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

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-07343
Exact name of registrant as specified in charter:	The Prudential Investment Portfolios, Inc.
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant's telephone number, including area code:	800-225-1852
Date of fiscal year end:	9/30/2020
Date of reporting period:	3/31/2020

Item 1 – Reports to Stockholders

PGIM BALANCED FUND

SEMIANNUAL REPORT

MARCH 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM. ^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Balanced Fund informative and useful. The report covers performance for the six-month period ended March 31, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Balanced Fund

May 15, 2020

PGIM Balanced Fund 3

Your Fund’s Performance (unaudited)

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

	(without sales charges)	Average Annual Total Returns as of 3/31/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–11.83	–11.39	2.06	6.19	—
Class B	–12.31	–13.77	1.72	5.72	—
Class C	–12.19	–9.98	2.01	5.79	—
Class R	–12.20	–8.76	2.40	6.25	—
Class Z	–11.69	–8.18	3.04	6.86	—
Class R6	–11.64	–8.02	N/A	N/A	–1.61 (11/28/17)
Customized Blend Index
	–7.02	–2.25	4.49	6.97	—
Bloomberg Barclays US Aggregate Bond Index
	3.33	8.93	3.36	3.88	—
S&P 500 Index
	–12.29	–6.96	6.72	10.52	—

Average Annual Total Returns as of 3/31/20 Since Inception (%)
	Class R6 (11/28/17)
Customized Blend Index	1.42
Bloomberg Barclays US Aggregate Bond Index	5.24
S&P 500 Index	0.94

* Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

	Class A	Class B*	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price (5.50% of the public offering price for purchases prior to July 15, 2019)	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 $500,000 or more made within 12 months of purchase (1.00% on sales of $1 million or more made within 12 months of purchase for purchases prior to July 15, 2019)	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

Benchmark Definitions

Customized Blend Index—The Customized Blend Index is unmanaged and intended to provide a theoretical comparison to the Fund’s performance based on the amounts allocated to each asset class. S&P 500 Index (44%) provides a broad indicator of domestic stock price movements in large cap stocks; Bloomberg Barclays US Aggregate Bond Index(40%) includes investment grade securities issued by the US government, its

PGIM Balanced Fund 5

Your Fund’s Performance (continued)

agencies, and by corporations with between 1 and 10 years remaining to maturity; Russell 2000 Index (4%) contains the 2,000 smallest US companies included in the Russell 3000 Index, which gives a broad look at how stock prices of smaller companies have performed; and MSCI ACWI ex US Index (12%) is a stock market index comprising of non-US stocks from 23 developed markets and 26 emerging markets.

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are SEC-registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Index returns do not include the effect of any sales charges, mutual fund operating expenses or taxes. These returns would be lower if they included the effect of these expenses.

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

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

Presentation of Fund Holdings as of 3/31/20

Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	2.7%
Apple, Inc.	Technology Hardware, Storage & Peripherals	2.4%
Facebook, Inc. (Class A Stock)	Interactive Media & Services	1.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.1%
Procter & Gamble Co. (The)	Household Products	0.8%
Intel Corp.	Semiconductors & Semiconductor Equipment	0.8%
AT&T, Inc.	Diversified Telecommunication Services	0.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.7%
Merck & Co., Inc.	Pharmaceuticals	0.7%
Bank of America Corp.	Banks	0.6%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

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Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended March 31, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Balanced Fund 7

Fees and Expenses (continued)

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

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

PGIM Balanced Fund		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	881.70		1.00	%	$	4.70
	Hypothetical	$	1,000.00	$	1,020.00		1.00	%	$	5.05
Class B	Actual	$	1,000.00	$	876.90		1.97	%	$	9.24
	Hypothetical	$	1,000.00	$	1,015.15		1.97	%	$	9.92
Class C	Actual	$	1,000.00	$	878.10		1.77	%	$	8.31
	Hypothetical	$	1,000.00	$	1,016.15		1.77	%	$	8.92
Class R	Actual	$	1,000.00	$	878.00		1.47	%	$	6.90
	Hypothetical	$	1,000.00	$	1,017.65		1.47	%	$	7.41
Class Z	Actual	$	1,000.00	$	883.10		0.78	%	$	3.67
	Hypothetical	$	1,000.00	$	1,021.10		0.78	%	$	3.94
Class R6	Actual	$	1,000.00	$	883.60		0.65	%	$	3.06
	Hypothetical	$	1,000.00	$	1,021.75		0.65	%	$	3.29

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 183 days in the six-month period ended March 31, 2020, and divided by the 366 days in the Fund’s fiscal year ending September 30, 2020 (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, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    98.5%
COMMON STOCKS    56.5%
Aerospace & Defense    1.2%
AAR Corp.		2,600	$	46,176
Arconic, Inc.		106,082		1,703,677
Axon Enterprise, Inc.*		2,000		141,540
General Dynamics Corp.		16,810		2,224,131
Huntington Ingalls Industries, Inc.		2,000		364,420
Lockheed Martin Corp.		8,037		2,724,141
Mercury Systems, Inc.*		300		21,402
Moog, Inc. (Class A Stock)		1,752		88,528
Northrop Grumman Corp.		6,200		1,875,810
United Technologies Corp.		2,717		256,295
				9,446,120
Air Freight & Logistics    0.4%
Deutsche Post AG (Germany)		21,650		588,786
Radiant Logistics, Inc.*		16,319		63,155
United Parcel Service, Inc. (Class B Stock)		28,600		2,671,812
				3,323,753
Airlines    0.0%
Copa Holdings SA (Panama) (Class A Stock)		6,100		276,269
Hawaiian Holdings, Inc.		2,600		27,144
				303,413
Auto Components    0.2%
Adient PLC*		11,500		104,305
BorgWarner, Inc.		12,700		309,499
Dana, Inc.		10,202		79,678
Hyundai Mobis Co. Ltd. (South Korea)		3,564		493,194
S&T Motiv Co. Ltd. (South Korea)		12,596		284,571
				1,271,247
Automobiles    0.3%
Ferrari NV (Italy)		4,034		628,228
Fiat Chrysler Automobiles NV (United Kingdom)		3,494		25,582
Geely Automobile Holdings Ltd. (China)		387,000		564,158
General Motors Co.		47,900		995,362
Peugeot SA (France)		1,897		25,252
Toyota Motor Corp. (Japan)		3,754		225,997
				2,464,579

See Notes to Financial Statements.

PGIM Balanced Fund 9

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Banks    3.1%
Banco Bilbao Vizcaya Argentaria SA (Spain)		145,739	$	460,182
Banco do Brasil SA (Brazil)		55,400		295,866
Bancorp, Inc. (The)*		19,290		117,090
Bank of America Corp.		228,970		4,861,033
Bank of Beijing Co. Ltd. (China) (Class A Stock)		80,400		54,673
Bank of China Ltd. (China) (Class H Stock)		1,907,000		728,648
Bank of Communications Co. Ltd. (China) (Class H Stock)		943,000		575,745
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		5,538		94,312
Bank of Shanghai Co. Ltd. (China) (Class A Stock)		49,400		57,251
Barclays PLC (United Kingdom)		347,257		400,081
Berkshire Hills Bancorp, Inc.		3,000		44,580
BNP Paribas SA (France)		16,633		500,958
BOC Hong Kong Holdings Ltd. (China)		185,000		511,026
Cadence BanCorp		18,263		119,623
Capstar Financial Holdings, Inc.		1,700		16,813
Cathay General Bancorp		1,500		34,425
Chiba Bank Ltd. (The) (Japan)		43,300		189,461
China CITIC Bank Corp. Ltd. (China) (Class H Stock)		1,140,000		562,537
China Minsheng Banking Corp. Ltd. (China) (Class H Stock)		870,000		646,550
Citigroup, Inc.		78,816		3,319,730
Civista Bancshares, Inc.		1,200		17,952
CNB Financial Corp.		676		12,756
ConnectOne Bancorp, Inc.		2,299		30,899
Credicorp Ltd. (Peru)		400		57,228
Credit Agricole SA (France)		48,819		354,538
DNB ASA (Norway)		38,055		425,853
Fifth Third Bancorp		19,400		288,090
Financial Institutions, Inc.		7,592		137,719
First BanCorp. (Puerto Rico)		29,600		157,472
First Busey Corp.		600		10,266
First Financial Bankshares, Inc.		800		21,472
First Internet Bancorp		1,588		26,075
Flushing Financial Corp.		700		9,352
Great Western Bancorp, Inc.		400		8,192
Hancock Whitney Corp.		2,300		44,896
Heartland Financial USA, Inc.		2,200		66,440
Hilltop Holdings, Inc.		9,200		139,104
Hope Bancorp, Inc.		3,300		27,126
HSBC Holdings PLC (United Kingdom)		25,961		145,820
IBERIABANK Corp.		4,355		157,477
Independent Bank Group, Inc.		5,700		134,976
Industrial Bank Co. Ltd. (China) (Class A Stock)		28,000		62,835
Intesa Sanpaolo SpA (Italy)		47,857		78,912
Investar Holding Corp.		698		8,913

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co.		35,264	$	3,174,818
KBC Group NV (Belgium)		9,174		419,685
Mebuki Financial Group, Inc. (Japan)		265,804		543,306
Mediobanca Banca di Credito Finanziario SpA (Italy)		4,538		25,111
Metropolitan Bank Holding Corp.*		1,500		40,395
Midland States Bancorp, Inc.		1,700		29,733
MidWestOne Financial Group, Inc.		3,303		69,165
National Bank of Canada (Canada)		12,100		467,647
OFG Bancorp (Puerto Rico)		1,427		15,954
Old Second Bancorp, Inc.		4,438		30,667
Orrstown Financial Services, Inc.		887		12,214
PCB Bancorp		1,100		10,758
Popular, Inc. (Puerto Rico)		24,400		854,000
QCR Holdings, Inc.		2,693		72,899
RBB Bancorp		1,900		26,068
SB One Bancorp		1,800		30,600
Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock)		44,400		63,455
Shinhan Financial Group Co. Ltd. (South Korea)		23,124		539,197
Simmons First National Corp. (Class A Stock)		11,760		216,384
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		67,615		455,366
Southern National Bancorp of Virginia, Inc.		5,600		55,104
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		17,268		497,950
United Overseas Bank Ltd. (Singapore)		37,286		507,242
Valley National Bancorp		1,200		8,772
				24,181,437
Beverages    1.0%
Anadolu Efes Biracilik Ve Malt Sanayii A/S (Turkey)		91,181		236,232
Carlsberg A/S (Denmark) (Class B Stock)		342		38,673
Coca-Cola Co. (The)		89,555		3,962,809
Coca-Cola European Partners PLC (United Kingdom)		12,166		456,590
Keurig Dr. Pepper, Inc.		88,125		2,138,794
Kirin Holdings Co. Ltd. (Japan)		30,500		604,777
Monster Beverage Corp.*		9,700		545,722
Sichuan Swellfun Co. Ltd. (China) (Class A Stock)		7,900		47,981
				8,031,578
Biotechnology    1.7%
AbbVie, Inc.		49,945		3,805,310
ACADIA Pharmaceuticals, Inc.*		6,743		284,892
Acceleron Pharma, Inc.*		1,500		134,805
Aeglea BioTherapeutics, Inc.*		10,635		49,559

See Notes to Financial Statements.

PGIM Balanced Fund 11

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Arrowhead Pharmaceuticals, Inc.*		6,100	$	175,497
Athenex, Inc.*(a)		6,000		46,440
Biogen, Inc.*		3,803		1,203,193
BioSpecifics Technologies Corp.*		2,100		118,797
Concert Pharmaceuticals, Inc.*		15,877		140,353
CSL Ltd. (Australia)		1,462		262,312
CytomX Therapeutics, Inc.*		6,257		47,991
Emergent BioSolutions, Inc.*		4,184		242,086
FibroGen, Inc.*		6,002		208,570
Gilead Sciences, Inc.		31,369		2,345,146
Halozyme Therapeutics, Inc.*		9,100		163,709
Natera, Inc.*		1,400		41,804
OPKO Health, Inc.*(a)		11,400		15,276
Protagonist Therapeutics, Inc.*		2,700		19,062
Retrophin, Inc.*		14,300		208,637
Ultragenyx Pharmaceutical, Inc.*		2,900		128,847
Vanda Pharmaceuticals, Inc.*		18,777		194,530
Vertex Pharmaceuticals, Inc.*		13,700		3,259,915
				13,096,731
Building Products    0.4%
American Woodmark Corp.*		2,700		123,039
Apogee Enterprises, Inc.		900		18,738
Builders FirstSource, Inc.*		9,954		121,738
Johnson Controls International PLC		77,647		2,093,363
Masco Corp.		12,700		439,039
Trex Co., Inc.*		500		40,070
Universal Forest Products, Inc.		6,117		227,491
				3,063,478
Capital Markets    1.5%
3i Group PLC (United Kingdom)		44,504		433,575
Affiliated Managers Group, Inc.		19,242		1,137,972
Ameriprise Financial, Inc.		12,997		1,331,933
Amundi SA (France), 144A		584		34,560
Bank of New York Mellon Corp. (The)		49,800		1,677,264
Brightsphere Investment Group, Inc.		22,700		145,053
Credit Suisse Group AG (Switzerland)*		22,704		186,828
Donnelley Financial Solutions, Inc.*		7,940		41,844
Goldman Sachs Group, Inc. (The)		18,090		2,796,533
Macquarie Group Ltd. (Australia)		736		38,304
Magellan Financial Group Ltd. (Australia)		13,782		362,466
Morgan Stanley		79,457		2,701,538

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Navigator Global Investments Ltd. (Australia)		39,146	$	55,418
Nomura Holdings, Inc. (Japan)		128,100		539,168
Standard Life Aberdeen PLC (United Kingdom)		27,126		74,057
Stifel Financial Corp.		5,500		227,040
UBS Group AG (Switzerland)*		12,501		116,084
				11,899,637
Chemicals    0.9%
Cabot Corp.		4,200		109,704
CF Industries Holdings, Inc.		4,200		114,240
Corteva, Inc.		47,300		1,111,550
Dow, Inc.		4,605		134,650
DuPont de Nemours, Inc.		54,515		1,858,962
Eastman Chemical Co.		13,400		624,172
Givaudan SA (Switzerland)		77		238,174
Hawkins, Inc.		602		21,431
Hengli Petrochemical Co. Ltd. (China) (Class A Stock)		25,300		44,412
Huntsman Corp.		67,700		976,911
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (China) (Class A Stock)*		139,800		48,175
Koppers Holdings, Inc.*		5,801		71,758
Kronos Worldwide, Inc.		2,500		21,100
Orion Engineered Carbons SA (Luxembourg)		6,500		48,490
PolyOne Corp.		9,000		170,730
PQ Group Holdings, Inc.*		9,842		107,278
Sherwin-Williams Co. (The)		2,600		1,194,752
Tongkun Group Co. Ltd. (China) (Class A Stock)		28,900		47,544
Trinseo SA		6,100		110,471
Zhejiang Jiahua Energy Chemical Industry Co. Ltd. (China) (Class A Stock)		40,600		50,237
				7,104,741
Commercial Services & Supplies    0.2%
ACCO Brands Corp.		9,200		46,460
CECO Environmental Corp.*		8,408		39,265
Deluxe Corp.		6,149		159,444
Frontken Corp. Bhd (Malaysia)		98,400		41,767
HNI Corp.		1,100		27,709
Knoll, Inc.		10,085		104,077
Secom Co. Ltd. (Japan)		7,740		644,323
SP Plus Corp.*		3,600		74,700

See Notes to Financial Statements.

PGIM Balanced Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
Steelcase, Inc. (Class A Stock)		15,500	$	152,985
Tetra Tech, Inc.		1,300		91,806
				1,382,536
Communications Equipment    0.3%
Cisco Systems, Inc.		45,017		1,769,618
Clearfield, Inc.*		514		6,091
NetScout Systems, Inc.*		5,799		137,263
Viavi Solutions, Inc.*		10,700		119,947
				2,032,919
Construction & Engineering    0.3%
ACS Actividades de Construccion y Servicios SA (Spain)		18,195		353,840
China National Chemical Engineering Co. Ltd. (China) (Class A Stock)		58,600		49,128
Eiffage SA (France)		5,416		385,589
EMCOR Group, Inc.		4,270		261,836
MasTec, Inc.*		4,500		147,285
Metallurgical Corp. of China Ltd. (China) (Class H Stock)		568,000		99,193
Obayashi Corp. (Japan)		55,400		474,369
Quanta Services, Inc.		9,491		301,149
Shimizu Corp. (Japan)		58,200		454,634
Skanska AB (Sweden) (Class B Stock)*		2,006		30,354
Sterling Construction Co., Inc.*		1,400		13,300
				2,570,677
Construction Materials    0.3%
Anhui Conch Cement Co. Ltd. (China) (Class H Stock)		95,000		658,275
Asia Cement Corp. (Taiwan)		85,000		110,537
China National Building Material Co. Ltd. (China) (Class H Stock)		410,000		446,999
CRH PLC (Ireland)		4,178		114,266
Eagle Materials, Inc.		5,400		315,468
Huaxin Cement Co. Ltd. (China) (Class A Stock)		19,100		62,424
Martin Marietta Materials, Inc.		2,200		416,306
				2,124,275
Consumer Finance    0.2%
Capital One Financial Corp.		30,808		1,553,339
Encore Capital Group, Inc.*		1,600		37,408

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Finance (cont’d.)
Navient Corp.		41,300	$	313,054
Regional Management Corp.*		1,700		23,222
				1,927,023
Containers & Packaging    0.1%
Greif, Inc. (Class A Stock)		3,600		111,924
Sealed Air Corp.		21,400		528,794
				640,718
Distributors    0.2%
LKQ Corp.*		85,200		1,747,452
Diversified Consumer Services    0.1%
Carriage Services, Inc.		7,700		124,355
frontdoor, Inc.*		3,771		131,155
New Oriental Education & Technology Group, Inc. (China), ADR*		5,500		595,320
Perdoceo Education Corp.*		4,800		51,792
Strategic Education, Inc.		110		15,374
				917,996
Diversified Financial Services    0.5%
Berkshire Hathaway, Inc. (Class B Stock)*		17,154		3,136,266
Cannae Holdings, Inc.*		3,200		107,168
FGL Holdings		7,731		75,764
M&G PLC (United Kingdom)*		14,611		20,442
Yuanta Financial Holding Co. Ltd. (Taiwan)		962,000		494,314
				3,833,954
Diversified Telecommunication Services    1.4%
AT&T, Inc.		197,016		5,743,016
ATN International, Inc.		1,700		99,807
Cogent Communications Holdings, Inc.		1,100		90,167
Elisa OYJ (Finland)		770		47,824
Hellenic Telecommunications Organization SA (Greece)		40,272		486,555
Nippon Telegraph & Telephone Corp. (Japan)		29,200		699,640
Verizon Communications, Inc.		66,900		3,594,537
				10,761,546
Electric Utilities    1.2%
ALLETE, Inc.		3,206		194,540

See Notes to Financial Statements.

PGIM Balanced Fund 15

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont’d.)
Chubu Electric Power Co., Inc. (Japan)		45,800	$	649,847
Enel SpA (Italy)		106,587		743,989
Exelon Corp.		73,428		2,702,885
FirstEnergy Corp.		47,200		1,891,304
Iberdrola SA (Spain)		73,766		728,686
Inter RAO UES PJSC (Russia)		2,874,000		176,646
Kansai Electric Power Co., Inc. (The) (Japan)		4,100		46,074
Manila Electric Co. (Philippines)		22,730		100,379
NRG Energy, Inc.		20,600		561,556
Portland General Electric Co.		3,433		164,578
Southern Co. (The)		29,433		1,593,503
				9,553,987
Electrical Equipment    0.3%
Acuity Brands, Inc.		12,800		1,096,448
Atkore International Group, Inc.*		7,700		162,239
Encore Wire Corp.		500		20,995
Generac Holdings, Inc.*		200		18,634
Legrand SA (France)		8,534		547,100
WEG SA (Brazil)		62,800		404,397
				2,249,813
Electronic Equipment, Instruments & Components    0.5%
Belden, Inc.		2,183		78,763
Benchmark Electronics, Inc.		5,400		107,946
ePlus, Inc.*		200		12,524
Hitachi High-Tech Corp. (Japan)		650		48,241
Hon Hai Precision Industry Co. Ltd. (Taiwan)		284,000		653,437
Itron, Inc.*		973		54,323
Jabil, Inc.		42,200		1,037,276
Kingboard Holdings Ltd. (China)		185,500		430,731
Methode Electronics, Inc.		3,400		89,862
PC Connection, Inc.		2,405		99,110
Sanmina Corp.*		500		13,640
ScanSource, Inc.*		3,700		79,143
SYNNEX Corp.		9,200		672,520
TDK Corp. (Japan)		6,080		468,734
Tech Data Corp.*		1,517		198,499
				4,044,749

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services    0.0%
Matrix Service Co.*		5,052	$	47,842
National Oilwell Varco, Inc.		12,800		125,824
				173,666
Entertainment    0.6%
Bollore SA (France)		67,871		187,179
Electronic Arts, Inc.*		26,300		2,634,471
G-bits Network Technology Xiamen Co. Ltd. (China) (Class A Stock)		1,100		63,369
Liberty Media Corp.-Liberty Braves (Class C Stock)*		500		9,530
Marcus Corp. (The)		2,800		34,496
NetEase, Inc. (China), ADR		800		256,768
Netflix, Inc.*		1,800		675,900
Nintendo Co. Ltd. (Japan)		365		141,144
Soft-World International Corp. (Taiwan)		38,000		92,499
Take-Two Interactive Software, Inc.*		2,200		260,942
Walt Disney Co. (The)		6,500		627,900
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (China) (Class A Stock)		13,000		59,306
				5,043,504
Equity Real Estate Investment Trusts (REITs)    1.4%
Apple Hospitality REIT, Inc.		117,408		1,076,631
Ashford Hospitality Trust, Inc.		4,300		3,179
Boston Properties, Inc.		1,400		129,122
Braemar Hotels & Resorts, Inc.		2,600		4,420
Brandywine Realty Trust		63,343		666,368
Columbia Property Trust, Inc.		10,700		133,750
CoreCivic, Inc.		32,655		364,756
Crown Castle International Corp.		10,900		1,573,960
DiamondRock Hospitality Co.		28,236		143,439
Diversified Healthcare Trust		20,500		74,415
EastGroup Properties, Inc.		400		41,792
EPR Properties		16,400		397,208
Fibra Uno Administracion SA de CV (Mexico)		367,900		288,768
First Industrial Realty Trust, Inc.		600		19,938
Franklin Street Properties Corp.		25,261		144,746
Gaming & Leisure Properties, Inc.		59,500		1,648,745
GEO Group, Inc. (The)		11,103		135,012
Gladstone Commercial Corp.		500		7,180
Hersha Hospitality Trust		3,300		11,814
Japan Real Estate Investment Corp. (Japan)		6		35,218
Kite Realty Group Trust		16,995		160,943
Klepierre SA (France)		14,210		299,255

See Notes to Financial Statements.

PGIM Balanced Fund 17

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Nippon Building Fund, Inc. (Japan)		79	$	529,691
Orix JREIT, Inc. (Japan)		22		28,922
Prologis, Inc.		18,100		1,454,697
Retail Properties of America, Inc. (Class A Stock)		16,900		87,373
RLJ Lodging Trust		18,658		144,040
Ryman Hospitality Properties, Inc.		4,125		147,881
Sabra Health Care REIT, Inc.		15,800		172,536
Service Properties Trust		47,100		254,340
Simon Property Group, Inc.		3,700		202,982
SITE Centers Corp.		20,200		105,242
SmartCentres Real Estate Investment Trust (Canada)		24,500		327,990
Sunstone Hotel Investors, Inc.		9,672		84,243
Xenia Hotels & Resorts, Inc.		11,166		115,010
				11,015,606
Food & Staples Retailing    0.8%
Coles Group Ltd. (Australia)		58,620		544,567
Koninklijke Ahold Delhaize NV (Netherlands)		29,658		692,185
Kroger Co. (The)		38,700		1,165,644
Performance Food Group Co.*		6,600		163,152
Walgreens Boots Alliance, Inc.		48,900		2,237,175
Walmart, Inc.		7,769		882,714
Woolworths Group Ltd. (Australia)	��	27,381		590,661
				6,276,098
Food Products    1.1%
Archer-Daniels-Midland Co.		8,400		295,512
Bunge Ltd.		41,500		1,702,745
Darling Ingredients, Inc.*		12,400		237,708
Fujian Sunner Development Co. Ltd. (China) (Class A Stock)		19,400		64,404
John B. Sanfilippo & Son, Inc.		649		58,021
Kraft Heinz Co. (The)(a)		41,400		1,024,236
Lancaster Colony Corp.		400		57,856
Nestle SA (Switzerland)		9,602		982,384
Pilgrim’s Pride Corp.*		62,200		1,127,064
Strauss Group Ltd. (Israel)		7,251		189,261
Tyson Foods, Inc. (Class A Stock)		38,896		2,250,911
Want Want China Holdings Ltd. (China)		151,000		109,405
Wens Foodstuffs Group Co. Ltd. (China) (Class A Stock)		13,900		63,026
WH Group Ltd. (Hong Kong), 144A		217,000		202,780
				8,365,313

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.3%
Chesapeake Utilities Corp.		1,397	$	119,737
Naturgy Energy Group SA (Spain)		1,760		31,076
New Jersey Resources Corp.		1,200		40,764
ONE Gas, Inc.		1,100		91,982
Snam SpA (Italy)		8,492		39,398
Southwest Gas Holdings, Inc.		400		27,824
Spire, Inc.		3,527		262,691
UGI Corp.		56,561		1,508,482
				2,121,954
Health Care Equipment & Supplies    2.0%
AngioDynamics, Inc.*		11,300		117,859
Atrion Corp.		35		22,750
Baxter International, Inc.		17,677		1,435,196
Becton, Dickinson & Co.		6,300		1,447,551
CONMED Corp.		2,900		166,083
DENTSPLY SIRONA, Inc.		47,600		1,848,308
Edwards Lifesciences Corp.*		11,600		2,187,992
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		3,165		57,021
Globus Medical, Inc. (Class A Stock)*		4,600		195,638
Hoya Corp. (Japan)		1,250		106,502
Integer Holdings Corp.*		3,549		223,090
Lantheus Holdings, Inc.*		10,541		134,503
LivaNova PLC (United Kingdom)*		1,400		63,350
Medtronic PLC		46,037		4,151,617
Natus Medical, Inc.*		6,500		150,345
Novocure Ltd.*		600		40,404
Quidel Corp.*		2,600		254,306
Siemens Healthineers AG (Germany), 144A		12,786		503,908
Stryker Corp.		15,554		2,589,585
				15,696,008
Health Care Providers & Services    1.8%
Amedisys, Inc.*		90		16,519
Anthem, Inc.		12,200		2,769,888
Cigna Corp.		20,553		3,641,581
CVS Health Corp.		62,200		3,690,326
Fresenius Medical Care AG & Co. KGaA (Germany)		697		46,108
Fresenius SE & Co. KGaA (Germany)		9,981		369,328
HCA Healthcare, Inc.		21,934		1,970,770
Humana, Inc.		1,100		345,422
LHC Group, Inc.*		390		54,678
Magellan Health, Inc.*		4,193		201,725

See Notes to Financial Statements.

PGIM Balanced Fund 19

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
Medipal Holdings Corp. (Japan)		28,000	$	525,137
Select Medical Holdings Corp.*		12,994		194,910
Suzuken Co. Ltd. (Japan)		15,265		555,542
Tenet Healthcare Corp.*		7,900		113,760
				14,495,694
Health Care Technology    0.1%
Allscripts Healthcare Solutions, Inc.*		20,581		144,890
Computer Programs & Systems, Inc.		2,000		44,500
NextGen Healthcare, Inc.*		9,735		101,633
Omnicell, Inc.*		2,763		181,198
Teladoc Health, Inc.*		1,210		187,562
				659,783
Hotels, Restaurants & Leisure    0.6%
Aristocrat Leisure Ltd. (Australia)		27,159		353,104
Biglari Holdings, Inc. (Class B Stock)*		170		8,738
Brinker International, Inc.		6,896		82,821
Century Casinos, Inc.*		3,077		7,416
Churchill Downs, Inc.		100		10,295
Del Taco Restaurants, Inc.*		2,000		6,860
Everi Holdings, Inc.*		2,300		7,590
Evolution Gaming Group AB (Sweden), 144A		5,554		187,815
Extended Stay America, Inc., UTS		21,100		154,241
Flutter Entertainment PLC (Ireland)		410		37,003
Hilton Grand Vacations, Inc.*		6,400		100,928
Marriott Vacations Worldwide Corp.		900		50,022
McDonald’s Corp.		18,000		2,976,300
Norwegian Cruise Line Holdings Ltd.*		17,300		189,608
Penn National Gaming, Inc.*		2,000		25,300
RCI Hospitality Holdings, Inc.		9,527		94,984
Restaurant Brands International, Inc. (Canada)		2,900		116,861
Texas Roadhouse, Inc.		1,800		74,340
Twin River Worldwide Holdings, Inc.(a)		1,800		23,418
				4,507,644
Household Durables    0.6%
Berkeley Group Holdings PLC (United Kingdom)		9,088		405,122
Cavco Industries, Inc.*		520		75,369
D.R. Horton, Inc.		13,500		459,000
Lennar Corp. (Class A Stock)		15,400		588,280
M/I Homes, Inc.*		6,814		112,635

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables (cont’d.)
MDC Holdings, Inc.		1,600	$	37,120
Meritage Homes Corp.*		3,600		131,436
Persimmon PLC (United Kingdom)		1,165		27,561
Sekisui House Ltd. (Japan)		5,300		87,576
Sony Corp. (Japan)		14,950		887,959
Taylor Wimpey PLC (United Kingdom)		222,785		324,925
TopBuild Corp.*		1,880		134,683
TRI Pointe Group, Inc.*		300		2,631
Universal Electronics, Inc.*		500		19,185
Whirlpool Corp.		14,600		1,252,680
				4,546,162
Household Products    0.9%
Central Garden & Pet Co. (Class A Stock)*		1,100		28,127
Essity AB (Sweden) (Class B Stock)		21,404		659,583
Henkel AG & Co. KGaA (Germany)		542		40,100
Procter & Gamble Co. (The)		60,319		6,635,090
Vinda International Holdings Ltd. (Hong Kong)		55,000		132,661
				7,495,561
Independent Power & Renewable Electricity Producers    0.2%
AES Gener SA (Chile)		564,564		68,600
Atlantic Power Corp.*		2,425		5,189
Colbun SA (Chile)		1,163,975		126,475
TerraForm Power, Inc. (Class A Stock)		1,200		18,924
Vistra Energy Corp.		91,091		1,453,812
				1,673,000
Industrial Conglomerates    1.0%
3M Co.		14,200		1,938,442
CITIC Ltd. (China)		533,000		558,190
CK Hutchison Holdings Ltd. (United Kingdom)		78,657		527,205
General Electric Co.		402,184		3,193,341
Honeywell International, Inc.		9,900		1,324,521
Shun Tak Holdings Ltd. (Hong Kong)		1,012,000		343,776
Sime Darby Bhd (Malaysia)		600,500		232,905
SM Investments Corp. (Philippines)		2,375		37,918
Toshiba Corp. (Japan)		1,570		34,384
				8,190,682

See Notes to Financial Statements.

PGIM Balanced Fund 21

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance    1.5%
Aegon NV (Netherlands)		99,333	$	250,429
AIA Group Ltd. (Hong Kong)		7,100		63,954
Allianz SE (Germany)		1,368		235,662
Allstate Corp. (The)		28,600		2,623,478
American Equity Investment Life Holding Co.		11,189		210,353
American International Group, Inc.		65,080		1,578,190
Assicurazioni Generali SpA (Italy)		3,532		48,202
BB Seguridade Participacoes SA (Brazil)		80,000		386,444
Dai-ichi Life Holdings, Inc. (Japan)		3,527		42,181
FedNat Holding Co.		900		10,332
Genworth Financial, Inc. (Class A Stock)*		27,900		92,628
Great-West Lifeco, Inc. (Canada)		13,500		233,202
Hallmark Financial Services, Inc.*		2,230		9,009
Japan Post Insurance Co. Ltd. (Japan)		2,750		33,929
Legal & General Group PLC (United Kingdom)		179,845		426,748
Lincoln National Corp.		6,700		176,344
Manulife Financial Corp. (Canada)		39,600		497,216
MetLife, Inc.		70,976		2,169,736
MS&AD Insurance Group Holdings, Inc. (Japan)		1,490		41,648
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		2,690		540,532
National General Holdings Corp.		9,130		151,102
Power Corp. of Canada (Canada)		24,570		395,271
Progressive Corp. (The)		2,400		177,216
Protective Insurance Corp. (Class B Stock)		800		11,000
Selective Insurance Group, Inc.		2,076		103,177
Sun Life Financial, Inc. (Canada)		15,400		495,387
Swiss Life Holding AG (Switzerland)		1,318		448,203
T&D Holdings, Inc. (Japan)		4,200		34,045
Third Point Reinsurance Ltd. (Bermuda)*		4,300		31,863
Unum Group		6,600		99,066
				11,616,547
Interactive Media & Services    2.6%
Alphabet, Inc. (Class A Stock)*		4,825		5,606,409
Alphabet, Inc. (Class C Stock)*		4,147		4,822,173
Cars.com, Inc.*		17,900		76,970
Facebook, Inc. (Class A Stock)*		52,974		8,836,063
Liberty TripAdvisor Holdings, Inc. (Class A Stock)*		14,715		26,487
Rightmove PLC (United Kingdom)		35,775		215,554
Tencent Holdings Ltd. (China)		14,400		708,615
TripAdvisor, Inc.		5,000		86,950
				20,379,221

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail    1.8%
Alibaba Group Holding Ltd. (China), ADR*		5,100	$	991,848
Amazon.com, Inc.*		4,467		8,709,399
Booking Holdings, Inc.*		1,800		2,421,576
eBay, Inc.		23,913		718,825
JD.com, Inc. (China), ADR*		19,200		777,600
Qurate Retail, Inc. (Class A Stock)*		33,600		205,128
Stamps.com, Inc.*		1,800		234,144
				14,058,520
IT Services    2.3%
Accenture PLC (Class A Stock)		24,770		4,043,950
Adyen NV (Netherlands), 144A*		51		43,337
Alliance Data Systems Corp.		11,800		397,070
Automatic Data Processing, Inc.		4,000		546,720
Cognizant Technology Solutions Corp. (Class A Stock)		49,600		2,304,912
CoreLogic, Inc.		15,200		464,208
DXC Technology Co.		23,500		306,675
FleetCor Technologies, Inc.*		2,200		410,388
Fujitsu Ltd. (Japan)		6,130		556,115
Hackett Group, Inc. (The)		1,000		12,720
International Business Machines Corp.		29,554		3,278,425
KBR, Inc.		10,099		208,847
Leidos Holdings, Inc.		29,100		2,667,015
MAXIMUS, Inc.		800		46,560
NEC Corp. (Japan)		810		29,498
Nihon Unisys Ltd. (Japan)		2,800		75,065
Nomura Research Institute Ltd. (Japan)		9,606		203,535
Perspecta, Inc.		11,252		205,237
Posco ICT Co. Ltd. (South Korea)		52,288		162,202
Shopify, Inc. (Canada) (Class A Stock)*		500		209,486
TTEC Holdings, Inc.		4,279		157,125
Virtusa Corp.*		4,400		124,960
Visa, Inc. (Class A Stock)		9,475		1,526,612
Wirecard AG (Germany)		381		43,748
				18,024,410
Leisure Products    0.0%
Johnson Outdoors, Inc. (Class A Stock)		402		25,205
MasterCraft Boat Holdings, Inc.*		2,159		15,761
Shimano, Inc. (Japan)		270		38,642
				79,608

See Notes to Financial Statements.

PGIM Balanced Fund 23

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services    0.4%
IQVIA Holdings, Inc.*		6,200	$	668,732
Medpace Holdings, Inc.*		2,200		161,436
Repligen Corp.*		100		9,654
Sartorius Stedim Biotech (France)		489		98,296
Syneos Health, Inc.*		1,900		74,898
Thermo Fisher Scientific, Inc.		6,873		1,949,183
				2,962,199
Machinery    0.7%
Alfa Laval AB (Sweden)		1,838		31,615
Atlas Copco AB (Sweden) (Class A Stock)		19,472		652,257
Atlas Copco AB (Sweden) (Class B Stock)		2,056		60,428
Commercial Vehicle Group, Inc.*		4,700		7,097
Gates Industrial Corp. PLC*		87,544		646,075
Hefei Meiya Optoelectronic Technology, Inc. (China) (Class A Stock)		11,100		58,614
Hillenbrand, Inc.		6,380		121,922
Jiangsu Hengli Hydraulic Co. Ltd. (China) (Class A Stock)		8,200		70,921
Kone OYJ (Finland) (Class B Stock)		6,257		355,369
LB Foster Co. (Class A Stock)*		800		9,888
Mueller Industries, Inc.		6,900		165,186
Oshkosh Corp.		29,864		1,921,151
Park-Ohio Holdings Corp.		1,500		28,410
Rexnord Corp.		5,100		115,617
Sandvik AB (Sweden)		3,623		50,959
Sany Heavy Industry Co. Ltd. (China) (Class A Stock)		27,600		67,316
SPX Corp.*		4,300		140,352
Standex International Corp.		400		19,608
Terex Corp.		7,300		104,828
Wabash National Corp.		15,416		111,304
Zoomlion Heavy Industry Science & Technology Co. Ltd. (China) (Class H Stock)		749,600		540,571
Zoomlion Heavy Industry Science & Technology Co. Ltd. (China) (Class A Stock)		65,600		52,408
				5,331,896
Media    0.6%
APG SGA SA (Switzerland)		192		35,736
Charter Communications, Inc. (Class A Stock)*		2,600		1,134,406
Comcast Corp. (Class A Stock)		11,553		397,192
Discovery, Inc. (Class A Stock)*(a)		43,100		837,864
Discovery, Inc. (Class C Stock)*		64,010		1,122,735
Entercom Communications Corp. (Class A Stock)		12,315		21,059
KT Skylife Co. Ltd. (South Korea)		8,550		42,525

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
Liberty Latin America Ltd. (Chile) (Class A Stock)*		1,798	$	18,915
Liberty Latin America Ltd. (Chile) (Class C Stock)*		5,096		52,285
Plan B Media PCL (Thailand)		611,800		54,772
Publicis Groupe SA (France)		14,612		418,953
Quebecor, Inc. (Canada) (Class B Stock)		3,500		77,372
Telenet Group Holding NV (Belgium)		7,168		216,580
ViacomCBS, Inc. (Class B Stock)		45,711		640,411
				5,070,805
Metals & Mining    0.6%
Anglo American Platinum Ltd. (South Africa)		7,341		309,123
Anglo American PLC (South Africa)		28,729		503,625
ArcelorMittal SA (Luxembourg)		39,756		378,384
BHP Group Ltd. (Australia)		15,493		274,697
BHP Group PLC (Australia)		39,832		616,265
Commercial Metals Co.		4,100		64,739
Eregli Demir ve Celik Fabrikalari TAS (Turkey)		228,065		259,122
Fortescue Metals Group Ltd. (Australia)		83,939		515,497
Impala Platinum Holdings Ltd. (South Africa)		54,948		231,606
KGHM Polska Miedz SA (Poland)*		25,104		359,818
Kirkland Lake Gold Ltd. (Canada)		1,400		41,235
Nucor Corp.		6,800		244,936
Rio Tinto Ltd. (Australia)		1,960		100,590
Rio Tinto PLC (Australia)		3,628		166,013
Ryerson Holding Corp.*		10,704		56,945
Teck Resources Ltd. (Canada) (Class B Stock)		26,700		202,437
Worthington Industries, Inc.		2,900		76,125
				4,401,157
Mortgage Real Estate Investment Trusts (REITs)    0.0%
AG Mortgage Investment Trust, Inc.		2,205		6,042
Colony Credit Real Estate, Inc.		15,300		60,282
Invesco Mortgage Capital, Inc.		10,058		34,298
Western Asset Mortgage Capital Corp.		2,145		4,912
				105,534
Multiline Retail    0.4%
Big Lots, Inc.		4,540		64,559
Target Corp.		33,400		3,105,198
Wesfarmers Ltd. (Australia)		3,734		79,538
				3,249,295

See Notes to Financial Statements.

PGIM Balanced Fund 25

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities    0.6%
Black Hills Corp.		200	$	12,806
Dominion Energy, Inc.		29,714		2,145,054
Sempra Energy		22,400		2,530,976
				4,688,836
Oil, Gas & Consumable Fuels    1.5%
Ardmore Shipping Corp. (Ireland)		21,000		110,250
Berry Corp.		5,000		12,050
Canadian Natural Resources Ltd. (Canada)		26,100		357,013
China Coal Energy Co. Ltd. (China) (Class H Stock)		373,000		103,140
ConocoPhillips		1,820		56,056
Diamondback Energy, Inc.		37,200		974,640
Ecopetrol SA (Colombia)		653,507		312,918
Exxon Mobil Corp.		5,456		207,164
HollyFrontier Corp.		31,500		772,065
Inpex Corp. (Japan)		4,881		27,181
Kinder Morgan, Inc.		136,124		1,894,846
LUKOIL PJSC (Russia)		5,554		324,673
Lundin Petroleum AB (Sweden)		7,252		138,716
Marathon Petroleum Corp.		14,400		340,128
Neste OYJ (Finland)		1,359		46,090
Nordic American Tankers Ltd.		18,600		84,258
OMV AG (Austria)		13,809		379,657
Origin Energy Ltd. (Australia)		101,590		271,052
Petroleo Brasileiro SA (Brazil)		19,400		52,979
Phillips 66		31,800		1,706,070
Repsol SA (Spain)		4,857		44,499
Rosneft Oil Co. PJSC (Russia)		52,020		207,615
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		23,043		402,019
Santos Ltd. (Australia)		109,805		227,937
SM Energy Co.		7,500		9,150
Surgutneftegas PJSC (Russia)		498,600		208,744
TC Energy Corp. (Canada)		15,400		684,481
TOTAL SA (France)		7,504		287,207
Valero Energy Corp.(a)		35,400		1,605,744
World Fuel Services Corp.		6,389		160,875
				12,009,217
Personal Products    0.2%
Chlitina Holding Ltd. (China)		62,000		354,269
Coty, Inc. (Class A Stock)		102,300		527,868
Edgewell Personal Care Co.*		8,278		199,334
Industri Jamu Dan Farmasi Sido Muncul Tbk PT (Indonesia)		652,600		46,883

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Products (cont’d.)
L’Oreal SA (France)		812	$	214,566
Unilever NV (United Kingdom)		4,696		231,301
Unilever PLC (United Kingdom)		5,603		282,855
				1,857,076
Pharmaceuticals    2.8%
Amneal Pharmaceuticals, Inc.*		15,400		53,592
Astellas Pharma, Inc. (Japan)		42,800		663,117
AstraZeneca PLC (United Kingdom)		1,027		92,293
Bayer AG (Germany)		2,055		118,889
Bristol-Myers Squibb Co.		82,000		4,570,680
Chugai Pharmaceutical Co. Ltd. (Japan)		700		81,235
Eli Lilly & Co.		6,400		887,808
GlaxoSmithKline PLC (United Kingdom)		50,703		955,566
Johnson & Johnson		24,209		3,174,526
Merck & Co., Inc.		72,745		5,597,000
Merck KGaA (Germany)		5,117		524,051
Novartis AG (Switzerland)		17,333		1,426,844
Otsuka Holdings Co. Ltd. (Japan)		14,980		587,185
Pacira BioSciences, Inc.*		3,500		117,355
Pfizer, Inc.		12,000		391,680
Prestige Consumer Healthcare, Inc.*		900		33,012
Reata Pharmaceuticals, Inc. (Class A Stock)*		780		112,585
Recro Pharma, Inc.*		1,800		14,706
Richter Gedeon Nyrt (Hungary)		2,218		41,933
Roche Holding AG (Switzerland)		5,420		1,755,411
Sanofi (France)		3,636		317,262
Shionogi & Co. Ltd. (Japan)		820		40,403
Supernus Pharmaceuticals, Inc.*		8,600		154,714
UCB SA (Belgium)		5,055		438,354
				22,150,201
Professional Services    0.1%
Barrett Business Services, Inc.		3,083		122,210
Centre Testing International Group Co. Ltd. (China) (Class A Stock)		25,200		54,226
Heidrick & Struggles International, Inc.		1,200		27,000
Kforce, Inc.		5,300		135,521
Recruit Holdings Co. Ltd. (Japan)		4,400		114,389
Tanseisha Co. Ltd. (Japan)		14,200		95,517
TriNet Group, Inc.*		1,400		52,724
Wolters Kluwer NV (Netherlands)		4,744		335,362
				936,949

See Notes to Financial Statements.

PGIM Balanced Fund 27

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development    0.1%
Cushman & Wakefield PLC*		1,568	$	18,408
Deutsche Wohnen SE (Germany)		1,129		43,108
Gemdale Corp. (China) (Class A Stock)		31,800		63,086
Greenland Holdings Corp. Ltd. (China) (Class A Stock)		64,200		49,015
Mitsubishi Estate Co. Ltd. (Japan)		3,800		56,163
Mitsui Fudosan Co. Ltd. (Japan)		2,900		50,192
Newmark Group, Inc. (Class A Stock)		14,171		60,227
Nomura Real Estate Holdings, Inc. (Japan)		4,200		67,969
Poly Developments & Holdings Group Co. Ltd. (China) (Class A Stock)		29,800		62,518
RMR Group, Inc. (The) (Class A Stock)		463		12,487
Shimao Property Holdings Ltd. (China)		77,000		269,312
Shui On Land Ltd. (China)		693,500		115,682
Sumitomo Realty & Development Co. Ltd. (Japan)		1,290		31,516
				899,683
Road & Rail    0.3%
Canadian Pacific Railway Ltd. (Canada)		3,000		662,012
CSX Corp.		15,100		865,230
West Japan Railway Co. (Japan)		7,600		519,819
				2,047,061
Semiconductors & Semiconductor Equipment    2.7%
Advantest Corp. (Japan)		11,700		463,451
Amkor Technology, Inc.*		20,318		158,277
ams AG (Austria)*(a)		6,100		59,473
Applied Materials, Inc.		61,044		2,797,036
ASML Holding NV (Netherlands)		251		66,538
Broadcom, Inc.		3,500		829,850
Brooks Automation, Inc.		400		12,200
Cabot Microelectronics Corp.		200		22,828
Cirrus Logic, Inc.*		2,900		190,327
DB HiTek Co. Ltd. (South Korea)		5,150		90,757
Dialog Semiconductor PLC (United Kingdom)*		12,528		332,572
FormFactor, Inc.*		2,500		50,225
Intel Corp.		112,948		6,112,746
Lam Research Corp.		7,363		1,767,120
Micron Technology, Inc.*		32,000		1,345,920
NeoPhotonics Corp.*		10,400		75,400
NVIDIA Corp.		13,300		3,505,880
QUALCOMM, Inc.		17,600		1,190,640
STMicroelectronics NV (Switzerland)		3,580		77,524
Synaptics, Inc.*		1,000		57,870

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		191,000	$	1,729,311
Tokyo Electron Ltd. (Japan)		495		93,007
Ultra Clean Holdings, Inc.*		8,900		122,820
				21,151,772
Software    4.3%
ACI Worldwide, Inc.*		7,699		185,931
Adobe, Inc.*		11,798		3,754,596
Agilysys, Inc.*		2,555		42,668
Check Point Software Technologies Ltd. (Israel)*		5,800		583,132
CommVault Systems, Inc.*		4,400		178,112
Cornerstone OnDemand, Inc.*		4,400		139,700
Dassault Systemes SE (France)		419		62,130
Envestnet, Inc.*		2,600		139,828
Intuit, Inc.		3,698		850,540
J2 Global, Inc.		1,300		97,305
Microsoft Corp.		134,246		21,171,937
MicroStrategy, Inc. (Class A Stock)*		800		94,480
Oracle Corp.		78,498		3,793,808
Progress Software Corp.		6,183		197,856
SAP SE (Germany)		1,691		188,039
SPS Commerce, Inc.*		4,996		232,364
SS&C Technologies Holdings, Inc.		36,400		1,595,048
TiVo Corp.		26,453		187,287
Trend Micro, Inc. (Japan)		930		45,843
				33,540,604
Specialty Retail    0.9%
Asbury Automotive Group, Inc.*		2,500		138,075
AutoNation, Inc.*		37,000		1,038,220
Dick’s Sporting Goods, Inc.		10,400		221,104
EDION Corp. (Japan)		12,200		101,050
Foot Locker, Inc.		8,200		180,810
Group 1 Automotive, Inc.		2,470		109,322
Hikari Tsushin, Inc. (Japan)		2,450		411,385
Home Depot, Inc. (The)		1,298		242,350
Hornbach Baumarkt AG (Germany)		2,310		38,249
Hornbach Holding AG & Co. KGaA (Germany)		912		38,470
Industria de Diseno Textil SA (Spain)		22,649		586,003
JD Sports Fashion PLC (United Kingdom)		55,963		317,455
JUMBO SA (Greece)		13,470		182,569
Lowe’s Cos., Inc.		36,100		3,106,405
Office Depot, Inc.		18,800		30,832

See Notes to Financial Statements.

PGIM Balanced Fund 29

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
RH*		600	$	60,282
Sally Beauty Holdings, Inc.*		3,086		24,935
Sonic Automotive, Inc. (Class A Stock)		8,884		117,979
Zumiez, Inc.*		700		12,124
				6,957,619
Technology Hardware, Storage & Peripherals    2.7%
Apple, Inc.		74,806		19,022,418
Diebold Nixdorf, Inc.*		1,800		6,336
FUJIFILM Holdings Corp. (Japan)		13,450		676,222
Lite-On Technology Corp. (Taiwan)		68,000		92,718
Pegatron Corp. (Taiwan)		291,000		559,785
Samsung Electronics Co. Ltd. (South Korea)		20,580		799,585
Western Digital Corp.		4,000		166,480
				21,323,544
Textiles, Apparel & Luxury Goods    0.3%
Capri Holdings Ltd.*		33,638		362,954
Deckers Outdoor Corp.*		1,410		188,940
EssilorLuxottica SA (France)		713		76,465
Hermes International (France)		942		649,703
LVMH Moet Hennessy Louis Vuitton SE (France)		896		332,495
Puma SE (Germany)		571		33,946
PVH Corp.		24,600		925,944
				2,570,447
Thrifts & Mortgage Finance    0.1%
Essent Group Ltd.		5,989		157,750
Federal Agricultural Mortgage Corp. (Class C Stock)		1,400		77,882
Merchants Bancorp		1,613		24,485
OP Bancorp		2,672		19,933
Radian Group, Inc.		13,300		172,235
Sterling Bancorp, Inc.		5,442		23,401
Walker & Dunlop, Inc.		1,578		63,546
				539,232
Tobacco    0.7%
Altria Group, Inc.		92,600		3,580,842
British American Tobacco PLC (United Kingdom)		25,990		885,461
Imperial Brands PLC (United Kingdom)		3,065		56,676
Japan Tobacco, Inc. (Japan)		33,373		618,027

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco (cont’d.)
KT&G Corp. (South Korea)		2,739	$	167,487
Scandinavian Tobacco Group A/S (Denmark), 144A		30,516		308,035
				5,616,528
Trading Companies & Distributors    0.2%
BMC Stock Holdings, Inc.*		8,843		156,786
Ferguson PLC		7,580		469,203
GMS, Inc.*		8,900		139,997
Rush Enterprises, Inc. (Class A Stock)		3,100		98,952
WESCO International, Inc.*		20,100		459,285
				1,324,223
Transportation Infrastructure    0.1%
Aena SME SA (Spain), 144A		251		27,439
Grupo Aeroportuario del Sureste SAB de CV (Mexico) (Class B Stock)		3,535		33,321
Kamigumi Co. Ltd. (Japan)		2,200		37,227
TAV Havalimanlari Holding A/S (Turkey)		129,583		323,311
				421,298
Water Utilities    0.0%
American States Water Co.		500		40,870
Artesian Resources Corp. (Class A Stock)		505		18,877
SJW Group		2,700		155,979
				215,726
Wireless Telecommunication Services    0.3%
Globe Telecom, Inc. (Philippines)		3,935		149,259
KDDI Corp. (Japan)		28,400		841,694
NTT DOCOMO, Inc. (Japan)		27,304		853,411
PLDT, Inc. (Philippines)		14,850		327,546
Softbank Corp. (Japan)		15,300		195,264
Vodafone Group PLC (United Kingdom)		237,990		330,344
				2,697,518
TOTAL COMMON STOCKS (cost $485,233,502)				444,461,760
EXCHANGE-TRADED FUNDS    0.4%
iShares MSCI EAFE ETF		12,300		657,558
iShares MSCI Emerging Markets ETF		7,200		245,736

See Notes to Financial Statements.

PGIM Balanced Fund 31

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description						Shares		Value
EXCHANGE-TRADED FUNDS (Continued)
iShares MSCI India ETF(a)							72,000	$	1,735,920
iShares MSCI Saudi Arabia ETF							14,700		351,771
TOTAL EXCHANGE-TRADED FUNDS (cost $3,906,577)									2,990,985
PREFERRED STOCKS    0.2%
Automobiles    0.0%
Volkswagen AG (Germany) (PRFC)							2,458		288,473
Banks    0.1%
Bancolombia SA (Colombia) (PRFC)							34,827		218,633
Citigroup Capital XIII, 8.140%							3,000		76,800
Itausa - Investimentos Itau SA (Brazil) (PRFC)							108,500		181,665
									477,098
Capital Markets    0.0%
State Street Corp., 5.350%							5,000		122,750
Chemicals    0.0%
FUCHS PETROLUB SE (Germany) (PRFC)							1,451		51,333
Construction Materials    0.0%
STO SE & Co. KGaA (Germany) (PRFC)							532		48,816
Diversified Telecommunication Services    0.0%
Telefonica Brasil SA (Brazil) (PRFC)							27,500		261,764
Electric Utilities    0.1%
Centrais Eletricas Brasileiras SA (Brazil) (PRFC B)							61,300		311,449
TOTAL PREFERRED STOCKS (cost $2,463,935)									1,561,683
	Interest Rate			Maturity Date		Principal Amount (000)#
ASSET-BACKED SECURITIES    5.6%
Automobiles    1.7%
AmeriCredit Automobile Receivables Trust, Series 2018-01, Class C		3.500	%		01/18/24		300		293,703
Series 2019-01, Class B		3.130			02/18/25		100		100,193
Series 2019-01, Class C		3.360			02/18/25		200		201,196

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
AmeriCredit Automobile Receivables Trust, (cont’d.)
Series 2019-02, Class C		2.740	%		04/18/25		300	$	290,687
Series 2019-03, Class C		2.320			07/18/25		800		785,672
Series 2020-01, Class B		1.480			01/21/25		500		471,732
Avis Budget Rental Car Funding AESOP LLC, Series 2018-02A, Class A, 144A		4.000			03/20/25		300		296,015
Series 2019-02A, Class A, 144A		3.350			09/22/25		616		582,621
Series 2019-03A, Class A, 144A		2.360			03/20/26		1,000		875,766
Series 2020-01A, Class A, 144A		2.330			08/20/26		500		439,518
Drive Auto Receivables Trust, Series 2019-03, Class B		2.650			02/15/24		200		197,447
Enterprise Fleet Financing LLC, Series 2017-01, Class A2, 144A		2.130			07/20/22		7		7,315
Ford Auto Securitization Trust (Canada), Series 2019-BA, Class A2, 144A		2.321			10/15/23	CAD	600		423,709
Ford Credit Auto Owner Trust, Series 2018-01, Class A, 144A		3.190			07/15/31		1,200		1,192,633
Ford Credit Floorplan Master Owner Trust, Series 2017-03, Class A		2.480			09/15/24		396		384,688
Series 2018-02, Class A		3.170			03/15/25		2,100		2,065,735
GM Financial Consumer Automobile Receivables Trust, Series 2018-04, Class C		3.620			06/17/24		100		102,019
OneMain Direct Auto Receivables Trust, Series 2017-02A, Class B, 144A		2.550			11/14/23		616		613,666
Series 2018-01A, Class A, 144A		3.430			12/16/24		900		895,747
Series 2019-01A, Class A, 144A		3.630			09/14/27		1,280		1,248,360
Santander Drive Auto Receivables Trust, Series 2019-03, Class C		2.490			10/15/25		500		482,484
World Omni Select Auto Trust, Series 2018-01A, Class B, 144A		3.680			07/15/23		370		367,819
Series 2018-01A, Class C, 144A		3.860			01/15/25		440		437,838
Series 2019-A, Class B		2.170			12/15/25		700		668,681
Series 2019-A, Class C		2.380			12/15/25		200		190,350
									13,615,594
Collateralized Loan Obligations    1.7%
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		3.192	(c)		07/22/32		1,000		914,308

See Notes to Financial Statements.

PGIM Balanced Fund 33

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Atlas Senior Loan Fund Ltd. (Cayman Islands), Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.103	%(c)		07/16/29		250	$	239,827
Battalion CLO Ltd., Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		2.762	(c)		05/17/31		1,000		909,997
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.139	(c)		01/20/32		750		684,122
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)		3.049	(c)		04/20/31		250		234,026
Cent CLO Ltd. (Cayman Islands), Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.800	(c)		04/30/31		1,000		924,761
HPS Loan Management Ltd. (Cayman Islands), Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.122	(c)		07/22/32		750		672,377
ICG US CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1A, 144A, 3 Month LIBOR + 1.380% (Cap N/A, Floor 1.380%)		3.496	(c)		10/26/32		1,000		930,115
LCM LP (Cayman Islands), Series 13A, Class ARR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)		2.959	(c)		07/19/27		1,750		1,672,252
OZLM Ltd. (Cayman Islands), Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 0.000%)		2.869	(c)		04/20/31		1,500		1,398,151
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		3.209	(c)		07/20/32		1,000		914,777
Shackleton CLO Ltd. (Cayman Islands), Series 2015-07RA, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 0.000%)		3.001	(c)		07/15/31		500		462,977
Sound Point CLO Ltd. (Cayman Islands), Series 2014-03RA, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		3.056	(c)		10/23/31		750		693,987
TIAA CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		3.019	(c)		07/20/31		250		230,878
Trinitas CLO Ltd. (Cayman Islands), Series 2016-04A, Class A1LR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		2.999	(c)		10/18/31		1,000		927,674

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Wellfleet CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.019	%(c)		10/20/31		500	$	456,716
York CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		3.152	(c)		07/22/32		1,000		928,207
									13,195,152
Consumer Loans    0.4%
Lendmark Funding Trust, Series 2018-01A, Class A, 144A		3.810			12/21/26		130		122,248
Series 2019-02A, Class A, 144A		2.780			04/20/28		900		782,867
OneMain Financial Issuance Trust, Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		1.505	(c)		09/14/32		367		358,375
Series 2017-01A, Class C, 144A		3.350			09/14/32		135		114,157
Series 2018-01A, Class A, 144A		3.300			03/14/29		190		189,430
Oportun Funding LLC, Series 2018-C, Class A, 144A		4.100			10/08/24		300		276,568
Series 2018-D, Class A, 144A		4.150			12/09/24		200		184,699
SoFi Consumer Loan Program Trust, Series 2020-01, Class A, 144A		2.020			01/25/29		953		885,767
Springleaf Funding Trust, Series 2017-AA, Class A, 144A		2.680			07/15/30		616		590,192
									3,504,303
Credit Card    0.2%
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7		3.960			10/13/30		1,100		1,285,109
Equipment    0.1%
MMAF Equipment Finance LLC, Series 2017-B, Class A5, 144A		2.720			06/15/40		400		396,630
Series 2018-A, Class A5, 144A		3.610			03/10/42		100		100,497
Series 2019-A, Class A5, 144A		3.080			11/12/41		400		378,204
									875,331

See Notes to Financial Statements.

PGIM Balanced Fund 35

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans    0.0%
CDC Mortgage Capital Trust, Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.100%)		2.597	%(c)		03/25/33		12	$	11,539
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-HE01, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		1.847	(c)		07/25/32		5		5,628
Series 2002-NC04, Class M1, 1 Month LIBOR + 1.275% (Cap N/A, Floor 0.850%)		2.222	(c)		09/25/32		38		35,415
									52,582
Other    0.2%
Sierra Timeshare Receivables Funding LLC, Series 2018-02A, Class A, 144A		3.500			06/20/35		214		206,530
Series 2019-02A, Class A, 144A		2.590			05/20/36		555		546,559
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.747	(c)		06/25/24		780		665,695
									1,418,784
Residential Mortgage-Backed Securities    0.5%
CIT Mortgage Loan Trust, Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		2.297	(c)		10/25/37		244		234,183
Credit Suisse Mortgage Trust, Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		319		292,904
CWABS, Inc., Asset-Backed Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.500%)		1.697	(c)		03/25/34		91		87,750
Legacy Mortgage Asset Trust, Series 2019-GS02, Class A1, 144A		3.750	(cc)		01/25/59		171		153,856
Series 2019-GS04, Class A1, 144A		3.438	(cc)		05/25/59		273		275,267
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		68		68,305
Mill City Mortgage Loan Trust, Series 2017-03, Class A1, 144A		2.750	(cc)		01/25/61		255		254,274
Series 2018-01, Class A1, 144A		3.250	(cc)		05/25/62		146		147,478
Towd Point Mortgage Trust, Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		839		812,263
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)		1.547	(c)		02/25/57		424		409,026
Series 2017-06, Class A1, 144A		2.750	(cc)		10/25/57		408		408,175
Series 2018-05, Class A1, 144A		3.250	(cc)		07/25/58		163		164,819

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Towd Point Mortgage Trust, (cont’d.)
Series 2018-06, Class A1A, 144A		3.750	%(cc)		03/25/58		305	$	312,618
Series 2019-MH01, Class A1, 144A		3.000	(cc)		11/25/58		172		173,388
									3,794,306
Student Loans    0.8%
Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 144A		2.680			09/25/42		293		296,485
Series 2018-AGS, Class A1, 144A		3.210			02/25/44		239		242,287
Series 2018-CGS, Class A1, 144A		3.870			02/25/46		133		136,659
Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 144A		2.810			11/25/42		213		213,874
Series 2018-B, Class A2FX, 144A		3.540			05/26/43		428		418,092
Series 2019-A, Class A2FX, 144A		2.730			10/25/48		300		301,179
Navient Private Education Refi Loan Trust, Series 2018-A, Class A2, 144A		3.190			02/18/42		700		710,588
Series 2018-CA, Class A2, 144A		3.520			06/16/42		300		303,887
Series 2019-CA, Class A2, 144A		3.130			02/15/68		300		295,315
Series 2019-EA, Class A2A, 144A		2.640			05/15/68		500		509,327
Series 2019-FA, Class A2, 144A		2.600			08/15/68		700		707,521
Navient Student Loan Trust, Series 2018-EA, Class A2, 144A		4.000			12/15/59		300		310,370
SoFi Professional Loan Program LLC, Series 2019-B, Class A2FX, 144A		3.090			08/17/48		400		412,011
Series 2019-C, Class A2FX, 144A		2.370			11/16/48		600		599,712
SoFi Professional Loan Program Trust, Series 2018-B, Class A2FX, 144A		3.340			08/25/47		400		386,570
Series 2020-A, Class A2FX, 144A		2.540			05/15/46		600		580,509
									6,424,386
TOTAL ASSET-BACKED SECURITIES (cost $46,060,514)									44,165,547
COMMERCIAL MORTGAGE-BACKED SECURITIES    12.0%
BANK, Series 2017-BNK04, Class A3		3.362			05/15/50		1,000		1,011,702
Series 2020-BN26, Class A3		2.313			03/15/63		1,800		1,738,523
BBCMS Mortgage Trust, Series 2018-C02, Class A4		4.047			12/15/51		1,351		1,490,352
Benchmark Mortgage Trust, Series 2018-B03, Class A4		3.761			04/10/51		1,138		1,238,011

See Notes to Financial Statements.

PGIM Balanced Fund 37

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Benchmark Mortgage Trust, (cont’d.)
Series 2019-B13, Class A3		2.701	%		08/15/57		1,800	$	1,830,773
Series 2020-B17, Class A4		2.042			03/15/53		650		624,232
BX Commercial Mortgage Trust, Series 2020-BXLP, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)		1.505	(c)		12/15/36		1,100		1,020,146
CD Mortgage Trust, Series 2019-CD08, Class A3		2.657			08/15/57		1,550		1,565,577
CFK Trust, Series 2020-MF02, Class B, 144A		2.792			03/15/39		1,200		1,092,155
Series 2020-MF02, Class C, 144A		2.995			03/15/39		1,500		1,334,741
Series 2020-MF02, Class D, 144A		3.349			03/15/39		900		797,128
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A4		3.575			05/10/47		196		202,577
Series 2015-GC29, Class A3		2.935			04/10/48		410		412,678
Series 2015-P01, Class A4		3.462			09/15/48		600		604,944
Series 2017-P08, Class A3		3.203			09/15/50		1,000		1,028,622
Series 2019-GC41, Class A4		2.620			08/10/56		3,600		3,640,432
Series 2020-555, Class A, 144A		2.647			12/10/41		2,000		1,772,074
Series 2020-GC46, Class A4		2.477			02/15/53		1,400		1,389,916
Commercial Mortgage Trust, Series 2013-CR08, Class A4		3.334			06/10/46		326		335,109
Series 2014-CR15, Class A2		2.928			02/10/47		118		117,823
Series 2014-CR18, Class A4		3.550			07/15/47		397		414,524
Series 2014-UBS04, Class A4		3.420			08/10/47		700		718,653
Series 2015-LC21, Class A3		3.445			07/10/48		700		734,951
CSAIL Commercial Mortgage Trust, Series 2015-C02, Class A3		3.231			06/15/57		765		783,648
Series 2017-C08, Class A3		3.127			06/15/50		800		808,888
DBJPM Mortgage Trust, Series 2016-C01, Class A3A		3.015			05/10/49		800		829,756
Fannie Mae-Aces, Series 2015-M10, Class A2		3.092	(cc)		04/25/27		1,138		1,226,139
Series 2015-M17, Class A2		2.931	(cc)		11/25/25		616		653,996
Series 2017-M01, Class A2		2.417	(cc)		10/25/26		300		310,817
Series 2017-M04, Class A2		2.584	(cc)		12/25/26		1,750		1,846,934
Series 2017-M08, Class A2		3.061	(cc)		05/25/27		1,250		1,357,637
Series 2018-M04, Class A2		3.045	(cc)		03/25/28		996		1,085,631
Series 2018-M10, Class A1		3.384	(cc)		07/25/28		328		359,241
Series 2018-M10, Class A2		3.384	(cc)		07/25/28		1,884		2,093,820
Series 2019-M25, Class A1		2.142			11/25/29		1,890		1,936,762
FHLMC Multifamily Structured Pass-Through Certificates, Series K020, Class X1, IO		1.368	(cc)		05/25/22		2,559		61,835
Series K021, Class X1, IO		1.420	(cc)		06/25/22		788		20,136

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series K025, Class X1, IO		0.815	%(cc)		10/25/22		1,319	$	23,220
Series K055, Class X1, IO		1.364	(cc)		03/25/26		2,284		157,237
Series K064, Class AM		3.327	(cc)		03/25/27		1,280		1,417,721
Series K068, Class AM		3.315			08/25/27		900		1,018,984
Series K069, Class A2		3.187	(cc)		09/25/27		1,066		1,198,060
Series K069, Class AM		3.248	(cc)		09/25/27		150		167,728
Series K070, Class A2		3.303	(cc)		11/25/27		1,742		1,975,169
Series K070, Class AM		3.364			12/25/27		225		255,501
Series K072, Class A2		3.444			12/25/27		300		343,256
Series K074, Class A2		3.600			01/25/28		2,773		3,194,475
Series K075, Class AM		3.650	(cc)		02/25/28		575		661,833
Series K076, Class A2		3.900			04/25/28		1,991		2,338,598
Series K076, Class AM		3.900			04/25/28		425		496,821
Series K077, Class A2		3.850	(cc)		05/25/28		1,180		1,381,536
Series K077, Class AM		3.850	(cc)		05/25/28		160		186,661
Series K079, Class AM		3.930			06/25/28		996		1,172,692
Series K080, Class AM		3.986	(cc)		07/25/28		1,777		2,079,411
Series K083, Class A2		4.050	(cc)		09/25/28		960		1,149,708
Series K083, Class AM		4.030	(cc)		10/25/28		275		327,757
Series K086, Class A2		3.859	(cc)		11/25/28		1,422		1,685,040
Series K086, Class AM		3.919	(cc)		12/25/28		200		237,090
Series K087, Class AM		3.832	(cc)		12/25/28		250		294,531
Series K157, Class A2		3.990	(cc)		05/25/33		700		826,470
Series W5FX, Class AFX		3.092	(cc)		04/25/28		380		422,974
GS Mortgage Securities Corp., Series 2018-GS10, Class A3		4.261	(cc)		07/10/51		1,325		1,409,418
GS Mortgage Securities Trust, Series 2015-GC28, Class A4		3.136			02/10/48		400		408,513
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4		2.694			04/15/46		91		90,811
Series 2017-JP07, Class ASB		3.241			09/15/50		400		415,444
Series 2019-BKWD, Class A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.705	(c)		09/15/29		700		650,562
Series 2020-NNN, Class AFL, 144A, 1 Month LIBOR + 0.860% (Cap N/A, Floor 0.860%)		1.565	(c)		01/16/37		900		850,976
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C08, Class A3		2.863			12/15/48		180		180,433
Series 2015-C23, Class A3		3.451			07/15/50		600		627,748
Series 2015-C25, Class A4		3.372			10/15/48		700		718,890
Series 2016-C29, Class A3		3.058			05/15/49		800		809,462
Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3		2.531			08/15/49		1,300		1,275,166
Series 2019-H06, Class A3		3.158			06/15/52		1,250		1,295,194

See Notes to Financial Statements.

PGIM Balanced Fund 39

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Capital I Trust, (cont’d.)
Series 2020-L04, Class A2		2.449	%		02/15/53		3,600	$	3,568,259
UBS Commercial Mortgage Trust, Series 2017-C02, Class ASB		3.264			08/15/50		500		520,634
Series 2017-C05, Class A4		3.212			11/15/50		1,422		1,492,427
Series 2018-C08, Class A4		3.983			02/15/51		1,650		1,721,317
Series 2018-C09, Class A3		3.854			03/15/51		400		437,742
Series 2018-C14, Class A3		4.180			12/15/51		996		1,130,160
UBS-Barclays Commercial Mortgage Trust, Series 2012-C04, Class A4		2.792			12/10/45		200		202,156
Series 2013-C05, Class A3		2.920			03/10/46		151		152,224
Series 2013-C06, Class A3		2.971			04/10/46		200		201,748
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS02, Class A4		3.498			07/15/58		800		824,971
Series 2016-C33, Class A3		3.162			03/15/59		1,280		1,302,425
Series 2016-C34, Class A3		2.834			06/15/49		800		809,586
Series 2016-C35, Class A3		2.674			07/15/48		1,200		1,187,896
Series 2016-NXS06, Class A3		2.642			11/15/49		1,500		1,483,737
Series 2017-C38, Class A4		3.190			07/15/50		700		719,283
Series 2018-C46, Class A3		3.888			08/15/51		1,050		1,109,632
Series 2018-C48, Class A4		4.037			01/15/52		1,707		1,823,909
Series 2019-C52, Class A3		2.631			08/15/52		2,500		2,509,852
Series 2020-C55, Class A4		2.474			02/15/53		3,600		3,530,859
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $92,472,648)									94,964,790
CORPORATE BONDS    15.1%
Advertising    0.0%
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		500		328,746
Aerospace & Defense    0.2%
Boeing Co. (The), Sr. Unsec’d. Notes		3.750			02/01/50		515		470,294
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.500			03/15/25		300		210,784
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25		99		84,154
Embraer Overseas Ltd. (Brazil), Gtd. Notes, 144A		5.696			09/16/23		210		179,435
United Technologies Corp., Sr. Unsec’d. Notes		4.125			11/16/28		235		259,685
									1,204,352

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture    0.1%
BAT Capital Corp. (United Kingdom), Gtd. Notes		3.222	%		08/15/24		810	$	809,722
Airlines    0.1%
American Airlines 2016-1 Class AA Pass-Through Trust, Pass-Through Certificates		3.575			07/15/29		175		165,977
Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Pass-Through Certificates		6.703			12/15/22		3		3,346
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates		4.000			04/29/26		80		77,756
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24		44		45,926
Delta Air Lines, Inc., Sr. Unsec’d. Notes		3.400			04/19/21		200		184,062
United Airlines 2014-1 Class A Pass-Through Trust, Pass-Through Certificates		4.000			10/11/27		68		66,827
									543,894
Auto Manufacturers    0.5%
BMW US Capital LLC (Germany), Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.258	(c)		04/12/21		80		78,748
Gtd. Notes, 144A		3.100			04/12/21		105		103,939
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		3.100			05/04/20		200		199,714
Gtd. Notes, 144A		3.350			05/04/21		330		325,078
Ford Motor Co., Sr. Unsec’d. Notes		5.291			12/08/46		135		78,665
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		3.336			03/18/21		206		197,982
Sr. Unsec’d. Notes		3.350			11/01/22		770		719,051
Sr. Unsec’d. Notes		5.875			08/02/21		200		195,976
General Motors Co., Sr. Unsec’d. Notes		4.875			10/02/23		155		141,748
Sr. Unsec’d. Notes		6.250			10/02/43		95		75,337
Sr. Unsec’d. Notes		6.600			04/01/36		80		69,484
General Motors Financial Co., Inc., Gtd. Notes, 3 Month LIBOR + 0.850%		2.728	(c)		04/09/21		160		147,052
Gtd. Notes		3.550			04/09/21		120		114,790
Gtd. Notes		3.950			04/13/24		616		558,282

See Notes to Financial Statements.

PGIM Balanced Fund 41

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.850	%		01/15/21			565	$	568,076
Volkswagen Group of America Finance LLC (Germany), Gtd. Notes, 144A		3.875			11/13/20			215		213,855
Gtd. Notes, 144A		4.000			11/12/21			245		241,882
										4,029,659
Banks    3.8%
Banco Santander SA (Spain), Sr. Unsec’d. Notes		3.848			04/12/23			200		200,215
Bank of America Corp., Jr. Sub. Notes, Series JJ		5.125	(ff)		—	(rr)		350		327,107
Jr. Sub. Notes, Series MM		4.300	(ff)		—	(rr)		235		202,207
Sr. Unsec’d. Notes		3.004	(ff)		12/20/23			286		291,488
Sr. Unsec’d. Notes, GMTN		3.300			01/11/23			390		403,621
Sr. Unsec’d. Notes, GMTN		3.593	(ff)		07/21/28			160		165,717
Sr. Unsec’d. Notes, GMTN		4.271	(ff)		07/23/29			350		379,195
Sr. Unsec’d. Notes, MTN		3.194	(ff)		07/23/30			215		218,107
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28			1,835		1,921,357
Sr. Unsec’d. Notes, MTN		3.974	(ff)		02/07/30			115		123,841
Sr. Unsec’d. Notes, MTN		4.125			01/22/24			882		938,953
Sub. Notes, MTN		4.450			03/03/26			365		392,562
Bank of Montreal (Canada), Sr. Unsec’d. Notes, MTN		2.500			06/28/24			660		663,587
Sr. Unsec’d. Notes, MTN		2.900			03/26/22			300		303,942
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		2.200			08/16/23			782		786,949
Sr. Unsec’d. Notes, MTN		2.950			01/29/23			170		173,815
Barclays PLC (United Kingdom), Sr. Unsec’d. Notes		4.375			01/12/26			200		204,625
Sr. Unsec’d. Notes, MTN		4.972	(ff)		05/16/29			400		429,642
BNP Paribas SA (France), Sr. Unsec’d. Notes, 144A, MTN		2.950			05/23/22			275		273,333
Capital One NA, Sr. Unsec’d. Notes		2.250			09/13/21			750		733,376
Citibank NA, Sr. Unsec’d. Notes		3.050			05/01/20			690		689,644
Citigroup, Inc., Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)		280		247,900
Jr. Sub. Notes, Series R		6.125	(ff)		—	(rr)		150		140,089
Jr. Sub. Notes, Series T		6.250	(ff)		—	(rr)		105		107,661

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc., (cont’d.)
Jr. Sub. Notes, Series U		5.000	%(ff)		—	(rr)		100	$	91,905
Jr. Sub. Notes, Series V		4.700	(ff)		—	(rr)		1,020		870,374
Sr. Unsec’d. Notes		3.668	(ff)		07/24/28			290		299,919
Sr. Unsec’d. Notes		3.700			01/12/26			200		212,615
Sr. Unsec’d. Notes		3.887	(ff)		01/10/28			1,500		1,566,379
Sub. Notes		4.400			06/10/25			767		830,214
Sub. Notes		4.450			09/29/27			195		203,008
Sub. Notes		4.750			05/18/46			55		59,672
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, 3 Month LIBOR + 1.290%		3.041	(c)		02/04/21			200		197,803
Sr. Unsec’d. Notes		4.250			02/04/21			175		168,384
Sr. Unsec’d. Notes, GMTN		3.375			05/12/21			220		212,320
Discover Bank, Sr. Unsec’d. Notes		4.250			03/13/26			315		308,622
Goldman Sachs Group, Inc. (The), Jr. Sub. Notes, Series M		5.375	(ff)		—	(rr)		265		236,509
Sr. Unsec’d. Notes		3.750			02/25/26			50		52,080
Sr. Unsec’d. Notes		3.814	(ff)		04/23/29			165		170,574
Sr. Unsec’d. Notes		3.850			01/26/27			410		419,339
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			120		126,690
Sr. Unsec’d. Notes		5.750			01/24/22			250		265,256
Sr. Unsec’d. Notes, Series D, MTN		6.000			06/15/20			220		221,304
Sub. Notes		6.750			10/01/37			275		363,322
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		2.292	(c)		05/18/21			345		338,924
JPMorgan Chase & Co., Jr. Sub. Notes, Series FF		5.000	(ff)		—	(rr)		345		325,758
Jr. Sub. Notes, Series HH		4.600	(ff)		—	(rr)		1,290		1,135,787
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		5.240	(c)		—	(rr)		146		130,951
Sr. Unsec’d. Notes		2.950			10/01/26			210		216,115
Sr. Unsec’d. Notes		3.200			06/15/26			1,066		1,105,608
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29			265		275,651
Sr. Unsec’d. Notes		3.702	(ff)		05/06/30			145		154,601
Sr. Unsec’d. Notes		3.782	(ff)		02/01/28			1,591		1,695,001
Sr. Unsec’d. Notes		4.005	(ff)		04/23/29			796		859,953
Sr. Unsec’d. Notes		4.452	(ff)		12/05/29			250		279,691
Sub. Notes		3.875			09/10/24			90		95,060
JPMorgan Chase Bank NA, Sr. Unsec’d. Notes		3.086	(ff)		04/26/21			750		749,670
Lloyds Bank PLC (United Kingdom), Gtd. Notes		3.300			05/07/21			200		200,040

See Notes to Financial Statements.

PGIM Balanced Fund 43

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes		3.750	%		01/11/27			300	$	304,414
Morgan Stanley, Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%		5.441	(c)		—	(rr)		125		109,852
Sr. Unsec’d. Notes, GMTN		3.591	(ff)		07/22/28			1,536		1,593,658
Sr. Unsec’d. Notes, GMTN		3.750			02/25/23			45		46,882
Sr. Unsec’d. Notes, GMTN		3.772	(ff)		01/24/29			1,173		1,236,582
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26			370		396,145
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30			240		265,956
State Bank of India (India), Sr. Unsec’d. Notes, 144A		4.375			01/24/24			310		309,969
State Street Corp., Jr. Sub. Notes, Series F		5.250	(ff)		—	(rr)		190		171,037
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN		2.572	(ff)		02/11/31			1,025		982,290
										30,174,817
Beverages    0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		4.700			02/01/36			150		156,563
Anheuser-Busch InBev Finance, Inc. (Belgium), Gtd. Notes		4.000			01/17/43			120		118,034
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		5.550			01/23/49			825		969,688
Keurig Dr. Pepper, Inc., Gtd. Notes		3.551			05/25/21			190		192,106
										1,436,391
Building Materials    0.2%
Griffon Corp., Gtd. Notes, 144A		5.750			03/01/28			800		751,896
Johnson Controls International PLC, Sr. Unsec’d. Notes		6.000			01/15/36			450		535,660
										1,287,556
Chemicals    0.4%
CF Industries, Inc., Gtd. Notes		5.375			03/15/44			150		142,742

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500	%		07/19/22		640	$	637,447
Dow Chemical Co. (The), Sr. Unsec’d. Notes		9.400			05/15/39		67		100,855
Sasol Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24		200		84,748
Gtd. Notes		6.500			09/27/28		200		84,000
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Gtd. Notes		6.500			10/01/26	EUR	2,250		1,965,642
Union Carbide Corp., Sr. Unsec’d. Notes		7.500			06/01/25		100		125,431
									3,140,865
Commercial Services    0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A		6.625			07/15/26		500		492,803
ERAC USA Finance LLC, Gtd. Notes, 144A		2.700			11/01/23		1,166		1,160,099
Gtd. Notes, 144A		7.000			10/15/37		20		25,022
Johns Hopkins University, Sr. Unsec’d. Notes, Series A		2.813			01/01/60		100		90,643
Loxam SAS (France), Sr. Sub. Notes		5.750			07/15/27	EUR	1,100		649,057
President & Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		270		294,288
Trustees of Boston College, Unsec’d. Notes		3.129			07/01/52		279		330,857
Trustees of the University of Pennsylvania (The), Sr. Unsec’d. Notes		3.610			02/15/2119		55		53,384
United Rentals North America, Inc., Gtd. Notes		4.000			07/15/30		425		390,883
Gtd. Notes		4.875			01/15/28		200		195,308
Gtd. Notes		5.500			05/15/27		250		246,682
									3,929,026
Diversified Financial Services    0.3%
Capital One Financial Corp., Sr. Unsec’d. Notes		2.500			05/12/20		375		374,668

See Notes to Financial Statements.

PGIM Balanced Fund 45

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
GE Capital International Funding Co. Unlimited Co., Gtd. Notes		2.342	%		11/15/20			500	$	497,303
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43			65		58,730
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN		5.250			02/06/12	(d)		345		3,623
Sr. Unsec’d. Notes, MTN		6.875			05/02/18	(d)		100		1,050
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		6.000			01/15/27			600		503,574
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN		6.150			12/06/28			200		202,671
Private Export Funding Corp., Gov’t. Gtd. Notes, Series GG		2.450			07/15/24			65		68,891
Sr. Unsec’d. Notes, 144A		2.650			02/16/21			385		390,683
										2,101,193
Electric    1.3%
Baltimore Gas & Electric Co., Sr. Unsec’d. Notes		6.350			10/01/36			115		149,894
Berkshire Hathaway Energy Co., Sr. Unsec’d. Notes		5.950			05/15/37			120		152,704
CenterPoint Energy Houston Electric LLC, General Ref. Mortgage, Series K2		6.950			03/15/33			120		181,444
General Ref. Mortgage, Series Z		2.400			09/01/26			170		179,765
Commonwealth Edison Co., First Mortgage, Series 123		3.750			08/15/47			754		805,367
Dominion Energy, Inc., Jr. Sub. Notes		3.071			08/15/24			800		793,983
Jr. Sub. Notes		4.104			04/01/21			400		400,991
DTE Electric Co., General Ref. Mortgage		3.750			08/15/47			622		628,977
Duke Energy Carolinas LLC, First Mortgage		6.050			04/15/38			55		70,406
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26			210		209,035
El Paso Electric Co., Sr. Unsec’d. Notes		6.000			05/15/35			135		181,017
Emera US Finance LP (Canada), Gtd. Notes		3.550			06/15/26			685		650,871
Enel Finance International NV (Italy), Gtd. Notes, 144A		2.875			05/25/22			500		484,750
Gtd. Notes, 144A		4.625			09/14/25			265		281,734

See Notes to Financial Statements.

46

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	$	170,160
Eskom Holdings SOC Ltd. (South Africa), Sr. Unsec’d. Notes, 144A		5.750			01/26/21		540		456,451
Eversource Energy, Sr. Unsec’d. Notes, Series O		4.250			04/01/29		315		334,697
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		50		56,193
Florida Power & Light Co., First Mortgage		5.950			10/01/33		60		80,263
Iberdrola International BV (Spain), Gtd. Notes		6.750			09/15/33		30		42,856
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		235		236,676
Monongahela Power Co., First Mortgage, 144A		4.100			04/15/24		280		310,772
Ohio Power Co., Sr. Unsec’d. Notes		4.000			06/01/49		160		164,917
Sr. Unsec’d. Notes		4.150			04/01/48		175		191,179
Public Service Co. of Colorado, First Mortgage		4.300			03/15/44		35		39,899
Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN		5.800			05/01/37		125		182,833
San Diego Gas & Electric Co., First Mortgage		4.150			05/15/48		230		252,587
Southwestern Public Service Co., First Mortgage		3.700			08/15/47		250		259,691
Virginia Electric & Power Co., Sr. Unsec’d. Notes, Series A		2.875			07/15/29		1,135		1,131,994
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.625			02/15/27		600		618,558
Sr. Sec’d. Notes, 144A		3.550			07/15/24		645		606,794
Xcel Energy, Inc., Sr. Unsec’d. Notes		4.800			09/15/41		105		117,640
									10,425,098

See Notes to Financial Statements.

PGIM Balanced Fund 47

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electronics    0.2%
FLIR Systems, Inc., Sr. Unsec’d. Notes		3.125	%		06/15/21		150	$	150,243
Trimble, Inc., Sr. Unsec’d. Notes		4.750			12/01/24		1,200		1,231,431
									1,381,674
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes		5.500			07/31/47		200		168,651
Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		172,695
Sr. Sec’d. Notes, 144A		5.500			07/31/47		200		168,651
									509,997
Entertainment    0.1%
AMC Entertainment Holdings, Inc., Gtd. Notes		5.750			06/15/25		225		95,575
Gtd. Notes		5.875			11/15/26		375		156,121
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.500			02/15/25		650		573,360
Scientific Games International, Inc., Gtd. Notes		6.625			05/15/21		350		283,892
									1,108,948
Foods    0.4%
B&G Foods, Inc., Gtd. Notes		5.250			09/15/27		650		636,234
Conagra Brands, Inc., Sr. Unsec’d. Notes		3.800			10/22/21		902		908,124
Kraft Heinz Foods Co., Gtd. Notes, 144A		4.875			10/01/49		450		419,911
Mars, Inc., Gtd. Notes, 144A		3.950			04/01/49		275		304,371
Picard Bondco SA (Luxembourg), Gtd. Notes(a)		5.500			11/30/24	EUR	1,000		992,610
									3,261,250
Forest Products & Paper    0.0%
Georgia-Pacific LLC, Gtd. Notes, 144A		5.400			11/01/20		40		40,377

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Forest Products & Paper (cont’d.)
International Paper Co., Sr. Unsec’d. Notes		6.000	%		11/15/41		30	$	34,899
Sr. Unsec’d. Notes		7.300			11/15/39		175		238,393
									313,669
Gas    0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.750			05/20/27		825		761,345
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		4.100			09/01/47		200		200,525
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.600			12/15/44		10		9,650
NiSource, Inc., Sr. Unsec’d. Notes		3.490			05/15/27		548		555,515
Sr. Unsec’d. Notes		4.800			02/15/44		40		39,516
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes		3.500			06/01/29		740		747,774
									2,314,325
Healthcare-Products    0.1%
Abbott Laboratories, Sr. Unsec’d. Notes		4.900			11/30/46		295		404,267
DH Europe Finance II Sarl, Gtd. Notes		1.350			09/18/39	EUR	385		351,207
Medtronic Global Holdings SCA, Gtd. Notes		2.250			03/07/39	EUR	100		113,014
									868,488
Healthcare-Services    0.5%
Allina Health System, Unsec’d. Notes, Series 2019		3.887			04/15/49		115		133,322
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		45		49,367
Sr. Unsec’d. Notes		4.650			01/15/43		30		33,553
Ascension Health, Sr. Unsec’d. Notes		3.945			11/15/46		795		919,860
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		2.375			03/01/28	EUR	800		817,366
Duke University Health System, Inc., Sr. Unsec’d. Notes		3.920			06/01/47		95		108,854

See Notes to Financial Statements.

PGIM Balanced Fund 49

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Fresenius Medical Care U.S. Finance II, Inc. (Germany), Gtd. Notes, 144A		4.125	%		10/15/20		75	$	72,159
HCA, Inc., Gtd. Notes		3.500			09/01/30		200		182,120
Gtd. Notes		5.375			02/01/25		230		235,660
Kaiser Foundation Hospitals, Gtd. Notes		4.150			05/01/47		140		168,199
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22		20		20,156
Polaris Intermediate Corp., Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%(a)		8.500			12/01/22		400		315,835
Providence St. Joseph Health Obligated Group, Unsec’d. Notes, Series 19A		2.532			10/01/29		190		185,283
Unsec’d. Notes, Series H		2.746			10/01/26		50		52,775
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.500			02/15/24		355		375,512
									3,670,021
Home Builders    0.1%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		4.875			02/15/30		600		459,455
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		4.625			03/01/30		325		282,497
Taylor Morrison Communities, Inc., Gtd. Notes, 144A		5.875			06/15/27		90		83,639
									825,591
Insurance    0.2%
AXIS Specialty Finance LLC, Gtd. Notes		5.875			06/01/20		160		160,987
Liberty Mutual Group, Inc., Gtd. Notes, 144A		3.951			10/15/50		180		166,515
Gtd. Notes, 144A		4.500			06/15/49		115		112,982
Gtd. Notes, 144A		4.569			02/01/29		350		368,623
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		110		132,530
Markel Corp., Sr. Unsec’d. Notes		5.000			03/30/43		25		25,708

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Markel Corp., (cont’d.)
Sr. Unsec’d. Notes		5.000	%		04/05/46		325	$	337,042
New York Life Insurance Co., Sub. Notes, 144A		6.750			11/15/39		110		148,065
Principal Financial Group, Inc., Gtd. Notes		4.625			09/15/42		15		16,086
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.270			05/15/47		240		229,081
Sub. Notes, 144A		6.850			12/16/39		22		30,336
Unum Group, Sr. Unsec’d. Notes		5.625			09/15/20		50		50,103
									1,778,058
Lodging    0.1%
Marriott International, Inc., Sr. Unsec’d. Notes		3.250			09/15/22		130		118,946
Sr. Unsec’d. Notes, Series R		3.125			06/15/26		561		514,900
									633,846
Machinery-Diversified    0.0%
Westinghouse Air Brake Technologies Corp., Gtd. Notes		4.950			09/15/28		89		85,902
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		160		168,123
									254,025
Media    0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		5.375			05/01/47		120		131,329
Sr. Sec’d. Notes		6.384			10/23/35		110		130,760
Sr. Sec’d. Notes		6.484			10/23/45		172		210,130
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24		1,000		859,691
Comcast Corp., Gtd. Notes		3.969			11/01/47		19		21,987
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A		3.150			08/15/24		740		756,157
CSC Holdings LLC, Gtd. Notes, 144A		5.375			07/15/23		300		303,013

See Notes to Financial Statements.

PGIM Balanced Fund 51

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Diamond Sports Group LLC/Diamond Sports Finance Co., Sr. Sec’d. Notes, 144A		5.375	%		08/15/26		550	$	446,854
Discovery Communications LLC, Gtd. Notes		2.800			06/15/20		542		542,068
Gtd. Notes		5.300			05/15/49		575		579,905
Time Warner Cable LLC, Sr. Sec’d. Notes		5.500			09/01/41		140		146,868
ViacomCBS, Inc., Sr. Unsec’d. Notes(a)		4.375			03/15/43		600		525,063
Sr. Unsec’d. Notes		5.250			04/01/44		65		61,246
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		150		150,709
Walt Disney Co. (The), Gtd. Notes		7.625			11/30/28		125		161,570
									5,027,350
Mining    0.1%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		280		363,606
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes, 144A		6.250	(ff)		10/19/75		65		64,471
Newmont Corp., Gtd. Notes		3.625			06/09/21		110		112,732
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes		7.500			07/27/35		95		112,115
									652,924
Miscellaneous Manufacturing    0.1%
Enerpac Tool Group Corp., Gtd. Notes		5.625			06/15/22		160		147,905
Pentair Finance Sarl, Gtd. Notes		4.500			07/01/29		450		464,021
									611,926
Multi-National    0.0%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		2.750			01/06/23		70		73,017
Sr. Unsec’d. Notes		3.250			02/11/22		65		67,522

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National (cont’d.)
North American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		2.400	%		10/26/22		150	$	153,320
									293,859
Oil & Gas    1.1%
Antero Resources Corp., Gtd. Notes		5.125			12/01/22		250		134,736
Gtd. Notes		5.625			06/01/23		500		209,733
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		10.000			04/01/22		225		120,366
BP Capital Markets America, Inc., Gtd. Notes		3.790			02/06/24		518		532,377
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.400			06/15/47		318		144,303
CNOOC Finance Ltd. (China), Gtd. Notes		2.875			09/30/29		450		464,838
Concho Resources, Inc., Gtd. Notes		3.750			10/01/27		1,000		844,306
Gtd. Notes		4.875			10/01/47		35		26,920
ConocoPhillips Holding Co., Sr. Unsec’d. Notes		6.950			04/15/29		150		183,188
Continental Resources, Inc., Gtd. Notes		4.500			04/15/23		754		414,659
Devon Energy Corp., Sr. Unsec’d. Notes		5.600			07/15/41		35		22,201
EOG Resources, Inc., Sr. Unsec’d. Notes		3.900			04/01/35		120		121,404
Helmerich & Payne, Inc., Sr. Unsec’d. Notes		4.650			03/15/25		240		248,318
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		4.400			04/15/29		650		451,391
MEG Energy Corp. (Canada), Sr. Unsec’d. Notes, 144A		7.125			02/01/27		250		124,341
Occidental Petroleum Corp., Sr. Unsec’d. Notes		6.450			09/15/36		200		95,228
Ovintiv, Inc., Gtd. Notes		6.500			08/15/34		340		159,404
Gtd. Notes		6.500			02/01/38		50		21,468
Petrobras Global Finance BV (Brazil), Gtd. Notes		6.625			01/16/34	GBP	230		260,524

See Notes to Financial Statements.

PGIM Balanced Fund 53

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petrobras Global Finance BV (Brazil), (cont’d.)
Gtd. Notes		6.900	%		03/19/49		430	$	418,416
Gtd. Notes		7.375			01/17/27		60		61,479
Gtd. Notes		8.750			05/23/26		60		64,752
Petroleos Mexicanos (Mexico), Gtd. Notes		5.500			01/21/21		50		48,075
Gtd. Notes		6.350			02/12/48		136		85,130
Gtd. Notes		6.500			03/13/27		1,440		1,064,765
Gtd. Notes, 144A		6.490			01/23/27		73		53,864
Gtd. Notes, 144A		7.690			01/23/50		303		206,902
Gtd. Notes, EMTN		4.875			02/21/28	EUR	440		351,978
Gtd. Notes, MTN		6.750			09/21/47		641		414,709
Gtd. Notes, MTN		6.875			08/04/26		10		7,572
Range Resources Corp., Gtd. Notes, 144A		9.250			02/01/26		625		383,934
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		200		200,029
Sinopec Group Overseas Development 2018 Ltd. (China), Gtd. Notes, 144A		3.680			08/08/49		345		374,716
									8,316,026
Oil & Gas Services    0.1%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		3.900			05/17/28		336		312,564
Sr. Unsec’d. Notes, 144A		4.000			12/21/25		23		21,717
Schlumberger Investment SA, Gtd. Notes, 144A		3.300			09/14/21		75		75,896
									410,177
Packaging & Containers    0.0%
WestRock RKT LLC, Gtd. Notes		4.900			03/01/22		95		101,490
Pharmaceuticals    1.1%
AbbVie, Inc., Sr. Unsec’d. Notes		3.600			05/14/25		315		330,061
Sr. Unsec’d. Notes		4.500			05/14/35		235		260,313
Sr. Unsec’d. Notes		4.700			05/14/45		250		280,861
Sr. Unsec’d. Notes, 144A		4.250			11/21/49		1,285		1,379,347

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Allergan Funding SCS, Gtd. Notes		4.550	%		03/15/35		430	$	485,922
Bayer US Finance II LLC (Germany), Gtd. Notes, 144A		3.500			06/25/21		200		201,983
Becton, Dickinson & Co., Sr. Unsec’d. Notes		3.734			12/15/24		65		66,934
Bristol-Myers Squibb Co., Sr. Unsec’d. Notes, 144A		4.125			06/15/39		70		84,129
Sr. Unsec’d. Notes, 144A		4.250			10/26/49		395		499,575
Sr. Unsec’d. Notes, 144A		5.000			08/15/45		225		300,684
Cigna Corp., Gtd. Notes, 144A		4.500			02/25/26		967		1,040,803
CVS Health Corp., Sr. Unsec’d. Notes		4.300			03/25/28		1,635		1,735,198
Sr. Unsec’d. Notes		4.780			03/25/38		90		98,130
Sr. Unsec’d. Notes		5.125			07/20/45		487		558,413
Sr. Unsec’d. Notes		5.300			12/05/43		45		52,460
Mylan NV, Gtd. Notes		5.250			06/15/46		755		764,306
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		2.400			09/23/21		832		828,779
									8,967,898
Pipelines    0.5%
Energy Transfer Operating LP, Gtd. Notes		4.950			06/15/28		210		176,902
Gtd. Notes		5.000			05/15/50		170		131,223
Gtd. Notes		5.300			04/15/47		500		382,281
Enterprise Products Operating LLC, Gtd. Notes		4.200			01/31/50		345		326,658
Gtd. Notes		4.850			03/15/44		185		189,365
MPLX LP, Sr. Unsec’d. Notes		4.500			04/15/38		175		124,301
Sr. Unsec’d. Notes		4.875			06/01/25		375		313,579
Sr. Unsec’d. Notes		5.200			03/01/47		20		15,945
Sr. Unsec’d. Notes		5.500			02/15/49		90		77,407
ONEOK Partners LP, Gtd. Notes		6.200			09/15/43		205		192,112
ONEOK, Inc., Gtd. Notes		4.500			03/15/50		1,000		751,847
Gtd. Notes		4.950			07/13/47		50		39,421

See Notes to Financial Statements.

PGIM Balanced Fund 55

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.550	%		10/01/26		360	$	325,327
Spectra Energy Partners LP, Gtd. Notes		3.375			10/15/26		165		152,482
Western Midstream Operating LP, Sr. Unsec’d. Notes		4.000			07/01/22		445		287,174
Sr. Unsec’d. Notes		5.300			03/01/48		20		7,911
Williams Cos., Inc. (The), Sr. Unsec’d. Notes		4.850			03/01/48		20		18,693
Sr. Unsec’d. Notes		4.900			01/15/45		220		186,631
Sr. Unsec’d. Notes		5.400			03/04/44		175		157,691
									3,856,950
Real Estate Investment Trusts (REITs)     0.3%
Brandywine Operating Partnership LP, Gtd. Notes		4.550			10/01/29		450		466,453
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		175		156,734
Ventas Realty LP, Gtd. Notes		2.650			01/15/25		1,750		1,645,829
Welltower, Inc., Sr. Unsec’d. Notes		4.250			04/01/26		160		166,854
									2,435,870
Retail     0.5%
Dollar Tree, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		2.536	(c)		04/17/20		60		59,775
Sr. Unsec’d. Notes		4.200			05/15/28		2,350		2,390,737
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes		6.250			10/30/25	EUR	1,200		1,055,861
L Brands, Inc., Gtd. Notes		6.625			04/01/21		225		212,367
Macy’s Retail Holdings, Inc., Gtd. Notes		3.875			01/15/22		26		18,576
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		170		138,643
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.875			03/01/27		500		459,684
									4,335,643

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Semiconductors    0.0%
Broadcom, Inc., Gtd. Notes, 144A		3.125	%		04/15/21		210	$	207,460
Gtd. Notes, 144A		3.125			10/15/22		160		158,367
									365,827
Software     0.1%
Microsoft Corp., Sr. Unsec’d. Notes		4.000			02/12/55		295		372,920
Sr. Unsec’d. Notes		4.450			11/03/45		48		62,902
									435,822
Telecommunications     0.8%
AT&T, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 1.180%		1.964	(c)		06/12/24		542		507,687
Sr. Unsec’d. Notes		3.400			05/15/25		170		176,479
Sr. Unsec’d. Notes		3.600			07/15/25		25		26,047
Sr. Unsec’d. Notes		3.800			02/15/27		240		249,364
Sr. Unsec’d. Notes		4.300			02/15/30		80		86,110
Sr. Unsec’d. Notes		4.550			03/09/49		575		618,114
Sr. Unsec’d. Notes		4.850			03/01/39		1,680		1,899,443
Sr. Unsec’d. Notes		5.150			03/15/42		95		109,271
Sr. Unsec’d. Notes		5.250			03/01/37		60		69,966
Sr. Unsec’d. Notes		5.350			09/01/40		4		4,647
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes		9.625			12/15/30		50		77,091
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes		5.500			08/01/23		400		246,336
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A		3.400			03/01/27		250		238,238
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		300		396,992
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Sr. Sec’d. Notes, 144A		3.360			03/20/23		103		102,870
Verizon Communications, Inc., Sr. Unsec’d. Notes		4.500			08/10/33		185		220,602
Sr. Unsec’d. Notes		4.862			08/21/46		711		927,630
									5,956,887

See Notes to Financial Statements.

PGIM Balanced Fund 57

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation    0.1%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		6.700	%		08/01/28		135	$	186,312
CSX Corp., Sr. Unsec’d. Notes		6.150			05/01/37		170		219,649
Norfolk Southern Corp., Sr. Unsec’d. Notes		2.903			02/15/23		97		97,803
Sr. Unsec’d. Notes		5.590			05/17/25		20		21,896
									525,660
TOTAL CORPORATE BONDS (cost $126,289,089)									118,625,520
MUNICIPAL BONDS     0.4%
Alabama     0.0%
Alabama Economic Settlement Authority, Taxable, Revenue Bonds, Series B		4.263			09/15/32		35		36,781
California     0.2%
Bay Area Toll Authority, Revenue Bonds, BABs, Series F2		6.263			04/01/49		220		329,819
Taxable, Revenue Bonds		2.574			04/01/31		415		419,706
State of California, General Obligation Unlimited, BABs		7.300			10/01/39		210		324,379
General Obligation Unlimited, Taxable, BABs		7.500			04/01/34		15		22,919
									1,096,823
Illinois 0.2%
Chicago O’Hare International Airport, Revenue Bonds, BABs, Series B		6.395			01/01/40		160		228,037
State of Illinois, General Obligation Unlimited, Series A		5.000			10/01/22		35		36,256
General Obligation Unlimited, Series D		5.000			11/01/22		710		736,036
General Obligation Unlimited, Taxable		5.100			06/01/33		100		99,543
									1,099,872
New Jersey 0.0%
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series F		7.414			01/01/40		165		240,651

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New York     0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable, Revenue Bonds, BABs		5.767	%		08/01/36		190	$	241,857
Ohio     0.0%
Ohio State University (The), Taxable, Revenue Bonds, BABs, Series C		4.910			06/01/40		65		75,239
Ohio Water Development Authority Water Pollution Control Loan Fund, Taxable, Revenue Bonds, BABs, Series B2		4.879			12/01/34		45		51,160
									126,399
Oregon     0.0%
State of Oregon Department of Transportation, Taxable, Revenue Bonds, BABs, Series A		5.834			11/15/34		70		93,328
Pennsylvania     0.0%
Pennsylvania Turnpike Commission, Revenue Bonds, BABs, Series B		5.511			12/01/45		80		110,337
Virginia     0.0%
University of Virginia, Taxable, Revenue Bonds, Series C		4.179			09/01/2117		80		93,163
TOTAL MUNICIPAL BONDS (cost $2,661,156)									3,139,211
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.8%
Alternative Loan Trust, Series 2004-18CB, Class 3A1		5.250			09/25/20		3		3,301
Banc of America Mortgage Trust, Series 2005-A, Class 2A1		3.676	(cc)		02/25/35		16		13,893
Bellemeade Re Ltd. (Bermuda), Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		2.647	(c)		10/25/27		16		15,944
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.547	(c)		04/25/28		133		131,978
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.797	(c)		10/25/28		158		156,795
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		2.047	(c)		07/25/29		253		251,930

See Notes to Financial Statements.

PGIM Balanced Fund 59

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd. (Bermuda), (cont’d.)
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		2.547	%(c)		07/25/29		300	$	256,668
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		2.347	(c)		10/25/29		361		358,656
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.947	(c)		10/25/29		300		286,494
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A5		4.363	(cc)		02/25/37		41		37,345
CIM Trust, Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		3.581	(c)		12/25/57		352		362,767
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		3.581	(c)		01/25/57		411		405,873
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		541		502,502
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		387		363,838
Connecticut Avenue Securities Trust, Series 2019-R03, Class 1M2, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 0.000%)		3.097	(c)		09/25/31		362		296,524
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		3.047	(c)		10/25/39		300		241,720
Credit Suisse Mortgage Trust, Series 2018-RPL09, Class A, 144A		3.850	(cc)		09/25/57		635		639,997
Series 2020-WL01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		3.060	(c)		12/26/59^		1,613		1,613,296
Eagle Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		2.647	(c)		11/25/28		103		102,411
Fannie Mae Connecticut Avenue Securities, Series 2018-C03, Class 1M21 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		3.097	(c)		10/25/30		100		83,110
Fannie Mae REMICS, Series 2014-11, Class VB		4.500			04/25/42		500		596,197
Series 2018-78, Class A		3.500			07/25/43		470		485,171
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA01, Class M11 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		2.147	(c)		07/25/29		129		128,276
Series 2017-DNA03, Class M11 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		1.697	(c)		03/25/30		397		390,451
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.797	(c)		02/25/50		360		228,673
Freddie Mac Structured Agency Credit Risk Trust, Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		1.697	(c)		09/25/48		87		85,513

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Freddie Mac Structured Agency Credit Risk Trust, (cont’d.)
Series 2019-HRP01, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%) 1.697%(c)					02/25/49		56	$	55,348
GCAT LLC, Series 2019-04, Class A1, 144A		3.228	(cc)		11/26/49		1,234		1,000,582
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1		4.688	(cc)		07/25/35		18		15,998
Legacy Mortgage Asset Trust, Series 2019-GS06, Class A1, 144A		3.000	(cc)		06/25/59		95		83,825
Series 2019-PR01, Class A1, 144A		3.858	(cc)		09/25/59		192		180,585
Series 2020-GS01, Class A1, 144A		2.882	(cc)		10/25/59		396		393,371
LSTAR Securities Investment Trust, Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.081	(c)		04/01/24		97		95,697
MetLife Securitization Trust, Series 2018-01A, Class A, 144A		3.750	(cc)		03/25/57		79		79,440
Mill City Mortgage Loan Trust, Series 2019-01, Class A1, 144A		3.250	(cc)		10/25/69		173		174,747
Mortgage Insurance-Linked Notes, Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		2.397	(c)		02/25/30		200		182,964
New Residential Mortgage Loan Trust, Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		246		253,979
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		1.697	(c)		01/25/48		178		165,315
Oaktown Re III Ltd. (Bermuda), Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		2.347	(c)		07/25/29		116		115,745
OBX Trust, Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)		1.597	(c)		06/25/57		163		151,696
Park Avenue Funding Trust, Series 2019-04, Class PT, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		2.459	(c)		05/27/21		1,387		1,376,937
Seasoned Credit Risk Transfer Trust, Series 2019-02, Class MA		3.500			08/25/58		587		622,148
Station Place Securitization Trust, Series 2019-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)		1.597	(c)		08/25/52		1,300		1,294,593
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-01, Class 4A3		3.872	(cc)		02/25/34		26		23,456
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $14,962,365)									14,305,749

See Notes to Financial Statements.

PGIM Balanced Fund 61

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS     1.7%
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes, 144A		3.125	%		10/11/27		485	$	493,881
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes		4.375			07/12/21		200		202,024
Sr. Unsec’d. Notes		5.000			06/15/45		200		205,252
Sr. Unsec’d. Notes		7.375			09/18/37		100		124,960
Egypt Government International Bond (Egypt), Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	290		278,880
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	450		425,865
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31	EUR	290		254,274
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A		3.875			02/01/28		200		183,608
Sr. Unsec’d. Notes, EMTN		2.750			04/01/20		250		250,000
Export-Import Bank of Korea (South Korea), Sr. Unsec’d. Notes		5.125			06/29/20		100		100,899
Ghana Government International Bond (Ghana), Sr. Unsec’d. Notes, 144A		6.375			02/11/27		250		183,814
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		6.375			03/29/21		114		118,286
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes		3.375			07/30/25	EUR	350		394,281
Sr. Unsec’d. Notes		4.450			02/11/24		200		206,948
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	315		341,102
Sr. Unsec’d. Notes, EMTN		4.750			01/08/26		200		212,320
Iraq International Bond (Iraq), Sr. Unsec’d. Notes, 144A		5.800			01/15/28		370		281,221
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		208,273
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		414,595
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		6.700			01/26/36		200		257,260
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125			06/22/26		100		106,491
Sr. Unsec’d. Notes, Series GX		2.600			04/16/24		70		74,877
Province of Quebec (Canada), Unsec’d. Notes, MTN		7.140			02/27/26		135		180,679
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		3.875			04/23/23		200		206,222
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		200		242,832
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes		2.375			10/17/24		1,900		1,877,728

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Republic of Italy Government International Bond (Italy), (cont’d.)
Sr. Unsec’d. Notes		2.875	%		10/17/29		2,000	$	1,910,136
Republic of Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		160		166,084
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A, MTN		3.875			10/29/35	EUR	420		481,875
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	270		298,884
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		205		202,914
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		285		284,800
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		200		208,257
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsec’d. Notes, 144A		5.750			01/18/22		200		130,099
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, 144A		2.500			06/08/22		200		207,062
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		190		190,018
Ukraine Government International Bond (Ukraine), Sr. Unsec’d. Notes		8.994			02/01/24		300		277,083
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	400		353,415
Sr. Unsec’d. Notes, 144A		7.750			09/01/22		640		605,917
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		4.975			04/20/55		210		239,107
Sr. Unsec’d. Notes		5.100			06/18/50		65		74,174
TOTAL SOVEREIGN BONDS (cost $14,330,865)									13,456,397
U.S. GOVERNMENT AGENCY OBLIGATIONS    1.4%
Federal Home Loan Bank(k)		5.500			07/15/36		135		208,976
Federal Home Loan Mortgage Corp.		4.500			10/01/39		165		180,190
Federal Home Loan Mortgage Corp.		5.000			04/01/34		13		14,244
Federal Home Loan Mortgage Corp.		5.000			05/01/34		25		27,441
Federal Home Loan Mortgage Corp.		5.000			10/01/35		36		40,461
Federal Home Loan Mortgage Corp.		5.500			12/01/33		24		26,698
Federal Home Loan Mortgage Corp.		5.500			05/01/34		9		9,555
Federal Home Loan Mortgage Corp.		5.500			07/01/34		58		65,434
Federal Home Loan Mortgage Corp.		5.500			05/01/37		9		10,593
Federal Home Loan Mortgage Corp.		5.500			10/01/37		19		21,571
Federal Home Loan Mortgage Corp.		6.000			01/01/34		27		30,121
Federal Home Loan Mortgage Corp.		6.750			09/15/29		25		37,207
Federal Home Loan Mortgage Corp.		7.000			10/01/31		1		779
Federal Home Loan Mortgage Corp.		7.000			05/01/32		12		13,284

See Notes to Financial Statements.

PGIM Balanced Fund 63

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		4.500	%		09/01/39		137		$	149,951
Federal National Mortgage Assoc.		4.500			08/01/40		109			119,770
Federal National Mortgage Assoc.		4.500			02/01/44		170			186,533
Federal National Mortgage Assoc.		4.500			08/01/44		303			330,980
Federal National Mortgage Assoc.		4.500			01/01/45		287			314,930
Federal National Mortgage Assoc.		5.000			07/01/35		23			25,566
Federal National Mortgage Assoc.		5.000			02/01/36		55			61,294
Federal National Mortgage Assoc.		5.000			11/01/41		334			369,726
Federal National Mortgage Assoc.		5.500			06/01/33		11			12,064
Federal National Mortgage Assoc.		5.500			08/01/33		16			18,663
Federal National Mortgage Assoc.		5.500			09/01/33		29			33,193
Federal National Mortgage Assoc.		5.500			09/01/33		53			59,813
Federal National Mortgage Assoc.		5.500			01/01/34		23			25,920
Federal National Mortgage Assoc.		5.500			01/01/34		27			30,901
Federal National Mortgage Assoc.		5.500			07/01/34		39			44,160
Federal National Mortgage Assoc.		6.000			09/01/21		—	(r)		157
Federal National Mortgage Assoc.		6.000			11/01/33		43			47,659
Federal National Mortgage Assoc.		6.000			01/01/34		8			9,042
Federal National Mortgage Assoc.		6.000			01/01/34		104			119,313
Federal National Mortgage Assoc.		6.000			02/01/34		11			12,821
Federal National Mortgage Assoc.		6.000			10/01/34		3			3,718
Federal National Mortgage Assoc.		6.000			10/01/34		5			5,563
Federal National Mortgage Assoc.		6.000			11/01/34		10			11,882
Federal National Mortgage Assoc.		6.000			11/01/34		26			28,575
Federal National Mortgage Assoc.		6.000			11/01/34		62			69,550
Federal National Mortgage Assoc.		6.000			01/01/35		12			13,096
Federal National Mortgage Assoc.		6.000			01/01/35		60			66,729
Federal National Mortgage Assoc.		6.000			02/01/35		53			60,356
Federal National Mortgage Assoc.		6.000			08/01/36		17			18,431
Federal National Mortgage Assoc.		6.000			08/01/38		7			7,766
Federal National Mortgage Assoc.		6.250			05/15/29		45			64,354
Federal National Mortgage Assoc.		6.500			05/01/24		10			11,036
Federal National Mortgage Assoc.		6.500			07/01/29		10			11,405
Federal National Mortgage Assoc.		6.500			07/01/32		14			15,810
Federal National Mortgage Assoc.		6.500			04/01/33		11			13,202
Federal National Mortgage Assoc.		6.500			01/01/34		11			12,412
Federal National Mortgage Assoc.		6.500			01/01/34		21			24,489
Federal National Mortgage Assoc.		6.500			10/01/36		23			27,058
Federal National Mortgage Assoc.		6.500			09/01/37		58			68,033
Federal National Mortgage Assoc.		6.500			10/01/37		57			65,411
Federal National Mortgage Assoc.(k)		6.625			11/15/30		145			222,587
Federal National Mortgage Assoc.		7.000			06/01/32		13			15,758
Federal National Mortgage Assoc.(k)		7.125			01/15/30		452			694,319
Federal National Mortgage Assoc.		7.500			09/01/30		1			1,001
Federal National Mortgage Assoc.		8.000			12/01/23		1			736

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		8.500	%		02/01/28		2		$	2,170
Government National Mortgage Assoc.		3.000			09/20/43		228			245,486
Government National Mortgage Assoc.		3.000			01/20/44		68			73,086
Government National Mortgage Assoc.		3.000			03/15/45		220			233,138
Government National Mortgage Assoc.		3.000			05/20/45		307			329,695
Government National Mortgage Assoc.		3.000			08/20/45		498			534,892
Government National Mortgage Assoc.		3.000			06/20/46		644			690,808
Government National Mortgage Assoc.(k)		3.000			12/20/46		1,024			1,094,733
Government National Mortgage Assoc.		3.000			01/20/47		938			1,002,093
Government National Mortgage Assoc.		3.000			03/20/47		326			348,630
Government National Mortgage Assoc.		3.000			12/20/48		1,583			1,690,788
Government National Mortgage Assoc.		5.000			10/20/37		14			15,737
Government National Mortgage Assoc.		5.000			04/20/45		104			114,434
Government National Mortgage Assoc.		5.500			07/15/33		26			27,972
Government National Mortgage Assoc.		5.500			12/15/33		11			11,910
Government National Mortgage Assoc.		5.500			09/15/34		101			110,131
Government National Mortgage Assoc.		5.500			01/15/36		52			58,735
Government National Mortgage Assoc.		5.500			02/15/36		74			80,509
Government National Mortgage Assoc.		6.500			09/15/23		3			3,355
Government National Mortgage Assoc.		6.500			10/15/23		2			2,352
Government National Mortgage Assoc.		6.500			12/15/23		1			861
Government National Mortgage Assoc.		6.500			12/15/23		3			3,126
Government National Mortgage Assoc.		6.500			12/15/23		4			4,238
Government National Mortgage Assoc.		6.500			04/15/24		28			31,244
Government National Mortgage Assoc.		6.500			07/15/32		2			2,611
Government National Mortgage Assoc.		6.500			08/15/32		—	(r)		338
Government National Mortgage Assoc.		6.500			08/15/32		1			765
Government National Mortgage Assoc.		6.500			08/15/32		2			1,811
Government National Mortgage Assoc.		6.500			08/15/32		11			13,060
Government National Mortgage Assoc.		7.000			06/15/24		8			8,178
Government National Mortgage Assoc.		7.000			05/15/31		6			6,958
Government National Mortgage Assoc.		7.500			04/15/29		1			615
Government National Mortgage Assoc.		7.500			12/15/29		3			2,898
Government National Mortgage Assoc.		8.000			08/15/22		1			609
Government National Mortgage Assoc.		8.000			12/15/22		1			1,408
Government National Mortgage Assoc.		8.000			12/15/22		3			2,880
Government National Mortgage Assoc.		8.000			06/15/25		17			18,481
Tennessee Valley Authority, Sr. Unsec’d. Notes		7.125			05/01/30		90			137,722
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $10,403,148)										11,100,744
U.S. TREASURY OBLIGATIONS    3.4%
U.S. Treasury Bonds		3.375			05/15/44		1,020			1,449,834
U.S. Treasury Bonds(k)		3.625			08/15/43		3,155			4,621,582
U.S. Treasury Bonds		3.625			02/15/44		2,795			4,109,524

See Notes to Financial Statements.

PGIM Balanced Fund 65

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bonds		3.750	%		11/15/43		650	$	971,141
U.S. Treasury Notes		0.500			03/31/25		850		855,379
U.S. Treasury Notes		1.500			02/15/30		1,100		1,185,938
U.S. Treasury Notes		2.375			08/15/24		2,965		3,222,584
U.S. Treasury Strips Coupon		1.468	(s)		11/15/41		210		156,524
U.S. Treasury Strips Coupon(k)		2.052	(s)		11/15/43		6,350		4,472,781
U.S. Treasury Strips Coupon(k)		2.502	(s)		11/15/30		194		176,479
U.S. Treasury Strips Coupon(k)		2.752	(s)		08/15/30		321		293,113
U.S. Treasury Strips Coupon(k)		2.843	(s)		11/15/35		575		482,349
U.S. Treasury Strips Principal, PO(h)		1.927	(s)		05/15/43		6,250		4,557,373
TOTAL U.S. TREASURY OBLIGATIONS (cost $24,949,673)									26,554,601
TOTAL LONG-TERM INVESTMENTS (cost $823,733,472)									775,326,987
						Shares
SHORT-TERM INVESTMENTS    2.4%
AFFILIATED MUTUAL FUNDS    2.4%
PGIM Core Ultra Short Bond Fund(w)							9,287,640		9,287,640
PGIM Institutional Money Market Fund (cost $9,211,594; includes $9,201,263 of cash collateral for securities on loan)(b)(w)							9,241,166		9,226,380
TOTAL AFFILIATED MUTUAL FUNDS (cost $18,499,234)									18,514,020
OPTIONS PURCHASED*~    0.0% (cost $3,296)									146,109

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n)    0.0%
U.S. Treasury Bills (cost $199,976)		0.055	%		06/18/20		200	$	199,955
TOTAL SHORT-TERM INVESTMENTS (cost $18,702,506)									18,860,084
TOTAL INVESTMENTS    100.9% (cost $842,435,978)									794,187,071
Liabilities in excess of other assets(z)    (0.9)%									(7,265,303	)
NET ASSETS    100.0%								$	786,921,768

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

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

KZT—Kazakhstani Tenge

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

USD—US Dollar

ZAR—South African Rand

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

See Notes to Financial Statements.

PGIM Balanced Fund 67

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

A—Annual payment frequency for swaps

Aces—Alternative Credit Enhancements Securities

ADR—American Depositary Receipt

BABs—Build America Bonds

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CLO—Collateralized Loan Obligation

CMBS—Collateralized Mortgage-Backed Security

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

EAFE—Europe, Australasia, Far East

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MSCI—Morgan Stanley Capital International

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PO—Principal Only

PRFC—Preference Shares

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduit Security

S—Semiannual payment frequency for swaps

S&P—Standard & Poor’s

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

USOIS—United States Overnight Index Swap

UTS—Unit Trust Security

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,624,949 and 0.2% 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 $8,712,303; cash collateral of $9,201,263 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

(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, 2020.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2020. 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.

See Notes to Financial Statements.

68

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

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

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

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

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

(r) Less than $500 par.

(rr) Perpetual security with no stated maturity date.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11%		—		577	$	10,292
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21		0.11%		—		561		9,934
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15%		—		1,402		23,254
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15%		—		2,784		46,359
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14%		—		2,820		47,926
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21%		—		561		8,344
Total Options Purchased (cost $3,296)											$	146,109

Futures contracts outstanding at March 31, 2020:    

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	264	5 Year U.S. Treasury Notes		Jun. 2020	$	33,094,876	$	1,261,764
	187	30 Year U.S. Ultra Treasury Bonds		Jun. 2020		41,490,625		3,013,156
	11	S&P 500 E-Mini Index		Jun. 2020		1,413,335		90,132
								4,365,052
		Short Positions:
	536	2 Year U.S. Treasury Notes		Jun. 2020		118,125,187		(1,539,601	)
	20	5 Year Euro-Bobl		Jun. 2020		2,982,462		15,631
	2	10 Year Euro-Bund		Jun. 2020		380,523		815
	308	10 Year U.S. Treasury Notes		Jun. 2020		42,715,750		(471,482	)
	46	10 Year U.S. Ultra Treasury Notes		Jun. 2020		7,177,438		(512,894	)

See Notes to Financial Statements.

PGIM Balanced Fund 69

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Futures contracts outstanding at March 31, 2020 (continued):    

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Short Positions (cont’d):
	102	20 Year U.S. Treasury Bonds		Jun. 2020	$	18,264,375	$	(76,108	)
	26	Euro Schatz Index		Jun. 2020		3,217,093		(739	)
								(2,584,378	)
							$	1,780,674

Forward foreign currency exchange contracts outstanding at March 31, 2020:

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 04/17/20	BNP Paribas S.A.		AUD	141	$	95,000	$	86,901	$	—	$	(8,099	)
Expiring 04/17/20	Citibank, N.A.		AUD	420		267,750		258,519		—		(9,231	)
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		AUD	215		144,400		131,984		—		(12,416	)
Expiring 04/17/20	Morgan Stanley & Co. International PLC		AUD	213		142,560		130,946		—		(11,614	)
Brazilian Real,
Expiring 04/02/20	Morgan Stanley & Co. International PLC		BRL	4,168		818,533		801,945		—		(16,588	)
British Pound,
Expiring 04/15/20	BNP Paribas S.A.		GBP	112		144,000		138,771		—		(5,229	)
Expiring 04/15/20	BNP Paribas S.A.		GBP	79		103,000		97,608		—		(5,392	)
Expiring 04/15/20	HSBC Bank USA, N.A.		GBP	552		717,537		685,448		—		(32,089	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		GBP	76		99,000		94,321		—		(4,679	)
Canadian Dollar,
Expiring 04/17/20	BNP Paribas S.A.		CAD	178		134,000		126,251		—		(7,749	)
Expiring 04/17/20	BNP Paribas S.A.		CAD	166		114,000		117,764		3,764		—
Expiring 04/17/20	BNP Paribas S.A.		CAD	135		94,000		95,871		1,871		—
Expiring 04/17/20	HSBC Bank USA, N.A.		CAD	280		210,551		198,939		—		(11,612	)
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		CAD	193		144,243		136,985		—		(7,258	)
Expiring 04/17/20	Morgan Stanley & Co. International PLC		CAD	201		141,372		143,147		1,775		—
Chinese Renminbi,
Expiring 05/11/20	Citibank, N.A.		CNH	2,903		414,385		409,122		—		(5,263	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,427		205,000		201,059		—		(3,941	)
Colombian Peso,
Expiring 06/17/20	Citibank, N.A.		COP	345,131		86,000		84,485		—		(1,515	)

See Notes to Financial Statements.

70

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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 04/15/20	Citibank, N.A.		CZK	3,774	$	167,000	$	151,823	$	—	$	(15,177	)
Expiring 04/15/20	HSBC Bank USA, N.A.		CZK	13,086		574,325		526,478		—		(47,847	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		CZK	3,862		173,000		155,385		—		(17,615	)
Euro,
Expiring 04/15/20	BNP Paribas S.A.		EUR	135		147,000		148,864		1,864		—
Expiring 04/15/20	BNP Paribas S.A.		EUR	133		146,000		146,286		286		—
Expiring 04/15/20	BNP Paribas S.A.		EUR	107		118,000		117,670		—		(330	)
Expiring 04/15/20	Citibank, N.A.		EUR	630		686,750		695,619		8,869		—
Expiring 04/15/20	Citibank, N.A.		EUR	630		692,100		695,692		3,592		—
Expiring 04/15/20	Citibank, N.A.		EUR	335		374,850		369,812		—		(5,038	)
Expiring 04/15/20	HSBC Bank USA, N.A.		EUR	1,070		1,181,797		1,180,433		—		(1,364	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	432		488,400		476,791		—		(11,609	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	380		427,934		419,266		—		(8,668	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	258		296,000		284,768		—		(11,232	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	175		198,000		192,848		—		(5,152	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	173		194,000		191,119		—		(2,881	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	162		179,000		178,983		—		(17	)
Expiring 04/15/20	The Toronto-Dominion Bank		EUR	177		195,600		195,590		—		(10	)
Hungarian Forint,
Expiring 04/15/20	BNP Paribas S.A.		HUF	29,877		97,000		91,377		—		(5,623	)
Expiring 04/15/20	HSBC Bank USA, N.A.		HUF	50,555		171,000		154,618		—		(16,382	)
Expiring 04/15/20	HSBC Bank USA, N.A.		HUF	33,415		113,000		102,197		—		(10,803	)
Expiring 04/15/20	Morgan Stanley & Co.
	International PLC		HUF	29,943		102,000		91,578		—		(10,422	)
Indian Rupee,
Expiring 06/17/20	The Toronto-Dominion
	Bank		INR	16,641		228,134		216,322		—		(11,812	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.		IDR	7,040,665		487,571		426,181		—		(61,390	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	2,806,419		195,244		169,876		—		(25,368	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	1,570,494		110,435		95,064		—		(15,371	)
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	1,393,879		94,404		84,373		—		(10,031	)
Israeli Shekel,
Expiring 06/17/20	Citibank, N.A.		ILS	845		237,000		239,399		2,399		—

See Notes to Financial Statements.

PGIM Balanced Fund 71

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Forward foreign currency exchange contracts outstanding at March 31, 2020 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 06/17/20	Citibank, N.A.		ILS	258	$	72,600	$	73,097	$	497	$	—
Expiring 06/17/20	HSBC Bank USA, N.A.		ILS	702		194,000		198,983		4,983		—
Japanese Yen,
Expiring 04/15/20	BNP Paribas S.A.		JPY	18,569		173,000		172,818		—		(182	)
Expiring 04/15/20	Citibank, N.A.		JPY	18,529		168,000		172,446		4,446		—
Expiring 04/15/20	HSBC Bank USA, N.A.		JPY	58,919		538,794		548,339		9,545		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		JPY	24,332		231,275		226,449		—		(4,826	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		JPY	11,847		110,623		110,255		—		(368	)
Expiring 05/15/20	Citibank, N.A.		JPY	11,852		111,270		110,458		—		(812	)
Kazakhstani Tenge,
Expiring 04/24/20	Morgan Stanley & Co. International PLC		KZT	22,141		58,129		48,720		—		(9,409	)
Expiring 04/27/20	JPMorgan Chase Bank, N.A.		KZT	11,471		30,000		25,192		—		(4,808	)
Expiring 04/27/20	JPMorgan Chase Bank, N.A.		KZT	4,714		12,283		10,353		—		(1,930	)
Expiring 04/27/20	Morgan Stanley & Co. International PLC		KZT	21,121		55,363		46,383		—		(8,980	)
Expiring 04/27/20	Morgan Stanley & Co. International PLC		KZT	14,089		36,675		30,942		—		(5,733	)
Expiring 05/28/20	Morgan Stanley & Co. International PLC		KZT	9,496		24,450		20,523		—		(3,927	)
Mexican Peso,
Expiring 06/17/20	Citibank, N.A.		MXN	8,643		412,876		360,157		—		(52,719	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	2,370		99,868		98,749		—		(1,119	)
New Taiwanese Dollar,
Expiring 06/17/20	Citibank, N.A.		TWD	5,313		178,000		177,726		—		(274	)
New Zealand Dollar,
Expiring 04/17/20	BNP Paribas S.A.		NZD	144		93,000		85,940		—		(7,060	)
Expiring 04/17/20	BNP Paribas S.A.		NZD	114		66,000		67,780		1,780		—
Expiring 04/17/20	Citibank, N.A.		NZD	155		99,275		92,343		—		(6,932	)
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		NZD	343		217,900		204,762		—		(13,138	)
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		NZD	276		164,975		164,482		—		(493	)
Expiring 04/17/20	Morgan Stanley & Co. International PLC		NZD	173		109,325		103,365		—		(5,960	)
Norwegian Krone,
Expiring 04/15/20	HSBC Bank USA, N.A.		NOK	3,978		431,851		382,641		—		(49,210	)

See Notes to Financial Statements.

72

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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.):
Norwegian Krone (cont’d.),
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		NOK	843	$	89,000	$	81,085	$	—	$	(7,915	)
Peruvian Nuevo Sol,
Expiring 06/17/20	BNP Paribas S.A.		PEN	408		115,469		118,419		2,950		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	523		154,000		152,002		—		(1,998	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	468		136,000		135,875		—		(125	)
Philippine Peso,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	12,145		230,000		235,130		5,130		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	6,517		127,567		126,169		—		(1,398	)
Polish Zloty,
Expiring 04/15/20	HSBC Bank USA, N.A.		PLN	744		196,000		179,842		—		(16,158	)
Expiring 04/15/20	HSBC Bank USA, N.A.		PLN	557		144,285		134,512		—		(9,773	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		PLN	609		158,000		147,311		—		(10,689	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		PLN	544		140,000		131,484		—		(8,516	)
Expiring 04/15/20	The Toronto-Dominion Bank		PLN	465		123,000		112,457		—		(10,543	)
Russian Ruble,
Expiring 06/17/20	Citibank, N.A.		RUB	41,285		571,406		522,362		—		(49,044	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		RUB	8,998		113,800		113,842		42		—
Singapore Dollar,
Expiring 06/17/20	HSBC Bank USA, N.A.		SGD	295		212,797		207,675		—		(5,122	)
South African Rand,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,641		94,000		90,788		—		(3,212	)
Swedish Krona,
Expiring 04/15/20	BNP Paribas S.A.		SEK	782		77,000		79,047		2,047		—
Expiring 04/15/20	HSBC Bank USA, N.A.		SEK	2,070		216,819		209,330		—		(7,489	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		SEK	1,190		123,000		120,344		—		(2,656	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		SEK	1,194		126,000		120,716		—		(5,284	)
Swiss Franc,
Expiring 04/15/20	BNP Paribas S.A.		CHF	174		186,000		181,132		—		(4,868	)
Expiring 04/15/20	BNP Paribas S.A.		CHF	151		157,000		156,560		—		(440	)
Expiring 04/15/20	BNP Paribas S.A.		CHF	142		145,000		147,715		2,715		—

See Notes to Financial Statements.

PGIM Balanced Fund 73

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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.):
Swiss Franc (cont’d.),
Expiring 04/15/20	BNP Paribas S.A.		CHF	141	$	148,000	$	146,696	$	—	$	(1,304	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		CHF	136		141,000		141,282		282		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		CHF	98		103,000		101,573		—		(1,427	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CHF	194		209,000		201,576		—		(7,424	)
Ukraine Hryvna,
Expiring 04/27/20	Citibank, N.A.		UAH	1,513		60,439		53,617		—		(6,822	)
Expiring 04/27/20	Citibank, N.A.		UAH	635		25,406		22,488		—		(2,918	)
Expiring 05/26/20	Citibank, N.A.		UAH	1,252		49,938		43,440		—		(6,498	)
Expiring 05/26/20	Citibank, N.A.		UAH	697		27,704		24,166		—		(3,538	)
Expiring 05/27/20	Citibank, N.A.		UAH	1,139		45,382		39,488		—		(5,894	)
					$	20,286,419	$	19,549,504		58,837		(795,752	)
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 04/17/20	BNP Paribas S.A.		AUD	171	$	97,691	$	105,078	$	—	$	(7,387	)
Expiring 04/17/20	Citibank, N.A.		AUD	164		108,478		100,714		7,764		—
Expiring 04/17/20	Citibank, N.A.		AUD	162		109,246		99,901		9,345		—
Expiring 04/17/20	HSBC Bank USA, N.A.		AUD	427		288,545		262,842		25,703		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		AUD	532		359,270		327,334		31,936		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		AUD	161		97,031		98,976		—		(1,945	)
Expiring 04/17/20	Morgan Stanley & Co. International PLC		AUD	371		244,781		228,144		16,637		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		AUD	353		217,345		217,261		84		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		AUD	169		110,495		103,998		6,497		—
Brazilian Real,
Expiring 04/02/20	Citibank, N.A.		BRL	1,282		288,354		246,600		41,754		—
Expiring 04/02/20	Citibank, N.A.		BRL	716		151,000		137,766		13,234		—
Expiring 04/02/20	JPMorgan Chase Bank, N.A.		BRL	524		105,130		100,875		4,255		—

See Notes to Financial Statements.

74

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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.):
Brazilian Real (cont’d.),
Expiring 04/02/20	JPMorgan Chase Bank, N.A.		BRL	518	$	109,635	$	99,677	$	9,958	$	—
Expiring 04/02/20	JPMorgan Chase Bank, N.A.		BRL	367		74,000		70,656		3,344		—
Expiring 04/02/20	Morgan Stanley & Co. International PLC		BRL	382		78,000		73,442		4,558		—
Expiring 04/02/20	Morgan Stanley & Co. International PLC		BRL	379		75,000		72,930		2,070		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	4,168		817,184		800,134		17,050		—
British Pound,
Expiring 04/15/20	BNP Paribas S.A.		GBP	237		285,000		293,902		—		(8,902	)
Expiring 04/15/20	BNP Paribas S.A.		GBP	143		183,000		178,199		4,801		—
Expiring 04/15/20	Citibank, N.A.		GBP	151		185,000		186,993		—		(1,993	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		GBP	84		109,000		104,498		4,502		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		GBP	285		370,689		353,920		16,769		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		GBP	170		218,600		210,884		7,716		—
Canadian Dollar,
Expiring 04/17/20	BNP Paribas S.A.		CAD	296		221,000		210,426		10,574		—
Expiring 04/17/20	Citibank, N.A.		CAD	600		460,133		426,433		33,700		—
Expiring 04/17/20	HSBC Bank USA, N.A.		CAD	291		219,472		206,833		12,639		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		CAD	432		319,000		307,091		11,909		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		CAD	324		242,945		229,993		12,952		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		CAD	207		154,000		146,930		7,070		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		CAD	218		155,250		155,114		136		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		CAD	177		132,000		125,978		6,022		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		CAD	172		129,000		121,965		7,035		—
Expiring 04/17/20	The Toronto-Dominion Bank		CAD	186		140,000		132,194		7,806		—
Chilean Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	271,591		325,240		317,965		7,275		—
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	80,747		97,291		94,534		2,757		—

See Notes to Financial Statements.

PGIM Balanced Fund 75

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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.):
Chilean Peso (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	384,268	$	459,596	$	449,880	$	9,716	$	—
Expiring 06/17/20	The Toronto-Dominion Bank		CLP	150,162		178,128		175,801		2,327		—
Chinese Renminbi,
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,839		262,000		259,179		2,821		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,485		209,000		209,240		—		(240	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,261		180,100		177,772		2,328		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,009		144,300		142,158		2,142		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	720		102,500		101,437		1,063		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.		COP	586,429		154,344		143,553		10,791		—
Expiring 06/17/20	BNP Paribas S.A.		COP	383,968		110,435		93,992		16,443		—
Expiring 06/17/20	Citibank, N.A.		COP	106,737		30,897		26,128		4,769		—
Expiring 06/17/20	HSBC Bank USA, N.A.		COP	138,643		39,684		33,939		5,745		—
Czech Koruna,
Expiring 04/15/20	BNP Paribas S.A.		CZK	2,515		101,000		101,186		—		(186	)
Expiring 04/15/20	Citibank, N.A.		CZK	2,245		97,000		90,337		6,663		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		CZK	2,588		112,000		104,107		7,893		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CZK	2,740		106,200		110,231		—		(4,031	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CZK	2,683		105,000		107,948		—		(2,948	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CZK	2,568		101,000		103,330		—		(2,330	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CZK	2,047		88,000		82,375		5,625		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		CZK	1,932		75,000		77,739		—		(2,739	)
Euro,
Expiring 04/15/20	BNP Paribas S.A.		EUR	276		300,000		304,853		—		(4,853	)
Expiring 04/15/20	BNP Paribas S.A.		EUR	245		263,000		269,933		—		(6,933	)
Expiring 04/15/20	BNP Paribas S.A.		EUR	189		206,000		208,881		—		(2,881	)
Expiring 04/15/20	BNP Paribas S.A.		EUR	161		174,000		177,572		—		(3,572	)
Expiring 04/15/20	BNP Paribas S.A.		EUR	111		120,000		122,986		—		(2,986	)
Expiring 04/15/20	Citibank, N.A.		EUR	3,608		3,979,299		3,981,342		—		(2,043	)
Expiring 04/15/20	Citibank, N.A.		EUR	151		165,000		166,501		—		(1,501	)
Expiring 04/15/20	Citibank, N.A.		EUR	101		110,435		111,876		—		(1,441	)
Expiring 04/15/20	Citibank, N.A.		EUR	100		109,116		110,543		—		(1,427	)
Expiring 04/15/20	HSBC Bank USA, N.A.		EUR	148		162,150		163,115		—		(965	)
Expiring 04/15/20	HSBC Bank USA, N.A.		EUR	110		122,937		121,387		1,550		—

See Notes to Financial Statements.

76

Forward foreign currency exchange contracts outstanding at March 31, 2020 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	1,326	$	1,447,297	$	1,463,784	$	—	$	(16,487	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	1,154		1,250,771		1,273,507		—		(22,736	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	433		469,100		477,832		—		(8,732	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	373		412,298		412,000		298		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	277		306,242		305,962		280		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	139		153,912		153,860		52		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	132		144,551		145,740		—		(1,189	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		EUR	101		110,435		111,900		—		(1,465	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	2,609		2,843,674		2,878,527		—		(34,853	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	993		1,088,417		1,095,424		—		(7,007	)
Expiring 04/15/20	Morgan Stanley & Co. International PLC		EUR	800		880,000		882,813		—		(2,813	)
Hungarian Forint,
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		HUF	40,219		122,000		123,007		—		(1,007	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.		IDR	1,931,542		118,000		116,919		1,081		—
Expiring 06/17/20	BNP Paribas S.A.		IDR	1,497,420		90,000		90,641		—		(641	)
Israeli Shekel,
Expiring 06/17/20	BNP Paribas S.A.		ILS	495		140,400		140,395		5		—
Expiring 06/17/20	Citibank, N.A.		ILS	693		184,000		196,492		—		(12,492	)
Expiring 06/17/20	Citibank, N.A.		ILS	624		178,000		176,976		1,024		—
Expiring 06/17/20	Citibank, N.A.		ILS	139		39,600		39,447		153		—
Expiring 06/17/20	HSBC Bank USA, N.A.		ILS	614		161,000		173,938		—		(12,938	)
Japanese Yen,
Expiring 04/15/20	BNP Paribas S.A.		JPY	15,650		140,000		145,649		—		(5,649	)
Expiring 04/15/20	BNP Paribas S.A.		JPY	12,639		122,000		117,628		4,372		—
Expiring 04/15/20	Citibank, N.A.		JPY	12,027		108,950		111,927		—		(2,977	)
Expiring 04/15/20	Citibank, N.A.		JPY	10,521		95,469		97,916		—		(2,447	)
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		JPY	49,715		452,900		462,678		—		(9,778	)

See Notes to Financial Statements.

PGIM Balanced Fund 77

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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 (cont’d.),
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		JPY	13,106	$	124,458	$	121,970	$	2,488	$	—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		JPY	8,487		80,817		78,985		1,832		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		JPY	44,248		404,400		411,799		—		(7,399	)
Mexican Peso,
Expiring 06/17/20	BNP Paribas S.A.		MXN	2,405		113,000		100,201		12,799		—
Expiring 06/17/20	BNP Paribas S.A.		MXN	2,119		107,000		88,285		18,715		—
Expiring 06/17/20	Citibank, N.A.		MXN	1,680		74,000		70,005		3,995		—
Expiring 06/17/20	HSBC Bank USA, N.A.		MXN	2,415		100,500		100,614		—		(114	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	2,572		121,209		107,183		14,026		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	2,254		96,100		93,944		2,156		—
New Taiwanese Dollar,
Expiring 06/17/20	BNP Paribas S.A.		TWD	5,699		192,000		190,638		1,362		—
Expiring 06/17/20	HSBC Bank USA, N.A.		TWD	12,000		403,000		401,382		1,618		—
Expiring 06/17/20	HSBC Bank USA, N.A.		TWD	7,167		242,000		239,733		2,267		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TWD	7,105		239,000		237,673		1,327		—
New Zealand Dollar,
Expiring 04/17/20	HSBC Bank USA, N.A.		NZD	1,110		719,602		662,406		57,196		—
Expiring 04/17/20	JPMorgan Chase Bank, N.A.		NZD	169		109,318		100,576		8,742		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		NZD	384		240,685		228,871		11,814		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		NZD	380		240,953		226,705		14,248		—
Expiring 04/17/20	Morgan Stanley & Co.
	International PLC		NZD	175		105,130		104,594		536		—
Expiring 04/17/20	Morgan Stanley & Co. International PLC		NZD	168		108,718		100,338		8,380		—
Norwegian Krone,
Expiring 04/15/20	BNP Paribas S.A.		NOK	615		58,000		59,119		—		(1,119	)
Expiring 04/15/20	Citibank, N.A.		NOK	1,110		108,000		106,767		1,233		—
Peruvian Nuevo Sol,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	880		256,284		255,579		705		—
Polish Zloty,
Expiring 04/15/20	BNP Paribas S.A.		PLN	461		118,000		111,540		6,460		—
Expiring 04/15/20	Citibank, N.A.		PLN	471		110,000		113,915		—		(3,915	)

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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.):
Polish Zloty (cont’d.),
Expiring 04/15/20	Citibank, N.A.		PLN	412	$	104,000	$	99,667	$	4,333	$	—
Expiring 04/15/20	HSBC Bank USA, N.A.		PLN	411		104,000		99,295		4,705		—
Expiring 04/15/20	JPMorgan Chase Bank, N.A.		PLN	403		95,000		97,481		—		(2,481	)
Russian Ruble,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		RUB	9,280		121,450		117,420		4,030		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		RUB	6,996		95,502		88,520		6,982		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		RUB	6,306		78,000		79,791		—		(1,791	)
Singapore Dollar,
Expiring 06/17/20	Citibank, N.A.		SGD	353		247,000		248,406		—		(1,406	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		SGD	200		142,800		141,168		1,632		—
South African Rand,
Expiring 06/17/20	HSBC Bank USA, N.A.		ZAR	570		36,668		31,553		5,115		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	5,640		351,011		312,091		38,920		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		ZAR	1,700		110,308		94,100		16,208		—
South Korean Won,
Expiring 06/17/20	HSBC Bank USA, N.A.		KRW	819,747		694,201		674,367		19,834		—
Expiring 06/17/20	HSBC Bank USA, N.A.		KRW	131,772		111,116		108,403		2,713		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	131,572		111,116		108,238		2,878		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		KRW	131,906		111,116		108,513		2,603		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		KRW	130,944		110,623		107,722		2,901		—
Swedish Krona,
Expiring 04/15/20	BNP Paribas S.A.		SEK	1,425		145,000		144,093		907		—
Expiring 04/15/20	BNP Paribas S.A.		SEK	1,247		128,000		126,081		1,919		—
Expiring 04/15/20	BNP Paribas S.A.		SEK	942		92,000		95,286		—		(3,286	)
Expiring 04/15/20	BNP Paribas S.A.		SEK	935		97,000		94,535		2,465		—
Expiring 04/15/20	Morgan Stanley & Co. International PLC		SEK	973		98,000		98,441		—		(441	)
Swiss Franc,
Expiring 04/15/20	HSBC Bank USA, N.A.		CHF	627		647,474		652,088		—		(4,614	)
Thai Baht,
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	7,915		249,000		241,269		7,731		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	7,344		233,384		223,864		9,520		—

See Notes to Financial Statements.

PGIM Balanced Fund 79

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Forward foreign currency exchange contracts outstanding at March 31, 2020 (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 06/17/20	JPMorgan Chase Bank, N.A.		THB	7,062	$	224,000	$	215,272	$	8,728	$	—
Turkish Lira,
Expiring 06/17/20	Citibank, N.A.		TRY	891		141,000		131,801		9,199		—
Expiring 06/17/20	Citibank, N.A.		TRY	698		109,635		103,209		6,426		—
Expiring 06/17/20	Citibank, N.A.		TRY	502		79,648		74,188		5,460		—
Expiring 06/17/20	HSBC Bank USA, N.A.		TRY	654		97,291		96,689		602		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	755		119,918		111,603		8,315		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	690		106,058		102,097		3,961		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	595		91,000		88,033		2,967		—
										��
					$	36,459,435	$	35,902,569		787,946		(231,080	)
									$	846,783	$	(1,026,832	)

Cross currency exchange contracts outstanding at March 31, 2020:    

Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
04/15/20	Buy		CZK	2,508		EUR	100	$	—	$	(9,680	)		Citibank, N.A.
04/15/20	Buy		EUR	44		HUF	14,882		2,912		—			JPMorgan Chase Bank, N.A.
04/15/20	Buy		EUR	78		HUF	26,564		5,222		—			JPMorgan Chase Bank, N.A.
04/15/20	Buy		EUR	89		HUF	32,064		468		—			HSBC Bank USA, N.A.
04/15/20	Buy		EUR	177		NOK	2,082		—		(5,360	)		Morgan Stanley & Co. International PLC
04/15/20	Buy		EUR	201		NOK	2,019		27,647		—			Citibank, N.A.
04/15/20	Buy		EUR	218		GBP	183		12,906		—			Morgan Stanley & Co. International PLC
04/17/20	Buy		JPY	25,728		AUD	377		7,559		—			Citibank, N.A.
04/17/20	Buy		JPY	26,187		AUD	370		15,844		—			HSBC Bank USA, N.A.
								$	72,558	$	(15,040	)

See Notes to Financial Statements.

80

Credit default swap agreements outstanding at March 31, 2020:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at March 31, 2020(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed securities—Sell Protection(2)^:

Towd Point Mortgage Trust

07/25/56

0.450%(M)

580

*

$

11,653

$

—

$

11,653

Citigroup Global Markets, Inc.

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

United Mexican States

12/20/24

1.000%(Q)

400

$

21,906

$

(4,496

)

$

26,402

Barclays Bank PLC

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at March 31, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Boeing Co.		12/20/21		1.000%(Q)		1,000		4.579	%	$	(57,800	)	$	9,358		$	(67,158	)	Bank of America, N.A.
Petroleos Mexicanos		12/20/24		1.000%(Q)		400		7.933	%		(101,079	)		(19,728	)		(81,351	)	Barclays Bank PLC
										$	(158,879	)	$	(10,370	)	$	(148,509	)

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

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 81

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

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

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

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

* 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 Series 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.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,624,949 and 0.2% of net assets.

Interest rate swap agreements outstanding at March 31, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2020			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
	AUD        1,800		02/13/30		1.210%(S)	6 Month BBSW(2)(S)	$	(8	)	$	32,759		$	32,767
	BRL       11,882		01/04/27		6.215%(T)	1 Day BROIS(2)(T)		—			(141,568	)		(141,568	)
	CNH      30,350		02/13/25		2.570%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(23	)		71,089			71,112
	COP 1,141,000		02/18/25		4.505%(Q)	1 Day COOIS(2)(Q)		—			(1,239	)		(1,239	)
	COP 1,967,840		02/21/25		4.565%(Q)	1 Day COOIS(2)(Q)		—			(889	)		(889	)
	COP    806,000		02/18/30		5.072%(Q)	1 Day COOIS(2)(Q)		—			(7,368	)		(7,368	)
	COP    564,000		02/18/30		5.081%(Q)	1 Day COOIS(2)(Q)		—			(5,053	)		(5,053	)
	COP 1,216,000		02/24/30		5.078%(Q)	1 Day COOIS(2)(Q)		—			(11,053	)		(11,053	)
	EUR           715		05/11/24		0.050%(A)	1 Day EONIA(1)(A)		(7,891	)		(20,422	)		(12,531	)
	HUF    452,000		02/14/30		1.605%(A)	6 Month BUBOR(2)(S)		—			7,951			7,951
	HUF    123,000		02/18/30		1.803%(A)	6 Month BUBOR(2)(S)		—			9,011			9,011
	NZD           600		02/14/30		1.523%(S)	3 Month BBR(2)(Q)		—			20,389			20,389
	8,960		03/16/21		0.109%(A)	1 Day USOIS(1)(A)		—			(2,683	)		(2,683	)

See Notes to Financial Statements.

82

Interest rate swap agreements outstanding at March 31, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at March 31, 2020			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	9,465		06/09/21		0.395%(A)	1 Day USOIS(1)(A)	$	—		$	(32,414	)	$	(32,414	)
	13,700		09/12/21		0.260%(A)	1 Day USOIS(1)(A)		—			(35,686	)		(35,686	)
	10,077		09/15/21		1.381%(S)	3 Month LIBOR(2)(Q)		(18,209	)		143,614			161,823
	2,145		09/15/21		1.480%(S)	3 Month LIBOR(2)(Q)		2,067			33,630			31,563
	1,505		09/15/21		1.604%(S)	3 Month LIBOR(2)(Q)		7,043			25,661			18,618
	9,255		03/10/22		0.330%(A)	1 Day USOIS(1)(A)		—			(40,462	)		(40,462	)
	115		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(6,170	)		(6,170	)
	2,638		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(54,088	)		(500,211	)		(446,123	)
	900		02/14/30		1.382%(A)	1 Day USOIS(1)(A)		—			(83,324	)		(83,324	)
	370		11/15/45		0.508%(A)	1 Day USOIS(1)(A)		—			11,689			11,689
	1,890		11/15/45		1.044%(A)	1 Day USOIS(1)(A)		—			(182,476	)		(182,476	)
	9,338		11/15/45		1.253%(A)	1 Day USOIS(1)(A)		(64,556	)		(1,369,791	)		(1,305,235	)
	745		08/09/49		1.508%(A)	1 Day USOIS(1)(A)		—			(175,438	)		(175,438	)
	ZAR   9,600		02/11/30		7.481%(Q)	3 Month JIBAR(2)(Q)		(374	)		(42,351	)		(41,977	)
	ZAR 12,200		02/28/30		7.500%(Q)	3 Month JIBAR(2)(Q)		(4,326	)		(51,996	)		(47,670	)
	ZAR   4,300		03/02/30		7.625%(Q)	3 Month JIBAR(2)(Q)		(17	)		(16,930	)		(16,913	)
	ZAR   6,300		03/12/30		7.840%(Q)	3 Month JIBAR(2)(Q)		(60	)		(19,541	)		(19,481	)
	ZAR   4,200		03/12/30		7.900%(Q)	3 Month JIBAR(2)(Q)		(42	)		(12,001	)		(11,959	)
	ZAR 10,000		03/18/30		10.650%(Q)	3 Month JIBAR(2)(Q)		—			(13,015	)		(13,015	)
							$	(140,484	)	$	(2,416,288	)	$	(2,275,804	)

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

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

Total return swap agreements outstanding at March 31, 2020:

Reference Entity

Financing Rate

Counterparty

Termination Date

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

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)(2)

OTC Total Return Swap Agreement:

Barclays US Agency CMBS Index(T)

1 Month LIBOR(M)

Barclays Bank PLC

10/01/20

4,200

$

(170,496

)

$

—

$

(170,496

)

��

See Notes to Financial Statements.

PGIM Balanced Fund 83

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

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

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

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	9,358	$	(24,224)	$	38,055	$	(319,005	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	732,000	$	4,955,012
Goldman Sachs & Co. LLC		—		199,955
Total	$	732,000	$	5,154,967

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of March 31, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks	$	369,797,841	$	74,663,919	$	—
Exchange-Traded Funds		2,990,985		—		—
Preferred Stocks		1,173,061		388,622		—
Asset-Backed Securities
Automobiles		—		13,615,594		—
Collateralized Loan Obligations		—		13,195,152		—
Consumer Loans		—		3,504,303		—
Credit Cards		—		1,285,109		—
Equipment		—		875,331		—
Home Equity Loans		—		52,582		—

See Notes to Financial Statements.

84

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Manufactured Housing	$	—		$	173,388		$	—
Other		—			1,418,784			—
Residential Mortgage-Backed Securities		—			3,620,918			—
Student Loans		—			6,424,386			—
Commercial Mortgage-Backed Securities		—			94,964,790			—
Corporate Bonds		—			118,625,520			—
Municipal Bonds		—			3,139,211			—
Residential Mortgage-Backed Securities		—			12,692,453			1,613,296
Sovereign Bonds		—			13,456,397			—
U.S. Government Agency Obligations		—			11,100,744			—
U.S. Treasury Obligations		—			26,754,556			—
Affiliated Mutual Funds		18,514,020			—			—
Options Purchased		—			146,109			—
Total	$	392,475,907		$	400,097,868		$	1,613,296
Other Financial Instruments*
Assets
Futures Contracts	$	4,381,498		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			846,783			—
OTC Cross Currency Exchange Contracts		—			72,558			—
OTC Credit Default Swap Agreements		—			21,906			11,653
Centrally Cleared Interest Rate Swap Agreements		—			364,923			—
Total	$	4,381,498		$	1,306,170		$	11,653
Liabilities
Futures Contracts	$	(2,600,824	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(1,026,832	)		—
OTC Cross Currency Exchange Contracts		—			(15,040	)		—
OTC Credit Default Swap Agreements		—			(158,879	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(2,640,727	)		—
OTC Total Return Swap Agreement		—			(170,496	)		—
Total	$	(2,600,824	)	$	(4,011,974	)	$	—

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

See Notes to Financial Statements.

PGIM Balanced Fund 85

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

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, 2020 were as follows:

Commercial Mortgage-Backed Securities	12.0	%
Banks	7.0
Software	4.4
Pharmaceuticals	3.9
U.S. Treasury Obligations	3.4
Technology Hardware, Storage & Peripherals	2.7
Semiconductors & Semiconductor Equipment	2.7
Interactive Media & Services	2.6
Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan)	2.4
IT Services	2.3
Residential Mortgage-Backed Securities	2.3
Automobiles	2.0
Health Care Equipment & Supplies	2.0
Health Care Providers & Services	1.8
Internet & Direct Marketing Retail	1.8
Sovereign Bonds	1.7
Insurance	1.7
Collateralized Loan Obligations	1.7
Biotechnology	1.7
Capital Markets	1.5
Oil, Gas & Consumable Fuels	1.5
U.S. Government Agency Obligations	1.4
Diversified Telecommunication Services	1.4
Equity Real Estate Investment Trusts (REITs)	1.4
Aerospace & Defense	1.4
Electric	1.3
Chemicals	1.3
Electric Utilities	1.3
Media	1.2
Beverages	1.2
Food Products	1.1
Oil & Gas	1.1
Industrial Conglomerates	1.0
Household Products	0.9
Specialty Retail	0.9
Student Loans	0.8
Food & Staples Retailing	0.8
Telecommunications	0.8
Diversified Financial Services	0.8
Entertainment	0.7
Tobacco	0.7
Machinery	0.7	%
Multi-Utilities	0.6
Household Durables	0.6
Hotels, Restaurants & Leisure	0.6
Metals & Mining	0.6
Retail	0.5
Electronic Equipment, Instruments & Components	0.5
Auto Manufacturers	0.5
Commercial Services	0.5
Pipelines	0.5
Healthcare-Services	0.5
Consumer Loans	0.4
Air Freight & Logistics	0.4
Foods	0.4
Multiline Retail	0.4
Municipal Bonds	0.4
Building Products	0.4
Exchange-Traded Funds	0.4
Life Sciences Tools & Services	0.4
Wireless Telecommunication Services	0.3
Construction & Engineering	0.3
Textiles, Apparel & Luxury Goods	0.3
Real Estate Investment Trusts (REITs)	0.3
Gas	0.3
Electrical Equipment	0.3
Construction Materials	0.3
Gas Utilities	0.3
Road & Rail	0.3
Communications Equipment	0.3
Consumer Finance	0.2
Personal Products	0.2
Distributors	0.2
Independent Power & Renewable Electricity Producers	0.2
Other	0.2
Commercial Services & Supplies	0.2
Electronics	0.2
Trading Companies & Distributors	0.2
Building Materials	0.2
Credit Cards	0.2
Auto Components	0.2
Professional Services	0.1
Diversified Consumer Services	0.1

See Notes to Financial Statements.

86

Industry Classification (continued):

Real Estate Management & Development	0.1	%
Equipment	0.1
Healthcare-Products	0.1
Airlines	0.1
Home Builders	0.1
Agriculture	0.1
Health Care Technology	0.1
Mining	0.1
Containers & Packaging	0.1
Lodging	0.1
Miscellaneous Manufacturing	0.1
Thrifts & Mortgage Finance	0.1
Transportation	0.1
Engineering & Construction	0.1
Transportation Infrastructure	0.1
Oil & Gas Services	0.1
Semiconductors	0.0	*
Advertising	0.0	*
Forest Products & Paper	0.0	*
Multi-National	0.0	*%
Machinery-Diversified	0.0	*
Water Utilities	0.0	*
Energy Equipment & Services	0.0	*
Manufactured Housing	0.0	*
Options Purchased	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Packaging & Containers	0.0	*
Leisure Products	0.0	*
Home Equity Loans	0.0	*
	100.9
Liabilities in excess of other assets	(0.9	)
	100.0	%

* Less than +/- 0.05%    

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

The Series invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, equity contracts risk, foreign exchange contracts risk, and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Series’ financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of March 31, 2020 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Premiums paid for OTC swap agreements	$	9,358		Premiums received for OTC swap agreements	$	24,224
Credit contracts	Unrealized appreciation on OTC swap agreements		38,055		Unrealized depreciation on OTC swap agreements		148,509
Equity contracts	Due from/to broker—variation margin futures		90,132	*	—		—	*
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		72,558		Unrealized depreciation on OTC cross currency exchange contracts		15,040

See Notes to Financial Statements.

PGIM Balanced Fund 87

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	846,783		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	1,026,832
Interest rate contracts	Due from/to broker—variation margin futures		4,291,366	*	Due from/to broker—variation margin futures		2,600,824	*
Interest rate contracts	Due from/to broker—variation margin swaps		364,923	*	Due from/to broker—variation margin swaps		2,640,727	*
Interest rate contracts	Unaffiliated investments		146,109		—		—
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		170,496
		$	5,859,284			$	6,626,652

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)			Options Purchased(1)			Options Written		Futures			Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts	$	—		$	—		$	—	$	—		$	—		$	2,029
Equity contracts		(63,585	)		—			—		(312,959	)		—			—
Foreign exchange contracts		—			—			—		—			(35,291	)		—
Interest rate contracts		—			(24,340	)		10,881		2,217,656			—			(2,792,712	)
Total	$	(63,585	)	$	(24,340	)	$	10,881	$	1,904,697		$	(35,291	)	$	(2,790,683	)

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(2)			Options Purchased(2)		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	—	$	—	$	(110,454	)
Equity contracts		(101	)		—		98,862		—		—

See Notes to Financial Statements.

88

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(2)			Options Purchased(2)		Futures		Forward & Cross Currency Exchange Contracts			Swaps
Foreign exchange contracts	$	—		$	—	$	—	$	(169,222	)	$	—
Interest rate contracts		—			59,574		2,096,184		—			(486,135	)
Total	$	(101	)	$	59,574	$	2,195,046	$	(169,222	)	$	(596,589	)

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

For the six months ended March 31, 2020, the Series’ average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	3,573	$	47,333	$	79,458,570	$	91,738,560	$	7,525,616

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	14,614,644	$	491,565	$	66,383,943	$	133,333

Credit Default Swap Agreements— Sell Protection(2)		Total  Return Swap Agreements(2)
$	870,333	$	4,200,000

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

See Notes to Financial Statements.

PGIM Balanced Fund 89

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

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	$	8,712,303	$	(8,712,303	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts  of Recognized Assets(1)		Gross Amounts  of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	126,897	$	(67,158	)	$	59,739		$	—	$	59,739
Barclays Bank PLC		54,972		(276,071	)		(221,099	)		221,099		—
BNP Paribas S.A.		109,971		(196,800	)		(86,829	)		—		(86,829	)
Citibank, N.A.		204,061		(212,997	)		(8,936	)		—		(8,936	)
Citigroup Global Markets, Inc.		11,653		—			11,653			—		11,653
HSBC Bank USA, N.A.		206,164		(240,692	)		(34,528	)		—		(34,528	)
JPMorgan Chase Bank, N.A.		227,400		(198,868	)		28,532			—		28,532
Morgan Stanley & Co. International PLC		161,612		(170,150	)		(8,538	)		—		(8,538	)
The Toronto-Dominion Bank		10,133		(22,365	)		(12,232	)		—		(12,232	)
	$	1,112,863	$	(1,385,101	)	$	(272,238	)	$	221,099	$	(51,139	)

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

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

See Notes to Financial Statements.

90

Statement of Assets and Liabilities (unaudited)

as of March 31, 2020

Assets
Investments at value, including securities on loan of $8,712,303:
Unaffiliated investments (cost $823,936,744)	$	775,673,051
Affiliated investments (cost $18,499,234)		18,514,020
Cash		25,666
Foreign currency, at value (cost $387,077)		375,232
Receivable for investments sold		13,921,482
Dividends and interest receivable		2,922,400
Receivable for Series shares sold		923,110
Unrealized appreciation on OTC forward foreign currency exchange contracts		846,783
Deposit with broker for centrally cleared/exchange-traded derivatives		732,000
Due from broker—variation margin swaps		424,229
Tax reclaim receivable		108,445
Unrealized appreciation on OTC cross currency exchange contracts		72,558
Unrealized appreciation on OTC swap agreements		38,055
Premiums paid for OTC swap agreements		9,358
Prepaid expenses and other assets		199,368
Total Assets		814,785,757
Liabilities
Payable for investments purchased		15,033,111
Payable to broker for collateral for securities on loan		9,201,263
Payable for Series shares reacquired		1,060,274
Unrealized depreciation on OTC forward foreign currency exchange contracts		1,026,832
Due to broker—variation margin futures		386,510
Management fee payable		335,736
Unrealized depreciation on OTC swap agreements		319,005
Distribution fee payable		223,859
Accrued expenses and other liabilities		132,981
Affiliated transfer agent fee payable		105,154
Premiums received for OTC swap agreements		24,224
Unrealized depreciation on OTC cross currency exchange contracts		15,040
Total Liabilities		27,863,989
Net Assets	$	786,921,768
Net assets were comprised of:
Common stock, at par	$	58,428
Paid-in capital in excess of par		823,541,844
Total distributable earnings (loss)		(36,678,504	)
Net assets, March 31, 2020	$	786,921,768

See Notes to Financial Statements.

PGIM Balanced Fund 91

Statement of Assets and Liabilities (unaudited) (continued)

as of March 31, 2020

Class A
Net asset value and redemption price per share, ($512,620,073 ÷ 38,158,257 shares of common stock issued and outstanding)	$	13.43
Maximum sales charge (3.25% of offering price)		0.46
Maximum offering price to public	$	13.89
Class B
Net asset value, offering price and redemption price per share,
($10,511,807 ÷ 777,482 shares of common stock issued and outstanding)	$	13.52
Class C
Net asset value, offering price and redemption price per share,
($89,288,036 ÷ 6,603,278 shares of common stock issued and outstanding)	$	13.52
Class R
Net asset value, offering price and redemption price per share,
($1,335,332 ÷ 99,348 shares of common stock issued and outstanding)	$	13.44
Class Z
Net asset value, offering price and redemption price per share,
($134,857,250 ÷ 9,961,213 shares of common stock issued and outstanding)	$	13.54
Class R6
Net asset value, offering price and redemption price per share,
($38,309,270 ÷ 2,828,274 shares of common stock issued and outstanding)	$	13.55

See Notes to Financial Statements.

92

Statement of Operations (unaudited)

Six Months Ended March 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $100,538 foreign withholding tax)	$	5,984,007
Interest income		5,260,032
Affiliated dividend income		200,044
Income from securities lending, net (including affiliated income of $17,650)		18,727
Total income		11,462,810
Expenses
Management fee		3,017,725
Distribution fee(a)		1,512,098
Transfer agent’s fees and expenses (including affiliated expense of $266,455)(a)		556,030
Custodian and accounting fees		159,333
Shareholders’ reports		51,219
Registration fees(a)		50,715
Audit fee		22,969
Legal fees and expenses		11,480
Directors’ fees		10,484
Miscellaneous		38,634
Total expenses		5,430,687
Less: Fee waiver and/or expense reimbursement(a)		(553,912	)
Distribution fee waiver(a)		(2,147	)
Net expenses		4,874,628
Net investment income (loss)		6,588,182
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $201,181)		19,199,444
Futures transactions		1,904,697
Forward and cross currency contract transactions		(35,291	)
Options written transactions		10,881
Swap agreement transactions		(2,790,683	)
Foreign currency transactions		15,992
		18,305,040
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(182,104))		(133,020,070	)
Futures		2,195,046
Forward and cross currency contracts		(169,222	)
Swap agreements		(596,589	)
Foreign currencies		2,523
		(131,588,312	)
Net gain (loss) on investment and foreign currency transactions		(113,283,272	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(106,695,090	)

See Notes to Financial Statements.

PGIM Balanced Fund 93

Statement of Operations (unaudited) (continued)

Six Months Ended March 31, 2020

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		897,586			68,937			539,134			6,441			—			—
Transfer agent’s fees and expenses		369,397			26,020			55,655			2,829			101,938			191
Registration fees		12,985			6,409			7,584			7,389			8,138			8,210
Fee waiver and/or expense reimbursement		(422,429	)		(14,713	)		(34,393	)		(8,011	)		(53,410	)		(20,956	)
Distribution fee waiver		—			—			—			(2,147	)		—			—

See Notes to Financial Statements.

94

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2020			Year Ended September 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,588,182		$	10,990,901
Net realized gain (loss) on investment and foreign currency transactions		18,305,040			14,953,508
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(131,588,312	)		(8,621,052	)
Net increase (decrease) in net assets resulting from operations		(106,695,090	)		17,323,357
Dividends and Distributions
Distributions from distributable earnings
Class A		(14,809,729	)		(24,291,098	)
Class B		(287,361	)		(500,200	)
Class C		(2,275,252	)		(5,245,293	)
Class R		(37,275	)		(127,565	)
Class Z		(4,326,420	)		(12,143,630	)
Class R6		(1,042,067	)		(671,587	)
		(22,778,104	)		(42,979,373	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		74,889,720			148,906,917
Net asset value of shares issued in reinvestment of dividends and distributions		22,116,268			41,144,300
Net asset value of shares issued in merger		—			267,312,375
Cost of shares reacquired		(105,563,088	)		(154,808,052	)
Net increase (decrease) in net assets from Series share transactions		(8,557,100	)		302,555,540
Total increase (decrease)		(138,030,294	)		276,899,524
Net Assets:
Beginning of period		924,952,062			648,052,538
End of period	$	786,921,768		$	924,952,062

See Notes to Financial Statements.

PGIM Balanced Fund 95

Notes to Financial Statements (unaudited)

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

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

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal 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 of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of

96

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

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Series utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market

PGIM Balanced Fund 97

Notes to Financial Statements (unaudited) (continued)

approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Series utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its

98

subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR): The Series purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the Series. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Series could lose some or all of its principal if the underlying mortgages experience credit defaults.

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

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

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

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

PGIM Balanced Fund 99

Notes to Financial Statements (unaudited) (continued)

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Series enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (depreciation) on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Series’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: The Series purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Series currently owns or intends to purchase. The Series may also use options to gain additional market exposure. The Series’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Series purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Series writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Series realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in

100

determining whether the Series has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

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

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

PGIM Balanced Fund 101

Notes to Financial Statements (unaudited) (continued)

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

Swap Agreements: The Series entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Series is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Series used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Series’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

102

the protection buyer if the spread increases. The Series’ maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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

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

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

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

PGIM Balanced Fund 103

Notes to Financial Statements (unaudited) (continued)

amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Company, on behalf of the Series, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Series is held in a segregated account by the Series’ custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Series is segregated by the Series’ custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Series and the applicable counterparty. Collateral requirements are determined based on the Series’ net position with each counterparty. Termination events applicable to the Series may occur upon a decline in the Series’ net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Series’ counterparties to elect early termination could impact the Series’ future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to

104

serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

As of March 31, 2020, the Series has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

Rights: The Series held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Series until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

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

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

The Series recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Series also

PGIM Balanced Fund 105

Notes to Financial Statements (unaudited) (continued)

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

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

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

Dividends and Distributions: The Series expects to pay dividends from net investment income quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on 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.

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

2. Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadvisers’ performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Series through PGIM Fixed Income and PGIM Limited, each of which is a business unit of PGIM, Inc. and QMA LLC (“QMA”). The subadvisory agreement provides that PGIM, Inc. and QMA will furnish investment advisory services in connection with the management of the Series. In connection therewith, PGIM, Inc. and QMA are obligated to keep certain books and records of the Series. The Manager pays for the services of PGIM, Inc. and QMA, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Series’ average daily net assets up to and including $1 billion and 0.60% of such average daily net assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.65% for the reporting period ended March 31, 2020.

The Manager has contractually agreed, through January 31, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class A shares, 1.97% of average daily net assets for Class B shares, 1.47% of average daily net assets for Class R shares, and 0.65% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

PGIM Balanced Fund 107

Notes to Financial Statements (unaudited) (continued)

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

The Company, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2021 to limit such fees to 0.50% of the average daily net assets of Class R shares.

For the reporting period ended March 31, 2020, PIMS received $453,923 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2020, PIMS received $92, $1,294 and $5,857 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Series also invests in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities and Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”), registered under the 1940 Act and managed by PGIM Investments. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission, the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. For the reporting period ended March 31, 2020, no 17a-7 transactions were entered into by the Series.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2020, were $568,882,100 and $609,623,916, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended March 31, 2020, is presented as follows:

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
PGIM Core Short-Term Bond Fund*
$1,444,833	$	7,808	$	1,451,071	$	(196,831	)	$	195,261	$	—		—	$	7,109
PGIM Core Ultra Short Bond Fund*
24,685,626		168,262,641		183,660,627		—			—		9,287,640		9,287,640		192,935

PGIM Balanced Fund 109

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*
$	4,685,253	$	99,662,825	$	95,142,345	$	14,727		$	5,920	$	9,226,380		9,241,166	$	17,650	**
$	30,815,712	$	267,933,274	$	280,254,043	$	(182,104	)	$	201,181	$	18,514,020			$	217,694

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

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of March 31, 2020 were as follows:

Tax Basis	$	848,179,309
Gross Unrealized Appreciation		74,591,598
Gross Unrealized Depreciation		(129,497,313	)
Net Unrealized Depreciation	$	(54,905,715	)

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

The Manager has analyzed the Series’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately

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seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

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

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

As of March 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of  Shares	Percentage of Outstanding  Shares
Class A	21,502	—%*
Class Z	1,389,526	14%

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	4	43%

PGIM Balanced Fund 111

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2020:
Shares sold		2,427,972		$	38,002,489
Shares issued in reinvestment of dividends and distributions		917,637			14,571,600
Shares reacquired		(3,197,349	)		(49,308,294	)
Net increase (decrease) in shares outstanding before conversion		148,260			3,265,795
Shares issued upon conversion from other share class(es)		262,713			4,160,288
Shares reacquired upon conversion into other share class(es)		(71,047	)		(1,073,106	)
Net increase (decrease) in shares outstanding		339,926		$	6,352,977
Year ended September 30, 2019:
Shares sold		3,564,995		$	53,745,202
Shares issued in reinvestment of dividends and distributions		1,637,437			23,878,981
Shares reacquired		(3,763,490	)		(57,160,879	)
Shares issued in merger		13,647,113			211,257,317
Net increase (decrease) in shares outstanding before conversion		15,086,055			231,720,621
Shares issued upon conversion from other share class(es)		808,689			12,396,402
Shares reacquired upon conversion into other share class(es)		(107,621	)		(1,627,345	)
Net increase (decrease) in shares outstanding		15,787,123		$	242,489,678
Class B
Six months ended March 31, 2020:
Shares sold		15,473		$	245,001
Shares issued in reinvestment of dividends and distributions		17,218			276,318
Shares reacquired		(90,200	)		(1,417,048	)
Net increase (decrease) in shares outstanding before conversion		(57,509	)		(895,729	)
Shares reacquired upon conversion into other share class(es)		(129,683	)		(2,055,303	)
Net increase (decrease) in shares outstanding		(187,192	)	$	(2,951,032	)
Year ended September 30, 2019:
Shares sold		25,694		$	385,535
Shares issued in reinvestment of dividends and distributions		32,860			479,296
Shares reacquired		(134,662	)		(2,068,442	)
Shares issued in merger		619,146			9,646,297
Net increase (decrease) in shares outstanding before conversion		543,038			8,442,686
Shares reacquired upon conversion into other share class(es)		(147,416	)		(2,236,636	)
Net increase (decrease) in shares outstanding		395,622		$	6,206,050

112

Class C	Shares			Amount
Six months ended March 31, 2020:
Shares sold		577,593		$	9,052,338
Shares issued in reinvestment of dividends and distributions		135,189			2,167,741
Shares reacquired		(858,102	)		(13,258,402	)
Net increase (decrease) in shares outstanding before conversion		(145,320	)		(2,038,323	)
Shares reacquired upon conversion into other share class(es)		(184,822	)		(2,878,562	)
Net increase (decrease) in shares outstanding		(330,142	)	$	(4,916,885	)
Year ended September 30, 2019:
Shares sold		1,206,042		$	18,339,462
Shares issued in reinvestment of dividends and distributions		344,108			5,026,537
Shares reacquired		(1,478,466	)		(22,482,648	)
Shares issued in merger		2,227,999			34,712,221
Net increase (decrease) in shares outstanding before conversion		2,299,683			35,595,572
Shares reacquired upon conversion into other share class(es)		(825,704	)		(12,744,695	)
Net increase (decrease) in shares outstanding		1,473,979		$	22,850,877
Class R
Six months ended March 31, 2020:
Shares sold		5,220		$	81,567
Shares issued in reinvestment of dividends and distributions		2,159			34,377
Shares reacquired		(38,910	)		(627,043	)
Net increase (decrease) in shares outstanding		(31,531	)	$	(511,099	)
Year ended September 30, 2019:
Shares sold		29,742		$	443,426
Shares issued in reinvestment of dividends and distributions		6,724			97,724
Shares reacquired		(67,760	)		(1,023,935	)
Shares issued in merger		26,302			407,417
Net increase (decrease) in shares outstanding		(4,992	)	$	(75,368	)
Class Z
Six months ended March 31, 2020:
Shares sold		919,099		$	14,426,881
Shares issued in reinvestment of dividends and distributions		251,621			4,024,165
Shares reacquired		(2,389,526	)		(36,820,701	)
Net increase (decrease) in shares outstanding before conversion		(1,218,806	)		(18,369,655	)
Shares issued upon conversion from other share class(es)		132,756			1,989,318
Shares reacquired upon conversion into other share class(es)		(15,372	)		(248,006	)
Net increase (decrease) in shares outstanding		(1,101,422	)	$	(16,628,343	)
Year ended September 30, 2019:
Shares sold		2,794,553		$	42,785,407
Shares issued in reinvestment of dividends and distributions		749,485			10,989,961
Shares reacquired		(4,571,985	)		(69,197,141	)
Shares issued in merger		718,839			11,213,890
Net increase (decrease) in shares outstanding before conversion		(309,108	)		(4,207,883	)
Shares issued upon conversion from other share class(es)		276,693			4,223,670
Shares reacquired upon conversion into other share class(es)		(11,803	)		(181,991	)
Net increase (decrease) in shares outstanding		(44,218	)	$	(166,204	)

PGIM Balanced Fund 113

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended March 31, 2020:
Shares sold		841,061		$	13,081,444
Shares issued in reinvestment of dividends and distributions		65,171			1,042,067
Shares reacquired		(268,477	)		(4,131,600	)
Net increase (decrease) in shares outstanding before conversion		637,755			9,991,911
Shares issued upon conversion from other share class(es)		6,518			105,371
Net increase (decrease) in shares outstanding		644,273		$	10,097,282
Year ended September 30, 2019:
Shares sold		2,158,204		$	33,207,885
Shares issued in reinvestment of dividends and distributions		45,074			671,801
Shares reacquired		(187,063	)		(2,875,007	)
Shares issued in merger		4,823			75,233
Net increase (decrease) in shares outstanding before conversion		2,021,038			31,079,912
Shares issued upon conversion from other share class(es)		11,291			170,595
Net increase (decrease) in shares outstanding		2,032,329		$	31,250,507

7. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/3/2019—10/1/2020	10/4/2018—10/2/2019
Total Commitment	$1,222,500,000*	$900,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

114

to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Series did not utilize the SCA during the reporting period ended March 31, 2020.

8. Risks of Investing in the Series

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

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

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

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

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

PGIM Balanced Fund 115

Notes to Financial Statements (unaudited) (continued)

When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Series may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Series’ holdings may fall sharply. This is referred to as “extension risk”. The Series may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Series’ investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

116

Additionally, the Series may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Series has unsettled or open transactions defaults.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

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

9. Reorganization

On December 6, 2018, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM Conservative Allocation Fund and PGIM Moderate Allocation Fund (the “Merged Funds”) for shares of PGIM Balanced Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Funds respectively. Shareholders approved the Plan at a meeting on May 7, 2019 and the reorganization took place on June 21, 2019.

On the reorganization date, the Merged Funds had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

Merged Fund	Total Investment Value		Total Investment Cost
PGIM Conservative Allocation Fund	$	110,241,907	$	108,443,357
PGIM Moderate Allocation Fund		134,209,519		131,966,240

The purpose of the transaction was to combine three funds with substantially similar investment objectives and policies.

PGIM Balanced Fund 117

Notes to Financial Statements (unaudited) (continued)

The acquisition was accomplished by a tax-free exchange of the following shares on June 21, 2019:

Merged Funds						Acquiring Fund
PGIM Conservative Allocation Fund			PGIM Moderate Allocation Fund			PGIM Balanced Fund
Class	Shares		Class	Shares		Class	Shares		Value
A		8,333,171	A		11,190,291	A		13,647,113	$	211,257,317
B		306,871	B		589,235	B		619,146		9,646,297
C		1,713,024	C		1,518,623	C		2,227,999		34,712,221
R		18,458	R		19,263	R		26,302		407,417
Z		770,838	Z		266,005	Z		718,839		11,213,890
R6		5,997	R6		970	R6		4,823		75,233

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Funds were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation on investments immediately before the acquisition were as follows:

Merged Funds										Acquiring Fund
PGIM Conservative Allocation Fund					PGIM Moderate Allocation Fund					PGIM Balanced Fund
Class	Net Assets		Unrealized Appreciation on Investments		Class	Net Assets		Unrealized Appreciation on Investments		Class	Net Assets
A	$	89,456,593	$	1,343,218	A	$	121,800,724	$	1,850,027	A	$	375,368,904
B		3,279,316		49,237	B		6,366,981		96,684	B		6,896,442
C		18,312,914		277,216	C		16,399,307		249,254	C		78,883,539
R		199,217		2,991	R		208,200		3,162	R		1,705,767
Z		8,319,813		124,917	Z		2,894,077		43,992	Z		168,501,849
R6		64,683		971	R6		10,550		160	R6		24,534,008

118

Assuming the acquisition had been completed on October 1, 2018, the Acquiring Fund’s unaudited pro forma results of operations for the year ended September 30, 2019 would have been as follows:

Acquiring Fund	Net investment income (a)		Net realized and unrealized gain on investments (b)		Net increase in net assets resulting from operations
PGIM Balanced Fund		15,422,204		7,042,789		22,464,993

(a) Net investment income as reported in the Statement of Operations (year ended September 30, 2019) of the Acquiring Fund, plus net investment income from the Merged Funds pre-merger as follows: PGIM Conservative Allocation Fund $2,220,902 and PGIM Moderate Allocation Fund $2,210,401.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (year ended September 30, 2019) of the Acquiring Fund, plus net realized and unrealized gain (loss) on investments from the Merged Funds pre-merger as follows: PGIM Conservative Allocation Fund $1,628,275 and PGIM Moderate Allocation Fund $(917,942).

Since both the Merged Funds and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment Funds had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Funds that have been included in the Acquiring Fund’s Statement of Operations since June 21, 2019.

10. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Balanced Fund 119

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.61			$16.38			$15.93			$14.99			$14.67			$16.45
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.24			0.19			0.17			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.91	)		0.04			1.15			1.43			1.25			(0.09	)
Total from investment operations		(1.79	)		0.28			1.34			1.60			1.43			0.09
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.25	)		(0.20	)		(0.18	)		(0.19	)		(0.33	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)
Total dividends and distributions		(0.39	)		(1.05	)		(0.89	)		(0.66	)		(1.11	)		(1.87	)
Net asset value, end of period		$13.43			$15.61			$16.38			$15.93			$14.99			$14.67
Total Return(b):		(11.83)%			2.28%			8.66%			10.99%			10.15%			0.17%
Ratios/Supplemental Data:
Net assets, end of period (000)		$512,620			$590,383			$360,798			$343,550			$324,422			$295,456
Average net assets (000)		$598,390			$416,723			$352,124			$332,088			$308,458			$309,664
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.00%	(e)		1.00%			1.12%			1.18%			1.23%			1.23%
Expenses before waivers and/or expense reimbursement		1.14%	(e)		1.16%			1.17%			1.20%			1.25%			1.25%
Net investment income (loss)		1.47%	(e)		1.58%			1.22%			1.11%			1.23%			1.16%
Portfolio turnover rate(f)(g)		69%			128%			145%			180%			230%			216%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

120

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.72			$16.47			$16.02			$15.08			$14.75			$16.45
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.09			0.04			0.06			0.08			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.92	)		0.04			1.15			1.43			1.25			(0.09	)
Total from investment operations		(1.88	)		0.13			1.19			1.49			1.33			(0.02	)
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.08	)		(0.05	)		(0.07	)		(0.08	)		(0.14	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)
Total dividends and distributions		(0.32	)		(0.88	)		(0.74	)		(0.55	)		(1.00	)		(1.68	)
Net asset value, end of period		$13.52			$15.72			$16.47			$16.02			$15.08			$14.75
Total Return(b):		(12.31)%			1.31%			7.62%			10.16%			9.41%			(0.49)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,512			$15,162			$9,374			$11,040			$12,101			$12,376
Average net assets (000)		$13,787			$10,197			$10,376			$11,624			$12,405			$14,068
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.97%	(e)		2.01%			2.07%			1.88%			1.93%			1.93%
Expenses before waivers and/or expense reimbursement		2.18%	(e)		2.12%			2.13%			1.90%			1.95%			1.95%
Net investment income (loss)		0.48%	(e)		0.58%			0.26%			0.41%			0.54%			0.46%
Portfolio turnover rate(f)(g)		69%			128%			145%			180%			230%			216%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 121

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.71			$16.48			$16.02			$15.08			$14.74			$16.45
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.13			0.08			0.06			0.08			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.91	)		0.04			1.16			1.43			1.26			(0.10	)
Total from investment operations		(1.85	)		0.17			1.24			1.49			1.34			(0.03	)
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.14	)		(0.09	)		(0.07	)		(0.08	)		(0.14	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)
Total dividends and distributions		(0.34	)		(0.94	)		(0.78	)		(0.55	)		(1.00	)		(1.68	)
Net asset value, end of period		$13.52			$15.71			$16.48			$16.02			$15.08			$14.74
Total Return(b):		(12.19)%			1.62%			7.92%			10.16%			9.49%			(0.56)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$89,288			$108,958			$89,949			$74,527			$57,448			$30,093
Average net assets (000)		$107,827			$92,047			$82,930			$66,532			$43,525			$26,353
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.77%	(e)		1.73%			1.81%			1.88%			1.93%			1.93%
Expenses before waivers and/or expense reimbursement		1.83%	(e)		1.84%			1.87%			1.90%			1.95%			1.95%
Net investment income (loss)		0.70%	(e)		0.87%			0.52%			0.41%			0.53%			0.47%
Portfolio turnover rate(f)(g)		69%			128%			145%			180%			230%			216%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

122

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.64			$16.38			$15.94			$15.00			$14.68			$16.43
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.17			0.11			0.14			0.15			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.90	)		0.05			1.14			1.43			1.25			(0.09	)
Total from investment operations		(1.82	)		0.22			1.25			1.57			1.40			0.06
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.16	)		(0.12	)		(0.15	)		(0.16	)		(0.27	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)
Total dividends and distributions		(0.38	)		(0.96	)		(0.81	)		(0.63	)		(1.08	)		(1.81	)
Net asset value, end of period		$13.44			$15.64			$16.38			$15.94			$15.00			$14.68
Total Return(b):		(12.03)%			1.85%			8.07%			10.77%			9.93%			0.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,335			$2,047			$2,226			$1,457			$723			$553
Average net assets (000)		$1,718			$1,959			$1,837			$947			$739			$528
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.47%	(e)		1.45%			1.63%			1.38%			1.43%			1.43%
Expenses before waivers and/or expense reimbursement		2.65%	(e)		2.16%			2.88%			1.65%			1.70%			1.70%
Net investment income (loss)		0.99%	(e)		1.14%			0.71%			0.92%			1.04%			0.96%
Portfolio turnover rate(f)(g)		69%			128%			145%			180%			230%			216%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 123

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.73			$16.49			$16.04			$15.09			$14.75			$16.57
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.29			0.24			0.22			0.22			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.91	)		0.04			1.15			1.43			1.27			(0.10	)
Total from investment operations		(1.78	)		0.33			1.39			1.65			1.49			0.13
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.29	)		(0.25	)		(0.22	)		(0.23	)		(0.41	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)		(0.48	)		(0.92	)		(1.54	)
Total dividends and distributions		(0.41	)		(1.09	)		(0.94	)		(0.70	)		(1.15	)		(1.95	)
Net asset value, end of period		$13.54			$15.73			$16.49			$16.04			$15.09			$14.75
Total Return(b):		(11.69)%			2.59%			8.91%			11.32%			10.57%			0.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$134,857			$174,033			$183,204			$139,497			$92,562			$63,516
Average net assets (000)		$167,447			$172,091			$156,026			$118,555			$79,518			$59,423
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.78%	(e)		0.75%			0.82%			0.88%			0.93%			0.93%
Expenses before waivers and/or expense reimbursement		0.84%	(e)		0.86%			0.88%			0.90%			0.95%			0.95%
Net investment income (loss)		1.68%	(e)		1.86%			1.52%			1.41%			1.53%			1.45%
Portfolio turnover rate(f)(g)		69%			128%			145%			180%			230%			216%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

124

Class R6 Shares
	Six Months Ended March 31, 2020			Year Ended September 30, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.74			$16.50			$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.30			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.92	)		0.05			0.73
Total from investment operations		(1.77	)		0.35			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.31	)		(0.25	)
Distributions from net realized gains		(0.28	)		(0.80	)		(0.69	)
Total dividends and distributions		(0.42	)		(1.11	)		(0.94	)
Net asset value, end of period		$13.55			$15.74			$16.50
Total Return(c):		(11.64)%			2.69%			6.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$38,309			$34,369			$2,502
Average net assets (000)		$39,362			$16,501			$295
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.65%	(e)		0.65%			0.67%	(e)
Expenses before waivers and/or expense reimbursement		0.76%	(e)		0.83%			11.39%	(e)
Net investment income (loss)		1.84%	(e)		1.96%			1.73%	(e)
Portfolio turnover rate(f)(g)		69%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 125

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO 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	B	C	R	Z	R6
NASDAQ	PIBAX	PBFBX	PABCX	PALRX	PABFX	PIBQX
CUSIP	74437E883	74437E875	74437E867	74437E636	74437E859	74437E461

MF185E2

PGIM JENNISON FOCUSED VALUE FUND

(formerly PGIM Jennison Equity Opportunity Fund)

SEMIANNUAL REPORT

MARCH 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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, 2020 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. ^© 2020 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Focused Value Fund informative and useful. The report covers performance for the six-month period ended March 31, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Focused Value Fund

May 15, 2020

PGIM Jennison Focused Value Fund 3

Your Fund’s Performance (unaudited)

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

	(without sales charges)	Average Annual Total Returns as of 3/31/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–18.83	–24.41	–1.70	5.72	—
Class B	–19.11	–24.27	–1.49	5.53	—
Class C	–19.19	–21.34	–1.31	5.57	—
Class R	–18.95	–20.27	–0.90	6.05	—
Class Z	–18.72	–19.74	–0.29	6.64	—
Class R6	–18.71	–19.98	–0.26	N/A	0.45 (11/25/14)
Russell 1000 Value Index
	–21.30	–17.17	1.90	7.67	—

Average Annual Total Returns as of 3/31/20 Since Inception (%)
	Class R6 (11/25/14)
Russell 1000 Value Index	1.76

* Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 Visit our website at pgiminvestments.com

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

	Class A	Class B*	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of 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	5.00% (Yr.1) 4.00% (Yr.2) 3.00% (Yr.3) 2.00% (Yr.4) 1.00% (Yr.5) 1.00% (Yr.6) 0.00% (Yr.7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

Benchmark Definitions

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

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

PGIM Jennison Focused Value Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/20

Ten Largest Holdings	Line of Business	% of Net Assets
American Electric Power Co., Inc.	Electric Utilities	5.8%
Eli Lilly & Co.	Pharmaceuticals	5.0%
Microsoft Corp.	Software	4.8%
Walmart, Inc.	Food & Staples Retailing	4.7%
AstraZeneca PLC (United Kingdom), ADR	Pharmaceuticals	4.4%
Union Pacific Corp.	Road & Rail	4.2%
JPMorgan Chase & Co.	Banks	4.1%
Procter & Gamble Co. (The)	Household Products	3.9%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.6%
Linde PLC (United Kingdom)	Chemicals	3.2%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

6 Visit our website at pgiminvestments.com

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, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Focused Value Fund 7

Fees and Expenses (continued)

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

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

PGIM Jennison Focused Value Fund		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	811.70		1.15	%	$	5.21
	Hypothetical	$	1,000.00	$	1,019.25		1.15	%	$	5.81
Class B	Actual	$	1,000.00	$	808.90		2.03	%	$	9.18
	Hypothetical	$	1,000.00	$	1,014.85		2.03	%	$	10.23
Class C	Actual	$	1,000.00	$	808.10		2.01	%	$	9.09
	Hypothetical	$	1,000.00	$	1,014.95		2.01	%	$	10.13
Class R	Actual	$	1,000.00	$	810.50		1.53	%	$	6.93
	Hypothetical	$	1,000.00	$	1,017.35		1.53	%	$	7.72
Class Z	Actual	$	1,000.00	$	812.80		0.89	%	$	4.03
	Hypothetical	$	1,000.00	$	1,020.55		0.89	%	$	4.50
Class R6	Actual	$	1,000.00	$	812.90		0.89	%	$	4.03
	Hypothetical	$	1,000.00	$	1,020.55		0.89	%	$	4.50

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 183 days in the six-month period ended March 31, 2020, and divided by the 366 days in the Fund’s fiscal year ending September 30, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of March 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    97.0%
COMMON STOCKS
Aerospace & Defense    4.5%
Northrop Grumman Corp.		16,949	$	5,127,920
United Technologies Corp.		28,261		2,665,860
				7,793,780
Banks    12.2%
Bank of America Corp.		217,587		4,619,372
JPMorgan Chase & Co.		79,095		7,120,923
PNC Financial Services Group, Inc. (The)		53,349		5,106,566
Truist Financial Corp.		141,001		4,348,471
				21,195,332
Capital Markets    2.7%
Goldman Sachs Group, Inc. (The)		30,920		4,779,923
Chemicals    5.1%
FMC Corp.		40,270		3,289,656
Linde PLC (United Kingdom)(a)		31,782		5,498,286
				8,787,942
Diversified Telecommunication Services    2.8%
Verizon Communications, Inc.		91,552		4,919,089
Electric Utilities    5.8%
American Electric Power Co., Inc.		126,907		10,150,022
Entertainment    2.2%
Walt Disney Co. (The)		39,344		3,800,630
Equity Real Estate Investment Trusts (REITs)    2.9%
American Tower Corp.		23,038		5,016,525
Food & Staples Retailing    4.7%
Walmart, Inc.		71,406		8,113,150
Food Products    2.6%
Mondelez International, Inc. (Class A Stock)		91,646		4,589,632

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 9

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services    4.4%
Cigna Corp.		19,053	$	3,375,811
Laboratory Corp. of America Holdings*		33,346		4,214,601
				7,590,412
Household Products    3.9%
Procter & Gamble Co. (The)		60,834		6,691,740
Insurance    5.5%
Chubb Ltd.		43,343		4,840,980
MetLife, Inc.		155,857		4,764,548
				9,605,528
Interactive Media & Services    3.6%
Alphabet, Inc. (Class A Stock)*		5,411		6,287,311
Media    2.9%
Comcast Corp. (Class A Stock)		146,367		5,032,098
Oil, Gas & Consumable Fuels    3.2%
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR(a)		102,733		3,584,354
Suncor Energy, Inc. (Canada)(a)		126,946		2,005,747
				5,590,101
Pharmaceuticals    9.4%
AstraZeneca PLC (United Kingdom), ADR		170,735		7,625,025
Eli Lilly & Co.		62,249		8,635,181
				16,260,206
Road & Rail    4.2%
Union Pacific Corp.		51,178		7,218,145
Semiconductors & Semiconductor Equipment    2.4%
Texas Instruments, Inc.		41,127		4,109,821
Software    7.9%
Microsoft Corp.		52,760		8,320,780
SAP SE (Germany), ADR(a)		49,223		5,439,141
				13,759,921

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    4.1%
Lowe’s Cos., Inc.		51,042	$	4,392,164
Ross Stores, Inc.		30,670		2,667,370
				7,059,534
TOTAL LONG-TERM INVESTMENTS (cost $188,645,871)				168,350,842
SHORT-TERM INVESTMENTS    8.5%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		5,461,523		5,461,523
PGIM Institutional Money Market Fund (cost $9,301,266; includes $9,292,730 of cash collateral for securities on loan)(b)(w)		9,326,279		9,311,357
TOTAL SHORT-TERM INVESTMENTS (cost $14,762,789)				14,772,880
TOTAL INVESTMENTS 105.5% (cost $203,408,660)				183,123,722
Liabilities in excess of other assets    (5.5)%				(9,560,363	)
NET ASSETS 100.0%			$	173,563,359

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $9,135,163; cash collateral of $9,292,730 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 11

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	7,793,780	$	—	$	—
Banks		21,195,332		—		—
Capital Markets		4,779,923		—		—
Chemicals		8,787,942		—		—
Diversified Telecommunication Services		4,919,089		—		—
Electric Utilities		10,150,022		—		—
Entertainment		3,800,630		—		—
Equity Real Estate Investment Trusts (REITs)		5,016,525		—		—
Food & Staples Retailing		8,113,150		—		—
Food Products		4,589,632		—		—
Health Care Providers & Services		7,590,412		—		—
Household Products		6,691,740		—		—
Insurance		9,605,528		—		—
Interactive Media & Services		6,287,311		—		—
Media		5,032,098		—		—
Oil, Gas & Consumable Fuels		5,590,101		—		—
Pharmaceuticals		16,260,206		—		—
Road & Rail		7,218,145		—		—
Semiconductors & Semiconductor Equipment		4,109,821		—		—
Software		13,759,921		—		—
Specialty Retail		7,059,534		—		—
Affiliated Mutual Funds		14,772,880		—		—
Total	$	183,123,722	$	—	$	—

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, 2020 were as follows:

Banks	12.2	%
Pharmaceuticals	9.4
Affiliated Mutual Funds (5.4% represents investments purchased with collateral from securities on loan)	8.5
Software	7.9
Electric Utilities	5.8
Insurance	5.5
Chemicals	5.1
Food & Staples Retailing	4.7	%
Aerospace & Defense	4.5
Health Care Providers & Services	4.4
Road & Rail	4.2
Specialty Retail	4.1
Household Products	3.9
Interactive Media & Services	3.6
Oil, Gas & Consumable Fuels	3.2
Media	2.9

See Notes to Financial Statements.

12

Industry Classification (continued):
Equity Real Estate Investment Trusts (REITs)	2.9	%
Diversified Telecommunication Services	2.8
Capital Markets	2.7
Food Products	2.6
Semiconductors & Semiconductor Equipment	2.4
Entertainment	2.2
	105.5
Liabilities in excess of other assets	(5.5	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	9,135,163	$	(9,135,163	)	$	—

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 13

Statement of Assets and Liabilities (unaudited)

as of March 31, 2020

Assets
Investments at value, including securities on loan of $9,135,163:
Unaffiliated investments (cost $188,645,871)	$	168,350,842
Affiliated investments (cost $14,762,789)		14,772,880
Dividends receivable		218,536
Receivable for Series shares sold		174,307
Tax reclaim receivable		71,716
Prepaid expenses		939
Total Assets		183,589,220
Liabilities
Payable to broker for collateral for securities on loan		9,292,730
Payable for Series shares reacquired		435,090
Accrued expenses and other liabilities		138,701
Management fee payable		90,350
Distribution fee payable		43,748
Affiliated transfer agent fee payable		25,242
Total Liabilities		10,025,861
Net Assets	$	173,563,359
Net assets were comprised of:
Common stock, at par	$	14,951
Paid-in capital in excess of par		195,980,788
Total distributable earnings (loss)		(22,432,380	)
Net assets, March 31, 2020	$	173,563,359

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($133,867,401 ÷ 11,460,233 shares of common stock issued and outstanding)	$	11.68
Maximum sales charge (5.50% of offering price)		0.68
Maximum offering price to public	$	12.36
Class B
Net asset value, offering price and redemption price per share, ($1,654,050 ÷ 187,380 shares of common stock issued and outstanding)	$	8.83
Class C
Net asset value, offering price and redemption price per share, ($6,401,795 ÷ 722,540 shares of common stock issued and outstanding)	$	8.86
Class R
Net asset value, offering price and redemption price per share, ($594,133 ÷ 60,614 shares of common stock issued and outstanding)	$	9.80
Class Z
Net asset value, offering price and redemption price per share, ($30,064,636 ÷ 2,440,125 shares of common stock issued and outstanding)	$	12.32
Class R6
Net asset value, offering price and redemption price per share, ($981,344 ÷ 79,847 shares of common stock issued and outstanding)	$	12.29

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 15

Statement of Operations (unaudited)

Six Months Ended March 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $22,664 foreign withholding tax)	$	2,347,623
Affiliated dividend income		67,211
Income from securities lending, net (including affiliated income of $9,805)		10,527
Total income		2,425,361
Expenses
Management fee		724,213
Distribution fee(a)		333,114
Transfer agent’s fees and expenses (including affiliated expense of $66,057)(a)		183,926
Registration fees(a)		42,001
Custodian and accounting fees		38,061
Shareholders’ reports		29,643
Legal fees and expenses		14,875
Audit fee		12,014
Directors’ fees		7,288
Miscellaneous		11,027
Total expenses		1,396,162
Less: Fee waiver and/or expense reimbursement(a)		(18,935	)
Distribution fee waiver(a)		(1,979	)
Net expenses		1,375,248
Net investment income (loss)		1,050,113
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(11,621))		(1,269,233	)
Foreign currency transactions		7,249
		(1,261,984	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $10,213)		(38,708,034	)
Foreign currencies		2,494
		(38,705,540	)
Net gain (loss) on investment and foreign currency transactions		(39,967,524	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(38,917,411	)

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

	Class A		Class B			Class C		Class R			Class Z		Class R6
Distribution fee		266,204		12,599			48,375		5,936			—		—
Transfer agent’s fees and expenses		127,583		7,361			7,876		1,414			39,634		58
Registration fees		7,776		4,485			7,271		6,314			8,641		7,514
Fee waiver and/or expense reimbursement		—		(7,596	)		—		(5,034	)		—		(6,305	)
Distribution fee waiver		—		—			—		(1,979	)		—		—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended			Year Ended
	March 31, 2020			September 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,050,113		$	3,098,530
Net realized gain (loss) on investment and foreign currency transactions		(1,261,984	)		18,667,343
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(38,705,540	)		(63,871,717	)
Net increase (decrease) in net assets resulting from operations		(38,917,411	)		(42,105,844	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(14,946,779	)		(28,829,960	)
Class B		(264,691	)		(720,916	)
Class C		(995,657	)		(4,758,944	)
Class R		(179,353	)		(496,144	)
Class Z		(4,375,230	)		(17,077,466	)
Class R6		(106,094	)		(2,483,158	)
		(20,867,804	)		(54,366,588	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		4,560,609			28,980,479
Net asset value of shares issued in reinvestment of dividends and distributions		20,476,866			53,306,093
Cost of shares reacquired		(48,402,800	)		(155,796,738	)
Net increase (decrease) in net assets from Series share transactions		(23,365,325	)		(73,510,166	)
Total increase (decrease)		(83,150,540	)		(169,982,598	)
Net Assets:
Beginning of period		256,713,899			426,696,497
End of period	$	173,563,359		$	256,713,899

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 17

Notes to Financial Statements (unaudited)

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

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

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal 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 of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of

18

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

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

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

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

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

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

PGIM Jennison Focused Value Fund 19

Notes to Financial Statements (unaudited)(continued)

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

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

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

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

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

20

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

Master Netting Arrangements: The Company, on behalf of the Series, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

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

PGIM Jennison Focused Value Fund 21

Notes to Financial Statements (unaudited)(continued)

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

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

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

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

22

2. Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Series average daily net assets up to $300 million and 0.575% of the average daily net assets of the Series over $300 million. The effective management fee rate before any waivers and/or expense reimbursements was 0.60% for the reporting period ended March 31, 2020.

The Manager has contractually agreed, through January 31, 2021, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 2.03% of average daily net assets for Class B shares and 1.53% of average daily net assets for Class R shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Series expenses such as dividend and interest expense and broker charges on short sales.

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

PGIM Jennison Focused Value Fund 23

Notes to Financial Statements (unaudited)(continued)

during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through January 31, 2021 to limit such fees to 0.50% of the average daily net assets of Class R shares.

For the reporting period ended March 31, 2020, PIMS received $37,899 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2020, PIMS received $280 and $45 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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

24

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

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. For the reporting period ended March 31, 2020, no 17a-7 transactions were entered into by the Series.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2020, were $224,223,303 and $259,362,168, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended March 31, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	14,253,567	$	51,349,889	$	60,141,933	$	—	$	—		$	5,461,523		5,461,523	$	67,211
	PGIM Institutional Money Market Fund*
	4,619,279		77,955,445		73,261,959		10,213		(11,621	)		9,311,357		9,326,279		9,805	**
$	18,872,846	$	129,305,334	$	133,403,892	$	10,213	$	(11,621	)	$	14,772,880			$	77,016

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

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

PGIM Jennison Focused Value Fund 25

Notes to Financial Statements (unaudited)(continued)

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized depreciation as of March 31, 2020 were as follows:

Tax Basis	$	205,293,038
Gross Unrealized Appreciation		12,227,162
Gross Unrealized Depreciation		(34,396,478	)
Net Unrealized Depreciation	$	(22,169,316	)

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

The Manager has analyzed the Series’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2019 are subject to such review.

6. Capital and Ownership

The Series offers Class A, Class B, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

26

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

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

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

As of March 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of Outstanding Shares
Class A		6,313		—	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	2	50%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2020:
Shares sold		166,636		$	2,332,692
Shares issued in reinvestment of dividends and distributions		950,412			14,721,885
Shares reacquired		(1,315,730	)		(19,702,691	)
Net increase (decrease) in shares outstanding before conversion		(198,682	)		(2,648,114	)
Shares issued upon conversion from other share class(es)		65,663			1,015,016
Shares reacquired upon conversion into other share class(es)		(24,295	)		(392,440	)
Net increase (decrease) in shares outstanding		(157,314	)	$	(2,025,538	)
Year ended September 30, 2019:
Shares sold		391,520		$	6,255,286
Shares issued in reinvestment of dividends and distributions		1,931,988			28,187,707
Shares reacquired		(2,605,085	)		(42,369,547	)
Net increase (decrease) in shares outstanding before conversion		(281,577	)		(7,926,554	)
Shares issued upon conversion from other share class(es)		814,333			13,395,921
Shares reacquired upon conversion into other share class(es)		(58,122	)		(929,477	)
Net increase (decrease) in shares outstanding		474,634		$	4,539,890

PGIM Jennison Focused Value Fund 27

Notes to Financial Statements (unaudited)(continued)

Class B	Shares			Amount
Six months ended March 31, 2020:
Shares sold		301		$	3,529
Shares issued in reinvestment of dividends and distributions		22,124			259,740
Shares reacquired		(36,390	)		(410,570	)
Net increase (decrease) in shares outstanding before conversion		(13,965	)		(147,301	)
Shares reacquired upon conversion into other share class(es)		(29,030	)		(339,109	)
Net increase (decrease) in shares outstanding		(42,995	)	$	(486,410	)
Year ended September 30, 2019:
Shares sold		1,877		$	24,475
Shares issued in reinvestment of dividends and distributions		62,151			706,659
Shares reacquired		(79,655	)		(994,276	)
Net increase (decrease) in shares outstanding before conversion		(15,627	)		(263,142	)
Shares reacquired upon conversion into other share class(es)		(45,783	)		(581,760	)
Net increase (decrease) in shares outstanding		(61,410	)	$	(844,902	)
Class C
Six months ended March 31, 2020:
Shares sold		20,370		$	233,144
Shares issued in reinvestment of dividends and distributions		79,485			936,329
Shares reacquired		(205,355	)		(2,401,114	)
Net increase (decrease) in shares outstanding before conversion		(105,500	)		(1,231,641	)
Shares reacquired upon conversion into other share class(es)		(73,047	)		(865,148	)
Net increase (decrease) in shares outstanding		(178,547	)	$	(2,096,789	)
Year ended September 30, 2019:
Shares sold		160,929		$	1,939,927
Shares issued in reinvestment of dividends and distributions		404,351			4,613,643
Shares reacquired		(566,189	)		(7,262,783	)
Net increase (decrease) in shares outstanding before conversion		(909	)		(709,213	)
Shares reacquired upon conversion into other share class(es)		(1,054,567	)		(13,478,236	)
Net increase (decrease) in shares outstanding		(1,055,476	)	$	(14,187,449	)
Class R
Six months ended March 31, 2020:
Shares sold		11,349		$	147,270
Shares issued in reinvestment of dividends and distributions		6,606			85,944
Shares reacquired		(110,739	)		(1,413,168	)
Net increase (decrease) in shares outstanding		(92,784	)	$	(1,179,954	)
Year ended September 30, 2019:
Shares sold		30,454		$	400,728
Shares issued in reinvestment of dividends and distributions		24,004			299,086
Shares reacquired		(91,211	)		(1,203,572	)
Net increase (decrease) in shares outstanding		(36,753	)	$	(503,758	)

28

Class Z	Shares			Amount
Six months ended March 31, 2020:
Shares sold		113,343		$	1,740,721
Shares issued in reinvestment of dividends and distributions		267,414			4,366,874
Shares reacquired		(1,505,974	)		(24,197,313	)
Net increase (decrease) in shares outstanding before conversion		(1,125,217	)		(18,089,718	)
Shares issued upon conversion from other share class(es)		32,512			541,973
Shares reacquired upon conversion into other share class(es)		(527	)		(6,118	)
Net increase (decrease) in shares outstanding		(1,093,232	)	$	(17,553,863	)
Year ended September 30, 2019:
Shares sold		1,046,142		$	17,796,182
Shares issued in reinvestment of dividends and distributions		1,112,146			17,015,840
Shares reacquired		(5,087,618	)		(85,553,733	)
Net increase (decrease) in shares outstanding before conversion		(2,929,330	)		(50,741,711	)
Shares issued upon conversion from other share class(es)		99,052			1,624,007
Shares reacquired upon conversion into other share class(es)		(4,615	)		(75,332	)
Net increase (decrease) in shares outstanding		(2,834,893	)	$	(49,193,036	)
Class R6
Six months ended March 31, 2020:
Shares sold		6,876		$	103,253
Shares issued in reinvestment of dividends and distributions		6,513			106,094
Shares reacquired		(17,504	)		(277,944	)
Net increase (decrease) in shares outstanding before conversion		(4,115	)		(68,597	)
Shares issued upon conversion from other share class(es)		2,687			45,826
Net increase (decrease) in shares outstanding		(1,428	)	$	(22,771	)
Year ended September 30, 2019:
Shares sold		154,628		$	2,563,881
Shares issued in reinvestment of dividends and distributions		162,192			2,483,158
Shares reacquired		(1,114,444	)		(18,412,827	)
Net increase (decrease) in shares outstanding before conversion		(797,624	)		(13,365,788	)
Shares issued upon conversion from other share class(es)		2,584			44,877
Net increase (decrease) in shares outstanding		(795,040	)	$	(13,320,911	)

7. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 1,222,500,000*	$ 900,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

PGIM Jennison Focused Value Fund 29

Notes to Financial Statements (unaudited) (continued)

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series utilized the SCA during the reporting period ended March 31, 2020. The average daily balance for the 6 days that the Series had loans outstanding during the period was approximately $829,500, borrowed at a weighted average interest rate of 2.86%. The maximum loan outstanding amount during the period was $947,000. At March 31, 2020, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

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

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

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

30

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

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Jennison Focused Value Fund 31

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.63			$20.62			$20.89			$19.11			$18.46			$21.48
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.14			0.14			0.08			0.14			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.68	)		(2.42	)		2.42			3.21			1.97			(1.20	)
Total from investment operations		(2.61	)		(2.28	)		2.56			3.29			2.11			(1.08	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.09	)		(0.19	)		(0.16	)		(0.13	)		(0.04	)
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.34	)		(2.71	)		(2.83	)		(1.51	)		(1.46	)		(1.94	)
Net asset value, end of period		$11.68			$15.63			$20.62			$20.89			$19.11			$18.46
Total Return(b):		(18.83)%			(10.13)%			13.39%			17.80%			12.14%			(5.38)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$133,867			$181,559			$229,733			$229,043			$226,889			$245,320
Average net assets (000)		$177,470			$193,160			$233,106			$231,082			$235,287			$290,318
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.15%	(e)		1.11%			1.06%			1.09%			1.07%			1.10%
Expenses before waivers and/or expense reimbursement		1.15%	(e)		1.11%			1.06%			1.09%			1.07%			1.10%
Net investment income (loss)		0.87%	(e)		0.87%			0.72%			0.39%			0.78%			0.59%
Portfolio turnover rate(f)		98%			47%			59%			49%			59%			69%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

32

Class B Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.09			$16.72			$17.48			$16.24			$15.90			$18.86
Income (loss) from investment operations:
Net investment income (loss)		-	(b)		(0.01	)		(0.03	)		(0.05	)		0.01			(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.00	)		(2.00	)		1.99			2.70			1.68			(1.04	)
Total from investment operations		(2.00	)		(2.01	)		1.96			2.65			1.69			(1.06	)
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		-			(0.08	)		(0.06	)		(0.02	)		-
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.26	)		(2.62	)		(2.72	)		(1.41	)		(1.35	)		(1.90	)
Net asset value, end of period		$8.83			$12.09			$16.72			$17.48			$16.24			$15.90
Total Return(c):		(19.11)%			(11.00)%			12.35%			16.91%			11.34%			(6.04)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,654			$2,786			$4,877			$6,213			$7,429			$8,997
Average net assets (000)		$2,520			$3,628			$5,673			$7,088			$8,184			$11,632
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.03%	(f)		2.03%			2.03%			1.79%			1.77%			1.80%
Expenses before waivers and/or expense reimbursement		2.63%	(f)		2.53%			2.19%			1.79%			1.77%			1.80%
Net investment income (loss)		(0.02)%	(f)		(0.04)%			(0.18)%			(0.30)%			0.08%			(0.10)%
Portfolio turnover rate(g)		98%			47%			59%			49%			59%			69%

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 33

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.15			$16.75			$17.48			$16.24			$15.89			$18.86
Income (loss) from investment operations:
Net investment income (loss)		-	(b)		0.02			-	(b)		(0.05	)		0.01			(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.02	)		(2.00	)		1.99			2.70			1.69			(1.05	)
Total from investment operations		(2.02	)		(1.98	)		1.99			2.65			1.70			(1.07	)
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		-			(0.08	)		(0.06	)		(0.02	)		-
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.27	)		(2.62	)		(2.72	)		(1.41	)		(1.35	)		(1.90	)
Net asset value, end of period		$8.86			$12.15			$16.75			$17.48			$16.24			$15.89
Total Return(c):		(19.19)%			(10.78)%			12.61%			16.91%			11.41%			(6.10)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,402			$10,945			$32,765			$35,289			$37,229			$42,644
Average net assets (000)		$9,675			$20,114			$34,589			$37,497			$40,176			$49,176
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.01%	(f)		1.85%			1.78%			1.79%			1.77%			1.80%
Expenses before waivers and/or expense reimbursement		2.01%	(f)		1.85%			1.78%			1.79%			1.77%			1.80%
Net investment income (loss)		0.01%	(f)		0.13%			0.01%			(0.31)%			0.08%			(0.10)%
Portfolio turnover rate(g)		98%			47%			59%			49%			59%			69%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

34

Class R Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.30			$18.01			$18.63			$17.21			$16.76			$19.69
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			0.05			0.03			0.09			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.23	)		(2.13	)		2.12			2.87			1.79			(1.10	)
Total from investment operations		(2.20	)		(2.07	)		2.17			2.90			1.88			(1.03	)
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.02	)		(0.15	)		(0.13	)		(0.10	)		-	(b)
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.30	)		(2.64	)		(2.79	)		(1.48	)		(1.43	)		(1.90	)
Net asset value, end of period		$9.80			$13.30			$18.01			$18.63			$17.21			$16.76
Total Return(c):		(18.95)%			(10.53)%			12.85%			17.49%			11.98%			(5.59)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$594			$2,041			$3,424			$5,382			$5,880			$6,430
Average net assets (000)		$1,583			$2,504			$4,542			$5,859			$6,281			$7,693
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.53%	(f)		1.53%			1.53%			1.29%			1.27%			1.30%
Expenses before waivers and/or expense reimbursement		2.42%	(f)		1.89%			1.84%			1.54%			1.52%			1.55%
Net investment income (loss)		0.40%	(f)		0.44%			0.26%			0.19%			0.57%			0.39%
Portfolio turnover rate(g)		98%			47%			59%			49%			59%			69%

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 35

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.43			$21.52			$21.68			$19.78			$19.06			$22.12
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.21			0.21			0.14			0.20			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.83	)		(2.54	)		2.52			3.32			2.04			(1.25	)
Total from investment operations		(2.74	)		(2.33	)		2.73			3.46			2.24			(1.06	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.14	)		(0.25	)		(0.21	)		(0.19	)		(0.10	)
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.37	)		(2.76	)		(2.89	)		(1.56	)		(1.52	)		(2.00	)
Net asset value, end of period		$12.32			$16.43			$21.52			$21.68			$19.78			$19.06
Total Return(b):		(18.72)%			(9.86)%			13.74%			18.11%			12.49%			(5.10)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$30,065			$58,051			$137,027			$124,480			$102,564			$147,716
Average net assets (000)		$48,862			$101,530			$131,155			$115,507			$123,372			$177,458
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.89%	(e)		0.80%			0.76%			0.79%			0.77%			0.80%
Expenses before waivers and/or expense reimbursement		0.89%	(e)		0.80%			0.76%			0.79%			0.77%			0.80%
Net investment income (loss)		1.10%	(e)		1.20%			0.99%			0.70%			1.06%			0.90%
Portfolio turnover rate(f)		98%			47%			59%			49%			59%			69%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

36

Class R6 Shares
	Six Months Ended March 31,			Year Ended September 30,												November 25, 2014(a) through September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.39			$21.53			$21.70			$19.80			$19.09			$22.73
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.22			0.22			0.17			0.23			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.82	)		(2.59	)		2.52			3.31			2.03			(1.82	)
Total from investment operations		(2.73	)		(2.37	)		2.74			3.48			2.26			(1.64	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.15	)		(0.27	)		(0.23	)		(0.22	)		(0.10	)
Distributions from net realized gains		(1.19	)		(2.62	)		(2.64	)		(1.35	)		(1.33	)		(1.90	)
Total dividends and distributions		(1.37	)		(2.77	)		(2.91	)		(1.58	)		(1.55	)		(2.00	)
Net asset value, end of period		$12.29			$16.39			$21.53			$21.70			$19.80			$19.09
Total Return(c):		(18.71)%			(10.08)%			13.80%			18.21%			12.61%			(7.49)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$981			$1,332			$18,870			$17,438			$16,766			$16,611
Average net assets (000)		$1,295			$12,474			$18,366			$16,981			$16,698			$17,054
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.89%	(f)		0.78%			0.72%			0.66%			0.66%			0.66%	(f)
Expenses before waivers and/or expense reimbursement		1.86%	(f)		0.78%			0.72%			0.66%			0.66%			0.66%	(f)
Net investment income (loss)		1.12%	(f)		1.26%			1.04%			0.81%			1.20%			1.01%	(f)
Portfolio turnover rate(g)		98%			47%			59%			49%			59%			69%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 37

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM 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 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	B	C	R	Z	R6
NASDAQ	PJIAX	PJIBX	PJGCX	PJORX	PJGZX	PJOQX
CUSIP	74437E503	74437E602	74437E701	74437E644	74437E800	74437E552

MF172E2    

PGIM JENNISON GROWTH FUND

SEMIANNUAL REPORT

MARCH 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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, 2020 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. ^© 2020 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Growth Fund informative and useful. The report covers performance for the six-month period ended March 31, 2020.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for

risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Growth Fund

May 15, 2020

PGIM Jennison Growth Fund 3

Your Fund’s Performance (unaudited)

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

	(without sales charges)	Average Annual Total Returns as of 3/31/20 (with sales charges)
	Six Months* (%)	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–1.14		–6.01		8.98		11.79		—
Class B	–1.62		–5.90		9.18		11.58		—
Class C	–1.47		–2.08		9.47		11.65		—
Class R	–1.26		–0.75		9.99		12.21		—
Class Z	–0.98		–0.22		10.56		12.77		—
Class R2	–1.18		–0.62		N/A		N/A		6.01 (11/28/17)
Class R4	–1.05		–0.36		N/A		N/A		6.28 (11/28/17)
Class R6	–0.95		–0.12		N/A		N/A		9.70 (9/27/17)
Russell 1000 Growth Index
	–4.98		0.91		10.36		12.97		—
S&P 500 Index
	–12.29		–6.96		6.72		10.52		—
Average Annual Total Returns as of 3/31/20 Since Inception (%)
				Class R2 (11/28/17)		Class R4 (11/28/17)		Class R6 (9/27/17)
Russell 1000 Growth Index					6.68		6.68		9.15
S&P 500 Index					0.94		0.94		3.05

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 Visit our website at pgiminvestments.com

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

	Class A	Class B*	Class C	Class R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of 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	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	None	0.10%	0.10%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

Benchmark Definitions

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

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

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

PGIM Jennison Growth Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 3/31/20

Ten Largest Holdings	Line of Business	% of Net Assets
Amazon.com, Inc.	Internet & Direct Marketing Retail	7.3%
Microsoft Corp.	Software	6.6%
Apple, Inc.	Technology Hardware, Storage & Peripherals	4.9%
Netflix, Inc.	Entertainment	4.5%
Mastercard, Inc. (Class A Stock)	IT Services	3.9%
salesforce.com, Inc.	Software	3.9%
Alibaba Group Holding Ltd. (China), ADR	Internet & Direct Marketing Retail	3.7%
Visa, Inc. (Class A Stock)	IT Services	3.5%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	3.5%
Adobe, Inc.	Software	3.3%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments.

6 Visit our website at pgiminvestments.com

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, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Jennison Growth Fund 7

Fees and Expenses (continued)

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

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

PGIM Jennison Growth Fund		Beginning Account Value October 1, 2019		Ending Account Value March 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	988.60		1.02	%	$	5.07
	Hypothetical	$	1,000.00	$	1,019.90		1.02	%	$	5.15
Class B	Actual	$	1,000.00	$	983.80		1.95	%	$	9.67
	Hypothetical	$	1,000.00	$	1,015.25		1.95	%	$	9.82
Class C	Actual	$	1,000.00	$	985.30		1.69	%	$	8.39
	Hypothetical	$	1,000.00	$	1,016.55		1.69	%	$	8.52
Class R	Actual	$	1,000.00	$	987.40		1.22	%	$	6.06
	Hypothetical	$	1,000.00	$	1,018.90		1.22	%	$	6.16
Class Z	Actual	$	1,000.00	$	990.20		0.70	%	$	3.48
	Hypothetical	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class R2	Actual	$	1,000.00	$	988.20		1.10	%	$	5.47
	Hypothetical	$	1,000.00	$	1,019.50		1.10	%	$	5.55
Class R4	Actual	$	1,000.00	$	989.50		0.85	%	$	4.23
	Hypothetical	$	1,000.00	$	1,020.75		0.85	%	$	4.29
Class R6	Actual	$	1,000.00	$	990.50		0.59	%	$	2.94
	Hypothetical	$	1,000.00	$	1,022.05		0.59	%	$	2.98

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 183 days in the six-month period ended March 31, 2020, and divided by the 366 days in the Fund’s fiscal year ending September 30, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited) 

as of March 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    98.9%
COMMON STOCKS
Aerospace & Defense    0.9%
Boeing Co. (The)(a)		292,408	$	43,609,729
Automobiles    3.1%
Tesla, Inc.*(a)		271,409		142,218,316
Beverages    0.7%
Constellation Brands, Inc. (Class A Stock)		226,287		32,440,504
Biotechnology    2.2%
BioMarin Pharmaceutical, Inc.*		410,788		34,711,586
Vertex Pharmaceuticals, Inc.*		286,951		68,279,990
				102,991,576
Capital Markets    2.2%
Goldman Sachs Group, Inc. (The)		292,949		45,286,986
S&P Global, Inc.		220,750		54,094,787
				99,381,773
Entertainment    4.5%
Netflix, Inc.*		548,414		205,929,457
Equity Real Estate Investment Trusts (REITs)    1.1%
American Tower Corp.		226,685		49,360,659
Food & Staples Retailing    2.1%
Costco Wholesale Corp.		336,095		95,830,767
Health Care Equipment & Supplies    2.2%
Boston Scientific Corp.*		993,811		32,428,053
DexCom, Inc.*(a)		169,500		45,641,265
Intuitive Surgical, Inc.*		42,760		21,175,180
				99,244,498
Health Care Providers & Services    0.8%
Guardant Health, Inc.*(a)		218,153		15,183,449
Humana, Inc.		76,742		24,098,523
				39,281,972

See Notes to Financial Statements.

PGIM Jennison Growth Fund 9

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure    0.8%
Chipotle Mexican Grill, Inc.*		57,407	$	37,567,141
Interactive Media & Services    9.2%
Alphabet, Inc. (Class A Stock)*		107,324		124,705,122
Alphabet, Inc. (Class C Stock)*(a)		107,071		124,503,229
Facebook, Inc. (Class A Stock)*		776,132		129,458,818
Tencent Holdings Ltd. (China)		907,877		44,676,075
				423,343,244
Internet & Direct Marketing Retail    11.0%
Alibaba Group Holding Ltd. (China), ADR*		869,970		169,191,766
Amazon.com, Inc.*		172,828		336,966,208
				506,157,974
IT Services    13.0%
Adyen NV (Netherlands), 144A*		91,226		77,519,448
FleetCor Technologies, Inc.*		179,229		33,433,378
Mastercard, Inc. (Class A Stock)		740,891		178,969,630
PayPal Holdings, Inc.*		579,044		55,437,673
Shopify, Inc. (Canada) (Class A Stock)*(a)		138,042		57,553,851
Twilio, Inc. (Class A Stock)*(a)		394,764		35,327,430
Visa, Inc. (Class A Stock)		1,014,520		163,459,462
				601,700,872
Life Sciences Tools & Services    0.6%
Illumina, Inc.*		107,689		29,412,020
Personal Products    1.8%
Estee Lauder Cos., Inc. (The) (Class A Stock)		517,253		82,419,093
Pharmaceuticals    4.4%
AstraZeneca PLC (United Kingdom), ADR		2,322,418		103,719,188
Eli Lilly & Co.		722,942		100,286,514
				204,005,702
Road & Rail    2.2%
Uber Technologies, Inc.*		2,260,693		63,118,548
Union Pacific Corp.		271,392		38,277,128
				101,395,676

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    4.9%
Advanced Micro Devices, Inc.*		282,688	$	12,856,650
Broadcom, Inc.		122,174		28,967,455
NVIDIA Corp.		616,626		162,542,614
QUALCOMM, Inc.		344,303		23,292,098
				227,658,817
Software    19.5%
Adobe, Inc.*		475,975		151,474,284
Atlassian Corp. PLC (Class A Stock)*		127,264		17,468,257
Coupa Software, Inc.*(a)		253,325		35,397,102
Microsoft Corp.		1,926,157		303,774,220
RingCentral, Inc. (Class A Stock)*		82,929		17,573,484
salesforce.com, Inc.*		1,240,722		178,639,154
ServiceNow, Inc.*		182,739		52,369,343
Splunk, Inc.*(a)		538,248		67,943,045
Trade Desk, Inc. (The) (Class A Stock)*(a)		104,374		20,144,182
Workday, Inc. (Class A Stock)*		422,586		55,029,149
				899,812,220
Specialty Retail    1.6%
Home Depot, Inc. (The)		387,528		72,355,353
Technology Hardware, Storage & Peripherals    4.9%
Apple, Inc.		885,399		225,148,112
Textiles, Apparel & Luxury Goods    5.2%
Kering SA (France)		150,064		78,312,931
Lululemon Athletica, Inc.*		448,283		84,972,043
NIKE, Inc. (Class B Stock)		930,244		76,968,389
				240,253,363
TOTAL LONG-TERM INVESTMENTS (cost $2,328,284,383)				4,561,518,838
SHORT-TERM INVESTMENTS    3.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		47,816,325		47,816,325

See Notes to Financial Statements.

PGIM Jennison Growth Fund 11

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $129,827,870; includes $129,621,951 of cash collateral for securities on loan)(b)(w)		130,066,613	$	129,858,506
TOTAL SHORT-TERM INVESTMENTS (cost $177,644,195)				177,674,831
TOTAL INVESTMENTS    102.8% (cost $2,505,928,578)				4,739,193,669
Liabilities in excess of other assets    (2.8)%				(128,857,571	)
NET ASSETS    100.0%			$	4,610,336,098

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

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $124,744,597; cash collateral of $129,621,951 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	43,609,729	$	—	$	—
Automobiles		142,218,316		—		—

See Notes to Financial Statements.

12

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Beverages	$	32,440,504	$	—	$	—
Biotechnology		102,991,576		—		—
Capital Markets		99,381,773		—		—
Entertainment		205,929,457		—		—
Equity Real Estate Investment Trusts (REITs)		49,360,659		—		—
Food & Staples Retailing		95,830,767		—		—
Health Care Equipment & Supplies		99,244,498		—		—
Health Care Providers & Services		39,281,972		—		—
Hotels, Restaurants & Leisure		37,567,141		—		—
Interactive Media & Services		378,667,169		44,676,075		—
Internet & Direct Marketing Retail		506,157,974		—		—
IT Services		524,181,424		77,519,448		—
Life Sciences Tools & Services		29,412,020		—		—
Personal Products		82,419,093		—		—
Pharmaceuticals		204,005,702		—		—
Road & Rail		101,395,676		—		—
Semiconductors & Semiconductor Equipment		227,658,817		—		—
Software		899,812,220		—		—
Specialty Retail		72,355,353		—		—
Technology Hardware, Storage & Peripherals		225,148,112		—		—
Textiles, Apparel & Luxury Goods		161,940,432		78,312,931		—
Affiliated Mutual Funds		177,674,831		—		—
Total	$	4,538,685,215	$	200,508,454	$	—

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, 2020 were as follows:

Software	19.5	%
IT Services	13.0
Internet & Direct Marketing Retail	11.0
Interactive Media & Services	9.2
Textiles, Apparel & Luxury Goods	5.2
Semiconductors & Semiconductor Equipment	4.9
Technology Hardware, Storage & Peripherals	4.9
Entertainment	4.5
Pharmaceuticals	4.4
Affiliated Mutual Funds (2.8% represents investments purchased with collateral from securities on loan)	3.9
Automobiles	3.1
Biotechnology	2.2
Road & Rail	2.2	%
Capital Markets	2.2
Health Care Equipment & Supplies	2.2
Food & Staples Retailing	2.1
Personal Products	1.8
Specialty Retail	1.6
Equity Real Estate Investment Trusts (REITs)	1.1
Aerospace & Defense	0.9
Health Care Providers & Services	0.8
Hotels, Restaurants & Leisure	0.8
Beverages	0.7

See Notes to Financial Statements.

PGIM Jennison Growth Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2020

Industry Classification (continued):

Life Sciences Tools & Services	0.6	%
	102.8
Liabilities in excess of other assets	(2.8	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	124,744,597	$	(124,744,597	)	$	—

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

See Notes to Financial Statements.

14

Statement of Assets & Liabilities (unaudited)

as of March 31, 2020

Assets
Investments at value, including securities on loan of $124,744,597:
Unaffiliated investments (cost $2,328,284,383)	$	4,561,518,838
Affiliated investments (cost $177,644,195)		177,674,831
Receivable for Series shares sold		15,180,616
Tax reclaim receivable		760,133
Dividends receivable		318,001
Prepaid expenses		17,328
Total Assets		4,755,469,747
Liabilities
Payable to broker for collateral for securities on loan		129,621,951
Payable for Series shares reacquired		8,970,792
Management fee payable		2,253,971
Payable for investments purchased		2,098,283
Accrued expenses and other liabilities		1,334,039
Distribution fee payable		504,371
Affiliated transfer agent fee payable		349,742
Affiliated shareholder servicing fees payable		500
Total Liabilities		145,133,649
Net Assets	$	4,610,336,098
Net assets were comprised of:
Common stock, at par	$	121,245
Paid-in capital in excess of par		2,253,583,428
Total distributable earnings (loss)		2,356,631,425
Net assets, March 31, 2020	$	4,610,336,098

See Notes to Financial Statements.

PGIM Jennison Growth Fund 15

Statement of Assets & Liabilities (unaudited) (continued)

as of March 31, 2020

Class A
Net asset value and redemption price per share, ($ 1,168,555,245 ÷ 32,089,613 shares of common stock issued and outstanding)	$	36.42
Maximum sales charge (5.50% of offering price)		2.12
Maximum offering price to public	$	38.54
Class B
Net asset value, offering price and redemption price per share, ($5,242,735 ÷ 190,061 shares of common stock issued and outstanding)	$	27.58
Class C
Net asset value, offering price and redemption price per share, ($110,083,184 ÷ 3,951,961 shares of common stock issued and outstanding)	$	27.86
Class R
Net asset value, offering price and redemption price per share, ($223,383,268 ÷ 7,157,115 shares of common stock issued and outstanding)	$	31.21
Class Z
Net asset value, offering price and redemption price per share, ($2,750,692,085 ÷ 69,030,756 shares of common stock issued and outstanding)	$	39.85
Class R2
Net asset value, offering price and redemption price per share, ($3,068,197 ÷ 77,721 shares of common stock issued and outstanding)	$	39.48
Class R4
Net asset value, offering price and redemption price per share, ($3,935,019 ÷ 99,023 shares of common stock issued and outstanding)	$	39.74
Class R6
Net asset value, offering price and redemption price per share, ($345,376,365 ÷ 8,648,702 shares of common stock issued and outstanding)	$	39.93

See Notes to Financial Statements.

16

Statement of Operations (unaudited)

Six Months Ended March 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $98,040 foreign withholding tax)	$	16,746,177
Income from securities lending, net (including affiliated income of $317,667)		680,523
Affiliated dividend income		161,903
Total income		17,588,603
Expenses
Management fee		15,028,563
Distribution fee(a)		3,712,878
Shareholder servicing fees (including affiliated expense of $1,765)(a)		3,791
Transfer agent’s fees and expenses (including affiliated expense of $986,616)(a)		3,041,800
Custodian and accounting fees		207,655
Shareholders’ reports		101,270
Registration fees(a)		84,519
Directors’ fees		37,076
Legal fees and expenses		20,707
Audit fee		12,504
Miscellaneous		70,900
Total expenses		22,321,663
Less: Fee waiver and/or expense reimbursement(a)		(39,131	)
Distribution fee waiver(a)		(345,172	)
Net expenses		21,937,360
Net investment income (loss)		(4,348,757	)
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(338,874))		223,331,978
Foreign currency transactions		195,083
		223,527,061
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $13,664)		(239,974,104	)
Foreign currencies		19,804
		(239,954,300	)
Net gain (loss) on investment and foreign currency transactions		(16,427,239	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(20,775,996	)

See Notes to Financial Statements.

PGIM Jennison Growth Fund 17

Statement of Operations (unaudited)(continued)

Six Months Ended March 31, 2020

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

	Class A		Class B			Class C		Class R			Class Z		Class R2			Class R4			Class R6
Distribution fee		2,010,190		36,628			626,420		1,035,516			—		4,124			—			—
Shareholder servicing fees		—		—			—		—			—		1,650			2,141			—
Transfer agent’s fees and expenses		883,794		33,526			58,372		187,942			1,870,069		2,504			3,728			1,865
Registration fees		13,893		4,252			9,971		8,043			25,382		7,494			7,494			7,990
Fee waiver and/or expense reimbursement		—		(24,289	)		—		—			—		(7,223	)		(7,619	)		—
Distribution fee waiver		—		—			—		(345,172	)		—		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended March 31, 2020			Year Ended September 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(4,348,757	)	$	(2,255,018	)
Net realized gain (loss) on investment and foreign currency transactions		223,527,061			333,255,023
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(239,954,300	)		(390,863,911	)
Net increase (decrease) in net assets resulting from operations		(20,775,996	)		(59,863,906	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(104,917,397	)		(63,605,883	)
Class B		(785,755	)		(870,715	)
Class C		(12,359,218	)		(10,461,165	)
Class R		(25,255,541	)		(17,477,510	)
Class Z		(227,550,125	)		(156,200,474	)
Class R2		(233,992	)		(345,321	)
Class R4		(302,253	)		(225,237	)
Class R6		(27,740,336	)		(5,871,697	)
		(399,144,617	)		(255,058,002	)
Series share transactions (Net of share conversions)
Net proceeds from shares sold		463,455,353			1,145,580,270
Net asset value of shares issued in reinvestment of dividends and distributions		373,641,405			237,544,755
Cost of shares reacquired		(852,700,714	)		(1,528,147,328	)
Net increase (decrease) in net assets from Series share transactions		(15,603,956	)		(145,022,303	)
Total increase (decrease)		(435,524,569	)		(459,944,211	)
Net Assets:
Beginning of period		5,045,860,667			5,505,804,878
End of period	$	4,610,336,098		$	5,045,860,667

See Notes to Financial Statements.

PGIM Jennison Growth Fund 19

Notes to Financial Statements (unaudited)

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

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

1. Accounting Policies

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

Securities Valuation: The Series holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Series to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal 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 of the Series’ foreign investments may change on days when investors cannot purchase or redeem Series shares.

Various inputs determine how the Series’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of

20

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

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

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

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

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

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

PGIM Jennison Growth Fund 21

Notes to Financial Statements (unaudited) (continued)

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Series limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Series may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Series’ LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Series’ investments in restricted securities could be impaired if trading does not develop or declines.

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

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

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

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

22

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

Master Netting Arrangements: The Company, on behalf of the Series, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Series. A master netting arrangement between the Series and the counterparty permits the Series to offset amounts payable by the Series to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Series to cover the Series’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

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

PGIM Jennison Growth Fund 23

Notes to Financial Statements (unaudited) (continued)

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

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

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

Dividends and Distributions: The Series expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

24

2. Agreements

The Company, on behalf of the Series, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Series. The Manager administers the corporate affairs of the Series and, in connection therewith, furnishes the Series with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Series’ custodian and the Series’ transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Series. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Series, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Series. In connection therewith, Jennison is obligated to keep certain books and records of the Series. The Manager pays for the services of Jennison, the cost of compensation of officers of the Series, occupancy and certain clerical and bookkeeping costs of the Series. The Series bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Series’ average daily net assets up to $300 million, 0.575% of the average daily net assets on the next $2.7 billion and 0.55% of the average daily net assets in excess of $3 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.57% for the reporting period ended March 31, 2020.

The Manager has contractually agreed, through January 31, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.95% of average daily net assets for Class B shares, and 0.60% of average daily net assets for Class R6 shares. Separately, the Manager has contractually agreed, through January 31, 2021, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 1.10% of average daily net assets for Class R2 shares or 0.85% of average daily net assets for Class R4 shares. The contractual waiver and expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, and certain other Series expenses such as dividend and interest expense and broker charges on short sales.

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

PGIM Jennison Growth Fund 25

Notes to Financial Statements (unaudited) (continued)

reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Series, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Series. The Series compensates PIMS for distributing and servicing the Series’ Class A, Class B, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Series.

Pursuant to the Distribution Plans, the Series compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class B, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through January 31, 2021 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

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

For the reporting period ended March 31, 2020, PIMS received $711,252 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2020, PIMS received $2, $1,742 and $5,697 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

26

3. Other Transactions with Affiliates

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

The Series may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Series’ investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Series may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Series’ Rule 17a-7 procedures. For the reporting period ended March 31, 2020, no 17a-7 transactions were entered into by the Series.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended March 31, 2020, were $1,307,533,255 and $1,776,572,486, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended March 31, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	10,613,551	$	608,390,060	$	571,187,286	$	—	$	—	$	47,816,325		47,816,325	$	161,903

PGIM Jennison Growth Fund 27

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*
$	157,208,244	$	1,323,479,889	$	1,350,504,417	$	13,664	$	(338,874	)	$	129,858,506		130,066,613	$	317,667	**
$	167,821,795	$	1,931,869,949	$	1,921,691,703	$	13,664	$	(338,874	)	$	177,674,831			$	479,570

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

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Series’ investments and the net unrealized appreciation as of March 31, 2020 were as follows:

Tax Basis	$	2,513,725,064
Gross Unrealized Appreciation		2,308,885,093
Gross Unrealized Depreciation		(83,416,488	)
Net Unrealized Appreciation	$	2,225,468,605

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

The Series elected to treat late year losses of approximately $1,794,000 as having been incurred in the following fiscal year (September 30, 2020).

The Manager has analyzed the Series’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Series’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Series’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2019 are subject to such review.

6. Capital and Ownership

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

28

sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

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

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

As of March 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Series as follows:

	Number of Shares		Percentage of Outstanding Shares
Class A		23,287		—	%*
Class C		54		—	%*
Class R		6,437,926		90	%
Class Z		279,343		—	%*
Class R6		2,365		—	%*

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	4	43%

PGIM Jennison Growth Fund 29

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended March 31, 2020:
Shares sold		1,480,630		$	60,150,062
Shares issued in reinvestment of dividends and distributions		2,507,625			100,355,167
Shares reacquired		(3,678,978	)		(149,824,411	)
Net increase (decrease) in shares outstanding before conversion		309,277			10,680,818
Shares issued upon conversion from other share class(es)		183,696			7,643,047
Shares reacquired upon conversion into other share class(es)		(119,970	)		(4,962,400	)
Net increase (decrease) in shares outstanding		373,003		$	13,361,465
Year ended September 30, 2019:
Shares sold		2,897,654		$	111,076,254
Shares issued in reinvestment of dividends and distributions		1,708,724			60,420,497
Shares reacquired		(5,583,256	)		(216,915,407	)
Net increase (decrease) in shares outstanding before conversion		(976,878	)		(45,418,656	)
Shares issued upon conversion from other share class(es)		1,417,587			57,061,147
Shares reacquired upon conversion into other share class(es)		(269,076	)		(10,591,487	)
Net increase (decrease) in shares outstanding		171,633		$	1,051,004
Class B
Six months ended March 31, 2020:
Shares sold		9,349		$	293,980
Shares issued in reinvestment of dividends and distributions		24,675			750,130
Shares reacquired		(25,859	)		(785,523	)
Net increase (decrease) in shares outstanding before conversion		8,165			258,587
Shares reacquired upon conversion into other share class(es)		(73,220	)		(2,324,885	)
Net increase (decrease) in shares outstanding		(65,055	)	$	(2,066,298	)
Year ended September 30, 2019:
Shares sold		24,378		$	743,168
Shares issued in reinvestment of dividends and distributions		30,394			844,046
Shares reacquired		(70,502	)		(2,154,188	)
Net increase (decrease) in shares outstanding before conversion		(15,730	)		(566,974	)
Shares reacquired upon conversion into other share class(es)		(156,849	)		(4,751,770	)
Net increase (decrease) in shares outstanding		(172,579	)	$	(5,318,744	)

30

Class C	Shares			Amount
Six months ended March 31, 2020:
Shares sold		421,251		$	13,106,050
Shares issued in reinvestment of dividends and distributions		369,447			11,330,931
Shares reacquired		(472,235	)		(14,555,446	)
Net increase (decrease) in shares outstanding before conversion		318,463			9,881,535
Shares reacquired upon conversion into other share class(es)		(167,319	)		(5,293,787	)
Net increase (decrease) in shares outstanding		151,144		$	4,587,748
Year ended September 30, 2019:
Shares sold		931,334		$	27,929,356
Shares issued in reinvestment of dividends and distributions		352,083			9,833,672
Shares reacquired		(838,160	)		(25,312,488	)
Net increase (decrease) in shares outstanding before conversion		445,257			12,450,540
Shares reacquired upon conversion into other share class(es)		(1,744,707	)		(55,487,558	)
Net increase (decrease) in shares outstanding		(1,299,450	)	$	(43,037,018	)
Class R
Six months ended March 31, 2020:
Shares sold		186,572		$	6,289,021
Shares issued in reinvestment of dividends and distributions		730,106			25,057,244
Shares reacquired		(1,426,132	)		(47,947,070	)
Net increase (decrease) in shares outstanding		(509,454	)	$	(16,600,805	)
Year ended September 30, 2019:
Shares sold		777,652		$	24,648,316
Shares issued in reinvestment of dividends and distributions		550,773			16,952,805
Shares reacquired		(2,508,823	)		(83,006,713	)
Net increase (decrease) in shares outstanding before conversion		(1,180,398	)		(41,405,592	)
Shares reacquired upon conversion into other share class(es)		(1,456	)		(51,496	)
Net increase (decrease) in shares outstanding		(1,181,854	)	$	(41,457,088	)
Class Z
Six months ended March 31, 2020:
Shares sold		7,327,516		$	320,440,914
Shares issued in reinvestment of dividends and distributions		4,763,454			208,401,095
Shares reacquired		(13,053,433	)		(575,387,194	)
Net increase (decrease) in shares outstanding before conversion		(962,463	)		(46,545,185	)
Shares issued upon conversion from other share class(es)		166,237			7,446,708
Shares reacquired upon conversion into other share class(es)		(55,773	)		(2,550,032	)
Net increase (decrease) in shares outstanding		(851,999	)	$	(41,648,509	)
Year ended September 30, 2019:
Shares sold		16,227,973		$	667,472,486
Shares issued in reinvestment of dividends and distributions		3,740,799			143,197,782
Shares reacquired		(27,028,430	)		(1,142,338,037	)
Net increase (decrease) in shares outstanding before conversion		(7,059,658	)		(331,667,769	)
Shares issued upon conversion from other share class(es)		423,063			17,902,016
Shares reacquired upon conversion into other share class(es)		(100,894	)		(4,165,938	)
Net increase (decrease) in shares outstanding		(6,737,489	)	$	(317,931,691	)

PGIM Jennison Growth Fund 31

Notes to Financial Statements (unaudited) (continued)

Class R2	Shares			Amount
Six months ended March 31, 2020:
Shares sold		7,584		$	323,240
Shares issued in reinvestment of dividends and distributions		5,393			233,992
Shares reacquired		(6,881	)		(291,979	)
Net increase (decrease) in shares outstanding		6,096		$	265,253
Period ended September 30, 2019:
Shares sold		90,086		$	3,479,070
Shares issued in reinvestment of dividends and distributions		9,052			345,321
Shares reacquired		(197,456	)		(8,237,424	)
Net increase (decrease) in shares outstanding		(98,318	)	$	(4,413,033	)
Class R4
Six months ended March 31, 2020:
Shares sold		11,422		$	505,501
Shares issued in reinvestment of dividends and distributions		2,774			121,069
Shares reacquired		(6,904	)		(304,386	)
Net increase (decrease) in shares outstanding		7,292		$	322,184
Period ended September 30, 2019:
Shares sold		119,986		$	4,987,522
Shares issued in reinvestment of dividends and distributions		2,064			78,935
Shares reacquired		(38,393	)		(1,657,269	)
Net increase (decrease) in shares outstanding		83,657		$	3,409,188
Class R6
Six months ended March 31, 2020:
Shares sold		1,405,145		$	62,346,585
Shares issued in reinvestment of dividends and distributions		624,955			27,391,777
Shares reacquired		(1,443,213	)		(63,604,705	)
Net increase (decrease) in shares outstanding before conversion		586,887			26,133,657
Shares issued upon conversion from other share class(es)		887			41,349
Net increase (decrease) in shares outstanding		587,774		$	26,175,006
Year ended September 30, 2019:
Shares sold		7,063,907		$	305,244,098
Shares issued in reinvestment of dividends and distributions		153,308			5,871,697
Shares reacquired		(1,142,042	)		(48,525,802	)
Net increase (decrease) in shares outstanding before conversion		6,075,173			262,589,993
Shares issued upon conversion from other share class(es)		1,986			85,086
Net increase (decrease) in shares outstanding		6,077,159		$	262,675,079

7. Borrowings

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

32

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 1,222,500,000*	$ 900,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Series utilized the SCA during the reporting period ended March 31, 2020. The average daily balance for the 27 days that the Series had loans outstanding during the period was approximately $8,464,148, borrowed at a weighted average interest rate of 2.94%. The maximum loan outstanding amount during the period was $26,190,000. At March 31, 2020, the Series did not have an outstanding loan amount.

8. Risks of Investing in the Series

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

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

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

PGIM Jennison Growth Fund 33

Notes to Financial Statements (unaudited) (continued)

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

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Series’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager

34

continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Jennison Growth Fund 35

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended March 31,			Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$39.94			$42.79			$35.78			$29.86			$29.37			$29.31
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.09	)		(0.10	)		(0.05	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		(0.71	)		9.23			7.13			2.60			1.70
Total from investment operations		(0.15	)		(0.80	)		9.13			7.08			2.54			1.62
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Net asset value, end of period		$36.42			$39.94			$42.79			$35.78			$29.86			$29.37
Total Return(b):		(1.14	)%		(1.25	)%		26.60%			24.70%			8.63%			5.89%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,168,555			$1,266,661			$1,349,940			$1,147,941			$1,044,317			$1,026,140
Average net assets (000)		$1,340,127			$1,257,759			$1,258,241			$1,055,913			$1,061,391			$1,079,867
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.02%	(e)		1.03%			1.02%			1.02%			1.03%			1.05%
Expenses before waivers and/or expense reimbursement		1.02%	(e)		1.03%			1.02%			1.02%			1.03%			1.05%
Net investment income (loss)		(0.36)%	(e)		(0.24)%			(0.26)%			(0.16)%			(0.19)%			(0.26)%
Portfolio turnover rate(f)		25%			43%			40%			54%	(g)		36%			41%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

36

Class B Shares
	Six Months Ended March 31,						Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$31.14			$34.18			$29.23			$24.78			$24.85			$25.21
Income (loss) from investment operations:
Net investment income (loss)		(0.21	)		(0.35	)		(0.37	)		(0.22	)		(0.21	)		(0.25	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.02			(0.64	)		7.44			5.83			2.19			1.45
Total from investment operations		(0.19	)		(0.99	)		7.07			5.61			1.98			1.20
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Net asset value, end of period		$27.58			$31.14			$34.18			$29.23			$24.78			$24.85
Total Return(b):		(1.62	)%		(2.17	)%		25.46%			23.80%			7.90%			5.14%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,243			$7,944			$14,618			$15,734			$17,421			$21,843
Average net assets (000)		$7,326			$11,157			$15,991			$16,248			$20,138			$25,070
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.95%	(e)		1.95%			1.95%			1.72%			1.73%			1.75%
Expenses before waivers and/or expense reimbursement		2.61%	(e)		2.41%			2.13%			1.72%			1.73%			1.75%
Net investment income (loss)		(1.30)%	(e)		(1.14)%			(1.19)%			(0.86)%			(0.89)%			(0.96)%
Portfolio turnover rate(f)		25%			43%			40%			54%(g) 36%						41%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 37

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended March 31,						Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$31.38			$34.34			$29.29			$24.82			$24.89			$25.25
Income (loss) from investment operations:
Net investment income (loss)		(0.17	)		(0.27	)		(0.30	)		(0.22	)		(0.21	)		(0.25	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.02			(0.64	)		7.47			5.85			2.19			1.45
Total from investment operations		(0.15	)		(0.91	)		7.17			5.63			1.98			1.20
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Net asset value, end of period		$27.86			$31.38			$34.34			$29.29			$24.82			$24.89
Total Return(b):		(1.47	)%		(1.92	)%		25.76%			23.84%			7.89%			5.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$110,083			$119,260			$175,142			$121,092			$115,018			$91,552
Average net assets (000)		$125,284			$145,286			$148,000			$113,836			$110,677			$83,892
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.69%	(e)		1.70%			1.69%			1.72%			1.73%			1.75%
Expenses before waivers and/or expense reimbursement		1.69%	(e)		1.70%			1.69%			1.72%			1.73%			1.75%
Net investment income (loss)		(1.03)%	(e)		(0.89)%			(0.94)%			(0.86)%			(0.88)%			(0.96)%
Portfolio turnover rate(f)		25%			43%			40%			54%	(g)		36%			41%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

38

Class R Shares
	Six Months Ended March 31,						Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$34.71			$37.57			$31.72			$26.65			$26.47			$26.62
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		(0.15	)		(0.16	)		(0.10	)		(0.10	)		(0.16	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.03	)		(0.66	)		8.13			6.33			2.33			1.57
Total from investment operations		(0.13	)		(0.81	)		7.97			6.23			2.23			1.41
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Net asset value, end of period		$31.21			$34.71			$37.57			$31.72			$26.65			$26.47
Total Return(b):		(1.26	)%		(1.46	)%		26.34%			24.48%			8.39%			5.68%
Ratios/Supplemental Data:
Net assets, end of period (000)		$223,383			$266,084			$332,402			$318,202			$290,328			$261,304
Average net assets (000)		$276,138			$282,917			$334,713			$306,004			$277,093			$122,239
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.22%	(e)		1.23%			1.23%			1.22%			1.23%			1.25%
Expenses before waivers and/or expense reimbursement		1.47%	(e)		1.48%			1.48%			1.47%			1.48%			1.50%
Net investment income (loss)		(0.56)%	(e)		(0.43)%			(0.47)%			(0.36)%			(0.39)%			(0.57)%
Portfolio turnover rate(f)		25%			43%			40%			54%	(g)		36%			41%

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 39

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended March 31,						Year Ended September 30,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$43.34			$46.12			$38.30			$31.79			$31.05			$30.81
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.04			0.02			0.04			0.03			0.01
Net realized and unrealized gain
(loss) on investment and foreign currency transactions		(0.11	)		(0.75	)		9.92			7.63			2.76			1.79
Total from investment operations		(0.12	)		(0.71	)		9.94			7.67			2.79			1.80
Less Dividends and Distributions:
Dividends from net investment income		-			(0.02	)		-			-			-			-
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Total dividends and distributions		(3.37	)		(2.07	)		(2.12	)		(1.16	)		(2.05	)		(1.56	)
Net asset value, end of period		$39.85			$43.34			$46.12			$38.30			$31.79			$31.05
Total Return(b):		(0.98	)%		(0.95	)%		26.99%			25.07%			8.99%			6.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,750,692			$3,028,962			$3,533,891			$2,763,070			$2,015,895			$1,801,158
Average net assets (000)		$3,172,260			$3,237,702			$3,107,412			$2,264,779			$1,944,589			$1,701,486
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.70%	(e)		0.71%			0.71%			0.72%			0.73%			0.75%
Expenses before waivers and/or expense reimbursement		0.70%	(e)		0.71%			0.71%			0.72%			0.73%			0.75%
Net investment income (loss)		(0.04)%	(e)		0.09%			0.04%			0.13%			0.11%			0.03%
Portfolio turnover rate(f)		25%			43%			40%			54%	(g)		36%			41%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

40

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 41

Financial Highlights (unaudited) (continued)

Class R2 Shares
	Six Months Ended March 31, 2020			Year Ended September 30, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$43.05			$45.99			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		(0.14	)		(0.32	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.10	)		(0.75	)		7.19
Total from investment operations		(0.20	)		(0.89	)		6.87
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$39.48			$43.05			$45.99
Total Return(c):		(1.18	)%		(1.37	)%		17.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,068			$3,084			$7,815
Average net assets (000)		$3,299			$5,033			$1,011
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		1.54%	(e)		1.41%			3.11%	(e)
Net investment income (loss)		(0.44	)%(e)		(0.33	)%		(0.86	)%(e)
Portfolio turnover rate(f)		25%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

42

Class R4 Shares
	Six Months Ended March 31, 2020			Year Ended September 30, 2019			November 28, 2017(a) through September 30, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$43.26			$46.08			$41.24
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.03	)		(0.22	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.11	)		(0.74	)		7.18
Total from investment operations		(0.15	)		(0.77	)		6.96
Less Dividends and Distributions:
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)
Net asset value, end of period		$39.74			$43.26			$46.08
Total Return(c):		(1.05	)%		(1.09	)%		17.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,935			$3,969			$372
Average net assets (000)		$4,283			$4,125			$38
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.85%	(e)		0.85%			0.85%	(e)
Expenses before waivers and/or expense reimbursement		1.21%	(e)		1.22%			57.88%	(e)
Net investment income (loss)		(0.19	)%(e)		(0.06	)%		(0.62	)%(e)
Portfolio turnover rate(f)		25%			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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 43

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended Year March 31,			Ended September 30,						September 27, 2017(a) through September 30,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$43.41			$46.19			$38.30			$37.92
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.08			0.08			-	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.13	)		(0.75	)		9.93			0.38
Total from investment operations		(0.11	)		(0.67	)		10.01			0.38
Less Dividends and Distributions:
Dividends from net investment income		-			(0.06	)		-			-
Distributions from net realized gains		(3.37	)		(2.05	)		(2.12	)		-
Total dividends and distributions		(3.37	)		(2.11	)		(2.12	)		-
Net asset value, end of period		$39.93			$43.41			$46.19			$38.30
Total Return(d):		(0.95	)%		(0.83	)%		27.18%			1.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$345,376			$349,897			$91,625			$13,539
Average net assets (000)		$386,216			$205,755			$50,011			$13,296
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.59%	(g)		0.59%			0.60%			0.58%	(g)
Expenses before waivers and/or expense reimbursement		0.59%	(g)		0.59%			0.62%			0.58%	(g)
Net investment income (loss)		0.08%	(g)		0.19%			0.18%			(0.43	)%(g)
Portfolio turnover rate(h)		25%			43%			40%			54%	(i)

(a) Commencement of offering.

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

(c) Less than $0.005 per share.

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

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

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

(g) Annualized.

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

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

See Notes to Financial Statements.

44

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

DIRECTORS

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

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

AVAILABILITY OF PORTFOLIO 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	B	C	R	Z	R2	R4	R6
NASDAQ	PJFAX	PJFBX	PJFCX	PJGRX	PJFZX	PJFOX	PJFPX	PJFQX
CUSIP	74437E107	74437E206	74437E305	74437E651	74437E404	74437E420	74437E412	74437E479

MF168 E2    

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not required, as this is not an annual filing.

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits

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

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

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

(4)Registrant's Independent Public Accountant, attached as Exhibit 99.ACCT.

(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 21, 2020

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 21, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	May 21, 2020