
Portfolio turnover rate(g)		19	%		31	%		32	%		128	%		47	%		59	%

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

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

(c) Amount rounds to zero.

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund    19

Financial Highlights  (unaudited) (continued)

Class R Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.54			$15.33			$11.75			$13.30			$18.01			$18.63
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.07			0.02			0.05			0.06			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.40			(2.06	)		3.68			(0.30	)		(2.13	)		2.12
Total from investment operations		1.44			(1.99	)		3.70			(0.25	)		(2.07	)		2.17
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.05	)		(0.12	)		(0.11	)		(0.02	)		(0.15	)
Distributions from net realized gains		(0.38	)		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.49	)		(0.80	)		(0.12	)		(1.30	)		(2.64	)		(2.79	)
Net asset value, end of period		$13.49			$12.54			$15.33			$11.75			$13.30			$18.01
Total Return(b):		11.50	%		(13.99	)%		31.64	%		(2.82	)%		(10.53	)%		12.85	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$471			$431			$487			$494			$2,041			$3,424
Average net assets (000)		$476			$492			$562			$1,047			$2,504			$4,542
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.53	%(d)		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Expenses before waivers and/or expense reimbursement		2.75	%(d)		2.72	%		2.74	%		2.91	%		1.89	%		1.84	%
Net investment income (loss)		0.65	%(d)		0.49	%		0.11	%		0.38	%		0.44	%		0.26	%
Portfolio turnover rate(e)		19	%		31	%		32	%		128	%		47	%		59	%

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

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

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

(d) Annualized.

(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.

20

Class Z Shares
	Six Months
	Ended
	March 31,				Year Ended September 30,
	2023				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.11				$19.44			$14.82			$16.43			$21.52			$21.68
Income (loss) from investment operations:
Net investment income (loss)		0.12				0.22			0.15			0.18			0.21			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.81				(2.65	)		4.65			(0.42	)		(2.54	)		2.52
Total from investment operations		1.93				(2.43	)		4.80			(0.24	)		(2.33	)		2.73
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)			(0.15	)		(0.18	)		(0.18	)		(0.14	)		(0.25	)
Distributions from net realized gains		(0.38	)			(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.59	)			(0.90	)		(0.18	)		(1.37	)		(2.76	)		(2.89	)
Net asset value, end of period		$17.45				$16.11			$19.44			$14.82			$16.43			$21.52
Total Return(b):		11.98	%			(13.39	)%		32.52	%		(2.16	)%		(9.86	)%		13.74	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$20,702				$23,080			$30,080			$30,153			$58,051			$137,027
Average net assets (000)		$23,760				$28,698			$30,701			$40,142			$101,530			$131,155
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.75	%(d)			0.83	%		0.82	%		0.84	%		0.80	%		0.76	%
Expenses before waivers and/or expense reimbursement		0.86	%(d)			0.83	%		0.82	%		0.84	%		0.80	%		0.76	%
Net investment income (loss)		1.42	%(d)			1.17	%		0.82	%		1.15	%		1.20	%		0.99	%
Portfolio turnover rate(e)		19	%	��		31	%		32	%		128	%		47	%		59	%

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

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

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

(d) Annualized.

(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 Jennison Focused Value Fund    21

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months
	Ended
	March 31,			Year Ended September 30,
	2023			2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.06			$19.39			$14.79			$16.39			$21.53			$21.70
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.23			0.15			0.18			0.22			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.80			(2.66	)		4.63			(0.41	)		(2.59	)		2.52
Total from investment operations		1.93			(2.43	)		4.78			(0.23	)		(2.37	)		2.74
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.15	)		(0.18	)		(0.18	)		(0.15	)		(0.27	)
Distributions from net realized gains		(0.38	)		(0.75	)		-			(1.19	)		(2.62	)		(2.64	)
Total dividends and distributions		(0.59	)		(0.90	)		(0.18	)		(1.37	)		(2.77	)		(2.91	)
Net asset value, end of period		$17.40			$16.06			$19.39			$14.79			$16.39			$21.53
Total Return(b):		11.95	%		(13.43	)%		32.54	%		(2.17	)%		(10.08	)%		13.80	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,126			$4,902			$2,878			$1,151			$1,332			$18,870
Average net assets (000)		$5,043			$2,998			$1,894			$1,210			$12,474			$18,366
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.75	%(d)		0.83	%		0.82	%		0.84	%		0.78	%		0.72	%
Expenses before waivers and/or expense reimbursement		0.88	%(d)		1.00	%		0.98	%		1.83	%		0.78	%		0.72	%
Net investment income (loss)		1.44	%(d)		1.20	%		0.80	%		1.17	%		1.26	%		1.04	%
Portfolio turnover rate(e)		19	%		31	%		32	%		128	%		47	%		59	%

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

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

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

(d) Annualized.

(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.

22

Notes to Financial Statements (unaudited)

1. Organization

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

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

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has 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.

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

PGIM Jennison Focused Value Fund    23

Notes to Financial Statements (unaudited) (continued)

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

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these

securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on 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.

24

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the 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 Focused Value Fund    25

Notes to Financial Statements (unaudited) (continued)

Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

26

proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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

* Under certain circumstances, the Fund may make more than one distribution of short-term 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.

PGIM Jennison Focused Value Fund    27

Notes to Financial Statements (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2023, 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
A		—%
C		—
R		1.53*
Z		0.75
R6		0.75

*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.

28

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 rates, 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 reporting period ended March 31, 2023, 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	$24,477	$   —
C	—	244

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 Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that

PGIM Jennison Focused Value Fund    29

Notes to Financial Statements  (unaudited) (continued)

subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2023, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2023, were as follows:

Cost of Purchases	Proceeds from Sales
$35,169,425	$45,238,433

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended March 31, 2023, is presented as follows:

Value,					Change in				Shares,
Beginning					Unrealized	Realized	Value,		End
of	Cost of		Proceeds		Gain	Gain	End of		of
Period	Purchases		from Sales		(Loss)	(Loss)	Period		Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund(1)(wi)
$—		$  5,270,006		$  1,253,511	$—	$    —		$4,016,495		4,016,495		$7,497
PGIM Institutional Money Market Fund(1)(b)(wi)
—		61,653,117		61,648,185	—	(4,932)		—		—		1,586(2)
$—		$66,923,123		$62,901,696	$—	$(4,932)		$4,016,495				$9,083

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

30

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2023 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$139,698,193	$47,128,055	$(6,757,007)	$40,371,048

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

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

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

PGIM Jennison Focused Value Fund    31

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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	50.2

Transactions in shares of common stock were as follows:

Share Class	Shares			Amount
Class A
Six months ended March 31, 2023:
Shares sold		201,266		$	3,364,186
Shares issued in reinvestment of dividends and distributions		292,848			4,823,213
Shares purchased		(605,723	)		(10,034,158	)
Net increase (decrease) in shares outstanding before conversion		(111,609	)		(1,846,759	)
Shares issued upon conversion from other share class(es)		27,380			456,527
Shares purchased upon conversion into other share class(es)		(33,342	)		(548,580	)
Net increase (decrease) in shares outstanding		(117,571	)	$	(1,938,812	)
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	)

32

Share Class	Shares			Amount
Class C
Six months ended March 31, 2023:
Shares sold		30,929		$	380,030
Shares issued in reinvestment of dividends and distributions		10,731			129,521
Shares purchased		(19,033	)		(230,237	)
Net increase (decrease) in shares outstanding before conversion		22,627			279,314
Shares purchased upon conversion into other share class(es)		(37,348	)		(456,493	)
Net increase (decrease) in shares outstanding		(14,721	)	$	(177,179	)
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)
Class R
Six months ended March 31, 2023:
Shares sold		2,523		$	34,733
Shares issued in reinvestment of dividends and distributions		1,244			16,840
Shares purchased		(3,280	)		(45,923	)
Net increase (decrease) in shares outstanding		487		$	5,650
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
Class Z
Six months ended March 31, 2023:
Shares sold		40,953		$	736,276
Shares issued in reinvestment of dividends and distributions		46,012			804,292
Shares purchased		(362,039	)		(6,383,399	)
Net increase (decrease) in shares outstanding before conversion		(275,074	)		(4,842,831	)
Shares issued upon conversion from other share class(es)		29,338			509,976
Shares purchased upon conversion into other share class(es)		(322	)		(5,732	)
Net increase (decrease) in shares outstanding		(246,058	)	$	(4,338,587	)

PGIM Jennison Focused Value Fund    33

Notes to Financial Statements (unaudited) (continued)

Share Class	Shares			Amount
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	)
Class R6
Six months ended March 31, 2023:
Shares sold		29,110		$	510,267
Shares issued in reinvestment of dividends and distributions		9,664			168,349
Shares purchased		(51,648	)		(871,771	)
Net increase (decrease) in shares outstanding before conversion		(12,874	)		(193,155	)
Shares issued upon conversion from other share class(es)		2,404			44,302
Net increase (decrease) in shares outstanding		(10,470	)	$	(148,853	)
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

8. Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

	SCA
Term of Commitment	9/30/2022 - 9/28/2023
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	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

34

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

The Fund utilized the SCA during the reporting period ended March 31, 2023. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $212,000, borrowed at a weighted average interest rate of 5.41%. The maximum loan outstanding amount during the period was $212,000. At March 31, 2023, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. 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

PGIM Jennison Focused Value Fund    35

Notes to Financial Statements (unaudited) (continued)

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: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be

36

incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other 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 future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the 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

PGIM Jennison Focused Value Fund    37

Notes to Financial Statements (unaudited) (continued)

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.

38

Liquidity Risk Management Program

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

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

At a meeting of the Board on March 7-9, 2023, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2022 through December 31, 2022 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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

PGIM Jennison 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, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ●
Drew Donohue, 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 ●
Russ Shupak, Treasurer and Principal Accounting Officer ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ●
Deborah Conway, Assistant Treasurer ● Robert W. McCormack, 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 534432 Pittsburgh, PA 15253
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

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

MF172E2

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 –  Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –  Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

(b) There has been no significant change in the registrant’s internal control over financial reporting (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 – Not required, as this is not an annual filing.

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

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable.

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

SIGNATURES

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

Registrant:	The Prudential Investment Portfolios, Inc.
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	May 16, 2023

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	May 16, 2023
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Chief Financial Officer (Principal Financial Officer)
Date:	May 16, 2023