# EDGAR Filing Document

**Accession Number:** 0001090155
**File Stem:** 0001193125-26-128903
**Filing Date:** 2026-3
**Character Count:** 1043682
**Document Hash:** 51238c3e220280b837994a8a8b02a5b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128903.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128903

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 260

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 5
- **CENTRAL INDEX KEY:** 0001090155

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09439
- **FILM NUMBER:** 26807003

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS STYLE SPECIFIC FUNDS
- **DATE OF NAME CHANGE:** 20010906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TARGET FUNDS
- **DATE OF NAME CHANGE:** 19990709

## Series and Classes Contracts Data

### PGIM JENNISON DIVERSIFIED GROWTH FUND (Series ID: S000004718)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012847 | Class A      | TBDAX           |
| C000012849 | Class C      | TBDCX           |
| C000193800 | Class R6     | TBDQX           |
| C000193801 | Class Z      | TBDZX           |

### PGIM JENNISON RISING DIVIDEND FUND (Series ID: S000044406)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138235 | Class A      | PJDAX           |
| C000138236 | Class C      | PJDCX           |
| C000138237 | Class Z      | PJDZX           |
| C000193802 | Class R6     | PJDQX           |

### PGIM TARGET DATE 2055 FUND (Series ID: S000055689)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175317 | Class R1     |  |
| C000175318 | Class R2     |  |
| C000175319 | Class R3     |  |
| C000175320 | Class R4     |  |
| C000175321 | Class R5     |  |
| C000175322 | Class R6     |  |

### PGIM TARGET DATE 2060 FUND (Series ID: S000055690)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175323 | Class R1     |  |
| C000175324 | Class R2     |  |
| C000175325 | Class R3     |  |
| C000175326 | Class R4     |  |
| C000175327 | Class R5     |  |
| C000175328 | Class R6     |  |

### PGIM TARGET DATE INCOME FUND (Series ID: S000055691)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175329 | Class R1     |  |
| C000175330 | Class R2     |  |
| C000175331 | Class R3     |  |
| C000175332 | Class R4     |  |
| C000175333 | Class R5     |  |
| C000175334 | Class R6     |  |

### PGIM TARGET DATE 2020 FUND (Series ID: S000055693)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175341 | Class R1     |  |
| C000175342 | Class R2     |  |
| C000175343 | Class R3     |  |
| C000175344 | Class R4     |  |
| C000175345 | Class R5     |  |
| C000175346 | Class R6     |  |

### PGIM TARGET DATE 2025 FUND (Series ID: S000055694)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175347 | Class R1     |  |
| C000175348 | Class R2     |  |
| C000175349 | Class R3     |  |
| C000175350 | Class R4     |  |
| C000175351 | Class R5     |  |
| C000175352 | Class R6     |  |

### PGIM TARGET DATE 2030 FUND (Series ID: S000055695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175353 | Class R1     |  |
| C000175354 | Class R2     |  |
| C000175355 | Class R3     |  |
| C000175356 | Class R4     |  |
| C000175357 | Class R5     |  |
| C000175358 | Class R6     |  |

### PGIM TARGET DATE 2035 FUND (Series ID: S000055696)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175359 | Class R1     |  |
| C000175360 | Class R2     |  |
| C000175361 | Class R3     |  |
| C000175362 | Class R4     |  |
| C000175363 | Class R5     |  |
| C000175364 | Class R6     |  |

### PGIM TARGET DATE 2040 FUND (Series ID: S000055697)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175365 | Class R1     |  |
| C000175366 | Class R2     |  |
| C000175367 | Class R3     |  |
| C000175368 | Class R4     |  |
| C000175369 | Class R5     |  |
| C000175370 | Class R6     |  |

### PGIM TARGET DATE 2045 FUND (Series ID: S000055698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175371 | Class R1     |  |
| C000175372 | Class R2     |  |
| C000175373 | Class R3     |  |
| C000175374 | Class R4     |  |
| C000175375 | Class R5     |  |
| C000175376 | Class R6     |  |

### PGIM TARGET DATE 2050 FUND (Series ID: S000055699)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175377 | Class R1     |  |
| C000175378 | Class R2     |  |
| C000175379 | Class R3     |  |
| C000175380 | Class R4     |  |
| C000175381 | Class R5     |  |
| C000175382 | Class R6     |  |

### PGIM 60/40 Allocation Fund (Series ID: S000058935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193228 | R6           | PALDX           |

### PGIM TARGET DATE 2065 FUND (Series ID: S000067274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216381 | Class R6     | PDOHX           |
| C000216382 | Class R5     | PDOGX           |
| C000216383 | Class R1     | PDOAX           |
| C000216384 | Class R3     | PDOEX           |
| C000216385 | Class R2     | PDODX           |
| C000216386 | Class R4     | PDOFX           |

### PGIM Target Date 2070 Fund (Series ID: S000089025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000255452 | Class R6     | PDAUX           |
| C000255453 | Class R4     | PDAOX           |
| C000255454 | Class R1     | PDALX           |
| C000255455 | Class R3     | PDANX           |
| C000255456 | Class R2     | PDAMX           |
| C000255457 | Class R5     | PDAQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 5

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09439 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 5 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 7/31/2026 |
| Date of reporting period: | 1/31/2026 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g38599g1tsrbanner_2026.jpg)

PGIM Jennison Diversified Growth Fund

**Class A:** TBDAX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM Jennison Diversified Growth Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class A | $41 | 0.79% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $423667412 |
| Number of fund holdings | 87 |
| Portfolio turnover rate for the period | 44% |

---

MF503E2A

![](g38599g1pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.7% |
| Software | 14.3% |
| Interactive Media & Services | 13.2% |
| Broadline Retail | 6.3% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.7% |
| Automobiles | 3.2% |
| Specialty Retail | 2.6% |
| Biotechnology | 2.6% |
| Consumer Staples Distribution & Retail | 2.5% |
| Entertainment | 2.5% |
| Aerospace & Defense | 2.4% |
| IT Services | 1.4% |
| Electric Utilities | 1.2% |
| Hotels, Restaurants & Leisure | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Finance | 0.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Electronic Equipment, Instruments & Components | 0.9% |
| Machinery | 0.7% |
| Ground Transportation | 0.7% |
| Commercial Services & Supplies | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Health Care Providers & Services | 0.5% |
| Beverages | 0.5% |
| Others\* | 2.3% |
|  | 99.9% |
| Other assets in excess of liabilities | 0.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Diversified Growth Fund** 

SHARE CLASS A <br> NASDAQ TBDAX <br> CUSIP 74440V104

MF503E2A

![](g38599g1pgimlogo_2026.jpg)

------

![](g38599g2tsrbanner_2026.jpg)

PGIM Jennison Diversified Growth Fund

**Class C:** TBDCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM Jennison Diversified Growth Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class C | $93 | 1.79% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $423667412 |
| Number of fund holdings | 87 |
| Portfolio turnover rate for the period | 44% |

---

MF503E2C

![](g38599g2pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.7% |
| Software | 14.3% |
| Interactive Media & Services | 13.2% |
| Broadline Retail | 6.3% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.7% |
| Automobiles | 3.2% |
| Specialty Retail | 2.6% |
| Biotechnology | 2.6% |
| Consumer Staples Distribution & Retail | 2.5% |
| Entertainment | 2.5% |
| Aerospace & Defense | 2.4% |
| IT Services | 1.4% |
| Electric Utilities | 1.2% |
| Hotels, Restaurants & Leisure | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Finance | 0.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Electronic Equipment, Instruments & Components | 0.9% |
| Machinery | 0.7% |
| Ground Transportation | 0.7% |
| Commercial Services & Supplies | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Health Care Providers & Services | 0.5% |
| Beverages | 0.5% |
| Others\* | 2.3% |
|  | 99.9% |
| Other assets in excess of liabilities | 0.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Diversified Growth Fund** 

SHARE CLASS C <br> NASDAQ TBDCX <br> CUSIP 74440V302

MF503E2C

![](g38599g2pgimlogo_2026.jpg)

------

![](g38599g3tsrbanner_2026.jpg)

PGIM Jennison Diversified Growth Fund

**Class Z:** TBDZX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Jennison Diversified Growth Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class Z | $30 | 0.57% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $423667412 |
| Number of fund holdings | 87 |
| Portfolio turnover rate for the period | 44% |

---

MF503E2Z

![](g38599g3pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.7% |
| Software | 14.3% |
| Interactive Media & Services | 13.2% |
| Broadline Retail | 6.3% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.7% |
| Automobiles | 3.2% |
| Specialty Retail | 2.6% |
| Biotechnology | 2.6% |
| Consumer Staples Distribution & Retail | 2.5% |
| Entertainment | 2.5% |
| Aerospace & Defense | 2.4% |
| IT Services | 1.4% |
| Electric Utilities | 1.2% |
| Hotels, Restaurants & Leisure | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Finance | 0.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Electronic Equipment, Instruments & Components | 0.9% |
| Machinery | 0.7% |
| Ground Transportation | 0.7% |
| Commercial Services & Supplies | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Health Care Providers & Services | 0.5% |
| Beverages | 0.5% |
| Others\* | 2.3% |
|  | 99.9% |
| Other assets in excess of liabilities | 0.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Diversified Growth Fund** 

SHARE CLASS Z <br> NASDAQ TBDZX <br> CUSIP 74440V690

MF503E2Z

![](g38599g3pgimlogo_2026.jpg)

------

![](g38599g4tsrbanner_2026.jpg)

PGIM Jennison Diversified Growth Fund

**Class R6:** TBDQX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Jennison Diversified Growth Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class R6 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $423667412 |
| Number of fund holdings | 87 |
| Portfolio turnover rate for the period | 44% |

---

MF503E2R6

![](g38599g4pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.7% |
| Software | 14.3% |
| Interactive Media & Services | 13.2% |
| Broadline Retail | 6.3% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.7% |
| Automobiles | 3.2% |
| Specialty Retail | 2.6% |
| Biotechnology | 2.6% |
| Consumer Staples Distribution & Retail | 2.5% |
| Entertainment | 2.5% |
| Aerospace & Defense | 2.4% |
| IT Services | 1.4% |
| Electric Utilities | 1.2% |
| Hotels, Restaurants & Leisure | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Finance | 0.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Electronic Equipment, Instruments & Components | 0.9% |
| Machinery | 0.7% |
| Ground Transportation | 0.7% |
| Commercial Services & Supplies | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Health Care Providers & Services | 0.5% |
| Beverages | 0.5% |
| Others\* | 2.3% |
|  | 99.9% |
| Other assets in excess of liabilities | 0.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Diversified Growth Fund** 

SHARE CLASS R6 <br> NASDAQ TBDQX <br> CUSIP 74440V716

MF503E2R6

![](g38599g4pgimlogo_2026.jpg)

------

![](g38599g5tsrbanner_2026.jpg)

PGIM Jennison Rising Dividend Fund

**Class A:** PJDAX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM Jennison Rising Dividend Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class A | $66 | 1.24% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $77319518 |
| Number of fund holdings | 63 |
| Portfolio turnover rate for the period | 14% |

---

MF220E2A

![](g38599g5pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 8.5% |
| Semiconductors & Semiconductor Equipment | 8.1% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 4.9% |
| Machinery | 4.3% |
| Multi-Utilities | 4.2% |
| Biotechnology | 4.1% |
| Pharmaceuticals | 4.0% |
| Capital Markets | 4.0% |
| IT Services | 3.8% |
| Diversified Telecommunication Services | 3.6% |
| Electric Utilities | 3.6% |
| Communications Equipment | 3.3% |
| Specialty Retail | 3.1% |
| Consumer Staples Distribution & Retail | 3.1% |
| Financial Services | 2.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.3% represents investments purchased with <br>collateral from securities on loan)<br>| 2.7% |
| Personal Care Products | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Building Products | 2.4% |
| Industrial Conglomerates | 2.4% |
| Electrical Equipment | 2.2% |
| Hotels, Restaurants & Leisure | 2.0% |
| Leisure Products | 2.0% |
| Interactive Media & Services | 1.9% |
| Insurance | 1.7% |
| Metals & Mining | 1.4% |
| Residential REITs | 1.1% |
| Air Freight & Logistics | 1.1% |
| Software | 0.9% |
| Chemicals | 0.7% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.6% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
|  | 102.3% |
| Liabilities in excess of other assets | (2.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Rising Dividend Fund** 

SHARE CLASS A <br> NASDAQ PJDAX <br> CUSIP 74440V823

MF220E2A

![](g38599g5pgimlogo_2026.jpg)

------

![](g38599g6tsrbanner_2026.jpg)

PGIM Jennison Rising Dividend Fund

**Class C:** PJDCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM Jennison Rising Dividend Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class C | $106 | 1.99% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $77319518 |
| Number of fund holdings | 63 |
| Portfolio turnover rate for the period | 14% |

---

MF220E2C

![](g38599g6pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 8.5% |
| Semiconductors & Semiconductor Equipment | 8.1% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 4.9% |
| Machinery | 4.3% |
| Multi-Utilities | 4.2% |
| Biotechnology | 4.1% |
| Pharmaceuticals | 4.0% |
| Capital Markets | 4.0% |
| IT Services | 3.8% |
| Diversified Telecommunication Services | 3.6% |
| Electric Utilities | 3.6% |
| Communications Equipment | 3.3% |
| Specialty Retail | 3.1% |
| Consumer Staples Distribution & Retail | 3.1% |
| Financial Services | 2.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.3% represents investments purchased with <br>collateral from securities on loan)<br>| 2.7% |
| Personal Care Products | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Building Products | 2.4% |
| Industrial Conglomerates | 2.4% |
| Electrical Equipment | 2.2% |
| Hotels, Restaurants & Leisure | 2.0% |
| Leisure Products | 2.0% |
| Interactive Media & Services | 1.9% |
| Insurance | 1.7% |
| Metals & Mining | 1.4% |
| Residential REITs | 1.1% |
| Air Freight & Logistics | 1.1% |
| Software | 0.9% |
| Chemicals | 0.7% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.6% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
|  | 102.3% |
| Liabilities in excess of other assets | (2.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Rising Dividend Fund** 

SHARE CLASS C <br> NASDAQ PJDCX <br> CUSIP 74440V815

MF220E2C

![](g38599g6pgimlogo_2026.jpg)

------

![](g38599g7tsrbanner_2026.jpg)

PGIM Jennison Rising Dividend Fund

**Class Z:** PJDZX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Jennison Rising Dividend Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class Z | $53 | 0.99% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $77319518 |
| Number of fund holdings | 63 |
| Portfolio turnover rate for the period | 14% |

---

MF220E2Z

![](g38599g7pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 8.5% |
| Semiconductors & Semiconductor Equipment | 8.1% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 4.9% |
| Machinery | 4.3% |
| Multi-Utilities | 4.2% |
| Biotechnology | 4.1% |
| Pharmaceuticals | 4.0% |
| Capital Markets | 4.0% |
| IT Services | 3.8% |
| Diversified Telecommunication Services | 3.6% |
| Electric Utilities | 3.6% |
| Communications Equipment | 3.3% |
| Specialty Retail | 3.1% |
| Consumer Staples Distribution & Retail | 3.1% |
| Financial Services | 2.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.3% represents investments purchased with <br>collateral from securities on loan)<br>| 2.7% |
| Personal Care Products | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Building Products | 2.4% |
| Industrial Conglomerates | 2.4% |
| Electrical Equipment | 2.2% |
| Hotels, Restaurants & Leisure | 2.0% |
| Leisure Products | 2.0% |
| Interactive Media & Services | 1.9% |
| Insurance | 1.7% |
| Metals & Mining | 1.4% |
| Residential REITs | 1.1% |
| Air Freight & Logistics | 1.1% |
| Software | 0.9% |
| Chemicals | 0.7% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.6% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
|  | 102.3% |
| Liabilities in excess of other assets | (2.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Rising Dividend Fund** 

SHARE CLASS Z <br> NASDAQ PJDZX <br> CUSIP 74440V799

MF220E2Z

![](g38599g7pgimlogo_2026.jpg)

------

![](g38599g8tsrbanner_2026.jpg)

PGIM Jennison Rising Dividend Fund

**Class R6:** PJDQX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Jennison Rising Dividend Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class R6 | $53 | 0.99% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $77319518 |
| Number of fund holdings | 63 |
| Portfolio turnover rate for the period | 14% |

---

MF220E2R6

![](g38599g8pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 8.5% |
| Semiconductors & Semiconductor Equipment | 8.1% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 4.9% |
| Machinery | 4.3% |
| Multi-Utilities | 4.2% |
| Biotechnology | 4.1% |
| Pharmaceuticals | 4.0% |
| Capital Markets | 4.0% |
| IT Services | 3.8% |
| Diversified Telecommunication Services | 3.6% |
| Electric Utilities | 3.6% |
| Communications Equipment | 3.3% |
| Specialty Retail | 3.1% |
| Consumer Staples Distribution & Retail | 3.1% |
| Financial Services | 2.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.3% represents investments purchased with <br>collateral from securities on loan)<br>| 2.7% |
| Personal Care Products | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Building Products | 2.4% |
| Industrial Conglomerates | 2.4% |
| Electrical Equipment | 2.2% |
| Hotels, Restaurants & Leisure | 2.0% |
| Leisure Products | 2.0% |
| Interactive Media & Services | 1.9% |
| Insurance | 1.7% |
| Metals & Mining | 1.4% |
| Residential REITs | 1.1% |
| Air Freight & Logistics | 1.1% |
| Software | 0.9% |
| Chemicals | 0.7% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.6% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
|  | 102.3% |
| Liabilities in excess of other assets | (2.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Jennison Rising Dividend Fund** 

SHARE CLASS R6 <br> NASDAQ PJDQX <br> CUSIP 74440V682

MF220E2R6

![](g38599g8pgimlogo_2026.jpg)

------

![](g38599g9tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R1:** PDADX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R1 | $36 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R1

![](g38599g9pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g9qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R1 <br> NASDAQ PDADX <br> CUSIP 74445D109

MF236E2R1

![](g38599g9pgimlogo_2026.jpg)

------

![](g38599g10tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R2:** PDAEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R2 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R2

![](g38599g10pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g10qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R2 <br> NASDAQ PDAEX <br> CUSIP 74445D208

MF236E2R2

![](g38599g10pgimlogo_2026.jpg)

------

![](g38599g11tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R3:** PDAFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R3 | $15 | 0.29% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R3

![](g38599g11pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g11qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R3 <br> NASDAQ PDAFX <br> CUSIP 74445D307

MF236E2R3

![](g38599g11pgimlogo_2026.jpg)

------

![](g38599g12tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R4:** PDAGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R4 | $10 | 0.19% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R4

![](g38599g12pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g12qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R4 <br> NASDAQ PDAGX <br> CUSIP 74445D406

MF236E2R4

![](g38599g12pgimlogo_2026.jpg)

------

![](g38599g13tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R5:** PDAHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R5 | $5 | 0.09% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R5

![](g38599g13pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g13qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R5 <br> NASDAQ PDAHX <br> CUSIP 74445D505

MF236E2R5

![](g38599g13pgimlogo_2026.jpg)

------

![](g38599g14tsrbanner_2026.jpg)

PGIM Target Date Income Fund

**Class R6:** PDAJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date Income Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $28514052 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E2R6

![](g38599g14pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 40.4% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.5% |
| Affiliated Mutual Funds - International Equity | 12.5% |
| Affiliated Mutual Fund - Short-Term Investment | 6.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g14qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date Income Fund** 

SHARE CLASS R6 <br> NASDAQ PDAJX <br> CUSIP 74445D604

MF236E2R6

![](g38599g14pgimlogo_2026.jpg)

------

![](g38599g15tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R1:** PDDDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R1 | $36 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R1

![](g38599g15pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g15qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R1 <br> NASDAQ PDDDX <br> CUSIP 74445D778

MF236E22020R1

![](g38599g15pgimlogo_2026.jpg)

------

![](g38599g16tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R2:** PDDEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R2 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R2

![](g38599g16pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g16qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R2 <br> NASDAQ PDDEX <br> CUSIP 74445D760

MF236E22020R2

![](g38599g16pgimlogo_2026.jpg)

------

![](g38599g17tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R3:** PDDFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R3 | $15 | 0.29% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R3

![](g38599g17pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g17qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R3 <br> NASDAQ PDDFX <br> CUSIP 74445D752

MF236E22020R3

![](g38599g17pgimlogo_2026.jpg)

------

![](g38599g18tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R4:** PDDGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R4 | $10 | 0.19% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R4

![](g38599g18pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g18qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R4 <br> NASDAQ PDDGX <br> CUSIP 74445D745

MF236E22020R4

![](g38599g18pgimlogo_2026.jpg)

------

![](g38599g19tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R5:** PDDHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R5 | $5 | 0.09% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R5

![](g38599g19pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g19qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R5 <br> NASDAQ PDDHX <br> CUSIP 74445D737

MF236E22020R5

![](g38599g19pgimlogo_2026.jpg)

------

![](g38599g20tsrbanner_2026.jpg)

PGIM Target Date 2020 Fund

**Class R6:** PDDJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2020 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $33509279 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 43% |

---

MF236E22020R6

![](g38599g20pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 36.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 23.3% |
| Affiliated Mutual Funds - Domestic Equity | 21.3% |
| Affiliated Mutual Funds - International Equity | 14.1% |
| Affiliated Mutual Fund - Short-Term Investment | 5.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g20qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2020 Fund** 

SHARE CLASS R6 <br> NASDAQ PDDJX <br> CUSIP 74445D729

MF236E22020R6

![](g38599g20pgimlogo_2026.jpg)

------

![](g38599g21tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R1:** PDEDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R1 | $36 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R1

![](g38599g21pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g21qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R1 <br> NASDAQ PDEDX <br> CUSIP 74445D711

MF236E22025R1

![](g38599g21pgimlogo_2026.jpg)

------

![](g38599g22tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R2:** PDEEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R2 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R2

![](g38599g22pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g22qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R2 <br> NASDAQ PDEEX <br> CUSIP 74445D695

MF236E22025R2

![](g38599g22pgimlogo_2026.jpg)

------

![](g38599g23tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R3:** PDEFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R3 | $15 | 0.29% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R3

![](g38599g23pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g23qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R3 <br> NASDAQ PDEFX <br> CUSIP 74445D687

MF236E22025R3

![](g38599g23pgimlogo_2026.jpg)

------

![](g38599g24tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R4:** PDEGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R4 | $10 | 0.19% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R4

![](g38599g24pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g24qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R4 <br> NASDAQ PDEGX <br> CUSIP 74445D679

MF236E22025R4

![](g38599g24pgimlogo_2026.jpg)

------

![](g38599g25tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R5:** PDEHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R5 | $5 | 0.09% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R5

![](g38599g25pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g25qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R5 <br> NASDAQ PDEHX <br> CUSIP 74445D661

MF236E22025R5

![](g38599g25pgimlogo_2026.jpg)

------

![](g38599g26tsrbanner_2026.jpg)

PGIM Target Date 2025 Fund

**Class R6:** PDEJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2025 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $48674053 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22025R6

![](g38599g26pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 32.1% |
| Affiliated Mutual Funds - Domestic Equity | 26.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 21.5% |
| Affiliated Mutual Funds - International Equity | 15.6% |
| Affiliated Mutual Fund - Short-Term Investment | 4.3% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g26qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2025 Fund** 

SHARE CLASS R6 <br> NASDAQ PDEJX <br> CUSIP 74445D653

MF236E22025R6

![](g38599g26pgimlogo_2026.jpg)

------

![](g38599g27tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R1:** PDFCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R1 | $37 | 0.70% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R1

![](g38599g27pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g27qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R1 <br> NASDAQ PDFCX <br> CUSIP 74445D646

MF236E22030R1

![](g38599g27pgimlogo_2026.jpg)

------

![](g38599g28tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R2:** PDFEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R2 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R2

![](g38599g28pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g28qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R2 <br> NASDAQ PDFEX <br> CUSIP 74445D638

MF236E22030R2

![](g38599g28pgimlogo_2026.jpg)

------

![](g38599g29tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R3:** PDFFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R3 | $16 | 0.30% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R3

![](g38599g29pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g29qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R3 <br> NASDAQ PDFFX <br> CUSIP 74445D620

MF236E22030R3

![](g38599g29pgimlogo_2026.jpg)

------

![](g38599g30tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R4:** PDFGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R4 | $10 | 0.20% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R4

![](g38599g30pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g30qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R4 <br> NASDAQ PDFGX <br> CUSIP 74445D612

MF236E22030R4

![](g38599g30pgimlogo_2026.jpg)

------

![](g38599g31tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R5:** PDFHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R5 | $5 | 0.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R5

![](g38599g31pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g31qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R5 <br> NASDAQ PDFHX <br> CUSIP 74445D596

MF236E22030R5

![](g38599g31pgimlogo_2026.jpg)

------

![](g38599g32tsrbanner_2026.jpg)

PGIM Target Date 2030 Fund

**Class R6:** PDFJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2030 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $62022505 |
| Number of fund holdings | 10 |
| Portfolio turnover rate for the period | 40% |

---

MF236E22030R6

![](g38599g32pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 32.8% |
| Affiliated Mutual Funds - Fixed Income | 25.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 19.3% |
| Affiliated Mutual Funds - International Equity | 19.0% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g32qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2030 Fund** 

SHARE CLASS R6 <br> NASDAQ PDFJX <br> CUSIP 74445D588

MF236E22030R6

![](g38599g32pgimlogo_2026.jpg)

------

![](g38599g33tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R1:** PDGCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R1 | $36 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R1

![](g38599g33pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g33qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R1 <br> NASDAQ PDGCX <br> CUSIP 74445D570

MF236E22035R1

![](g38599g33pgimlogo_2026.jpg)

------

![](g38599g34tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R2:** PDGEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R2 | $23 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R2

![](g38599g34pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g34qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R2 <br> NASDAQ PDGEX <br> CUSIP 74445D562

MF236E22035R2

![](g38599g34pgimlogo_2026.jpg)

------

![](g38599g35tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R3:** PDGFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R3 | $15 | 0.29% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R3

![](g38599g35pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g35qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R3 <br> NASDAQ PDGFX <br> CUSIP 74445D554

MF236E22035R3

![](g38599g35pgimlogo_2026.jpg)

------

![](g38599g36tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R4:** PDGGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R4 | $10 | 0.19% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R4

![](g38599g36pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g36qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R4 <br> NASDAQ PDGGX <br> CUSIP 74445D547

MF236E22035R4

![](g38599g36pgimlogo_2026.jpg)

------

![](g38599g37tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R5:** PDGHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R5 | $5 | 0.09% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R5

![](g38599g37pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g37qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R5 <br> NASDAQ PDGHX <br> CUSIP 74445D539

MF236E22035R5

![](g38599g37pgimlogo_2026.jpg)

------

![](g38599g38tsrbanner_2026.jpg)

PGIM Target Date 2035 Fund

**Class R6:** PDGJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2035 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $56503909 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 32% |

---

MF236E22035R6

![](g38599g38pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 40.7% |
| Affiliated Mutual Funds - International Equity | 23.2% |
| Affiliated Mutual Funds - Fixed Income | 18.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 15.2% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g38qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2035 Fund** 

SHARE CLASS R6 <br> NASDAQ PDGJX <br> CUSIP 74445D521

MF236E22035R6

![](g38599g38pgimlogo_2026.jpg)

------

![](g38599g39tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R1:** PDHDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R1 | $36 | 0.67% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R1

![](g38599g39pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g39qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R1 <br> NASDAQ PDHDX <br> CUSIP 74445D513

MF236E22040R1

![](g38599g39pgimlogo_2026.jpg)

------

![](g38599g40tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R2:** PDHEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R2 | $22 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R2

![](g38599g40pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g40qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R2 <br> NASDAQ PDHEX <br> CUSIP 74445D497

MF236E22040R2

![](g38599g40pgimlogo_2026.jpg)

------

![](g38599g41tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R3:** PDHFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R3 | $14 | 0.27% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R3

![](g38599g41pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g41qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R3 <br> NASDAQ PDHFX <br> CUSIP 74445D489

MF236E22040R3

![](g38599g41pgimlogo_2026.jpg)

------

![](g38599g42tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R4:** PDHGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R4 | $9 | 0.17% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R4

![](g38599g42pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g42qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R4 <br> NASDAQ PDHGX <br> CUSIP 74445D471

MF236E22040R4

![](g38599g42pgimlogo_2026.jpg)

------

![](g38599g43tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R5:** PDHHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R5 | $4 | 0.07% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R5

![](g38599g43pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g43qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R5 <br> NASDAQ PDHHX <br> CUSIP 74445D463

MF236E22040R5

![](g38599g43pgimlogo_2026.jpg)

------

![](g38599g44tsrbanner_2026.jpg)

PGIM Target Date 2040 Fund

**Class R6:** PDHJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2040 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $49308358 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22040R6

![](g38599g44pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 48.2% |
| Affiliated Mutual Funds - International Equity | 27.4% |
| Affiliated Mutual Funds - Fixed Income | 12.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 12.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g44qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2040 Fund** 

SHARE CLASS R6 <br> NASDAQ PDHJX <br> CUSIP 74445D455

MF236E22040R6

![](g38599g44pgimlogo_2026.jpg)

------

![](g38599g45tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R1:** PDIDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R1 | $35 | 0.66% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R1

![](g38599g45pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g45qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R1 <br> NASDAQ PDIDX <br> CUSIP 74445D448

MF236E22045R1

![](g38599g45pgimlogo_2026.jpg)

------

![](g38599g46tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R2:** PDIEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R2 | $22 | 0.41% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R2

![](g38599g46pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g46qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R2 <br> NASDAQ PDIEX <br> CUSIP 74445D430

MF236E22045R2

![](g38599g46pgimlogo_2026.jpg)

------

![](g38599g47tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R3:** PDIKX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R3 | $14 | 0.26% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R3

![](g38599g47pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g47qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R3 <br> NASDAQ PDIKX <br> CUSIP 74445D422

MF236E22045R3

![](g38599g47pgimlogo_2026.jpg)

------

![](g38599g48tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R4:** PDIGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R4 | $9 | 0.16% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R4

![](g38599g48pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g48qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R4 <br> NASDAQ PDIGX <br> CUSIP 74445D414

MF236E22045R4

![](g38599g48pgimlogo_2026.jpg)

------

![](g38599g49tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R5:** PDIHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R5 | $3 | 0.06% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R5

![](g38599g49pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g49qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R5 <br> NASDAQ PDIHX <br> CUSIP 74445D398

MF236E22045R5

![](g38599g49pgimlogo_2026.jpg)

------

![](g38599g50tsrbanner_2026.jpg)

PGIM Target Date 2045 Fund

**Class R6:** PDIJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2045 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $36919986 |
| Number of fund holdings | 11 |
| Portfolio turnover rate for the period | 24% |

---

MF236E22045R6

![](g38599g50pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 53.3% |
| Affiliated Mutual Funds - International Equity | 31.3% |
| Affiliated Exchange-Traded Funds - Fixed Income | 8.8% |
| Affiliated Mutual Funds - Fixed Income | 6.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g50qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2045 Fund** 

SHARE CLASS R6 <br> NASDAQ PDIJX <br> CUSIP 74445D380

MF236E22045R6

![](g38599g50pgimlogo_2026.jpg)

------

![](g38599g51tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R1:** PDJDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R1 | $35 | 0.65% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R1

![](g38599g51pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g51qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R1 <br> NASDAQ PDJDX <br> CUSIP 74445D372

MF236E22050R1

![](g38599g51pgimlogo_2026.jpg)

------

![](g38599g52tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R2:** PDJEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R2 | $21 | 0.40% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R2

![](g38599g52pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g52qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R2 <br> NASDAQ PDJEX <br> CUSIP 74445D364

MF236E22050R2

![](g38599g52pgimlogo_2026.jpg)

------

![](g38599g53tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R3:** PDJFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R3 | $13 | 0.25% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R3

![](g38599g53pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g53qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R3 <br> NASDAQ PDJFX <br> CUSIP 74445D356

MF236E22050R3

![](g38599g53pgimlogo_2026.jpg)

------

![](g38599g54tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R4:** PDJGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R4 | $8 | 0.15% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R4

![](g38599g54pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g54qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R4 <br> NASDAQ PDJGX <br> CUSIP 74445D349

MF236E22050R4

![](g38599g54pgimlogo_2026.jpg)

------

![](g38599g55tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R5:** PDJHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R5 | $3 | 0.05% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R5

![](g38599g55pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g55qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R5 <br> NASDAQ PDJHX <br> CUSIP 74445D331

MF236E22050R5

![](g38599g55pgimlogo_2026.jpg)

------

![](g38599g56tsrbanner_2026.jpg)

PGIM Target Date 2050 Fund

**Class R6:** PDJJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2050 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $24318889 |
| Number of fund holdings | 9 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22050R6

![](g38599g56pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 55.7% |
| Affiliated Mutual Funds - International Equity | 34.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 7.5% |
| Affiliated Mutual Funds - Fixed Income | 1.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g56qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2050 Fund** 

SHARE CLASS R6 <br> NASDAQ PDJJX <br> CUSIP 74445D323

MF236E22050R6

![](g38599g56pgimlogo_2026.jpg)

------

![](g38599g57tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R1:** PDKDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R1 | $34 | 0.64% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R1

![](g38599g57pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g57qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R1 <br> NASDAQ PDKDX <br> CUSIP 74445D315

MF236E22055R1

![](g38599g57pgimlogo_2026.jpg)

------

![](g38599g58tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R2:** PDKEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R2 | $21 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R2

![](g38599g58pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g58qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R2 <br> NASDAQ PDKEX <br> CUSIP 74445D299

MF236E22055R2

![](g38599g58pgimlogo_2026.jpg)

------

![](g38599g59tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R3:** PDKFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R3 | $13 | 0.24% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R3

![](g38599g59pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g59qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R3 <br> NASDAQ PDKFX <br> CUSIP 74445D281

MF236E22055R3

![](g38599g59pgimlogo_2026.jpg)

------

![](g38599g60tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R4:** PDKGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R4 | $8 | 0.14% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R4

![](g38599g60pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g60qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R4 <br> NASDAQ PDKGX <br> CUSIP 74445D273

MF236E22055R4

![](g38599g60pgimlogo_2026.jpg)

------

![](g38599g61tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R5:** PDKHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R5 | $2 | 0.04% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R5

![](g38599g61pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g61qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R5 <br> NASDAQ PDKHX <br> CUSIP 74445D265

MF236E22055R5

![](g38599g61pgimlogo_2026.jpg)

------

![](g38599g62tsrbanner_2026.jpg)

PGIM Target Date 2055 Fund

**Class R6:** PDKJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2055 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13150984 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 28% |

---

MF236E22055R6

![](g38599g62pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 57.0% |
| Affiliated Mutual Funds - International Equity | 38.6% |
| Affiliated Exchange-Traded Funds - Fixed Income | 4.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g62qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2055 Fund** 

SHARE CLASS R6 <br> NASDAQ PDKJX <br> CUSIP 74445D257

MF236E22055R6

![](g38599g62pgimlogo_2026.jpg)

------

![](g38599g63tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R1:** PDLDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R1 | $34 | 0.64% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R1

![](g38599g63pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g63qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R1 <br> NASDAQ PDLDX <br> CUSIP 74445D240

MF236E22060R1

![](g38599g63pgimlogo_2026.jpg)

------

![](g38599g64tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R2:** PDLEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R2 | $21 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R2

![](g38599g64pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g64qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R2 <br> NASDAQ PDLEX <br> CUSIP 74445D232

MF236E22060R2

![](g38599g64pgimlogo_2026.jpg)

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![](g38599g65tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R3:** PDLFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R3 | $13 | 0.24% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R3

![](g38599g65pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g65qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R3 <br> NASDAQ PDLFX <br> CUSIP 74445D224

MF236E22060R3

![](g38599g65pgimlogo_2026.jpg)

------

![](g38599g66tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R4:** PDLGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R4 | $8 | 0.14% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R4

![](g38599g66pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g66qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R4 <br> NASDAQ PDLGX <br> CUSIP 74445D216

MF236E22060R4

![](g38599g66pgimlogo_2026.jpg)

------

![](g38599g67tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R5:** PDLHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R5 | $2 | 0.04% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R5

![](g38599g67pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g67qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R5 <br> NASDAQ PDLHX <br> CUSIP 74445D190

MF236E22060R5

![](g38599g67pgimlogo_2026.jpg)

------

![](g38599g68tsrbanner_2026.jpg)

PGIM Target Date 2060 Fund

**Class R6:** PDLJX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2060 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $12849813 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 17% |

---

MF236E22060R6

![](g38599g68pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.2% |
| Affiliated Mutual Funds - International Equity | 40.5% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g68qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2060 Fund** 

SHARE CLASS R6 <br> NASDAQ PDLJX <br> CUSIP 74445D182

MF236E22060R6

![](g38599g68pgimlogo_2026.jpg)

------

![](g38599g69tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R1:** PDOAX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R1 | $34 | 0.63% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R1

![](g38599g69pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g69qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R1 <br> NASDAQ PDOAX <br> CUSIP 74440V674

MF236E22065R1

![](g38599g69pgimlogo_2026.jpg)

------

![](g38599g70tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R2:** PDODX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R2 | $20 | 0.38% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R2

![](g38599g70pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g70qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R2 <br> NASDAQ PDODX <br> CUSIP 74440V666

MF236E22065R2

![](g38599g70pgimlogo_2026.jpg)

------

![](g38599g71tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R3:** PDOEX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R3 | $12 | 0.23% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R3

![](g38599g71pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g71qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R3 <br> NASDAQ PDOEX <br> CUSIP 74440V658

MF236E22065R3

![](g38599g71pgimlogo_2026.jpg)

------

![](g38599g72tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R4:** PDOFX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R4 | $7 | 0.13% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R4

![](g38599g72pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g72qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R4 <br> NASDAQ PDOFX <br> CUSIP 74440V641

MF236E22065R4

![](g38599g72pgimlogo_2026.jpg)

------

![](g38599g73tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R5:** PDOGX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R5 | $2 | 0.03% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R5

![](g38599g73pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g73qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R5 <br> NASDAQ PDOGX <br> CUSIP 74440V633

MF236E22065R5

![](g38599g73pgimlogo_2026.jpg)

------

![](g38599g74tsrbanner_2026.jpg)

PGIM Target Date 2065 Fund

**Class R6:** PDOHX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2065 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1991418 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 44% |

---

MF236E22065R6

![](g38599g74pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g74qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2065 Fund** 

SHARE CLASS R6 <br> NASDAQ PDOHX <br> CUSIP 74440V625

MF236E22065R6

![](g38599g74pgimlogo_2026.jpg)

------

![](g38599g75tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R1:** PDALX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R1 | $34 | 0.64% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R1

![](g38599g75pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g75qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R1 <br> NASDAQ PDALX <br> CUSIP 74440V617

MF236E22070R1

![](g38599g75pgimlogo_2026.jpg)

------

![](g38599g76tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R2:** PDAMX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R2 | $20 | 0.38% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R2

![](g38599g76pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g76qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R2 <br> NASDAQ PDAMX <br> CUSIP 74440V591

MF236E22070R2

![](g38599g76pgimlogo_2026.jpg)

------

![](g38599g77tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R3:** PDANX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R3 | $13 | 0.24% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R3

![](g38599g77pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g77qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R3 <br> NASDAQ PDANX <br> CUSIP 74440V583

MF236E22070R3

![](g38599g77pgimlogo_2026.jpg)

------

![](g38599g78tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R4:** PDAOX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R4 | $7 | 0.13% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R4

![](g38599g78pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g78qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R4 <br> NASDAQ PDAOX <br> CUSIP 74440V575

MF236E22070R4

![](g38599g78pgimlogo_2026.jpg)

------

![](g38599g79tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R5:** PDAQX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R5 | $2 | 0.03% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R5

![](g38599g79pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g79qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R5 <br> NASDAQ PDAQX <br> CUSIP 74440V567

MF236E22070R5

![](g38599g79pgimlogo_2026.jpg)

------

![](g38599g80tsrbanner_2026.jpg)

PGIM Target Date 2070 Fund

**Class R6:** PDAUX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2070 Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/target-date-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R6 | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $76085 |
| Number of fund holdings | 8 |
| Portfolio turnover rate for the period | 12% |

---

MF236E22070R6

![](g38599g80pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 56.1% |
| Affiliated Mutual Funds - International Equity | 40.8% |
| Affiliated Exchange-Traded Funds - Fixed Income | 3.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/target-date-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g38599g80qrcode_rettarget.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Target Date 2070 Fund** 

SHARE CLASS R6 <br> NASDAQ PDAUX <br> CUSIP 74440V559

MF236E22070R6

![](g38599g80pgimlogo_2026.jpg)

------

![](g38599g81tsrbanner_2026.jpg)

PGIM 60/40 Allocation Fund

**Class R6:** PALDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM 60/40 Allocation Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM 60/40 Allocation Fund—Class R6 | $2 | 0.03% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $138439351 |
| Number of fund holdings | 3 |
| Portfolio turnover rate for the period | 48% |

---

NS13603

![](g38599g81pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 59.9% |
| Affiliated Exchange-Traded Funds - Fixed Income | 40.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

![](g38599g81qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM 60/40 Allocation Fund** 

SHARE CLASS R6 <br> NASDAQ PALDX <br> CUSIP 74440V724

NS13603

![](g38599g81pgimlogo_2026.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

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

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

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

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

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g38599g85e28.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 5
PGIM Jennison Diversified Growth Fund

PGIM Jennison Rising Dividend Fund

---

| |
|:---|
| **FINANCIAL STATEMENTS AND OTHER INFORMATION** |
| **JANUARY 31, 2026** |

---

![LOGO](g38599snap9.jpg)

------

<u> **Table of Contents** </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Other Information </u>   <u> January 31, 2026 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar38599_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Diversified Growth Fund](#edgar38599_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Rising Dividend Fund](#edgar38599_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar38599_4) | 28 |
| **[Other Information -](#edgar38599_5)**[Form N-CSR Items 8-11](#edgar38599_5) |  |

---

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Glossary
The following abbreviations are used in the Funds' descriptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADR—American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITs—Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR—Secured Overnight Financing Rate

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.4%** |  |  |
| &nbsp;&nbsp; Boeing Co. (The)\* | 13388 | $3129043 |
| &nbsp;&nbsp; General Electric Co. | 16482 | 5056513 |
| &nbsp;&nbsp; HEICO Corp. | 6225 | 2059915 |
|  |  | 10245471 |
| &nbsp;&nbsp; **Automobiles 3.2%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 31367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500670 |
| &nbsp;&nbsp; **Banks 0.2%** |  |  |
| &nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 38618 | 685470 |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |
| &nbsp;&nbsp; Coca-Cola Co. (The) | 26791 | 2004235 |
| &nbsp;&nbsp; **Biotechnology 2.6%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 22034 | 4913802 |
| &nbsp;&nbsp; Amgen, Inc. | 5592 | 1911793 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 4726 | 670856 |
| &nbsp;&nbsp; Natera, Inc.\* | 3647 | 842967 |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 5362 | 2519604 |
|  |  | 10859022 |
| &nbsp;&nbsp; **Broadline Retail 6.3%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 105648 | 25281566 |
| &nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 58292 | 1175167 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 187 | 401637 |
|  |  | 26858370 |
| &nbsp;&nbsp; **Capital Markets 0.4%** |  |  |
| &nbsp;&nbsp; Moody's Corp. | 2191 | 1129592 |
| &nbsp;&nbsp; TPG, Inc. | 7142 | 420735 |
|  |  | 1550327 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.6%** |  |  |
| &nbsp;&nbsp; Waste Management, Inc. | 12282 | 2729552 |
| &nbsp;&nbsp; **Communications Equipment 0.4%** |  |  |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 12041 | 1706691 |
| &nbsp;&nbsp; **Construction & Engineering 0.2%** |  |  |
| &nbsp;&nbsp; MasTec, Inc.\* | 2742 | 659396 |
| &nbsp;&nbsp; **Consumer Finance 1.0%** |  |  |
| &nbsp;&nbsp; American Express Co. | 11405 | 4016499 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 2.5%** |  |  |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 3602 | 2184613 |
| &nbsp;&nbsp; Costco Wholesale Corp. | 1584 | 1489356 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 9053 | 864109 |
| &nbsp;&nbsp; Walmart, Inc. | 51651 | 6153700 |
|  |  | 10691778 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Electric Utilities 1.2%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 9641 | $2706036 |
| &nbsp;&nbsp; NRG Energy, Inc. | 16696 | 2548310 |
|  |  | 5254346 |
| &nbsp;&nbsp; **Electrical Equipment 0.2%** |  |  |
| &nbsp;&nbsp; GE Vernova, Inc. | 1253 | 910142 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.9%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 26950 | 3882956 |
| &nbsp;&nbsp; **Entertainment 2.5%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 113821 | 9502915 |
| &nbsp;&nbsp; Spotify Technology SA\* | 1851 | 926148 |
|  |  | 10429063 |
| &nbsp;&nbsp; **Financial Services 4.7%** |  |  |
| &nbsp;&nbsp; Apollo Global Management, Inc. | 3191 | 429317 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 23540 | 12683117 |
| &nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 13308 | 414012 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 19265 | 6200055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19726501 |
| &nbsp;&nbsp; **Ground Transportation 0.7%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 38633 | 3092572 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.6%** |  |  |
| &nbsp;&nbsp; Dexcom, Inc.\* | 10151 | 741429 |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 13399 | 1090143 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1579 | 796163 |
|  |  | 2627735 |
| &nbsp;&nbsp; **Health Care Providers & Services 0.5%** |  |  |
| &nbsp;&nbsp; Cencora, Inc. | 5764 | 2070544 |
| &nbsp;&nbsp; **Health Care Technology 0.1%** |  |  |
| &nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 2129 | 434146 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.0%** |  |  |
| &nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 30170 | 3903093 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 4392 | 431997 |
|  |  | 4335090 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%** |  |  |
| &nbsp;&nbsp; Vistra Corp. | 2560 | 405376 |
| &nbsp;&nbsp; **Interactive Media & Services 13.2%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 99592 | 33662096 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 26853 | 19240174 |
| &nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 145091 | 3210864 |
|  |  | 56113134 |
| &nbsp;&nbsp; **IT Services 1.4%** |  |  |
| &nbsp;&nbsp; MongoDB, Inc.\* | 1356 | 503524 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 3

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **IT Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 21957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881417 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 12262 | 2362887 |
|  |  | 5747828 |
| &nbsp;&nbsp; **Machinery 0.7%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 4801 | 3155985 |
| &nbsp;&nbsp; **Metals & Mining 0.1%** |  |  |
| &nbsp;&nbsp; Steel Dynamics, Inc. | 2432 | 436714 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.2%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 4316 | 912920 |
| &nbsp;&nbsp; **Pharmaceuticals 4.8%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 15290 | 15858024 |
| &nbsp;&nbsp; Merck & Co., Inc. | 42249 | 4658797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20516821 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.4%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 10804 | 1840245 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 21.6%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 19389 | 4589958 |
| &nbsp;&nbsp; Applied Materials, Inc. | 11237 | 3621910 |
| &nbsp;&nbsp; Broadcom, Inc. | 71200 | 23588560 |
| &nbsp;&nbsp; Lam Research Corp. | 17700 | 4132242 |
| &nbsp;&nbsp; Monolithic Power Systems, Inc. | 2617 | 2941901 |
| &nbsp;&nbsp; NVIDIA Corp. | 232068 | 44355157 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 23006 | 7604863 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 2206 | 475503 |
|  |  | 91310094 |
| &nbsp;&nbsp; **Software 14.3%** |  |  |
| &nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 12383 | 2351284 |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 9005 | 4260356 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 17570 | 5207045 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 9189 | 4056071 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 13248 | 1713231 |
| &nbsp;&nbsp; Microsoft Corp. | 55457 | 23862593 |
| &nbsp;&nbsp; Oracle Corp. | 24047 | 3957655 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 24881 | 3647306 |
| &nbsp;&nbsp; Palo Alto Networks, Inc.\* | 16236 | 2873285 |
| &nbsp;&nbsp; Procore Technologies, Inc.\* | 23509 | 1328023 |
| &nbsp;&nbsp; Salesforce, Inc. | 15424 | 3274361 |
| &nbsp;&nbsp; Samsara, Inc. (Class A Stock)\* | 27168 | 762062 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 26598 | 3112232 |
|  |  | 60405504 |
| &nbsp;&nbsp; **Specialty Retail 2.6%** |  |  |
| &nbsp;&nbsp; Carvana Co.\* | 1833 | 735235 |
| &nbsp;&nbsp; Chewy, Inc. (Class A Stock)\* | 35525 | 1034133 |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 10697 | 4006989 |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 24426 | 1589403 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 4183 | 411649 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; Ross Stores, Inc. | 11720 | $2210978 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 5948 | 891070 |
|  |  | 10879457 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 5.9%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 96588 | 25062654 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 1.0%** |  |  |
| &nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 22723 | 1028216 |
| &nbsp;&nbsp; Ralph Lauren Corp. | 9049 | 3198007 |
|  |  | 4226223 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $205,053,851) |  | 419283531 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<br>(cost $3,932,751)(wb) | 3932751 | 3932751 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.9%**<br> (cost $208,986,602) |  | 423216282 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.1% |  | 451130 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $423667412 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $10245471 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 13500670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 685470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2004235 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 10859022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 26858370 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 1550327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 2729552 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1706691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 659396 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 4016499 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 10691778 |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 5

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | $5254346 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 910142 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 3882956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 10429063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 19726501 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 3092572 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 2627735 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 2070544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 434146 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 4335090 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 405376 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 56113134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 5747828 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 3155985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 436714 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 912920 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 20516821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 1840245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 91310094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 60405504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 9290054 | 1589403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 25062654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 4226223 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 3932751 |  |  |
|  **Total** | $**421626879** | $**1589403** | **$—** |

---

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 21.6 |
|  Software | 14.3 |
|  Interactive Media & Services | 13.2 |
|  Broadline Retail | 6.3 |
|  Technology Hardware, Storage & Peripherals | 5.9 |
|  Pharmaceuticals | 4.8 |
|  Financial Services | 4.7 |
|  Automobiles | 3.2 |
|  Specialty Retail | 2.6 |
|  Biotechnology | 2.6 |
|  Consumer Staples Distribution & Retail | 2.5 |
|  Entertainment | 2.5 |
|  Aerospace & Defense | 2.4 |
|  IT Services | 1.4 |
|  Electric Utilities | 1.2 |
|  Hotels, Restaurants & Leisure | 1 |
|  Textiles, Apparel & Luxury Goods | 1 |
|  Consumer Finance | 1 |
|  Affiliated Mutual Fund | 0.9 |
|  Electronic Equipment, Instruments & Components | 0.9 |
|  Machinery | 0.7 |

---

---

| | |
|:---|:---|
|  Ground Transportation | 0.7% |
|  Commercial Services & Supplies | 0.6 |
|  Health Care Equipment & Supplies | 0.6 |
|  Health Care Providers & Services | 0.5 |
|  Beverages | 0.5 |
|  Real Estate Management & Development | 0.4 |
|  Communications Equipment | 0.4 |
|  Capital Markets | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.2 |
|  Electrical Equipment | 0.2 |
|  Banks | 0.2 |
|  Construction & Engineering | 0.2 |
|  Metals & Mining | 0.1 |
|  Health Care Technology | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  | 99.9 |
|  Other assets in excess of liabilities | 0.1 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $205,053,851) | $419283531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,932,751) | 3932751 |
| &nbsp;&nbsp; Foreign currency, at value (cost $8) | 8 |
| &nbsp;&nbsp; Receivable for investments sold | 897732 |
| &nbsp;&nbsp; Dividends receivable | 99446 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 74739 |
| &nbsp;&nbsp; Tax reclaim receivable | 30166 |
| &nbsp;&nbsp; Prepaid expenses | 2466 |
| &nbsp;&nbsp; **Total Assets** | 424320839 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 250097 |
| &nbsp;&nbsp; Management fee payable | 142394 |
| &nbsp;&nbsp; Distribution fee payable | 81613 |
| &nbsp;&nbsp; Transfer agent's fees and expenses payable | 63836 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 32128 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 24036 |
| &nbsp;&nbsp; Payable for investments purchased | 23582 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 19734 |
| &nbsp;&nbsp; Audit fee payable | 13846 |
| &nbsp;&nbsp; Dividends and Distributions payable | 1722 |
| &nbsp;&nbsp; Trustees' fees payable | 439 |
| &nbsp;&nbsp; **Total Liabilities** | 653427 |
| &nbsp;&nbsp; **Net Assets** | $423667412 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $20422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 205492360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 218154630 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $423667412 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 7

------

PGIM Jennison Diversified Growth Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($354,572,104 ÷ 16,975,013 shares of beneficial interest issued and outstanding) | $20.89 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.22 |
| &nbsp;&nbsp; Maximum offering price to public | $22.11 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($6,080,943 ÷ 485,673 shares of beneficial interest issued and outstanding) | $12.52 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($59,896,565 ÷ 2,814,922 shares of beneficial interest issued and outstanding) | $21.28 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($3,117,800 ÷ 146,057 shares of beneficial interest issued and outstanding) | $21.35 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $10,965 foreign withholding tax) | $1156503 |
| &nbsp;&nbsp; Affiliated dividend income | 60740 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 1298 |
| &nbsp;&nbsp; **Total income** | 1218541 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 951943 |
| &nbsp;&nbsp; Distribution fee(a) | 576852 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $54,653)(a) | 221035 |
| &nbsp;&nbsp; Custodian and accounting fees | 30118 |
| &nbsp;&nbsp; Registration fees(a) | 23196 |
| &nbsp;&nbsp; Professional fees | 19321 |
| &nbsp;&nbsp; Shareholders' reports | 18448 |
| &nbsp;&nbsp; Audit fee | 13847 |
| &nbsp;&nbsp; Trustees' fees | 7285 |
| &nbsp;&nbsp; Miscellaneous | 12307 |
| &nbsp;&nbsp; **Total expenses** | 1874352 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (106290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (91137) |
| &nbsp;&nbsp; **Net expenses** | 1676925 |
| &nbsp;&nbsp; Net investment income (loss) | (458384) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $621) | 9657107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 199 |
|  | 9657306 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(206)) | 16633045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1172) |
|  | 16631873 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 26289179 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $25830795 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 546821 | 30031 |  |  |
|  Transfer agent's fees and expenses | 183692 | 6133 | 30766 | 444 |
|  Registration fees | 7382 | 4458 | 7329 | 4027 |
|  Fee waiver and/or expense reimbursement | (85782) | (1414) | (13921) | (5173) |
|  Distribution fee waiver | (91137) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 9

------

PGIM Jennison Diversified Growth Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  | |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(458384) | $(886810) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 9657306 | 20641824 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 16631873 | 48986883 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 25830795 | 68741897 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (16282172) | (38290414) |
| &nbsp;&nbsp; Class C | (436263) | (1024198) |
| &nbsp;&nbsp; Class Z | (2645942) | (1208628) |
| &nbsp;&nbsp; Class R6 | (137228) | (294436) |
|  | (19501605) | (40817676) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 10566608 | 51700000 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 19265530 | 40364544 |
| &nbsp;&nbsp; Cost of shares purchased | (25145800) | (46056849) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4686338 | 46007695 |
| &nbsp;&nbsp; Total increase (decrease) | 11015528 | 73931916 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 412651884 | 338719968 |
| &nbsp;&nbsp; End of period | $423667412 | $412651884 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $20.58 | $19.31 | $15.19 | $12.87 | $19.58 | $16.92 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) | (0.05) | (0.08) | (0.05) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.33 | 3.71 | 4.20 | 2.37 | (2.57) | 5.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.30 | 3.66 | 4.12 | 2.32 | (2.66) | 5.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.89 | $20.58 | $19.31 | $15.19 | $12.87 | $19.58 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.28% | 20.08% | 27.12% | 18.03% | (18.23)% | 35.95% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $354572 | $350528 | $318526 | $269722 | $248177 | $337246 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $361575 | $327078 | $291082 | $232502 | $298732 | $303103 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79 %<sup>(d)</sup> | 0.89% | 1.14% | 1.21% | 1.15% | 1.16% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.89 %<sup>(d)</sup> | 0.95% | 1.19% | 1.26% | 1.20% | 1.21% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)%<sup>(d)</sup> | (0.25)% | (0.45)% | (0.38)% | (0.56)% | (0.48)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 44% | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 11

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.77 | $12.92 | $10.27 | $8.80 | $14.73 | $13.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08) | (0.16) | (0.18) | (0.13) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.82 | 2.40 | 2.83 | 1.60 | (1.70) | 4.29 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 2.24 | 2.65 | 1.47 | (1.88) | 4.11 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.52 | $12.77 | $12.92 | $10.27 | $8.80 | $14.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.72% | 18.89% | 25.80% | 16.70% | (19.09)% | 34.72% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6081 | $5673 | $6250 | $5009 | $4492 | $8266 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5957 | $5729 | $5566 | $4246 | $6338 | $9112 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.79 %<sup>(d)</sup> | 1.89% | 2.22% | 2.37% | 2.16% | 2.03% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.84 %<sup>(d)</sup> | 1.90% | 2.22% | 2.37% | 2.16% | 2.03% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.23)%<sup>(d)</sup> | (1.25)% | (1.53)% | (1.54)% | (1.57)% | (1.34)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 44% | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a</sup><sup>)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $20.93 | $19.57 | $15.37 | $12.99 | $19.71 | $16.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (-)<sup>(b)</sup> | (0.01) | (0.06) | (0.02) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.34 | 3.76 | 4.26 | 2.40 | (2.61) | 5.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 3.75 | 4.20 | 2.38 | (2.67) | 5.57 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $21.28 | $20.93 | $19.57 | $15.37 | $12.99 | $19.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 6.36% | 20.29% | 27.33% | 18.32% | (18.16)% | 36.27% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $59897 | $53668 | $11515 | $6901 | $6305 | $9295 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $58665 | $18098 | $9677 | $4952 | $8098 | $7439 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.57 %<sup>(e)</sup> | 0.69% | 1.00% | 1.00% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.62 %<sup>(e)</sup> | 0.70% | 1.04% | 1.08% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (-)%<sup>(b)(e)</sup> | (0.07)% | (0.32)% | (0.17)% | (0.36)% | (0.28)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 122% | 147% | 156% | 148% | 153% |

---

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 13

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $20.98 | $19.57 | $15.37 | $12.99 | $19.70 | $16.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 <sup>(b)</sup> | 0.02 <sup>(b)</sup> | (0.06) | (0.02) | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.35 | 3.78 | 4.26 | 2.40 | (2.61) | 5.64 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.36 | 3.80 | 4.20 | 2.38 | (2.66) | 5.56 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $21.35 | $20.98 | $19.57 | $15.37 | $12.99 | $19.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 6.44% | 20.56% | 27.33% | 18.32% | (18.12)% | 36.19% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3118 | $2783 | $2429 | $1008 | $876 | $368 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2976 | $2523 | $1606 | $722 | $664 | $75 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(e)</sup> | 0.52% | 1.00% | 1.00% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78 %<sup>(e)</sup> | 0.88% | 1.35% | 1.68% | 1.81% | 11.34% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 %<sup>(e)</sup> | 0.12% | (0.33)% | (0.19)% | (0.34)% | (0.40)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 4.9%** |  |  |
| &nbsp;&nbsp; General Electric Co. | 7034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157961 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 2352 | 1628195 |
|  |  | 3786156 |
| &nbsp;&nbsp; **Air Freight & Logistics 1.1%** |  |  |
| &nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 4307 | 839650 |
| &nbsp;&nbsp; **Banks 8.4%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 21819 | 1160771 |
| &nbsp;&nbsp; Citigroup, Inc. | 11388 | 1317705 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 8276 | 2531546 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 6630 | 1480479 |
|  |  | 6490501 |
| &nbsp;&nbsp; **Biotechnology 4.1%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 11092 | 2473627 |
| &nbsp;&nbsp; Amgen, Inc. | 2104 | 719315 |
|  |  | 3192942 |
| &nbsp;&nbsp; **Building Products 2.4%** |  |  |
| &nbsp;&nbsp; Johnson Controls International PLC | 15778 | 1881684 |
| &nbsp;&nbsp; **Capital Markets 4.0%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2426 | 2269305 |
| &nbsp;&nbsp; Moody's Corp. | 1559 | 803758 |
|  |  | 3073063 |
| &nbsp;&nbsp; **Chemicals 0.7%** |  |  |
| &nbsp;&nbsp; Air Products & Chemicals, Inc. | 1993 | 543093 |
| &nbsp;&nbsp; **Communications Equipment 3.4%** |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc. | 33026 | 2586596 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.1%** |  |  |
| &nbsp;&nbsp; Walmart, Inc. | 19841 | 2363857 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 3.6%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 74355 | 1948844 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 19361 | 861952 |
|  |  | 2810796 |
| &nbsp;&nbsp; **Electric Utilities 3.6%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 2627 | 737346 |
| &nbsp;&nbsp; Entergy Corp. | 11728 | 1124598 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 10403 | 914424 |
|  |  | 2776368 |
| &nbsp;&nbsp; **Electrical Equipment 2.2%** |  |  |
| &nbsp;&nbsp; GE Vernova, Inc. | 2382 | 1730213 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 15

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Financial Services 2.7%** |  |  |
| &nbsp;&nbsp; Apollo Global Management, Inc. | 5184 | $697455 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 2622 | 1412708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110163 |
| &nbsp;&nbsp; **Food Products 0.5%** |  |  |
| &nbsp;&nbsp; Hershey Co. (The) | 2047 | 398653 |
| &nbsp;&nbsp; **Ground Transportation 0.5%** |  |  |
| &nbsp;&nbsp; Union Pacific Corp. | 1519 | 357117 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.0%** |  |  |
| &nbsp;&nbsp; McDonald's Corp. | 1243 | 391545 |
| &nbsp;&nbsp; Starbucks Corp. | 12685 | 1166386 |
|  |  | 1557931 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.6%** |  |  |
| &nbsp;&nbsp; Vistra Corp. | 3059 | 484393 |
| &nbsp;&nbsp; **Industrial Conglomerates 2.4%** |  |  |
| &nbsp;&nbsp; 3M Co. | 12262 | 1878048 |
| &nbsp;&nbsp; **Insurance 1.7%** |  |  |
| &nbsp;&nbsp; Chubb Ltd. | 2178 | 674222 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 3438 | 646997 |
|  |  | 1321219 |
| &nbsp;&nbsp; **Interactive Media & Services 1.9%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 4238 | 1432444 |
| &nbsp;&nbsp; **IT Services 3.8%** |  |  |
| &nbsp;&nbsp; International Business Machines Corp. | 9541 | 2926225 |
| &nbsp;&nbsp; **Leisure Products 2.0%** |  |  |
| &nbsp;&nbsp; Hasbro, Inc. | 16950 | 1513804 |
| &nbsp;&nbsp; **Machinery 4.3%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 2884 | 1895826 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 1515 | 1417798 |
|  |  | 3313624 |
| &nbsp;&nbsp; **Metals & Mining 1.4%** |  |  |
| &nbsp;&nbsp; Anglo American PLC (South Africa), ADR(a) | 47804 | 1111443 |
| &nbsp;&nbsp; **Multi-Utilities 4.2%** |  |  |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 26812 | 1064168 |
| &nbsp;&nbsp; NiSource, Inc. | 38729 | 1715308 |
| &nbsp;&nbsp; Sempra | 5223 | 454453 |
|  |  | 3233929 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 7.7%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 6551 | 1385667 |
| &nbsp;&nbsp; Chevron Corp. | 3808 | 673635 |
| &nbsp;&nbsp; EQT Corp. | 17371 | 1002828 |
| &nbsp;&nbsp; Shell PLC, ADR | 10330 | 795720 |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; TotalEnergies SE (France)(a) | 12593 | $911733 |
| &nbsp;&nbsp; Williams Cos., Inc. (The) | 18018 | 1211891 |
|  |  | 5981474 |
| &nbsp;&nbsp; **Personal Care Products 2.6%** |  |  |
| &nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 9840 | 1134355 |
| &nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 13248 | 905633 |
|  |  | 2039988 |
| &nbsp;&nbsp; **Pharmaceuticals 4.1%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 18271 | 1695001 |
| &nbsp;&nbsp; Eli Lilly & Co. | 1382 | 1433341 |
|  |  | 3128342 |
| &nbsp;&nbsp; **Residential REITs 1.1%** |  |  |
| &nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 6490 | 871607 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 8.0%** |  |  |
| &nbsp;&nbsp; Analog Devices, Inc. | 1590 | 494299 |
| &nbsp;&nbsp; Broadcom, Inc. | 6126 | 2029544 |
| &nbsp;&nbsp; NVIDIA Corp. | 7929 | 1515470 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 5223 | 1726515 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 1951 | 420538 |
|  |  | 6186366 |
| &nbsp;&nbsp; **Software 1.0%** |  |  |
| &nbsp;&nbsp; Microsoft Corp. | 1699 | 731063 |
| &nbsp;&nbsp; **Specialty Retail 3.1%** |  |  |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 963 | 360730 |
| &nbsp;&nbsp; Ross Stores, Inc. | 4820 | 909293 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 7374 | 1104699 |
|  |  | 2374722 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 2.5%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 7542 | 1956998 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $49,317,751) |  | 76984472 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wb) | 344623 | 344623 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<br>(cost $1,755,502; includes $1,754,775 of cash collateral for securities on loan)(b)(wb) | 1756555 | 1755502 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,100,125) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100125 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.3%**<br> (cost $51,417,876) |  | 79084597 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.3)% |  | (1765079) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $77319518 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 17

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,684,642; cash collateral of $1,754,775 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $3786156 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 839650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 6490501 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 3192942 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1881684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3073063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 543093 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 2586596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 2363857 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2810796 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 2776368 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1730213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 2110163 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 398653 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 357117 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1557931 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 484393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 1878048 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1321219 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 1432444 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2926225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 1513804 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 3313624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1111443 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3233929 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 5981474 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 2039988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 3128342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 871607 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 6186366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 731063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 2374722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1956998 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2100125 |  |  |
|  **Total** | **$79084597** | **$—** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 8.4 |
|  Semiconductors & Semiconductor Equipment | 8.0 |
|  Oil, Gas & Consumable Fuels | 7.7 |
|  Aerospace & Defense | 4.9 |
|  Machinery | 4.3 |
|  Multi-Utilities | 4.2 |
|  Biotechnology | 4.1 |
|  Pharmaceuticals | 4.1 |
|  Capital Markets | 4.0 |
|  IT Services | 3.8 |
|  Diversified Telecommunication Services | 3.6 |
|  Electric Utilities | 3.6 |
|  Communications Equipment | 3.4 |
|  Specialty Retail | 3.1 |
|  Consumer Staples Distribution & Retail | 3.1 |
|  Financial Services | 2.7 |
|  Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan) | 2.7 |
|  Personal Care Products | 2.6 |
|  Technology Hardware, Storage & Peripherals | 2.5 |

---

---

| | |
|:---|:---|
|  Building Products | 2.4% |
|  Industrial Conglomerates | 2.4 |
|  Electrical Equipment | 2.2 |
|  Hotels, Restaurants & Leisure | 2 |
|  Leisure Products | 2 |
|  Interactive Media & Services | 1.9 |
|  Insurance | 1.7 |
|  Metals & Mining | 1.4 |
|  Residential REITs | 1.1 |
|  Air Freight & Logistics | 1.1 |
|  Software | 1 |
|  Chemicals | 0.7 |
|  Independent Power & Renewable Electricity Producers | 0.6 |
|  Food Products | 0.5 |
|  Ground Transportation | 0.5 |
|  | 102.3 |
|  Liabilities in excess of other assets | (2.3) |
|  | 100.0% |

---

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  |
|  Securities on Loan | $1684642 | $(1684642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 19

------

PGIM Jennison Rising Dividend Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $1,684,642: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $49,317,751) | $76984472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,100,125) | 2100125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 90295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 35800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 13328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 79226631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 1754775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 67748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 39715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 27314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 14486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1907113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $77319518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 49317888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 27997587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2026** | $77319518 |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($46,764,316 ÷ 2,436,456 shares of beneficial interest issued and outstanding) | $19.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $20.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,777,692 ÷ 1,097,169 shares of beneficial interest issued and outstanding) | $18.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,998,510 ÷ 468,533 shares of beneficial interest issued and outstanding) | $19.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($779,000 ÷ 40,583 shares of beneficial interest issued and outstanding) | $19.20 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 21

------

PGIM Jennison Rising Dividend Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $5,536 foreign withholding tax) | $698548 |
| &nbsp;&nbsp; Affiliated dividend income | 21245 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $1,482) | 1513 |
| &nbsp;&nbsp; **Total income** | 721306 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 292744 |
| &nbsp;&nbsp; Distribution fee(a) | 171941 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $6,182)(a) | 41691 |
| &nbsp;&nbsp; Registration fees(a) | 22342 |
| &nbsp;&nbsp; Custodian and accounting fees | 20175 |
| &nbsp;&nbsp; Professional fees | 16844 |
| &nbsp;&nbsp; Audit fee | 13850 |
| &nbsp;&nbsp; Shareholders' reports | 11447 |
| &nbsp;&nbsp; Trustees' fees | 5287 |
| &nbsp;&nbsp; Miscellaneous | 12533 |
| &nbsp;&nbsp; **Total expenses** | 608854 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (62937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (11311) |
| &nbsp;&nbsp; **Net expenses** | 534606 |
| &nbsp;&nbsp; Net investment income (loss) | 186700 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $766) | 1202713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (99) |
|  | 1202614 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(6)) | 6264933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 144 |
|  | 6265077 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 7467691 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $7654391 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 67868 | 104073 |  |  |
|  Transfer agent's fees and expenses | 20941 | 12718 | 7355 | 677 |
|  Registration fees | 8078 | 4870 | 4597 | 4797 |
|  Fee waiver and/or expense reimbursement | (28359) | (17293) | (11822) | (5463) |
|  Distribution fee waiver | (11311) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  | |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $186700 | $433620 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1202614 | 5755755 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 6265077 | 2151588 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 7654391 | 8340963 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (2522572) | (5779649) |
| &nbsp;&nbsp; Class C | (1100844) | (2705475) |
| &nbsp;&nbsp; Class Z | (490253) | (1316709) |
| &nbsp;&nbsp; Class R6 | (46001) | (188588) |
|  | (4159670) | (9990421) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 6241686 | 18015477 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 4149651 | 9970486 |
| &nbsp;&nbsp; Cost of shares purchased | (7844093) | (15854427) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2547244 | 12131536 |
| &nbsp;&nbsp; Total increase (decrease) | 6041965 | 10482078 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 71277553 | 60795475 |
| &nbsp;&nbsp; End of period | $77319518 | $71277553 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 23

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $18.33 | $19.01 | $16.04 | $16.12 | $18.00 | $13.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.06 | 0.15 | 0.14 | 0.16 | 0.12 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.88 | 2.09 | 3.02 | (0.08) | (0.53)<sup>(b)</sup> | 4.72 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.94 | 2.24 | 3.16 | 0.08 | (0.41) | 4.79 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.14) | (0.19) | (0.16) | (0.11) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.08) | (2.92) | (0.19) | (0.16) | (1.47) | (0.65) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.19 | $18.33 | $19.01 | $16.04 | $16.12 | $18.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.82% | 13.45% | 19.84% | 0.55% | (2.69)% | 35.44% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $46764 | $43538 | $35601 | $28354 | $22003 | $13908 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44876 | $39624 | $30602 | $25464 | $17151 | $10058 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.24 %<sup>(e)</sup> | 1.24% | 1.28 %<sup>(f)</sup> | 1.25 %<sup>(f)</sup> | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.42 %<sup>(e)</sup> | 1.45% | 1.54% | 1.38% | 1.63% | 1.87% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.67 %<sup>(e)</sup> | 0.82% | 0.80% | 1.01% | 0.71% | 0.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 14% | 44% | 50% | 106% | 99% | 86% |

---

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.04% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $18.11 | $18.83 | $15.89 | $15.97 | $17.88 | $13.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01)<sup>(b)</sup> | 0.01 | - <sup>(c)</sup> | 0.04 <sup>(b)</sup> | (0.01)<sup>(b)</sup> | (0.04)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.86 | 2.07 | 3.01 | (0.07)<sup>(d)</sup> | (0.53)<sup>(d)</sup> | 4.69 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.85 | 2.08 | 3.01 | (0.03) | (0.54) | 4.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (-)<sup>(c)</sup> | (0.02) | (0.07) | (0.05) | (0.01) | (-)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.02) | (2.80) | (0.07) | (0.05) | (1.37) | (0.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $18.94 | $18.11 | $18.83 | $15.89 | $15.97 | $17.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 10.42% | 12.60% | 18.91% | (0.14)% | (3.46)% | 34.45% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $20778 | $20401 | $14311 | $5374 | $4001 | $2252 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $20645 | $18378 | $8543 | $4788 | $2803 | $1735 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.99 %<sup>(g)</sup> | 1.99% | 2.02 %<sup>(h)</sup> | 2.00 %<sup>(h)</sup> | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.16 %<sup>(g)</sup> | 2.18% | 2.31% | 2.24% | 2.66% | 2.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08)%<sup>(g)</sup> | 0.07% | 0.02% | 0.26% | (0.05)% | (0.27)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 14% | 44% | 50% | 106% | 99% | 86% |

---

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

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

(c) Amount rounds to zero.

(d) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

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

(g) Annualized.

(h) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 25

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $18.35 | $19.03 | $16.04 | $16.13 | $18.01 | $13.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 | 0.19 | 0.19 | 0.29 | 0.18 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.88 | 2.10 | 3.03 | (0.19) | (0.55)<sup>(b)</sup> | 4.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.97 | 2.29 | 3.22 | 0.10 | (0.37) | 4.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.19) | (0.23) | (0.19) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.11) | (2.97) | (0.23) | (0.19) | (1.51) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.21 | $18.35 | $19.03 | $16.04 | $16.13 | $18.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.96% | 13.74% | 20.18% | 0.75% | (2.46)% | 35.74% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8999 | $6436 | $9480 | $13513 | $156090 | $15364 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8585 | $8091 | $9853 | $31371 | $44393 | $13377 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.99 %<sup>(e)</sup> | 0.99% | 1.05 %<sup>(f)</sup> | 1.00 %<sup>(f)</sup> | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.26 %<sup>(e)</sup> | 1.30% | 1.34% | 1.08% | 1.19% | 1.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.93 %<sup>(e)</sup> | 1.06% | 1.10% | 1.84% | 1.08% | 0.77% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 14% | 44% | 50% | 106% | 99% | 86% |

---

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

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

(e) Annualized.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.06% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $18.34 | $19.02 | $16.04 | $16.12 | $18.01 | $13.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 | 0.19 | 0.19 | 0.20 | 0.17 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.88 | 2.10 | 3.02 | (0.07) | (0.55<sup></sup>)<sup>(b)</sup> | 4.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.97 | 2.29 | 3.21 | 0.13 | (0.38) | 4.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.19) | (0.23) | (0.21) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.11) | (2.97) | (0.23) | (0.21) | (1.51) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.20 | $18.34 | $19.02 | $16.04 | $16.12 | $18.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.91% | 13.75% | 20.13% | 0.95% | (2.49)% | 35.74% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $779 | $902 | $1403 | $138646 | $17 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $825 | $1129 | $51270 | $135960 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.99 %<sup>(e)</sup> | 0.99% | 1.06 %<sup>(f)</sup> | 0.89% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.30 %<sup>(e)</sup> | 1.72% | 1.10% | 0.89% | 37.99% | 48.96% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.93 %<sup>(e)</sup> | 1.06% | 1.15% | 1.26% | 0.97% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 14% | 44% | 50% | 106% | 99% | 86% |

---

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

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

(e) Annualized.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.07% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 27

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios Inc. (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate to the following series of the RIC: PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
|  PGIM Jennison Diversified Growth Fund<br> ("Jennison Diversified Growth") | Long-term capital appreciation. |
|  PGIM Jennison Rising Dividend Fund<br> ("Jennison Rising Dividend") | Capital appreciation and income. |

---

**2.** **Accounting Policies** 

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

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Funds, as listed in each Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a 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.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

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

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

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

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do 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 Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

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 Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Master Netting Arrangements:* The RIC, on behalf of each Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

------

Notes to Financial Statements (unaudited) (continued)

*Securities Lending:* Certain Funds lend their 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 the 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 Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities in the open market using the collateral.

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

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

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become 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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; **PGIM Jennison Diversified Growth Fund** | &nbsp;&nbsp; **PGIM Jennison Diversified Growth Fund** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |
| &nbsp;&nbsp; **PGIM Jennison Rising Dividend Fund** | &nbsp;&nbsp; **PGIM Jennison Rising Dividend Fund** |
| &nbsp;&nbsp; Net Investment Income | Quarterly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

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

------

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

**3.** **Agreements** 

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into subadvisory agreements with Jennison Associates LLC with respect to each Fund ("Jennison" or the "subadviser"). The Manager pays for the services of Jennison.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2026, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Jennison Diversified Growth | 0.44% up to $1 billion of average daily net assets; | 0.44% |
|  | 0.42% from $1 billion to $3 billion of average daily net |  |
|  | assets; |  |
|  | 0.40% from $3 billion to $5 billion of average daily net |  |
|  | assets; |  |
|  | 0.39% from $5 billion to $10 billion of average daily net |  |
|  | assets; |  |
|  | and 0.38% over $10 billion of average daily net assets |  |
| &nbsp;&nbsp; Jennison Rising Dividend | 0.775% of average daily net assets up to $1 billion; | 0.78 |
|  | 0.755% of average daily net assets from $1 billion to |  |
|  | $3 billion; |  |
|  | 0.735% of average daily net assets from $3 billion to |  |
|  | $5 billion; |  |
|  | 0.715% of average daily net assets from $5 billion to |  |
|  | $10 billion; |  |
|  | 0.705% of average daily net assets over $10 billion |  |

---

The Manager has contractually agreed, through November 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Jennison Diversified Growth - \*Class C |  |
| &nbsp;&nbsp; Jennison Diversified Growth - Class Z | 1.00 |
| &nbsp;&nbsp; Jennison Diversified Growth - Class R6 | 0.44 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 1.24 |
| &nbsp;&nbsp; Jennison Rising Dividend - \*Class C | 1.99 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class Z | 0.99 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class R6 | 0.99 |

---

The RIC, on behalf of the Funds, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of each Fund. Each Fund compensates PIMS for distributing and servicing each Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

------

Notes to Financial Statements (unaudited) (continued)

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2025 to reduce such fees of certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

Each Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | 0.30% | 0.25% |
| &nbsp;&nbsp; Jennison Diversified Growth - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Jennison Diversified Growth - Class Z | N/A | N/A |
| &nbsp;&nbsp; Jennison Diversified Growth - Class R6 | N/A | N/A |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 0.30 | 0.25 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class Z | N/A | N/A |
| &nbsp;&nbsp; Jennison Rising Dividend - Class R6 | N/A | N/A |

---

The RIC, on behalf of the Funds, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended January 31, 2026, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| &nbsp;&nbsp; Jennison Rising Dividend | $689 |

---

For the reporting period ended January 31, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | $34762 | $— |
| &nbsp;&nbsp; Jennison Diversified Growth - Class C |  | 221 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 41814 | 214 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class C |  | 1093 |

---

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

**4.** **Other Transactions with Affiliates** 

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

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2026, no Rule 17a-7 transactions were entered into by the Funds.

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**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Jennison Diversified Growth | $188925620 | $204663442 |
| &nbsp;&nbsp; Jennison Rising Dividend | 10305528 | 10984993 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2026, is presented as follows:

---

| | |
|:---|:---|
| **Jennison** | **Diversified Growth:**  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in <br>Unrealized <br>Gain <br>(Loss)** | **Realized <br>Gain <br>(Loss)** | **Value,** <br> **End** <br> **of** <br> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |  |
| $1169792 | $19982908 | $17219949 | $— | $— | $3932751 | 3932751 | $60740 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |  |
| 2062494 | 26805824 | 28868733 | &nbsp;&nbsp;&nbsp;&nbsp;(206) | &nbsp;&nbsp;&nbsp;&nbsp;621 |  |  | 1298<sup>(1)</sup> |  |
| $3232286 | $46788732 | $46088682 | $(206) | $621 | $3932751 |  | $62038 | $— |
|  <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** |  |
| **Value,**<br>**Beginning**<br>**of**<br>**Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in <br>Unrealized <br>Gain <br>(Loss)** | **Realized <br>Gain <br>(Loss)** | **Value, <br>End** <br> **of** <br> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |
| $1111138 | $6740338 | $7506853 | $— | $— | $344623 | 344623 | $21245 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |
| 7760526 | 23444833 | 29450617 | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 766 | 1755502 | 1756555 | 1482<sup>(1)</sup> |  |
| $8871664 | $30185171 | $36957470 | $(6) | $766 | $2100125 |  | $22727 | $— |

---

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

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

(wb) Represents an investment in a Fund affiliated with the Manager.

**6.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| &nbsp;&nbsp; Jennison Diversified Growth | $211065261 | $219740356 | $(7589335) | $212151021 |
| &nbsp;&nbsp; Jennison Rising Dividend | 51942378 | 28358105 | (1215886) | 27142219 |

---

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward Utilized** | **Capital Loss<br>Carryforward Utilized** |
| &nbsp;&nbsp; Jennison Diversified Growth |  | $— |  | $— |
| &nbsp;&nbsp; Jennison Rising Dividend |  |  |  |  |

---

------

Notes to Financial Statements (unaudited) (continued)

The Manager has analyzed the Funds' 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 Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

Each Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. 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 each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of each Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of January 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Jennison Diversified Growth–Class R6 | 1707 | 1.2% |
| &nbsp;&nbsp; Jennison Rising Dividend–Class R6 | 1344 | 3.3 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shareholders** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Affiliated: |  |  |
| &nbsp;&nbsp; Jennison Diversified Growth |  | —% |
| &nbsp;&nbsp; Jennison Rising Dividend |  |  |
| &nbsp;&nbsp; Unaffiliated: |  |  |
| &nbsp;&nbsp; Jennison Diversified Growth | 4 | 36.6 |
| &nbsp;&nbsp; Jennison Rising Dividend | 4 | 83.3 |

---

Transactions in shares of beneficial interest were as follows:

#### Jennison Diversified Growth:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 139834 | $2993722 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 760174 | 16047281 |
| &nbsp;&nbsp; Shares purchased | (889794) | (19157267) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 10214 | (116264) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8707 | 189220 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (72844) | (1563497) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (53923) | $(1490541) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Jennison Diversified Growth (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 610261 | $11847585 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2002097 | 37839629 |
| &nbsp;&nbsp; Shares purchased | (1982127) | (38202455) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 630231 | 11484759 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 32645 | 635802 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (128675) | (2427188) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 534201 | $9693373 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 57289 | $754678 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 34363 | 435374 |
| &nbsp;&nbsp; Shares purchased | (35161) | (459553) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 56491 | 730499 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14958) | (199884) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 41533 | $530615 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 61883 | $754398 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86598 | 1021851 |
| &nbsp;&nbsp; Shares purchased | (135309) | (1660027) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13172 | 116222 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (52740) | (659614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (39568) | $(543392) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 295316 | $6395210 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 123053 | 2645647 |
| &nbsp;&nbsp; Shares purchased | (236696) | (5186485) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 181673 | 3854372 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 68832 | 1501768 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 250505 | $5356140 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2066942 | $38496920 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 62949 | 1208628 |
| &nbsp;&nbsp; Shares purchased | (276478) | (5394720) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1853413 | 34310828 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 122637 | 2351338 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1976050 | $36662166 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 19185 | $422998 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6362 | 137228 |
| &nbsp;&nbsp; Shares purchased | (15450) | (342495) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 10097 | 217731 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 3280 | 72393 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 13377 | $290124 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 30072 | $601097 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15319 | 294436 |
| &nbsp;&nbsp; Shares purchased | (42014) | (799647) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3377 | 95886 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5212 | 99662 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8589 | $195548 |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Jennison Rising Dividend:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 146093 | $2765618 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 135291 | 2512614 |
| &nbsp;&nbsp; Shares purchased | (210840) | (3998448) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 70544 | 1279784 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4897 | 91372 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13733) | (253691) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 61708 | $1117465 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 556467 | $10129150 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 346333 | 5761887 |
| &nbsp;&nbsp; Shares purchased | (400305) | (7233361) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 502495 | 8657676 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 9567 | 169714 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (9880) | (174949) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 502182 | $8652441 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 50721 | $946938 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 60048 | 1100844 |
| &nbsp;&nbsp; Shares purchased | (134811) | (2518901) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (24042) | (471119) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5159) | (95024) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (29201) | $(566143) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 371639 | $6899317 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 164848 | 2705475 |
| &nbsp;&nbsp; Shares purchased | (156484) | (2734096) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 380003 | 6870696 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13645) | (241383) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 366358 | $6629313 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 136037 | $2524810 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 26375 | 490192 |
| &nbsp;&nbsp; Shares purchased | (58597) | (1114048) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 103815 | 1900954 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 14578 | 269801 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (657) | (12458) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 117736 | $2158297 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 53268 | $968226 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79023 | 1315844 |
| &nbsp;&nbsp; Shares purchased | (293575) | (5224490) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (161284) | (2940420) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13800 | 246618 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (147484) | $(2693802) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Jennison Rising Dividend (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 226 | $4320 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2476 | 46001 |
| &nbsp;&nbsp; Shares purchased | (11330) | (212696) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8628) | $(162375) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 995 | $18784 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 11254 | 187280 |
| &nbsp;&nbsp; Shares purchased | (36823) | (662480) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (24574) | $(456416) |

---

8. Borrowings

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

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

The Funds indicated below utilized the SCA during the reporting period ended January 31, 2026. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br> Interest Rates** | **Number**<br> **of Days<br> Outstanding**  | **Maximum<br>Balance<br> Outstanding** | **Balance<br>Outstanding at<br> January 31, 2026** |
|  Jennison Rising Dividend | $155000 | 4.78% | 1 | $155000 | $— |

---

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | |
|:---|:---|:---|
| **Risks** | **Jennison<br>Diversified<br>Growth** | **Jennison<br>Rising<br>Dividend** |
| &nbsp;&nbsp; Dividend |  | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets |  | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Growth Style | X |  |
| &nbsp;&nbsp; Increase in Expenses | X | X |

---

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Large Capitalization Company | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Capitalization |  | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X |
| &nbsp;&nbsp; Sector Exposure | X | X |

---

*Dividend Risk:* There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. A sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

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

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the

------

Notes to Financial Statements (unaudited) (continued)

sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of January 31, 2026.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

![LOGO](g35464dsp01a.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 5
PGIM Target Date Income Fund

PGIM Target Date 2020 Fund

PGIM Target Date 2025 Fund

PGIM Target Date 2030 Fund

PGIM Target Date 2035 Fund

PGIM Target Date 2040 Fund

PGIM Target Date 2045 Fund

PGIM Target Date 2050 Fund

PGIM Target Date 2055 Fund

PGIM Target Date 2060 Fund

PGIM Target Date 2065 Fund

PGIM Target Date 2070 Fund

PGIM 60/40 Allocation Fund

   

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JANUARY 31, 2026
![LOGO](g35464dsp001.jpg)

------

<u> **Table of Contents** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> Financial Statements and Other Information &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> January 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [PGIM Target Date Income Fund](#edgar35464_1) | 1 |
|  [PGIM Target Date 2020 Fund](#edgar35464_2) | 13 |
|  [PGIM Target Date 2025 Fund](#edgar35464_3) | 25 |
|  [PGIM Target Date 2030 Fund](#edgar35464_4) | 37 |
|  [PGIM Target Date 2035 Fund](#edgar35464_5) | 49 |
|  [PGIM Target Date 2040 Fund](#edgar35464_6) | 61 |
|  [PGIM Target Date 2045 Fund](#edgar35464_7) | 73 |
|  [PGIM Target Date 2050 Fund](#edgar35464_8) | 85 |
|  [PGIM Target Date 2055 Fund](#edgar35464_9) | 97 |
|  [PGIM Target Date 2060 Fund](#edgar35464_10) | 109 |
|  [PGIM Target Date 2065 Fund](#edgar35464_11) | 121 |
|  [PGIM Target Date 2070 Fund](#edgar35464_12) | 133 |
|  [PGIM 60/40 Allocation Fund](#edgar35464_13) | 145 |
|  [Notes to Financial Statements](#edgar35464_14) | 151 |

---

**[Other Information -](#edgar35464_15)**[Form N-CSR Items 8-11](#edgar35464_15)

------

PGIM Target Date Income Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 93.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 23.5%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $6,690,032) | 158733 | $6689009 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 70.4%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 94135 | 4553325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 41465 | 424191 |
|  |  | 4977516 |
| &nbsp;&nbsp; **Fixed Income 40.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 413089 | 3602140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 179402 | 1381392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 781668 | 6573825 |
|  |  | 11557357 |
| &nbsp;&nbsp; **International Equity 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 93403 | 1996955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 88407 | 1557729 |
|  |  | 3554684 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $18,060,464) |  | 20089557 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $24,750,496) |  | 26778566 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 6.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,770,912) | 1770912 | 1770912 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $26,521,408)(wa) |  | 28549478 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (35426) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;28514052 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date Income Fund 1

------

PGIM Target Date Income Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $6689009 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 4977516 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 11557357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 3554684 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1770912 |  |  |
|  **Total** | $**28549478** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 64.0 | % |
|  Domestic Equity | 17.4 |  |

---

---

| | |
|:---|:---|
|  International Equity | 12.5% |
|  Short-Term | 6.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $26,521,408) | $28549478 |
| &nbsp;&nbsp; Receivable for investments sold | 75037 |
| &nbsp;&nbsp; Due from Manager | 17129 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 1792 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1690 |
| &nbsp;&nbsp; **Total Assets** | 28645126 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 58059 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 19152 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18456 |
| &nbsp;&nbsp; Professional fees payable | 14935 |
| &nbsp;&nbsp; Audit fee payable | 10500 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 4399 |
| &nbsp;&nbsp; Fund data services payable | 4300 |
| &nbsp;&nbsp; Trustees' fees payable | 871 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 267 |
| &nbsp;&nbsp; Distribution fee payable | 135 |
| &nbsp;&nbsp; **Total Liabilities** | 131074 |
| &nbsp;&nbsp; **Net Assets** | $28514052 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 28953079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (441689) |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $28514052 |

---

See Notes to Financial Statements.

PGIM Target Date Income Fund 3

------

PGIM Target Date Income Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($143,868 ÷ 13,453 shares of beneficial interest issued and outstanding) | $10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($88,801 ÷ 8,303 shares of beneficial interest issued and outstanding) | $10.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($644,614 ÷ 60,243 shares of beneficial interest issued and outstanding) | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($48,549 ÷ 4,537 shares of beneficial interest issued and outstanding) | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,450,272 ÷ 135,565 shares of beneficial interest issued and outstanding) | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($26,137,948 ÷ 2,439,421 shares of beneficial interest issued and outstanding) | $10.71 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Net Investment Income (Loss)**<br>|  |
| &nbsp;&nbsp; Affiliated dividend income | $581386 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 816 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 208 |
| &nbsp;&nbsp; Custodian and accounting fees | 29283 |
| &nbsp;&nbsp; Professional fees | 15133 |
| &nbsp;&nbsp; Audit fee | 10500 |
| &nbsp;&nbsp; Registration fees(a) | 9783 |
| &nbsp;&nbsp; Shareholders' reports | 8789 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5045 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $825)(a) | 2567 |
| &nbsp;&nbsp; Miscellaneous | 4078 |
| &nbsp;&nbsp; **Total expenses** | 92019 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89675) |
| &nbsp;&nbsp; **Net expenses** | 2344 |
| &nbsp;&nbsp; Net investment income (loss) | 579042 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments**<br>|  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (128983) |
| &nbsp;&nbsp; Net capital gain distributions received | 285379 |
| &nbsp;&nbsp; Payment from Manager | 7085 |
|  | 163481 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 875993 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1039474 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1618516 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 399 | 109 | 308 |  |  |  |
|  Shareholder servicing fees | 18 |  | 190 |  |  |  |
|  Registration fees | 1613 | 1613 | 1614 | 1614 | 1614 | 1715 |
|  Transfer agent's fees and expenses | 97 | 164 | 377 | 41 | 964 | 924 |
|  Fee waiver and/or expense reimbursement | (2053) | (1955) | (3434) | (1752) | (6225) | (74256) |

---

See Notes to Financial Statements.

PGIM Target Date Income Fund 5

------

PGIM Target Date Income Fund

Statements of Changes in Net Assets (unaudited)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **January 31, 2026** | **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $579042 | $773501 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 163481 | (117856) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 875993 | 962061 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1618516 | 1617706 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (4976) | (2299) |
| &nbsp;&nbsp; Class R2 | (2824) | (2263) |
| &nbsp;&nbsp; Class R3 | (20509) | (13752) |
| &nbsp;&nbsp; Class R4 | (1608) | (1792) |
| &nbsp;&nbsp; Class R5 | (48972) | (57253) |
| &nbsp;&nbsp; Class R6 | (876325) | (976298) |
|  | (955214) | (1053657) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3360244 | 1628917 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 955214 | 1053657 |
| &nbsp;&nbsp; Net asset value of shares issued in merger |  | 9918105 |
| &nbsp;&nbsp; Cost of shares purchased | (1579568) | (5604374) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2735890 | 6996305 |
| &nbsp;&nbsp; Total increase (decrease) | 3399192 | 7560354 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 25114860 | 17554506 |
| &nbsp;&nbsp; End of period | $28514052 | $25114860 |

---

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.30 | 0.30 | 0.38 | 0.47 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.32 | 0.42 | (0.45) | (1.08) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.62 | 0.72 | (0.07) | (0.61) | 1.38 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.32) | (0.30) | (0.40) | (0.68) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.52) | (0.33) | (0.65) | (0.88) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.69 | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.95% | 6.17% | 7.45% | (0.34)% | (5.43)% | 12.70% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $144 | $164 | $28 | $26 | $26 | $27 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $158 | $53 | $26 | $25 | $27 | $25 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.66% | 0.69 %<sup>(e)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.27 %<sup>(d)</sup> | 3.64% | 12.81% | 12.92% | 15.10% | 28.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.80 %<sup>(d)</sup> | 2.86% | 3.01% | 3.88% | 4.09% | 1.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 7

------

PGIM Target Date Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.31 | 0.32 | 0.40 | 0.58 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.33 | 0.43 | (0.44) | (1.16) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 | 0.64 | 0.75 | (0.04) | (0.58) | 1.41 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.34) | (0.33) | (0.43) | (0.71) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.54) | (0.36) | (0.68) | (0.91) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.69 | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.10% | 6.44% | 7.71% | (0.08)% | (5.20)% | 12.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $89 | $84 | $31 | $33 | $48 | $2123 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $87 | $60 | $31 | $37 | $1373 | $2453 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(d)</sup> | 0.41% | 0.44 %<sup>(e)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.92 %<sup>(d)</sup> | 3.45% | 11.50% | 10.74% | 1.28% | 1.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.07 %<sup>(d)</sup> | 3.07% | 3.29% | 4.07% | 4.96% | 1.58% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.34 <sup>(b)</sup> | 0.34 | 0.42 | 0.47 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.33 <sup>(c)</sup> | 0.42 | (0.46) | (1.03) | 1.24 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.67 | 0.76 | (0.04) | (0.56) | 1.43 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.36) | (0.34) | (0.44) | (0.73) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.36) | (0.56) | (0.37) | (0.69) | (0.93) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.70 | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.19% | 6.69% | 7.87% | (0.03)% | (5.03)% | 13.24% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $645 | $573 | $189 | $169 | $160 | $1623 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $611 | $288 | $176 | $157 | $196 | $1634 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.29 %<sup>(f)</sup> | 0.26% | 0.29 %<sup>(g)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.40 %<sup>(f)</sup> | 1.45% | 2.91% | 2.62% | 2.49% | 1.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.23 %<sup>(f)</sup> | 3.29% | 3.41% | 4.26% | 4.19% | 1.70% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 9

------

PGIM Target Date Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.35 <sup>(b)</sup> | 0.35 | 0.43 | 0.52 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.33 <sup>(c)</sup> | 0.42 | (0.46) | (1.07) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.68 | 0.77 | (0.03) | (0.55) | 1.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.37) | (0.35) | (0.45) | (0.74) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.36) | (0.57) | (0.38) | (0.70) | (0.94) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.70 | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.24% | 6.80% | 7.97% | 0.07% | (4.94)% | 13.34% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $49 | $46 | $28 | $26 | $26 | $28 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47 | $38 | $27 | $25 | $27 | $26 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(f)</sup> | 0.15% | 0.19 %<sup>(g)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.53 %<sup>(f)</sup> | 4.08% | 12.00% | 12.18% | 14.28% | 26.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.32 %<sup>(f)</sup> | 3.44% | 3.51% | 4.38% | 4.59% | 1.83% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.42 | $10.31 | $9.92 | $10.64 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.37 <sup>(b)</sup> | 0.36 | 0.44 | 0.53 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.32 <sup>(c)</sup> | 0.42 | (0.45) | (1.08) | 1.24 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 0.69 | 0.78 | (0.01) | (0.55) | 1.46 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.38) | (0.36) | (0.46) | (0.75) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.37) | (0.58) | (0.39) | (0.71) | (0.95) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.70 | $10.42 | $10.31 | $9.92 | $10.64 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.30% | 6.92% | 8.08% | 0.27% | (4.93)% | 13.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1450 | $1384 | $972 | $933 | $931 | $965 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1426 | $1134 | $930 | $899 | $944 | $909 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.09 %<sup>(f)</sup> | 0.05% | 0.09 %<sup>(g)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96 %<sup>(f)</sup> | 0.92% | 1.37% | 1.18% | 1.05% | 1.47% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.40 %<sup>(f)</sup> | 3.56% | 3.61% | 4.48% | 4.67% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 11

------

PGIM Target Date Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.44 | $10.33 | $9.94 | $10.66 | $12.16 | $10.96 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.37 <sup>(b)</sup> | 0.37 | 0.46 <sup>(b)</sup> | 0.55 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.41 | 0.33 <sup>(c)</sup> | 0.43 | (0.45)<sup>(c)</sup> | (1.08) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 0.70 | 0.80 | 0.01 | (0.53) | 1.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.39) | (0.38) | (0.48) | (0.77) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.38) | (0.59) | (0.41) | (0.73) | (0.97) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.71 | $10.44 | $10.33 | $9.94 | $10.66 | $12.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.39% | 6.96% | 8.22% | 0.43% | (4.78)% | 13.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $26138 | $22865 | $16306 | $21305 | $23236 | $24185 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $23793 | $20087 | $18746 | $21430 | $25990 | $22559 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(f)</sup> | 0.00% | 0.02 %<sup>(g)</sup> | 0.01 %<sup>(h)</sup> | 0.00 %<sup>(h)</sup> | 0.00 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(f)(i)</sup> | 0.00 %<sup>(i)</sup> | 0.02 %<sup>(g)(i)</sup> | 0.01% | 0.01% | (0.00)%<sup>(j)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.62 %<sup>(f)</sup> | 0.71% | 0.85% | 0.71% | 0.52% | 0.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.41 %<sup>(f)</sup> | 3.58% | 3.69% | 4.65% | 4.82% | 2.10% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(k)</sup>  | 43% | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(h) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(i) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(j) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 94.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 23.3%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $7,816,042) | 185450 | $7814863 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 71.6%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 21.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 133767 | 6470318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 64996 | 664912 |
|  |  | 7135230 |
| &nbsp;&nbsp; **Fixed Income 36.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 404227 | 3524856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 210911 | 1624015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 829431 | 6975516 |
|  |  | 12124387 |
| &nbsp;&nbsp; **International Equity 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 109804 | 2347620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 134167 | 2364014 |
|  |  | 4711634 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $20,655,549) |  | 23971251 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $28,471,591) |  | 31786114 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 5.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,742,732) | 1742732 | 1742732 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $30,214,323)(wa) |  | 33528846 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (19567) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33509279 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 13

------

PGIM Target Date 2020 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $7814863 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 7135230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 12124387 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 4711634 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1742732 |  |  |
|  **Total** | $**33528846** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 59.5 | % |
|  Domestic Equity | 21.3 |  |

---

---

| | |
|:---|:---|
|  International Equity | 14.1% |
|  Short-Term | 5.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $30,214,323) | $33528846 |
| &nbsp;&nbsp; Receivable for investments sold | 77143 |
| &nbsp;&nbsp; Due from Manager | 17360 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 4271 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1722 |
| &nbsp;&nbsp; **Total Assets** | 33629342 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 74676 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18366 |
| &nbsp;&nbsp; Professional fees payable | 11781 |
| &nbsp;&nbsp; Audit fee payable | 10503 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 3596 |
| &nbsp;&nbsp; Trustees' fees payable | 821 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 208 |
| &nbsp;&nbsp; Distribution fee payable | 88 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 24 |
| &nbsp;&nbsp; **Total Liabilities** | 120063 |
| &nbsp;&nbsp; **Net Assets** | $33509279 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 33558511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (52402) |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $33509279 |

---

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 15

------

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,950 ÷ 1,601 shares of beneficial interest issued and outstanding) | $10.59 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($107,949 ÷ 10,189 shares of beneficial interest issued and outstanding) | $10.59 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($674,191 ÷ 63,523 shares of beneficial interest issued and outstanding) | $10.61 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($45,260 ÷ 4,261 shares of beneficial interest issued and outstanding) | $10.62 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,021,007 ÷ 190,344 shares of beneficial interest issued and outstanding) | $10.62 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($30,643,922 ÷ 2,900,472 shares of beneficial interest issued and outstanding) | $10.57 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $763560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 29023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 16391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 10501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $637)(a) | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 92121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89509) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 760948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 132375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 472161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 9876 |
|  | 614412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 913181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 1527593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2288541 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 41 | 125 | 382 |  |  |  |
|  Shareholder servicing fees |  |  | 367 | 13 |  |  |
|  Registration fees | 1613 | 1764 | 1614 | 1614 | 1614 | 1715 |
|  Transfer agent's fees and expenses | 28 | 68 | 579 | 82 | 1859 | 752 |
|  Fee waiver and/or expense reimbursement | (1663) | (1965) | (3575) | (1767) | (7872) | (72667) |

---

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 17

------

PGIM Target Date 2020 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **January 31, 2026** | **July 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $760948 | $1212923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 614412 | (31223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 913181 | 1241754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2288541 | 2423454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (641) | (1557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (4234) | (8819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (33353) | (89524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1935) | (3538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (94032) | (280411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1436918) | (3473443) |
|  | (1571113) | (3857292) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1320036 | 3408724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1571113 | 3857292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (3868370) | (7548523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (977221) | (282507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (259793) | (1716345) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 33769072 | 35485417 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $33509279 | $33769072 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.34 | $10.83 | $10.33 | $11.12 | $12.82 | $11.27 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.30 <sup>(b)</sup> | 0.29 | 0.37 | 0.47 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.47 | 0.37 <sup>(c)</sup> | 0.54 | (0.35) | (1.08) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.67 | 0.83 | 0.02 | (0.61) | 1.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.38) | (0.29) | (0.41) | (0.72) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (1.16) | (0.33) | (0.81) | (1.09) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.59 | $10.34 | $10.83 | $10.33 | $11.12 | $12.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.55% | 6.71% | 8.22% | 0.72% | (5.37)% | 15.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $17 | $16 | $15 | $13 | $13 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $16 | $15 | $14 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(f)</sup> | 0.65% | 0.69 %<sup>(g)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 21.05 %<sup>(f)</sup> | 22.66% | 23.34% | 23.81% | 27.64% | 51.00% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.75 %<sup>(f)</sup> | 2.91% | 2.80% | 3.64% | 3.94% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 19

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited) (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.36 | $10.85 | $10.35 | $11.14 | $12.83 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.33 <sup>(b)</sup> | 0.32 | 0.42 | 0.57 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.46 | 0.37 <sup>(c)</sup> | 0.54 | (0.37) | (1.14) | 1.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 0.70 | 0.86 | 0.05 | (0.57) | 1.80 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.41) | (0.32) | (0.44) | (0.75) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (1.19) | (0.36) | (0.84) | (1.12) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.59 | $10.36 | $10.85 | $10.35 | $11.14 | $12.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.61% | 7.00% | 8.47% | 0.94% | (5.05)% | 16.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $108 | $92 | $75 | $58 | $55 | $5742 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $99 | $83 | $68 | $70 | $3140 | $4596 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(f)</sup> | 0.40% | 0.43 %<sup>(g)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 4.37 %<sup>(f)</sup> | 5.12% | 5.85% | 6.89% | 0.83% | 0.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.05 %<sup>(f)</sup> | 3.16% | 3.05% | 4.07% | 4.69% | 1.49% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.38 | $10.87 | $10.37 | $11.17 | $12.86 | $11.30 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.35 <sup>(b)</sup> | 0.33 | 0.43 | 0.52 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.46 | 0.37 <sup>(c)</sup> | 0.54 | (0.37) | (1.07) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 0.72 | 0.87 | 0.06 | (0.55) | 1.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.43) | (0.33) | (0.46) | (0.77) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.46) | (1.21) | (0.37) | (0.86) | (1.14) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.61 | $10.38 | $10.87 | $10.37 | $11.17 | $12.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.75% | 7.14% | 8.61% | 1.07% | (4.89)% | 16.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $674 | $746 | $808 | $999 | $1099 | $1844 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $759 | $766 | $891 | $1002 | $1228 | $1655 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.29 %<sup>(f)</sup> | 0.25% | 0.29 %<sup>(g)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.22 %<sup>(f)</sup> | 1.22% | 1.17% | 0.75% | 0.65% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.22 %<sup>(f)</sup> | 3.37% | 3.22% | 4.15% | 4.37% | 1.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 21

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.39 | $10.89 | $10.38 | $11.18 | $12.87 | $11.31 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.35 <sup>(b)</sup> | 0.34 | 0.42 | 0.53 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.47 | 0.37 <sup>(c)</sup> | 0.55 | (0.35) | (1.06) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 | 0.72 | 0.89 | 0.07 | (0.53) | 1.84 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.44) | (0.34) | (0.47) | (0.79) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.22) | (0.38) | (0.87) | (1.16) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.62 | $10.39 | $10.89 | $10.38 | $11.18 | $12.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.84% | 7.15% | 8.80% | 1.17% | (4.79)% | 16.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $45 | $42 | $29 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44 | $35 | $18 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(f)</sup> | 0.15% | 0.17 %<sup>(g)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 8.15 %<sup>(f)</sup> | 9.96% | 17.47% | 22.64% | 26.44% | 49.43% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.25 %<sup>(f)</sup> | 3.39% | 3.30% | 4.13% | 4.44% | 1.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.40 | $10.89 | $10.38 | $11.18 | $12.88 | $11.32 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.37 | 0.35 | 0.44 | 0.55 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.49 | 0.37 | 0.55 | (0.36) | (1.08) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.71 | 0.74 | 0.90 | 0.08 | (0.53) | 1.85 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.45) | (0.35) | (0.48) | (0.80) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (1.23) | (0.39) | (0.88) | (1.17) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.62 | $10.40 | $10.89 | $10.38 | $11.18 | $12.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.84% | 7.36% | 8.91% | 1.28% | (4.77)% | 16.60% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2021 | $2749 | $2933 | $2923 | $2967 | $3585 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2388 | $2552 | $2866 | $2874 | $3448 | $3427 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.09 %<sup>(d)</sup> | 0.05% | 0.09 %<sup>(e)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.74 %<sup>(d)</sup> | 0.75% | 0.69% | 0.62% | 0.50% | 0.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.15 %<sup>(d)</sup> | 3.49% | 3.42% | 4.24% | 4.58% | 1.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 23

------

PGIM Target Date 2020 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.35 | $10.85 | $10.35 | $11.15 | $12.84 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.37 | 0.36 | 0.45 | 0.56 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.48 | 0.37 | 0.55 | (0.35) | (1.06) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.72 | 0.74 | 0.91 | 0.10 | (0.50) | 1.87 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.46) | (0.37) | (0.50) | (0.82) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.24) | (0.41) | (0.90) | (1.19) | (0.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.57 | $10.35 | $10.85 | $10.35 | $11.15 | $12.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.03% | 7.45% | 8.99% | 1.46% | (4.56)% | 16.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $30644 | $30125 | $31627 | $37314 | $46728 | $58602 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $30785 | $30592 | $33316 | $40751 | $54565 | $59237 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.01 %<sup>(e)</sup> | 0.01 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.01 %<sup>(e)(g)</sup> | 0.01% | 0.01% | (0.00)%<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.47 %<sup>(d)</sup> | 0.48% | 0.46% | 0.37% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.46 %<sup>(d)</sup> | 3.58% | 3.51% | 4.43% | 4.71% | 1.98% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 43% | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(h) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 21.5%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $10,447,350) | 247882 | $10445747 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 74.3%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 26.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 51061 | 771025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 235362 | 11384445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 79327 | 811515 |
|  |  | 12966985 |
| &nbsp;&nbsp; **Fixed Income 32.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 513410 | 4476934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 257409 | 1982051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1084394 | 9119756 |
|  |  | 15578741 |
| &nbsp;&nbsp; **International Equity 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 141309 | 3021191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 260834 | 4595888 |
|  |  | 7617079 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $30,325,247) |  | 36162805 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $40,772,597) |  | 46608552 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,095,515) | 2095515 | 2095515 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $42,868,112)(wa) |  | 48704067 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (30014) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;48674053 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 25

------

PGIM Target Date 2025 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $10445747 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 12966985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 15578741 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 7617079 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2095515 | <u>—</u> | <u>—</u> |
|  **Total** | $**48704067** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 53.5 | % |
|  Domestic Equity | 26.6 |  |

---

---

| | |
|:---|:---|
|  International Equity | 15.7% |
|  Short-Term | 4.3 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $42,868,112) | $48704067 |
| &nbsp;&nbsp; Receivable for investments sold | 133427 |
| &nbsp;&nbsp; Due from Manager | 18017 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 7207 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 2025 |
| &nbsp;&nbsp; **Total Assets** | 48864743 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 103419 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 39681 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18353 |
| &nbsp;&nbsp; Professional fees payable | 11679 |
| &nbsp;&nbsp; Audit fee payable | 10499 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 5752 |
| &nbsp;&nbsp; Trustees' fees payable | 826 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 265 |
| &nbsp;&nbsp; Distribution fee payable | 216 |
| &nbsp;&nbsp; **Total Liabilities** | 190690 |
| &nbsp;&nbsp; **Net Assets** | $48674053 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $4408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 47977247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 692398 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $48674053 |

---

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 27

------

PGIM Target Date 2025 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($100,155 ÷ 9,112 shares of beneficial interest issued and outstanding) | $10.99 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($595,712 ÷ 54,130 shares of beneficial interest issued and outstanding) | $11.01 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($581,988 ÷ 52,838 shares of beneficial interest issued and outstanding) | $11.01 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($18,166 ÷ 1,650 shares of beneficial interest issued and outstanding) | $11.01 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,083,373 ÷ 98,305 shares of beneficial interest issued and outstanding) | $11.02 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($46,294,659 ÷ 4,192,135 shares of beneficial interest issued and outstanding) | $11.04 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1084947 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1271 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 330 |
| &nbsp;&nbsp; Custodian and accounting fees | 29013 |
| &nbsp;&nbsp; Professional fees | 16324 |
| &nbsp;&nbsp; Audit fee | 10500 |
| &nbsp;&nbsp; Registration fees(a) | 9815 |
| &nbsp;&nbsp; Shareholders' reports | 7988 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5157 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $794)(a) | 2528 |
| &nbsp;&nbsp; Miscellaneous | 3491 |
| &nbsp;&nbsp; **Total expenses** | 92234 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89235) |
| &nbsp;&nbsp; **Net expenses** | 2999 |
| &nbsp;&nbsp; Net investment income (loss) | 1081948 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 342527 |
| &nbsp;&nbsp; Net capital gain distributions received | 800952 |
| &nbsp;&nbsp; Payment from Manager | 13237 |
|  | 1156716 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1266326 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2423042 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3504990 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 237 | 747 | 287 |  |  |  |
|  Shareholder servicing fees | 12 | 50 | 268 |  |  |  |
|  Registration fees | 1613 | 1614 | 1614 | 1613 | 1645 | 1716 |
|  Transfer agent's fees and expenses | 91 | 373 | 435 | 39 | 768 | 822 |
|  Fee waiver and/or expense reimbursement | (1775) | (2403) | (2669) | (1663) | (3562) | (77163) |

---

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 29

------

PGIM Target Date 2025 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **<u>January 31, 2026</u>** | **Year Ended**<br> **<u>July 31, 2025</u>** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1081948 | $1691818 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1156716 | (14487) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1266326 | 1984174 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3504990 | 3661505 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (4452) | (1808) |
| &nbsp;&nbsp; Class R2 | (35218) | (28663) |
| &nbsp;&nbsp; Class R3 | (28999) | (57434) |
| &nbsp;&nbsp; Class R4 | (912) | (1760) |
| &nbsp;&nbsp; Class R5 | (54180) | (103985) |
| &nbsp;&nbsp; Class R6 | (2475312) | (5335780) |
|  | (2599073) | (5529430) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 2039008 | 7005120 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2599073 | 5529430 |
| &nbsp;&nbsp; Cost of shares purchased | (4886314) | (10801293) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (248233) | 1733257 |
| &nbsp;&nbsp; Total increase (decrease) | 657684 | (134668) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 48016369 | 48151037 |
| &nbsp;&nbsp; End of period | $48674053 | $48016369 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.77 | $11.23 | $10.62 | $11.19 | $13.01 | $11.24 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.27 | 0.28 | 0.37 | 0.47 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.54 | 0.47 | 0.64 | (0.25) | (1.07) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.75 | 0.74 | 0.92 | 0.12 | (0.60) | 1.98 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.43) | (0.27) | (0.38) | (0.75) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (1.20) | (0.31) | (0.69) | (1.22) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.99 | $10.77 | $11.23 | $10.62 | $11.19 | $13.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.00% | 7.17% | 8.86% | 1.56% | (5.37)% | 17.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $100 | $86 | $17 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $94 | $29 | $14 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.67% | 0.68 %<sup>(e)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 4.44 %<sup>(d)</sup> | 12.55% | 22.27% | 23.35% | 27.65% | 50.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.70 %<sup>(d)</sup> | 2.48% | 2.61% | 3.51% | 3.86% | 1.18% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 31

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.79 | $11.26 | $10.64 | $11.22 | $13.04 | $11.26 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.30 | 0.31 | 0.38 | 0.48 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.53 | 0.46 | 0.65 | (0.24) | (1.05) | 1.86 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 0.76 | 0.96 | 0.14 | (0.57) | 2.01 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.46) | (0.30) | (0.41) | (0.78) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (1.23) | (0.34) | (0.72) | (1.25) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.01 | $10.79 | $11.26 | $10.64 | $11.22 | $13.04 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.25% | 7.35% | 9.19% | 1.74% | (5.12)% | 18.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $596 | $269 | $617 | $148 | $106 | $82 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $593 | $336 | $346 | $120 | $92 | $71 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(d)</sup> | 0.41% | 0.41 %<sup>(e)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.24 %<sup>(d)</sup> | 1.87% | 1.95% | 3.42% | 6.27% | 10.60% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.40 %<sup>(d)</sup> | 2.76% | 2.85% | 3.65% | 3.99% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.81 | $11.27 | $10.65 | $11.23 | $13.06 | $11.27 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.34 | 0.32 | 0.41 | 0.43 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.54 | 0.44 | 0.65 | (0.25) | (0.99) | 1.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.77 | 0.78 | 0.97 | 0.16 | (0.56) | 2.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.47) | (0.31) | (0.43) | (0.80) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.57) | (1.24) | (0.35) | (0.74) | (1.27) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.01 | $10.81 | $11.27 | $10.65 | $11.23 | $13.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.21% | 7.60% | 9.34% | 1.91% | (5.04)% | 18.32% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $582 | $548 | $518 | $465 | $449 | $9911 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $570 | $531 | $481 | $435 | $663 | $8876 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.29 %<sup>(d)</sup> | 0.26% | 0.28 %<sup>(e)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.22 %<sup>(d)</sup> | 1.29% | 1.32% | 1.03% | 1.02% | 0.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.12 %<sup>(d)</sup> | 3.18% | 3.02% | 3.93% | 3.60% | 1.59% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 33

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.81 | $11.28 | $10.66 | $11.24 | $13.06 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.27 | 0.34 | 0.47 | 0.51 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.54 | 0.52 | 0.64 | (0.30) | (1.05) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 0.79 | 0.98 | 0.17 | (0.54) | 2.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.49) | (0.32) | (0.44) | (0.81) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.58) | (1.26) | (0.36) | (0.75) | (1.28) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.01 | $10.81 | $11.28 | $10.66 | $11.24 | $13.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.31% | 7.62% | 9.44% | 2.02% | (4.87)% | 18.43% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $18 | $17 | $223 | $14 | $22 | $15 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18 | $44 | $183 | $21 | $18 | $14 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(d)</sup> | 0.15% | 0.17 %<sup>(e)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 18.90 %<sup>(d)</sup> | 7.98% | 2.23% | 14.42% | 21.59% | 48.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.22 %<sup>(d)</sup> | 2.43% | 3.20% | 4.49% | 4.24% | 1.68% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.83 | $11.28 | $10.66 | $11.25 | $13.07 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.37 | 0.34 | 0.43 | 0.49 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.54 | 0.45 | 0.65 | (0.26) | (1.02) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 0.82 | 0.99 | 0.17 | (0.53) | 2.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.50) | (0.33) | (0.45) | (0.82) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.59) | (1.27) | (0.37) | (0.76) | (1.29) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.02 | $10.83 | $11.28 | $10.66 | $11.25 | $13.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.31% | 7.90% | 9.54% | 2.04% | (4.77)% | 18.53% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1083 | $964 | $903 | $727 | $606 | $266 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1022 | $920 | $867 | $647 | $425 | $197 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.09 %<sup>(d)</sup> | 0.06% | 0.08 %<sup>(e)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.78 %<sup>(d)</sup> | 0.84% | 0.83% | 0.89% | 1.24% | 3.68% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.32 %<sup>(d)</sup> | 3.43% | 3.22% | 4.15% | 4.12% | 1.85% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 35

------

PGIM Target Date 2025 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.85 | $11.31 | $10.69 | $11.27 | $13.10 | $11.30 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.38 | 0.36 | 0.45 | 0.56 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.55 | 0.44 | 0.65 | (0.26) | (1.08) | 1.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 0.82 | 1.01 | 0.19 | (0.52) | 2.09 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.51) | (0.35) | (0.46) | (0.84) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.17) | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.61) | (1.28) | (0.39) | (0.77) | (1.31) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.04 | $10.85 | $11.31 | $10.69 | $11.27 | $13.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.45% | 7.95% | 9.67% | 2.29% | (4.70)% | 18.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $46295 | $46133 | $45872 | $62674 | $71290 | $80212 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $46740 | $47358 | $50631 | $64956 | $82904 | $79030 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.01 %<sup>(e)</sup> | 0.01 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.01 %<sup>(e)(g)</sup> | 0.01% | 0.01% | 0.00 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.33 %<sup>(d)</sup> | 0.33% | 0.33% | 0.26% | 0.19% | 0.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.38 %<sup>(d)</sup> | 3.45% | 3.35% | 4.31% | 4.62% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 40% | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(h) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 19.3%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $11,971,531) | 284047 | $11969741 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 77.4%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 32.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 91953 | 1388491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 360532 | 17438955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 146892 | 1502708 |
|  |  | 20330154 |
| &nbsp;&nbsp; **Fixed Income 25.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 486479 | 4242094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 281143 | 2164802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1129373 | 9498025 |
|  |  | 15904921 |
| &nbsp;&nbsp; **International Equity 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 174343 | 3727453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 456446 | 8042580 |
|  |  | 11770033 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** <br>(cost $40,051,262) |  | 48005108 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $52,022,793) |  | 59974849 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 3.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,072,496) | 2072496 | 2072496 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $54,095,289)(wa) |  | 62047345 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (24840) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62022505 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 37

------

PGIM Target Date 2030 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $11969741 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 20330154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 15904921 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 11770033 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2072496 | <u>—</u> | <u>—</u> |
|  **Total** | $**62047345** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 44.9 | % |
|  Domestic Equity | 32.8 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 19.0 | % |
|  Short-Term | 3.3 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $54,095,289) | $62047345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 201237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 37323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 18254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 62306361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 215664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 18945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 18096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 11009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 10490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 283856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $62022505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $5187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 57979354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4037964 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2026** | $62022505 |

---

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 39

------

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($250,189 ÷ 21,009 shares of beneficial interest issued and outstanding) | $11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,250,615 ÷ 104,784 shares of beneficial interest issued and outstanding) | $11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,220,275 ÷ 186,174 shares of beneficial interest issued and outstanding) | $11.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($27,594 ÷ 2,318 shares of beneficial interest issued and outstanding) | $11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,700,078 ÷ 393,779 shares of beneficial interest issued and outstanding) | $11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($53,573,754 ÷ 4,479,204 shares of beneficial interest issued and outstanding) | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1283240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 28804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 9751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,087)(a) | 7011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 97756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89976) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 7780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1275460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 615053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 1088510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 13654 |
|  | 1717217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1527147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 3244364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4519824 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 768 | 654 | 1076 |  |  |  |
|  Shareholder servicing fees | 85 |  | 969 | 4 |  |  |
|  Registration fees | 1566 | 1819 | 1566 | 1566 | 1566 | 1668 |
|  Transfer agent's fees and expenses | 284 | 326 | 1548 | 79 | 3727 | 1047 |
|  Fee waiver and/or expense reimbursement | (2036) | (2324) | (4787) | (1657) | (9272) | (69900) |

---

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 41

------

PGIM Target Date 2030 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **<u>January 31, 2026</u>** | **Year Ended**<br> **<u>July 31, 2025</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1275460 | $1868445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1717217 | 494832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1527147 | 2258412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4519824 | 4621689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (8534) | (10439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (16907) | (47275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (84778) | (212000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1075) | (2409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (189313) | (670383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2212918) | (5864606) |
|  | (2513525) | (6807112) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 7352537 | 10306602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2513488 | 6807048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (6575802) | (12541406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3290223 | 4572244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 5296522 | 2386821 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 56725983 | 54339162 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $62022505 | $56725983 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.46 | $11.98 | $11.29 | $11.92 | $13.72 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.27 | 0.27 | 0.35 | 0.43 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.66 | 0.58 | 0.81 | (0.09) | (1.15) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.87 | 0.85 | 1.08 | 0.26 | (0.72) | 2.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.38) | (0.23) | (0.40) | (0.79) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (1.37) | (0.39) | (0.89) | (1.08) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.91 | $11.46 | $11.98 | $11.29 | $11.92 | $13.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.68% | 7.70% | 9.83% | 2.88% | (5.94)% | 21.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $250 | $323 | $98 | $69 | $59 | $55 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $305 | $136 | $74 | $62 | $58 | $48 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70 %<sup>(d)</sup> | 0.67% | 0.68 %<sup>(e)</sup> | 0.75% | 0.75% | 0.74% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.03 %<sup>(d)</sup> | 3.27% | 5.54% | 5.88% | 7.42% | 14.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.53 %<sup>(d)</sup> | 2.36% | 2.39% | 3.17% | 3.37% | 1.05% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 43

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.50 | $12.02 | $11.32 | $11.95 | $13.74 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.33 | 0.30 | 0.38 | 0.58 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.68 | 0.55 | 0.82 | (0.09) | (1.26) | 2.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 0.88 | 1.12 | 0.29 | (0.68) | 2.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.41) | (0.26) | (0.43) | (0.82) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (1.40) | (0.42) | (0.92) | (1.11) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.94 | $11.50 | $12.02 | $11.32 | $11.95 | $13.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.84% | 7.96% | 10.15% | 3.11% | (5.69)% | 21.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1251 | $429 | $390 | $318 | $299 | $7308 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $519 | $418 | $344 | $299 | $5088 | $6013 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(d)</sup> | 0.41% | 0.42 %<sup>(e)</sup> | 0.50% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.33 %<sup>(d)</sup> | 1.52% | 1.80% | 1.89% | 0.76% | 0.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.39 %<sup>(d)</sup> | 2.89% | 2.64% | 3.44% | 4.39% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.50 | $12.02 | $11.32 | $11.95 | $13.75 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.35 | 0.32 | 0.40 | 0.47 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.65 | 0.55 | 0.82 | (0.09) | (1.13) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 0.90 | 1.14 | 0.31 | (0.66) | 2.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.43) | (0.28) | (0.45) | (0.85) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.42) | (0.44) | (0.94) | (1.14) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.93 | $11.50 | $12.02 | $11.32 | $11.95 | $13.75 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.90% | 8.10% | 10.34% | 3.32% | (5.55)% | 22.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2220 | $2019 | $1846 | $1563 | $1341 | $3414 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2134 | $1895 | $1657 | $1376 | $1397 | $2857 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.30 %<sup>(d)</sup> | 0.26% | 0.28 %<sup>(e)</sup> | 0.32% | 0.35% | 0.34% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.74 %<sup>(d)</sup> | 0.80% | 0.85% | 0.57% | 0.57% | 0.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.11 %<sup>(d)</sup> | 3.02% | 2.79% | 3.58% | 3.71% | 1.45% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 45

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.49 | $12.00 | $11.31 | $11.94 | $13.74 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.35 | 0.34 | 0.43 | 0.48 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.65 | 0.57 | 0.80 | (0.11) | (1.13) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 0.92 | 1.14 | 0.32 | (0.65) | 2.51 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.44) | (0.29) | (0.46) | (0.86) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.48) | (1.43) | (0.45) | (0.95) | (1.15) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.91 | $11.49 | $12.00 | $11.31 | $11.94 | $13.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.92% | 8.34% | 10.33% | 3.44% | (5.47)% | 22.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $28 | $26 | $33 | $37 | $31 | $22 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $27 | $24 | $35 | $32 | $26 | $18 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.20 %<sup>(d)</sup> | 0.16% | 0.19 %<sup>(e)</sup> | 0.25% | 0.25% | 0.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 12.51 %<sup>(d)</sup> | 13.50% | 9.79% | 9.71% | 14.46% | 37.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.19 %<sup>(d)</sup> | 3.03% | 3.06% | 3.92% | 3.79% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.52 | $12.04 | $11.34 | $11.97 | $13.77 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.38 | 0.34 | 0.42 | 0.51 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.67 | 0.54 | 0.82 | (0.09) | (1.15) | 2.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 | 0.92 | 1.16 | 0.33 | (0.64) | 2.52 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.45) | (0.30) | (0.47) | (0.87) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.44) | (0.46) | (0.96) | (1.16) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.94 | $11.52 | $12.04 | $11.34 | $11.97 | $13.77 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.01% | 8.33% | 10.51% | 3.55% | (5.36)% | 22.18% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4700 | $4825 | $6067 | $4312 | $3921 | $3877 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4769 | $5663 | $5171 | $3932 | $3888 | $3548 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.10 %<sup>(d)</sup> | 0.06% | 0.07 %<sup>(e)</sup> | 0.15% | 0.15% | 0.14% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49 %<sup>(d)</sup> | 0.43% | 0.54% | 0.50% | 0.44% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.22 %<sup>(d)</sup> | 3.25% | 3.00% | 3.75% | 3.94% | 1.66% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 47

------

PGIM Target Date 2030 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.55 | $12.06 | $11.36 | $12.00 | $13.80 | $11.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.38 | 0.36 | 0.44 | 0.53 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.66 | 0.57 | 0.81 | (0.10) | (1.15) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 | 0.95 | 1.17 | 0.34 | (0.62) | 2.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.47) | (0.31) | (0.49) | (0.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.46) | (0.47) | (0.98) | (1.18) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.96 | $11.55 | $12.06 | $11.36 | $12.00 | $13.80 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.05% | 8.57% | 10.65% | 3.63% | (5.20)% | 22.40% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $53574 | $49105 | $45906 | $59285 | $65639 | $71254 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $50862 | $48669 | $51567 | $60037 | $73198 | $68119 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.01 %<sup>(e)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.01 %<sup>(e)(g)</sup> | 0.00 %<sup>(h)</sup> | (0.00)%<sup>(h)</sup> | (0.01)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.27 %<sup>(d)</sup> | 0.29% | 0.30% | 0.26% | 0.20% | 0.22% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.35 %<sup>(d)</sup> | 3.31% | 3.14% | 3.98% | 4.14% | 1.79% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 40% | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(h) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 15.2%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $8,603,934) | 204144 | $8602628 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 82.5%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 40.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 121703 | 1837715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 395149 | 19113342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 195447 | 1999419 |
|  |  | 22950476 |
| &nbsp;&nbsp; **Fixed Income 18.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 329115 | 2869884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 220783 | 1700028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 708659 | 5959819 |
|  |  | 10529731 |
| &nbsp;&nbsp; **International Equity 23.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 158990 | 3399209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 91936 | 1333068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 476266 | 8391803 |
|  |  | 13124080 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $37,864,608) |  | 46604287 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $46,468,542) |  | 55206915 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,319,462) | 1319462 | 1319462 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $47,788,004)(wa) |  | 56526377 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (22468) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56503909 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 49

------

PGIM Target Date 2035 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $8602628 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 22950476 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 10529731 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 13124080 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1319462 | <u>—</u> | <u>—</u> |
|  **Total** | $**56526377** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 40.6 | % |
|  Fixed Income | 33.9 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 23.2 | % |
|  Short-Term | 2.3 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $47,788,004) | $56526377 |
| &nbsp;&nbsp; Receivable for investments sold | 187419 |
| &nbsp;&nbsp; Due from Manager | 18684 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 12035 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1685 |
| &nbsp;&nbsp; **Total Assets** | 56746200 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 186865 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18126 |
| &nbsp;&nbsp; Professional fees payable | 11174 |
| &nbsp;&nbsp; Audit fee payable | 10491 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 8450 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 5767 |
| &nbsp;&nbsp; Trustees' fees payable | 790 |
| &nbsp;&nbsp; Distribution fee payable | 325 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 303 |
| &nbsp;&nbsp; **Total Liabilities** | 242291 |
| &nbsp;&nbsp; **Net Assets** | $56503909 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 49405889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 7093536 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $56503909 |

---

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 51

------

PGIM Target Date 2035 Fund

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($459,204 ÷ 36,626 shares of beneficial interest issued and outstanding) | $12.54 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($263,520 ÷ 20,982 shares of beneficial interest issued and outstanding) | $12.56 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($899,771 ÷ 71,529 shares of beneficial interest issued and outstanding) | $12.58 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($29,659 ÷ 2,355 shares of beneficial interest issued and outstanding) | $12.59 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($2,259,550 ÷ 179,402 shares of beneficial interest issued and outstanding) | $12.59 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($52,592,205 ÷ 4,172,905 shares of beneficial interest issued and outstanding) | $12.60 |
| <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1093603 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2316 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 903 |
| &nbsp;&nbsp; Custodian and accounting fees | 28742 |
| &nbsp;&nbsp; Professional fees | 15555 |
| &nbsp;&nbsp; Audit fee | 10491 |
| &nbsp;&nbsp; Registration fees(a) | 10166 |
| &nbsp;&nbsp; Shareholders' reports | 7719 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5120 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $939)(a) | 4227 |
| &nbsp;&nbsp; Miscellaneous | 3298 |
| &nbsp;&nbsp; **Total expenses** | 94354 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89031) |
| &nbsp;&nbsp; **Net expenses** | 5323 |
| &nbsp;&nbsp; Net investment income (loss) | 1088280 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 401229 |
| &nbsp;&nbsp; Net capital gain distributions received | 1423672 |
| &nbsp;&nbsp; Payment from Manager | 15764 |
|  | 1840665 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1810965 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3651630 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4739910 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 1209 | 361 | 746 |  |  |  |
|  Shareholder servicing fees | 90 | 55 | 754 | 4 |  |  |
|  Registration fees | 1586 | 2256 | 1585 | 1585 | 1585 | 1569 |
|  Transfer agent's fees and expenses | 230 | 396 | 1203 | 79 | 1301 | 1018 |
|  Fee waiver and/or expense reimbursement | (2154) | (2857) | (4316) | (1683) | (4938) | (73083) |

---

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 53

------

PGIM Target Date 2035 Fund

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br><u>January 31, 2026</u>** | **Year Ended<br> <u>July 31, 2025</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1088280 | $1360286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1840665 | 483723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1810965 | 2382713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4739910 | 4226722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (15508) | (4912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (9502) | (31089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (34507) | (153214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1133) | (2646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (83336) | (191989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2132791) | (4853093) |
|  | (2276777) | (5236943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 6658660 | 10847100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2276777 | 5236943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (4400696) | (7628803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4534741 | 8455240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 6997874 | 7445019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 49506035 | 42061016 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $56503909 | $49506035 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.91 | $12.31 | $11.43 | $11.73 | $14.14 | $11.47 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.20 | 0.22 | 0.30 | 0.39 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.86 | 0.81 | 1.05 | 0.17 | (1.17) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.07 | 1.01 | 1.27 | 0.47 | (0.78) | 2.88 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.40) | (0.25) | (0.29) | (0.86) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (1.41) | (0.39) | (0.77) | (1.63) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.54 | $11.91 | $12.31 | $11.43 | $11.73 | $14.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.02% | 8.83% | 11.41% | 4.69% | (6.67)% | 25.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $459 | $440 | $58 | $34 | $31 | $32 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $480 | $110 | $35 | $31 | $31 | $29 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.67% | 0.65% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.58 %<sup>(d)</sup> | 4.03% | 9.90% | 10.74% | 13.02% | 29.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.30 %<sup>(d)</sup> | 1.65% | 1.93% | 2.77% | 3.02% | 0.91% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 55

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.94 | $12.32 | $11.45 | $11.75 | $14.15 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.26 | 0.23 | 0.24 <sup>(b)</sup> | 0.42 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.87 | 0.78 | 1.06 | 0.26 <sup>(c)</sup> | (1.16) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.09 | 1.04 | 1.29 | 0.50 | (0.74) | 2.91 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.41) | (0.28) | (0.32) | (0.89) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.42) | (0.42) | (0.80) | (1.66) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.56 | $11.94 | $12.32 | $11.45 | $11.75 | $14.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 9.21% | 9.13% | 11.56% | 4.96% | (6.36)% | 25.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $264 | $314 | $883 | $147 | $546 | $526 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $286 | $388 | $462 | $207 | $535 | $409 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(f)</sup> | 0.40% | 0.38% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.42 %<sup>(f)</sup> | 2.06% | 1.98% | 2.57% | 1.80% | 2.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.46 %<sup>(f)</sup> | 2.14% | 1.97% | 2.14% | 3.25% | 1.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

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

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.97 | $12.35 | $11.47 | $11.77 | $14.18 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.32 | 0.29 | 0.34 | 0.30 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.92 | 0.74 | 1.03 | 0.17 | (1.03) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.10 | 1.06 | 1.32 | 0.51 | (0.73) | 2.93 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.43) | (0.30) | (0.33) | (0.91) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (1.44) | (0.44) | (0.81) | (1.68) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.58 | $11.97 | $12.35 | $11.47 | $11.77 | $14.18 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.25% | 9.31% | 11.79% | 5.13% | (6.29)% | 25.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $900 | $1668 | $1275 | $429 | $303 | $9978 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1481 | $1402 | $883 | $339 | $463 | $8548 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.29 %<sup>(d)</sup> | 0.26% | 0.24% | 0.33% | 0.33% | 0.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87 %<sup>(d)</sup> | 0.99% | 1.03% | 1.31% | 1.36% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.89 %<sup>(d)</sup> | 2.70% | 2.51% | 3.10% | 2.36% | 1.30% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 57

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.99 | $12.37 | $11.49 | $11.79 | $14.20 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.33 | 0.29 | 0.36 | 0.46 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.85 | 0.75 | 1.04 | 0.17 | (1.17) | 2.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.10 | 1.08 | 1.33 | 0.53 | (0.71) | 2.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.45) | (0.31) | (0.35) | (0.93) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.46) | (0.45) | (0.83) | (1.70) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.59 | $11.99 | $12.37 | $11.49 | $11.79 | $14.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.25% | 9.42% | 11.88% | 5.24% | (6.17)% | 25.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $30 | $27 | $22 | $16 | $15 | $16 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $29 | $24 | $17 | $15 | $16 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(d)</sup> | 0.16% | 0.16 %<sup>(e)</sup> | 0.23% | 0.23% | 0.23% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 11.89 %<sup>(d)</sup> | 14.12% | 17.83% | 19.92% | 23.52% | 44.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.00 %<sup>(d)</sup> | 2.79% | 2.48% | 3.28% | 3.53% | 1.41% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.99 | $12.37 | $11.48 | $11.79 | $14.20 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.34 | 0.30 | 0.35 | 0.43 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.85 | 0.74 | 1.05 | 0.18 | (1.13) | 2.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.11 | 1.08 | 1.35 | 0.53 | (0.70) | 2.97 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.45) | (0.32) | (0.36) | (0.94) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.46) | (0.46) | (0.84) | (1.71) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.59 | $11.99 | $12.37 | $11.48 | $11.79 | $14.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.35% | 9.44% | 12.08% | 5.26% | (6.08)% | 26.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2260 | $1798 | $1372 | $866 | $542 | $314 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2014 | $1605 | $945 | $658 | $408 | $219 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.09 %<sup>(d)</sup> | 0.06% | 0.05% | 0.13% | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.58 %<sup>(d)</sup> | 0.69% | 0.91% | 0.97% | 1.35% | 3.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.13 %<sup>(d)</sup> | 2.90% | 2.61% | 3.21% | 3.38% | 1.47% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 59

------

PGIM Target Date 2035 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.01 | $12.38 | $11.50 | $11.80 | $14.21 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.36 | 0.32 | 0.39 | 0.49 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.86 | 0.75 | 1.03 | 0.17 | (1.17) | 2.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 | 1.11 | 1.35 | 0.56 | (0.68) | 2.98 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.47) | (0.33) | (0.38) | (0.96) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (1.48) | (0.47) | (0.86) | (1.73) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.60 | $12.01 | $12.38 | $11.50 | $11.80 | $14.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.41% | 9.68% | 12.13% | 5.52% | (5.94)% | 26.25% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $52592 | $45257 | $38452 | $50643 | $47761 | $53243 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $48617 | $42018 | $40561 | $46943 | $54250 | $52063 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.01 %<sup>(e)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.01 %<sup>(e)(g)</sup> | (0.02)%<sup>(g)</sup> | (0.02)%<sup>(g)</sup> | (0.02)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.30 %<sup>(d)</sup> | 0.37% | 0.40% | 0.35% | 0.28% | 0.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.13 %<sup>(d)</sup> | 3.01% | 2.76% | 3.53% | 3.79% | 1.66% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 32% | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 12.2%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $5,994,545) | 142231 | $5993615 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 87.7%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 48.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 141984 | 2143954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 397286 | 19216717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 235975 | 2414029 |
|  |  | 23774700 |
| &nbsp;&nbsp; **Fixed Income 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 187706 | 1636799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 186775 | 1438165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 347887 | 2925728 |
|  |  | 6000692 |
| &nbsp;&nbsp; **International Equity 27.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 120382 | 2573759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 148597 | 2154661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 497534 | 8766548 |
|  |  | 13494968 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $33,912,584) |  | 43270360 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $39,907,129) |  | 49263975 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $73,258) | 73258 | 73258 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $39,980,387)(wa) |  | 49337233 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (28875) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49308358 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 61

------

PGIM Target Date 2040 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $5993615 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 23774700 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 6000692 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 13494968 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 73258 | <u>—</u> | <u>—</u> |
|  **Total** | $**49337233** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 48.2 | % |
|  International Equity | 27.3 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 24.4% |
|  Short-Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $39,980,387) | $49337233 |
| &nbsp;&nbsp; Receivable for investments sold | 151948 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 30932 |
| &nbsp;&nbsp; Due from Manager | 18774 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1324 |
| &nbsp;&nbsp; **Total Assets** | 49540211 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 182663 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18340 |
| &nbsp;&nbsp; Professional fees payable | 10766 |
| &nbsp;&nbsp; Audit fee payable | 10501 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 7286 |
| &nbsp;&nbsp; Trustees' fees payable | 820 |
| &nbsp;&nbsp; Distribution fee payable | 626 |
| &nbsp;&nbsp; Payable to custodian | 422 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 322 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 107 |
| &nbsp;&nbsp; **Total Liabilities** | 231853 |
| &nbsp;&nbsp; **Net Assets** | $49308358 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 41070901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 8233773 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $49308358 |

---

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 63

------

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($753,043 ÷ 56,526 shares of beneficial interest issued and outstanding) | $13.32 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($948,190 ÷ 71,051 shares of beneficial interest issued and outstanding) | $13.35 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,440,452 ÷ 107,864 shares of beneficial interest issued and outstanding) | $13.35 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($92,669 ÷ 6,932 shares of beneficial interest issued and outstanding) | $13.37 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($10,015,827 ÷ 748,857 shares of beneficial interest issued and outstanding) | $13.37 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($36,058,177 ÷ 2,692,806 shares of beneficial interest issued and outstanding) | $13.39 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $960083 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 3628 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 808 |
| &nbsp;&nbsp; Custodian and accounting fees | 29196 |
| &nbsp;&nbsp; Professional fees | 15617 |
| &nbsp;&nbsp; Registration fees(a) | 10778 |
| &nbsp;&nbsp; Audit fee | 10501 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $987)(a) | 9587 |
| &nbsp;&nbsp; Shareholders' reports | 8424 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5101 |
| &nbsp;&nbsp; Miscellaneous | 3836 |
| &nbsp;&nbsp; **Total expenses** | 103293 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (93453) |
| &nbsp;&nbsp; **Net expenses** | 9840 |
| &nbsp;&nbsp; Net investment income (loss) | 950243 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 391870 |
| &nbsp;&nbsp; Net capital gain distributions received | 1537928 |
| &nbsp;&nbsp; Payment from Manager | 13077 |
|  | 1942875 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1841868 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3784743 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4734986 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 1799 | 1139 | 690 |  |  |  |
|  Shareholder servicing fees | 162 | 55 | 557 | 34 |  |  |
|  Registration fees | 1571 | 2630 | 1619 | 1619 | 1619 | 1720 |
|  Transfer agent's fees and expenses | 366 | 507 | 880 | 121 | 6626 | 1087 |
|  Fee waiver and/or expense reimbursement | (2690) | (3939) | (4187) | (1854) | (21040) | (59743) |

---

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 65

------

PGIM Target Date 2040 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **January 31, 2026** | **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $950243 | $1152504 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1942875 | 795548 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1841868 | 2239655 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4734986 | 4187707 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (25521) | (10720) |
| &nbsp;&nbsp; Class R2 | (36996) | (47401) |
| &nbsp;&nbsp; Class R3 | (59347) | (140980) |
| &nbsp;&nbsp; Class R4 | (4219) | (11680) |
| &nbsp;&nbsp; Class R5 | (417450) | (1182285) |
| &nbsp;&nbsp; Class R6 | (1568138) | (4350226) |
|  | (2111671) | (5743292) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3915251 | 7370134 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2111633 | 5743066 |
| &nbsp;&nbsp; Cost of shares purchased | (3302531) | (8508653) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2724353 | 4604547 |
| &nbsp;&nbsp; Total increase (decrease) | 5347668 | 3048962 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 43960690 | 40911728 |
| &nbsp;&nbsp; End of period | $49308358 | $43960690 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.53 | $13.13 | $12.07 | $12.34 | $14.54 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.17 | 0.21 | 0.29 | 0.38 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.08 | 1.00 | 1.25 | 0.37 | (1.26) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.30 | 1.17 | 1.46 | 0.66 | (0.88) | 3.21 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.40) | (0.20) | (0.32) | (0.91) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.77) | (0.40) | (0.93) | (1.32) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.32 | $12.53 | $13.13 | $12.07 | $12.34 | $14.54 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.43% | 9.73% | 12.38% | 6.22% | (7.02)% | 28.07% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $753 | $697 | $65 | $52 | $39 | $34 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $714 | $185 | $58 | $44 | $37 | $28 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67 %<sup>(d)</sup> | 0.66% | 0.64 %<sup>(e)</sup> | 0.70% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.42 %<sup>(d)</sup> | 2.90% | 6.51% | 7.99% | 11.02% | 24.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.33 %<sup>(d)</sup> | 1.33% | 1.70% | 2.49% | 2.81% | 0.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 39% | 77% | 31% | 54% | 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 67

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.57 | $13.17 | $12.10 | $12.36 | $14.57 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.23 | 0.23 | 0.31 | 0.59 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.07 | 0.97 | 1.27 | 0.38 | (1.45) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.32 | 1.20 | 1.50 | 0.69 | (0.86) | 3.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.43) | (0.23) | (0.34) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (1.80) | (0.43) | (0.95) | (1.35) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.35 | $12.57 | $13.17 | $12.10 | $12.36 | $14.57 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.51% | 9.98% | 12.70% | 6.52% | (6.85)% | 28.40% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $948 | $847 | $342 | $238 | $169 | $5733 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $904 | $558 | $250 | $192 | $4165 | $4508 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(d)</sup> | 0.40% | 0.39 %<sup>(e)</sup> | 0.45% | 0.45% | 0.44% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.28 %<sup>(d)</sup> | 1.76% | 2.69% | 2.88% | 0.83% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.77 %<sup>(d)</sup> | 1.85% | 1.90% | 2.66% | 4.25% | 1.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 39% | 77% | 31% | 54% | 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.59 | $13.19 | $12.11 | $12.38 | $14.59 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.31 | 0.25 | 0.33 | 0.40 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.05 | 0.91 | 1.27 | 0.38 | (1.23) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.32 | 1.22 | 1.52 | 0.71 | (0.83) | 3.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.45) | (0.24) | (0.37) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (1.82) | (0.44) | (0.98) | (1.38) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.35 | $12.59 | $13.19 | $12.11 | $12.38 | $14.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.57% | 10.15% | 12.93% | 6.67% | (6.69)% | 28.52% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1440 | $1255 | $1062 | $722 | $627 | $3617 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1369 | $1092 | $845 | $641 | $662 | $2996 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.27 %<sup>(d)</sup> | 0.24% | 0.23 %<sup>(e)</sup> | 0.30% | 0.30% | 0.29% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.88 %<sup>(d)</sup> | 1.03% | 1.12% | 0.92% | 0.95% | 0.85% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.99 %<sup>(d)</sup> | 2.47% | 2.01% | 2.90% | 3.00% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 39% | 77% | 31% | 54% | 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 69

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.60 | $13.20 | $12.13 | $12.40 | $14.60 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.33 | 0.27 | 0.36 <sup>(b)</sup> | 0.42 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.07 | 0.90 | 1.26 | 0.36 <sup>(c)</sup> | (1.23) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.23 | 1.53 | 0.72 | (0.81) | 3.28 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.46) | (0.26) | (0.38) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.57) | (1.83) | (0.46) | (0.99) | (1.39) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.37 | $12.60 | $13.20 | $12.13 | $12.40 | $14.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 10.75% | 10.25% | 12.93% | 6.77% | (6.53)% | 28.61% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $93 | $93 | $84 | $67 | $50 | $34 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $97 | $88 | $73 | $59 | $42 | $26 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.17 %<sup>(f)</sup> | 0.14% | 0.14 %<sup>(g)</sup> | 0.20% | 0.20% | 0.19% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.97 %<sup>(f)</sup> | 4.36% | 4.79% | 5.64% | 9.44% | 26.10% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.06 %<sup>(f)</sup> | 2.61% | 2.17% | 3.08% | 3.13% | 1.25% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 28% | 39% | 77% | 31% | 54% | 41% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.62 | $13.21 | $12.14 | $12.41 | $14.61 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.34 | 0.28 | 0.36 | 0.47 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.07 | 0.92 | 1.26 | 0.37 | (1.27) | 3.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.26 | 1.54 | 0.73 | (0.80) | 3.30 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.48) | (0.27) | (0.39) | (0.99) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.59) | (1.85) | (0.47) | (1.00) | (1.40) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.37 | $12.62 | $13.21 | $12.14 | $12.41 | $14.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.67% | 10.43% | 13.03% | 6.89% | (6.43)% | 28.81% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10016 | $9120 | $8454 | $7404 | $6697 | $7393 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9614 | $8718 | $7708 | $6691 | $7073 | $6748 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.07 %<sup>(d)</sup> | 0.04% | 0.04 %<sup>(e)</sup> | 0.10% | 0.10% | 0.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(d)</sup> | 0.56% | 0.61% | 0.56% | 0.46% | 0.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.07 %<sup>(d)</sup> | 2.73% | 2.29% | 3.10% | 3.43% | 1.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 39% | 77% | 31% | 54% | 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 71

------

PGIM Target Date 2040 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.64 | $13.23 | $12.15 | $12.42 | $14.63 | $11.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.35 | 0.31 | 0.39 <sup>(b)</sup> | 0.49 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.08 | 0.92 | 1.25 | 0.36 <sup>(c)</sup> | (1.27) | 3.13 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.35 | 1.27 | 1.56 | 0.75 | (0.78) | 3.33 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.49) | (0.28) | (0.41) | (1.02) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.60) | (1.86) | (0.48) | (1.02) | (1.43) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.39 | $12.64 | $13.23 | $12.15 | $12.42 | $14.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 10.81% | 10.58% | 13.25% | 7.06% | (6.35)% | 29.05% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $36058 | $31949 | $30905 | $37993 | $37802 | $43332 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $33558 | $31731 | $32313 | $36923 | $45103 | $41893 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(f)</sup> | 0.00% | 0.01 %<sup>(g)</sup> | 0.00 %<sup>(h)</sup> | 0.00 %<sup>(h)</sup> | 0.00 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(f)(i)</sup> | 0.00 %<sup>(i)</sup> | 0.01 %<sup>(g)(i)</sup> | (0.05)% | (0.05)% | (0.06)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.35 %<sup>(f)</sup> | 0.39% | 0.42% | 0.38% | 0.27% | 0.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.10 %<sup>(f)</sup> | 2.75% | 2.52% | 3.33% | 3.58% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(j)</sup>  | 28% | 39% | 77% | 31% | 54% | 41% |

---

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

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

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(h) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(i) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 8.8%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $3,256,397) | 77264 | $3255905 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 91.1%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 53.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 127279 | 1921914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 317414 | 15353336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 235764 | 2411870 |
|  |  | 19687120 |
| &nbsp;&nbsp; **Fixed Income 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 72966 | 636261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 102575 | 789826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 114871 | 966063 |
|  |  | 2392150 |
| &nbsp;&nbsp; **International Equity 31.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 86732 | 1854328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 154475 | 2239885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 423365 | 7459694 |
|  |  | 11553907 |
| &nbsp;&nbsp; T**OTAL AFFILIATED MUTUAL FUNDS**<br> (cost $26,445,972) |  | 33633177 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $29,702,369) |  | 36889082 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $57,515) | 57515 | 57515 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $29,759,884)(wa) |  | 36946597 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (26611) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36919986 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 73

------

PGIM Target Date 2045 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income. | $3255905 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity. | 19687120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income. | 2392150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 11553907 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 57515 | <u>—</u> | <u>—</u> |
|  **Total** | $**36946597** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  Domestic Equity | 53.3 | Fixed Income | 15.3% |
|  International Equity | 31.3 | Short-Term | 0.2 |
|  |  |  | 100.1 |
|  |  | Liabilities in excess of other assets | (0.1) |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $29,759,884) | $36946597 |
| &nbsp;&nbsp; Receivable for investments sold | 135222 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 28195 |
| &nbsp;&nbsp; Due from Manager | 18184 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1187 |
| &nbsp;&nbsp; **Total Assets** | 37129385 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 140881 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 23715 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18211 |
| &nbsp;&nbsp; Professional fees payable | 10700 |
| &nbsp;&nbsp; Audit fee payable | 10501 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 3807 |
| &nbsp;&nbsp; Trustees' fees payable | 804 |
| &nbsp;&nbsp; Distribution fee payable | 432 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 348 |
| &nbsp;&nbsp; **Total Liabilities** | 209399 |
| &nbsp;&nbsp; **Net Assets** | $36919986 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 30083205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6834031 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $36919986 |

---

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 75

------

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($204,940 ÷ 15,329 shares of beneficial interest issued and outstanding) | $13.37 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,370,758 ÷ 102,519 shares of beneficial interest issued and outstanding) | $13.37 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($298,813 ÷ 22,334 shares of beneficial interest issued and outstanding) | $13.38 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($63,417 ÷ 4,743 shares of beneficial interest issued and outstanding) | $13.37 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,975,183 ÷ 147,402 shares of beneficial interest issued and outstanding) | $13.40 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($33,006,875 ÷ 2,457,881 shares of beneficial interest issued and outstanding) | $13.43 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $699404 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2402 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 128 |
| &nbsp;&nbsp; Custodian and accounting fees | 29069 |
| &nbsp;&nbsp; Professional fees | 15646 |
| &nbsp;&nbsp; Registration fees(a) | 11799 |
| &nbsp;&nbsp; Audit fee | 10501 |
| &nbsp;&nbsp; Shareholders' reports | 8277 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5027 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,037)(a) | 3158 |
| &nbsp;&nbsp; Miscellaneous | 3520 |
| &nbsp;&nbsp; **Total expenses** | 95344 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (90952) |
| &nbsp;&nbsp; **Net expenses** | 4392 |
| &nbsp;&nbsp; Net investment income (loss) | 695012 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 154178 |
| &nbsp;&nbsp; Net capital gain distributions received | 1283794 |
| &nbsp;&nbsp; Payment from Manager | 13768 |
|  | 1451740 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1629276 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3081016 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3776028 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 692 | 1626 | 84 |  |  |  |
|  Shareholder servicing fees | 53 | 13 | 45 | 17 |  |  |
|  Registration fees | 1569 | 2890 | 1569 | 1570 | 1570 | 2631 |
|  Transfer agent's fees and expenses | 139 | 539 | 113 | 91 | 1212 | 1064 |
|  Fee waiver and/or expense reimbursement | (2168) | (5353) | (1968) | (1767) | (6310) | (73386) |

---

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 77

------

PGIM Target Date 2045 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br><u>January 31, 2026</u>** | **Year Ended<br>J<u>uly 31, 2025</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $695012 | $713691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1451740 | 703679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1629276 | 1658045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3776028 | 3075415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (9656) | (5014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (48381) | (66672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (10739) | (4262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2388) | (7245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (72294) | (176396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1343705) | (3526103) |
|  | (1487163) | (3785692) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 4076119 | 7536911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1487163 | 3785298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (2213968) | (5869279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3349314 | 5452930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 5638179 | 4742653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 31281807 | 26539154 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $36919986 | $31281807 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.42 | $12.98 | $11.84 | $11.79 | $14.56 | $11.34 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.15 | 0.18 | 0.25 | 0.32 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.18 | 1.05 | 1.33 | 0.53 | (1.25) | 3.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 1.20 | 1.51 | 0.78 | (0.93) | 3.41 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.38) | (0.18) | (0.17) | (0.90) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.46) | (1.76) | (0.37) | (0.73) | (1.84) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.37 | $12.42 | $12.98 | $11.84 | $11.79 | $14.56 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.41% | 10.23% | 13.12% | 7.45% | (7.75)% | 30.36% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $205 | $273 | $19 | $16 | $15 | $19 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $275 | $73 | $17 | $15 | $18 | $17 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.66 %<sup>(d)</sup> | 0.64% | 0.63 %<sup>(e)</sup> | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.23 %<sup>(d)</sup> | 5.70% | 18.92% | 20.73% | 21.60% | 40.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.46 %<sup>(d)</sup> | 1.20% | 1.48% | 2.23% | 2.44% | 0.69% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 79

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.44 | $13.01 | $11.86 | $11.81 | $14.59 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.19 | 0.17 | 0.26 | 0.33 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.18 | 1.04 | 1.38 | 0.55 | (1.24) | 3.34 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.42 | 1.23 | 1.55 | 0.81 | (0.91) | 3.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.42) | (0.21) | (0.20) | (0.93) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (1.80) | (0.40) | (0.76) | (1.87) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.37 | $12.44 | $13.01 | $11.86 | $11.81 | $14.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.52% | 10.48% | 13.47% | 7.73% | (7.56)% | 30.67% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1371 | $1203 | $1012 | $374 | $316 | $341 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1290 | $870 | $660 | $326 | $369 | $235 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(d)</sup> | 0.38% | 0.36 %<sup>(e)</sup> | 0.43% | 0.43% | 0.43% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.23 %<sup>(d)</sup> | 1.67% | 2.03% | 2.22% | 2.07% | 3.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.70 %<sup>(d)</sup> | 1.52% | 1.36% | 2.37% | 2.53% | 0.83% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.46 | $13.02 | $11.87 | $11.82 | $14.60 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.40 | 0.20 | 0.23 | 0.34 | 0.07 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.03 | 1.05 | 1.34 | 0.49 | (0.96) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 1.25 | 1.57 | 0.83 | (0.89) | 3.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.43) | (0.23) | (0.22) | (0.95) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.81) | (0.42) | (0.78) | (1.89) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.38 | $12.46 | $13.02 | $11.87 | $11.82 | $14.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.56% | 10.70% | 13.61% | 7.90% | (7.43)% | 30.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $299 | $122 | $31 | $27 | $36 | $12568 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $167 | $59 | $28 | $30 | $301 | $10686 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26 %<sup>(d)</sup> | 0.24% | 0.22 %<sup>(e)</sup> | 0.28% | 0.28% | 0.28% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.60 %<sup>(d)</sup> | 6.41% | 11.84% | 10.50% | 2.13% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.01 %<sup>(d)</sup> | 1.63% | 1.89% | 3.08% | 0.58% | 1.07% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 81

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.46 | $13.02 | $11.87 | $11.83 | $14.61 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.31 | 0.23 | 0.27 | 0.38 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.17 | 0.96 | 1.35 | 0.56 | (1.25) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 1.27 | 1.58 | 0.83 | (0.87) | 3.49 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.45) | (0.24) | (0.23) | (0.97) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (1.83) | (0.43) | (0.79) | (1.91) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.37 | $12.46 | $13.02 | $11.87 | $11.83 | $14.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.61% | 10.81% | 13.73% | 7.93% | (7.31)% | 31.03% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $63 | $57 | $51 | $61 | $46 | $42 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $60 | $55 | $48 | $48 | $42 | $37 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16 %<sup>(d)</sup> | 0.13% | 0.13 %<sup>(e)</sup> | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.98 %<sup>(d)</sup> | 6.82% | 7.22% | 8.10% | 9.50% | 18.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.94 %<sup>(d)</sup> | 2.47% | 1.93% | 2.38% | 2.88% | 1.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.49 | $13.05 | $11.90 | $11.85 | $14.63 | $11.39 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.31 | 0.26 | 0.32 | 0.39 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.18 | 0.97 | 1.33 | 0.54 | (1.25) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.45 | 1.28 | 1.59 | 0.86 | (0.86) | 3.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.46) | (0.25) | (0.25) | (0.98) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (1.84) | (0.44) | (0.81) | (1.92) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.40 | $12.49 | $13.05 | $11.90 | $11.85 | $14.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.68% | 10.91% | 13.80% | 8.13% | (7.20)% | 31.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1975 | $1610 | $1248 | $970 | $786 | $650 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1778 | $1351 | $1074 | $812 | $703 | $525 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06 %<sup>(d)</sup> | 0.03% | 0.03 %<sup>(e)</sup> | 0.08% | 0.08% | 0.08% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.76 %<sup>(d)</sup> | 0.96% | 1.07% | 1.06% | 1.11% | 1.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.05 %<sup>(d)</sup> | 2.51% | 2.13% | 2.83% | 2.96% | 1.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 83

------

PGIM Target Date 2045 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.52 | $13.08 | $11.92 | $11.87 | $14.66 | $11.41 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.32 | 0.28 | 0.34 | 0.42 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.19 | 0.98 | 1.34 | 0.53 | (1.27) | 3.35 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.46 | 1.30 | 1.62 | 0.87 | (0.85) | 3.53 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.48) | (0.27) | (0.26) | (1.00) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.55) | (1.86) | (0.46) | (0.82) | (1.94) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.43 | $12.52 | $13.08 | $11.92 | $11.87 | $14.66 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.81% | 11.04% | 14.01% | 8.28% | (7.12)% | 31.31% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $33007 | $28017 | $24178 | $32334 | $29859 | $32739 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $30471 | $25941 | $26064 | $29647 | $34127 | $28077 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00<sup></sup> %<sup>(d)</sup> | 0.00% | 0.01 %<sup>(e)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00<sup></sup> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.01 %<sup>(e)(g)</sup> | (0.07)% | (0.07)% | (0.07)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.48<sup></sup> %<sup>(d)</sup> | 0.57% | 0.61% | 0.53% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.06<sup></sup> %<sup>(d)</sup> | 2.56% | 2.38% | 3.02% | 3.17% | 1.40% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 24% | 40% | 79% | 29% | 50% | 38% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 7.5%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $1,820,432) | 43193 | $1820153 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 92.4%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 55.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 94142 | 1421551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 211647 | 10237371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 184299 | 1885382 |
|  |  | 13544304 |
| &nbsp;&nbsp; **Fixed Income 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 61501 | 473556 |
| &nbsp;&nbsp; **International Equity 34.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 57170 | 1222287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 132572 | 1922287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 301657 | 5315202 |
|  |  | 8459776 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $17,602,449) |  | 22477636 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $19,422,881) |  | 24297789 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $49,458) | 49458 | 49458 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $19,472,339)(wa) |  | 24347247 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (28358) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24318889 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $1820153 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 13544304 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 473556 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 85

------

PGIM Target Date 2050 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | $8459776 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 49458 | <u>—</u> | <u>—</u> |
|  **Total** | $**24347247** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 55.7 | % |
|  International Equity | 34.8 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 9.4% |
|  Short-Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $19,472,339) | $24347247 |
| &nbsp;&nbsp; Receivable for investments sold | 85865 |
| &nbsp;&nbsp; Due from Manager | 17388 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 15556 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 999 |
| &nbsp;&nbsp; **Total Assets** | 24467055 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 100315 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 17928 |
| &nbsp;&nbsp; Professional fees payable | 12689 |
| &nbsp;&nbsp; Audit fee payable | 10489 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 5186 |
| &nbsp;&nbsp; Trustees' fees payable | 861 |
| &nbsp;&nbsp; Distribution fee payable | 340 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 334 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 24 |
| &nbsp;&nbsp; **Total Liabilities** | 148166 |
| &nbsp;&nbsp; **Net Assets** | $24318889 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 19481319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4835817 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $24318889 |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 87

------

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($262,061 ÷ 19,020 shares of beneficial interest issued and outstanding) | $13.78 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($644,236 ÷ 46,562 shares of beneficial interest issued and outstanding) | $13.84 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,093,555 ÷ 79,127 shares of beneficial interest issued and outstanding) | $13.82 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($134,490 ÷ 9,747 shares of beneficial interest issued and outstanding) | $13.80 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,778,957 ÷ 200,762 shares of beneficial interest issued and outstanding) | $13.84 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($19,405,590 ÷ 1,397,321 shares of beneficial interest issued and outstanding) | $13.89 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $436871 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2222 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 824 |
| &nbsp;&nbsp; Custodian and accounting fees | 28632 |
| &nbsp;&nbsp; Professional fees | 17285 |
| &nbsp;&nbsp; Audit fee | 10489 |
| &nbsp;&nbsp; Registration fees(a) | 9682 |
| &nbsp;&nbsp; Shareholders' reports | 7767 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 5005 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,011)(a) | 4916 |
| &nbsp;&nbsp; Miscellaneous | 3280 |
| &nbsp;&nbsp; **Total expenses** | 95919 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (91186) |
| &nbsp;&nbsp; **Net expenses** | 4733 |
| &nbsp;&nbsp; Net investment income (loss) | 432138 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 204098 |
| &nbsp;&nbsp; Net capital gain distributions received | 843518 |
| &nbsp;&nbsp; Payment from Manager | 8097 |
|  | 1055713 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1095631 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2151344 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2583482 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 849 | 725 | 648 |  |  |  |
|  Shareholder servicing fees | 90 | 30 | 651 | 53 |  |  |
|  Registration fees | 1584 | 1660 | 1584 | 1584 | 1584 | 1686 |
|  Transfer agent's fees and expenses | 245 | 584 | 1073 | 153 | 1918 | 943 |
|  Fee waiver and/or expense reimbursement | (2889) | (3911) | (7003) | (2154) | (12309) | (62920) |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 89

------

PGIM Target Date 2050 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **January 31, 2026** | **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $432138 | $415797 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1055713 | 423632 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1095631 | 1218466 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2583482 | 2057895 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (9873) | (16936) |
| &nbsp;&nbsp; Class R2 | (22609) | (75604) |
| &nbsp;&nbsp; Class R3 | (42144) | (4042) |
| &nbsp;&nbsp; Class R4 | (5340) | (20317) |
| &nbsp;&nbsp; Class R5 | (110662) | (335350) |
| &nbsp;&nbsp; Class R6 | (816658) | (2243528) |
|  | (1007286) | (2695777) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3880194 | 6145639 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1007286 | 2695777 |
| &nbsp;&nbsp; Cost of shares purchased | (2399715) | (3427246) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2487765 | 5414170 |
| &nbsp;&nbsp; Total increase (decrease) | 4063961 | 4776288 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 20254928 | 15478640 |
| &nbsp;&nbsp; End of period | $24318889 | $20254928 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.74 | $13.64 | $12.38 | $12.32 | $14.87 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.19 | 0.16 | 0.23 | 0.30 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.34 | 1.10 | 1.51 | 0.71 | (1.36) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.54 | 1.29 | 1.67 | 0.94 | (1.06) | 3.58 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.42) | (0.21) | (0.15) | (0.91) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (2.19) | (0.41) | (0.88) | (1.49) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.78 | $12.74 | $13.64 | $12.38 | $12.32 | $14.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.20% | 10.69% | 13.87% | 8.56% | (8.23)% | 31.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $262 | $356 | $97 | $59 | $47 | $44 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $337 | $140 | $69 | $50 | $46 | $37 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.65 %<sup>(d)</sup> | 0.63% | 0.62 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.68% | 0.67% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.35 %<sup>(d)</sup> | 3.95% | 5.93% | 7.54% | 9.34% | 18.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.92 %<sup>(d)</sup> | 1.50% | 1.26% | 1.98% | 2.18% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 91

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.81 | $13.70 | $12.43 | $12.36 | $14.90 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.27 | 0.20 | 0.25 | 0.50 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.32 | 1.05 | 1.51 | 0.71 | (1.51) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.57 | 1.32 | 1.71 | 0.96 | (1.01) | 3.62 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.44) | (0.24) | (0.16) | (0.95) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (2.21) | (0.44) | (0.89) | (1.53) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.84 | $12.81 | $13.70 | $12.43 | $12.36 | $14.90 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.36% | 10.92% | 14.17% | 8.80% | (7.92)% | 31.72% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $644 | $532 | $455 | $444 | $337 | $5209 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $576 | $494 | $452 | $370 | $3647 | $4026 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40 %<sup>(d)</sup> | 0.37% | 0.37 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> | 0.43% | 0.42% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.75 %<sup>(d)</sup> | 1.99% | 2.60% | 2.81% | 1.15% | 1.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.72 %<sup>(d)</sup> | 2.10% | 1.56% | 2.15% | 3.51% | 0.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.80 | $13.71 | $12.44 | $12.38 | $14.93 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.07 | 0.21 | 0.28 | 0.06 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.35 | 1.27 | 1.52 | 0.70 | (1.06) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.57 | 1.34 | 1.73 | 0.98 | (1.00) | 3.64 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.48) | (0.26) | (0.19) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.55) | (2.25) | (0.46) | (0.92) | (1.55) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.82 | $12.80 | $13.71 | $12.44 | $12.38 | $14.93 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.41% | 11.09% | 14.31% | 8.99% | (7.83)% | 31.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1094 | $1543 | $25 | $19 | $15 | $4071 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1285 | $453 | $21 | $16 | $81 | $3123 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25 %<sup>(d)</sup> | 0.25% | 0.22 %<sup>(e)</sup> | 0.28 %<sup>(e)</sup> | 0.27% | 0.27% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.33 %<sup>(d)</sup> | 1.92% | 15.59% | 19.74% | 5.80% | 1.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.19 %<sup>(d)</sup> | 0.59% | 1.69% | 2.37% | 0.52% | 0.97% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 93

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.79 | $13.69 | $12.42 | $12.36 | $14.91 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.31 | 0.23 | 0.28 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.31 | 1.05 | 1.51 | 0.72 | (1.12) | 3.50 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 1.36 | 1.74 | 1.00 | (0.99) | 3.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.49) | (0.27) | (0.21) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.57) | (2.26) | (0.47) | (0.94) | (1.56) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.80 | $12.79 | $13.69 | $12.42 | $12.36 | $14.91 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.48% | 11.22% | 14.45% | 9.12% | (7.79)% | 32.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $134 | $120 | $123 | $100 | $89 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $127 | $127 | $108 | $95 | $59 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15 %<sup>(d)</sup> | 0.12% | 0.12 %<sup>(e)</sup> | 0.18 %<sup>(e)</sup> | 0.18% | 0.17% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.50 %<sup>(d)</sup> | 3.68% | 3.95% | 4.14% | 7.09% | 43.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.00 %<sup>(d)</sup> | 2.42% | 1.80% | 2.43% | 0.98% | 1.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.83 | $13.72 | $12.45 | $12.39 | $14.94 | $11.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.31 | 0.23 | 0.30 | 0.39 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.31 | 1.06 | 1.52 | 0.71 | (1.36) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.59 | 1.37 | 1.75 | 1.01 | (0.97) | 3.67 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.49) | (0.28) | (0.22) | (1.00) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.58) | (2.26) | (0.48) | (0.95) | (1.58) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.84 | $12.83 | $13.72 | $12.45 | $12.39 | $14.94 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.54% | 11.31% | 14.52% | 9.22% | (7.63)% | 32.13% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2779 | $2581 | $1967 | $1446 | $1170 | $1149 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2628 | $2214 | $1729 | $1226 | $1196 | $950 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c</sup><sup>)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.05 %<sup>(d)</sup> | 0.02% | 0.02 %<sup>(e)</sup> | 0.08 %<sup>(e)</sup> | 0.08% | 0.07% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98 %<sup>(d)</sup> | 1.16% | 1.37% | 1.20% | 1.03% | 1.44% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.03 %<sup>(d)</sup> | 2.42% | 1.86% | 2.55% | 2.87% | 1.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 95

------

PGIM Target Date 2050 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.88 | $13.77 | $12.48 | $12.43 | $14.98 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.32 | 0.29 | 0.33 | 0.41 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.33 | 1.07 | 1.50 | 0.69 | (1.36) | 3.52 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.61 | 1.39 | 1.79 | 1.02 | (0.95) | 3.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.51) | (0.30) | (0.24) | (1.02) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.27) | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.60) | (2.28) | (0.50) | (0.97) | (1.60) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.89 | $12.88 | $13.77 | $12.48 | $12.43 | $14.98 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.65% | 11.43% | 14.81% | 9.29% | (7.47)% | 32.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19406 | $15122 | $12813 | $20189 | $18346 | $18291 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $16712 | $14004 | $15264 | $18311 | $20531 | $17795 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.02 %<sup>(e)</sup> | 0.00 %<sup>(e)(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.02 %<sup>(e)(g)</sup> | (0.07)%<sup>(e)</sup> | (0.07)% | (0.08)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(d)</sup> | 0.95% | 0.94% | 0.81% | 0.58% | 0.63% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.03 %<sup>(d)</sup> | 2.46% | 2.32% | 2.81% | 2.98% | 1.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 28% | 37% | 84% | 26% | 59% | 39% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 4.3%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $572,108) | 13574 | $572009 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 95.6%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 57.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 54026 | 815798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 114519 | 5539275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 111713 | 1142819 |
|  |  | 7497892 |
| &nbsp;&nbsp; **International Equity 38.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 30918 | 661018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 87218 | 1264668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 178472 | 3144678 |
|  |  | 5070364 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $9,956,349) |  | 12568256 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,528,457) |  | 13140265 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $41,067) | 41067 | 41067 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br>(cost $10,569,524)(wa) |  | 13181332 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (30348) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150984 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $572009 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 7497892 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 5070364 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 97

------

PGIM Target Date 2055 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $41067 | $— | $— |
|  **Total** | $**13181332** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 57.0 | % |
|  International Equity | 38.6 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 4.3% |
|  Short-Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $10,569,524) | $13181332 |
| &nbsp;&nbsp; Receivable for investments sold | 93358 |
| &nbsp;&nbsp; Due from Manager | 16323 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 11256 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 915 |
| &nbsp;&nbsp; **Total Assets** | 13303184 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 93818 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 17602 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 13159 |
| &nbsp;&nbsp; Professional fees payable | 12304 |
| &nbsp;&nbsp; Audit fee payable | 10489 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 3543 |
| &nbsp;&nbsp; Trustees' fees payable | 777 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 322 |
| &nbsp;&nbsp; Distribution fee payable | 186 |
| &nbsp;&nbsp; **Total Liabilities** | 152200 |
| &nbsp;&nbsp; **Net Assets** | $13150984 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 10497383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2652573 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $13150984 |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 99

------

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($186,625 ÷ 14,781 shares of beneficial interest issued and outstanding) | $12.63 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($413,875 ÷ 32,605 shares of beneficial interest issued and outstanding) | $12.69 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($262,456 ÷ 20,625 shares of beneficial interest issued and outstanding) | $12.72 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($76,086 ÷ 5,971 shares of beneficial interest issued and outstanding) | $12.74 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,235,375 ÷ 96,644 shares of beneficial interest issued and outstanding) | $12.78 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($10,976,567 ÷ 857,272 shares of beneficial interest issued and outstanding) | $12.80 |
| &nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $241270 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1024 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 111 |
| &nbsp;&nbsp; Custodian and accounting fees | 28722 |
| &nbsp;&nbsp; Professional fees | 16978 |
| &nbsp;&nbsp; Registration fees(a) | 10539 |
| &nbsp;&nbsp; Audit fee | 10489 |
| &nbsp;&nbsp; Shareholders' reports | 7175 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 4857 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $971)(a) | 2659 |
| &nbsp;&nbsp; Miscellaneous | 3246 |
| &nbsp;&nbsp; **Total expenses** | 91617 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89748) |
| &nbsp;&nbsp; **Net expenses** | 1869 |
| &nbsp;&nbsp; Net investment income (loss) | 239401 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 39573 |
| &nbsp;&nbsp; Net capital gain distributions received | 509278 |
| &nbsp;&nbsp; Payment from Manager | 5164 |
|  | 554015 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 648888 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1202903 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1442304 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 454 | 481 | 89 |  |  |  |
|  Shareholder servicing fees | 29 |  | 61 | 21 |  |  |
|  Registration fees | 1584 | 2517 | 1584 | 1584 | 1584 | 1686 |
|  Transfer agent's fees and expenses | 115 | 465 | 161 | 105 | 881 | 932 |
|  Fee waiver and/or expense reimbursement | (2808) | (5262) | (2857) | (2141) | (10185) | (66495) |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 101

------

PGIM Target Date 2055 Fund

Statements of Changes in Net Assets (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**January 31, 2026** | **Year Ended**<br> **July 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $239401 | $208311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 554015 | 233052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 648888 | 594397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1442304 | 1035760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (6375) | (2413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (15695) | (36066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (6701) | (11336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2896) | (6939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (46675) | (103117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (479896) | (915475) |
|  | (558238) | (1075346) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3677723 | 3103007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 557349 | 1075346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (2026368) | (2386852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2208704 | 1791501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 3092770 | 1751915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10058214 | 8306299 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $13150984 | $10058214 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.59 | $11.81 | $10.65 | $10.28 | $14.78 | $11.33 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.09 | 0.13 | 0.19 | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.27 | 1.09 | 1.33 | 0.68 | (1.10) | 3.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.48 | 1.18 | 1.46 | 0.87 | (0.84) | 3.66 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.26) | (0.30) | (0.03) | (0.91) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (1.40) | (0.30) | (0.50) | (3.66) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.63 | $11.59 | $11.81 | $10.65 | $10.28 | $14.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.85% | 10.96% | 14.00% | 9.11% | (8.47)% | 32.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $187 | $181 | $19 | $18 | $17 | $18 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $180 | $45 | $19 | $16 | $18 | $16 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.64 %<sup>(d)</sup> | 0.63% | 0.65 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.67% | 0.66% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.73 %<sup>(d)</sup> | 9.65% | 18.00% | 21.35% | 22.90% | 42.22% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.42 %<sup>(d)</sup> | 0.77% | 1.22% | 1.97% | 2.17% | 0.57% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 103

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.67 | $11.89 | $10.71 | $10.31 | $14.82 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.20 | 0.11 | 0.22 | 0.29 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.24 | 1.02 | 1.39 | 0.68 | (1.11) | 3.60 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.49 | 1.22 | 1.50 | 0.90 | (0.82) | 3.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.30) | (0.32) | (0.03) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.44) | (0.32) | (0.50) | (3.69) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.69 | $11.67 | $11.89 | $10.71 | $10.31 | $14.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.91% | 11.23% | 14.37% | 9.38% | (8.28)% | 32.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $414 | $349 | $721 | $253 | $278 | $305 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $382 | $390 | $452 | $229 | $311 | $188 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(d)</sup> | 0.36% | 0.39 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> | 0.42% | 0.41% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.13 %<sup>(d)</sup> | 3.55% | 4.07% | 4.86% | 4.25% | 6.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.00 %<sup>(d)</sup> | 1.70% | 0.99% | 2.21% | 2.40% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.70 | $11.91 | $10.73 | $10.32 | $14.82 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.23 | 0.17 | 0.16 | 0.02 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.28 | 1.01 | 1.35 | 0.75 | (0.80) | 3.59 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 1.24 | 1.52 | 0.91 | (0.78) | 3.72 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.31) | (0.34) | (0.03) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (1.45) | (0.34) | (0.50) | (3.72) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.72 | $11.70 | $11.91 | $10.73 | $10.32 | $14.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.03% | 11.39% | 14.48% | 9.47% | (8.03)% | 33.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $262 | $155 | $84 | $43 | $15 | $7549 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $176 | $109 | $59 | $22 | $166 | $6237 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.24 %<sup>(d)</sup> | 0.22% | 0.25 %<sup>(e)</sup> | 0.29 %<sup>(e)</sup> | 0.25% | 0.26% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.45 %<sup>(d)</sup> | 5.03% | 7.37% | 15.85% | 3.82% | 1.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.69 %<sup>(d)</sup> | 1.98% | 1.50% | 1.61% | 0.15% | 0.95% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 105

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.73 | $11.93 | $10.75 | $10.33 | $14.84 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.26 | 0.18 | 0.25 | 0.31 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.26 | 1.00 | 1.35 | 0.67 | (1.09) | 3.60 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.51 | 1.26 | 1.53 | 0.92 | (0.78) | 3.74 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.32) | (0.35) | (0.03) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.46) | (0.35) | (0.50) | (3.73) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.74 | $11.73 | $11.93 | $10.75 | $10.33 | $14.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.03% | 11.60% | 14.59% | 9.56% | (8.01)% | 33.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $76 | $67 | $55 | $39 | $20 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $72 | $60 | $45 | $29 | $18 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.14 %<sup>(d)</sup> | 0.11% | 0.15 %<sup>(e)</sup> | 0.18 %<sup>(e)</sup> | 0.17% | 0.16% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 6.04 %<sup>(d)</sup> | 7.25% | 8.72% | 12.52% | 22.13% | 43.43% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.95 %<sup>(d)</sup> | 2.26% | 1.68% | 2.48% | 2.54% | 1.07% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.77 | $11.97 | $10.78 | $10.35 | $14.86 | $11.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.27 | 0.19 | 0.24 | 0.34 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.27 | 1.00 | 1.36 | 0.69 | (1.11) | 3.61 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.53 | 1.27 | 1.55 | 0.93 | (0.77) | 3.76 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.33) | (0.36) | (0.03) | (0.99) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (1.47) | (0.36) | (0.50) | (3.74) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.78 | $11.77 | $11.97 | $10.78 | $10.35 | $14.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.08% | 11.69% | 14.75% | 9.64% | (7.88)% | 33.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1235 | $1103 | $786 | $565 | $367 | $247 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1187 | $906 | $674 | $447 | $317 | $188 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.04 %<sup>(d)</sup> | 0.02% | 0.05 %<sup>(e)</sup> | 0.08 %<sup>(e)</sup> | 0.07% | 0.06% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.74 %<sup>(d)</sup> | 2.21% | 2.77% | 2.95% | 2.87% | 4.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.20 %<sup>(d)</sup> | 2.34% | 1.76% | 2.45% | 2.79% | 1.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 107

------

PGIM Target Date 2055 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.79 | $11.99 | $10.80 | $10.34 | $14.86 | $11.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.27 | 0.24 | 0.28 | 0.37 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.28 | 1.02 | 1.32 | 0.68 | (1.12) | 3.61 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.54 | 1.29 | 1.56 | 0.96 | (0.75) | 3.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.35) | (0.37) | (0.03) | (1.02) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (1.49) | (0.37) | (0.50) | (3.77) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.80 | $11.79 | $11.99 | $10.80 | $10.34 | $14.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.22% | 11.79% | 14.89% | 9.95% | (7.82)% | 33.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10977 | $8202 | $6641 | $8151 | $6382 | $7681 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9601 | $7614 | $6770 | $6741 | $8322 | $7616 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.05 %<sup>(e)</sup> | 0.00 %<sup>(e)(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.05 %<sup>(e)(g)</sup> | (0.07)%<sup>(e)</sup> | (0.08)% | (0.09)% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.37 %<sup>(d)</sup> | 1.79% | 2.06% | 2.12% | 1.57% | 1.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.11 %<sup>(d)</sup> | 2.32% | 2.22% | 2.76% | 3.01% | 1.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 28% | 43% | 97% | 29% | 60% | 37% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 3.2%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $408,398) | 9690 | $408337 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 96.7%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 56.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 54666 | 825450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 108035 | 5225653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 114443 | 1170753 |
|  |  | 7221856 |
| &nbsp;&nbsp; **International Equity 40.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 30217 | 646047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 91011 | 1319661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 184042 | 3242825 |
|  |  | 5208533 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $9,939,791) |  | 12430389 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,348,189) |  | 12838726 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $40,970) | 40970 | 40970 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br> (cost $10,389,159)(wa) |  | 12879696 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (29883) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12849813 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $408337 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 7221856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 5208533 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 109

------

PGIM Target Date 2060 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $40970 | $— | $— |
|  **Total** | $**12879696** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 56.2 | % |
|  International Equity | 40.5 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 3.2% |
|  Short-Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $10,389,159) | $12879696 |
| &nbsp;&nbsp; Receivable for investments sold | 91433 |
| &nbsp;&nbsp; Due from Manager | 16252 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 15853 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 916 |
| &nbsp;&nbsp; **Total Assets** | 13004150 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 108870 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 17474 |
| &nbsp;&nbsp; Professional fees payable | 12262 |
| &nbsp;&nbsp; Audit fee payable | 10491 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 3912 |
| &nbsp;&nbsp; Trustees' fees payable | 777 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 318 |
| &nbsp;&nbsp; Distribution fee payable | 203 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 30 |
| &nbsp;&nbsp; **Total Liabilities** | 154337 |
| &nbsp;&nbsp; **Net Assets** | $12849813 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 10328505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2520510 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $12849813 |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 111

------

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($228,528 ÷ 14,289 shares of beneficial interest issued and outstanding) | $15.99 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($456,448 ÷ 28,432 shares of beneficial interest issued and outstanding) | $16.05 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($118,860 ÷ 7,398 shares of beneficial interest issued and outstanding) | $16.07 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($44,900 ÷ 2,793 shares of beneficial interest issued and outstanding) | $16.07 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,600,908 ÷ 99,489 shares of beneficial interest issued and outstanding) | $16.09 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($10,400,169 ÷ 645,148 shares of beneficial interest issued and outstanding) | $16.12 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $230644 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1221 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 94 |
| &nbsp;&nbsp; Custodian and accounting fees | 28795 |
| &nbsp;&nbsp; Professional fees | 16935 |
| &nbsp;&nbsp; Audit fee | 10487 |
| &nbsp;&nbsp; Registration fees(a) | 10332 |
| &nbsp;&nbsp; Shareholders' reports | 7243 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 4857 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $952)(a) | 2919 |
| &nbsp;&nbsp; Miscellaneous | 3247 |
| &nbsp;&nbsp; **Total expenses** | 91947 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89874) |
| &nbsp;&nbsp; **Net expenses** | 2073 |
| &nbsp;&nbsp; Net investment income (loss) | 228571 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 33908 |
| &nbsp;&nbsp; Net capital gain distributions received | 482451 |
| &nbsp;&nbsp; Payment from Manager | 5061 |
|  | 521420 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 661293 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1182713 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1411284 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 620 | 550 | 51 |  |  |  |
|  Shareholder servicing fees | 53 |  | 33 | 8 |  |  |
|  Registration fees | 1584 | 2138 | 1584 | 1584 | 1585 | 1857 |
|  Transfer agent's fees and expenses | 151 | 594 | 97 | 85 | 1075 | 917 |
|  Fee waiver and/or expense reimbursement | (3332) | (5458) | (2349) | (1942) | (13086) | (63707) |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 113

------

PGIM Target Date 2060 Fund

Statements of Changes in Net Assets (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br> July 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $228571 | $190671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 521420 | 311028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 661293 | 539115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1411284 | 1040814 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (8857) | (4383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (17257) | (35233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (4426) | (5064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1801) | (3860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (65999) | (106904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (437263) | (571300) |
|  | (535603) | (726744) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 2276826 | 3839418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 535603 | 726744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (1040781) | (3093104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1771648 | 1473058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 2647329 | 1787128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10202484 | 8415356 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $12849813 | $10202484 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.68 | $14.42 | $13.02 | $12.82 | $15.17 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.17 | 0.16 | 0.24 | 0.29 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.62 | 1.31 | 1.63 | 0.84 | (1.46) | 3.74 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.90 | 1.48 | 1.79 | 1.08 | (1.17) | 3.82 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.37) | (0.22) | (0.19) | (0.95) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.59) | (1.22) | (0.39) | (0.88) | (1.18) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $15.99 | $14.68 | $14.42 | $13.02 | $12.82 | $15.17 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.03% | 10.94% | 14.12% | 9.38% | (8.62)% | 33.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $229 | $257 | $40 | $22 | $17 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $246 | $81 | $27 | $19 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.64 %<sup>(d)</sup> | 0.62% | 0.64 %<sup>(e)</sup> | 0.67 %<sup>(e)</sup> | 0.66% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.33 %<sup>(d)</sup> | 6.44% | 13.74% | 18.47% | 23.66% | 46.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.58 %<sup>(d)</sup> | 1.15% | 1.17% | 1.98% | 2.06% | 0.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 115

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.76 | $14.50 | $13.09 | $12.86 | $15.21 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.29 | 0.16 | 0.25 | 0.52 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.64 | 1.23 | 1.68 | 0.87 | (1.66) | 3.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.93 | 1.52 | 1.84 | 1.12 | (1.14) | 3.86 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.41) | (0.26) | (0.20) | (0.98) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.64) | (1.26) | (0.43) | (0.89) | (1.21) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.05 | $14.76 | $14.50 | $13.09 | $12.86 | $15.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.16% | 11.24% | 14.40% | 9.70% | (8.37)% | 33.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $456 | $407 | $553 | $267 | $199 | $1755 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $436 | $440 | $382 | $215 | $1330 | $1291 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(d)</sup> | 0.36% | 0.38 %<sup>(e)</sup> | 0.43 %<sup>(e)</sup> | 0.41% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.87 %<sup>(d)</sup> | 3.27% | 3.87% | 4.78% | 2.45% | 3.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.67 %<sup>(d)</sup> | 2.04% | 1.16% | 2.07% | 3.57% | 0.74% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.78 | $14.51 | $13.10 | $12.89 | $15.25 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.31 | 0.21 | 0.28 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.62 | 1.24 | 1.64 | 0.86 | (1.28) | 3.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.94 | 1.55 | 1.85 | 1.14 | (1.12) | 3.89 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.43) | (0.27) | (0.24) | (1.01) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.65) | (1.28) | (0.44) | (0.93) | (1.24) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.07 | $14.78 | $14.51 | $13.10 | $12.89 | $15.25 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.27% | 11.44% | 14.55% | 9.90% | (8.28)% | 33.94% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $119 | $84 | $55 | $41 | $31 | $1472 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $102 | $61 | $46 | $33 | $55 | $1051 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.24 %<sup>(d)</sup> | 0.21% | 0.24 %<sup>(e)</sup> | 0.28 %<sup>(e)</sup> | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.81 %<sup>(d)</sup> | 7.34% | 8.77% | 11.21% | 8.75% | 3.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.03 %<sup>(d)</sup> | 2.17% | 1.58% | 2.26% | 1.25% | 0.89% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 117

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.79 | $14.53 | $13.11 | $12.91 | $15.26 | $11.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.37 | 0.22 | 0.29 | 0.37 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.63 | 1.19 | 1.66 | 0.85 | (1.47) | 3.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.95 | 1.56 | 1.88 | 1.14 | (1.10) | 3.90 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.45) | (0.29) | (0.25) | (1.02) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.67) | (1.30) | (0.46) | (0.94) | (1.25) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.07 | $14.79 | $14.53 | $13.11 | $12.91 | $15.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.32% | 11.47% | 14.71% | 9.93% | (8.12)% | 34.14% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $45 | $40 | $42 | $24 | $18 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42 | $41 | $32 | $20 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.14 %<sup>(d)</sup> | 0.11% | 0.14 %<sup>(e)</sup> | 0.18 %<sup>(e)</sup> | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 9.21 %<sup>(d)</sup> | 9.70% | 11.45% | 16.92% | 22.95% | 44.92% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.99 %<sup>(d)</sup> | 2.55% | 1.68% | 2.36% | 2.60% | 1.06% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.81 | $14.54 | $13.13 | $12.93 | $15.28 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.35 | 0.23 | 0.28 | 0.36 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.65 | 1.23 | 1.65 | 0.88 | (1.45) | 3.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.97 | 1.58 | 1.88 | 1.16 | (1.09) | 3.92 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.46) | (0.30) | (0.27) | (1.03) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.69) | (1.31) | (0.47) | (0.96) | (1.26) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.09 | $14.81 | $14.54 | $13.13 | $12.93 | $15.28 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.41% | 11.65% | 14.73% | 10.04% | (8.01)% | 34.21% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1601 | $1454 | $1091 | $692 | $442 | $227 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1543 | $1238 | $901 | $519 | $333 | $154 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.04 %<sup>(d)</sup> | 0.01% | 0.04 %<sup>(e)</sup> | 0.08 %<sup>(e)</sup> | 0.06% | 0.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.72 %<sup>(d)</sup> | 2.14% | 2.74% | 2.92% | 2.96% | 6.69% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.03 %<sup>(d)</sup> | 2.42% | 1.72% | 2.32% | 2.58% | 1.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.04% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 119

------

PGIM Target Date 2060 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026**  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.85 | $14.58 | $13.15 | $12.95 | $15.31 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.30 | 0.27 | 0.33 | 0.40 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.66 | 1.30 | 1.65 | 0.85 | (1.47) | 3.81 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.98 | 1.60 | 1.92 | 1.18 | (1.07) | 3.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.48) | (0.32) | (0.29) | (1.06) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.71) | (1.33) | (0.49) | (0.98) | (1.29) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.12 | $14.85 | $14.58 | $13.15 | $12.95 | $15.31 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.46% | 11.77% | 15.02% | 10.20% | (7.93)% | 34.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10400 | $7961 | $6635 | $6655 | $6246 | $5912 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8832 | $7007 | $6030 | $6474 | $6501 | $4213 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.06 %<sup>(e)</sup> | 0.00 %<sup>(e)(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.06 %<sup>(e)(g)</sup> | (0.08)%<sup>(e)</sup> | (0.09)% | (0.10)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.43 %<sup>(d)</sup> | 1.84% | 2.25% | 2.18% | 1.79% | 2.32% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.08 %<sup>(d)</sup> | 2.12% | 2.01% | 2.68% | 2.85% | 1.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 17% | 46% | 92% | 42% | 64% | 35% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 3.0%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $60,058) | 1425 | $60049 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 96.9%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 56.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 8521 | 128670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 16638 | 804785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 17846 | 182565 |
|  |  | 1116020 |
| &nbsp;&nbsp; **International Equity 40.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 4681 | 100087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 14207 | 206003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 28760 | 506755 |
|  |  | 812845 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $1,662,130) |  | 1928865 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $1,722,188) |  | 1988914 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $3,564) | 3564 | 3564 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $1,725,752)(wa) |  | 1992478 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (1060) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991418 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 121

------

PGIM Target Date 2065 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $60049 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 1116020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 812845 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 3564 | <u>—</u> | <u>—</u> |
|  **Total** | $**1992478** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  Domestic Equity | 56.1 | Fixed Income | 3.0% |
|  International Equity | 40.8 | Short-Term | 0.2 |
|  |  |  | 100.1 |
|  |  | Liabilities in excess of other assets | (0.1) |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,725,752) | $1992478 |
| &nbsp;&nbsp; Due from Manager | 37577 |
| &nbsp;&nbsp; Receivable for investments sold | 15727 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 2909 |
| &nbsp;&nbsp; Prepaid expenses | 6369 |
| &nbsp;&nbsp; **Total Assets** | 2055060 |
| &nbsp;&nbsp; <br> **Liabilities** |  |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18093 |
| &nbsp;&nbsp; Payable for investments purchased | 17839 |
| &nbsp;&nbsp; Audit fee payable | 10495 |
| &nbsp;&nbsp; Professional fees payable | 9363 |
| &nbsp;&nbsp; Fund data services payable | 4300 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 2432 |
| &nbsp;&nbsp; Trustees' fees payable | 841 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 185 |
| &nbsp;&nbsp; Distribution fee payable | 94 |
| &nbsp;&nbsp; **Total Liabilities** | 63642 |
| &nbsp;&nbsp; <br> **Net Assets** | $1991418 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1707098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 284185 |
| &nbsp;&nbsp; <br> **Net assets, January 31, 2026** | $1991418 |

---

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 123

------

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($18,500 ÷ 1,265 shares of beneficial interest issued and outstanding) | $14.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($391,107 ÷ 26,677 shares of beneficial interest issued and outstanding) | $14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($60,320 ÷ 4,115 shares of beneficial interest issued and outstanding) | $14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($19,079 ÷ 1,302 shares of beneficial interest issued and outstanding) | $14.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,175 ÷ 2,603 shares of beneficial interest issued and outstanding) | $14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,464,237 ÷ 99,492 shares of beneficial interest issued and outstanding) | $14.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $31507 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 537 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 19 |
| &nbsp;&nbsp; Custodian and accounting fees | 29192 |
| &nbsp;&nbsp; Professional fees | 17325 |
| &nbsp;&nbsp; Audit fee | 10495 |
| &nbsp;&nbsp; Registration fees(a) | 10095 |
| &nbsp;&nbsp; Shareholders' reports | 7589 |
| &nbsp;&nbsp; Fund data services | 5817 |
| &nbsp;&nbsp; Trustees' fees | 4840 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $567)(a) | 1096 |
| &nbsp;&nbsp; Miscellaneous | 3052 |
| &nbsp;&nbsp; **Total expenses** | 90057 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89206) |
| &nbsp;&nbsp; **Net expenses** | 851 |
| &nbsp;&nbsp; Net investment income (loss) | 30656 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (824) |
| &nbsp;&nbsp; Net capital gain distributions received | 70332 |
| &nbsp;&nbsp; Payment from Manager | 632 |
|  | 70140 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 97431 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 167571 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $198227 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 53 | 456 | 28 |  |  |  |
|  Shareholder servicing fees | 2 |  | 17 |  |  |  |
|  Registration fees | 1469 | 2266 | 1577 | 1577 | 1603 | 1603 |
|  Transfer agent's fees and expenses | 53 | 399 | 77 | 42 | 95 | 430 |
|  Fee waiver and/or expense reimbursement | (2598) | (20909) | (4509) | (2528) | (3627) | (55035) |

---

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 125

------

PGIM Target Date 2065 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $30656 | $19263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 70140 | 15553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 97431 | 75229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 198227 | 110045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (424) | (1140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (9981) | (16795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (1576) | (3090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (517) | (1074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1123) | (1791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (42236) | (38867) |
|  | (55857) | (62757) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1121512 | 724304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 55389 | 62757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (541558) | (295983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 635343 | 491078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 777713 | 538366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1213705 | 675339 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1991418 | $1213705 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.23 | $12.73 | $11.32 | $10.80 | $12.74 | $9.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.22 | 0.14 | 0.18 | 0.26 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.54 | 1.12 | 1.45 | 0.78 | (1.25) | 3.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.74 | 1.34 | 1.59 | 0.96 | (0.99) | 3.24 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.39) | (0.10) | (0.16) | (0.79) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.34) | (0.84) | (0.18) | (0.44) | (0.95) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.63 | $13.23 | $12.73 | $11.32 | $10.80 | $12.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.25% | 11.11% | 14.21% | 9.50% | (8.61)% | 33.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19 | $21 | $16 | $13 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $21 | $18 | $13 | $12 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.63 %<sup>(d)</sup> | 0.60% | 0.57 %<sup>(e)</sup> | 0.87 %<sup>(e)</sup> | 0.66% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 25.22 %<sup>(d)</sup> | 29.07% | 51.69% | 60.29% | 59.08% | 96.73% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.76 %<sup>(d)</sup> | 1.76% | 1.24% | 1.68% | 2.16% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 127

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.28 | $12.75 | $11.34 | $10.82 | $12.77 | $9.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.25 | 0.17 | 0.18 | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.49 | 1.14 | 1.43 | 0.81 | (1.20) | 3.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.76 | 1.39 | 1.60 | 0.99 | (0.97) | 3.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.41) | (0.11) | (0.19) | (0.82) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.38) | (0.86) | (0.19) | (0.47) | (0.98) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.66 | $13.28 | $12.75 | $11.34 | $10.82 | $12.77 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.30% | 11.45% | 14.26% | 9.77% | (8.45)% | 34.30% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $391 | $324 | $236 | $114 | $73 | $36 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $362 | $271 | $145 | $89 | $65 | $22 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.38 %<sup>(d)</sup> | 0.35% | 0.32 %<sup>(e)</sup> | 0.65 %<sup>(e)</sup> | 0.41% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 11.84 %<sup>(d)</sup> | 18.53% | 31.06% | 36.05% | 34.43% | 71.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.80 %<sup>(d)</sup> | 1.95% | 1.42% | 1.74% | 1.97% | 0.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.62%, which were voluntarily waived by the Manager, and 0.25% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.28 | $12.77 | $11.35 | $10.83 | $12.78 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.28 | 0.14 | 0.16 | 0.30 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.51 | 1.12 | 1.50 | 0.85 | (1.25) | 3.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.78 | 1.40 | 1.64 | 1.01 | (0.95) | 3.29 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.44) | (0.14) | (0.21) | (0.84) | (0.09) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.89) | (0.22) | (0.49) | (1.00) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.66 | $13.28 | $12.77 | $11.35 | $10.83 | $12.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.45% | 11.52% | 14.64% | 9.94% | (8.30)% | 34.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $60 | $52 | $45 | $21 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $56 | $47 | $31 | $15 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.23 %<sup>(d)</sup> | 0.20% | 0.16 %<sup>(e)</sup> | 0.53 %<sup>(e)</sup> | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 16.12 %<sup>(d)</sup> | 22.37% | 37.43% | 53.40% | 58.37% | 96.05% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.81 %<sup>(d)</sup> | 2.19% | 1.22% | 1.54% | 2.56% | 0.95% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.69%, which were voluntarily waived by the Manager, and 0.28% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 129

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.28 | $12.78 | $11.36 | $10.84 | $12.79 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.30 | 0.20 | 0.23 | 0.32 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.50 | 1.11 | 1.46 | 0.79 | (1.26) | 3.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.78 | 1.41 | 1.66 | 1.02 | (0.94) | 3.31 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.46) | (0.16) | (0.22) | (0.85) | (0.10) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.41) | (0.91) | (0.24) | (0.50) | (1.01) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.65 | $13.28 | $12.78 | $11.36 | $10.84 | $12.79 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.48% | 11.65% | 14.87% | 10.04% | (8.21)% | 34.66% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19 | $17 | $15 | $13 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18 | $16 | $14 | $12 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.13 %<sup>(d)</sup> | 0.10% | 0.07 %<sup>(e)</sup> | 0.37 %<sup>(e)</sup> | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 27.98 %<sup>(d)</sup> | 32.89% | 49.20% | 59.30% | 58.20% | 95.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.89 %<sup>(d)</sup> | 2.32% | 1.75% | 2.18% | 2.66% | 1.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.30 | $12.79 | $11.37 | $10.85 | $12.80 | $9.60 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.29 | 0.21 | 0.24 | 0.32 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.49 | 1.14 | 1.46 | 0.79 | (1.24) | 3.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.78 | 1.43 | 1.67 | 1.03 | (0.92) | 3.32 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.47) | (0.17) | (0.23) | (0.87) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (0.92) | (0.25) | (0.51) | (1.03) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.66 | $13.30 | $12.79 | $11.37 | $10.85 | $12.80 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.49% | 11.80% | 14.98% | 10.15% | (8.11)% | 34.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38 | $36 | $18 | $16 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $38 | $28 | $16 | $14 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.03 %<sup>(d)</sup> | 0.01% | 0.00 %<sup>(e)(f)</sup> | 0.27 %<sup>(e)</sup> | 0.06% | 0.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 19.09 %<sup>(d)</sup> | 25.81% | 46.25% | 55.47% | 54.91% | 93.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.02 %<sup>(d)</sup> | 2.27% | 1.82% | 2.28% | 2.72% | 1.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(f) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 131

------

PGIM Target Date 2065 Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.35 | $12.85 | $11.38 | $10.86 | $12.81 | $9.61 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.28 | 0.24 | 0.22 | 0.32 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.53 | 1.17 | 1.48 | 0.82 | (1.23) | 3.22 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.81 | 1.45 | 1.72 | 1.04 | (0.91) | 3.33 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.50) | (0.17) | (0.24) | (0.88) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.15) | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (0.95) | (0.25) | (0.52) | (1.04) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.72 | $13.35 | $12.85 | $11.38 | $10.86 | $12.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.66% | 11.93% | 15.43% | 10.32% | (7.97)% | 34.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1464 | $764 | $346 | $492 | $336 | $433 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1077 | $540 | $399 | $368 | $435 | $331 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(d)</sup> | 0.00% | 0.00 %<sup>(e)</sup> | 0.15 %<sup>(e)(f)</sup> | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(d)(g)</sup> | 0.00 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> | 0.15 %<sup>(e)</sup> | (0.09)% | (0.10)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 10.14 %<sup>(d)</sup> | 16.63% | 26.44% | 30.77% | 25.56% | 34.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.91 %<sup>(d)</sup> | 2.16% | 2.11% | 2.11% | 2.70% | 0.93% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 44% | 47% | 112% | 45% | 67% | 94% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.66%, which were voluntarily waived by the Manager, and 0.24% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(f) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(g) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 3.0%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $2,276) | 54 | $2276 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 96.9%** |  |  |
| &nbsp;&nbsp; **Domestic Equity 56.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 326 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 636 | 30760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 682 | 6978 |
|  |  | 42656 |
| &nbsp;&nbsp; **International Equity 40.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 179 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 543 | 7874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 1099 | 19369 |
|  |  | 31069 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $66,295) |  | 73725 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $68,571) |  | 76001 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $221) | 221 | 221 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br> (cost $68,792)(wa) |  | 76222 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (137) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76085 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $2276 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 42656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 31069 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 133

------

PGIM Target Date 2070 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $221 | <u>$—</u> | <u>$—</u> |
|  **Total** | $**76222** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 56.1 | % |
|  International Equity | 40.8 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 3.0% |
|  Short-Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $68,792) | $76222 |
| &nbsp;&nbsp; Due from Manager | 38861 |
| &nbsp;&nbsp; Receivable for investments sold | 559 |
| &nbsp;&nbsp; Prepaid expenses | 9393 |
| &nbsp;&nbsp; **Total Assets** | 125035 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Professional fees payable | 18709 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 16937 |
| &nbsp;&nbsp; Audit fee payable | 10485 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 1107 |
| &nbsp;&nbsp; Trustees' fees payable | 840 |
| &nbsp;&nbsp; Payable for investments purchased | 539 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 278 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 46 |
| &nbsp;&nbsp; Distribution fee payable | 9 |
| &nbsp;&nbsp; **Total Liabilities** | 48950 |
| &nbsp;&nbsp; **Net Assets** | $76085 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 66131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 9947 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $76085 |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 135

------

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,951 ÷ 1,032 shares of beneficial interest issued and outstanding) | $11.58 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($14,927 ÷ 1,289 shares of beneficial interest issued and outstanding) | $11.58 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,054 ÷ 1,040 shares of beneficial interest issued and outstanding) | $11.59 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,021 ÷ 1,037 shares of beneficial interest issued and outstanding) | $11.59 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,034 ÷ 1,038 shares of beneficial interest issued and outstanding) | $11.59 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,098 ÷ 1,130 shares of beneficial interest issued and outstanding) | $11.59 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)**<br>|  |
| &nbsp;&nbsp; Affiliated dividend income | $1476 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 51 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 23 |
| &nbsp;&nbsp; Custodian and accounting fees | 28330 |
| &nbsp;&nbsp; Registration fees(a) | 27229 |
| &nbsp;&nbsp; Professional fees | 16392 |
| &nbsp;&nbsp; Audit fee | 10485 |
| &nbsp;&nbsp; Shareholders' reports | 5904 |
| &nbsp;&nbsp; Trustees' fees | 4839 |
| &nbsp;&nbsp; Fund data services | 4615 |
| &nbsp;&nbsp; Offering fees | 1794 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $157)(a) | 222 |
| &nbsp;&nbsp; Miscellaneous | 3003 |
| &nbsp;&nbsp; **Total expenses** | 102887 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (102802) |
| &nbsp;&nbsp; **Net expenses** | 85 |
| &nbsp;&nbsp; Net investment income (loss) | 1391 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments**<br>|  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 55 |
| &nbsp;&nbsp; Net capital gain distributions received | 3266 |
| &nbsp;&nbsp; Payment from Manager | 7 |
|  | 3328 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4154 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 7482 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $8873 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 28 | 17 | 6 |  |  |  |
|  Shareholder servicing fees | 5 | 7 | 5 | 6 |  |  |
|  Registration fees | 5861 | 7090 | 6017 | 2735 | 2763 | 2763 |
|  Transfer agent's fees and expenses | 26 | 49 | 26 | 43 | 36 | 42 |
|  Fee waiver and/or expense reimbursement | (17957) | (21368) | (18158) | (14902) | (14935) | (15482) |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 137

------

PGIM Target Date 2070 Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **December 10, 2024\* <br>through**<br>**July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1391 | $94 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 3328 | 193 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4154 | 3276 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 8873 | 3563 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (269) | (82) |
| &nbsp;&nbsp; Class R2 | (359) | (83) |
| &nbsp;&nbsp; Class R3 | (311) | (83) |
| &nbsp;&nbsp; Class R4 | (322) | (83) |
| &nbsp;&nbsp; Class R5 | (333) | (84) |
| &nbsp;&nbsp; Class R6 | (406) | (85) |
|  | (2000) | (500) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 4167 | 61059 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2000 | 500 |
| &nbsp;&nbsp; Cost of shares purchased | (1577) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4590 | 61559 |
| &nbsp;&nbsp; Total increase (decrease) | 11463 | 64622 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 64622 |  |
| &nbsp;&nbsp; End of period | $76085 | $64622 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** | | |
|  | <br>**Six Months<br>Ended<br>January 31,<br>2026** | <br>**December 10, 2024<sup>(a)</sup>through July 31,<br>2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.47 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | (0.01)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.19 | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.38 | 0.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.58 | $10.47 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.22% | 5.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.64 %<sup>(f)</sup> | 0.62 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 316.07 %<sup>(f)</sup> | 432.02 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.42 %<sup>(f)</sup> | (0.16)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized.

(g) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 139

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** | | |
|  | <br>**Six Months<br>Ended<br>January 31,<br>2026** | <br>**December 10, 2024<sup>(a)</sup>through July 31,<br>2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.48 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.18 | 0.55 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 0.56 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.58 | $10.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.37% | 5.69% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.38 %<sup>(e)</sup> | 0.37 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 318.25 %<sup>(e)</sup> | 425.57 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.80 %<sup>(e)</sup> | 0.09 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** | | |
|  | <br>**Six Months**<br>**Ended**<br>**January 31,**<br>**2026** | <br>**December 10, 2024<sup>(a)</sup>**<br>**through July 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.49 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.19 | 0.55 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 0.57 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.59 | $10.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.51% | 5.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.24 %<sup>(e)</sup> | 0.22 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 317.97 %<sup>(e)</sup> | 431.41 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.82 %<sup>(e)</sup> | 0.24 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 141

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** | | |
|  | <br>**Six Months**<br>**Ended**<br>**January 31,**<br>**2026** | <br>**December 10, 2024<sup>(a)</sup>**<br>**through July 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.50 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.19 | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 0.58 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.59 | $10.50 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.51% | 5.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.13 %<sup>(e)</sup> | 0.12 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 260.71 %<sup>(e)</sup> | 331.40 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.93 %<sup>(e)</sup> | 0.35 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** | | |
|  | <br>**Six Months**<br>**Ended**<br>**January 31,**<br>**2026** | <br>**December 10, 2024<sup>(a)</sup>**<br>**through July 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.51 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.18 | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 0.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.59 | $10.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.50% | 6.01% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.03 %<sup>(e)</sup> | 0.02 %<sup>(f</sup>) |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 260.95 %<sup>(e)</sup> | 331.89 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.03 %<sup>(e)</sup> | 0.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 143

------

PGIM Target Date 2070 Fund

Financial Highlights (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | | |
|  | <br>**Six Months**<br>**Ended**<br>**January 31,**<br>**2026** | <br>**December 10, 2024<sup>(a)</sup>**<br>**through July 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.51 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.18 | 0.57 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 0.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.03) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.59 | $10.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.65% | 6.02% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(e)(f)</sup> | 0.00 %<sup>(g)(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 258.19 %<sup>(e)</sup> | 331.79 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.46 %<sup>(e)</sup> | 0.46 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 12% | 12% |

---

(a) Commencement of operations.

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

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 40.0%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond ETF<br>(cost $55,449,215) | 1315658 | $55441828 |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 59.9%** |  |  |
| &nbsp;&nbsp; **Domestic Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 3513566 | 82885024 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $113,977,154) |  | 138326852 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $113,770) | 113770 | 113770 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $114,090,924)(wa) |  | 138440622 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1271) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;138439351 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $55441828 | $— | $— |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 82885024 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 113770 |  |  |
|  **Total** | $**138440622** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 59.9 | % |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 145

------

PGIM 60/40 Allocation Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Investment Allocation (continued):

---

| | | |
|:---|:---|:---|
|  Fixed Income | 40.0 | % |
|  Short-Term | 0.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05%

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $114,090,924) | $138440622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 129148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 11041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 138584877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 96126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 12654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 12233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 10867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports fee payable | 5096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 3979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 145526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $138439351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $9693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 115889656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 22540002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2026** | $138439351 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($138,439,351 ÷ 9,693,379 shares of beneficial interest issued and outstanding) | $14.28 |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 147

------

PGIM 60/40 Allocation Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1837695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 13272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 18737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 12232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $41) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 79884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (60649) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 19235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1818460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 850922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 7633261 |
|  | 8484183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 914036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 9398219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $11216679 |

---

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br><u>January 31, 2026</u>** | **Year Ended<br> <u>July 31, 2025</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1818460 | $2760582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 8484183 | 3784659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 914036 | 4158989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 11216679 | 10704230 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6882369) | (8535684) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (833,644 and 1,429,486 shares, respectively) | 11884414 | 19178109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (489,848 and 650,586 shares, respectively) | 6882369 | 8535684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (532,323 and 1,425,929 shares, respectively) | (7673512) | (19110836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 11093271 | 8602957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 15427581 | 10771503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 123011770 | 112240267 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $138439351 | $123011770 |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 149

------

PGIM 60/40 Allocation Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.82 | $13.61 | $11.91 | $11.89 | $13.59 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.33 | 0.35 | 0.35 | 0.25 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.02 | 0.94 | 1.71 | 0.32 <sup>(b)</sup> | (1.04) | 2.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 1.27 | 2.06 | 0.67 | (0.79) | 2.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.77) | (0.34) | (0.30) | (0.85) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.29) | (0.02) | (0.35) | (0.06) | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (1.06) | (0.36) | (0.65) | (0.91) | (0.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $14.28 | $13.82 | $13.61 | $11.91 | $11.89 | $13.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 8.94% | 9.77% | 17.67% | 6.35% | (6.34)% | 20.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $138439 | $123012 | $112240 | $92768 | $82535 | $76709 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $131639 | $112873 | $100762 | $84138 | $82858 | $53068 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.03 %<sup>(e)</sup> | 0.03% | 0.04% | 0.04 %<sup>(f)</sup> | 0.03% | 0.04% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.12 %<sup>(e)</sup> | 0.14% | 0.16% | 0.19% | 0.17% | 0.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.74 %<sup>(e)</sup> | 2.45% | 2.83% | 3.17% | 1.97% | 1.76% |
| &nbsp;&nbsp;&nbsp; **Portfolio turnover rate<sup>(g)</sup>**  | 48% | 27% | 18% | 21% | 20% | 22% |

---

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized.

(f) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, respectively which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2023.

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

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. Organization

Prudential Investment Portfolios 5 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust.

These financial statements relate only to the following series of the RIC: PGIM Target Date Income Fund ("Target Date Income"), PGIM Target Date 2020 Fund ("Target Date" 2020), PGIM Target Date 2025 Fund ("Target Date 2025"), PGIM Target Date 2030 Fund ("Target Date 2030"), PGIM Target Date 2035 Fund ("Target Date 2035"), PGIM Target Date 2040 Fund ("Target Date 2040"), PGIM Target Date 2045 Fund ("Target Date 2045"), PGIM Target Date 2050 Fund ("Target Date 2050"), PGIM Target Date 2055 Fund ("Target Date 2055"), PGIM Target Date 2060 Fund ("Target Date 2060"), PGIM Target Date 2065 Fund ("Target Date 2065"), PGIM Target Date 2070 Fund ("Target Date 2070") (each a "Target Date Fund" or collectively the "PGIM Target Date Funds" or "Target Date Funds") and PGIM 60/40 Allocation Fund ("60/40 Allocation") (the Target Date Funds and 60/40 Allocation Fund are each referred to as a "Fund" and collectively the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The investment objective of each Fund is to seek a balance between growth and conservation of capital. Each Fund seeks to achieve its objective by investing in a diversified portfolio of other mutual funds within the PGIM fund family (each, an "Underlying Fund").

2. Accounting Policies

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

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

*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 Funds become 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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; **Each Fund other than Target Date Income:** |  |  |
| &nbsp;&nbsp; Net Investment Income |  | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; **Target Date Income:** |  |  |
| &nbsp;&nbsp; Net Investment Income |  | Quarterly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

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

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

------

3. Agreements

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services with respect to each Fund.

The Manager has entered into subadvisory agreements with PGIM DC Solutions LLC ("PGIM DC Solutions") with respect to the PGIM Target Date Funds, and with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") with respect to the 60/40 Allocation Fund (each a "subadviser" and collectively the "subadvisers").

Each Target Date Fund paid PGIM Investments management fees (net of waivers, as applicable) at the effective rate of 0.00% of the Target Date Fund's average daily net assets, accrued daily and payable monthly. The 60/40 Allocation Fund pays PGIM Investments management fees (net of waivers, as applicable) at the effective rate of 0.02% of the Fund's average daily net assets, accrued daily and payable monthly. All amounts paid or payable by the Funds to the Manager, under the agreements, are reflected in the Statement of Operations.

The Manager has contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class of the Target Date Funds to the same extent that it waives such expenses on any other share class of the Target Date Funds. Fund fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. With respect to the Target Date Funds, this waiver has no express termination date and may not be terminated by PGIM Investments without prior approval of the Fund's Board of Trustees. With respect to the 60/40 Allocation Fund, this waiver may not be terminated prior to November 30, 2026 without the prior approval of the Fund's Board of Trustees. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Fund** | **Expense <br>Limitations** |
| &nbsp;&nbsp; Target Date Funds - Class R1 | 1.00% |
| &nbsp;&nbsp; Target Date Funds - Class R2 | 0.75 |
| &nbsp;&nbsp; Target Date Funds - Class R3 | 0.60 |
| &nbsp;&nbsp; Target Date Funds - Class R4 | 0.50 |
| &nbsp;&nbsp; Target Date Funds - Class R5 | 0.40 |
| &nbsp;&nbsp; Target Date Funds - Class R6 | 0.25 |
| &nbsp;&nbsp; 60/40 Allocation - Class R6 | 0.40 |

---

The RIC, on behalf of each Fund, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 shares of the Target Date Funds and Class R6 shares of the 60/40 Allocation Fund. The Target Date Funds compensate PIMS for distributing and servicing the Target Date Funds' Class R1, Class R2 and Class R3 shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Target Date Fund compensates PIMS for distribution related activities at an annual rate of the average daily net assets of the Class R1, Class R2 and Class R3 shares, respectively. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class R4, Class R5, Class R6 shares of the Target Date Funds and Class R6 shares of the 60/40 Allocation Fund.

The Target Date Funds have adopted a Shareholder Services Plan with respect to Class R1, Class R2, Class R3 and Class R4 shares. Under the terms of the Shareholder Services Plan, each Fund's Class R1, Class R2, Class R3 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers, for services rendered to the shareholders of such Class R1, Class R2, Class R3 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Funds' annual gross and net distribution rates and maximum shareholder servicing fee, where applicable, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross<br>Distribution Fee** | **Net<br>Distribution Fee** | **Shareholder <br>Service Fee** |
| &nbsp;&nbsp; Target Date Funds - Class R1 | 0.50% | 0.50% | 0.10% |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross<br>Distribution Fee** | **Net<br>Distribution Fee** | **Shareholder <br>Service Fee** |
| &nbsp;&nbsp; Target Date Funds - Class R2 | 0.25%  | 0.25%  | 0.10% |
| &nbsp;&nbsp; Target Date Funds - Class R3 | 0.10  | 0.10  | 0.10  |
| &nbsp;&nbsp; Target Date Funds - Class R4 | N/A  | N/A  | 0.10  |
| &nbsp;&nbsp; Target Date Funds - Class R5 | N/A  | N/A  | N/A  |
| &nbsp;&nbsp; Target Date Funds - Class R6 | N/A  | N/A  | N/A  |
| &nbsp;&nbsp; 60/40 Allocation - Class R6 | N/A  | N/A  | N/A  |

---

PGIM Investments, PIMS, PGIM DC Solutions, PGIM Quantitative Solutions, and PMFS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

4. Other Transactions with Affiliates

PMFS, an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

5. Investments in Affiliated Issuers

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year or period ended January 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds <br>from Sales** |
| &nbsp;&nbsp; Target Date Income | $13232706 | $10407361 |
| &nbsp;&nbsp; Target Date 2020 | 13556110 | 14186490 |
| &nbsp;&nbsp; Target Date 2025 | 18589180 | 18676711 |
| &nbsp;&nbsp; Target Date 2030 | 26683938 | 22400161 |
| &nbsp;&nbsp; Target Date 2035 | 22052985 | 16535549 |
| &nbsp;&nbsp; Target Date 2040 | 16683889 | 12694954 |
| &nbsp;&nbsp; Target Date 2045 | 11854887 | 8006103 |
| &nbsp;&nbsp; Target Date 2050 | 8816354 | 6056903 |
| &nbsp;&nbsp; Target Date 2055 | 5627911 | 3226212 |
| &nbsp;&nbsp; Target Date 2060 | 3904410 | 1955148 |
| &nbsp;&nbsp; Target Date 2065 | 1351716 | 672138 |
| &nbsp;&nbsp; Target Date 2070 | 15433 | 8211 |
| &nbsp;&nbsp; 60/40 Allocation | 77368157 | 63719686 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year or period ended January 31, 2026, is presented as follows:

#### Target Date Income:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $6705386  | $15343  | $(1023)  | $(11)  | $6689009 | 158733  | $—  | $—  |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |

---

------

#### Target Date Income (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $4348422 | $759178 | $1571257 | $189622 | $(123825) | $3602140 | 413089 | $90137 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1740670 | 319644 | 199981 | 131907 | 4715 | 1996955 | 93403 | 28538 |  |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1484587 | 357624 | 633703 | 168193 | 4691 | 1381392 | 179402 | 114688 |  |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1145797 | 425737 | 183126 | 146686 | 22635 | 1557729 | 88407 | 39611 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4013583 | 946358 | 480206 | (7840) | 81430 | 4553325 | 94135 | 47758 | 277557 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;348410 | 99071 | 46555 | 22102 | 1163 | 424191 | 41465 | 4331 | 7822 |
| PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5777517 | 1156612 | 382849 | 70654 | (48109) | 6573825 | 781668 | 118696 |  |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4347225 | 2463096 | 6894341 | 155692 | (71672) |  |  | 95361 |  |
| $23206211 | $6527320 | $10392018 | $877016 | $(128972) | $20089557 |  | $539120 | $285379 |
| $23206211 | $13232706 | $10407361 | $875993 | $(128983) | $26778566 |  | $539120 | $285379 |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;1953435 | 3615698 | 3798221 |  |  | 1770912 | 1770912 | 42266 |  |
| $25159646 | $16848404 | $14205582 | $875993 | $(128983) | $28549478 |  | $581386 | $285379 |
| Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $7919546 | $103369 | $(1179) | $(135) | $7814863 | 185450 | $— | $— |
| **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** |
| PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4747376 | 354131 | 1648757 | 179449 | (107343) | 3524856 | 404227 | 96240 |  |
| PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2341554 | 193271 | 359762 | 162306 | 10251 | 2347620 | 109804 | 38579 |  |
| PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468297 | 42970 | 548820 | (150303) | 187856 |  |  |  | 14107 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1997087 | 277524 | 855470 | 200842 | 4032 | 1624015 | 210911 | 155681 |  |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2077432 | 409383 | 407648 | 256445 | 28402 | 2364014 | 134167 | 72475 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;6411372 | 918512 | 963555 | (34064) | 138053 | 6470318 | 133767 | 76989 | 447436 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468684 | 254672 | 95346 | 32705 | 4197 | 664912 | 64996 | 5880 | 10618 |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2020 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| $7096051 | $641223 | $786510 | $120346 | $(95594) | $6975516 | 829431 | $144184 | $— |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5763085 | 2544878 | 8417253 | 146634 | (37344) |  |  | 123865 |  |
| $31370938 | $5636564 | $14083121 | $914360 | $132510 | $23971251 |  | $713893 | $472161 |
| $31370938 | $13556110 | $14186490 | $913181 | $132375 | $31786114 |  | $713893 | $472161 |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2410349 | 435452 | 1103069 |  |  | 1742732 | 1742732 | 49667 |  |
| $33781287 | $13991562 | $15289559 | $913181 | $132375 | $33528846 |  | $763560 | $472161 |
| Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $10543075 | $95437 | $(1603) | $(288) | $10445747 | 247882 | $— | $— |
| **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** |
| PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;6028761 | 462636 | 2106020 | 104137 | (12580) | 4476934 | 513410 | 123208 |  |
| PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2854659 | 341830 | 390888 | 208229 | 7361 | 3021191 | 141309 | 47369 |  |
| PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856373 | 88033 | 269909 | 62680 | 33848 | 771025 | 51061 |  | 25829 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2840488 | 394196 | 1510201 | 231349 | 26219 | 1982051 | 257409 | 221711 |  |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3812613 | 928423 | 680922 | 473988 | 61786 | 4595888 | 260834 | 133186 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 10798747 | 1808764 | 1406449 | (11868) | 195251 | 11384445 | 235362 | 129841 | 754600 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904692 | 100491 | 244358 | 35425 | 15265 | 811515 | 79327 | 11366 | 20523 |
| PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;9131554 | 849216 | 892110 | 128275 | (97179) | 9119756 | 1084394 | 187234 |  |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;7859343 | 3072516 | 11080417 | 35714 | 112844 |  |  | 170008 |  |
| $45087230 | $8046105 | $18581274 | $1267929 | $342815 | $36162805 |  | $1023923 | $800952 |
| $45087230 | $18589180 | $18676711 | $1266326 | $342527 | $46608552 |  | $1023923 | $800952 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Target Date 2025 (cont'd.): | Target Date 2025 (cont'd.): | Target Date 2025 (cont'd.): | Target Date 2025 (cont'd.): | Target Date 2025 (cont'd.): | Target Date 2025 (cont'd.): |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; $2942116  | $&nbsp;&nbsp;&nbsp;&nbsp;494811 | $1341412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2095515 | 2095515 | $&nbsp;&nbsp;&nbsp;&nbsp;61024 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; $48029346  | $19083991 | $20018123 | $1266326 | $342527 | $48704067 |  | $1084947 | $800952 |

---

#### Target Date 2030:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | $12133057 | $160894 | $(1790) | $(632) | $11969741 | 284047 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 5415165 | 790294 | 2044602 | 80209 | 1028 | 4242094 | 486479 | 111250 |  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 3373894 | 540467 | 444847 | 249900 | 8039 | 3727453 | 174343 | 56087 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1237062 | 254290 | 249755 | 135880 | 11014 | 1388491 | 91953 |  | 37690 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 3357191 | 686169 | 2157580 | 250641 | 28381 | 2164802 | 281143 | 264692 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 5632609 | 2593428 | 1028562 | 747857 | 97248 | 8042580 | 456446 | 198782 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; 14464500 | 4566946 | 1841973 | (37185) | 286667 | 17438955 | 360532 | 175707 | 1021157 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1294348 | 325548 | 200667 | 79985 | 3494 | 1502708 | 146892 | 16428 | 29663 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 9656329 | 1603690 | 1792315 | 71257 | (40936) | 9498025 | 1129373 | 197984 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 9117774 | 3190049 | 12478966 | (49607) | 220750 |  |  | 196543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $53548872 | $14550881 | $22239267 | $1528937 | $615685 | $48005108 |  | $1217473 | $1088510 |
| &nbsp;&nbsp;&nbsp;&nbsp; $53548872 | $26683938 | $22400161 | $1527147 | $615053 | $59974849 |  | $1217473 | $1088510 |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 3184029 | 3184587 | 4296120 |  |  | 2072496 | 2072496 | 65767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $56732901 | $29868525 | $26696281 | $1527147 | $615053 | $62047345 |  | $1283240 | $1088510 |
| Target Date 2035: | Target Date 2035: | Target Date 2035: | Target Date 2035: | Target Date 2035: | Target Date 2035: |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | $8664142 | $59832 | $(1306) | $(376) | $8602628 | 204144 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2035 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $3484550 | $617684 | $1285962 | $48555 | $5057 | $2869884 | 329115 | $73972 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2946502 | 539121 | 318836 | 228971 | 3451 | 3399209 | 158990 | 50316 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1620528 | 326440 | 306011 | 185381 | 11377 | 1837715 | 121703 |  | 50257 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2443290 | 566055 | 1529655 | 192171 | 28167 | 1700028 | 220783 | 196137 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1187160 | 377444 | 322580 | 50200 | 40844 | 1333068 | 91936 | 35250 | 167987 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5902870 | 2466465 | 868106 | 868310 | 22264 | 8391803 | 476266 | 212071 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;16198585 | 4205626 | 1573567 | 164406 | 118292 | 19113342 | 395149 | 200312 | 1164154 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1769296 | 375829 | 258486 | 109388 | 3392 | 1999419 | 195447 | 22858 | 41274 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5952625 | 1153328 | 1163870 | 35997 | (18261) | 5959819 | 708659 | 125852 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5971879 | 2760851 | 8848644 | (71108) | 187022 |  |  | 133435 |  |
| $47477285 | $13388843 | $16475717 | $1812271 | $401605 | $46604287 |  | $1050203 | $1423672 |
| $47477285 | $22052985 | $16535549 | $1810965 | $401229 | $55206915 |  | $1050203 | $1423672 |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2038814 | 3560434 | 4279786 |  |  | 1319462 | 1319462 | 43400 |  |
| $49516099 | $25613419 | $20815335 | $1810965 | $401229 | $56526377 |  | $1093603 | $1423672 |

---

#### Target Date 2040 :

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $6024648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30019 | $(930) | $(84) | $5993615 | 142231 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2211900 | 310326 | 918818 | 28419 | 4972 | 1636799 | 187706 | 45664 |  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2181902 | 416977 | 197587 | 171281 | 1186 | 2573759 | 120382 | 37007 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1963655 | 312546 | 362985 | 222951 | 7787 | 2143954 | 141984 |  | 60737 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2171057 | 418210 | 1335001 | 159405 | 24494 | 1438165 | 186775 | 173792 |  |

---

------

#### Target Date 2040 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| $1934108 | $527029 | $452447 | $75657 | $70314 | $2154661 | 148597 | $57100 | $272120 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;6731586 | 1872368 | 808694 | 943604 | 27684 | 8766548 | 497534 | 240469 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;16155828 | 4099585 | 1312787 | 140356 | 133735 | 19216717 | 397286 | 198637 | 1154417 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2183638 | 365919 | 270502 | 131332 | 3642 | 2414029 | 235975 | 28053 | 50654 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3306176 | 517108 | 905526 | 19674 | (11704) | 2925728 | 347887 | 68776 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4201452 | 1819173 | 6100588 | (49881) | 129844 |  |  | 92407 |  |
| $43041302 | $10659241 | $12664935 | $1842798 | $391954 | $43270360 |  | $941905 | $1537928 |
| $43041302 | $16683889 | $12694954 | $1841868 | $391870 | $49263975 |  | $941905 | $1537928 |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942653 | 2186973 | 3056368 |  |  | 73258 | 73258 | 18178 |  |
| $43983955 | $18870862 | $15751322 | $1841868 | $391870 | $49337233 |  | $960083 | $1537928 |
| Target Date 2045: | Target Date 2045: | Target Date 2045: | Target Date 2045: |  |  |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $3312731 | $56078 | $(492) | $(256) | $3255905 | 77264 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944738 | 172682 | 495489 | 9000 | 5330 | 636261 | 72966 | 19782 |  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1553597 | 306212 | 128734 | 123031 | 222 | 1854328 | 86732 | 27346 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1615693 | 356136 | 247837 | 195559 | 2363 | 1921914 | 127279 |  | 52293 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1236813 | 296221 | 843302 | 79431 | 20663 | 789826 | 102575 | 103569 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1877692 | 632547 | 416142 | 110439 | 35349 | 2239885 | 154475 | 58185 | 277289 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5695568 | 1561815 | 626025 | 816263 | 12073 | 7459694 | 423365 | 213526 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;12065832 | 4024876 | 925324 | 197804 | (9852) | 15353336 | 317414 | 155721 | 905003 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021252 | 466898 | 208286 | 128655 | 3351 | 2411870 | 235764 | 27253 | 49209 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1412211 | 276479 | 724011 | 7848 | (6464) | 966063 | 114871 | 30174 |  |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2045 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| $2833448 | $448290 | $3334875 | $(38262) | $91399 | $— |  | $62715 | $— |
| $31256844 | $8542156 | $7950025 | $1629768 | $154434 | $33633177 |  | $698271 | $1283794 |
| $31256844 | $11854887 | $8006103 | $1629276 | $154178 | $36889082 |  | $698271 | $1283794 |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50553 | 2207650 | 2200688 |  |  | 57515 | 57515 | 1133 |  |
| $31307397 | $14062537 | $10206791 | $1629276 | $154178 | $36946597 |  | $699404 | $1283794 |
| Target Date 2050: | Target Date 2050: | Target Date 2050: | Target Date 2050: |  |  |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $1842831 | $22273 | $(279) | $(126) | $1820153 | 43193 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408054 | 85426 | 499837 | (4540) | 10897 |  |  | 7439 |  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1006421 | 260227 | 125863 | 80314 | 1188 | 1222287 | 57170 | 16830 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1107032 | 391208 | 213705 | 134434 | 2582 | 1421551 | 94142 |  | 33965 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801168 | 238823 | 628741 | 48499 | 13807 | 473556 | 61501 | 63586 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1520568 | 665235 | 401965 | 93171 | 45278 | 1922287 | 132572 | 44657 | 212816 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4193713 | 1127823 | 606702 | 580728 | 19640 | 5315202 | 301657 | 149027 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;7877814 | 3137699 | 925161 | 87579 | 59440 | 10237371 | 211647 | 96359 | 560012 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1591394 | 434647 | 242525 | 100503 | 1363 | 1885382 | 184299 | 20338 | 36725 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;406631 | 91321 | 497384 | (1238) | 670 |  |  | 8475 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1325814 | 541114 | 1892747 | (23540) | 49359 |  |  | 29111 |  |
| $20238609 | $6973523 | $6034630 | $1095910 | $204224 | $22477636 |  | $435822 | $843518 |
| $20238609 | $8816354 | $6056903 | $1095631 | $204098 | $24297789 |  | $435822 | $843518 |

---

------

#### Target Date 2050 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** |  |  |  |  |  |  |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |  |
| $41306 | $2624958 | $2616806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49458 | 49458 | $&nbsp;&nbsp;&nbsp;&nbsp;1049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $20279915 | $11441312 | $8673709 | $1095631 | $204098 | $24347247 |  | $436871 | $843518 |

---

#### Target Date 2055:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $573250 | $1132 | $(99) | $(10) | $572009 | 13574 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101356 | 36856 | 139674 | (98) | 1560 |  |  | 1984 |  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499972 | 218053 | 98263 | 42031 | (775) | 661018 | 30918 | 9467 |  |
| PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629946 | 268835 | 163835 | 79488 | 1364 | 815798 | 54026 |  | 21884 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298505 | 132629 | 433961 | (10364) | 13191 |  |  | 26837 |  |
| PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906463 | 596320 | 319042 | 75992 | 4935 | 1264668 | 87218 | 30163 | 143747 |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2353789 | 939073 | 498502 | 341619 | 8699 | 3144678 | 178472 | 94761 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3984128 | 2262692 | 769095 | 69405 | (7855) | 5539275 | 114519 | 55214 | 320886 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870634 | 394542 | 184225 | 59895 | 1973 | 1142819 | 111713 | 12605 | 22761 |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405312 | 205661 | 618483 | (8981) | 16491 |  |  | 9512 |  |
| $10050105 | $5054661 | $3225080 | $648987 | $39583 | $12568256 |  | $240543 | $509278 |
| $10050105 | $5627911 | $3226212 | $648888 | $39573 | $13140265 |  | $240543 | $509278 |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31576 | 1737482 | 1727991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41067 | 41067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $10081681 | $7365393 | $4954203 | $648888 | $39573 | $13181332 |  | $241270 | $509278 |

---

#### Target Date 2060:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in<br> Unrealized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** |  |  |  |  |  |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $&nbsp;&nbsp;&nbsp;&nbsp;413037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 | $(61) | $(16) | $408337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9690 | $— | $— |

---

#### Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2060 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| $507228 | $&nbsp;&nbsp;&nbsp;&nbsp;142954 | $&nbsp;&nbsp;&nbsp;&nbsp;45379 | $41617 | $(373) | $646047 | 30217 | $8906 | $— |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649234 | 192739 | 95773 | 81139 | (1889) | 825450 | 54666 |  | 21004 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302839 | 88850 | 395105 | (10355) | 13771 |  |  | 25346 |  |
| PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970707 | 488546 | 226041 | 76608 | 9841 | 1319661 | 91011 | 30087 | 143385 |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2489559 | 654010 | 257912 | 355915 | 1253 | 3242825 | 184042 | 93362 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3939618 | 1548297 | 321865 | 63698 | (4095) | 5225653 | 108035 | 50857 | 295563 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923885 | 281537 | 95244 | 60930 | (355) | 1170753 | 114443 | 12461 | 22499 |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411193 | 94440 | 513206 | (8198) | 15771 |  |  | 8958 |  |
| $10194263 | $3491373 | $1950525 | $661354 | $33924 | $12430389 |  | $229977 | $482451 |
| $10194263 | $3904410 | $1955148 | $661293 | $33908 | $12838726 |  | $229977 | $482451 |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31536 | 1171753 | 1162319 |  |  | 40970 | 40970 | 667 |  |
| $10225799 | $5076163 | $3117467 | $661293 | $33908 | $12879696 |  | $230644 | $482451 |
| Target Date 2065: | Target Date 2065: | Target Date 2065: | Target Date 2065: | Target Date 2065: | Target Date 2065: |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>** |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $72365 | $12284 | $(9) | $(23) | $60049 | 1425 | $— | $— |
| **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>** |
| PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60339 | 60411 | 26749 | 5906 | 180 | 100087 | 4681 | 1213 |  |
| PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78439 | 78562 | 39756 | 10812 | 613 | 128670 | 8521 |  | 2994 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24016 | 16311 | 40485 | (826) | 984 |  |  | 2372 |  |
| PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127630 | 144661 | 79307 | 13645 | (626) | 206003 | 14207 | 4667 | 22241 |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298572 | 296467 | 139380 | 49403 | 1693 | 506755 | 28760 | 13208 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472310 | 533713 | 206175 | 10384 | (5447) | 804785 | 16638 | 7193 | 41801 |

---

------

#### Target Date 2065 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,** <br> **Beginning** <br> **of** <br> **Period**  | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| $114736  | $114483 | $55846 | $8717 | $475 | $182565 | 17846 | $1825 | $3296 |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36687  | 34743 | 72156 | (601) | 1327 |  |  | 933 |  |
| $1212729  | $1279351 | $659854 | $97440 | $(801) | $1928865 |  | $31411 | $70332 |
| $1212729  | $1351716 | $672138 | $97431 | $(824) | $1988914 |  | $31411 | $70332 |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 | 332192 | 331114 |  |  | 3564 | 3564 | 96 |  |
| $1215215 | $1683908 | $1003252 | $97431 | $(824) | $1992478 |  | $31507 | $70332 |

---

#### Target Date 2070:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
|  PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $2318 | $42 | $— | $— | $2276 | 54 | $— | $— |
|  **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3213 | 510 | 152 | 254 | 1 | 3826 | 179 | 58 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4176 | 674 | 439 | 561 | (54) | 4918 | 326 |  | 139 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1279 | 229 | 1520 | (7) | 19 |  |  | 110 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;6795 | 1911 | 1297 | 393 | 72 | 7874 | 543 | 216 | 1033 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| 15897 | 2192 | 950 | 2209 | 21 | 19369 | 1099 | 609 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 25148 | 6286 | 996 | 357 | (35) | 30760 | 636 | 334 | 1941 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  | PGIM Quant Solutions Mid-Cap Index Fund (Class R6)  |
| &nbsp;&nbsp;&nbsp;&nbsp;6109 | 1042 | 554 | 379 | 2 | 6978 | 682 | 85 | 153 |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1953 | 271 | 2261 | 8 | 29 |  |  | 44 |  |
| $64570 | $13115 | $8169 | $4154 | $55 | $73725 |  | $1456 | $3266 |
| $64570 | $15433 | $8211 | $4154 | $55 | $76001 |  | $1456 | $3266 |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2070 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $117 | $132425 | $132321 | $— | $— | $221 | 221 | $20 | $— |
| $64687 | $147858 | $140532 | $4154 | $55 | $76222 |  | $1476 | $3266 |
| 60/40 Allocation: | 60/40 Allocation: | 60/40 Allocation: | 60/40 Allocation: | 60/40 Allocation: | 60/40 Allocation: |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Exchange-Traded Fund:<sup>(wa)</sup>**  |
| PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF | PGIM Total Return Bond ETF |
| $— | $55650117 | $200548 | $(7387) | $(354) | $55441828 | 1315658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  | **Long-Term Investments - Affiliated Mutual Funds:<sup>(wa)</sup>**  |
| PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;73680971 | 14974705 | 6619011 | 726235 | 122124 | 82885024 | 3513566 | 748765 | 7633261 |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;49232452 | 6743335 | 56900127 | 195188 | 729152 |  |  | 1086098 |  |
| $122913423 | $21718040 | $63519138 | $921423 | $851276 | $82885024 |  | $1834863 | $7633261 |
| $122913423 | $77368157 | $63719686 | $914036 | $850922 | $138326852 |  | $1834863 | $7633261 |

---

------

#### 60/40 Allocation (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  | **Short-Term Investments - Affiliated Mutual Fund:<sup>(wa)</sup>**  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $123025 | $1033527 | $1042782 | $— | $— | $113770 | 113770 | $2832 | $— |
| $123036448 | $78401684 | $64762468 | $914036 | $850922 | $138440622 |  | $1837695 | $7633261 |

---

(wa) Represents investments in Funds affiliated with the Manager.

**6.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp; Target Date Income | $29091013 | $2253635 | $(2795170) | $(541535) |
| &nbsp;&nbsp; Target Date 2020 | 34220767 | 3488089 | (4180010) | (691921) |
| &nbsp;&nbsp; Target Date 2025 | 48940459 | 5922214 | (6158606) | (236392) |
| &nbsp;&nbsp; Target Date 2030 | 59409622 | 7953846 | (5316123) | 2637723 |
| &nbsp;&nbsp; Target Date 2035 | 51169121 | 8739678 | (3382422) | 5357256 |
| &nbsp;&nbsp; Target Date 2040 | 42869747 | 9357776 | (2890290) | 6467486 |
| &nbsp;&nbsp; Target Date 2045 | 31459650 | 7187205 | (1700258) | 5486947 |
| &nbsp;&nbsp; Target Date 2050 | 20418158 | 4875187 | (946098) | 3929089 |
| &nbsp;&nbsp; Target Date 2055 | 11042062 | 2611906 | (472636) | 2139270 |
| &nbsp;&nbsp; Target Date 2060 | 10838822 | 2490598 | (449724) | 2040874 |
| &nbsp;&nbsp; Target Date 2065 | 1768519 | 266735 | (42776) | 223959 |
| &nbsp;&nbsp; Target Date 2070 | 69034 | 7612 | (424) | 7188 |
| &nbsp;&nbsp; 60/40 Allocation | 122811212 | 24357085 | (8727675) | 15629410 |

---

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

The Manager has analyzed the Funds' 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 Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

The RIC is authorized to issue an unlimited number of shares of beneficial interest of the Funds, at $0.001 par value per share. The Target Date Funds offer Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. The 60/40 Allocation Fund currently offers Class R6 shares.

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

As of January 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
|  Target Date Income–Class R1 | 4339 | 32.3% |
|  Target Date Income–Class R2 | 4438 | 53.5 |
|  Target Date Income–Class R3 | 1528 | 2.5 |
|  Target Date Income–Class R4 | 4537 | 100.0 |
|  Target Date Income–Class R5 | 4582 | 3.4 |
|  Target Date 2020–Class R1 | 1561 | 97.5 |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
|  Target Date 2020–Class R3 | 479 | 0.8% |
| &nbsp;&nbsp; Target Date 2020–Class R4 | 1629 | 38.2 |
| &nbsp;&nbsp; Target Date 2020–Class R5 | 1644 | 0.9 |
| &nbsp;&nbsp; Target Date 2025–Class R1 | 1579 | 17.3 |
| &nbsp;&nbsp; Target Date 2025–Class R3 | 462 | 0.9 |
| &nbsp;&nbsp; Target Date 2025–Class R4 | 1650 | 100 |
| &nbsp;&nbsp; Target Date 2025–Class R5 | 1663 | 1.7 |
| &nbsp;&nbsp; Target Date 2030–Class R1 | 1588 | 7.6 |
| &nbsp;&nbsp; Target Date 2030–Class R4 | 1660 | 71.6 |
| &nbsp;&nbsp; Target Date 2035–Class R1 | 1644 | 4.5 |
| &nbsp;&nbsp; Target Date 2035–Class R4 | 1714 | 72.8 |
| &nbsp;&nbsp; Target Date 2035–Class R5 | 1728 | 1 |
| &nbsp;&nbsp; Target Date 2040 –Class R1 | 1650 | 2.9 |
| &nbsp;&nbsp; Target Date 2040 –Class R4 | 1722 | 24.8 |
| &nbsp;&nbsp; Target Date 2045–Class R1 | 1714 | 11.2 |
| &nbsp;&nbsp; Target Date 2045–Class R4 | 1793 | 37.8 |
| &nbsp;&nbsp; Target Date 2050–Class R1 | 1708 | 9 |
| &nbsp;&nbsp; Target Date 2050–Class R3 | 1050 | 1.3 |
| &nbsp;&nbsp; Target Date 2050–Class R4 | 1782 | 18.3 |
| &nbsp;&nbsp; Target Date 2050–Class R5 | 1795 | 0.9 |
| &nbsp;&nbsp; Target Date 2055–Class R1 | 1911 | 12.9 |
| &nbsp;&nbsp; Target Date 2055–Class R3 | 1135 | 5.5 |
| &nbsp;&nbsp; Target Date 2055–Class R4 | 1982 | 33.2 |
| &nbsp;&nbsp; Target Date 2055–Class R5 | 1995 | 2.1 |
| &nbsp;&nbsp; Target Date 2060–Class R1 | 1512 | 10.6 |
| &nbsp;&nbsp; Target Date 2060–Class R4 | 1575 | 56.4 |
| &nbsp;&nbsp; Target Date 2060–Class R5 | 1588 | 1.6 |
| &nbsp;&nbsp; Target Date 2065–Class R1 | 1265 | 100 |
| &nbsp;&nbsp; Target Date 2065–Class R3 | 1292 | 31.4 |
| &nbsp;&nbsp; Target Date 2065–Class R4 | 1302 | 100 |
| &nbsp;&nbsp; Target Date 2065–Class R5 | 1309 | 50.3 |
| &nbsp;&nbsp; Target Date 2065–Class R6 | 1319 | 1.3 |
| &nbsp;&nbsp; Target Date 2070–Class R1 | 1032 | 100 |
| &nbsp;&nbsp; Target Date 2070–Class R2 | 1035 | 80.3 |
| &nbsp;&nbsp; Target Date 2070–Class R3 | 1036 | 99.6 |
| &nbsp;&nbsp; Target Date 2070–Class R4 | 1037 | 100 |
| &nbsp;&nbsp; Target Date 2070–Class R5 | 1038 | 100 |
| &nbsp;&nbsp; Target Date 2070–Class R6 | 1040 | 92 |
| &nbsp;&nbsp; 60/40 Allocation–Class R6 | 1506 | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** |
| &nbsp;&nbsp; Target Date Income |  | —% |
| &nbsp;&nbsp; Target Date 2020 |  |  |
| &nbsp;&nbsp; Target Date 2025 |  |  |
| &nbsp;&nbsp; Target Date 2030 |  |  |
| &nbsp;&nbsp; Target Date 2035 |  |  |
| &nbsp;&nbsp; Target Date 2040 |  |  |
| &nbsp;&nbsp; Target Date 2045 |  |  |
| &nbsp;&nbsp; Target Date 2050 |  |  |
| &nbsp;&nbsp; Target Date 2055 |  |  |
| &nbsp;&nbsp; Target Date 2060 |  |  |
| &nbsp;&nbsp; Target Date 2065 |  |  |
| &nbsp;&nbsp; Target Date 2070 | 1 | 94.7 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of** <br> **Shareholders**  | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** |
| &nbsp;&nbsp; 60/40 Allocation |  | —% |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Target Date Income | 3 | 88.8 |
| &nbsp;&nbsp; Target Date 2020 | 2 | 90.0 |
| &nbsp;&nbsp; Target Date 2025 | 2 | 86.3 |
| &nbsp;&nbsp; Target Date 2030 | 2 | 82.9 |
| &nbsp;&nbsp; Target Date 2035 | 4 | 86.7 |
| &nbsp;&nbsp; Target Date 2040 | 2 | 75.9 |
| &nbsp;&nbsp; Target Date 2045 | 4 | 86.3 |
| &nbsp;&nbsp; Target Date 2050 | 4 | 83.5 |
| &nbsp;&nbsp; Target Date 2055 | 6 | 90.4 |
| &nbsp;&nbsp; Target Date 2060 | 5 | 85.3 |
| &nbsp;&nbsp; Target Date 2065 | 5 | 81.7 |
| &nbsp;&nbsp; Target Date 2070 |  |  |
| &nbsp;&nbsp; 60/40 Allocation | 1 | 99.9 |

---

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Transactions in shares of beneficial interest were as follows:

#### Target Date Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 470 | 4976 |
| &nbsp;&nbsp; Shares purchased | (3412) | (36292) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2259) | $(24040) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 12879 | $133160 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 225 | 2299 |
| &nbsp;&nbsp; Shares issued in merger | 1412 | 14163 |
| &nbsp;&nbsp; Shares purchased | (1538) | (15983) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 12978 | $133639 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 9 | $100 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 267 | 2824 |
| &nbsp;&nbsp; Shares purchased | (5) | (55) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 271 | $2869 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 21 | $227 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 222 | 2263 |
| &nbsp;&nbsp; Shares issued in merger | 4892 | 49062 |
| &nbsp;&nbsp; Shares purchased | (144) | (1504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4991 | $50048 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3447 | $36701 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1937 | 20509 |
| &nbsp;&nbsp; Shares purchased | (135) | (1431) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5249 | $55779 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 33936 | $345950 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1348 | 13752 |
| &nbsp;&nbsp; Shares issued in merger | 1458 | 14626 |
| &nbsp;&nbsp; Shares purchased | (36) | (364) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 36706 | $373964 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 152 | $1608 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 152 | $1608 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 176 | $1792 |
| &nbsp;&nbsp; Shares issued in merger | 1469 | 14732 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1645 | $16524 |
| &nbsp;&nbsp; **Class R5** |  |  |

---

------

#### Target Date Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2230 | $23638 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4626 | 48972 |
| &nbsp;&nbsp; Shares purchased | (4134) | (43952) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2722 | $28658 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 13218 | $136396 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5629 | 57253 |
| &nbsp;&nbsp; Shares issued in merger | 28756 | 289031 |
| &nbsp;&nbsp; Shares purchased | (9038) | (93562) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 38565 | $389118 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 306091 | $3292529 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 82706 | 876325 |
| &nbsp;&nbsp; Shares purchased | (140540) | (1497838) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 248257 | $2671016 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 98267 | $1013184 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 95773 | 976298 |
| &nbsp;&nbsp; Shares issued in merger | 949850 | 9536491 |
| &nbsp;&nbsp; Shares purchased | (531389) | (5492961) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 612501 | $6033012 |
| Target Date 2020: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 40 | $420 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 61 | 641 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 101 | $1061 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 158 | $1557 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 158 | $1557 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1187 | $12648 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 405 | 4234 |
| &nbsp;&nbsp; Shares purchased | (310) | (3304) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1282 | $13578 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2426 | $25277 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 894 | 8819 |
| &nbsp;&nbsp; Shares purchased | (1278) | (12968) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2042 | $21128 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 479 | $5000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3183 | 33353 |
| &nbsp;&nbsp; Shares purchased | (11950) | (125592) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2020 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8288) | $(87239) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9061 | $89524 |
| &nbsp;&nbsp; Shares purchased | (11542) | (113344) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2481) | $(23820) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3 | $34 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 184 | 1935 |
| &nbsp;&nbsp; Shares purchased | (3) | (30) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 184 | $1939 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1089 | $11260 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 358 | 3538 |
| &nbsp;&nbsp; Shares purchased | (4) | (48) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1443 | $14750 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3111 | $33150 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8973 | 94032 |
| &nbsp;&nbsp; Shares purchased | (86151) | (924198) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (74067) | $(797016) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49695 | $515545 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28382 | 280411 |
| &nbsp;&nbsp; Shares purchased | (83005) | (877310) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4928) | $(81354) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 117884 | $1268784 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 137768 | 1436918 |
| &nbsp;&nbsp; Shares purchased | (264958) | (2815246) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (9306) | $(109544) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 279453 | $2856642 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 353351 | 3473443 |
| &nbsp;&nbsp; Shares purchased | (637831) | (6544853) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5027) | $(214768) |
| Target Date 2025: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1287 | $14293 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 410 | 4452 |
| &nbsp;&nbsp; Shares purchased | (538) | (6034) |

---

------

#### Target Date 2025 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1159 | $12711 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6802 | $72281 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 176 | 1808 |
| &nbsp;&nbsp; Shares purchased | (567) | (6418) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6411 | $67671 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 39081 | $434157 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3240 | 35218 |
| &nbsp;&nbsp; Shares purchased | (13115) | (142488) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 29206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326887 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 8216 | $90620 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2794 | 28663 |
| &nbsp;&nbsp; Shares purchased | (40939) | (471923) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (29929) | $(352640) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 462 | $5000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2665 | 28999 |
| &nbsp;&nbsp; Shares purchased | (961) | (10486) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2166 | $23513 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 905 | $9829 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5598 | 57434 |
| &nbsp;&nbsp; Shares purchased | (1807) | (19076) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4696 | $48187 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 84 | $912 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 84 | $912 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 8 | $133 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 172 | 1760 |
| &nbsp;&nbsp; Shares purchased | (18400) | (213255) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18220) | $(211362) |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 10668 | $118337 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4980 | 54180 |
| &nbsp;&nbsp; Shares purchased | (6413) | (71600) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 9235 | $100917 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 26427 | $285574 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10125 | 103985 |
| &nbsp;&nbsp; Shares purchased | (27493) | (295105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 9059 | $94454 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares sold | 131823 | $1467221 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 227093 | 2475312 |
| &nbsp;&nbsp; Shares purchased | (416947) | (4655706) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (58031) | $(713173) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 587882 | $6546683 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 519045 | 5335780 |
| &nbsp;&nbsp; Shares purchased | (911579) | (9795516) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 195348 | $2086947 |
| Target Date 2030: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1806 | $21445 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 726 | 8534 |
| &nbsp;&nbsp; Shares purchased | (9685) | (115706) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (7153) | $(85727) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 21941 | $248466 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 959 | 10439 |
| &nbsp;&nbsp; Shares purchased | (2907) | (35616) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 19993 | $223289 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 69129 | $822621 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1437 | 16907 |
| &nbsp;&nbsp; Shares purchased | (3105) | (37227) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 67461 | $802301 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3120 | $36232 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4333 | 47275 |
| &nbsp;&nbsp; Shares purchased | (2567) | (29276) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4886 | $54231 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 6756 | $80519 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7209 | 84778 |
| &nbsp;&nbsp; Shares purchased | (3343) | (39480) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 10622 | $125817 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 15008 | $172523 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19450 | 212000 |
| &nbsp;&nbsp; Shares purchased | (12573) | (150807) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 21885 | $233716 |
| &nbsp;&nbsp; **Class R4** |  |  |

---

------

#### Target Date 2030 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $9 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 92 | 1075 |
| &nbsp;&nbsp; Shares purchased | (1) | (8) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 92 | $1076 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 395 | $4427 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 221 | 2409 |
| &nbsp;&nbsp; Shares purchased | (1101) | (13313) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (485) | $(6477) |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 22077 | $262176 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 16081 | 189276 |
| &nbsp;&nbsp; Shares purchased | (63128) | (746941) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (24970) | $(295489) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 44996 | $512767 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 61441 | 670319 |
| &nbsp;&nbsp; Shares purchased | (191777) | (2210289) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (85340) | $(1027203) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 513017 | $6165767 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 187694 | 2212918 |
| &nbsp;&nbsp; Shares purchased | (472533) | (5636440) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 228178 | $2742245 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 792588 | $9332187 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 536560 | 5864606 |
| &nbsp;&nbsp; Shares purchased | (883363) | (10102105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 445785 | $5094688 |
| Target Date 2035: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 11232 | $135915 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1257 | 15508 |
| &nbsp;&nbsp; Shares purchased | (12852) | (159705) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (363) | $(8282) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 33366 | $387764 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 436 | 4912 |
| &nbsp;&nbsp; Shares purchased | (1534) | (19442) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 32268 | $373234 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1473 | $18329 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 769 | 9502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2035 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares purchased | (7579) | $(94079) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5337) | $(66248) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5894 | $70942 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2756 | 31089 |
| &nbsp;&nbsp; Shares purchased | (53949) | (686507) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (45299) | $(584476) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 6206 | $77621 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2787 | 34507 |
| &nbsp;&nbsp; Shares purchased | (76831) | (978026) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (67838) | $(865898) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23587 | $277093 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 13571 | 153214 |
| &nbsp;&nbsp; Shares purchased | (992) | (11887) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 36166 | $418420 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $10 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 91 | 1133 |
| &nbsp;&nbsp; Shares purchased | (1) | (9) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 91 | $1134 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 254 | $2934 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 234 | 2646 |
| &nbsp;&nbsp; Shares purchased | (1) | (14) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 487 | $5566 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 27833 | $346008 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6726 | 83336 |
| &nbsp;&nbsp; Shares purchased | (5094) | (63527) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 29465 | $365817 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 43359 | $524447 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 16990 | 191989 |
| &nbsp;&nbsp; Shares purchased | (21323) | (241280) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 39026 | $475156 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 480029 | $6080777 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 172138 | 2132791 |
| &nbsp;&nbsp; Shares purchased | (247480) | (3105350) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 404687 | $5108218 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 791331 | $9583920 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 429098 | $4853093 |
| &nbsp;&nbsp; Shares purchased | (557820) | (6669673) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 662609 | $7767340 |
| <br> **Target Date 2040 :**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 6817 | $90059 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1953 | 25521 |
| &nbsp;&nbsp; Shares purchased | (7855) | (103800) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 915 | $11780 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 52438 | $639413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 909 | 10720 |
| &nbsp;&nbsp; Shares purchased | (2650) | (32837) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 50697 | $617296 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2113 | $27842 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2826 | 36996 |
| &nbsp;&nbsp; Shares purchased | (1240) | (16433) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3699 | $48405 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 44069 | $537769 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4015 | 47401 |
| &nbsp;&nbsp; Shares purchased | (6694) | (82177) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 41390 | $502993 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 6864 | $91613 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4530 | 59347 |
| &nbsp;&nbsp; Shares purchased | (3270) | (43105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8124 | $107855 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 11617 | $145803 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 11937 | 140980 |
| &nbsp;&nbsp; Shares purchased | (4323) | (59916) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 19231 | $226867 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 7 | $93 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 322 | 4219 |
| &nbsp;&nbsp; Shares purchased | (760) | (10051) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (431) | $(5739) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14 | $169 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 988 | 11680 |
| &nbsp;&nbsp; Shares purchased | (12) | (158) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 990 | $11691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2040 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 25554 | $337817 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 31815 | 417412 |
| &nbsp;&nbsp; Shares purchased | (31450) | (417556) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 25919 | $337673 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 47765 | $601464 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 99920 | 1182059 |
| &nbsp;&nbsp; Shares purchased | (64633) | (799061) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 83052 | $984462 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 250603 | $3367827 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 119432 | 1568138 |
| &nbsp;&nbsp; Shares purchased | (205403) | (2711586) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 164632 | $2224379 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 427936 | $5445516 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 367418 | 4350226 |
| &nbsp;&nbsp; Shares purchased | (602780) | (7534504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 192574 | $2261238 |
| Target Date 2045: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1206 | $15811 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 739 | 9656 |
| &nbsp;&nbsp; Shares purchased | (8593) | (114088) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (6648) | $(88621) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 20766 | $251332 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 433 | 5014 |
| &nbsp;&nbsp; Shares purchased | (698) | (8604) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20501 | $247742 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2901 | $38208 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3705 | 48381 |
| &nbsp;&nbsp; Shares purchased | (762) | (9966) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5844 | $76623 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 61532 | $742626 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5728 | 66278 |
| &nbsp;&nbsp; Shares purchased | (48427) | (647352) |

---

------

#### Target Date 2045 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 18833 | $161552 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 14515 | $194040 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 822 | 10739 |
| &nbsp;&nbsp; Shares purchased | (2777) | (36271) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 12560 | $168508 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 7065 | $82688 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 368 | 4262 |
| &nbsp;&nbsp; Shares purchased | (8) | (98) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7425 | $86852 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 22 | $284 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 183 | 2388 |
| &nbsp;&nbsp; Shares purchased | (11) | (149) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 194 | $2523 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1589 | $21493 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 626 | 7245 |
| &nbsp;&nbsp; Shares purchased | (1567) | (21186) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 648 | $7552 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 19681 | $259836 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5523 | 72294 |
| &nbsp;&nbsp; Shares purchased | (6784) | (90345) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 18420 | $241785 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 28978 | $359626 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15220 | 176396 |
| &nbsp;&nbsp; Shares purchased | (10851) | (143404) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 33347 | $392618 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 266129 | $3567940 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 102495 | 1343705 |
| &nbsp;&nbsp; Shares purchased | (148591) | (1963149) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 220033 | $2948496 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 479191 | $6079146 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 303713 | 3526103 |
| &nbsp;&nbsp; Shares purchased | (393940) | (5048635) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 388964 | $4556614 |
| <br> **Target Date 2050:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2050 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2625 | $35628 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 735 | 9873 |
| &nbsp;&nbsp; Shares purchased | (12287) | (166584) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8927) | $(121083) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 26395 | $330295 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1432 | 16936 |
| &nbsp;&nbsp; Shares purchased | (6971) | (91556) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20856 | $255675 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 4819 | $65845 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1676 | 22609 |
| &nbsp;&nbsp; Shares purchased | (1499) | (20430) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4996 | $68024 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 7665 | $99455 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6364 | 75604 |
| &nbsp;&nbsp; Shares purchased | (5655) | (74113) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8374 | $100946 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 212 | $2684 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3129 | 42144 |
| &nbsp;&nbsp; Shares purchased | (44810) | (606282) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (41469) | $(561454) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 119540 | $1357413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 341 | 4042 |
| &nbsp;&nbsp; Shares purchased | (1092) | (13697) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 118789 | $1347758 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 9 | $130 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 397 | 5340 |
| &nbsp;&nbsp; Shares purchased | (8) | (115) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 398 | $5355 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 171 | $2181 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1716 | 20317 |
| &nbsp;&nbsp; Shares purchased | (1490) | (18704) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 397 | $3794 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 15538 | $211000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8203 | 110662 |
| &nbsp;&nbsp; Shares purchased | (24140) | (324730) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (399) | $(3068) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 57344 | $697442 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28228 | 335350 |
| &nbsp;&nbsp; Shares purchased | (27753) | (359546) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 57819 | $673246 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 256584 | $3564907 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 60359 | 816658 |
| &nbsp;&nbsp; Shares purchased | (93662) | (1281574) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 223281 | $3099991 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 276151 | $3658853 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 188373 | 2243528 |
| &nbsp;&nbsp; Shares purchased | (221231) | (2869630) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 243293 | $3032751 |

---

#### Target Date 2055:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 816 | $10074 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 518 | 6374 |
| &nbsp;&nbsp; Shares purchased | (2190) | (26358) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (856) | $(9910) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14437 | $162631 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 225 | 2413 |
| &nbsp;&nbsp; Shares purchased | (657) | (7651) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 14005 | $157393 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 4300 | $53943 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1197 | 14807 |
| &nbsp;&nbsp; Shares purchased | (2817) | (34880) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2680 | $33870 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3081 | $35449 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3343 | 36066 |
| &nbsp;&nbsp; Shares purchased | (37174) | (457688) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (30750) | $(386173) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 7511 | $94715 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 540 | 6701 |
| &nbsp;&nbsp; Shares purchased | (633) | (8059) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93357 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5174 | $57961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2055 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1049 | $11336 |
| &nbsp;&nbsp; Shares purchased | (70) | (860) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6153 | $68437 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 5 | $60 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 233 | 2896 |
| &nbsp;&nbsp; Shares purchased | (4) | (53) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 234 | $2903 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 493 | $5607 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 641 | 6939 |
| &nbsp;&nbsp; Shares purchased | (8) | (93) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1126 | $12453 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 13053 | $163022 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3749 | 46675 |
| &nbsp;&nbsp; Shares purchased | (13939) | (176412) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2863 | $33285 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23710 | $273126 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9504 | 103117 |
| &nbsp;&nbsp; Shares purchased | (5091) | (60230) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 28123 | $316013 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 264730 | $3355909 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 38484 | 479896 |
| &nbsp;&nbsp; Shares purchased | (141482) | (1780606) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 161732 | $2055199 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 216806 | $2568233 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 84220 | 915475 |
| &nbsp;&nbsp; Shares purchased | (159390) | (1860330) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 141636 | $1623378 |

---

#### Target Date 2060:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 569 | 8857 |
| &nbsp;&nbsp; Shares purchased | (5208) | (80868) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3200) | $(49518) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |

---

------

#### Target Date 2060 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares sold | 15729 | $225337 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 323 | 4383 |
| &nbsp;&nbsp; Shares purchased | (1320) | (19176) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 14732 | $210544 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1212 | $18947 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1104 | 17257 |
| &nbsp;&nbsp; Shares purchased | (1458) | (23055) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 858 | $13149 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5117 | $73240 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2587 | 35233 |
| &nbsp;&nbsp; Shares purchased | (18284) | (267476) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (10580) | $(159003) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1458 | $22714 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 283 | 4426 |
| &nbsp;&nbsp; Shares purchased | (4) | (57) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1737 | $27083 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1535 | $22536 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 371 | 5064 |
| &nbsp;&nbsp; Shares purchased | (56) | (838) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1850 | $26762 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $23 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 115 | 1801 |
| &nbsp;&nbsp; Shares purchased | (16) | (260) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 100 | $1564 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 215 | $3054 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 283 | 3860 |
| &nbsp;&nbsp; Shares purchased | (693) | (9694) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (195) | $(2780) |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 10623 | $166039 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4214 | 65999 |
| &nbsp;&nbsp; Shares purchased | (13513) | (213244) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1324 | $18794 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 27472 | $393430 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7832 | 106904 |
| &nbsp;&nbsp; Shares purchased | (12127) | (171544) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23177 | $328790 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 127843 | $2046610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 27887 | $437263 |
| &nbsp;&nbsp; Shares purchased | (46759) | (723297) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 108971 | $1760576 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 215407 | $3121821 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 41792 | 571300 |
| &nbsp;&nbsp; Shares purchased | (176217) | (2624376) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 80982 | $1068745 |

---

#### Target Date 2065:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 86 | $1189 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 30 | 424 |
| &nbsp;&nbsp; Shares purchased | (462) | (6467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (346) | $(4854) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 295 | $3725 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
| &nbsp;&nbsp; Shares purchased | (3) | (33) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | $4832 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3083 | $43838 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 667 | 9513 |
| &nbsp;&nbsp; Shares purchased | (1445) | (20614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2305 | $32737 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5040 | $63849 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1371 | 16795 |
| &nbsp;&nbsp; Shares purchased | (560) | (7460) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5851 | $73184 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 73 | $1048 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 110 | 1576 |
| &nbsp;&nbsp; Shares purchased | (1) | (15) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 182 | $2609 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 208 | $2500 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 252 | 3090 |
| &nbsp;&nbsp; Shares purchased | (14) | (182) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 446 | $5408 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |

---

------

#### Target Date 2065 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 36 | $517 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 36 | $517 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 88 | $1074 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 88 | $1074 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79 | $1123 |
| &nbsp;&nbsp; Shares purchased | (149) | (2143) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (70) | $(1020) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1120 | $14100 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 146 | 1791 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1266 | $15891 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 74640 | $1075437 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2951 | 42236 |
| &nbsp;&nbsp; Shares purchased | (35334) | (512319) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 42257 | $605354 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49604 | $640130 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3163 | 38867 |
| &nbsp;&nbsp; Shares purchased | (22461) | (288308) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 30306 | $390689 |

---

#### Target Date 2070:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 24 | $269 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 24 | $269 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8 | 82 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1008 | $10082 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 142 | $1590 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 174 | $1949 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1106 | $11059 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1115 | $11142 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3 | $48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Target Date 2070 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28 | $311 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 31 | $359 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10083 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28 | $322 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 28 | $322 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10083 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 29 | $333 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 29 | $333 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 84 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10084 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 222 | $2529 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 36 | 406 |
| &nbsp;&nbsp; Shares purchased | (137) | (1577) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 121 | $1358 |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 85 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10085 |
|  \* Commencement of operations was December 10, 2024. |  |  |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the<br>Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent<br>| 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent<br>|

---

------

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

The Funds did not utilize the SCA during the reporting period ended January 31, 2026.

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | | **Target Date <br>Income** | **Target Date <br>2020** | **Target Date <br>2025** | **Target Date <br>2030** | **Target Date <br>2035** | **Target Date <br>2040** |
| &nbsp;&nbsp; Affiliated Funds |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Allocation |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Class Variation |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Credit |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Economic and Market Events |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fixed Income |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund of Funds |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund Rebalancing |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Increase in Expenses |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Index Tracking |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Interest Rate |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Investment Style |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Management |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Capitalization |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Portfolio Turnover |  | X | X | X | X | X | X |
| **Risks** | **Target Date <br>2045** | **Target Date <br>2050** | **Target Date <br>2055** | **Target Date <br>2060** | **Target Date <br>2065** | **Target Date <br>2070** | **60/40<br>Allocation** |
| &nbsp;&nbsp; Affiliated Funds | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Allocation | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Class Variation | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Credit | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fixed Income | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund of Funds | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund Rebalancing | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Index Tracking | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Interest Rate | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Investment Style | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Management | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Capitalization | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X | X | X |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Target Date <br>2045** | **Target Date <br>2045** | **Target Date <br>2050** | **Target Date <br>2050** | **Target Date <br>2055** | **Target Date <br>2055** | **Target Date <br>2060** | **Target Date <br>2060** | **Target Date <br>2065** | **Target Date <br>2065** | **Target Date <br>2070** | **Target Date <br>2070** | **60/40<br> Allocation** |
| &nbsp;&nbsp; Portfolio Turnover |  | X |  | X |  | X |  | X |  | X |  | X |  |

---

*Affiliated Funds Risk:* The Fund's Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund's assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadviser are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.

*Asset Allocation Risk:* The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

*Asset Class Variation Risk:* The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

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

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Underlying Funds will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds' use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Underlying Funds' derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.

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

*Equity and Equity-Related Securities Risks:* Equity and equity-related securities may be subject to changes in value, and their values

------

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

*Fixed Income Risk:* As with credit risk, market risk and interest rate risk, an Underlying Fund's 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 an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.

*Fund of Funds Risk:* The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

*Fund Rebalancing Risk*: Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

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

*Index Tracking Risk*: While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as "extension risk." An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Investment Style Risk*: Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, an Underlying Fund may underperform other funds that use different investment styles.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

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

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

*Liquidity Risk:* An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund's ability to sell a holding at a suitable price.

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

*Market Capitalization Risk:* Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with

------

significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

*Portfolio Turnover Risk:* The Fund does not intend to re-allocate assets among the Underlying Funds frequently in response to day-to-day changes in markets. Historically, however, certain Underlying Funds have actively and frequently traded their portfolio securities. High portfolio turnover results in higher transaction costs and can affect an Underlying Fund's, and, therefore, the Fund's performance and can have adverse tax consequences.

**10.** **Reorganization** 

On September 11, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of PGIM Target Date 2015 Fund ("Target Date 2015" or "Merged Fund") for shares of Target Date Income (the "Acquiring Fund") and the assumption of the liabilities of the Merged Fund, respectively. The reorganization took place at the close of business on January 3, 2025.

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

---

| | | |
|:---|:---|:---|
| **Merged Fund** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
| &nbsp;&nbsp; Target Date 2015 | $9917131 | $9944860 |

---

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

The acquisition was accomplished by a tax-free exchange of the following shares on January 3, 2025:

---

| | | |
|:---|:---|:---|
| **Merged Fund** | **Class** | **Shares** |
| &nbsp;&nbsp; Target Date 2015 | R1 | $1426 |
|  | R2 | 4936 |
|  | R3 | 1471 |
|  | R4 | 1484 |
|  | R5 | 29059 |
|  | R6 | 959512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Class** | **Shares** | **Value** |
| &nbsp;&nbsp; Target Date Income | R1 | 1412 | $14163 |
|  | R2 | 4892 | 49062 |
|  | R3 | 1458 | 14626 |
|  | R4 | 1469 | 14732 |
|  | R5 | 28756 | 289031 |
|  | R6 | 949850 | 9536491 |

---

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 Fund was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Merged Fund** | **Class** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
| &nbsp;&nbsp; Target Date 2015 | R1 | $(40) | $14163 |
|  | R2 | (137) | 49062 |
|  | R3 | (41) | 14626 |
|  | R4 | (41) | 14732 |
|  | R5 | (808) | 289031 |
|  | R6 | (26662) | 9536491 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Class** | **Net Assets** |
| &nbsp;&nbsp; Target Date Income | R1 | $&nbsp;&nbsp;&nbsp;&nbsp;28619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Class** | **Net Assets** | **Net Assets** |
|  | R2 |  | 30466 |
|  | R3 |  | 190747 |
|  | R4 |  | 28653 |
|  | R5 |  | 939146 |
| | R6 | | 14,671,840 |

---

Assuming the acquisition had been completed on August 1, 2024, the Acquiring Fund's unaudited pro forma results of operations for the year ended July 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Net**<br> **investment**<br> **income (loss) (a)**  | **Net realized and**<br> **unrealized gain (loss)** <br> **on investments (b)** | **Net increase**<br> (decrease) in<br> **net assets resulting <br>from operations** |
|  Target Date Income | $990892 | $779895 | $1770787 |

---

(a) Net investment income (loss) as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net investment income from the Merged Fund pre-merger as follows: Target Date 2015 $217,391.

(b) Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net realized and unrealized loss on investments from the Merged Fund pre-merger as follows: Target Date 2015 $(64,310).

Since both the Merged Fund 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 fund since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Fund that have been included in the Acquiring Fund's Statement of Operations since January 3, 2025.

**11.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**12.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of January 31, 2026.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

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

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

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

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d38599dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d38599dex99906cert.htm)

------

#### 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: | <u>Prudential Investment Portfolios 5</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | March 18, 2026 |

---

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: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | March 18, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | March 18, 2026 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 5** 

Semi-Annual period ending 1/31/26

File No. 811-09439

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 18, 2026

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 5** 

Semi-Annual period ending 1/31/26

File No. 811-09439

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 18, 2026

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 5</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| March 18, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 18, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*