# EDGAR Filing Document

**Accession Number:** 0001090155
**File Stem:** 0001193125-23-083234
**Filing Date:** 2023-3
**Character Count:** 1036011
**Document Hash:** 035bea7a8ed7152d2376aa7307d484f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-083234.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001193125-23-083234

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 5
- **CENTRAL INDEX KEY:** 0001090155
- **IRS NUMBER:** 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:** 23772754

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 17TH 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           |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 2015 FUND (Series ID: S000055692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175335 | Class R4     |  |
| C000175336 | Class R5     |  |
| C000175337 | Class R6     |  |
| C000175338 | Class R1     |  |
| C000175339 | Class R2     |  |
| C000175340 | Class R3     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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     |  |

### PRUDENTIAL DAY ONE 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           |

### PRUDENTIAL DAY ONE 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           |

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: | 7/31/2023 |
| Date of reporting period: | 1/31/2023 |

---

------

Item 1 – Reports to Stockholders

------

![LOGO](g430257gra0001.jpg)

## PGIM JENNISON DIVERSIFIED GROWTH FUND
**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g430257gra00001.jpg)

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

------

**Table of Contents** 

---

| | |
|:---|:---|
|  [Letter from the President](#edgar430257_1) | 3 |
|  [Your Fund's Performance](#edgar430257_2) | 4 |
|  [Fees and Expenses](#edgar430257_3) | 7 |
|  [Holdings and Financial Statements](#edgar430257_4) | 9 |

---

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

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

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

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

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

---

| | |
|:---|:---|
| ![LOGO](g430257g83b95.jpg) | Dear Shareholder:<br>We hope you find the semiannual report for the PGIM Jennison Diversified Growth Fund informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. |

---

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

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

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g430257gra00003.jpg)

**Stuart S. Parker, President** 

PGIM Jennison Diversified Growth Fund

March 15, 2023

PGIM Jennison Diversified Growth Fund 3

------

**Your Fund's Performance** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** <br> **(without sales charges)**<br> **Six Months\* (%)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Total Returns as of 1/31/23** <br> **(without sales charges)**<br> **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Ten Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class A | -4.35 | -22.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.55 | 11.56 |  |
| &nbsp;&nbsp; Class C | -4.89 | -19.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.76 | 11.26 |  |
| &nbsp;&nbsp; Class Z | -4.16 | -17.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | N/A | 11.70 (09/27/2017) |
| &nbsp;&nbsp; Class R6 | -4.16 | -17.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | N/A | 11.70 (09/27/2017) |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index |  |  |  |  |  |
|  | -4.71 | -16.02 | 11.22 | 14.53 |  |

---

---

| | |
|:---|:---|
| **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |
|  | **Class Z, Class R6** <br> **(09/27/2017)** |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | 13.51 |

---

\*Not annualized

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

4 Visit our website at pgim.com/investments

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
| &nbsp;&nbsp;&nbsp;Maximum initial sales charge | 5.50% of the public offering price |  |  |  |
| &nbsp;&nbsp;&nbsp;Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00% on sales of $1 million or more made within 12 months of purchase | 1.00% on sales made within 12 months of purchase |  |  |
| &nbsp;&nbsp;&nbsp;Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.30% (0.25% currently) | 1.00% |  |  |

---

**Benchmark Definition** 

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

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

PGIM Jennison Diversified Growth Fund 5

------

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
| &nbsp;&nbsp; Apple, Inc. | Technology Hardware, Storage & Peripherals | 7.3% |
| &nbsp;&nbsp; Microsoft Corp. | Software | 6.0% |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 5.2% |
| &nbsp;&nbsp; Amazon.com, Inc. | Internet & Direct Marketing Retail | 4.1% |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | IT Services | 3.9% |
| &nbsp;&nbsp; Tesla, Inc. | Automobiles | 3.8% |
| &nbsp;&nbsp; NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 3.8% |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | Health Care Providers & Services | 3.8% |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | Textiles, Apparel & Luxury Goods | 3.3% |
| &nbsp;&nbsp; Broadcom, Inc. | Semiconductors & Semiconductor Equipment | 2.7% |

---

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

6 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

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

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

*Actual Expenses* 

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

*Hypothetical Example for Comparison Purposes* 

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

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

PGIM Jennison Diversified Growth Fund 7

------

**Fees and Expenses** (continued)

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Jennison Diversified**<br> &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; **Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Jennison Diversified**<br> &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; **Growth Fund** | **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>August 1, 2022** | **Ending**<br> **Account Value<br> January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid <br>During the**<br> **Six-Month Period\*** |
| &nbsp;&nbsp; **Class A** | Actual | $1000.00 | $956.50 | 1.20% | $5.92 |
|  | Hypothetical | $1000.00 | $1019.16 | 1.20% | $6.11 |
| &nbsp;&nbsp; **Class C** | Actual | $1000.00 | $951.10 | 2.35% | $11.56 |
|  | Hypothetical | $1000.00 | $1013.36 | 2.35% | $11.93 |
| &nbsp;&nbsp; **Class Z** | Actual | $1000.00 | $958.40 | 1.00% | $4.94 |
|  | Hypothetical | $1000.00 | $1020.16 | 1.00% | $5.09 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $958.40 | 1.00% | $4.94 |
|  | Hypothetical | $1000.00 | $1020.16 | 1.00% | $5.09 |

---

*\*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

8 Visit our website at pgim.com/investments

------

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.7%**<br>&nbsp;&nbsp; **COMMON STOCKS 98.3%**<br>&nbsp;&nbsp; **Aerospace & Defense 0.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Lockheed Martin Corp. | 1268 | $587414 |
| &nbsp;&nbsp; **Air Freight & Logistics 1.4%** |  |  |
| &nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 17853 | 3306911 |
| &nbsp;&nbsp; **Automobiles 3.8%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 52173 | 9037407 |
| &nbsp;&nbsp; **Beverages 1.0%** |  |  |
| &nbsp;&nbsp; PepsiCo, Inc. | 14301 | 2445757 |
| &nbsp;&nbsp; **Biotechnology 1.8%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 3986 | 588932 |
| &nbsp;&nbsp; Amgen, Inc. | 2298 | 580015 |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 9684 | 3128900 |
|  |  | 4297847 |
| &nbsp;&nbsp; **Capital Markets 2.1%** |  |  |
| &nbsp;&nbsp; Blackstone, Inc. | 27046 | 2595334 |
| &nbsp;&nbsp; FactSet Research Systems, Inc. | 2511 | 1062003 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 1648 | 602855 |
| &nbsp;&nbsp; S&P Global, Inc. | 1561 | 585281 |
|  |  | 4845473 |
| &nbsp;&nbsp; **Chemicals 1.4%** |  |  |
| &nbsp;&nbsp; CF Industries Holdings, Inc. | 16063 | 1360536 |
| &nbsp;&nbsp; Linde PLC (United Kingdom) | 5741 | 1899927 |
|  |  | 3260463 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.3%** |  |  |
| &nbsp;&nbsp; Waste Management, Inc. | 3819 | 590914 |
| &nbsp;&nbsp; **Consumer Finance 0.8%** |  |  |
| &nbsp;&nbsp; American Express Co. | 10626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858806 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.5%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 7413 | 591335 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 9

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Electronic Equipment, Instruments & Components (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; CDW Corp. | 10746 | $2106538 |
| &nbsp;&nbsp; Keysight Technologies, Inc.\* | 4162 | 746455 |
|  |  | 3444328 |
| &nbsp;&nbsp; **Energy Equipment & Services 1.8%** |  |  |
| &nbsp;&nbsp; Schlumberger Ltd. | 73051 | 4162446 |
| &nbsp;&nbsp; **Entertainment 1.3%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 7121 | 2519837 |
| &nbsp;&nbsp; ROBLOX Corp. (Class A Stock)\* | 15444 | 574671 |
|  |  | 3094508 |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) 0.7%** |  |  |
| &nbsp;&nbsp; American Tower Corp. | 5207 | 1163192 |
| &nbsp;&nbsp; SBA Communications Corp. | 2017 | 600118 |
|  |  | 1763310 |
| &nbsp;&nbsp; **Food & Staples Retailing 1.9%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 3990 | 2039448 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 29799 | 1827275 |
| &nbsp;&nbsp; Sysco Corp.(a) | 7482 | 579556 |
|  |  | 4446279 |
| &nbsp;&nbsp; **Food Products 1.0%** |  |  |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 26894 | 1782803 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc. | 5928 | 592148 |
|  |  | 2374951 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.3%** |  |  |
| &nbsp;&nbsp; Dexcom, Inc.\* | 5665 | 606665 |
| &nbsp;&nbsp; **Health Care Providers & Services 4.3%** |  |  |
| &nbsp;&nbsp; Cigna Corp. | 4008 | 1269213 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 17879 | 8925018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10194231 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Hotels, Restaurants & Leisure 3.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 34883 | $3875850 |
| &nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 22883 | 3985761 |
|  |  | 7861611 |
| &nbsp;&nbsp; **Household Durables 0.6%** |  |  |
| &nbsp;&nbsp; Toll Brothers, Inc. | 23654 | 1407176 |
| &nbsp;&nbsp; **Insurance 0.3%** |  |  |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 3387 | 592420 |
| &nbsp;&nbsp; **Interactive Media & Services 6.2%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock)\* | 125010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12355988 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock)\* | 11517 | 1715688 |
| &nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 21107 | 595851 |
|  |  | 14667527 |
| &nbsp;&nbsp; **Internet & Direct Marketing Retail 5.7%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 92681 | 9558192 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 3231 | 3818040 |
|  |  | 13376232 |
| &nbsp;&nbsp; **IT Services 10.3%** |  |  |
| &nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 1601 | 2420563 |
| &nbsp;&nbsp; FleetCor Technologies, Inc.\* | 9460 | 1975343 |
| &nbsp;&nbsp; Gartner, Inc.\* | 6237 | 2108979 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 10148 | 3760849 |
| &nbsp;&nbsp; MongoDB, Inc.\*(a) | 2602 | 557375 |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\* | 9154 | 586222 |
| &nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 11143 | 1743211 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock)(a) | 39921 | 9190213 |
| &nbsp;&nbsp; WEX, Inc.\* | 10011 | 1851735 |
|  |  | 24194490 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 2.7%** |  |  |
| &nbsp;&nbsp; Agilent Technologies, Inc. | 14570 | 2215805 |
| &nbsp;&nbsp; Danaher Corp. | 13702 | 3622535 |
| &nbsp;&nbsp; IQVIA Holdings, Inc.\* | 2541 | 582931 |
|  |  | 6421271 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 11

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Machinery 0.5%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Caterpillar, Inc. | 2204 | $556047 |
| &nbsp;&nbsp; Deere & Co. | 1394 | 589439 |
|  |  | 1145486 |
| &nbsp;&nbsp; **Media 0.2%** |  |  |
| &nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 11222 | 568955 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.2%** |  |  |
| &nbsp;&nbsp; Devon Energy Corp. | 8932 | 564860 |
| &nbsp;&nbsp; **Personal Products 0.6%** |  |  |
| &nbsp;&nbsp; L'Oreal SA (France), ADR | 18298 | 1510957 |
| &nbsp;&nbsp; **Pharmaceuticals 5.3%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 20878 | 1364795 |
| &nbsp;&nbsp; Eli Lilly & Co. | 15030 | 5172575 |
| &nbsp;&nbsp; Merck & Co., Inc. | 29928 | 3214566 |
| &nbsp;&nbsp; Novo Nordisk A/S (Denmark), ADR | 19850 | 2754783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12506719 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.8%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 22636 | 1935604 |
| &nbsp;&nbsp; **Road & Rail 0.5%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 19195 | 593701 |
| &nbsp;&nbsp; Union Pacific Corp. | 2881 | 588272 |
|  |  | 1181973 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 10.8%** |  |  |
| &nbsp;&nbsp; ASML Holding NV (Netherlands) | 874 | 577574 |
| &nbsp;&nbsp; Broadcom, Inc. | 10887 | 6369004 |
| &nbsp;&nbsp; Enphase Energy, Inc.\* | 5826 | 1289760 |
| &nbsp;&nbsp; Lam Research Corp. | 5342 | 2671534 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 24838 | 1882472 |
| &nbsp;&nbsp; NVIDIA Corp. | 45754 | 8938959 |
| &nbsp;&nbsp; ON Semiconductor Corp.\* | 27137 | 1993213 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 4370 | 582128 |
| &nbsp;&nbsp; Universal Display Corp. | 9329 | 1236372 |
|  |  | 25541016 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Software 11.2%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Adobe, Inc.\* | 15276 | $5657314 |
| &nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 23098 | 3733099 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 3246 | 593466 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 5587 | 591663 |
| &nbsp;&nbsp; Microsoft Corp. | 56854 | 14088990 |
| &nbsp;&nbsp; Palo Alto Networks, Inc.\* | 3649 | 578877 |
| &nbsp;&nbsp; Paycom Software, Inc.\* | 1809 | 586008 |
| &nbsp;&nbsp; Synopsys, Inc.\* | 1631 | 576966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26406383 |
| &nbsp;&nbsp; **Specialty Retail 2.3%** |  |  |
| &nbsp;&nbsp; Lowe's Cos., Inc.(a) | 9752 | 2030854 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 2509 | 1988006 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 7116 | 582516 |
| &nbsp;&nbsp; Tractor Supply Co. | 3992 | 910136 |
|  |  | 5511512 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 7.3%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 119394 | 17227360 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 3.8%** |  |  |
| &nbsp;&nbsp; Deckers Outdoor Corp.\* | 1366 | 583938 |
| &nbsp;&nbsp; Lululemon Athletica, Inc.\* | 1876 | 575707 |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 8882 | 7753768 |
|  |  | 8913413 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $152,716,795) |  | 231852675 |
| &nbsp;&nbsp; **PREFERRED STOCK 0.4%** |  |  |
| &nbsp;&nbsp; **Automobiles** |  |  |
| &nbsp;&nbsp; Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)\*<br> (cost $889,274) | 8608 | 1023480 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $153,606,069) |  | 232876155 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 13

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(cost $10,524,474; includes $10,473,881 of cash collateral for securities on loan)(b)(we) | 10532581 | $10530474 |
| &nbsp;&nbsp; **UNAFFILIATED FUND 0.2%** |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br> (cost $537,673) | 537673 | 537673 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $11,062,147) |  | 11068147 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 103.4%**<br> (cost $164,668,216) |  | 243944302 |
| &nbsp;&nbsp; Liabilities in excess of other assets (3.4)% |  | (8051479) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235892823 |

---

------

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

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $10,366,798; cash collateral of $10,473,881 (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.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**<u>Fair Value Measurements:</u>**

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.

------

The following is a summary of the inputs used as of January 31, 2023 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 | $587414 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 3306911 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 9037407 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2445757 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 4297847 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 4845473 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 3260463 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 590914 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1858806 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 3444328 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 4162446 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 3094508 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 1763310 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 4446279 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 2374951 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 606665 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 10194231 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 7861611 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1407176 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 592420 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 14667527 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 13376232 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 21773927 | 2420563 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 6421271 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1145486 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 568955 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 564860 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 1510957 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 12506719 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 1935604 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 1181973 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 25541016 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 26406383 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 5511512 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 17227360 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1159645 | 7753768 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 1023480 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 10530474 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  Unaffiliated Fund | 537673 |  | <u>—</u> |
|  **Total** | $**232746491** | $**11197811** | **$—** |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 15

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification:</u>**

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

---

| | |
|:---|:---|
|  Software | 11.2 |
|  Semiconductors & Semiconductor Equipment | 10.8 |
|  IT Services | 10.3 |
|  Technology Hardware, Storage & Peripherals | 7.3 |
|  Interactive Media & Services | 6.2 |
|  Internet & Direct Marketing Retail | 5.7 |
|  Pharmaceuticals | 5.3 |
| Affiliated Mutual Fund (4.4% represents investments purchased with collateral from securities on loan) | 4.5 |
|  Health Care Providers & Services | 4.3 |
|  Automobiles | 4.2 |
|  Textiles, Apparel & Luxury Goods | 3.8 |
|  Hotels, Restaurants & Leisure | 3.3 |
|  Life Sciences Tools & Services | 2.7 |
|  Specialty Retail | 2.3 |
|  Capital Markets | 2.1 |
|  Food & Staples Retailing | 1.9 |
|  Biotechnology | 1.8 |
|  Energy Equipment & Services | 1.8 |
|  Electronic Equipment, Instruments & Components | 1.5 |
|  Air Freight & Logistics | 1.4 |
|  Chemicals | 1.4 |

---

---

| | |
|:---|:---|
|  Entertainment | 1.3% |
|  Beverages | 1 |
|  Food Products | 1 |
|  Real Estate Management & Development | 0.8 |
|  Consumer Finance | 0.8 |
|  Equity Real Estate Investment Trusts (REITs) | 0.7 |
|  Personal Products | 0.6 |
|  Household Durables | 0.6 |
|  Road & Rail | 0.5 |
|  Machinery | 0.5 |
|  Health Care Equipment & Supplies | 0.3 |
|  Insurance | 0.3 |
|  Commercial Services & Supplies | 0.3 |
|  Aerospace & Defense | 0.3 |
|  Media | 0.2 |
|  Oil, Gas & Consumable Fuels | 0.2 |
|  Unaffiliated Fund | 0.2 |
|  | 103.4 |
|  Liabilities in excess of other assets | (3.4) |
|  | 100.0% |

---

**<u>Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:</u>**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**Offsetting of financial instrument/transaction assets and liabilities:** 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized<br>Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Securities on Loan | $10366798 | $(10366798) | $— |

---

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

See Notes to Financial Statements.

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $10,366,798: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $154,143,742) | $233413828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $10,524,474) | 10530474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 27702398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 231413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 59152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 14070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 271954877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 24974392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 10473881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 248795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 136901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 131490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 48748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 47089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 36062054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $235892823 |
| &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 | $19314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 180536442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 55337067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $235892823 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 17

------

**Schedule of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($226,620,987 ÷ 18,409,098 shares of beneficial interest issued and outstanding) | $12.31 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.72 |
| &nbsp;&nbsp; Maximum offering price to public | $13.03 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,089,232 ÷ 488,311 shares of beneficial interest issued and outstanding) | $8.37 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,578,181 ÷ 367,873 shares of beneficial interest issued and outstanding) | $12.45 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($604,423 ÷ 48,563 shares of beneficial interest issued and outstanding) | $12.45 |

---

See Notes to Financial Statements.

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $10,494 foreign withholding tax) | $994708 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $11,243) | 12206 |
| &nbsp;&nbsp; **Total income** | 1006914 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 823333 |
| &nbsp;&nbsp; Distribution fee(a) | 358927 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $112,479)(a) | 209566 |
| &nbsp;&nbsp; Custodian and accounting fees | 26906 |
| &nbsp;&nbsp; Registration fees(a) | 20612 |
| &nbsp;&nbsp; Shareholders' reports | 16282 |
| &nbsp;&nbsp; Audit fee | 11998 |
| &nbsp;&nbsp; Professional fees | 10895 |
| &nbsp;&nbsp; Trustees' fees | 6666 |
| &nbsp;&nbsp; Miscellaneous | 10613 |
| &nbsp;&nbsp; **Total expenses** | 1495798 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (5130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (56375) |
| &nbsp;&nbsp; **Net expenses** | 1434293 |
| &nbsp;&nbsp; Net investment income (loss) | (427379) |
| &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 $3,875) | (3863061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (328) |
|  | (3863389) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $5,439) | (7559628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1592 |
|  | (7558036) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (11421425) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(11848804) |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 338250 | 20677 |  |  |
|  Transfer agent's fees and expenses | 198001 | 7257 | 4177 | 131 |
|  Registration fees | 8587 | 4773 | 3865 | 3387 |
|  Fee waiver and/or expense reimbursement |  |  | (2385) | (2745) |
|  Distribution fee waiver | (56375) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 19

------

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br> **January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(427379) | $(1794460) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (3863389) | (3349362) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (7558036) | (55803934) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11848804) | (60947756) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A |  | (68141217) |
| &nbsp;&nbsp; Class C |  | (2039987) |
| &nbsp;&nbsp; Class Z |  | (1926858) |
| &nbsp;&nbsp; Class R6 |  | (125175) |
|  |  | (72233237) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3092969 | 8664267 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends |  | 71514532 |
| &nbsp;&nbsp; Cost of shares purchased | (15202253) | (42322123) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (12109284) | 37856676 |
| &nbsp;&nbsp; Total increase (decrease) | (23958088) | (95324317) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 259850911 | 355175228 |
| &nbsp;&nbsp; End of period | $235892823 | $259850911 |

---

See Notes to Financial Statements.

------

**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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.87 | $19.58 | $16.92 | $13.39 | $13.79 | $12.79 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.02) | (0.09) | (0.08) | (0.06) | (0.02) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.54) | (2.57) | 5.58 | 4.14 | 0.80 | 2.35 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.56) | (2.66) | 5.50 | 4.08 | 0.78 | 2.38 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | - | - | - | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (4.05) | (2.84) | (0.55) | (1.17) | (1.36) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | - | (4.05) | (2.84) | (0.55) | (1.18) | (1.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.31 | $12.87 | $19.58 | $16.92 | $13.39 | $13.79 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (4.35)% | (18.23)% | 35.95% | 31.47% | 6.93% | 19.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $226621 | $248177 | $337246 | $274044 | $229202 | $197689 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $223662 | $298732 | $303103 | $231363 | $199190 | $190178 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.20 %<sup>(d)</sup> | 1.15% | 1.16% | 1.22% | 1.23% | 1.20% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.25 %<sup>(d)</sup> | 1.20% | 1.21% | 1.27% | 1.28% | 1.25% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)%<sup>(d)</sup> | (0.56)% | (0.48)% | (0.40)% | (0.18)% | 0.24% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 76% | 148% | 153% | 149% | 125% | 185% |

---

(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 investment companies 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 21

------

**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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.80 | $14.73 | $13.46 | $10.84 | $11.49 | $10.93 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.06) | (0.18) | (0.18) | (0.14) | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.37) | (1.70) | 4.29 | 3.31 | 0.62 | 1.98 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.43) | (1.88) | 4.11 | 3.17 | 0.52 | 1.92 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (4.05) | (2.84) | (0.55) | (1.17) | (1.36) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.37 | $8.80 | $14.73 | $13.46 | $10.84 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (4.89)% | (19.09)% | 34.72% | 30.34% | 5.95% | 18.92% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4089 | $4492 | $8266 | $9768 | $8698 | $48373 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4102 | $6338 | $9112 | $8502 | $34180 | $50985 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.35 %<sup>(d)</sup> | 2.16% | 2.03% | 2.04% | 2.01% | 1.92% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.35 %<sup>(d)</sup> | 2.16% | 2.03% | 2.04% | 2.01% | 1.92% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.50)%<sup>(d)</sup> | (1.57)% | (1.34)% | (1.22)% | (0.91)% | (0.49)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 76% | 148% | 153% | 149% | 125% | 185% |

---

(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 investment companies 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.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **September 27, 2017<sup>(a)</sup>**<br> **through July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.99 | $19.71 | $16.98 | $13.41 | $13.81 | $12.82 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) | (0.06) | (0.05) | (0.03) | 0.01 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.53) | (2.61) | 5.62 | 4.15 | 0.80 | 2.29 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.54) | (2.67) | 5.57 | 4.12 | 0.81 | 2.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | - | - | - | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (4.05) | (2.84) | (0.55) | (1.17) | (1.36) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | - | (4.05) | (2.84) | (0.55) | (1.21) | (1.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.45 | $12.99 | $19.71 | $16.98 | $13.41 | $13.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (4.16)% | (18.16)% | 36.27% | 31.73% | 7.20% | 19.79% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4578 | $6305 | $9295 | $6313 | $5270 | $1628 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4889 | $8098 | $7439 | $4915 | $4485 | $656 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.00 %<sup>(e)</sup> | 0.96% | 0.95% | 1.00% | 1.00% | 1.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.10 %<sup>(e)</sup> | 0.96% | 0.95% | 1.14% | 1.15% | 5.77 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.13)%<sup>(e)</sup> | (0.36)% | (0.28)% | (0.18)% | 0.05% | 0.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 76% | 148% | 153% | 149% | 125% | 185% |

---

(a) Commencement of offering.

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

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

(d) Does not include expenses of the investment companies 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 23

------

**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,** | **September 27, 2017<sup>(a)</sup>**<br> **through July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.99 | $19.71 | $16.98 | $13.41 | $13.81 | $12.82 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) | (0.05) | (0.08) | (0.03) | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.53) | (2.61) | 5.64 | 4.15 | 0.82 | 2.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.54) | (2.66) | 5.56 | 4.12 | 0.81 | 2.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | - | - | - | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (4.05) | (2.84) | (0.55) | (1.17) | (1.36) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | - | (4.05) | (2.84) | (0.55) | (1.21) | (1.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.45 | $12.99 | $19.70 | $16.98 | $13.41 | $13.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (4.16)% | (18.12)% | 36.19% | 31.73% | 7.20% | 19.79% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $604 | $876 | $368 | $78 | $54 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $668 | $664 | $75 | $61 | $17 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.00 %<sup>(e)</sup> | 0.96% | 0.95% | 1.00% | 1.00% | 1.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.82 %<sup>(e)</sup> | 1.81% | 11.34% | 23.28% | 77.09% | 382.30 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.16)%<sup>(e)</sup> | (0.34)% | (0.40)% | (0.19)% | (0.10)% | 0.36 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 76% | 148% | 153% | 149% | 125% | 185% |

---

(a) Commencement of offering.

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

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

(d) Does not include expenses of the investment companies 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.

------

**Notes to Financial Statements** (unaudited)

**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 PGIM Jennison Diversified Growth Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is long-term capital appreciation.

**2.** **Accounting Policies** 

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

PGIM Jennison Diversified Growth Fund 25

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

------

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

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

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

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

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

*Master Netting Arrangements:* The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

PGIM Jennison Diversified Growth Fund 27

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

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

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | | Annually |

---

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

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

**3.** **Agreements** 

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

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

PGIM Jennison Diversified Growth Fund 29

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**Notes to Financial Statements** (unaudited) (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers** <br> **and/or expense reimbursements** |
| &nbsp;&nbsp; 0.70% on first $500 million of average daily net assets; | 0.70% |
| &nbsp;&nbsp; 0.65% on next $500 million of average daily net assets; |  |
| &nbsp;&nbsp; 0.60% over $1 billion of average daily net assets |  |

---

The Manager has contractually agreed, through November 30, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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| | |
|:---|:---|
| **Class** | **Expense**<br> **Limitations**  |
| &nbsp;&nbsp; A | —% |
| &nbsp;&nbsp; C |  |
| &nbsp;&nbsp; Z | 1.00 |
| &nbsp;&nbsp; R6 | 1.00 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has

------

contractually agreed through November 30, 2023 to reduce such fees of certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.30% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended January 31, 2023, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $23132 | $— |
| &nbsp;&nbsp; C |  | 9 |

---

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

**4.** **Other Transactions with Affiliates** 

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

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Income from securities lending, net".

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

PGIM Jennison Diversified Growth Fund 31

------

**Notes to Financial Statements** (unaudited) (continued)

**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, 2023, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $175812264 | $189083224 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value,**<br> **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |  |  |
|  PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  |  |  |  |  |  |
| $14102068 | $96422685 | $100003593 | $5439 | $3875 | $10530474 | 10532581$11243<sup>(2)</sup> |  |

---

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

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of
Operations.

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**6.** **Tax Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> &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;**Appreciation**  | **Gross**<br> **Unrealized**<br> &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;&nbsp;&nbsp; **Depreciation**  | **Net** <br> **Unrealized** <br> **Appreciation**  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$166719346 | &nbsp;&nbsp;&nbsp;&nbsp;$80627416 | $(3402460) | $77224956 |

---

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

The Fund elected to treat post-October capital losses of approximately $17,597,000 as having been incurred in the following fiscal year (July 31, 2023).

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax

------

authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

**7.** **Capital and Ownership** 

The 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 (ten years prior to January 22, 2021) 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 the Fund to one or more other share classes of the 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 the 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, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; R6 | 1451 | 3.0% |

---

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

---

| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;3 | 20.8 |

---

PGIM Jennison Diversified Growth Fund 33

------

**Notes to Financial Statements** (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 200153 | $2356780 |
| &nbsp;&nbsp; Shares purchased | (1069371) | (12571162) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (869218) | (10214382) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 18135 | 215849 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (29286) | (353875) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (880369) | $(10352408) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 419157 | $6495480 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4069863 | 67478335 |
| &nbsp;&nbsp; Shares purchased | (2212530) | (33978263) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2276490 | 39995552 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 60100 | 1012457 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (269500) | (3843955) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2067090 | $37164054 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 72521 | $588552 |
| &nbsp;&nbsp; Shares purchased | (66818) | (528121) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 5703 | 60431 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (27687) | (224392) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (21984) | $(163961) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 53481 | $544671 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 178313 | 2036336 |
| &nbsp;&nbsp; Shares purchased | (190070) | (2026005) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 41724 | 555002 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (92524) | (1107397) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (50800) | $(552395) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 4951 | $58504 |
| &nbsp;&nbsp; Shares purchased | (147386) | (1720579) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (142435) | (1662075) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26529 | 319461 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1472) | (17821) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (117378) | $(1360435) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 40113 | $706162 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 112055 | 1874686 |
| &nbsp;&nbsp; Shares purchased | (405451) | (5975403) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (253283) | (3394555) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 266864 | &nbsp;&nbsp;&nbsp;&nbsp;3834685 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 13581 | $440130 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 7430 | $89133 |
| &nbsp;&nbsp; Shares purchased | (30947) | (382391) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (23517) | (293258) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4652 | 60778 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18865) | $(232480) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 59857 | $917954 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7482 | 125175 |
| &nbsp;&nbsp; Shares purchased | (25105) | (342452) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 42234 | 700677 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 6519 | 104210 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 48753 | $804887 |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/30/2022 - 9/28/2023 | 10/1/2021 – 9/29/2022 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |

---

PGIM Jennison Diversified Growth Fund 35

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | &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;**Current SCA** <br>| &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;**Prior SCA** <br>|
| &nbsp;&nbsp; **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |

---

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

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

**9.** **Risks of Investing in the Fund** 

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

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

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States.

------

Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's 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.

*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

PGIM Jennison Diversified Growth Fund 37

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

------

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

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

PGIM Jennison Diversified Growth Fund 39

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;∎ **MAIL** | ∎ **TELEPHONE** | ∎ **WEBSITE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 Broad Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (800)225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pgim.com/investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark, NJ 07102 |  |  |

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

&nbsp;&nbsp;&nbsp; **TRUSTEES**<br>Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres<br>

&nbsp;&nbsp;&nbsp; **OFFICERS**<br>Stuart S. Parker, *President* ● Scott E. Benjamin, *Vice President* ● Christian J. Kelly, *Chief Financial Officer* ● Claudia DiGiacomo, *Chief Legal Officer* ● Isabelle Sajous, *Chief Compliance Officer* ● Kelly Florio, *Anti-Money Laundering Compliance Officer*● Andrew R. French, *Secretary* ● Melissa Gonzalez, *Assistant Secretary* ● Kelly A. Coyne, *Assistant Secretary* ● Patrick E. McGuinness, *Assistant Secretary* ● Debra Rubano, *Assistant Secretary* ● Lana Lomuti, *Assistant Treasurer* ● Russ Shupak, *Treasurer and Principal Accounting Officer* ● Elyse M. McLaughlin, *Assistant Treasurer* ● Deborah Conway, *Assistant Treasurer* ● Robert McCormack, *Assistant Treasurer*<br>

---

| | | |
|:---|:---|:---|
| **MANAGER** | PGIM Investments LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **SUBADVISER** | Jennison Associates LLC | 466 Lexington Avenue<br> New York, NY 10017 |
| **DISTRIBUTOR** | Prudential Investment Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **CUSTODIAN** | The Bank of New York Mellon | 240 Greenwich Street<br> New York, NY 10286 |
| **TRANSFER AGENT** | Prudential Mutual Fund Services LLC | PO Box 534432<br> Pittsburgh, PA 15253 |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | 300 Madison Avenue<br> New York, NY 10017 |
| **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue<br> New York, NY 10019 |

---

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

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

&nbsp;&nbsp;&nbsp; **SHAREHOLDER COMMUNICATIONS WITH TRUSTEES**<br>Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison Diversified Growth Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.<br>

&nbsp;&nbsp;&nbsp; **AVAILABILITY OF PORTFOLIO HOLDINGS**<br>The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at *sec.gov*. Form N-PORT is filed with the Commission quarterly, and the Fund's full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov*.<br>

&nbsp;&nbsp;&nbsp;&nbsp;**Mutual Funds:** 

 <br> <u> ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY </u>   <u> MAY LOSE VALUE</u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE </u>

------

![LOGO](g430257sp61.jpg)

**PGIM JENNISON DIVERSIFIED GROWTH FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARE CLASS** | **A** | **C** | **Z** | **R6** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**NASDAQ** | TBDAX | TBDCX | TBDZX | TBDQX |
|  &nbsp;&nbsp;&nbsp;&nbsp;**CUSIP** | 74440V104 | 74440V302 | 74440V690 | 74440V716 |

---

MF503E2

------

![LOGO](g434210g50x31.jpg)

## PGIM JENNISON RISING DIVIDEND FUND
 **SEMIANNUAL REPORT** 

 **JANUARY 31, 2023**![LOGO](g434210snap3.jpg)

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

------

**Table of Contents** 

---

| | |
|:---|:---|
|  [Letter from the President](#edgar434210_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  [Your Fund's Performance](#edgar434210_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
|  [Fees and Expenses](#edgar434210_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
|  [Holdings and Financial Statements](#edgar434210_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |

---

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

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

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

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

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

---

| | |
|:---|:---|
| ![LOGO](g434210g11p57.jpg) | Dear Shareholder:<br>We hope you find the semiannual report for the PGIM Jennison Rising Dividend Fund informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. |

---

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

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

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g434210g32i08.jpg)

**Stuart S. Parker, President** 

PGIM Jennison Rising Dividend Fund

March 15, 2023

PGIM Jennison Rising Dividend Fund 3

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**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
| | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class A | -2.42 | -11.93 | 6.83 | 8.31 (03/05/2014) |
| &nbsp;&nbsp; Class C | -2.73 | -8.41 | 7.25 | 8.21 (03/05/2014) |
| &nbsp;&nbsp; Class Z | -2.33 | -6.64 | 8.29 | 9.27 (03/05/2014) |
| &nbsp;&nbsp; Class R6 | -2.18 | -6.53 | 8.34 | 9.80 (09/27/2017) |
| &nbsp;&nbsp; S&P 500 Index |  |  |  |  |
|  | -0.43 | -8.21 | 9.54 |  |
| **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |
|  |  |  | **Class A, Class C, Class Z**<br> **(03/05/2014)** | **Class R6**<br> **(09/27/2017)** |
| &nbsp;&nbsp; S&P 500 Index |  |  | 11.29 | 11.39 |

---

\*Not annualized

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

4 Visit our website at pgim.com/investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
| &nbsp;&nbsp;&nbsp;Maximum initial sales charge | 5.50% of the public offering price |  |  |  |
| &nbsp;&nbsp;&nbsp;Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00% on sales of $1 million or more made within 12 months of purchase | 1.00% on sales made within 12 months of purchase |  |  |
| &nbsp;&nbsp;&nbsp;Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.30% (0.25% currently) | 1.00% |  |  |

---

**Benchmark Definition** 

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

\*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

PGIM Jennison Rising Dividend Fund 5

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**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
|  Eli Lilly & Co. | Pharmaceuticals | 4.0% |
|  PepsiCo, Inc. | Beverages | 3.6% |
|  Hershey Co. (The) | Food Products | 3.6% |
|  Bristol-Myers Squibb Co. | Pharmaceuticals | 3.6% |
|  Northrop Grumman Corp. | Aerospace & Defense | 3.4% |
|  Dollar General Corp. | Multiline Retail | 3.3% |
|  UnitedHealth Group, Inc. | Health Care Providers & Services | 3.2% |
|  AT&T, Inc. | Diversified Telecommunication Services | 3.2% |
|  Lamb Weston Holdings, Inc. | Food Products | 3.1% |
|  Activision Blizzard, Inc. | Entertainment | 3.1% |

---

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

6 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

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

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

*Actual Expenses* 

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

*Hypothetical Example for Comparison Purposes* 

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

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

PGIM Jennison Rising Dividend Fund 7

------

**Fees and Expenses** (continued)

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PGIM Jennison Rising Dividend**<br> **Fund**  | **PGIM Jennison Rising Dividend**<br> **Fund**  | **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> &nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on the**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | **Expenses Paid**<br> **During the**<br> **Six-Month Period\***  |
| **Class A** | Actual | $1000.00 | $975.80 | 1.24% | $6.18 |
|  | Hypothetical | $1000.00 | $1018.95 | 1.24% | $6.31 |
| **Class C** | Actual | $1000.00 | $972.70 | 1.99% | $9.89 |
|  | Hypothetical | $1000.00 | $1015.17 | 1.99% | $10.11 |
| **Class Z** | Actual | $1000.00 | $976.70 | 0.99% | $4.93 |
|  | Hypothetical | $1000.00 | $1020.21 | 0.99% | $5.04 |
| **Class R6** | Actual | $1000.00 | $978.20 | 0.86% | $4.29 |
|  | Hypothetical | $1000.00 | $1020.87 | 0.86% | $4.38 |

---

*\*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

8 Visit our website at pgim.com/investments

------

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.6%**<br>&nbsp;&nbsp; **COMMON STOCKS**<br>&nbsp;&nbsp; **Aerospace & Defense 5.4%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Lockheed Martin Corp. | 8997 | $4167950 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 15781 | 7070519 |
|  |  | 11238469 |
| &nbsp;&nbsp; **Banks 4.0%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 45879 | 1627787 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 32168 | 4502233 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 13589 | 2248028 |
|  |  | 8378048 |
| &nbsp;&nbsp; **Beverages 5.5%** |  |  |
| &nbsp;&nbsp; Diageo PLC (United Kingdom), ADR(a) | 14644 | 2589791 |
| &nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 36297 | 1280558 |
| &nbsp;&nbsp; PepsiCo, Inc. | 43921 | 7511370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381719 |
| &nbsp;&nbsp; **Biotechnology 2.7%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 38486 | 5686307 |
| &nbsp;&nbsp; **Capital Markets 1.0%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 5873 | 2148402 |
| &nbsp;&nbsp; **Chemicals 0.4%** |  |  |
| &nbsp;&nbsp; CF Industries Holdings, Inc. | 9688 | 820574 |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.0%** |  |  |
| &nbsp;&nbsp; Republic Services, Inc. | 16585 | 2070140 |
| &nbsp;&nbsp; **Communications Equipment 2.5%** |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc. | 107469 | 5230516 |
| &nbsp;&nbsp; **Diversified Consumer Services 1.4%** |  |  |
| &nbsp;&nbsp; Service Corp. International | 38239 | 2835422 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 3.2%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 329768 | 6717374 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 9

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Electric Utilities 3.1%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; American Electric Power Co., Inc. | 23463 | $2204584 |
| &nbsp;&nbsp; Constellation Energy Corp. | 50901 | 4344909 |
|  |  | 6549493 |
| &nbsp;&nbsp; **Entertainment 3.1%** |  |  |
| &nbsp;&nbsp; Activision Blizzard, Inc. | 84723 | 6487240 |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) 4.3%** |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 21111 | 3393382 |
| &nbsp;&nbsp; AvalonBay Communities, Inc. | 6216 | 1102967 |
| &nbsp;&nbsp; SBA Communications Corp. | 14663 | 4362683 |
|  |  | 8859032 |
| &nbsp;&nbsp; **Food & Staples Retailing 3.0%** |  |  |
| &nbsp;&nbsp; Sysco Corp. | 11088 | 858876 |
| &nbsp;&nbsp; Walmart, Inc. | 37793 | 5437279 |
|  |  | 6296155 |
| &nbsp;&nbsp; **Food Products 6.7%** |  |  |
| &nbsp;&nbsp; Hershey Co. (The) | 33204 | 7457619 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc. | 65081 | 6500941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13958560 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.6%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 12193 | 1347936 |
| &nbsp;&nbsp; **Health Care Providers & Services 3.2%** |  |  |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 13545 | 6761529 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.5%** |  |  |
| &nbsp;&nbsp; McDonald's Corp. | 19482 | 5209487 |
| &nbsp;&nbsp; **Insurance 3.6%** |  |  |
| &nbsp;&nbsp; Chubb Ltd. | 18960 | 4313211 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 18142 | 3173217 |
|  |  | 7486428 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **IT Services 4.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; International Business Machines Corp. | 35212 | $4744113 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 11087 | 4108842 |
|  |  | 8852955 |
| &nbsp;&nbsp; **Machinery 3.7%** |  |  |
| &nbsp;&nbsp; Deere & Co. | 7653 | 3235995 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 13624 | 4441424 |
|  |  | 7677419 |
| &nbsp;&nbsp; **Metals & Mining 2.1%** |  |  |
| &nbsp;&nbsp; Barrick Gold Corp. (Canada) | 220848 | 4317578 |
| &nbsp;&nbsp; **Multiline Retail 3.3%** |  |  |
| &nbsp;&nbsp; Dollar General Corp. | 29740 | 6947264 |
| &nbsp;&nbsp; **Multi-Utilities 3.5%** |  |  |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 162362 | 4890343 |
| &nbsp;&nbsp; CMS Energy Corp. | 36931 | 2333670 |
|  |  | 7224013 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 7.7%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 6913 | 1056237 |
| &nbsp;&nbsp; Chevron Corp. | 11459 | 1994095 |
| &nbsp;&nbsp; ConocoPhillips | 19263 | 2347582 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 53054 | 6154794 |
| &nbsp;&nbsp; Hess Corp. | 16119 | 2420429 |
| &nbsp;&nbsp; Pioneer Natural Resources Co. | 3694 | 850913 |
| &nbsp;&nbsp; Valero Energy Corp. | 8718 | 1220782 |
|  |  | 16044832 |
| &nbsp;&nbsp; **Personal Products 1.5%** |  |  |
| &nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 11385 | 3154556 |
| &nbsp;&nbsp; **Pharmaceuticals 10.4%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 89366 | 5841855 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 102066 | 7415095 |
| &nbsp;&nbsp; Eli Lilly & Co. | 24346 | 8378676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21635626 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 11

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Road & Rail 2.0%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; TFI International, Inc. (Canada) | 23064 | $2567023 |
| &nbsp;&nbsp; Union Pacific Corp. | 8089 | 1651693 |
|  |  | 4218716 |
| &nbsp;&nbsp; **Software 0.3%** |  |  |
| &nbsp;&nbsp; Microsoft Corp. | 2580 | 639350 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.6%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 8312 | 1199338 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS<br>(cost $189,583,074)** | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS<br>(cost $189,583,074)** | 201374478 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.1%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.1%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.1%** |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(cost $1,964,657; includes $1,939,132 of cash collateral for securities on loan)(b)(we) | 1965637 | 1965243 |
| &nbsp;&nbsp; **UNAFFILIATED FUND 3.1%** |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $6,516,071) | 6516071 | 6516071 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $8,480,728) |  | 8481314 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.7%**<br> (cost $198,063,802) |  | 209855792 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.7)% |  | (1521518) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | &nbsp;&nbsp; **NET ASSETS 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208334274 |

---

------

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

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $1,963,035; cash collateral of $1,939,132 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last
business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

See Notes to Financial Statements.

------

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**<u>Fair Value Measurements:</u>**

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, 2023 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 | $11238469 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 8378048 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 11381719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 5686307 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 2148402 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 820574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 2070140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 5230516 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 2835422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 6717374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 6549493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 6487240 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 8859032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 6296155 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 13958560 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1347936 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 6761529 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 5209487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 7486428 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 8852955 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 7677419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 4317578 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 6947264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 7224013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 16044832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 3154556 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 21635626 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 4218716 |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 13

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | $639350 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals. | 1199338 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 1965243 |  |  |
|  Unaffiliated Fund | 6516071 |  |  |
|  **Total** | $**209855792** | $**—** | $**—** |

---

**<u>Industry Classification:</u>** 

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

---

| | |
|:---|:---|
|  Pharmaceuticals | 10.4 |
|  Oil, Gas & Consumable Fuels | 7.7 |
|  Food Products | 6.7 |
|  Beverages | 5.5 |
|  Aerospace & Defense | 5.4 |
|  Equity Real Estate Investment Trusts (REITs) | 4.3 |
|  IT Services | 4.3 |
|  Banks | 4.0 |
|  Machinery | 3.7 |
|  Insurance | 3.6 |
|  Multi-Utilities | 3.5 |
|  Multiline Retail | 3.3 |
|  Health Care Providers & Services | 3.2 |
|  Diversified Telecommunication Services | 3.2 |
|  Electric Utilities | 3.1 |
|  Entertainment | 3.1 |
|  Unaffiliated Fund | 3.1 |
|  Food & Staples Retailing | 3.0 |
|  Biotechnology | 2.7 |
|  Communications Equipment | 2.5 |

---

---

| | |
|:---|:---|
|  Hotels, Restaurants & Leisure | 2.5% |
|  Metals & Mining | 2.1 |
|  Road & Rail | 2 |
|  Personal Products | 1.5 |
|  Diversified Consumer Services | 1.4 |
|  Capital Markets | 1 |
|  Commercial Services & Supplies | 1 |
|  Affiliated Mutual Fund (0.9% represents investments purchased with collateral from securities on loan) | 1 |
|  Health Care Equipment & Supplies | 0.6 |
|  Technology Hardware, Storage & Peripherals | 0.6 |
|  Chemicals | 0.4 |
|  Software | 0.3 |
|  | 100.7 |
|  Liabilities in excess of other assets | (0.7) |
|  | 100.0% |

---

**<u>Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:</u>** 

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

See Notes to Financial Statements.

------

**Offsetting of financial instrument/transaction assets and liabilities:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Market** |  |  |
|  | **Value of** |  |  |
|  | **Recognized** | **Collateral** | **Net** |
| **Description** | **Assets/(Liabilities)** | **Pledged/(Received)(1)** | **Amount** |
| &nbsp;&nbsp; Securities on Loan | $1963035 | $(1939132) | $23903 |

---

(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 15

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | &nbsp;&nbsp; **Assets** |
| &nbsp;&nbsp; Investments at value, including securities on loan of $1,963,035: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $196,099,145) | $207890549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,964,657) | 1965243 |
| &nbsp;&nbsp; Receivable for investments sold | 1652510 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 714560 |
| &nbsp;&nbsp; Dividends receivable | 289416 |
| &nbsp;&nbsp; Tax reclaim receivable | 14915 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 2986 |
| &nbsp;&nbsp; **Total Assets** | 212530179 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 1939132 |
| &nbsp;&nbsp; Payable for investments purchased | 1729167 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 294376 |
| &nbsp;&nbsp; Management fee payable | 120845 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 98790 |
| &nbsp;&nbsp; Distribution fee payable | 10050 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 3372 |
| &nbsp;&nbsp; Trustees' fees payable | 173 |
| &nbsp;&nbsp; **Total Liabilities** | 4195905 |
| &nbsp;&nbsp; **Net Assets** | $208334274 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $13318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 205020170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3300786 |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $208334274 |

---

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($26,849,850 ÷ 1,716,219 shares of beneficial interest issued and outstanding) | $15.64 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.91 |
| &nbsp;&nbsp; Maximum offering price to public | $16.55 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,186,771 ÷ 334,433 shares of beneficial interest issued and outstanding) | $15.51 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,465,948 ÷ 988,237 shares of beneficial interest issued and outstanding) | $15.65 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($160,831,705 ÷ 10,278,621 shares of beneficial interest issued and outstanding) | $15.65 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 17

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $20,712 foreign withholding tax) | $2245690 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $4,063) | 4176 |
| &nbsp;&nbsp; **Total income** | 2249866 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 748240 |
| &nbsp;&nbsp; Distribution fee(a) | 58249 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $9,069)(a) | 75790 |
| &nbsp;&nbsp; Registration fees(a) | 31596 |
| &nbsp;&nbsp; Custodian and accounting fees | 25429 |
| &nbsp;&nbsp; Audit fee | 11998 |
| &nbsp;&nbsp; Professional fees | 10373 |
| &nbsp;&nbsp; Shareholders' reports | 8226 |
| &nbsp;&nbsp; Trustees' fees | 5936 |
| &nbsp;&nbsp; SEC registration fees | 4857 |
| &nbsp;&nbsp; Miscellaneous | 9592 |
| &nbsp;&nbsp; **Total expenses** | 990286 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (51534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (5979) |
| &nbsp;&nbsp; **Net expenses** | 932773 |
| &nbsp;&nbsp; Net investment income (loss) | 1317093 |
| &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 $(460)) | (7652724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2263) |
|  | (7654987) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $586) | 2097771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (279) |
|  | 2097492 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (5557495) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(4240402) |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
| Distribution fee | 35873 | 22376 |  |  |
| Transfer agent's fees and expenses | 12984 | 3175 | 59580 | 51 |
| Registration fees | 10069 | 5975 | 12337 | 3215 |
| Fee waiver and/or expense reimbursement | (6805) | (6109) | (38620) |  |
| Distribution fee waiver | (5979) |  |  |  |

---

See Notes to Financial Statements.

------

**Statement of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1317093 | $600264 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (7654987) | (751075) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 2097492 | 938071 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (4240402) | 787260 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (133531) | (1281153) |
| &nbsp;&nbsp; Class C | (6118) | (176578) |
| &nbsp;&nbsp; Class Z | (85079) | (1557517) |
| &nbsp;&nbsp; Class R6 | (1118717) | (1457) |
|  | (1343445) | (3016705) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 213402697 | 170973991 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1317527 | 3009232 |
| &nbsp;&nbsp; Cost of shares purchased | (182913948) | (21182936) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 31806276 | 152800287 |
| &nbsp;&nbsp; Total increase (decrease) | 26222429 | 150570842 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 182111845 | 31541003 |
| &nbsp;&nbsp; End of period | $208334274 | $182111845 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 19

------

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $16.12 | $18.00 | $13.86 | $13.54 | $13.80 | $12.50 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.09 | 0.12 | 0.07 | 0.11 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.48) | (0.53)<sup>(b)</sup> | 4.72 | 0.73 | 0.75 | 1.39 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.39) | (0.41) | 4.79 | 0.84 | 0.88 | 1.48 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.09) | (0.11) | (0.07) | (0.08) | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | (1.36) | (0.58) | (0.44) | (1.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.09) | (1.47) | (0.65) | (0.52) | (1.14) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $15.64 | $16.12 | $18.00 | $13.86 | $13.54 | $13.80 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (2.42)% | (2.69)% | 35.44% | 6.24% | 8.27% | 11.95% |
| &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; <br> **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $26850 | $22003 | $13908 | $7269 | $5391 | $4459 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $23720 | $17151 | $10058 | $6608 | $4729 | $4078 |
| &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% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.35 %<sup>(e)</sup> | 1.63% | 1.87% | 2.22% | 2.60% | 2.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.08 %<sup>(e)</sup> | 0.71% | 0.46% | 0.85% | 0.98% | 0.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 45% | 99% | 86% | 106% | 100% | 104% |

---

(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) 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.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; <br> **Class C Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** |  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $15.97 | $17.88 | $13.81 | $13.51 | $13.80 | $12.50 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.03 | (0.01)<sup>(b)</sup> | (0.04)<sup>(b)</sup> | 0.02 | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.47) | (0.53)<sup>(c)</sup> | 4.69 | 0.72 | 0.73 | 1.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.44) | (0.54) | 4.65 | 0.74 | 0.77 | 1.39 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.02) | (0.01) | (-)<sup>(d)</sup> | (-)<sup>(d)</sup> | (0.05) | (-)<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | (1.36) | (0.58) | (0.44) | (1.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.02) | (1.37) | (0.58) | (0.44) | (1.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $15.51 | $15.97 | $17.88 | $13.81 | $13.51 | $13.80 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(e)</sup>:** | (2.73)% | (3.46)% | 34.45% | 5.45% | 7.40% | 11.18% |
| &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; <br> **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $5187 | $4001 | $2252 | $1498 | $1852 | $1831 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $4439 | $2803 | $1735 | $1711 | $1865 | $1703 |
| &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% | 1.99% | 1.99% | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 2.26 %<sup>(g)</sup> | 2.66% | 2.97% | 3.55% | 3.64% | 3.65% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 %<sup>(g)</sup> | (0.05)% | (0.27)% | 0.13% | 0.28% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 45% | 99% | 86% | 106% | 100% | 104% |

---

(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) Amount rounds to zero.

(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) 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 21

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; <br> **Class Z Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** |  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $16.13 | $18.01 | $13.87 | $13.56 | $13.82 | $12.52 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.18 | 0.12 | 0.14 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.54) | (0.55)<sup>(b)</sup> | 4.71 | 0.72 | 0.75 | 1.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.38) | (0.37) | 4.83 | 0.86 | 0.91 | 1.52 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.15) | (0.11) | (0.11) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | (1.36) | (0.58) | (0.44) | (1.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.10) | (1.51) | (0.69) | (0.55) | (1.17) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $15.65 | $16.13 | $18.01 | $13.87 | $13.56 | $13.82 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (2.33)% | (2.46)% | 35.74% | 6.46% | 8.54% | 12.21% |
| &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; <br> **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $15466 | $156090 | $15364 | $18828 | $9122 | $8369 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $48232 | $44393 | $13377 | $12973 | $8216 | $8066 |
| &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% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.15 %<sup>(e)</sup> | 1.19% | 1.58% | 1.70% | 2.02% | 1.98% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.02 %<sup>(e)</sup> | 1.08% | 0.77% | 1.06% | 1.25% | 0.94% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 45% | 99% | 86% | 106% | 100% | 104% |

---

(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) 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.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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; <br> **Class R6 Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **September 27, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **September 27, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $16.12 | $18.01 | $13.87 | $13.55 | $13.81 | $12.72 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.09 | 0.17 | 0.12 | 0.15 | 0.16 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(loss) on investment transactions | (0.44) | (0.55 | 4.71 | 0.72 | 0.75 | 1.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.35) | (0.38 | 4.83 | 0.87 | 0.91 | 1.28 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.12) | (0.15 | (0.11) | (0.11) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | - | (1.36 | (0.58) | (0.44) | (1.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.12) | (1.51 | (0.69) | (0.55) | (1.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $15.65 | $16.12 | $18.01 | $13.87 | $13.55 | $13.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | (2.18)% | (2.49 |  | 6.54% | 8.55% | 10.10% |
| &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; <br> **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $160832 | $17 | $17 | $13 | $12 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $115129 | $17 | $15 | $12 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expense reimbursement | 0.86 %<sup>(f)</sup> | 0.99 | 0.99% | 0.99% | 0.99% | 0.99 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;expense reimbursement | 0.86 %<sup>(f)</sup> | 37.99 | 48.96% | 123.09% | 119.91% | 307.60 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.19 %<sup>(f)</sup> | 0.97 | 0.73% | 1.10% | 1.25% | 0.88 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 45% | 99 | 86% | 106% | 100% | 104% |

---

(a) Commencement of offering.

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

(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.

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 23

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**Notes to Financial Statements (unaudited)** 

**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 PGIM Jennison Rising Dividend Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek capital appreciation and income.

**2.** **Accounting Policies** 

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

------

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

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

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

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

PGIM Jennison Rising Dividend Fund 25

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

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

*Master Netting Arrangements:* The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

------

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

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

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

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

*Taxes:* It is the Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal

PGIM Jennison Rising Dividend Fund 27

------

**Notes to Financial Statements** (unaudited) (continued)

income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

---

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

---

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

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

**3.** **Agreements** 

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers<br>and/or expense reimbursements** |
|  0.775% of average daily net assets up to $1 billion; | 0.775% |

---

------

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers<br>and/or expense reimbursements** |
|  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, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | 1.24% |
| &nbsp;&nbsp; C | 1.99 |
| &nbsp;&nbsp; Z | 0.99 |
| &nbsp;&nbsp; R6 | 0.99 |

---

The RIC, on behalf of the Fund has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2023 to limit such fees on certain classes based on the daily net assets. The distribution fees are accrued daily and payable monthly.

PGIM Jennison Rising Dividend Fund 29

------

**Notes to Financial Statements** (unaudited) (continued)

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.30% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended January 31, 2023, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
|  A | $48270 | $— |
|  C |  | 1634 |

---

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

**4.** **Other Transactions with Affiliates** 

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

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Income from securities lending, net".

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

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**5.** **Portfolio Securities** 

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

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $117864858 | $81679512 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of 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** |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  |
| $1309044 | $81812579 | $81156506 | $586 | $(460) | $1965243 | 1965637$4063<sup>(2)</sup> |

---

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

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of
Operations.

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**6.** **Tax Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| $199065444 | $14019847 | $(3229499) | $10790348 |

---

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

The Fund elected to treat post-October capital losses of approximately $1,000 as having been incurred in the following fiscal year (July 31, 2023).

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

PGIM Jennison Rising Dividend Fund 31

------

**Notes to Financial Statements** (unaudited) (continued)

**7.** **Capital and Ownership** 

The 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 (ten years prior to January 22, 2021) 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 the Fund to one or more other share classes of the 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 the 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, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; R6 | 1053 | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | 2 | 89.0 |

---

------

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 457106 | $7141533 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8556 | 132561 |
| &nbsp;&nbsp; Shares purchased | (126284) | (1962680) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 339378 | 5311414 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13049 | 204507 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1512) | (23710) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 350915 | $5492211 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 667715 | $11322372 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 75002 | 1273949 |
| &nbsp;&nbsp; Shares purchased | (155662) | (2697811) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 587055 | 9898510 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8885 | 153847 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3355) | (58380) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 592585 | $9993977 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 126234 | $1955782 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 397 | 6082 |
| &nbsp;&nbsp; Shares purchased | (29551) | (460077) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 97080 | 1501787 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13168) | (204507) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 83912 | $1297280 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 156179 | $2589972 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10447 | 176578 |
| &nbsp;&nbsp; Shares purchased | (29909) | (508608) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 136717 | 2257942 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (12138) | (204482) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 124579 | $2053460 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1190199 | $18991418 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5492 | 85067 |
| &nbsp;&nbsp; Shares purchased | (9883947) | (159040777) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (8688256) | (139964292) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1512 | 23710 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8686744) | $(139940582) |

---

PGIM Jennison Rising Dividend Fund 33

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Year ended July 31, 2022:** | | |
|  Shares sold | 9833631 | $157061647 |
|  Shares issued in reinvestment of dividends and distributions | 93114 | 1557248 |
|  Shares purchased | (1111138) | (17976517) |
|  Net increase (decrease) in shares outstanding before conversion | 8815607 | 140642378 |
|  Shares issued upon conversion from other share class(es) | 6506 | 109015 |
|  Net increase (decrease) in shares outstanding | 8822113 | $140751393 |
|  **Class R6** |  |  |
|  **Six months ended January 31, 2023:** |  |  |
|  Shares sold | 11587481 | $185313964 |
|  Shares issued in reinvestment of dividends and distributions | 70595 | 1093817 |
|  Shares purchased | (1380501) | (21450414) |
|  Net increase (decrease) in shares outstanding | 10277575 | $164957367 |
|  **Year ended July 31, 2022:** |  |  |
|  Shares issued in reinvestment of dividends and distributions | 86 | $1457 |
|  Net increase (decrease) in shares outstanding | 86 | $1457 |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| **Term of Commitment** | 9/30/2022 - 9/28/2023 | 10/1/2021 – 9/29/2022 |
| **Total Commitment** | $1200000000 | $1200000000 |
| **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |

---

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

------

portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

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

**9.** **Risks of Investing in the Fund** 

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

*Dividend Ri*sk: 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

PGIM Jennison Rising Dividend Fund 35

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

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

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

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to

PGIM Jennison Rising Dividend Fund 37

------

**Notes to Financial Statements** (unaudited) (continued)

result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;∎ **MAIL** | ∎ **TELEPHONE** | ∎ **WEBSITE** |
| &nbsp;&nbsp;&nbsp; 655 Broad Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pgim.com/investments |
| &nbsp;&nbsp;&nbsp; Newark, NJ 07102 |  |  |

---

---

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

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **TRUSTEES**<br>|
| &nbsp;&nbsp;&nbsp; Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **OFFICERS**<br>|
| &nbsp;&nbsp;&nbsp;Stuart S. Parker, *President* ● Scott E. Benjamin, *Vice President* ● Christian J. Kelly, *Chief Financial Officer* ● Claudia DiGiacomo, *Chief Legal Officer* ● Isabelle Sajous, *Chief Compliance Officer* ● Kelly Florio, *Anti-Money Laundering Compliance Officer* ● Andrew R. French, *Secretary* ● Melissa Gonzalez*, Assistant Secretary* ● Kelly A. Coyne, *Assistant Secretary* ● Patrick E. McGuinness, *Assistant Secretary* ● Debra Rubano, *Assistant Secretary* ● Lana Lomuti, *Assistant Treasurer* ● Russ Shupak, *Treasurer and Principal Accounting Officer* ● Elyse M. McLaughlin, *Assistant Treasurer* ● Deborah Conway, *Assistant Treasurer* ● Robert McCormack, *Assistant Treasurer* |

---

---

| | | |
|:---|:---|:---|
| **MANAGER** | PGIM Investments LLC | 655 Broad Street |
|  |  | Newark, NJ 07102<br>|
| **SUBADVISER** | Jennison Associates LLC | 466 Lexington Avenue |
|  |  | New York, NY 10017<br>|
| **DISTRIBUTOR** | Prudential Investment<br> Management Services LLC | 655 Broad Street<br> Newark, NJ 07102<br>|
| **CUSTODIAN** | The Bank of New York | 240 Greenwich Street |
|  | Mellon<br>| New York, NY 10286<br>|
| **TRANSFER AGENT** | Prudential Mutual Fund | PO Box 534432 |
|  | Services LLC<br>| Pittsburgh, PA 15253<br>|
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP<br>| 300 Madison Avenue New York, NY 10017<br>|
| **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue |
|  |  | New York, NY 10019<br>|

---

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

---

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

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**SHAREHOLDER COMMUNICATIONS WITH TRUSTEES** |
| &nbsp;&nbsp;&nbsp;Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison Rising Dividend Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee. |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**AVAILABILITY OF PORTFOLIO HOLDINGS** |
| &nbsp;&nbsp;&nbsp;The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at *sec.gov*. Form N-PORT is filed with the Commission quarterly, and the Fund's full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov*. |

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**Mutual Funds:** 

 <br> <u> ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY</u>   <u>MAY LOSE VALUE</u>   <u> ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE</u>

------

![LOGO](g434210g81g87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PGIM JENNISON RISING DIVIDEND FUND** | **PGIM JENNISON RISING DIVIDEND FUND** | **PGIM JENNISON RISING DIVIDEND FUND** | **PGIM JENNISON RISING DIVIDEND FUND** | **PGIM JENNISON RISING DIVIDEND FUND** |
| &nbsp;&nbsp; **SHARE CLASS** | **A** | **C** | **Z** | **R6** |
| &nbsp;&nbsp; **NASDAQ** | PJDAX | PJDCX | PJDZX | PJDQX |
| &nbsp;&nbsp; **CUSIP** | 74440V823 | 74440V815 | 74440V799 | 74440V682 |

---

MF220E2

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![LOGO](g435293dsp1top.jpg)

## PGIM 60/40 ALLOCATION FUND
**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g435293g39e27.jpg)

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

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**Table of Contents** 

---

| | |
|:---|:---|
|  [Your Fund's Performance](#edgar435293_1) | 3 |
|  [Fees and Expenses](#edgar435293_2) | 5 |
|  [Holdings and Financial Statements](#edgar435293_3) | 7 |

---

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

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

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

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

2 Visit our website at pgim.com/investments

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**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Annual Total Returns as of 1/31/23** <br> **(with sales charges)** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Annual Total Returns as of 1/31/23** <br> **(with sales charges)** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Annual Total Returns as of 1/31/23** <br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | -1.15 | -8.32 | 5.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 (09/13/2017) |
| &nbsp;&nbsp; Custom Benchmark Index | <br> -1.03 | -7.92 | 6.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 |

---

\*Not annualized

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

**Benchmark Definitions** 

**Custom Benchmark Index**—The Custom Benchmark is comprised of 60% S&P 500 Index and 40% Bloomberg US Aggregate Bond Index.

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

**Bloomberg US Aggregate Bond Index**—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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

PGIM 60/40 Allocation Fund 3

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**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

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| | | |
|:---|:---|:---|
| **Top Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 60.3% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 39.6% |

---

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

4 Visit our website at pgim.com/investments

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**Fees and Expenses** 

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

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

*Actual Expenses* 

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

*Hypothetical Example for Comparison Purposes* 

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

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

PGIM 60/40 Allocation Fund 5

------

**Fees and Expenses** (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PGIM 60/40 Allocation Fund** | **Beginning <br>Account Value <br>August 1, 2022** | **Ending <br>Account Value <br>January 31, 2023** | **Annualized <br>Expense <br>Ratio Based on** <br> **the** <br> **Six-Month Period**  | **Expenses Paid <br>During the <br>Six-Month Period\*** |
| &nbsp;&nbsp; **Class R6** Actual | $1000.00 | $988.50 | 0.40% | $2.00 |
| &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;Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

*\*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

6 Visit our website at pgim.com/investments

------

**PGIM 60/40 Allocation Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **LONG-TERM INVESTMENTS 99.9%** |  |  |
| **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 3136824 | $52730012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 2860344 | 34695973 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $88,842,196) |  | 87425985 |
|  **SHORT-TERM INVESTMENT 0.1%** |  |  |
|  **AFFILIATED MUTUAL FUND** |  |  |
| PGIM Core Ultra Short Bond Fund<br> (cost $98,303) | 98303 | 98303 |
|  **TOTAL INVESTMENTS 100.0%**<br> (cost $88,940,499)(wd) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87524288 |
| Liabilities in excess of other assets (0.0)% |  | (28987) |
|  **NET ASSETS 100.0%** |  | $87495301 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund
invests.

**<u>Fair Value Measurements:</u>**

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 60/40 Allocation Fund 7

------

**PGIM 60/40 Allocation Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
| Affiliated Mutual Funds | $87425985 | $— | $— |
|  **Short-Term Investment** |  |  |  |
| Affiliated Mutual Fund | 98303 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $**87524288** | **$—** | **$—** |

---

<u>**Investment Allocation:**</u>

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
| Large Cap | 60.3 | % |
| Total Return Bond | 39.6 |  |
| 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.

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $88,940,499) | $87524288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 271532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 9779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 87806533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 262878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & accounting fee payable | 14913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 12975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable | 10336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 311232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $87495301 |
| &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 | $7903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 92050792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (4563394) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $87495301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($87,495,301 ÷ 7,902,793 shares of beneficial interest issued and outstanding) | $11.07 |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 9

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)**<br>| |
| &nbsp;&nbsp; Affiliated dividend income | $1888570 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 8131 |
| &nbsp;&nbsp; Custodian and accounting fees | 22824 |
| &nbsp;&nbsp; Audit fee | 10334 |
| &nbsp;&nbsp; Professional fees | 10326 |
| &nbsp;&nbsp; Shareholders' reports | 5873 |
| &nbsp;&nbsp; Trustees' fees | 5478 |
| &nbsp;&nbsp; Fund data services | 3778 |
| &nbsp;&nbsp; SEC registration fees | 529 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $59) | 78 |
| &nbsp;&nbsp; Miscellaneous | 3311 |
| &nbsp;&nbsp; **Total expenses** | 70662 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (57380) |
| &nbsp;&nbsp; **Net expenses** | 13282 |
| &nbsp;&nbsp; Net investment income (loss) | 1875288 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $(1481351)) | (1481098) |
| &nbsp;&nbsp; Net capital gain distributions received on affiliated investments | 523209 |
|  | (957889) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on affiliated investments | (1531893) |
| &nbsp;&nbsp; Net gain (loss) on affiliated investment transactions | (2489782) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(614494) |

---

See Notes to Financial Statements.

------

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended<br>January 31, 2023**<br> | **Year Ended<br>July 31, 2022**<br> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1875288 | $1636269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (1481098) | (1672354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 523209 | 6691501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1531893) | (12387169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (614494) | (5731753) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4750724) | (5561442) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (878,464 and 1,565,348 shares, respectively) | 9724562 | 20559822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (450,306 and 430,786 shares, respectively) | 4750724 | 5561442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (368,259 and 699,905 shares, respectively) | (4149491) | (9002640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 10325795 | 17118624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 4960577 | 5825429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 82534724 | 76709295 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $87495301 | $82534724 |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 11

------

**PGIM 60/40 Allocation Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &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,** | **September 13, 2017<sup>(a)</sup>through July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.89 | $13.59 | $11.53 | $11.09 | $10.77 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.25 | 0.22 | 0.24 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment<br> transactions | (0.43) | (1.04) | 2.15 | 0.72 | 0.47 | 0.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.17) | (0.79) | 2.37 | 0.96 | 0.67 | 0.92 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.85) | (0.19) | (0.33) | (0.34) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.35) | (0.06) | (0.12) | (0.19) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.65) | (0.91) | (0.31) | (0.52) | (0.35) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.07 | $11.89 | $13.59 | $11.53 | $11.09 | $10.77 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.15)% | (6.34)% | 20.93% | 8.75% | 6.73% | 9.30% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $87495 | $82535 | $76709 | $32266 | $17019 | $2899 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $80650 | $82858 | $53068 | $23312 | $9866 | $381 |
| &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% | 0.03% | 0.03% | 0.02 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.17 %<sup>(e)</sup> | 0.17% | 0.27% | 0.72% | 1.78% | 28.47 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.61 %<sup>(e)</sup> | 1.97% | 1.76% | 2.15% | 1.87% | 1.46 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 9% | 20% | 22% | 30% | 31% | 37% |

---

(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'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)

**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 PGIM 60/40 Allocation Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek a balance between growth and conservation of capital.

The Fund pursues its objective by primarily investing in a portfolio of other mutual funds within the PGIM fund family (collectively, the "Underlying Funds") that provide exposure to equity and fixed income.

**2.** **Accounting Policies** 

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

PGIM 60/40 Allocation Fund 13

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

------

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

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

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

**3.** **Agreements** 

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

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantative Solutions" or the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers** <br> **and/or expense reimbursements** |
| 0.02% of average daily net assets | 0.02% |

---

PGIM 60/40 Allocation Fund 15

------

**Notes to Financial Statements** (unaudited) (continued)

The Manager has contractually agreed, through November 30, 2023, 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. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to below class is:

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| R6 | 0.40% |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class R6 shares of the Fund. No distribution or service fees are paid to PIMS as distributor for Class R6 shares of the Fund.

PGIM Investments, PIMS and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

**4.** **Other Transactions with Affiliates** 

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. 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. 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, 2023, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $15480274 | $7510387 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |  |  |  |  |
| $49640063 | $8789898 | $4114503 | $(885712) | $(699734) | $52730012 | 3136824 | $768431 | $523209 |
|  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) |  |  |  |  |
| 32829279 | 6690376 | 3395884 | (646181) | (781617) | 34695973 | 2860344 | 1118626 |  |
| $82469342 | $15480274 | $7510387 | $(1531893) | $(1481351) | $87425985 |  | $1887057 | $523209 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |  |  |  |  |
| $101563 | $76108 | $79368 | $— | $— | $98303 | 98303 | $1513 | $— |
| $82570905 | $15556382 | $7589755 | $(1531893) | $(1481351) | $87524288 |  | $1888570 | $523209 |

---

<sup>(wd)</sup> PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**6.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized depreciation as of January 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Depreciation** |
| &nbsp;&nbsp; $91400750 | $2863951 | $(6740413) | $(3876462) |

---

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

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

PGIM 60/40 Allocation Fund 17

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**Notes to Financial Statements** (unaudited) (continued)

**7.** **Capital and Ownership** 

The RIC is authorized to issue an unlimited number of shares of beneficial interest of the Fund, at $0.001 par value per share, currently divided into one class, designated Class R6 shares.

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

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| R6 | 7901961 | 99.9% |

---

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

---

| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| Affiliated | 1 | 99.9% |
| Unaffiliated |  |  |

---

**8. Borrowings** 

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

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| **Term of Commitment** | 9/30/2022 - 9/28/2023 | 10/1/2021 – 9/29/2022 |
| **Total Commitment** | $1200000000 | $1200000000 |
| **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.20% plus the higher of (1)<br>the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large

------

scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

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

**9.** **Risks of Investing in the Fund** 

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

*Affiliated Funds Risk:* The Fund's Manager serves as manager of the Underlying Funds. In addition, the Fund invests in certain Underlying Funds for which the subadviser serves as subadviser. 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 the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. 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. 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 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,

PGIM 60/40 Allocation Fund 19

------

**Notes to Financial Statements** (unaudited) (continued)

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.

*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:* Certain Underlying Funds invest in equity and equity-related securities. 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. An Underlying Fund's holdings can vary significantly from broad market indices and the performance of the Underlying Fund can deviate from the performance of these indices. 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 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 Underlying Fund securities can increase expenses.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*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, the Fund may underperform other funds that use different investment styles.

PGIM 60/40 Allocation Fund 21

------

**Notes to Financial Statements** (unaudited) (continued)

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid 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 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 Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

------

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero. COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

*Market Risk:* Securities markets may be volatile and the market prices of 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.

*Reference Rate Risk:* The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average ("EONIA"), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new

PGIM 60/40 Allocation Fund 23

------

**Notes to Financial Statements** (unaudited) (continued)

reference rate (e.g., the Secured Overnight Financing Rate ("SOFR"), which is intended to replace the U.S. dollar LIBOR).

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎ **MAIL** <br> 655 Broad Street<br> Newark, NJ 07102<br>| <br> ∎ **TELEPHONE**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎ **WEBSITE**<br> pgim.com/investments |

---

**PROXY VOTING** 

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

**TRUSTEES** 

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

**OFFICERS** 

Stuart S. Parker, *President* · Scott E. Benjamin, *Vice President* · Christian J. Kelly, *Chief Financial Officer* · Claudia DiGiacomo, *Chief Legal Officer* · Isabelle Sajous, *Chief Compliance Officer* · Kelly Florio, *Anti-Money Laundering Compliance Officer*· Andrew R. French, *Secretary* · Melissa Gonzalez*, Assistant Secretary* · Kelly A. Coyne, *Assistant Secretary* · Patrick E. McGuinness, *Assistant Secretary* · Debra Rubano, *Assistant Secretary* · Lana Lomuti, *Assistant Treasurer* · Russ Shupak, Treasurer and Principal Accounting Officer · Elyse M. McLaughlin, *Assistant Treasurer* · Deborah Conway, *Assistant Treasurer* · Robert McCormack, *Assistant Treasurer*

---

| | | |
|:---|:---|:---|
|  **MANAGER** | PGIM Investments LLC | 655 Broad Street<br> Newark, NJ 07102 |
|  **SUBADVISER** | PGIM Quantitative Solutions LLC | Gateway Center Two<br> 100 Mulberry Street<br> Newark, NJ 07102 |
|  **DISTRIBUTOR** | Prudential Investment Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
|  **CUSTODIAN** | The Bank of New York Mellon | 240 Greenwich Street<br> New York, NY 10286 |
|  **TRANSFER AGENT** | Prudential Mutual Fund Services LLC | PO Box 534432<br> Pittsburgh, PA 15253 |
|  **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | 300 Madison Avenue<br> New York, NY 10017 |
|  **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue<br> New York, NY 10019 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHAREHOLDER COMMUNICATIONS WITH TRUSTEES** <br> Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 60/40 Allocation Fund, PGIM<br>Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by<br>writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AVAILABILITY OF PORTFOLIO HOLDINGS** <br> The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT<br>filings are available on the Commission's website at *sec.gov*. Form N-PORT is filed with the Commission quarterly, and each Fund's full portfolio<br>holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov*.<br>

**Mutual Funds:** 

<u> ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY</u>   <u>MAY LOSE VALUE</u>   <u> ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE</u>

------

![LOGO](g435293g16c48.jpg)

**PGIM 60/40 ALLOCATION FUND** 

---

| | |
|:---|:---|
| **SHARE CLASS** <br>| **R6**<br>|
| **NASDAQ**<br>| PALDX  |
| **CUSIP**<br>| 74440V724  |

---

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![LOGO](g434487g01r01.jpg)

## PRUDENTIAL DAY ONE FUNDS

------

**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g434487g01r02.jpg)

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

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Letter from the President](#edgar434487_1) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Prudential Day One Income Fund](#edgar434487_2) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Prudential Day One 2015 Fund](#edgar434487_3) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Prudential Day One 2020 Fund](#edgar434487_4) | 10 |
| [Prudential Day One 2025 Fund](#edgar434487_5) | 13 |
| [Prudential Day One 2030 Fund](#edgar434487_6) | 16 |
| [Prudential Day One 2035 Fund](#edgar434487_7) | 19 |
| [Prudential Day One 2040 Fund](#edgar434487_8) | 22 |
| [Prudential Day One 2045 Fund](#edgar434487_9) | 25 |
| [Prudential Day One 2050 Fund](#edgar434487_10) | 28 |
| [Prudential Day One 2055 Fund](#edgar434487_11) | 31 |
| [Prudential Day One 2060 Fund](#edgar434487_12) | 34 |
| [Prudential Day One 2065 Fund](#edgar434487_13) | 37 |
| [Fees and Expenses](#edgar434487_14) | 41 |
| [Holdings and Financial Statements](#edgar434487_15) | 49 |

---

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

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

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

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

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

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| | |
|:---|:---|
| ![LOGO](g434487g01r03.jpg) | Dear Shareholder:<br>We hope you find the semiannual report for the Prudential Day One Funds informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. |

---

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

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

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g434487g01r04.jpg)

**Stuart S. Parker, President** 

Prudential Day One Funds

March 15, 2023

Prudential Day One Funds 3

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**Prudential Day One Income Fund** 

**Your Fund's Performance** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -2.09 | -6.88 | 2.74 | 3.57 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | -1.94 | -6.64 | 3.01 | 3.82 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | -1.96 | -6.57 | 3.17 | 3.98 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | -1.91 | -6.48 | 3.25 | 4.08 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | -1.75 | -6.38 | 3.36 | 4.19 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | -1.66 | -6.14 | 3.53 | 4.37 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One Income Custom Benchmark |  |  |  |  |
|  | -1.87 | -6.17 | 3.63 | 4.47 |
| &nbsp;&nbsp; S&P Target Date Retirement Income Index |  |  |  |  |
|  | 0.56 | -5.33 | 2.84 | 4.00 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

4 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One Income Custom Benchmark**\*—The Prudential Day One Income Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> Retirement Income Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One Income Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One Income Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third

Prudential Day One Funds 5

------

**Prudential Day One Income Fund** 

**Your Fund's Performance** (continued)

party licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One Income Custom Benchmark, or the data included therein.

\*\*The S&P Target Date Retirement Income Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 22.9% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 16.0% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 15.9% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 10.7% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 5.9% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 4.6% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 1.0% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 1.0% |

---

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

6 Visit our website at pgim.com/investments

------

**Prudential Day One 2015 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -2.05 | -6.88 | 2.96 | 4.05 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | -1.88 | -6.63 | 3.22 | 4.30 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | -1.82 | -6.48 | 3.39 | 4.46 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | -1.72 | -6.39 | 3.50 | 4.56 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | -1.69 | -6.27 | 3.59 | 4.68 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | -1.64 | -6.14 | 3.75 | 4.82 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2015 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2015 Custom Benchmark |  |  |  |
|  | -1.79 | -6.20 | 3.90 | 4.99 |
| &nbsp;&nbsp; S&P Target Date 2015 Index | &nbsp;&nbsp; S&P Target Date 2015 Index |  |  |  |
|  | 0.64 | -5.50 | 3.54 | 5.18 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 7

------

**Prudential Day One 2015 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2015 Custom Benchmark\*—**The Prudential Day One 2015 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2015 Index\*\*—**The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2015 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2015 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

8 Visit our website at pgim.com/investments

------

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2015 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2015 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 22.5% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 15.9% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 14.8% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 11.6% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 6.3% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 5.2% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 1.1% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 1.1% |

---

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

Prudential Day One Funds 9

------

**Prudential Day One 2020 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -1.72 | -6.75 | 3.31 | 4.51 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | -1.60 | -6.47 | 3.56 | 4.77 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | -1.57 | -6.34 | 3.73 | 4.94 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | -1.56 | -6.33 | 3.83 | 5.04 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | -1.45 | -6.23 | 3.94 | 5.14 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | -1.39 | -6.02 | 4.09 | 5.24 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2020 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2020 Custom Benchmark |  |  |  |
|  | -1.56 | -6.19 | 4.29 | 5.52 |
| &nbsp;&nbsp; S&P Target Date 2020 Index | &nbsp;&nbsp; S&P Target Date 2020 Index |  |  |  |
|  | 0.94 | -5.55 | 3.63 | 5.56 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

10 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2020 Custom Benchmark**\*—The Prudential Day One 2020 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2020 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2020 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2020 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

Prudential Day One Funds 11

------

**Prudential Day One 2020 Fund** 

**Your Fund's Performance** (continued)

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2020 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2020 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 21.1% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 15.5% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 14.0% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 12.6% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 7.1% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 6.7% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 1.2% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 1.2% |

---

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

12 Visit our website at pgim.com/investments

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**Prudential Day One 2025 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -1.40 | -6.66 | 3.57 | 5.01 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | -1.32 | -6.48 | 3.84 | 5.27 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | -1.25 | -6.34 | 3.98 | 5.42 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | -1.24 | -6.24 | 4.10 | 5.53 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | -1.22 | -6.14 | 4.18 | 5.63 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | -1.06 | -5.98 | 4.35 | 5.81 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2025 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2025 Custom Benchmark |  |  |  |
|  | -1.28 | -6.17 | 4.55 | 6.12 |
| &nbsp;&nbsp; S&P Target Date 2025 Index | &nbsp;&nbsp; S&P Target Date 2025 Index |  |  |  |
|  | 1.49 | -5.44 | 4.18 | 6.40 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 13

------

**Prudential Day One 2025 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2025 Custom Benchmark**\*—The Prudential Day One 2025 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index,<sup>1,2</sup>, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2025 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2025 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2025 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

14 Visit our website at pgim.com/investments

------

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2025 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2025 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 19.4% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 16.3% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 14.9% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 10.4% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 8.3% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 8.0% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 1.6% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 1.5% |

---

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

Prudential Day One Funds 15

------

**Prudential Day One 2030 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -0.85 | -6.80 | 4.05 | 6.01 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | -0.72 | -6.58 | 4.31 | 6.28 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | -0.60 | -6.40 | 4.48 | 6.43 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | -0.58 | -6.31 | 4.56 | 6.52 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | -0.56 | -6.28 | 4.67 | 6.64 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | -0.48 | -6.11 | 4.83 | 6.82 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2030 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2030 Custom Benchmark |  |  |  |
|  | -0.74 | -6.35 | 5.14 | 7.27 |
| &nbsp;&nbsp; S&P Target Date 2030 Index | &nbsp;&nbsp; S&P Target Date 2030 Index |  |  |  |
|  | 1.87 | -5.49 | 4.62 | 7.11 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

16 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2030 Custom Benchmark**\*—The Prudential Day One 2030 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2030 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2030 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2030 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

Prudential Day One Funds 17

------

**Prudential Day One 2030 Fund** 

**Your Fund's Performance** (continued)

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2030 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2030 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 18.5% |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 16.5% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 14.1% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 10.3% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 10.3% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 7.2% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 6.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 5.6% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 2.2% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 2.1% |

---

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

18 Visit our website at pgim.com/investments

------

**Prudential Day One 2035 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | -0.07 | -6.97 | 4.46 | 6.70 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 0.01 | -6.73 | 4.72 | 6.95 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 0.18 | -6.57 | 4.89 | 7.13 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 0.11 | -6.54 | 4.99 | 7.24 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 0.22 | -6.37 | 5.10 | 7.34 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 0.29 | -6.22 | 5.23 | 7.49 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2035 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2035 Custom Benchmark |  |  |  |
|  | -0.03 | -6.48 | 5.72 | 8.22 |
| &nbsp;&nbsp; S&P Target Date 2035 Index | &nbsp;&nbsp; S&P Target Date 2035 Index |  |  |  |
|  | 2.28 | -5.61 | 5.10 | 7.86 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 19

------

**Prudential Day One 2035 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2035 Custom Benchmark**\*—The Prudential Day One 2035 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2035 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2035 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2035 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

20 Visit our website at pgim.com/investments

------

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2035 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2035 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 21.2% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 13.1% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 12.9% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 11.7% |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 11.3% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.6% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 5.6% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 3.5% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 3.2% |

---

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

Prudential Day One Funds 21

------

**Prudential Day One 2040 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 0.77 | -6.51 | 4.75 | 7.19 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 0.89 | -6.31 | 5.00 | 7.45 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 0.94 | -6.18 | 5.15 | 7.61 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 0.96 | -6.08 | 5.27 | 7.72 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 0.99 | -5.98 | 5.37 | 7.83 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 1.15 | -5.82 | 5.53 | 8.00 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2040 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2040 Custom Benchmark |  |  |  |
|  | 0.58 | -6.51 | 6.00 | 8.74 |
| &nbsp;&nbsp; S&P Target Date 2040 Index | &nbsp;&nbsp; S&P Target Date 2040 Index |  |  |  |
|  | 2.67 | -5.58 | 5.47 | 8.40 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

22 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2040 Custom Benchmark**\*—The Prudential Day One 2040 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, FTSE 3-Month T-Bill<sup>1</sup>, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2040 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2040 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2040 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

Prudential Day One Funds 23

------

**Prudential Day One 2040 Fund** 

**Your Fund's Performance** (continued)

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2040 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2040 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 22.6% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 16.0% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 14.4% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 9.4% |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 7.7% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 5.2% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 4.9% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 4.7% |

---

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

24 Visit our website at pgim.com/investments

------

**Prudential Day One 2045 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 1.37 | -6.56 | 4.87 | 7.48 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 1.56 | -6.37 | 5.13 | 7.75 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 1.63 | -6.22 | 5.28 | 7.90 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 1.65 | -6.05 | 5.40 | 8.02 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 1.77 | -5.93 | 5.51 | 8.14 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 1.83 | -5.86 | 5.66 | 8.31 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2045 Custom Benchmark |  |  |  |  |
|  | 1.15 | -6.68 | 6.12 | 9.05 |
| &nbsp;&nbsp; S&P Target Date 2045 Index |  |  |  |  |
|  | 3.01 | -5.51 | 5.69 | 8.73 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 25

------

**Prudential Day One 2045 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2045 Custom Benchmark**\*—The Prudential Day One 2045 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2045 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2045 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2045 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

26 Visit our website at pgim.com/investments

------

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2045 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2045 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 23.5% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 18.4% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 15.0% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 8.3% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 6.8% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 6.4% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 4.6% |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 4.3% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 4.2% |

---

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

Prudential Day One Funds 27

------

**Prudential Day One 2050 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** |  | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 2.07 | -6.37 | 4.93 | 7.57 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 2.14 | -6.13 | 5.19 | 7.83 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 2.25 | -6.03 | 5.36 | 8.00 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 2.36 | -5.87 | 5.44 | 8.09 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 2.38 | -5.76 | 5.58 | 8.22 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 2.37 | -5.68 | 5.73 | 8.40 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2050 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2050 Custom Benchmark |  |  |  |
|  | 1.66 | -6.63 | 6.20 | 9.26 |
| &nbsp;&nbsp; S&P Target Date 2050 Index | &nbsp;&nbsp; S&P Target Date 2050 Index |  |  |  |
|  | 3.16 | -5.48 | 5.79 | 8.93 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

28 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2050 Custom Benchmark**\*—The Prudential Day One 2050 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2050 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2050 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2050 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

Prudential Day One Funds 29

------

**Prudential Day One 2050 Fund** 

**Your Fund's Performance** (continued)

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2050 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2050 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 23.7% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 20.6% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 15.7% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 8.3% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 7.6% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 7.1% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 4.7% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 4.0% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | Core Bond | 1.6% |

---

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

30 Visit our website at pgim.com/investments

------

**Prudential Day One 2055 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** |  | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 2.34 | -6.31 | 4.87 | 7.81 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 2.54 | -6.03 | 5.15 | 8.09 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 2.53 | -5.94 | 5.30 | 8.24 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 2.63 | -5.76 | 5.40 | 8.36 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 2.62 | -5.76 | 5.51 | 8.47 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 2.82 | -5.58 | 5.66 | 8.62 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2055 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2055 Custom Benchmark |  |  |  |
|  | 1.96 | -6.60 | 6.15 | 9.39 |
| &nbsp;&nbsp; S&P Target Date 2055 Index | &nbsp;&nbsp; S&P Target Date 2055 Index |  |  |  |
|  | 3.26 | -5.43 | 5.83 | 9.03 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 31

------

**Prudential Day One 2055 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2055 Custom Benchmark**\*—The Prudential Day One 2055 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Treasury Inflation-Protected (TIPS) Index, Bloomberg US Aggregate Bond Index, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2055 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2055 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2055 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

32 Visit our website at pgim.com/investments

------

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2055 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2055 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 23.5% |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 22.6% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 15.6% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 8.8% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 8.3% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 5.9% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 4.0% |
| &nbsp;&nbsp; PGIM TIPS Fund (Class R6) | TIPS | 1.2% |

---

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

Prudential Day One Funds 33

------

**Prudential Day One 2060 Fund** 

**Your Fund's Performance** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** |  | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 2.58 | -6.20 | 4.89 | 7.79 (12/13/2016) |
| &nbsp;&nbsp; Class R2 | 2.74 | -5.96 | 5.15 | 8.06 (12/13/2016) |
| &nbsp;&nbsp; Class R3 | 2.85 | -5.77 | 5.31 | 8.23 (12/13/2016) |
| &nbsp;&nbsp; Class R4 | 2.89 | -5.66 | 5.42 | 8.34 (12/13/2016) |
| &nbsp;&nbsp; Class R5 | 2.92 | -5.55 | 5.53 | 8.45 (12/13/2016) |
| &nbsp;&nbsp; Class R6 | 2.99 | -5.47 | 5.70 | 8.60 (12/13/2016) |
| &nbsp;&nbsp; Prudential Day One 2060 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2060 Custom Benchmark |  |  |  |
|  | 2.17 | -6.59 | 6.14 | 9.48 |
| &nbsp;&nbsp; S&P Target Date 2060 Index | &nbsp;&nbsp; S&P Target Date 2060 Index |  |  |  |
|  | 3.24 | -5.46 | 5.85 | 9.10 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

34 Visit our website at pgim.com/investments

------

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2060 Custom Benchmark**\*—The Prudential Day One 2060 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Aggregate Bond Index, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2060 Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2060 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2060 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

Prudential Day One Funds 35

------

**Prudential Day One 2060 Fund** 

**Your Fund's Performance** (continued)

licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2060 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2060 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

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

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Top Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 24.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 23.1% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 15.6% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 9.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 9.0% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 5.2% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 5.0% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 4.0% |

---

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

36 Visit our website at pgim.com/investments

------

**Prudential Day One 2065 Fund** 

**Your Fund's Performance** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R1 | 2.72 | -6.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 (12/16/2019) |
| &nbsp;&nbsp; Class R2 | 2.90 | -5.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 (12/16/2019) |
| &nbsp;&nbsp; Class R3 | 2.96 | -5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 (12/16/2019) |
| &nbsp;&nbsp; Class R4 | 2.97 | -5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 (12/16/2019) |
| &nbsp;&nbsp; Class R5 | 3.08 | -5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 (12/16/2019) |
| &nbsp;&nbsp; Class R6 | 3.15 | -5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 (12/16/2019) |
| &nbsp;&nbsp; Prudential Day One 2065 Custom Benchmark | &nbsp;&nbsp; Prudential Day One 2065 Custom Benchmark |  |  |
|  | 2.31 | -6.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61 |
| &nbsp;&nbsp; S&P Target Date 2065+ Index |  |  |  |
|  | 3.19 | -5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

Prudential Day One Funds 37

------

**Prudential Day One 2065 Fund** 

**Your Fund's Performance** (continued)

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp; Maximum initial sales charge |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.50% | 0.25% | 0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder service fee | 0.10%\* | 0.10%\* | 0.10%\* | 0.10%\* |  |  |

---

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

**Benchmark Definitions** 

**Prudential Day One 2065 Custom Benchmark**\*—The Prudential Day One 2065 Custom Benchmark reflects the normal weighted average of the underlying funds' stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, FTSE Developed ex-North America Index,<sup>1,2</sup>, MSCI Emerging Markets Net Index, Bloomberg US Aggregate Bond Index, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index<sup>1</sup>. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

**S&P Target Date<sup>®</sup> 2065+ Index**\*\*—The S&P Target Date Index series is comprised of 13 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule relative to the respective target date.

\*The Prudential Day One 2065 Custom Benchmark is calculated by PGIM, Inc. and/or its affiliates with permission from S&P Dow Jones Indices LLC and/or its affiliates. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index, including the Prudential Day One 2065 Custom Benchmark, to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party

38 Visit our website at pgim.com/investments

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licensors shall have any liability for any errors, omissions, or interruptions of any index, including the Prudential Day One 2065 Custom Benchmark, or the data included therein.

\*\*The S&P Target Date 2065+ Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

<sup>1</sup> Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). <sup>©</sup> LSE Group 2018.

FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" and "FTSE Russell<sup>®</sup>" are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. "TMX<sup>®</sup>" is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

<sup>2</sup> Effective 12/31/18, the Russell Developed ex-North America Large Cap Net Index was decommissioned and subsequently replaced with the FTSE Developed ex-North America Index. Historical returns for the Prudential Day One Custom Benchmarks, prior to 12/31/18, will not be re-stated.

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

Prudential Day One Funds 39

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**Prudential Day One 2065 Fund** 

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Asset Class** | **% of Net Assets** |
| &nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | International Developed Markets | 24.4% |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | Large Cap | 23.2% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | Broad Market | 15.7% |
| &nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | Emerging Markets | 9.9% |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | Mid Cap | 9.0% |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | Small Cap | 5.1% |
| &nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | Real Estate | 5.0% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | Commodity | 4.0% |
| &nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | Total Return Bond | 3.6% |

---

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

40 Visit our website at pgim.com/investments

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**Fees and Expenses** 

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

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

*Actual Expenses* 

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

*Hypothetical Example for Comparison Purposes* 

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

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

Prudential Day One Funds 41

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**Fees and Expenses** (continued)

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One Income**<br> **Fund** | **Prudential Day One Income**<br> **Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $979.10 | 1.15% | $5.74 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $980.60 | 0.90% | $4.49 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $980.40 | 0.75% | $3.74 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $980.90 | 0.65% | $3.25 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $982.50 | 0.55% | $2.75 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $983.40 | 0.40% | $2.00 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

42 Visit our website at pgim.com/investments

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2015 Fund** | **Prudential Day One 2015 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $979.50 | 1.15% | $5.74 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $981.20 | 0.90% | $4.49 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $981.80 | 0.75% | $3.75 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $982.80 | 0.65% | $3.25 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $983.10 | 0.55% | $2.75 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $983.60 | 0.40% | $2.00 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |
|  |  |  |  | **Annualized** |  |
|  |  |  |  | **Expense** |  |
|  |  | **Beginning** | **Ending** | **Ratio Based on** | **Expenses Paid** |
|  |  | **Account Value** | **Account Value** | **the** | **During the** |
| **Prudential Day One 2020 Fund** | **Prudential Day One 2020 Fund** | **August 1, 2022** | **January 31, 2023** | **Six-Month Period** | **Six-Month Period\*** |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $982.80 | 1.15% | $5.75 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $984.00 | 0.90% | $4.50 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $984.30 | 0.75% | $3.75 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $984.40 | 0.65% | $3.25 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $985.50 | 0.55% | $2.75 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $986.10 | 0.40% | $2.00 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

Prudential Day One Funds 43

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**Fees and Expenses** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2025 Fund** | **Prudential Day One 2025 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $986.00 | 1.15% | $5.76 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $986.80 | 0.90% | $4.51 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $987.50 | 0.75% | $3.76 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $987.60 | 0.65% | $3.26 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $987.80 | 0.55% | $2.76 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $989.40 | 0.40% | $2.01 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |
|  |  |  |  | **Annualized** |  |
|  |  |  |  | **Expense** |  |
|  |  | **Beginning** | **Ending** | **Ratio Based on** | **Expenses Paid** |
|  |  | **Account Value** | **Account Value** | **the** | **During the** |
| **Prudential Day One 2030 Fund** | **Prudential Day One 2030 Fund** | **August 1, 2022** | **January 31, 2023** | **Six-Month Period** | **Six-Month Period\*** |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $991.50 | 1.15% | $5.77 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $992.80 | 0.90% | $4.52 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $994.00 | 0.75% | $3.77 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $994.20 | 0.65% | $3.27 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $994.40 | 0.55% | $2.76 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $995.20 | 0.40% | $2.01 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

44 Visit our website at pgim.com/investments

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2035 Fund** | **Prudential Day One 2035 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $999.30 | 1.15% | $5.80 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1000.10 | 0.90% | $4.54 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1001.80 | 0.75% | $3.78 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1001.10 | 0.65% | $3.28 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1002.20 | 0.55% | $2.78 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1002.90 | 0.40% | $2.02 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |
|  |  |  |  | **Annualized** |  |
|  |  |  |  | **Expense** |  |
|  |  | **Beginning** | **Ending** | **Ratio Based on** | **Expenses Paid** |
|  |  | **Account Value** | **Account Value** | **the** | **During the** |
| **Prudential Day One 2040 Fund** | **Prudential Day One 2040 Fund** | **August 1, 2022** | **January 31, 2023** | **Six-Month Period** | **Six-Month Period\*** |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1007.70 | 1.15% | $5.82 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1008.90 | 0.90% | $4.56 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1009.40 | 0.75% | $3.80 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1009.60 | 0.65% | $3.29 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1009.90 | 0.55% | $2.79 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1011.50 | 0.40% | $2.03 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

Prudential Day One Funds 45

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**Fees and Expenses** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2045 Fund** | **Prudential Day One 2045 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1013.70 | 1.15% | $5.84 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1015.60 | 0.90% | $4.57 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1016.30 | 0.75% | $3.81 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1016.50 | 0.65% | $3.30 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1017.70 | 0.55% | $2.80 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1018.30 | 0.40% | $2.03 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |
|  |  |  |  | **Annualized** |  |
|  |  |  |  | **Expense** |  |
|  |  | **Beginning** | **Ending** | **Ratio Based on** | **Expenses Paid** |
|  |  | **Account Value** | **Account Value** | **the** | **During the** |
| **Prudential Day One 2050 Fund** | **Prudential Day One 2050 Fund** | **August 1, 2022** | **January 31, 2023** | **Six-Month Period** | **Six-Month Period\*** |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1020.70 | 1.15% | $5.86 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1021.40 | 0.90% | $4.59 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1022.50 | 0.75% | $3.82 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1023.60 | 0.65% | $3.32 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1023.80 | 0.55% | $2.81 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1023.70 | 0.40% | $2.04 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

46 Visit our website at pgim.com/investments

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2055 Fund** | **Prudential Day One 2055 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1023.40 | 1.15% | $5.87 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1025.40 | 0.90% | $4.59 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1025.30 | 0.75% | $3.83 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1026.30 | 0.65% | $3.32 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1026.20 | 0.55% | $2.81 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1028.20 | 0.40% | $2.04 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |
|  |  |  |  | **Annualized** |  |
|  |  |  |  | **Expense** |  |
|  |  | **Beginning** | **Ending** | **Ratio Based on** | **Expenses Paid** |
|  |  | **Account Value** | **Account Value** | **the** | **During the** |
| **Prudential Day One 2060 Fund** | **Prudential Day One 2060 Fund** | **August 1, 2022** | **January 31, 2023** | **Six-Month Period** | **Six-Month Period\*** |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1025.80 | 1.15% | $5.87 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1027.40 | 0.90% | $4.60 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1028.50 | 0.75% | $3.83 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1028.90 | 0.65% | $3.32 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1029.20 | 0.55% | $2.81 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1029.90 | 0.40% | $2.05 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

Prudential Day One Funds 47

------

**Fees and Expenses** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential Day One 2065 Fund** | **Prudential Day One 2065 Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **January 31, 2023** | **Annualized**<br> **Expense<br> Ratio Based on** <br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class R1** | Actual | $1000.00 | $1027.20 | 1.15% | $5.88 |
|  | Hypothetical | $1000.00 | $1019.41 | 1.15% | $5.85 |
| &nbsp;&nbsp; **Class R2** | Actual | $1000.00 | $1029.00 | 0.90% | $4.60 |
|  | Hypothetical | $1000.00 | $1020.67 | 0.90% | $4.58 |
| &nbsp;&nbsp; **Class R3** | Actual | $1000.00 | $1029.60 | 0.75% | $3.84 |
|  | Hypothetical | $1000.00 | $1021.42 | 0.75% | $3.82 |
| &nbsp;&nbsp; **Class R4** | Actual | $1000.00 | $1029.70 | 0.65% | $3.33 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class R5** | Actual | $1000.00 | $1030.80 | 0.55% | $2.82 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $1031.50 | 0.40% | $2.05 |
|  | Hypothetical | $1000.00 | $1023.19 | 0.40% | $2.04 |

---

*\*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

48 Visit our website at pgim.com/investments

------

**Prudential Day One Income Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 90.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 416247 | $3662974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 71584 | 1382282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 17844 | 233228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 185714 | 1381715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 82371 | 1054344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 146085 | 2455694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 23561 | 233494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 87608 | 1343909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 601065 | 5247294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 301707 | 3659705 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $21,106,858) |  | 20654639 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 10.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,311,859) | 2311859 | 2311859 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $23,418,717)(wd) |  | 22966498 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (12042) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22954456 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 49

------

**Prudential Day One Income Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $20654639 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2311859 | <u>—</u> | <u>—</u> |
|  **Total** | **$22966498** | **$—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  TIPS | 22.9 |
|  Core Bond | 16.0 |
|  Total Return Bond | 15.9 |
|  Large Cap | 10.7 |
|  Short Term | 10.1 |
|  Real Estate | 6.0 |
|  Commodity | 6.0 |
|  Broad Market | 5.9 |

---

---

| | |
|:---|:---|
|  International Developed Markets | 4.6% |
|  Mid Cap | 1 |
|  Small Cap | 1 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One Income Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $23,418,717) | $22966498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 320700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 29382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 13974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 23331380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 226886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 115671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 376924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $22954456 |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 24742145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1790021) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $22954456 |

---

See Notes to Financial Statements.

Prudential Day One Funds 51

------

**Prudential Day One Income Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($25,395 ÷ 2,583 shares of beneficial interest issued and outstanding) | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($32,176 ÷ 3,274 shares of beneficial interest issued and outstanding) | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($160,544 ÷ 16,327 shares of beneficial interest issued and outstanding) | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($25,660 ÷ 2,610 shares of beneficial interest issued and outstanding) | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($913,383 ÷ 92,914 shares of beneficial interest issued and outstanding) | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($21,797,298 ÷ 2,213,885 shares of beneficial interest issued and outstanding) | $9.85 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One Income Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $719042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $925)(a) | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 85061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (82842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 716823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (288706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 169897 |
|  | (118809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1059058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (1177867) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(461044) |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 62 | 53 | 77 |  |  |  |
|  Registration fees | 1852 | 2156 | 1852 | 1852 | 1852 | 1994 |
|  Transfer agent's fees and expenses | 39 | 262 | 15 | 25 | 749 | 846 |
|  Fee waiver and/or expense reimbursement | (1935) | (2490) | (2144) | (1922) | (4671) | (69680) |

---

See Notes to Financial Statements.

Prudential Day One Funds 53

------

**Prudential Day One Income Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716823 | $&nbsp;&nbsp;&nbsp;&nbsp;1374876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (288706) | (330088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 169897 | 1115284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1059058) | (3456678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (461044) | (1296606) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1393) | (2001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (1948) | (146014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (8961) | (13092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1477) | (2163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (53152) | (75927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1299152) | (2154067) |
|  | (1366083) | (2393264) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 910707 | 8837860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1366083 | 2393225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (1922629) | (12064261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 354161 | (833176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (1472966) | (4523046) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 24427422 | 28950468 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $22954456 | $24427422 |

---

See Notes to Financial Statements.

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.64 | $12.13 | $10.94 | $10.73 | $10.59 | $10.36 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.28 | 0.47 | 0.15 | 0.09 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.52) | (1.08) | 1.23 | 0.50 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.24) | (0.61) | 1.38 | 0.59 | 0.45 | 0.38 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.68) | (0.13) | (0.21) | (0.24) | (0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.57) | (0.88) | (0.19) | (0.38) | (0.31) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.83 | $10.64 | $12.13 | $10.94 | $10.73 | $10.59 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (2.09)% | (5.43)% | 12.70% | 5.57% | 4.46% | 3.71% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $25 | $26 | $27 | $24 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $25 | $27 | $25 | $18 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(e)</sup> | 0.76% | 0.75% | 0.74% | 0.74% | 0.64% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 16.32 %<sup>(e)</sup> | 15.10% | 28.84% | 77.98% | 108.50% | 124.02% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.52 %<sup>(e)</sup> | 4.09% | 1.33% | 0.89% | 1.92% | 1.84% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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'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.

Prudential Day One Funds 55

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.64 | $12.13 | $10.94 | $10.73 | $10.59 | $10.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.26 | 0.58 | 0.18 | 0.20 | 0.22 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.49) | (1.16) | 1.23 | 0.42 | 0.26 | 0.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.23) | (0.58) | 1.41 | 0.62 | 0.48 | 0.40 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.71) | (0.16) | (0.24) | (0.27) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.58) | (0.91) | (0.22) | (0.41) | (0.34) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.83 | $10.64 | $12.13 | $10.94 | $10.73 | $10.59 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (1.94)% | (5.20)% | 12.98% | 5.88% | 4.72% | 3.86% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $32 | $48 | $2123 | $1846 | $1345 | $843 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $42 | $1373 | $2453 | $1435 | $1036 | $248 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.51 %<sup>(e)</sup> | 0.51% | 0.50% | 0.49% | 0.49% | 0.46% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 12.39 %<sup>(e)</sup> | 1.28% | 1.37% | 3.26% | 3.89% | 9.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.26 %<sup>(e)</sup> | 4.96% | 1.58% | 1.90% | 2.13% | 2.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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'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.

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.65 | $12.14 | $10.94 | $10.74 | $10.60 | $10.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.47 | 0.19 | 0.22 | 0.24 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.53) | (1.03) | 1.24 | 0.40 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.23) | (0.56) | 1.43 | 0.62 | 0.49 | 0.42 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.73) | (0.17) | (0.25) | (0.28) | (0.19) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.59) | (0.93) | (0.23) | (0.42) | (0.35) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.83 | $10.65 | $12.14 | $10.94 | $10.74 | $10.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (1.96)% | (5.03)% | 13.24% | 5.95% | 4.87% | 4.09% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $161 | $160 | $1623 | $1645 | $1597 | $1403 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $153 | $196 | $1634 | $1557 | $1377 | $1331 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.36 %<sup>(e)</sup> | 0.36% | 0.35% | 0.34% | 0.34% | 0.24% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.15 %<sup>(e)</sup> | 2.49% | 1.36% | 3.02% | 3.50% | 5.23% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.92 %<sup>(e)</sup> | 4.19% | 1.70% | 2.09% | 2.31% | 2.23% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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'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.

Prudential Day One Funds 57

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.65 | $12.14 | $10.94 | $10.74 | $10.60 | $10.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.52 | 0.21 | 0.15 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.52) | (1.07) | 1.23 | 0.49 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.22) | (0.55) | 1.44 | 0.64 | 0.50 | 0.43 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.74) | (0.18) | (0.27) | (0.29) | (0.20) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.60) | (0.94) | (0.24) | (0.44) | (0.36) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.83 | $10.65 | $12.14 | $10.94 | $10.74 | $10.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (1.91)% | (4.94)% | 13.34% | 5.98% | 5.06% | 4.21% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $26 | $26 | $28 | $24 | $12 | $18 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $25 | $27 | $26 | $18 | $14 | $18 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.26 %<sup>(e)</sup> | 0.26% | 0.25% | 0.25% | 0.24% | 0.13% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 15.53 %<sup>(e)</sup> | 14.28% | 26.37% | 76.14% | 84.52% | 76.23% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.02 %<sup>(e)</sup> | 4.59% | 1.83% | 1.44% | 2.36% | 2.34% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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'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.

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.64 | $12.14 | $10.94 | $10.74 | $10.60 | $10.37 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31 | 0.53 | 0.22 | 0.02 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.52) | (1.08) | 1.24 | 0.63 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.21) | (0.55) | 1.46 | 0.65 | 0.51 | 0.45 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.75) | (0.20) | (0.28) | (0.30) | (0.22) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.60) | (0.95) | (0.26) | (0.45) | (0.37) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.83 | $10.64 | $12.14 | $10.94 | $10.74 | $10.60 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (1.75)% | (4.93)% | 13.46% | 6.18% | 5.09% | 4.33% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $913 | $931 | $965 | $914 | $65 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $892 | $944 | $909 | $534 | $51 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.16 %<sup>(e)</sup> | 0.16% | 0.15% | 0.15% | 0.14% | 0.04% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.20 %<sup>(e)</sup> | 1.05% | 1.47% | 4.36% | 24.81% | 122.74% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.10 %<sup>(e)</sup> | 4.67% | 1.94% | 0.15% | 2.75% | 2.44% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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'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.

Prudential Day One Funds 59

------

**Prudential Day One Income 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.66 | $12.16 | $10.96 | $10.76 | $10.61 | $10.38 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31 | 0.55 | 0.24 | 0.21 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.51) | (1.08) | 1.23 | 0.46 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.20) | (0.53) | 1.47 | 0.67 | 0.54 | 0.46 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.36) | (0.77) | (0.21) | (0.30) | (0.32) | (0.23) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.25) | (0.20) | (0.06) | (0.17) | (0.07) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.61) | (0.97) | (0.27) | (0.47) | (0.39) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.85 | $10.66 | $12.16 | $10.96 | $10.76 | $10.61 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | (1.66)% | (4.78)% | 13.59% | 6.36% | 5.33% | 4.45% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $21797 | $23236 | $24185 | $16871 | $6939 | $3529 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $21740 | $25990 | $22559 | $9392 | $6203 | $2451 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement<sup>(e)</sup> | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.01 %<sup>(f)</sup> | 0.01% | (0.00)%<sup>(b)</sup> | (0.00)%<sup>(b)</sup> | (0.01)% | (0.09)% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.65 %<sup>(f)</sup> | 0.52% | 0.61% | 1.92% | 2.41% | 4.36% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.23 %<sup>(f)</sup> | 4.82% | 2.10% | 1.95% | 2.80% | 2.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 17% | 62% | 45% | 65% | 38% | 25% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(f) Annualized.

See Notes to Financial Statements.

------

**Prudential Day One Income Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

Prudential Day One Funds 61

------

**Prudential Day One 2015 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 90.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 188415 | $1658052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 35032 | 676463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 9170 | 119858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 90885 | 676183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 45566 | 583251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 77431 | 1301607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 12109 | 119995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 45981 | 705347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 289008 | 2523044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 147640 | 1790874 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,049,401) |  | 10154674 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 9.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br> (cost $1,105,074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105074 | 1105074 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br> (cost $11,154,475)(wd) |  | 11259748 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (24272) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235476 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

------

**Prudential Day One 2015 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $10154674 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1105074 |  |  |
|  **Total** | $**11259748** | $**—** | $**—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  TIPS | 22.4 |
|  Total Return Bond | 15.9 |
|  Core Bond | 14.8 |
|  Large Cap | 11.6 |
|  Short Term | 9.8 |
|  Broad Market | 6.3 |
|  Real Estate | 6.0 |
|  Commodity | 6.0 |

---

---

| | |
|:---|:---|
|  International Developed Markets | 5.2% |
|  Mid Cap | 1.1 |
|  Small Cap | 1.1 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

Prudential Day One Funds 63

------

**Prudential Day One 2015 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $11,154,475) | $11259748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 15107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 14341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 4778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 11294646 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 22066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 59170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $11235476 |
| &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 | $1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 12000904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (766568) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $11235476 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2015 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,761 ÷ 1,296 shares of beneficial interest issued and outstanding) | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($50,897 ÷ 5,165 shares of beneficial interest issued and outstanding) | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,078 ÷ 1,327 shares of beneficial interest issued and outstanding) | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,147 ÷ 1,336 shares of beneficial interest issued and outstanding) | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($182,246 ÷ 18,484 shares of beneficial interest issued and outstanding) | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,963,347 ÷ 1,112,651 shares of beneficial interest issued and outstanding) | $9.85 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

Prudential Day One Funds 65

------

**Prudential Day One 2015 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $349324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $592)(a) | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 82613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (81802) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 348513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (45855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 94747 |
|  | 48892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (605614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (556722) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(208209) |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 31 | 62 | 6 |  |  |  |
|  Registration fees | 1819 | 1819 | 1818 | 1818 | 1818 | 2455 |
|  Transfer agent's fees and expenses | 24 | 122 | 24 | 24 | 172 | 535 |
|  Fee waiver and/or expense reimbursement | (1904) | (2186) | (1905) | (1906) | (2934) | (70967) |

---

See Notes to Financial Statements.

------

**Prudential Day One 2015 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**January 31, 2023** | **Year Ended**<br>**July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $348513 | $673741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (45855) | 7625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 94747 | 604862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (605614) | (1961215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (208209) | (674987) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (856) | (1166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (3495) | (4443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (926) | (1239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (944) | (1259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (12979) | (13383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (815992) | (1336020) |
|  | (835192) | (1357510) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 39031 | 1300353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 835192 | 1357510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (437774) | (3978523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 436449 | (1320660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (606952) | (3353157) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 11842428 | 15195585 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11235476 | $11842428 |

---

See Notes to Financial Statements.

Prudential Day One Funds 67

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.80 | $12.43 | $11.08 | $10.91 | $10.86 | $10.49 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.28 | 0.47 | 0.15 | 0.16 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.05) | 1.41 | 0.42 | 0.23 | 0.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.25) | (0.58) | 1.56 | 0.58 | 0.42 | 0.47 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.44) | (0.67) | (0.11) | (0.22) | (0.23) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.71) | (1.05) | (0.21) | (0.41) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.84 | $10.80 | $12.43 | $11.08 | $10.91 | $10.86 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (2.05)% | (5.31)% | 14.32% | 5.35% | 4.17% | 4.50% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $13 | $13 | $14 | $12 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $12 | $13 | $13 | $12 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(d)</sup> | 0.76% | 0.75% | 0.74% | 0.73% | 0.63% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 31.17 %<sup>(d)</sup> | 28.64% | 52.16% | 114.82% | 106.63% | 120.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.51 %<sup>(d)</sup> | 4.05% | 1.29% | 1.53% | 1.83% | 1.74% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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.

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.82 | $12.46 | $11.10 | $10.92 | $10.88 | $10.50 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.50 | 0.18 | 0.20 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.05) | 1.42 | 0.41 | 0.22 | 0.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.23) | (0.55) | 1.60 | 0.61 | 0.43 | 0.51 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.47) | (0.71) | (0.14) | (0.24) | (0.25) | (0.11) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.74) | (1.09) | (0.24) | (0.43) | (0.39) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.85 | $10.82 | $12.46 | $11.10 | $10.92 | $10.88 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.88)% | (5.05)% | 14.57% | 5.62% | 4.34% | 4.85% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $51 | $51 | $50 | $42 | $12 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $49 | $51 | $46 | $37 | $13 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.51 %<sup>(d)</sup> | 0.51% | 0.50% | 0.49% | 0.48% | 0.38% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 9.38 %<sup>(d)</sup> | 8.87% | 15.87% | 37.60% | 92.94% | 119.98% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.77 %<sup>(d)</sup> | 4.28% | 1.54% | 1.85% | 1.94% | 1.99% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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.

Prudential Day One Funds 69

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.83 | $12.47 | $11.11 | $10.93 | $10.89 | $10.51 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30 | 0.52 | 0.20 | 0.21 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.06) | 1.41 | 0.42 | 0.21 | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.23) | (0.54) | 1.61 | 0.63 | 0.45 | 0.52 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.48) | (0.72) | (0.15) | (0.26) | (0.27) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.75) | (1.10) | (0.25) | (0.45) | (0.41) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.85 | $10.83 | $12.47 | $11.11 | $10.93 | $10.89 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.82)% | (4.91)% | 14.71% | 5.84% | 4.50% | 5.01% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $13 | $13 | $14 | $12 | $12 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $13 | $14 | $13 | $12 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.36 %<sup>(d)</sup> | 0.36% | 0.35% | 0.34% | 0.33% | 0.23% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 30.09 %<sup>(d)</sup> | 27.69% | 50.95% | 113.01% | 105.36% | 119.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.91 %<sup>(d)</sup> | 4.45% | 1.69% | 1.93% | 2.23% | 2.14% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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.

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.82 | $12.46 | $11.11 | $10.93 | $10.88 | $10.51 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31 | 0.53 | 0.21 | 0.22 | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.05) | 1.41 | 0.42 | 0.17 | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.22) | (0.52) | 1.62 | 0.64 | 0.47 | 0.53 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.49) | (0.74) | (0.17) | (0.27) | (0.28) | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.76) | (1.12) | (0.27) | (0.46) | (0.42) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.84 | $10.82 | $12.46 | $11.11 | $10.93 | $10.88 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.72)% | (4.90)% | 14.82% | 5.97% | 4.62% | 5.02% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $13 | $13 | $14 | $12 | $12 | $81 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $13 | $14 | $13 | $12 | $44 | $65 |
| &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> | 0.26% | 0.25% | 0.24% | 0.23% | 0.14% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 29.85 %<sup>(d)</sup> | 27.47% | 50.67% | 112.64% | 28.32% | 22.01% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.01 %<sup>(d)</sup> | 4.55% | 1.79% | 2.03% | 2.82% | 2.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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.

Prudential Day One Funds 71

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.85 | $12.49 | $11.13 | $10.95 | $10.90 | $10.53 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31 | 0.51 | 0.22 | 0.01 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.02) | 1.42 | 0.64 | 0.22 | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.22) | (0.51) | 1.64 | 0.65 | 0.48 | 0.54 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.50) | (0.75) | (0.18) | (0.28) | (0.29) | (0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.77) | (1.13) | (0.28) | (0.47) | (0.43) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.86 | $10.85 | $12.49 | $11.13 | $10.95 | $10.90 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.69)% | (4.70)% | 14.91% | 6.03% | 4.82% | 5.11% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $182 | $175 | $133 | $256 | $40 | $18 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $171 | $166 | $199 | $142 | $28 | $12 |
| &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> | 0.16% | 0.15% | 0.14% | 0.13% | 0.04% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.55 %<sup>(d)</sup> | 3.36% | 4.45% | 10.96% | 43.44% | 110.69% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.12 %<sup>(d)</sup> | 4.45% | 1.90% | 0.11% | 2.44% | 2.34% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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.

------

**Prudential Day One 2015 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.85 | $12.49 | $11.13 | $10.95 | $10.90 | $10.53 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 | 0.56 | 0.24 | 0.24 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.53) | (1.05) | 1.41 | 0.43 | 0.22 | 0.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.21) | (0.49) | 1.65 | 0.67 | 0.50 | 0.55 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.52) | (0.77) | (0.19) | (0.30) | (0.31) | (0.16) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.27) | (0.38) | (0.10) | (0.19) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.79) | (1.15) | (0.29) | (0.49) | (0.45) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.85 | $10.85 | $12.49 | $11.13 | $10.95 | $10.90 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.64)% | (4.57)% | 15.07% | 6.19% | 4.89% | 5.27% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $10963 | $11577 | $14970 | $12049 | $11081 | $8567 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $10879 | $13808 | $15418 | $12078 | $9955 | $6742 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement<sup>(d)</sup> | 0.00 %<sup>(e)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.01 %<sup>(e)</sup> | 0.01% | (0.00)%<sup>(f)</sup> | (0.01)% | (0.02)% | (0.11)% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.30 %<sup>(e)</sup> | 1.02% | 1.00% | 1.72% | 2.04% | 2.53% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6.21 %<sup>(e)</sup> | 4.80% | 2.05% | 2.23% | 2.58% | 2.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 15% | 43% | 58% | 75% | 30% | 57% |

---

(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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(e) Annualized.

(f) Amount rounds to zero.

See Notes to Financial Statements.

Prudential Day One Funds 73

------

**Prudential Day One 2015 Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

------

**Prudential Day One 2020 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 91.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 659500 | $5803600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 144105 | 2782670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 43488 | 568385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 373548 | 2779195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 239998 | 3071970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 385301 | 6476918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 57890 | 573691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 213438 | 3274136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1114662 | 9731001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 591846 | 7179097 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $41,113,961) |  | 42240663 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 8.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,900,999) | 3900999 | 3900999 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $45,014,960)(wd) |  | 46141662 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.2% |  | 83695 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46225357 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 75

------

**Prudential Day One 2020 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $42240663 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 3900999 | <u>—</u> | <u>—</u> |
|  **Total** | **$46141662** | **$—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  TIPS | 21.1 |
|  Total Return Bond | 15.5 |
|  Large Cap | 14.0 |
|  Core Bond | 12.6 |
|  Short Term | 8.4 |
|  Broad Market | 7.1 |
|  International Developed Markets | 6.7 |
|  Real Estate | 6.0 |

---

---

| | |
|:---|:---|
|  Commodity | 6.0% |
|  Mid Cap | 1.2 |
|  Small Cap | 1.2 |
|  | 99.8 |
|  Other assets in excess of liabilities | 0.2 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One 2020 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $45,014,960) | $46141662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 393730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 14387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 46552565 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 292642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 10848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 327208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $46225357 |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 48298974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (2078211) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $46225357 |

---

See Notes to Financial Statements.

Prudential Day One Funds 77

------

**Prudential Day One 2020 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($13,109 ÷ 1,300 shares of beneficial interest issued and outstanding) | $10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($84,168 ÷ 8,344 shares of beneficial interest issued and outstanding) | $10.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($973,262 ÷ 96,368 shares of beneficial interest issued and outstanding) | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($13,525 ÷ 1,338 shares of beneficial interest issued and outstanding) | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,959,756 ÷ 292,974 shares of beneficial interest issued and outstanding) | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($42,181,537 ÷ 4,193,498 shares of beneficial interest issued and outstanding) | $10.06 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2020 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1407423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $760)(a) | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 89107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (83391) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 5716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1401707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (392022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 452708 |
|  | 60686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (2333348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (2272662) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(870955) |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 32 | 94 | 521 |  |  |  |
|  Registration fees | 1852 | 1852 | 1852 | 1852 | 1852 | 1954 |
|  Transfer agent's fees and expenses | 25 | 152 | 16 | 25 | 2171 | 812 |
|  Fee waiver and/or expense reimbursement | (1881) | (2029) | (2186) | (1881) | (6342) | (69072) |

---

See Notes to Financial Statements.

Prudential Day One Funds 79

------

**Prudential Day One 2020 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1401707 | $2931903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (392022) | 400114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 452708 | 3063332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (2333348) | (9294316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (870955) | (2898967) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (976) | (1202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (6256) | (390989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (84476) | (113256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1068) | (1296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (235551) | (327317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3469557) | (5214209) |
|  | (3797884) | (6048269) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1048548 | 6812377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3797884 | 6048269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (4827622) | (22840078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 18810 | (9979432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (4650029) | (18926668) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 50875386 | 69802054 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $46225357 | $50875386 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.12 | $12.82 | $11.27 | $11.09 | $10.98 | $10.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.47 | 0.15 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.51) | (1.08) | 1.63 | 0.44 | 0.23 | 0.37 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.23) | (0.61) | 1.78 | 0.60 | 0.42 | 0.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.72) | (0.12) | (0.21) | (0.21) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (1.09) | (0.23) | (0.42) | (0.31) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.08 | $11.12 | $12.82 | $11.27 | $11.09 | $10.98 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.72)% | (5.37)% | 15.93% | 5.35% | 4.19% | 5.28% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13 | $13 | $14 | $12 | $12 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13 | $14 | $13 | $12 | $11 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(d)</sup> | 0.76% | 0.75% | 0.74% | 0.74% | 0.64% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 30.08 %<sup>(d)</sup> | 27.64% | 51.00% | 113.14% | 105.39% | 118.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.34 %<sup>(d)</sup> | 3.94% | 1.23% | 1.46% | 1.74% | 1.68% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) 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.

Prudential Day One Funds 81

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.14 | $12.83 | $11.28 | $11.11 | $10.99 | $10.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.57 | 0.18 | 0.18 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.51) | (1.14) | 1.62 | 0.44 | 0.23 | 0.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.21) | (0.57) | 1.80 | 0.62 | 0.45 | 0.57 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.75) | (0.14) | (0.24) | (0.23) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (1.12) | (0.25) | (0.45) | (0.33) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.09 | $11.14 | $12.83 | $11.28 | $11.11 | $10.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.60)% | (5.05)% | 16.19% | 5.59% | 4.47% | 5.43% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $84 | $55 | $5742 | $4355 | $3446 | $2332 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $74 | $3140 | $4596 | $3904 | $2456 | $693 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.51 %<sup>(d)</sup> | 0.51% | 0.50% | 0.49% | 0.49% | 0.46% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.93 %<sup>(d)</sup> | 0.83% | 0.88% | 1.27% | 1.51% | 3.02% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.74 %<sup>(d)</sup> | 4.69% | 1.49% | 1.61% | 2.02% | 1.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) 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.

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.17 | $12.86 | $11.30 | $11.13 | $11.01 | $10.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.52 | 0.20 | 0.21 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.52) | (1.07) | 1.63 | 0.42 | 0.22 | 0.35 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.21) | (0.55) | 1.83 | 0.63 | 0.47 | 0.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.77) | (0.16) | (0.25) | (0.25) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.86) | (1.14) | (0.27) | (0.46) | (0.35) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.10 | $11.17 | $12.86 | $11.30 | $11.13 | $11.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.57)% | (4.89)% | 16.41% | 5.73% | 4.63% | 5.67% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $973 | $1099 | $1844 | $1541 | $1072 | $1134 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1033 | $1228 | $1655 | $1294 | $1066 | $673 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.36 %<sup>(d)</sup> | 0.36% | 0.35% | 0.34% | 0.34% | 0.28% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78 %<sup>(d)</sup> | 0.65% | 0.97% | 1.80% | 1.99% | 3.00% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.82 %<sup>(d)</sup> | 4.37% | 1.63% | 1.87% | 2.28% | 2.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) 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.

Prudential Day One Funds 83

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.18 | $12.87 | $11.31 | $11.13 | $11.03 | $10.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.53 | 0.21 | 0.21 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.52) | (1.06) | 1.63 | 0.44 | 0.18 | 0.39 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.21) | (0.53) | 1.84 | 0.65 | 0.46 | 0.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.79) | (0.17) | (0.26) | (0.26) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.87) | (1.16) | (0.28) | (0.47) | (0.36) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.10 | $11.18 | $12.87 | $11.31 | $11.13 | $11.03 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.56)% | (4.79)% | 16.50% | 5.82% | 4.64% | 5.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $14 | $14 | $14 | $12 | $12 | $61 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13 | $14 | $13 | $12 | $37 | $191 |
| &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> | 0.26% | 0.25% | 0.24% | 0.24% | 0.14% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 28.71 %<sup>(d)</sup> | 26.44% | 49.43% | 110.87% | 31.79% | 7.79% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.84 %<sup>(d)</sup> | 4.44% | 1.73% | 1.95% | 2.61% | 2.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) 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.

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.18 | $12.88 | $11.32 | $11.14 | $11.03 | $10.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.55 | 0.22 | 0.24 | 0.25 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.51) | (1.08) | 1.63 | 0.42 | 0.23 | 0.40 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.20) | (0.53) | 1.85 | 0.66 | 0.48 | 0.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.80) | (0.18) | (0.27) | (0.27) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.88) | (1.17) | (0.29) | (0.48) | (0.37) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.10 | $11.18 | $12.88 | $11.32 | $11.14 | $11.03 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.45)% | (4.77)% | 16.60% | 6.03% | 4.75% | 5.99% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2960 | $2967 | $3585 | $3624 | $3962 | $3603 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2848 | $3448 | $3427 | $3783 | $3807 | $1162 |
| &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> | 0.16% | 0.15% | 0.14% | 0.14% | 0.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.60 %<sup>(d)</sup> | 0.50% | 0.58% | 0.92% | 0.99% | 1.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.95 %<sup>(d)</sup> | 4.58% | 1.81% | 2.22% | 2.34% | 2.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) 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.

Prudential Day One Funds 85

------

**Prudential Day One 2020 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.15 | $12.84 | $11.28 | $11.11 | $11.00 | $10.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.56 | 0.24 | 0.23 | 0.27 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.51) | (1.06) | 1.63 | 0.44 | 0.23 | 0.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.19) | (0.50) | 1.87 | 0.67 | 0.50 | 0.64 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.82) | (0.20) | (0.29) | (0.29) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (0.37) | (0.11) | (0.21) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.90) | (1.19) | (0.31) | (0.50) | (0.39) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.06 | $11.15 | $12.84 | $11.28 | $11.11 | $11.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.39)% | (4.56)% | 16.82% | 6.10% | 4.93% | 6.06% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $42182 | $46728 | $58602 | $49000 | $35018 | $22951 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42328 | $54565 | $59237 | $39274 | $30081 | $16888 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(d)</sup>  | 0.00 %<sup>(e)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.01 %<sup>(e)</sup> | 0.01% | (0.00)%<sup>(f)</sup> | (0.01)% | (0.01)% | (0.10)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.33 %<sup>(e)</sup> | 0.25% | 0.25% | 0.46% | 0.58% | 0.93% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.01 %<sup>(e)</sup> | 4.71% | 1.98% | 2.11% | 2.54% | 2.42% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 16% | 45% | 49% | 61% | 33% | 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(e) Annualized.

(f) Amount rounds to zero.

See Notes to Financial Statements.

------

**Prudential Day One 2020 Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

Prudential Day One Funds 87

------

**Prudential Day One 2025 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 92.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 810681 | $7133989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 214603 | 4143980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 78674 | 1028267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 556295 | 4138836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 445430 | 5701503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 666310 | 11200679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 112350 | 1113391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 358141 | 5493878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1534770 | 13398539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 847519 | 10280404 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $61,768,926) |  | 63633466 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 7.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br> (cost $5,107,633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107633 | 5107633 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.8%**<br> (cost $66,876,559)(wd) |  | 68741099 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.2% |  | 142885 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68883984 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

------

**Prudential Day One 2025 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $63633466 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 5107633 |  |  |
|  **Total** | $**68741099** | $**—** | $**—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  TIPS | 19.4 |
|  Large Cap | 16.3 |
|  Total Return Bond | 14.9 |
|  Core Bond | 10.4 |
|  International Developed Markets | 8.3 |
|  Broad Market | 8.0 |
|  Short Term | 7.4 |
|  Real Estate | 6.0 |

---

---

| | |
|:---|:---|
|  Commodity | 6.0% |
|  Mid Cap | 1.6 |
|  Small Cap | 1.5 |
|  | 99.8 |
|  Other assets in excess of liabilities | 0.2 |
|  | 100.0% |

---

See Notes to Financial Statements.

Prudential Day One Funds 89

------

**Prudential Day One 2025 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $66,876,559) | $68741099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 613908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 357402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 15165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 69728408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 689905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 119012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 31965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 844424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $68883984 |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 71783426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (2906104) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $68883984 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2025 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($13,493 ÷ 1,309 shares of beneficial interest issued and outstanding) | $10.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($119,217 ÷ 11,552 shares of beneficial interest issued and outstanding) | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($431,951 ÷ 41,841 shares of beneficial interest issued and outstanding) | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($30,211 ÷ 2,927 shares of beneficial interest issued and outstanding) | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($626,587 ÷ 60,695 shares of beneficial interest issued and outstanding) | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($67,662,525 ÷ 6,543,607 shares of beneficial interest issued and outstanding) | $10.34 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

Prudential Day One Funds 91

------

**Prudential Day One 2025 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $2062350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 6814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 12974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,122)(a) | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 92203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (88196) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2058343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (583273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 768841 |
|  | 185568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (3130461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (2944893) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(886550) |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 33 | 136 | 216 |  |  |  |
|  Shareholder servicing fees |  |  |  | 2 |  |  |
|  Registration fees | 1890 | 2394 | 1890 | 1891 | 1891 | 3018 |
|  Transfer agent's fees and expenses | 40 | 391 | 15 | 44 | 517 | 1166 |
|  Fee waiver and/or expense reimbursement | (1929) | (2768) | (1837) | (1932) | (2621) | (77109) |

---

See Notes to Financial Statements.

------

**Prudential Day One 2025 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2058343 | $3878466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (583273) | (407133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 768841 | 4408605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (3130461) | (12272511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (886550) | (4392573) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (846) | (1353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (7493) | (8344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (29707) | (46210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1952) | (1671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (46333) | (33003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4701615) | (8656371) |
|  | (4787946) | (8746952) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 2209827 | 21309172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 4787946 | 8746952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (4926515) | (34928838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2071258 | (4872714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (3603238) | (18012239) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 72487222 | 90499461 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $68883984 | $72487222 |

---

See Notes to Financial Statements.

Prudential Day One Funds 93

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.19 | $13.01 | $11.24 | $11.14 | $11.15 | $10.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.47 | 0.14 | 0.05 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.47) | (1.07) | 1.84 | 0.53 | 0.18 | 0.50 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.19) | (0.60) | 1.98 | 0.58 | 0.37 | 0.67 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.75) | (0.11) | (0.21) | (0.20) | (0.10) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.69) | (1.22) | (0.21) | (0.48) | (0.38) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.31 | $11.19 | $13.01 | $11.24 | $11.14 | $11.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.40)% | (5.37)% | 17.76% | 5.25% | 3.73% | 6.35% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13 | $14 | $14 | $12 | $671 | $678 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13 | $14 | $13 | $122 | $625 | $639 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(e)</sup> | 0.76% | 0.75% | 0.75% | 0.74% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 30.05 %<sup>(e)</sup> | 27.65% | 50.15% | 11.62% | 3.01% | 3.42% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.32 %<sup>(e)</sup> | 3.86% | 1.18% | 0.49% | 1.72% | 1.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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'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.

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.22 | $13.04 | $11.26 | $11.15 | $11.16 | $10.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.48 | 0.15 | (0.01) | 0.18 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.48) | (1.05) | 1.86 | 0.63 | 0.22 | 0.46 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.18) | (0.57) | 2.01 | 0.62 | 0.40 | 0.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.78) | (0.13) | (0.24) | (0.23) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.72) | (1.25) | (0.23) | (0.51) | (0.41) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.32 | $11.22 | $13.04 | $11.26 | $11.15 | $11.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.32)% | (5.12)% | 18.09% | 5.45% | 4.09% | 6.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $119 | $106 | $82 | $90 | $117 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $108 | $92 | $71 | $136 | $39 | $18 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.51 %<sup>(e)</sup> | 0.51% | 0.50% | 0.50% | 0.49% | 0.39% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.59 %<sup>(e)</sup> | 6.27% | 10.60% | 10.64% | 31.08% | 71.60% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.66 %<sup>(e)</sup> | 3.99% | 1.29% | (0.13)% | 1.60% | 2.18% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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'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.

Prudential Day One Funds 95

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.23 | $13.06 | $11.27 | $11.17 | $11.18 | $10.61 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.43 | 0.19 | 0.21 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.48) | (0.99) | 1.85 | 0.41 | 0.19 | 0.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.17) | (0.56) | 2.04 | 0.62 | 0.42 | 0.72 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.80) | (0.15) | (0.25) | (0.25) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.74) | (1.27) | (0.25) | (0.52) | (0.43) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.32 | $11.23 | $13.06 | $11.27 | $11.17 | $11.18 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.25)% | (5.04)% | 18.32% | 5.62% | 4.17% | 6.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $432 | $449 | $9911 | $8064 | $7737 | $5871 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $429 | $663 | $8876 | $7803 | $6760 | $4653 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.36 %<sup>(e)</sup> | 0.36% | 0.35% | 0.35% | 0.34% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.21 %<sup>(e)</sup> | 1.02% | 0.61% | 0.90% | 1.00% | 1.24% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.77 %<sup>(e)</sup> | 3.60% | 1.59% | 1.89% | 2.14% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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'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.

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.24 | $13.06 | $11.28 | $11.17 | $11.18 | $10.61 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.51 | 0.20 | 0.22 | 0.22 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.50) | (1.05) | 1.84 | 0.43 | 0.21 | 0.53 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.17) | (0.54) | 2.04 | 0.65 | 0.43 | 0.73 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.81) | (0.16) | (0.27) | (0.26) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.75) | (1.28) | (0.26) | (0.54) | (0.44) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.32 | $11.24 | $13.06 | $11.28 | $11.17 | $11.18 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.24)% | (4.87)% | 18.43% | 5.73% | 4.27% | 6.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $30 | $22 | $15 | $13 | $12 | $109 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $25 | $18 | $14 | $12 | $45 | $134 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26 %<sup>(e)</sup> | 0.26% | 0.25% | 0.25% | 0.25% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 15.31 %<sup>(e)</sup> | 21.59% | 48.41% | 109.74% | 26.16% | 10.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.12 %<sup>(e)</sup> | 4.24% | 1.68% | 1.99% | 2.04% | 1.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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'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.

Prudential Day One Funds 97

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.25 | $13.07 | $11.28 | $11.17 | $11.19 | $10.62 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.49 | 0.22 | 0.24 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.50) | (1.02) | 1.84 | 0.41 | 0.19 | 0.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.17) | (0.53) | 2.06 | 0.65 | 0.43 | 0.74 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.82) | (0.17) | (0.27) | (0.27) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (1.29) | (0.27) | (0.54) | (0.45) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.32 | $11.25 | $13.07 | $11.28 | $11.17 | $11.19 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.22)% | (4.77)% | 18.53% | 5.90% | 4.29% | 6.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $627 | $606 | $266 | $160 | $295 | $37 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $616 | $425 | $197 | $238 | $71 | $25 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16 %<sup>(e)</sup> | 0.16% | 0.15% | 0.16% | 0.14% | 0.07% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.00 %<sup>(e)</sup> | 1.24% | 3.68% | 6.04% | 16.90% | 50.68% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.11 %<sup>(e)</sup> | 4.12% | 1.85% | 2.12% | 2.21% | 2.05% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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'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.

------

**Prudential Day One 2025 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.27 | $13.10 | $11.30 | $11.19 | $11.21 | $10.64 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.56 | 0.24 | 0.23 | 0.27 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.48) | (1.08) | 1.85 | 0.44 | 0.17 | 0.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) | (0.52) | 2.09 | 0.67 | 0.44 | 0.76 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.84) | (0.19) | (0.29) | (0.28) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (0.47) | (0.10) | (0.27) | (0.18) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.77) | (1.31) | (0.29) | (0.56) | (0.46) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.34 | $11.27 | $13.10 | $11.30 | $11.19 | $11.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.06)% | (4.70)% | 18.75% | 5.96% | 4.55% | 7.13% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $67663 | $71290 | $80212 | $62135 | $40932 | $25880 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $66396 | $82904 | $79030 | $47867 | $35028 | $20307 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement<sup>(e)</sup> | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.01 %<sup>(f)</sup> | 0.01% | 0.00 %<sup>(b)</sup> | (0.00)%<sup>(b)</sup> | (0.01)% | (0.09)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.24 %<sup>(f)</sup> | 0.19% | 0.20% | 0.40% | 0.51% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.04 %<sup>(f)</sup> | 4.62% | 1.94% | 2.09% | 2.52% | 2.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 17% | 58% | 44% | 57% | 35% | 37% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(f) Annualized.

See Notes to Financial Statements.

Prudential Day One Funds 99

------

**Prudential Day One 2025 Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

------

**Prudential Day One 2030 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 93.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 554401 | $4878724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 211921 | 4092199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 108316 | 1415686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 512985 | 3816610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 61896 | 672187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 545915 | 6987715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 751551 | 12633567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 154869 | 1534751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 456556 | 7003576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1283968 | 11209042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 792524 | 9613313 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $60,941,169) |  | 63857370 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 6.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,258,725) | 4258725 | 4258725 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $65,199,894)(wd) |  | 68116095 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (17756) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68098339 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 101

------

**Prudential Day One 2030 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $63857370 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 4258725 |  |  |
|  **Total** | $**68116095** | $**—** | $**—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 18.5 |
|  TIPS | 16.5 |
|  Total Return Bond | 14.1 |
|  Broad Market | 10.3 |
|  International Developed Markets | 10.3 |
|  Core Bond | 7.2 |
|  Short Term | 6.2 |
|  Real Estate | 6.0 |
|  Commodity | 5.6 |
|  Mid Cap | 2.2 |

---

---

| | | |
|:---|:---|:---|
|  Small Cap | 2.1 | % |
|  Emerging Markets | 1 |  |
|  | 100 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100 | % |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**Prudential Day One 2030 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $65,199,894) | $68116095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 89299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 81778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 15418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 68306802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 156835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 11474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 208463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $68098339 |
| &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 | $6245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 69532773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1440679) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $68098339 |

---

See Notes to Financial Statements.

Prudential Day One Funds 103

------

**Prudential Day One 2030 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($63,934 ÷ 5,877 shares of beneficial interest issued and outstanding) | $10.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($314,485 ÷ 28,860 shares of beneficial interest issued and outstanding) | $10.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($1,409,260 ÷ 129,441 shares of beneficial interest issued and outstanding) | $10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($31,358 ÷ 2,885 shares of beneficial interest issued and outstanding) | $10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($3,997,807 ÷ 367,056 shares of beneficial interest issued and outstanding) | $10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($62,281,495 ÷ 5,710,408 shares of beneficial interest issued and outstanding) | $10.91 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2030 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Affiliated dividend income | $1934609 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 6707 |
| &nbsp;&nbsp; Distribution fee(a) | 1179 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 30 |
| &nbsp;&nbsp; Custodian and accounting fees | 32776 |
| &nbsp;&nbsp; Registration fees(a) | 12800 |
| &nbsp;&nbsp; Professional fees | 10355 |
| &nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp; Trustees' fees | 5444 |
| &nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,179)(a) | 4589 |
| &nbsp;&nbsp; Shareholders' reports | 4294 |
| &nbsp;&nbsp; Miscellaneous | 3259 |
| &nbsp;&nbsp; **Total expenses** | 95333 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (90590) |
| &nbsp;&nbsp; **Net expenses** | 4743 |
| &nbsp;&nbsp; Net investment income (loss) | 1929866 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (619855) |
| &nbsp;&nbsp; Net capital gain distributions received | 992911 |
|  | 373056 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (2773311) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (2400255) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(470389) |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 150 | 370 | 659 |  |  |  |
|  Shareholder servicing fees | 16 | 8 |  | 6 |  |  |
|  Registration fees | 1865 | 2369 | 1864 | 1864 | 1865 | 2973 |
|  Transfer agent's fees and expenses | 102 | 323 | 20 | 47 | 2966 | 1131 |
|  Fee waiver and/or expense reimbursement | (1978) | (2674) | (1776) | (1914) | (6421) | (75827) |

---

See Notes to Financial Statements.

Prudential Day One Funds 105

------

**Prudential Day One 2030 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended<br>January 31, 2023**<br> | **Year Ended<br>July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1929866 | $3460920 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (619855) | (902373) |
| &nbsp;&nbsp; Net capital gain distributions received | 992911 | 5457059 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (2773311) | (12500339) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (470389) | (4484733) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (4803) | (4666) |
| &nbsp;&nbsp; Class R2 | (23953) | (625131) |
| &nbsp;&nbsp; Class R3 | (109021) | (114735) |
| &nbsp;&nbsp; Class R4 | (3094) | (2155) |
| &nbsp;&nbsp; Class R5 | (321515) | (327886) |
| &nbsp;&nbsp; Class R6 | (5191158) | (6412830) |
|  | (5653544) | (7487403) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1551811 | 17485548 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 5653544 | 7487403 |
| &nbsp;&nbsp; Cost of shares purchased | (4272404) | (27641160) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2932951 | (2668209) |
| &nbsp;&nbsp; Total increase (decrease) | (3190982) | (14640345) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 71289321 | 85929666 |
| &nbsp;&nbsp; End of period | $68098339 | $71289321 |

---

See Notes to Financial Statements.

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.92 | $13.72 | $11.48 | $11.45 | $11.53 | $10.74 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.43 | 0.13 | 0.17 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.44) | (1.15) | 2.32 | 0.41 | 0.13 | 0.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.15) | (0.72) | 2.45 | 0.58 | 0.31 | 0.91 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.79) | (0.11) | (0.20) | (0.22) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (1.08) | (0.21) | (0.55) | (0.39) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.88 | $11.92 | $13.72 | $11.48 | $11.45 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.85)% | (5.94)% | 21.50% | 5.04% | 3.18% | 8.47% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $64 | $59 | $55 | $38 | $33 | $27 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $60 | $58 | $48 | $36 | $30 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.75% | 0.74% | 0.74% | 0.74% | 0.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.34 %<sup>(e)</sup> | 7.42% | 14.75% | 37.24% | 40.10% | 84.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.12 %<sup>(e)</sup> | 3.37% | 1.05% | 1.54% | 1.62% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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'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.

Prudential Day One Funds 107

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.95 | $13.74 | $11.50 | $11.47 | $11.55 | $10.75 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.58 | 0.16 | 0.16 | 0.21 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.43) | (1.26) | 2.31 | 0.45 | 0.13 | 0.83 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.13) | (0.68) | 2.47 | 0.61 | 0.34 | 0.94 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.82) | (0.13) | (0.23) | (0.25) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.92) | (1.11) | (0.23) | (0.58) | (0.42) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.90 | $11.95 | $13.74 | $11.50 | $11.47 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.72)% | (5.69)% | 21.83% | 5.29% | 3.46% | 8.81% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $314 | $299 | $7308 | $4896 | $3404 | $2637 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $294 | $5088 | $6013 | $4148 | $3149 | $883 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.47% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.30 %<sup>(e)</sup> | 0.76% | 0.84% | 1.25% | 1.40% | 2.63% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.32 %<sup>(e)</sup> | 4.39% | 1.29% | 1.42% | 1.87% | 0.99% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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'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.

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.95 | $13.75 | $11.50 | $11.47 | $11.55 | $10.76 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.47 | 0.18 | 0.19 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.43) | (1.13) | 2.32 | 0.44 | 0.15 | 0.74 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | (0.66) | 2.50 | 0.63 | 0.36 | 0.95 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.85) | (0.15) | (0.25) | (0.27) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.94) | (1.14) | (0.25) | (0.60) | (0.44) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.89 | $11.95 | $13.75 | $11.50 | $11.47 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.60)% | (5.55)% | 22.00% | 5.44% | 3.63% | 8.86% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1409 | $1341 | $3414 | $2416 | $1349 | $728 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1307 | $1397 | $2857 | $1832 | $1018 | $440 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.35 %<sup>(e)</sup> | 0.35% | 0.34% | 0.34% | 0.34% | 0.29% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.62 %<sup>(e)</sup> | 0.57% | 0.78% | 1.50% | 2.03% | 4.05% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.49 %<sup>(e)</sup> | 3.71% | 1.45% | 1.67% | 1.93% | 1.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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'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.

Prudential Day One Funds 109

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.94 | $13.74 | $11.49 | $11.46 | $11.56 | $10.77 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.48 | 0.19 | 0.23 | 0.29 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.46) | (1.13) | 2.32 | 0.41 | 0.06 | 0.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | (0.65) | 2.51 | 0.64 | 0.35 | 0.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.86) | (0.16) | (0.26) | (0.28) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.95) | (1.15) | (0.26) | (0.61) | (0.45) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.87 | $11.94 | $13.74 | $11.49 | $11.46 | $11.56 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.58)% | (5.47)% | 22.12% | 5.58% | 3.56% | 8.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $31 | $31 | $22 | $14 | $12 | $1114 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $32 | $26 | $18 | $12 | $483 | $987 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25 %<sup>(e)</sup> | 0.25% | 0.24% | 0.24% | 0.25% | 0.17% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 12.01 %<sup>(e)</sup> | 14.46% | 37.53% | 106.51% | 3.30% | 2.43% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.95 %<sup>(e)</sup> | 3.79% | 1.54% | 2.01% | 2.58% | 1.82% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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'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.

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.97 | $13.77 | $11.52 | $11.48 | $11.57 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.51 | 0.21 | 0.25 | 0.25 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.44) | (1.15) | 2.31 | 0.41 | 0.12 | 0.82 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | (0.64) | 2.52 | 0.66 | 0.37 | 0.97 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.87) | (0.17) | (0.27) | (0.29) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.96) | (1.16) | (0.27) | (0.62) | (0.46) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.89 | $11.97 | $13.77 | $11.52 | $11.48 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.56)% | (5.36)% | 22.18% | 5.73% | 3.76% | 9.08% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3998 | $3921 | $3877 | $3222 | $3012 | $2728 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3787 | $3888 | $3548 | $3087 | $2785 | $934 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15 %<sup>(e)</sup> | 0.15% | 0.14% | 0.14% | 0.14% | 0.12% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49 %<sup>(e)</sup> | 0.44% | 0.55% | 1.00% | 1.10% | 2.18% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.65 %<sup>(e)</sup> | 3.94% | 1.66% | 2.19% | 2.21% | 1.36% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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'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.

Prudential Day One Funds 111

------

**Prudential Day One 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.00 | $13.80 | $11.54 | $11.50 | $11.59 | $10.79 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.53 | 0.23 | 0.24 | 0.25 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.44) | (1.15) | 2.32 | 0.44 | 0.14 | 0.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.11) | (0.62) | 2.55 | 0.68 | 0.39 | 1.00 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.89) | (0.19) | (0.29) | (0.31) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.49) | (0.29) | (0.10) | (0.35) | (0.17) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.98) | (1.18) | (0.29) | (0.64) | (0.48) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.91 | $12.00 | $13.80 | $11.54 | $11.50 | $11.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.48)% | (5.20)% | 22.40% | 5.87% | 3.93% | 9.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $62281 | $65639 | $71254 | $51305 | $36517 | $22067 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $61040 | $73198 | $68119 | $40094 | $29867 | $15382 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(e)</sup>  | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.00)%<sup>(f)</sup> | (0.00)% | (0.01)% | (0.01)% | (0.01)% | (0.07)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.25 %<sup>(f)</sup> | 0.20% | 0.22% | 0.46% | 0.57% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.77 %<sup>(f)</sup> | 4.14% | 1.79% | 2.13% | 2.25% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 19% | 56% | 46% | 55% | 36% | 36% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(f) Annualized.

See Notes to Financial Statements.

------

**Prudential Day One 2030 Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

Prudential Day One Funds 113

------

**Prudential Day One 2035 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 313531 | $2759072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 143853 | 2777801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 116453 | 1522041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 332947 | 2477128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 143998 | 1563813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 501088 | 6413923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 625664 | 10517409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 173538 | 1719760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 424661 | 6514292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 641185 | 5597546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 478873 | 5808730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $44,457,857) |  | 47671515 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 3.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,840,762) | 1840762 | 1840762 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $46,298,619)(wd) |  | 49512277 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.1% |  | 64446 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49576723 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund
invests.

**<u>Fair Value Measurements:</u>** 

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.

------

**Prudential Day One 2035 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $47671515 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1840762 |  |  |
|  **Total** | $**49512277** | $**—** | $**—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 21.2 |
|  Broad Market | 13.1 |
|  International Developed Markets | 12.9 |
|  Total Return Bond | 11.7 |
|  TIPS | 11.3 |
|  Real Estate | 5.6 |
|  Core Bond | 5.6 |
|  Commodity | 5.0 |
|  Short Term | 3.7 |

---

---

| | |
|:---|:---|
|  Mid Cap | 3.5% |
|  Emerging Markets | 3.2 |
|  Small Cap | 3.1 |
|  | 99.9 |
|  Other assets in excess of liabilities | 0.1 |
|  | 100.0% |

---

See Notes to Financial Statements.

Prudential Day One Funds 115

------

**Prudential Day One 2035 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $46,298,619) | $49512277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 432090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 285286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 16326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 50246863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 620958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 31731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 13889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 670140 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $49576723 |
| &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 | $4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 49119772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 452415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $49576723 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2035 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($31,978 ÷ 2,931 shares of beneficial interest issued and outstanding) | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($118,802 ÷ 10,889 shares of beneficial interest issued and outstanding) | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($343,240 ÷ 31,414 shares of beneficial interest issued and outstanding) | $10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($15,355 ÷ 1,404 shares of beneficial interest issued and outstanding) | $10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($681,986 ÷ 62,417 shares of beneficial interest issued and outstanding) | $10.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($48,385,362 ÷ 4,426,796 shares of beneficial interest issued and outstanding) | $10.93 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

Prudential Day One Funds 117

------

**Prudential Day One 2035 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1307273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,150)(a) | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 89423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (92900) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (3477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1310750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (528577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 898151 |
|  | 369574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1575792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (1206218) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $104532 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 76 | 355 | 154 |  |  |  |
|  Shareholder servicing fees | 5 | 45 |  |  |  |  |
|  Registration fees | 1864 | 2116 | 1864 | 1864 | 1864 | 1965 |
|  Transfer agent's fees and expenses | 85 | 772 | 20 | 46 | 487 | 1085 |
|  Fee waiver and/or expense reimbursement | (1968) | (3041) | (2019) | (1917) | (2885) | (81070) |

---

See Notes to Financial Statements.

------

**Prudential Day One 2035 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1310750 | $2100236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (528577) | 753082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 898151 | 4042769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1575792) | (10560948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 104532 | (3664861) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (2086) | (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (7734) | (63858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (22868) | (31195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1075) | (1959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (44097) | (43940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3482425) | (6732940) |
|  | (3560285) | (6877578) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3064917 | 11175683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3560285 | 6877578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (2791879) | (22420206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3833323 | (4366945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 377570 | (14909384) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 49199153 | 64108537 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $49576723 | $49199153 |

---

See Notes to Financial Statements.

Prudential Day One Funds 119

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.73 | $14.14 | $11.47 | $11.42 | $11.68 | $10.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.39 | 0.12 | 0.16 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.32) | (1.17) | 2.76 | 0.41 | 0.11 | 0.90 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.05) | (0.78) | 2.88 | 0.57 | 0.23 | 1.02 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.86) | (0.11) | (0.18) | (0.23) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.77) | (1.63) | (0.21) | (0.52) | (0.49) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.91 | $11.73 | $14.14 | $11.47 | $11.42 | $11.68 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.07)% | (6.67)% | 25.33% | 4.94% | 2.55% | 9.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $32 | $31 | $32 | $25 | $24 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $30 | $31 | $29 | $24 | $17 | $12 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.73 %<sup>(e)</sup> | 0.73% | 0.73% | 0.72% | 0.72% | 0.63% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 13.74 %<sup>(e)</sup> | 13.02% | 29.33% | 56.33% | 70.38% | 106.90% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.82 %<sup>(e)</sup> | 3.02% | 0.91% | 1.44% | 1.03% | 1.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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'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.

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.75 | $14.15 | $11.48 | $11.43 | $11.69 | $10.83 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 | 0.42 | 0.15 | 0.19 | 0.18 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.19) | (1.16) | 2.76 | 0.41 | 0.07 | 0.96 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.04) | (0.74) | 2.91 | 0.60 | 0.25 | 1.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.89) | (0.14) | (0.21) | (0.25) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.80) | (1.66) | (0.24) | (0.55) | (0.51) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.91 | $11.75 | $14.15 | $11.48 | $11.43 | $11.69 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.01% | (6.36)% | 25.59% | 5.20% | 2.84% | 9.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $119 | $546 | $526 | $324 | $353 | $352 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $282 | $535 | $409 | $359 | $340 | $77 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.48 %<sup>(e)</sup> | 0.48% | 0.48% | 0.47% | 0.47% | 0.44% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.62 %<sup>(e)</sup> | 1.80% | 2.54% | 4.84% | 4.85% | 17.83% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.61 %<sup>(e)</sup> | 3.25% | 1.13% | 1.66% | 1.60% | 0.70% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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'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.

Prudential Day One Funds 121

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.77 | $14.18 | $11.50 | $11.45 | $11.71 | $10.84 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.30 | 0.17 | 0.20 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.33) | (1.03) | 2.76 | 0.42 | 0.07 | 0.89 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.03) | (0.73) | 2.93 | 0.62 | 0.27 | 1.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.91) | (0.15) | (0.23) | (0.27) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (1.68) | (0.25) | (0.57) | (0.53) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.93 | $11.77 | $14.18 | $11.50 | $11.45 | $11.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.18% | (6.29)% | 25.80% | 5.34% | 3.01% | 9.85% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $343 | $303 | $9978 | $7298 | $6271 | $5849 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $306 | $463 | $8548 | $6663 | $5850 | $4950 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.33 %<sup>(e)</sup> | 0.33% | 0.33% | 0.32% | 0.32% | 0.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.64 %<sup>(e)</sup> | 1.36% | 0.70% | 1.11% | 1.31% | 1.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.32 %<sup>(e)</sup> | 2.36% | 1.30% | 1.82% | 1.83% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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'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.

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.79 | $14.20 | $11.51 | $11.46 | $11.72 | $10.85 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.46 | 0.18 | 0.22 | 0.31 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.33) | (1.17) | 2.78 | 0.41 | (0.03) | 0.90 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.03) | (0.71) | 2.96 | 0.63 | 0.28 | 1.07 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.93) | (0.17) | (0.24) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.83) | (1.70) | (0.27) | (0.58) | (0.54) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.93 | $11.79 | $14.20 | $11.51 | $11.46 | $11.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.11% | (6.17)% | 25.98% | 5.43% | 3.12% | 9.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15 | $15 | $16 | $13 | $12 | $50 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15 | $16 | $15 | $12 | $28 | $48 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.23 %<sup>(e)</sup> | 0.23% | 0.23% | 0.22% | 0.21% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 26.17 %<sup>(e)</sup> | 23.52% | 44.91% | 106.41% | 41.69% | 27.89% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.29 %<sup>(e)</sup> | 3.53% | 1.41% | 1.94% | 2.78% | 1.48% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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'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.

Prudential Day One Funds 123

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.79 | $14.20 | $11.51 | $11.45 | $11.72 | $10.85 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.43 | 0.19 | 0.20 | 0.24 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.33) | (1.13) | 2.78 | 0.45 | 0.05 | 0.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.02) | (0.70) | 2.97 | 0.65 | 0.29 | 1.09 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.94) | (0.18) | (0.25) | (0.30) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (1.71) | (0.28) | (0.59) | (0.56) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.93 | $11.79 | $14.20 | $11.51 | $11.45 | $11.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.22% | (6.08)% | 26.09% | 5.62% | 3.15% | 10.07% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $682 | $542 | $314 | $147 | $95 | $33 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $563 | $408 | $219 | $122 | $69 | $15 |
| &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> | 0.13% | 0.13% | 0.12% | 0.12% | 0.04% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.15 %<sup>(e)</sup> | 1.35% | 3.46% | 11.56% | 17.68% | 87.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.53 %<sup>(e)</sup> | 3.38% | 1.47% | 1.81% | 2.16% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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'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.

------

**Prudential Day One 2035 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.80 | $14.21 | $11.52 | $11.46 | $11.74 | $10.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.49 | 0.21 | 0.22 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.32) | (1.17) | 2.77 | 0.45 | 0.05 | 0.88 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.01) | (0.68) | 2.98 | 0.67 | 0.29 | 1.10 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.96) | (0.19) | (0.27) | (0.31) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.48) | (0.77) | (0.10) | (0.34) | (0.26) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.86) | (1.73) | (0.29) | (0.61) | (0.57) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.93 | $11.80 | $14.21 | $11.52 | $11.46 | $11.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.29% | (5.94)% | 26.25% | 5.77% | 3.23% | 10.21% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $48385 | $47761 | $53243 | $42659 | $24312 | $15099 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $45897 | $54250 | $52063 | $28765 | $20031 | $11332 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(e)</sup>  | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.02)%<sup>(f)</sup> | (0.02)% | (0.02)% | (0.03)% | (0.03)% | (0.11)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.33 %<sup>(f)</sup> | 0.28% | 0.28% | 0.61% | 0.81% | 1.10% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.54 %<sup>(f)</sup> | 3.79% | 1.66% | 1.99% | 2.14% | 1.88% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 16% | 52% | 45% | 45% | 35% | 28% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(f) Annualized.

See Notes to Financial Statements.

Prudential Day One Funds 125

------

**Prudential Day One 2035 Fund** 

**Financial Highlights** (unaudited) (continued)

(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.

------

**Prudential Day One 2040 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 248869 | $2190051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 120703 | 2330785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 136193 | 1780037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 313039 | 2329010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 211467 | 2296534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 581716 | 7445970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 628442 | 10564113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 242680 | 2404960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 438199 | 6721973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 412283 | 3599233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 361166 | 4380946 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $42,197,180) |  | 46043612 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br> (cost $590,181) | 590181 | 590181 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $42,787,361)(wd) |  | 46633793 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 525 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46634318 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 127

------

**Prudential Day One 2040 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $46043612 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 590181 |  |  |
|  **Total** | $**46633793** | **$—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 22.6 |
|  International Developed Markets | 16.0 |
|  Broad Market | 14.4 |
|  Total Return Bond | 9.4 |
|  TIPS | 7.7 |
|  Mid Cap | 5.2 |
|  Real Estate | 5.0 |
|  Commodity | 5.0 |
|  Emerging Markets | 4.9 |
|  Core Bond | 4.7 |

---

---

| | |
|:---|:---|
|  Small Cap | 3.8% |
|  Short Term | 1.3 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**Prudential Day One 2040 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $42,787,361) | $46633793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 251548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 113996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 16682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 47016903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 309076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 38816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 382585 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $46634318 |
| &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 | $4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 45141259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1488996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $46634318 |

---

See Notes to Financial Statements.

Prudential Day One Funds 129

------

**Prudential Day One 2040 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($45,491 ÷ 3,974 shares of beneficial interest issued and outstanding) | $11.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($204,824 ÷ 17,874 shares of beneficial interest issued and outstanding) | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($663,791 ÷ 57,901 shares of beneficial interest issued and outstanding) | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($64,886 ÷ 5,656 shares of beneficial interest issued and outstanding) | $11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,831,067 ÷ 595,385 shares of beneficial interest issued and outstanding) | $11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,824,259 ÷ 3,382,286 shares of beneficial interest issued and outstanding) | $11.48 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2040 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1211166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,113)(a) | 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 91365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (95496) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (4131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1215297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (471337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 1025759 |
|  | 554422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1275480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (721058) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $494239 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 103 | 217 | 308 |  |  |  |
|  Shareholder servicing fees | 8 | 23 |  | 17 |  |  |
|  Registration fees | 1865 | 1866 | 1866 | 1866 | 1866 | 1966 |
|  Transfer agent's fees and expenses | 57 | 422 | 16 | 68 | 4955 | 1004 |
|  Fee waiver and/or expense reimbursement | (1959) | (2421) | (2273) | (1986) | (14194) | (72663) |

---

See Notes to Financial Statements.

Prudential Day One Funds 131

------

**Prudential Day One 2040 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1215297 | $2058759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (471337) | (402809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 1025759 | 4687103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1275480) | (10111836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 494239 | (3768783) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (3352) | (3376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (14361) | (602390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (50923) | (57666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (5003) | (3749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (544043) | (689048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3173946) | (4467114) |
|  | (3791628) | (5823343) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3127536 | 12328455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3791628 | 5823291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (2370343) | (23320467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4548821 | (5168721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1251432 | (14760847) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 45382886 | 60143733 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $46634318 | $45382886 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.34 | $14.54 | $11.53 | $11.61 | $11.83 | $10.90 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.38 | 0.10 | 0.14 | 0.15 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.25) | (1.26) | 3.11 | 0.33 | 0.05 | 0.98 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.04 | (0.88) | 3.21 | 0.47 | 0.20 | 1.10 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.91) | (0.11) | (0.18) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.93) | (1.32) | (0.20) | (0.55) | (0.42) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.45 | $12.34 | $14.54 | $11.53 | $11.61 | $11.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.77% | (7.02)% | 28.07% | 3.95% | 2.28% | 10.11% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $45 | $39 | $34 | $22 | $16 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $41 | $37 | $28 | $18 | $14 | $12 |
| &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> | 0.70% | 0.69% | 0.69% | 0.70% | 0.63% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 10.21 %<sup>(d)</sup> | 11.02% | 24.36% | 73.98% | 83.37% | 110.40% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.88 %<sup>(d)</sup> | 2.81% | 0.78% | 1.29% | 1.31% | 1.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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.

Prudential Day One Funds 133

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.36 | $14.57 | $11.55 | $11.63 | $11.84 | $10.92 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.59 | 0.14 | 0.18 | 0.17 | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.25) | (1.45) | 3.11 | 0.32 | 0.07 | 1.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.05 | (0.86) | 3.25 | 0.50 | 0.24 | 1.12 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.94) | (0.14) | (0.21) | (0.27) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.95) | (1.35) | (0.23) | (0.58) | (0.45) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.46 | $12.36 | $14.57 | $11.55 | $11.63 | $11.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.89% | (6.85)% | 28.40% | 4.18% | 2.65% | 10.26% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $205 | $169 | $5733 | $3501 | $2424 | $1157 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $172 | $4165 | $4508 | $2845 | $1689 | $299 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45 %<sup>(d)</sup> | 0.45% | 0.44% | 0.44% | 0.45% | 0.43% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.24 %<sup>(d)</sup> | 0.83% | 0.94% | 1.61% | 2.02% | 5.77% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.12 %<sup>(d)</sup> | 4.25% | 1.02% | 1.57% | 1.50% | 0.43% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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.

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.38 | $14.59 | $11.57 | $11.64 | $11.86 | $10.93 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.40 | 0.16 | 0.19 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.24) | (1.23) | 3.11 | 0.34 | 0.09 | 0.98 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | (0.83) | 3.27 | 0.53 | 0.25 | 1.14 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.97) | (0.16) | (0.23) | (0.29) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.98) | (1.38) | (0.25) | (0.60) | (0.47) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.46 | $12.38 | $14.59 | $11.57 | $11.64 | $11.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.94% | (6.69)% | 28.52% | 4.42% | 2.73% | 10.49% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $664 | $627 | $3617 | $2187 | $1491 | $550 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $611 | $662 | $2996 | $1720 | $915 | $281 |
| &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> | 0.30% | 0.29% | 0.29% | 0.30% | 0.26% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.04 %<sup>(d)</sup> | 0.95% | 0.85% | 1.76% | 2.43% | 6.12% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.17 %<sup>(d)</sup> | 3.00% | 1.23% | 1.69% | 1.42% | 1.34% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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.

Prudential Day One Funds 135

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.40 | $14.60 | $11.58 | $11.65 | $11.87 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.42 | 0.17 | 0.21 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.26) | (1.23) | 3.11 | 0.33 | 0.01 | 0.97 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | (0.81) | 3.28 | 0.54 | 0.26 | 1.15 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.98) | (0.17) | (0.24) | (0.30) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (1.39) | (0.26) | (0.61) | (0.48) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.47 | $12.40 | $14.60 | $11.58 | $11.65 | $11.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.96% | (6.53)% | 28.61% | 4.52% | 2.84% | 10.60% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $65 | $50 | $34 | $17 | $12 | $61 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $55 | $42 | $26 | $13 | $35 | $124 |
| &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> | 0.20% | 0.19% | 0.19% | 0.20% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.32 %<sup>(d)</sup> | 9.44% | 26.10% | 98.42% | 33.44% | 11.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.51 %<sup>(d)</sup> | 3.13% | 1.25% | 1.84% | 2.14% | 1.58% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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.

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.41 | $14.61 | $11.58 | $11.65 | $11.88 | $10.95 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.47 | 0.18 | 0.24 | 0.22 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.25) | (1.27) | 3.12 | 0.31 | 0.04 | 1.09 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | (0.80) | 3.30 | 0.55 | 0.26 | 1.17 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.99) | (0.18) | (0.25) | (0.31) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.00) | (1.40) | (0.27) | (0.62) | (0.49) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.47 | $12.41 | $14.61 | $11.58 | $11.65 | $11.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.99% | (6.43)% | 28.81% | 4.61% | 2.87% | 10.71% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6831 | $6697 | $7393 | $6114 | $6056 | $6070 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6452 | $7073 | $6748 | $5963 | $5822 | $1981 |
| &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> | 0.10% | 0.09% | 0.09% | 0.10% | 0.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.54 %<sup>(d)</sup> | 0.46% | 0.53% | 1.01% | 1.18% | 1.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.33 %<sup>(d)</sup> | 3.43% | 1.39% | 2.09% | 1.94% | 0.72% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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.

Prudential Day One Funds 137

------

**Prudential Day One 2040 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.42 | $14.63 | $11.59 | $11.66 | $11.89 | $10.96 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.49 | 0.20 | 0.22 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.24) | (1.27) | 3.13 | 0.35 | 0.05 | 0.98 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.08 | (0.78) | 3.33 | 0.57 | 0.28 | 1.18 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (1.02) | (0.20) | (0.27) | (0.33) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.61) | (0.41) | (0.09) | (0.37) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.02) | (1.43) | (0.29) | (0.64) | (0.51) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.48 | $12.42 | $14.63 | $11.59 | $11.66 | $11.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 1.15% | (6.35)% | 29.05% | 4.67% | 3.13% | 10.86% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38824 | $37802 | $43332 | $31333 | $17752 | $12643 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $36696 | $45103 | $41893 | $20948 | $15067 | $9501 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(d)</sup>  | 0.00 %<sup>(e)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.05)%<sup>(e)</sup> | (0.05)% | (0.06)% | (0.06)% | (0.05)% | (0.11)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.34 %<sup>(e)</sup> | 0.27% | 0.30% | 0.70% | 0.91% | 1.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.51 %<sup>(e)</sup> | 3.58% | 1.54% | 1.96% | 2.01% | 1.75% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 16% | 54% | 41% | 44% | 26% | 27% |

---

(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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Prudential Day One 2045 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 124560 | $1096125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 84042 | 1622849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 105134 | 1374102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 200523 | 1491889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 190242 | 2066029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 466576 | 5972178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 454057 | 7632692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 224397 | 2223778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 317225 | 4866238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 161937 | 1413713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 223062 | 2705742 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $29,563,853) |  | 32465335 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br> (cost $42,210) | 42210 | 42210 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $29,606,063)(wd) |  | 32507545 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (16496) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32491049 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 139

------

**Prudential Day One 2045 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $32465335 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 42210 |  |  |
|  **Total** | $**32507545** | $**—** | $**—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 23.5 |
|  International Developed Markets | 18.4 |
|  Broad Market | 15.0 |
|  Total Return Bond | 8.3 |
|  Mid Cap | 6.8 |
|  Emerging Markets | 6.4 |
|  Real Estate | 5.0 |
|  Commodity | 4.6 |
|  TIPS | 4.3 |

---

---

| | |
|:---|:---|
|  Small Cap | 4.2% |
|  Core Bond | 3.4 |
|  Short Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One 2045 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $29,606,063) | $32507545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 157921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 108087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 16846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 32791225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 253309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 13085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 10362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 300176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $32491049 |
| &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 | $2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 31345731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1142420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $32491049 |

---

See Notes to Financial Statements.

Prudential Day One Funds 141

------

**Prudential Day One 2045 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,571 ÷ 1,393 shares of beneficial interest issued and outstanding) | $11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($332,229 ÷ 29,706 shares of beneficial interest issued and outstanding) | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($25,367 ÷ 2,268 shares of beneficial interest issued and outstanding) | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($41,602 ÷ 3,721 shares of beneficial interest issued and outstanding) | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($782,422 ÷ 69,887 shares of beneficial interest issued and outstanding) | $11.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($31,293,858 ÷ 2,791,045 shares of beneficial interest issued and outstanding) | $11.21 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2045 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $789760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 13260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,227)(a) | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 87426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (96291) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (8865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 798625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (319296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 801368 |
|  | 482072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (651173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (169101) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $629524 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 37 | 388 | 17 |  |  |  |
|  Shareholder servicing fees | 1 |  |  | 12 |  |  |
|  Registration fees | 1866 | 2167 | 1866 | 1866 | 1866 | 3629 |
|  Transfer agent's fees and expenses | 49 | 506 | 16 | 86 | 748 | 972 |
|  Fee waiver and/or expense reimbursement | (1937) | (3123) | (1932) | (2025) | (4132) | (83142) |

---

See Notes to Financial Statements.

Prudential Day One Funds 143

------

**Prudential Day One 2045 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $798625 | $1113782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (319296) | 1202945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 801368 | 3024482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (651173) | (8041517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 629524 | (2700308) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (956) | (2362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (20460) | (45862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (2413) | (5013) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2730) | (5548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (52147) | (93097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2127813) | (4631941) |
|  | (2206519) | (4783823) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 2402269 | 7560098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2206337 | 4783050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (1599592) | (20159482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3009014 | (7816334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1432019 | (15300465) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 31059030 | 46359495 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $32491049 | $31059030 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** | &nbsp;&nbsp;&nbsp; **Class R1 Shares** | &nbsp;&nbsp;&nbsp; **Class R1 Shares** | &nbsp;&nbsp;&nbsp; **Class R1 Shares** | &nbsp;&nbsp;&nbsp; **Class R1 Shares** | &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.79 | $14.56 | $11.34 | $11.47 | $11.91 | $10.97 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.32 | 0.09 | 0.17 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.14) | (1.25) | 3.32 | 0.27 | (0.04) | 1.02 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.11 | (0.93) | 3.41 | 0.44 | 0.10 | 1.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.90) | (0.11) | (0.18) | (0.24) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.73) | (1.84) | (0.19) | (0.57) | (0.54) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.17 | $11.79 | $14.56 | $11.34 | $11.47 | $11.91 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.37% | (7.75)% | 30.36% | 3.66% | 1.78% | 10.31% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $16 | $15 | $19 | $14 | $13 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15 | $18 | $17 | $13 | $12 | $12 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.68 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% | 0.69% | 0.62% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 26.83 %<sup>(d)</sup> | 21.60% | 40.37% | 98.28% | 96.93% | 110.92% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.46 %<sup>(d)</sup> | 2.44% | 0.69% | 1.54% | 1.26% | 0.96% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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.

Prudential Day One Funds 145

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** | &nbsp;&nbsp;&nbsp; **Class R2 Shares** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.81 | $14.59 | $11.36 | $11.49 | $11.94 | $10.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.33 | 0.11 | 0.03 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.13) | (1.24) | 3.34 | 0.44 | 0.03 | 1.04 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | (0.91) | 3.45 | 0.47 | 0.12 | 1.17 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.93) | (0.14) | (0.21) | (0.27) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (1.87) | (0.22) | (0.60) | (0.57) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.18 | $11.81 | $14.59 | $11.36 | $11.49 | $11.94 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.56% | (7.56)% | 30.67% | 3.92% | 1.99% | 10.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $332 | $316 | $341 | $220 | $98 | $27 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $308 | $369 | $235 | $152 | $58 | $17 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(d)</sup> | 0.43% | 0.43% | 0.43% | 0.44% | 0.38% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.44 %<sup>(d)</sup> | 2.07% | 3.78% | 10.18% | 21.72% | 78.26% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.62 %<sup>(d)</sup> | 2.53% | 0.83% | 0.24% | 0.78% | 1.09% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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.

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.82 | $14.60 | $11.37 | $11.50 | $11.94 | $10.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.07 | 0.14 | 0.21 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.14) | (0.96) | 3.33 | 0.28 | (0.03) | 1.03 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.14 | (0.89) | 3.47 | 0.49 | 0.15 | 1.18 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.95) | (0.16) | (0.23) | (0.29) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (1.89) | (0.24) | (0.62) | (0.59) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.18 | $11.82 | $14.60 | $11.37 | $11.50 | $11.94 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.63% | (7.43)% | 30.83% | 4.07% | 2.26% | 10.79% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $25 | $36 | $12568 | $8750 | $7639 | $5927 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $34 | $301 | $10686 | $7880 | $6657 | $4901 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.28 %<sup>(d)</sup> | 0.28% | 0.28% | 0.28% | 0.29% | 0.22% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 11.54 %<sup>(d)</sup> | 2.13% | 0.81% | 1.51% | 1.80% | 2.11% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.98 %<sup>(d)</sup> | 0.58% | 1.07% | 1.90% | 1.58% | 1.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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.

Prudential Day One Funds 147

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.83 | $14.61 | $11.37 | $11.50 | $11.95 | $11.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.38 | 0.16 | 0.22 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.12) | (1.25) | 3.33 | 0.28 | (0.08) | 0.95 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.14 | (0.87) | 3.49 | 0.50 | 0.15 | 1.19 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.97) | (0.17) | (0.24) | (0.30) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.79) | (1.91) | (0.25) | (0.63) | (0.60) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.18 | $11.83 | $14.61 | $11.37 | $11.50 | $11.95 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.65% | (7.31)% | 31.03% | 4.19% | 2.29% | 10.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $42 | $46 | $42 | $32 | $31 | $458 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42 | $42 | $37 | $30 | $217 | $361 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.18 %<sup>(d)</sup> | 0.18% | 0.18% | 0.18% | 0.20% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 9.65 %<sup>(d)</sup> | 9.50% | 18.71% | 44.47% | 6.89% | 5.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.59 %<sup>(d)</sup> | 2.88% | 1.19% | 2.02% | 2.01% | 2.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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.

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.85 | $14.63 | $11.39 | $11.51 | $11.96 | $11.01 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.39 | 0.17 | 0.16 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.13) | (1.25) | 3.33 | 0.36 | (0.02) | 1.06 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.16 | (0.86) | 3.50 | 0.52 | 0.16 | 1.20 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.98) | (0.18) | (0.25) | (0.31) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.81) | (1.92) | (0.26) | (0.64) | (0.61) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.20 | $11.85 | $14.63 | $11.39 | $11.51 | $11.96 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.77% | (7.20)% | 31.10% | 4.34% | 2.41% | 11.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $782 | $786 | $650 | $407 | $174 | $51 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $773 | $703 | $525 | $265 | $101 | $19 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.08 %<sup>(d)</sup> | 0.08% | 0.08% | 0.08% | 0.09% | 0.04% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.14 %<sup>(d)</sup> | 1.11% | 1.84% | 6.12% | 12.95% | 67.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.16 %<sup>(d)</sup> | 2.96% | 1.27% | 1.48% | 1.62% | 1.24% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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.

Prudential Day One Funds 149

------

**Prudential Day One 2045 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.87 | $14.66 | $11.41 | $11.53 | $11.99 | $11.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.42 | 0.18 | 0.21 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.14) | (1.27) | 3.35 | 0.32 | (0.05) | 1.04 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.16 | (0.85) | 3.53 | 0.53 | 0.17 | 1.23 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (1.00) | (0.20) | (0.26) | (0.33) | (0.26) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (0.94) | (0.08) | (0.39) | (0.30) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.82) | (1.94) | (0.28) | (0.65) | (0.63) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.21 | $11.87 | $14.66 | $11.41 | $11.53 | $11.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup> :** | 1.83% | (7.12)% | 31.31% | 4.49% | 2.50% | 11.24% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $31294 | $29859 | $32739 | $20178 | $9601 | $7129 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $28862 | $34127 | $28077 | $11758 | $8229 | $5157 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(d)</sup>  | 0.00 %<sup>(e)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.07)%<sup>(e)</sup> | (0.07)% | (0.07)% | (0.07)% | (0.06)% | (0.12)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> | 0.42% | 0.42% | 1.11% | 1.43% | 1.77% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.29 %<sup>(e)</sup> | 3.17% | 1.40% | 1.89% | 1.99% | 1.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 15% | 50% | 38% | 47% | 31% | 33% |

---

(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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Prudential Day One 2050 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 37829 | $332897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 54239 | 1047346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 75968 | 992901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 112532 | 837241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 146343 | 1589282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 338551 | 4333454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 296420 | 4982821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 174815 | 1732413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 214204 | 3285893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 38003 | 331770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 123392 | 1496747 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** <br> (cost $18,882,781) |  | 20962765 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $32,473) | 32473 | 32473 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $18,915,254)(wd) |  | 20995238 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (15830) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20979408 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund
invests.

**<u>Fair Value Measurements</u>:** 

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.

Prudential Day One Funds 151

------

**Prudential Day One 2050 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $20962765 | $— | $— |
|  **Short-Term Investment** |  |  |  |
| Affiliated Mutual Fund | 32473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $**20995238** | **$—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 23.7 |
|  International Developed Markets | 20.6 |
|  Broad Market | 15.7 |
|  Mid Cap | 8.3 |
|  Emerging Markets | 7.6 |
|  Total Return Bond | 7.1 |
|  Real Estate | 5.0 |
|  Small Cap | 4.7 |
|  Commodity | 4.0 |

---

---

| | |
|:---|:---|
|  Core Bond | 1.6% |
|  TIPS | 1.6 |
|  Short Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One 2050 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $18,915,254) | $20995238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 93670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 15640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 21114619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 96942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 135211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $20979408 |
| &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 | $1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 19756395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1221218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $20979408 |

---

See Notes to Financial Statements.

Prudential Day One Funds 153

------

**Prudential Day One 2050 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($51,676 ÷ 4,440 shares of beneficial interest issued and outstanding) | $11.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($379,203 ÷ 32,491 shares of beneficial interest issued and outstanding) | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($16,948 ÷ 1,452 shares of beneficial interest issued and outstanding) | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($96,784 ÷ 8,309 shares of beneficial interest issued and outstanding) | $11.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($1,238,434 ÷ 106,147 shares of beneficial interest issued and outstanding) | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($19,196,363 ÷ 1,641,771 shares of beneficial interest issued and outstanding) | $11.69 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2050 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $494386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,211)(a) | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 84076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (89325) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (5249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 499635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (154135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 539460 |
|  | 385325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (387185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (1860) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $497775 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 118 | 426 | 7 |  |  |  |
|  Shareholder servicing fees | 15 |  |  | 35 |  |  |
|  Registration fees | 1610 | 2284 | 1589 | 1589 | 1599 | 1712 |
|  Transfer agent's fees and expenses | 65 | 654 | 49 | 95 | 942 | 901 |
|  Fee waiver and/or expense reimbursement | (1817) | (3857) | (1679) | (1960) | (6244) | (73768) |

---

See Notes to Financial Statements.

Prudential Day One Funds 155

------

**Prudential Day One 2050 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $499635 | $776613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (154135) | 104153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 539460 | 2390590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (387185) | (5130592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 497775 | (1859236) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (3554) | (4665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (25559) | (548421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (1194) | (1580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (7035) | (8931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (92260) | (132318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1466047) | (2251618) |
|  | (1595649) | (2947533) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1382002 | 7235003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1595649 | 2947533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (904341) | (14151785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2073310 | (3969249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 975436 | (8776018) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 20003972 | 28779990 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $20979408 | $20003972 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R1 Shares** |  | | | | | |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.32 | $14.87 | $11.49 | $11.59 | $11.92 | $10.95 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.26 | 0.30 | 0.07 | 0.08 | 0.13 | 0.11 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.06) | (1.36) | 3.51 | 0.31 | (0.02) | 1.05 |
|  Total from investment operations | 0.20 | (1.06) | 3.58 | 0.39 | 0.11 | 1.16 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.15) | (0.91) | (0.12) | (0.19) | (0.25) | (0.18) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.88) | (1.49) | (0.20) | (0.49) | (0.44) | (0.19) |
|  Net asset value, end of period | $11.64 | $12.32 | $14.87 | $11.49 | $11.59 | $11.92 |
|  **Total Return<sup>(b)</sup> :** | 2.07% | (8.23)% | 31.41% | 3.24% | 1.61% | 10.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $52 | $47 | $44 | $33 | $166 | $142 |
|  Average net assets (000) | $47 | $46 | $37 | $54 | $145 | $122 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement | 0.68%<sup>(d)</sup> | 0.68% | 0.67% | 0.67% | 0.68% | 0.61% |
|  Expenses before waivers and/or expense reimbursement | 8.40%<sup>(d)</sup> | 9.34% | 18.74% | 26.33% | 11.03% | 15.48% |
|  Net investment income (loss) | 4.40%<sup>(d)</sup> | 2.18% | 0.55% | 0.69% | 1.11% | 0.95% |
|  Portfolio turnover rate<sup>(e)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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.

Prudential Day One Funds 157

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R2 Shares** |  | | | | | |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.36 | $14.90 | $11.51 | $11.59 | $11.93 | $10.96 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.27 | 0.50 | 0.11 | 0.17 | 0.15 | 0.03 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.06) | (1.51) | 3.51 | 0.26 | (0.03) | 1.16 |
|  Total from investment operations | 0.21 | (1.01) | 3.62 | 0.43 | 0.12 | 1.19 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.17) | (0.95) | (0.15) | (0.21) | (0.27) | (0.21) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.90) | (1.53) | (0.23) | (0.51) | (0.46) | (0.22) |
|  Net asset value, end of period | $11.67 | $12.36 | $14.90 | $11.51 | $11.59 | $11.93 |
|  **Total Return<sup>(b)</sup> :** | 2.14% | (7.92)% | 31.72% | 3.53% | 1.83% | 10.96% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $379 | $337 | $5209 | $3110 | $1951 | $982 |
|  Average net assets (000) | $338 | $3647 | $4026 | $2447 | $1348 | $284 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(d)</sup> | 0.43% | 0.42% | 0.42% | 0.43% | 0.41% |
|  Expenses before waivers and/or expense reimbursement | 2.70 %<sup>(d)</sup> | 1.15% | 1.28% | 2.57% | 3.75% | 8.52% |
|  Net investment income (loss) | 4.56 %<sup>(d)</sup> | 3.51% | 0.81% | 1.53% | 1.33% | 0.26% |
|  Portfolio turnover rate<sup>(e)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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.

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R3 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | | | | | |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.38 | $14.93 | $11.53 | $11.61 | $11.95 | $10.97 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.28 | 0.06 | 0.13 | 0.16 | 0.14 | 0.12 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.06) | (1.06) | 3.51 | 0.28 | - <sup>(b)</sup> | 1.10 |
|  Total from investment operations | 0.22 | (1.00) | 3.64 | 0.44 | 0.14 | 1.22 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.20) | (0.97) | (0.16) | (0.22) | (0.29) | (0.23) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.93) | (1.55) | (0.24) | (0.52) | (0.48) | (0.24) |
|  Net asset value, end of period | $11.67 | $12.38 | $14.93 | $11.53 | $11.61 | $11.95 |
|  **Total Return<sup>(c)</sup> :** | 2.25% | (7.83)% | 31.93% | 3.65% | 2.01% | 11.19% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $17 | $15 | $4071 | $2212 | $1074 | $347 |
|  Average net assets (000) | $15 | $81 | $3123 | $1564 | $655 | $162 |
|  Ratios to average net assets<sup>(d)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement | 0.28 %<sup>(e)</sup> | 0.27% | 0.27% | 0.27% | 0.28% | 0.24% |
|  Expenses before waivers and/or expense reimbursement | 22.38 %<sup>(e)</sup> | 5.80% | 1.15% | 2.70% | 4.43% | 12.24% |
|  Net investment income (loss) | 4.78 %<sup>(e)</sup> | 0.52% | 0.97% | 1.45% | 1.22% | 1.01% |
|  Portfolio turnover rate<sup>(f)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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. 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'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.

Prudential Day One Funds 159

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | | | | | |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.36 | $14.91 | $11.51 | $11.59 | $11.95 | $10.98 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.28 | 0.13 | 0.15 | 0.22 | 1.53 | 0.14 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.05) | (1.12) | 3.50 | 0.24 | (1.40) | 1.08 |
|  Total from investment operations | 0.23 | (0.99) | 3.65 | 0.46 | 0.13 | 1.22 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.21) | (0.98) | (0.17) | (0.24) | (0.30) | (0.24) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.94) | (1.56) | (0.25) | (0.54) | (0.49) | (0.25) |
|  Net asset value, end of period | $11.65 | $12.36 | $14.91 | $11.51 | $11.59 | $11.95 |
|  **Total Return<sup>(b)</sup> :** | 2.36% | (7.79)% | 32.10% | 3.81% | 1.95% | 11.21% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $97 | $89 | $17 | $13 | $12 | $160 |
|  Average net assets (000) | $88 | $59 | $15 | $12 | $68 | $113 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement | 0.18 %<sup>(d)</sup> | 0.18% | 0.17% | 0.17% | 0.19% | 0.12% |
|  Expenses before waivers and/or expense reimbursement | 4.59 %<sup>(d)</sup> | 7.09% | 43.52% | 106.71% | 19.83% | 15.66% |
|  Net investment income (loss) | 4.81 %<sup>(d)</sup> | 0.98% | 1.12% | 1.94% | 13.14% | 1.24% |
|  Portfolio turnover rate<sup>(e)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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.

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R5 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | | | | | |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.39 | $14.94 | $11.54 | $11.62 | $11.96 | $10.99 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.29 | 0.39 | 0.16 | 0.24 | 0.20 | 0.07 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.06) | (1.36) | 3.51 | 0.23 | (0.03) | 1.16 |
|  Total from investment operations | 0.23 | (0.97) | 3.67 | 0.47 | 0.17 | 1.23 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.22) | (1.00) | (0.19) | (0.25) | (0.32) | (0.25) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.95) | (1.58) | (0.27) | (0.55) | (0.51) | (0.26) |
|  Net asset value, end of period | $11.67 | $12.39 | $14.94 | $11.54 | $11.62 | $11.96 |
|  **Total Return<sup>(b)</sup> :** | 2.38% | (7.63)% | 32.13% | 3.90% | 2.24% | 11.31% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1238 | $1170 | $1149 | $778 | $732 | $560 |
|  Average net assets (000) | $1148 | $1196 | $950 | $725 | $608 | $176 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement | 0.08 %<sup>(d)</sup> | 0.08% | 0.07% | 0.07% | 0.08% | 0.06% |
|  Expenses before waivers and/or expense reimbursement | 1.16 %<sup>(d)</sup> | 1.03% | 1.44% | 3.47% | 4.47% | 10.80% |
|  Net investment income (loss) | 4.92 %<sup>(d)</sup> | 2.87% | 1.19% | 2.11% | 1.73% | 0.56% |
|  Portfolio turnover rate<sup>(e)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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.

Prudential Day One Funds 161

------

**Prudential Day One 2050 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | | | | | |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months<br>Ended**<br>**January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.43 | $14.98 | $11.57 | $11.64 | $11.99 | $11.00 |
|  **Income (loss) from investment operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | 0.30 | 0.41 | 0.18 | 0.24 | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) on investment transactions | (0.07) | (1.36) | 3.52 | 0.26 | (0.03) | 1.08 |
|  Total from investment operations | 0.23 | (0.95) | 3.70 | 0.50 | 0.17 | 1.27 |
|  **Less Dividends and Distributions:** |  |  |  |  |  |  |
|  Dividends from net investment income | (0.24) | (1.02) | (0.21) | (0.27) | (0.33) | (0.27) |
|  Distributions from net realized gains | (0.73) | (0.58) | (0.08) | (0.30) | (0.19) | (0.01) |
|  Total dividends and distributions | (0.97) | (1.60) | (0.29) | (0.57) | (0.52) | (0.28) |
|  Net asset value, end of period | $11.69 | $12.43 | $14.98 | $11.57 | $11.64 | $11.99 |
|  **Total Return<sup>(b)</sup> :** | 2.37% | (7.47)% | 32.33% | 4.11% | 2.33% | 11.65% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $19196 | $18346 | $18291 | $13037 | $7037 | $3884 |
|  Average net assets (000) | $17869 | $20531 | $17795 | $8309 | $5316 | $2964 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |  |
|  Expenses after waivers and/or expense reimbursement<sup>(d)</sup>  | 0.00 %<sup>(e)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.07)%<sup>(e)</sup> | (0.07)% | (0.08)% | (0.08)% | (0.07)% | (0.13)% |
|  Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.58% | 0.63% | 1.67% | 2.60% | 4.62% |
|  Net investment income (loss) | 5.11 %<sup>(e)</sup> | 2.98% | 1.33% | 2.13% | 1.75% | 1.64% |
|  Portfolio turnover rate<sup>(f)</sup>  | 13% | 59% | 39% | 42% | 30% | 56% |

---

(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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Prudential Day One 2055 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 20082 | $387782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 29569 | 386465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 41665 | 309991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 59815 | 649591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 137163 | 1755682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 108589 | 1825376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 68927 | 683069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 78902 | 1210349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 10553 | 92131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 38072 | 461819 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,666,973) |  | 7762255 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $22,857) | 22857 | 22857 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,689,830)(wd) |  | 7785112 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (16701) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768411 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 163

------

**Prudential Day One 2055 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $7762255 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 22857 |  |  |
|  **Total** | $**7785112** | $**—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Large Cap | 23.5 |
|  International Developed Markets | 22.6 |
|  Broad Market | 15.6 |
|  Mid Cap | 8.8 |
|  Emerging Markets | 8.3 |
|  Total Return Bond | 5.9 |
|  Real Estate | 5.0 |
|  Small Cap | 5.0 |

---

---

| | |
|:---|:---|
|  Commodity | 4.0% |
|  TIPS | 1.2 |
|  Short Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One 2055 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,689,830) | $7785112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 32925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 14663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 9585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 7848602 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 42666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 80191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $7768411 |
| &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 | $769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7277240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 490402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $7768411 |

---

See Notes to Financial Statements.

Prudential Day One Funds 165

------

**Prudential Day One 2055 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,974 ÷ 1,698 shares of beneficial interest issued and outstanding) | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($239,126 ÷ 23,811 shares of beneficial interest issued and outstanding) | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($24,121 ÷ 2,400 shares of beneficial interest issued and outstanding) | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($31,591 ÷ 3,138 shares of beneficial interest issued and outstanding) | $10.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($445,793 ÷ 44,168 shares of beneficial interest issued and outstanding) | $10.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,010,806 ÷ 694,205 shares of beneficial interest issued and outstanding) | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

**Prudential Day One 2055 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $185120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,089)(a) | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 82253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (84127) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (1874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 186994 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (68049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 206836 |
|  | 138787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (101588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 37199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $224193 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 40 | 284 | 8 |  |  |  |
|  Shareholder servicing fees |  |  |  | 2 |  |  |
|  Registration fees | 1610 | 3363 | 1597 | 1597 | 1597 | 1698 |
|  Transfer agent's fees and expenses | 44 | 570 | 44 | 44 | 394 | 805 |
|  Fee waiver and/or expense reimbursement | (1796) | (5935) | (1767) | (1864) | (5763) | (67002) |

---

See Notes to Financial Statements.

Prudential Day One Funds 167

------

**Prudential Day One 2055 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $186994 | $267870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (68049) | 1303319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 206836 | 832907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (101588) | (3204259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 224193 | (800163) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (801) | (4484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (11086) | (78926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (716) | (3581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1446) | (4368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (20287) | (82969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (333082) | (2244650) |
|  | (367418) | (2418978) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1158201 | 3122750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 367418 | 2418978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (691255) | (11063042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 834364 | (5521314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 691139 | (8740455) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7077272 | 15817727 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7768411 | $7077272 |

---

See Notes to Financial Statements.

Prudential Day One Funds 168

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.28 | $14.78 | $11.33 | $11.52 | $12.10 | $11.07 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.26 | 0.08 | 0.18 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(b)</sup> | (1.10) | 3.58 | 0.18 | (0.15) | 1.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | (0.84) | 3.66 | 0.36 | (0.01) | 1.22 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.91) | (0.11) | (0.19) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.66) | (0.21) | (0.55) | (0.57) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.99 | $10.28 | $14.78 | $11.33 | $11.52 | $12.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.34% | (8.47)% | 32.63% | 2.89% | 0.89% | 11.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $17 | $17 | $18 | $14 | $15 | $15 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $16 | $18 | $16 | $14 | $15 | $12 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67 %<sup>(e)</sup> | 0.67% | 0.66% | 0.65% | 0.66% | 0.61% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 23.09 %<sup>(e)</sup> | 22.90% | 42.22% | 93.51% | 81.24% | 110.87% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.35 %<sup>(e)</sup> | 2.17% | 0.57% | 1.62% | 1.22% | 0.87% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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. 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'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.

Prudential Day One Funds 169

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.31 | $14.82 | $11.36 | $11.54 | $12.12 | $11.09 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.29 | 0.10 | 0.14 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.01 | (1.11) | 3.60 | 0.25 | (0.10) | 1.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | (0.82) | 3.70 | 0.39 | 0.02 | 1.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.94) | (0.14) | (0.21) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.69) | (0.24) | (0.57) | (0.60) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.04 | $10.31 | $14.82 | $11.36 | $11.54 | $12.12 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.54% | (8.28)% | 32.93% | 3.19% | 1.19% | 11.34% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $239 | $278 | $305 | $142 | $63 | $36 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $225 | $311 | $188 | $83 | $43 | $23 |
| &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> | 0.42% | 0.41% | 0.40% | 0.41% | 0.37% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.64 %<sup>(d)</sup> | 4.25% | 6.37% | 19.04% | 30.82% | 58.64% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.51 %<sup>(d)</sup> | 2.40% | 0.73% | 1.28% | 1.05% | 0.86% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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.

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.32 | $14.82 | $11.36 | $11.55 | $12.13 | $11.10 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.02 | 0.13 | 0.20 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.01)<sup>(b)</sup> | (0.80) | 3.59 | 0.20 | (0.14) | 1.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | (0.78) | 3.72 | 0.40 | 0.04 | 1.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.97) | (0.16) | (0.23) | (0.29) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.72) | (0.26) | (0.59) | (0.62) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.05 | $10.32 | $14.82 | $11.36 | $11.55 | $12.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.53% | (8.03)% | 33.09% | 3.26% | 1.37% | 11.48% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $24 | $15 | $7549 | $4867 | $3699 | $2791 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $14 | $166 | $6237 | $4140 | $3177 | $2323 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.27 %<sup>(e)</sup> | 0.25% | 0.26% | 0.25% | 0.26% | 0.21% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 25.05 %<sup>(e)</sup> | 3.82% | 1.52% | 2.92% | 3.70% | 4.29% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.80 %<sup>(e)</sup> | 0.15% | 0.95% | 1.83% | 1.59% | 1.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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) 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.

Prudential Day One Funds 171

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.33 | $14.84 | $11.37 | $11.56 | $12.14 | $11.11 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.31 | 0.14 | 0.22 | 0.26 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.03)<sup>(b)</sup> | (1.09) | 3.60 | 0.19 | (0.21) | 1.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | (0.78) | 3.74 | 0.41 | 0.05 | 1.28 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.98) | (0.17) | (0.24) | (0.30) | (0.25) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.73) | (0.27) | (0.60) | (0.63) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.07 | $10.33 | $14.84 | $11.37 | $11.56 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.63% | (8.01)% | 33.27% | 3.38% | 1.49% | 11.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $32 | $20 | $17 | $13 | $13 | $66 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $25 | $18 | $15 | $12 | $33 | $56 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.17 %<sup>(e)</sup> | 0.17% | 0.16% | 0.15% | 0.17% | 0.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 15.06 %<sup>(e)</sup> | 22.13% | 43.43% | 106.71% | 37.86% | 26.45% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.54 %<sup>(e)</sup> | 2.54% | 1.07% | 2.02% | 2.20% | 1.34% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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) 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.

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.35 | $14.86 | $11.38 | $11.56 | $12.15 | $11.12 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.34 | 0.15 | 0.24 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.01)<sup>(b)</sup> | (1.11) | 3.61 | 0.19 | (0.09) | 1.13 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | (0.77) | 3.76 | 0.43 | 0.05 | 1.29 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.99) | (0.18) | (0.25) | (0.31) | (0.26) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.74) | (0.28) | (0.61) | (0.64) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.09 | $10.35 | $14.86 | $11.38 | $11.56 | $12.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.62% | (7.88)% | 33.45% | 3.51% | 1.53% | 11.69% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $446 | $367 | $247 | $136 | $90 | $21 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $401 | $317 | $188 | $111 | $50 | $14 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.07 %<sup>(e)</sup> | 0.07% | 0.06% | 0.05% | 0.05% | 0.01% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.92 %<sup>(e)</sup> | 2.87% | 4.74% | 14.21% | 26.07% | 96.19% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.04 %<sup>(e)</sup> | 2.79% | 1.12% | 2.15% | 1.20% | 1.37% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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) 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.

Prudential Day One Funds 173

------

**Prudential Day One 2055 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.34 | $14.86 | $11.38 | $11.57 | $12.16 | $11.13 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.37 | 0.17 | 0.22 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(b)</sup> | (1.12) | 3.61 | 0.22 | (0.14) | 1.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.26 | (0.75) | 3.78 | 0.44 | 0.07 | 1.31 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (1.02) | (0.20) | (0.27) | (0.33) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.50) | (2.75) | (0.10) | (0.36) | (0.33) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (3.77) | (0.30) | (0.63) | (0.66) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.10 | $10.34 | $14.86 | $11.38 | $11.57 | $12.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.82% | (7.82)% | 33.63% | 3.60% | 1.72% | 11.85% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7011 | $6382 | $7681 | $5451 | $3635 | $2777 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6354 | $8322 | $7616 | $4340 | $3169 | $2185 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(e)</sup>  | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.08)<sup>(f)</sup> | (0.08)% | (0.09)% | (0.10)% | (0.09)% | (0.13)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.01 %<sup>(f)</sup> | 1.57% | 1.16% | 2.57% | 3.36% | 3.99% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.32 %<sup>(f)</sup> | 3.01% | 1.27% | 2.01% | 1.87% | 1.62% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 18% | 60% | 37% | 45% | 29% | 29% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Prudential Day One 2060 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 19966 | $385551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 29637 | 387357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 41426 | 308208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 64370 | 699058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 144643 | 1851434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 106165 | 1784640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 70343 | 697104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 78650 | 1206488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 32807 | 397945 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,189,890) |  | 7717785 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $23,120) | 23120 | 23120 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $7,213,010)(wd) |  | 7740905 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (17002) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723903 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**<u>Fair Value Measurements:</u>** 

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.

Prudential Day One Funds 175

------

**Prudential Day One 2060 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $7717785 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 23120 |  |  |
|  **Total** | $**7740905** | **$—** | **$—** |

---

**<u>Investment Allocation</u>:** 

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  International Developed Markets | 24.0 |
|  Large Cap | 23.1 |
|  Broad Market | 15.6 |
|  Emerging Markets | 9.0 |
|  Mid Cap | 9.0 |
|  Total Return Bond | 5.2 |
|  Small Cap | 5.0 |
|  Real Estate | 5.0 |

---

---

| | |
|:---|:---|
|  Commodity | 4.0% |
|  Short Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**Prudential Day One 2060 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,213,010) | $7740905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 29921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 14630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 14505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 7805810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 44548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 19225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 8824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 81907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $7723903 |
| &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 | $629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7608355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 114919 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $7723903 |

---

See Notes to Financial Statements.

Prudential Day One Funds 177

------

**Prudential Day One 2060 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,494 ÷ 1,678 shares of beneficial interest issued and outstanding) | $12.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($211,470 ÷ 17,249 shares of beneficial interest issued and outstanding) | $12.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($34,495 ÷ 2,813 shares of beneficial interest issued and outstanding) | $12.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,531 ÷ 1,674 shares of beneficial interest issued and outstanding) | $12.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($517,533 ÷ 42,153 shares of beneficial interest issued and outstanding) | $12.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,919,380 ÷ 563,068 shares of beneficial interest issued and outstanding) | $12.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

**Prudential Day One 2060 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $176800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $959)(a) | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 81717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (83874) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | (2157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 178957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (108834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 200537 |
|  | 91703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (31614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 60089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $239046 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 46 | 248 | 16 |  |  |  |
|  Shareholder servicing fees | 1 | 1 |  |  |  |  |
|  Registration fees | 1597 | 2148 | 1598 | 1631 | 1598 | 2432 |
|  Transfer agent's fees and expenses | 55 | 494 | 26 | 46 | 366 | 862 |
|  Fee waiver and/or expense reimbursement | (1820) | (4435) | (1904) | (1843) | (6222) | (67650) |

---

See Notes to Financial Statements.

Prudential Day One Funds 179

------

**Prudential Day One 2060 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $178957 | $242788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (108834) | (182295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 200537 | 776890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (31614) | (1464573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 239046 | (627190) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1368) | (1309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (14355) | (157325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (2367) | (2325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1435) | (1415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (35836) | (26495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (494175) | (548820) |
|  | (549536) | (737689) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 886839 | 3162413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 549536 | 737689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (353544) | (4983698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1082831 | (1083596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 772341 | (2448475) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6951562 | 9400037 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7723903 | $6951562 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.82 | $15.17 | $11.49 | $11.62 | $12.06 | $11.01 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.29 | 0.08 | 0.17 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.01)<sup>(b)</sup> | (1.46) | 3.74 | 0.16 | (0.15) | 1.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | (1.17) | 3.82 | 0.33 | (0.02) | 1.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.95) | (0.08) | (0.20) | (0.25) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.88) | (1.18) | (0.14) | (0.46) | (0.42) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.21 | $12.82 | $15.17 | $11.49 | $11.62 | $12.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.58% | (8.62)% | 33.45% | 2.70% | 0.57% | 11.37% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $20 | $17 | $17 | $13 | $12 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18 | $17 | $15 | $12 | $12 | $12 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.66 %<sup>(e)</sup> | 0.66% | 0.65% | 0.65% | 0.66% | 0.61% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 20.30 %<sup>(e)</sup> | 23.66% | 46.33% | 114.36% | 111.01% | 149.96% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.56 %<sup>(e)</sup> | 2.06% | 0.56% | 1.56% | 1.10% | 0.87% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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) 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.

Prudential Day One Funds 181

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.86 | $15.21 | $11.52 | $11.63 | $12.08 | $11.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.52 | 0.10 | 0.16 | 0.15 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.01 | (1.66) | 3.76 | 0.21 | (0.15) | 1.21 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | (1.14) | 3.86 | 0.37 | - <sup>(b)</sup> | 1.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.98) | (0.11) | (0.22) | (0.28) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (1.21) | (0.17) | (0.48) | (0.45) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.26 | $12.86 | $15.21 | $11.52 | $11.63 | $12.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.74% | (8.37)% | 33.76% | 2.96% | 0.79% | 11.61% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $211 | $199 | $1755 | $889 | $388 | $94 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $197 | $1330 | $1291 | $587 | $226 | $29 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.41% | 0.40% | 0.40% | 0.41% | 0.38% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.87 %<sup>(e)</sup> | 2.45% | 3.46% | 9.69% | 18.79% | 79.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.63 %<sup>(e)</sup> | 3.57% | 0.74% | 1.47% | 1.31% | 0.51% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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. 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'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.

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.89 | $15.25 | $11.55 | $11.65 | $12.09 | $11.04 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.16 | 0.12 | 0.17 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(b)</sup> | (1.28) | 3.77 | 0.21 | (0.11) | 1.16 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | (1.12) | 3.89 | 0.38 | 0.03 | 1.29 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (1.01) | (0.13) | (0.22) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.93) | (1.24) | (0.19) | (0.48) | (0.47) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.26 | $12.89 | $15.25 | $11.55 | $11.65 | $12.09 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.85% | (8.28)% | 33.94% | 3.12% | 1.05% | 11.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $34 | $31 | $1472 | $685 | $279 | $121 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $31 | $55 | $1051 | $450 | $173 | $80 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26 %<sup>(e)</sup> | 0.25% | 0.25% | 0.25% | 0.26% | 0.22% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 12.58 %<sup>(e)</sup> | 8.75% | 3.27% | 10.14% | 20.50% | 53.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.86 %<sup>(e)</sup> | 1.25% | 0.89% | 1.54% | 1.25% | 1.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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. 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'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.

Prudential Day One Funds 183

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.91 | $15.26 | $11.56 | $11.65 | $12.10 | $11.04 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.37 | 0.14 | 0.23 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.01)<sup>(b)</sup> | (1.47) | 3.76 | 0.17 | (0.16) | 1.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | (1.10) | 3.90 | 0.40 | 0.03 | 1.31 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (1.02) | (0.14) | (0.23) | (0.31) | (0.25) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.94) | (1.25) | (0.20) | (0.49) | (0.48) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.27 | $12.91 | $15.26 | $11.56 | $11.65 | $12.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.89% | (8.12)% | 34.14% | 3.18% | 1.09% | 11.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $21 | $18 | $17 | $13 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18 | $17 | $15 | $12 | $12 | $12 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16 %<sup>(e)</sup> | 0.16% | 0.15% | 0.15% | 0.16% | 0.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 20.28 %<sup>(e)</sup> | 22.95% | 44.92% | 112.23% | 106.19% | 147.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.98 %<sup>(e)</sup> | 2.60% | 1.06% | 2.06% | 1.66% | 1.35% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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) 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.

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.93 | $15.28 | $11.57 | $11.66 | $12.11 | $11.05 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.36 | 0.14 | 0.21 | 0.02 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(b)</sup> | (1.45) | 3.78 | 0.20 | 0.02 | 1.16 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | (1.09) | 3.92 | 0.41 | 0.04 | 1.32 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (1.03) | (0.15) | (0.24) | (0.32) | (0.26) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.96) | (1.26) | (0.21) | (0.50) | (0.49) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.28 | $12.93 | $15.28 | $11.57 | $11.66 | $12.11 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.92% | (8.01)% | 34.21% | 3.30% | 1.21% | 12.06% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $518 | $442 | $227 | $95 | $67 | $16 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $444 | $333 | $154 | $84 | $35 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06 %<sup>(e)</sup> | 0.06% | 0.05% | 0.05% | 0.06% | 0.01% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.84 %<sup>(e)</sup> | 2.96% | 6.69% | 22.80% | 45.88% | 140.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.09 %<sup>(e)</sup> | 2.58% | 1.02% | 1.91% | 0.15% | 1.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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. 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'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.

Prudential Day One Funds 185

------

**Prudential Day One 2060 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,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.95 | $15.31 | $11.58 | $11.66 | $12.11 | $11.06 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.40 | 0.15 | 0.24 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(b)</sup> | (1.47) | 3.81 | 0.18 | (0.16) | 1.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | (1.07) | 3.96 | 0.42 | 0.06 | 1.33 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (1.06) | (0.17) | (0.24) | (0.34) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.69) | (0.23) | (0.06) | (0.26) | (0.17) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.98) | (1.29) | (0.23) | (0.50) | (0.51) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.29 | $12.95 | $15.31 | $11.58 | $11.66 | $12.11 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.99% | (7.93)% | 34.50% | 3.46% | 1.39% | 12.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6919 | $6246 | $5912 | $2154 | $1424 | $452 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6215 | $6501 | $4213 | $1657 | $981 | $266 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(e)</sup>  | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.09)%<sup>(f)</sup> | (0.09)% | (0.10)% | (0.10)% | (0.09)% | (0.14)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.07 %<sup>(f)</sup> | 1.79% | 2.32% | 7.79% | 14.67% | 42.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.15 %<sup>(f)</sup> | 2.85% | 1.11% | 2.09% | 1.90% | 1.84% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 12% | 64% | 35% | 44% | 35% | 90% |

---

(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. 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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Prudential Day One 2065 Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 1358 | $26228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 2041 | 26671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 2818 | 20967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 4797 | 52100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 10019 | 128241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 7266 | 122147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | 4786 | 47426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund (Class R6) | 5378 | 82499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 1545 | 18741 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $507,951) |  | 525020 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $376) | 376 | 376 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $508,327)(wd) |  | 525396 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 41 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525437 |

---

------

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

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

**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.

Prudential Day One Funds 187

------

**Prudential Day One 2065 Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $525020 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | **$525396** | **$—** | **$—** |

---

**Investment Allocation:** 

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  International Developed Markets | 24.4 |
|  Large Cap | 23.2 |
|  Broad Market | 15.7 |
|  Emerging Markets | 9.9 |
|  Mid Cap | 9.0 |
|  Small Cap | 5.1 |
|  Real Estate | 5.0 |
|  Commodity | 4.0 |

---

---

| | |
|:---|:---|
|  Total Return Bond | 3.6% |
|  Short Term | 0.1 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**Prudential Day One 2065 Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $508,327) | $525396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 30969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 567187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 20823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 4397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data service fees | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 41750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $525437 |
| &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 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 535587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (10199) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2023** | $525437 |

---

See Notes to Financial Statements.

Prudential Day One Funds 189

------

**Prudential Day One 2065 Fund** 

**Statement of Assets & Liabilities** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($12,080 ÷ 1,137 shares of beneficial interest issued and outstanding) | $10.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($93,209 ÷ 8,771 shares of beneficial interest issued and outstanding) | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($12,232 ÷ 1,150 shares of beneficial interest issued and outstanding) | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($12,270 ÷ 1,154 shares of beneficial interest issued and outstanding) | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($14,622 ÷ 1,375 shares of beneficial interest issued and outstanding) | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($381,024 ÷ 35,801 shares of beneficial interest issued and outstanding) | $10.64 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

**Prudential Day One 2065 Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $11059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 32751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 11632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $557)(a) | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 80540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (80456) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 10975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (11291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 12593 |
|  | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 6357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $17332 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 28 | 99 | 6 |  |  |  |
|  Registration fees | 1833 | 2464 | 1833 | 1834 | 1834 | 1834 |
|  Transfer agent's fees and expenses | 29 | 325 | 28 | 29 | 81 | 347 |
|  Fee waiver and/or expense reimbursement | (3582) | (14682) | (3601) | (3607) | (3999) | (50985) |

---

See Notes to Financial Statements.

Prudential Day One Funds 191

------

**Prudential Day One 2065 Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | **Year Ended<br>July 31, 2022** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10975 | $14356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (11291) | (33758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 12593 | 45678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 5055 | (87127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 17332 | (60851) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (481) | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (3621) | (4378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (532) | (1014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (545) | (1027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (664) | (1151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (15753) | (33620) |
|  | (21596) | (42150) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 87004 | 297697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 21596 | 42150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (37497) | (300637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 71103 | 39210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 66839 | (63791) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 458598 | 522389 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $525437 | $458598 |

---

See Notes to Financial Statements.

------

**Prudential Day One 2065 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,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.80 | $12.74 | $9.56 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.26 | 0.06 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.25) | 3.18 | (0.41) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.26 | (0.99) | 3.24 | (0.39) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.79) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (0.95) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.62 | $10.80 | $12.74 | $9.56 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.72% | (8.61)% | 33.98% | (3.96)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $12 | $13 | $10 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $13 | $11 | $9 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.66 %<sup>(e)</sup> | 0.66% | 0.65% | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 63.68 %<sup>(e)</sup> | 59.08% | 96.73% | 485.07 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.33 %<sup>(e)</sup> | 2.16% | 0.55% | 0.32 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 67% | 94% | 19% |

---

(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'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.

Prudential Day One Funds 193

------

**Prudential Day One 2065 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,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.82 | $12.77 | $9.58 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.23 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.20) | 3.20 | (0.40) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | (0.97) | 3.27 | (0.37) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.82) | (0.07) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (0.98) | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.63 | $10.82 | $12.77 | $9.58 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.90% | (8.45)% | 34.30% | (3.75)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $93 | $73 | $36 | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $78 | $65 | $22 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.41% | 0.40% | 0.40 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 37.67 %<sup>(e)</sup> | 34.43% | 71.91% | 446.28 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.70 %<sup>(e)</sup> | 1.97% | 0.63% | 0.49 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 67% | 94% | 19% |

---

(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'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.

------

**Prudential Day One 2065 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,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.83 | $12.78 | $9.59 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.30 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.25) | 3.18 | (0.40) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | (0.95) | 3.29 | (0.36) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.84) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (1.00) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.63 | $10.83 | $12.78 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.96% | (8.30)% | 34.44% | (3.65)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $12 | $13 | $10 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $13 | $11 | $9 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26 %<sup>(e)</sup> | 0.26% | 0.25% | 0.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 62.89 %<sup>(e)</sup> | 58.37% | 96.05% | 484.23 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.73 %<sup>(e)</sup> | 2.56% | 0.95% | 0.72 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 67% | 94% | 19% |

---

(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'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.

Prudential Day One Funds 195

------

**Prudential Day One 2065 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,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.84 | $12.79 | $9.59 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.32 | 0.12 | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.26) | 3.19 | (0.41) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | (0.94) | 3.31 | (0.36) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.85) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.01) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.63 | $10.84 | $12.79 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.97% | (8.21)% | 34.66% | (3.64)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 | $12 | $13 | $10 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11 | $13 | $11 | $9 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16 %<sup>(e)</sup> | 0.16% | 0.15% | 0.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 62.70 %<sup>(e)</sup> | 58.20% | 95.88% | 484.02 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.83 %<sup>(e)</sup> | 2.66% | 1.04% | 0.82 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 67% | 94% | 19% |

---

(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'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.

------

**Prudential Day One 2065 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,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.85 | $12.80 | $9.60 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.32 | 0.13 | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.24) | 3.19 | (0.40) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | (0.92) | 3.32 | (0.35) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.87) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.03) | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.64 | $10.85 | $12.80 | $9.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.08% | (8.11)% | 34.74% | (3.54)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15 | $14 | $14 | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $14 | $14 | $13 | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06 %<sup>(e)</sup> | 0.06% | 0.05% | 0.05 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 58.27 %<sup>(e)</sup> | 54.91% | 93.88% | 458.95 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.93 %<sup>(e)</sup> | 2.72% | 1.14% | 0.83 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 18% | 67% | 94% | 19% |

---

(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'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.

Prudential Day One Funds 197

------

**Prudential Day One 2065 Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended<br>July 31,** | **Year Ended<br>July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 16, 2019<sup>(a)</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**through July 31,**  |
|  | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.86 | $12.81 | $9.61 | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.32 | 0.11 | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.04 | (1.23) | 3.22 | (0.35) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | (0.91) | 3.33 | (0.34) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.88) | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (0.16) | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (1.04) | (0.13) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.64 | $10.86 | $12.81 | $9.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.15% | (7.97)% | 34.88% | (3.43)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $381 | $336 | $433 | $141 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $318 | $435 | $331 | $77 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement<sup>(e)</sup>  | 0.00 %<sup>(f)</sup> | 0.00% | 0.00% | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | (0.09)%<sup>(f)</sup> | (0.09)% | (0.10)% | (0.11)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 31.71 %<sup>(f)</sup> | 25.56% | 34.59% | 166.46 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.98 %<sup>(f)</sup> | 2.70% | 0.93% | 0.11 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 18% | 67% | 94% | 19% |

---

(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) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of
the respective share classes' operating expenses.

(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.

------

**Notes to Financial Statements** (unaudited)

**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: Prudential Day One Income Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund and Prudential Day One 2065 Fund (each a "Fund" and collectively referred to as the "Day One Funds" or the "Funds"). The Day One Funds are classified as diversified funds for purposes of the 1940 Act.

The investment objective of each of the Day One Funds is to seek a balance between growth and conservation of capital. Each Day One Fund seeks to achieve its objective by investing in a combination of mutual funds in the PGIM fund family (each, an "Underlying Fund").

**2.** **Accounting Policies** 

The Day One 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 Day One Funds in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Day One Funds consistently follow such policies in the preparation of their financial statements.

*Securities Valuation:* The Day One 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 Day One 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 Day One Funds' valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Day One Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Day One Funds to utilize independent pricing vendor services,

Prudential Day One Funds 199

------

**Notes to Financial Statements** (unaudited) (continued)

quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Day One Funds' foreign investments may change on days when investors cannot purchase or redeem Day One Fund shares.

Various inputs determine how each Day One 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 exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

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

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

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; **Each Fund other than Prudential Day One Income Fund:** | | |
| &nbsp;&nbsp; Net Investment Income | | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | | Annually |
| &nbsp;&nbsp; **Prudential Day One Income 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.

Prudential Day One Funds 201

------

**Notes to Financial Statements** (unaudited) (continued)

**3.** **Agreements** 

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

The Manager has entered into a subadvisory agreement with PGIM Quantitative

Solutions LLC ("PGIM Quantitative Solutions" or the "subadviser"). The Manager pays for the services of PGIM Quantitative Solutions.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.02% of each of the Day One Funds' average daily net assets. All amounts paid or payable by the Day One Funds to the Manager, under the agreement, are reflected in the Statement of Operations.

The Manager has contractually agreed, through November 30, 2023, 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 to the same extent that it waives such expenses on any other share class. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Class** | **Expense** <br> **Limitations**  |
| &nbsp;&nbsp; R1 | 1.15% |
| &nbsp;&nbsp; R2 | 0.90 |
| &nbsp;&nbsp; R3 | 0.75 |
| &nbsp;&nbsp; R4 | 0.65 |
| &nbsp;&nbsp; R5 | 0.55 |
| &nbsp;&nbsp; R6 | 0.40 |

---

The RIC, on behalf of the Day One Funds, 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 and Class R6 shares of Day One Funds. The Day One Funds compensate PIMS for distributing and servicing the Day One 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, the Day One Funds compensate 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 and Class R6 shares of the Day One Funds.

The Day One 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 Day One Funds' annual gross and net distribution rates and maximum shareholder servicing fee, where applicable, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
| &nbsp;&nbsp; R1 | 0.50% | 0.50% | 0.10% |
| &nbsp;&nbsp; R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; R3 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp; R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; R5 | N/A | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A | N/A |

---

PGIM Investments, PIMS, 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 Day One Funds' 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 Day One Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

Prudential Day One Funds 203

------

**Notes to Financial Statements** (unaudited) (continued)

**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 reporting period ended January 31, 2023, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
| &nbsp;&nbsp; Prudential Day One Income Fund | $3479490 | $3467372 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund | 1600171 | 1525581 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund | 6959204 | 8600701 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund | 11024934 | 10803303 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund | 11911436 | 11805554 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund | 9478813 | 7306859 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund | 9847265 | 6775723 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund | 6793075 | 4391721 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund | 4084719 | 2568724 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund | 2100839 | 1240619 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund | 1749103 | 836929 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund | 155213 | 82192 |

---

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

**Prudential Day One Income Fund:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of<br>Period** | **Cost of** **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** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $3880482 | $343675 | $410328 | $(73395) | $&nbsp;&nbsp;&nbsp;&nbsp;(77460) | $&nbsp;&nbsp;&nbsp;&nbsp;3662974 | 416247 | $52804 | $— |
| 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) |
| 1220068 | 433800 | 229759 | (13547) | (28280) | 1382282 | 71584 | 16450 |  |
| 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) |
| 244046 | 34522 | 60392 | 15992 | (940) | 233228 | 17844 | 700 | 427 |
| 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) |
| 1225123 | 736061 | 215818 | (361533) | (2118) | 1381715 | 185714 | 278440 |  |
| 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) |
| 1222333 | 148468 | 379106 | 58343 | 4306 | 1054344 | 82371 | 26836 |  |
| 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) |
| 2867561 | 407525 | 706921 | (124725) | 12254 | 2455694 | 146085 | 41017 | 27927 |

---

------

**Prudential Day One Income Fund (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**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| $245111 | $62776 | $58901 | $(17418) | $1926 | $233494 | 23561 | $— | $32752 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 1544980 | 311690 | 376873 | (139405) | 3517 | 1343909 | 87608 | 21755 | 108791 |
| 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) |
| 5650764 | 632445 | 613091 | (308019) | (114805) | 5247294 | 601065 | 115903 |  |
| 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) |
| 3889817 | 368528 | 416183 | (95351) | (87106) | 3659705 | 301707 | 123872 |  |
| $21990285 | $3479490 | $3467372 | $(1059058) | $(288706) | $20654639 |  | $677777 | $169897 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $2399328 | $424993 | $512462 | $— | $— | $2311859 | 2311859 | $41265 | $— |
| $24389613 | $3904483 | $3979834 | $(1059058) | $(288706) | $22966498 |  | $719042 | $169897 |
| **Prudential Day One 2015 Fund:** | **Prudential Day One 2015 Fund:** | **Prudential Day One 2015 Fund:** | **Prudential Day One 2015 Fund:** | **Prudential Day One 2015 Fund:** | **Prudential Day One 2015 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $1669210 | $185778 | $134362 | $(38262) | $(24312) | $1658052 | 188415 | $22975 | $— |
| 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) |
| 591310 | 195952 | 91205 | (9882) | (9712) | 676463 | 35032 | 7987 |  |
| 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) |
| 153760 | 17282 | 58233 | 11455 | (4406) | 119858 | 9170 | 444 | 271 |
| 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) |
| 593756 | 345362 | 86256 | (180964) | 4285 | 676183 | 90885 | 135384 |  |
| 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) |
| 663495 | 65752 | 180957 | 29924 | 5037 | 583251 | 45566 | 14655 |  |
| 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) |
| 1518047 | 181180 | 337735 | (83250) | 23365 | 1301607 | 77431 | 21784 | 14832 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 154430 | 35285 | 57461 | (16451) | 4192 | 119995 | 12109 |  | 20702 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 834347 | 149173 | 203121 | (89864) | 14812 | 705347 | 45981 | 11787 | 58942 |

---

Prudential Day One Funds 205

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2015 Fund (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**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Dividend<br>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) |
| $2667835 | $276274 | $221858 | $(171373) | $(27834) | $2523044 | 289008 | $54868 | $— |
| 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) |
| 1885363 | 148133 | 154393 | (56947) | (31282) | 1790874 | 147640 | 60383 |  |
| $10731553 | $1600171 | $1525581 | $(605614) | $(45855) | $10154674 |  | $330267 | $94747 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:**  | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $1106544 | $247835 | $249305 | $— | $— | $1105074 | 1105074 | $19057 | $— |
| $11838097 | $1848006 | $1774886 | $(605614) | $(45855) | $11259748 |  | $349324 | $94747 |
| **Prudential Day One 2020 Fund:** | **Prudential Day One 2020 Fund:** | **Prudential Day One 2020 Fund:** | **Prudential Day One 2020 Fund:** | **Prudential Day One 2020 Fund:** | **Prudential Day One 2020 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $6260282 | $596147 | $808946 | $(106132) | $(137751) | $5803600 | 659500 | $83082 | $— |
| 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) |
| 2539591 | 828504 | 494294 | (33674) | (57457) | 2782670 | 144105 | 32886 |  |
| 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) |
| 883891 | 87987 | 432303 | 82007 | (53197) | 568385 | 43488 | 2403 | 1465 |
| 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) |
| 2550070 | 1424876 | 483712 | (727698) | 15659 | 2779195 | 373548 | 531552 |  |
| 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) |
| 3358457 | 339185 | 798909 | 167495 | 5742 | 3071970 | 239998 | 71318 |  |
| 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) |
| 7713477 | 883392 | 1816906 | (414303) | 111258 | 6476918 | 385301 | 105242 | 71657 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 887735 | 186990 | 424023 | (100226) | 23215 | 573691 | 57890 |  | 112048 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 3981509 | 682722 | 1042007 | (431677) | 83589 | 3274136 | 213438 | 53500 | 267538 |

---

------

**Prudential Day One 2020 Fund (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**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Dividend<br>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) |
| $10638864 | $1170357 | $1289533 | $(602620) | $(186067) | $9731001 | 1114662 | $214981 | $— |
| 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) |
| 7793654 | 759044 | 1010068 | (166520) | (197013) | 7179097 | 591846 | 242173 |  |
| $46607530 | $6959204 | $8600701 | $(2333348) | $(392022) | $42240663 |  | $1337137 | $452708 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $4159850 | $915608 | $1174459 | $— $|  | $3900999 | 3900999 | $70286 | $— |
| $50767380 | $7874812 | $9775160 | $(2333348) | $(392022) | $46141662 |  | $1407423 | $452708 |
| **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $6902942 | $1200264 | $722554 | $(122393) | $(124270) | $7133989 | 810681 | $95054 | $— |
| 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) |
| 3616897 | 1214435 | 570159 | (50017) | (67176) | 4143980 | 214603 | 47921 |  |
| 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) |
| 1439710 | 126135 | 595161 | 169226 | (111643) | 1028267 | 78674 | 4071 | 2483 |
| 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) |
| 3631796 | 2158168 | 611439 | (1069844) | 30155 | 4138836 | 556295 | 786174 |  |
| 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) |
| 5942665 | 610631 | 1193503 | 336763 | 4947 | 5701503 | 445430 | 131251 |  |
| 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) |
| 12685640 | 1450681 | 2465397 | (562212) | 91967 | 11200679 | 666310 | 179721 | 122368 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 1445959 | 298574 | 517005 | (107783) | (6354) | 1113391 | 112350 |  | 189511 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 6513737 | 1136695 | 1579794 | (615590) | 38830 | 5493878 | 358141 | 90883 | 454479 |
| 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) |
| 14134183 | 1607914 | 1294529 | (850054) | (198975) | 13398539 | 1534770 | 291345 |  |
| 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) |
| 10812040 | 1221437 | 1253762 | (258557) | (240754) | 10280404 | 847519 | 345233 |  |

---

Prudential Day One Funds 207

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2025 Fund (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**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| $67125569 | $11024934 | $10803303 | $(3130461) | $(583273) | $63633466 |  | $1971653 | $768841 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $5203999 | $984055 | $1080421 | $— | $— | $5107633 | 5107633 | $90697 | $— |
| $72329568 | $12008989 | $11883724 | $(3130461) | $(583273) | $68741099 |  | $2062350 | $768841 |
| **Prudential Day One 2030 Fund:** | **Prudential Day One 2030 Fund:** | **Prudential Day One 2030 Fund:** | **Prudential Day One 2030 Fund:** | **Prudential Day One 2030 Fund:** | **Prudential Day One 2030 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $4808029 | $756912 | $511325 | $(82811) | $(92081) | $4878724 | 554401 | $65924 | $— |
| 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) |
| 3556595 | 1184346 | 535338 | (23612) | (89792) | 4092199 | 211921 | 47031 |  |
| 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) |
| 2013289 | 179552 | 853050 | 197503 | (121608) | 1415686 | 108316 | 5740 | 3501 |
| 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) |
| 3142645 | 2205160 | 621838 | (913908) | 4551 | 3816610 | 512985 | 685743 |  |
| 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) |
| 841903 | 122448 | 300712 | 33608 | (25060) | 672187 | 61896 | 31232 |  |
| 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) |
| 7546714 | 659372 | 1615829 | 411265 | (13807) | 6987715 | 545915 | 168044 |  |
| 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) |
| 14081345 | 1511253 | 2441862 | (605595) | 88426 | 12633567 | 751551 | 201124 | 136942 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 2021988 | 412955 | 734692 | (167222) | 1722 | 1534751 | 154869 |  | 267180 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 8320768 | 1409680 | 1981002 | (789138) | 43268 | 7003576 | 456556 | 117041 | 585288 |
| 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) |
| 11030502 | 2156885 | 1173228 | (595372) | (209745) | 11209042 | 1283968 | 227055 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Dividend<br>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) |
| $9780876 | $1312873 | $1036678 | $(238029) | $(205729) | $9613313 | 792524 | $314804 | $— |
| $67144654 | $11911436 | $11805554 | $(2773311)  | $(619855) | $63857370 |  | $1863738 | $992911 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $4016555 | $1088071 | $845901 | $— | $— | $4258725 | 4258725 | $70871 | $— |
| $71161209 | $12999507 | $12651455 | $(2773311) | $(619855) | $68116095 |  | $1934609 | $992911 |
| **Prudential Day One 2035 Fund:** | **Prudential Day One 2035 Fund:** | **Prudential Day One 2035 Fund:** | **Prudential Day One 2035 Fund:** | **Prudential Day One 2035 Fund:** | **Prudential Day One 2035 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $2634456 | $457485 | $238257 | $(48095) | $(46517) | $2759072 | 313531 | $36833 | $— |
| 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) |
| 2159389 | 941272 | 276692 | 6618 | (52786) | 2777801 | 143853 | 29323 |  |
| 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) |
| 1850438 | 159450 | 568113 | 249342 | (169076) | 1522041 | 116453 | 5459 | 3330 |
| 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) |
| 1971098 | 1481409 | 385795 | (591358) | 1774 | 2477128 | 332947 | 444687 |  |
| 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) |
| 1258628 | 464282 | 213961 | 74016 | (19152) | 1563813 | 143998 | 48270 |  |
| 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) |
| 6539183 | 783099 | 1284797 | 402655 | (26217) | 6413923 | 501088 | 150680 |  |
| 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) |
| 11405794 | 1289317 | 1721081 | (468128) | 11507 | 10517409 | 625664 | 168428 | 114679 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 1887970 | 430255 | 456783 | (134667) | (7015) | 1719760 | 173538 |  | 257926 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 7180838 | 1251485 | 1255380 | (626311) | (36340) | 6514292 | 424661 | 104428 | 522216 |
| 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) |
| 5238954 | 1174437 | 431928 | (300808) | (83109) | 5597546 | 641185 | 108839 |  |
| 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) |
| 5477182 | 1046322 | 474072 | (139056) | (101646) | 5808730 | 478873 | 181622 |  |

---

Prudential Day One Funds 209

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2035 Fund (cont'd.):** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain (Loss)**  | **Realized**<br> **Gain**<br> **(Loss)**  | **Value,**<br> **End**<br> **of**<br> **Period**  | **Shares,**<br> **End**<br> **of**<br> **Period**  | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| $47603930 | $9478813 | $7306859 | $(1575792) | $(528577) | $47671515 |  | $1278569 | $898151 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $1557028 | $661984 | $378250 | $— | $— | $1840762 | 1840762 | $28704 | $— |
| $49160958 | $10140797 | $7685109 | $(1575792) | $(528577)  | $49512277 |  | $1307273 | $898151 |
| **Prudential Day One 2040 Fund:** | **Prudential Day One 2040 Fund:** | **Prudential Day One 2040 Fund:** | **Prudential Day One 2040 Fund:** |  |  |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $1979983 | $481655 | $203904 | $(29749) | $(37934) | $2190051 | 248869 | $28231 | $— |
| 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) |
| 1810600 | 838519 | 279451 | 9774 | (48657) | 2330785 | 120703 | 24790 |  |
| 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) |
| 2037188 | 236102 | 591236 | 221781 | (123798) | 1780037 | 136193 | 6167 | 3762 |
| 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) |
| 1817977 | 1437794 | 370844 | (554538) | (1379) | 2329010 | 313039 | 421117 |  |
| 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) |
| 1875267 | 673041 | 331598 | 111766 | (31942) | 2296534 | 211467 | 73888 |  |
| 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) |
| 7196689 | 926720 | 1125792 | 477228 | (28875) | 7445970 | 581716 | 170256 |  |
| 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) |
| 10960818 | 1423727 | 1394123 | (400643) | (25666) | 10564113 | 628442 | 166136 | 113118 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 2718828 | 642123 | 737743 | (208444) | (9804) | 2404960 | 242680 |  | 381225 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 7068846 | 1346182 | 1039313 | (627430) | (26312) | 6721973 | 438199 | 105516 | 527654 |
| 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) |
| 3283097 | 853756 | 295377 | (187093) | (55150) | 3599233 | 412283 | 69107 |  |

---

------

**Prudential Day One 2040 Fund (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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Dividend<br>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) |
| $3969594 | $987646 | $406342 | $(88132) | $(81820) | $4380946 | 361166 | $134458 | $— |
| $44718887 | $9847265 | $6775723 | $(1275480) | $(471337) | $46043612 |  | $1199666 | $1025759 |
| **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** | **Short-Term Investments - Affiliated Mutual Fund(wd):** |
| 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 |
| $667529 | $269174 | $346522 | $— | $— | $590181 | 590181 | $11500 | $— |
| $45386416 | $10116439 | $7122245 | $(1275480) | $(471337) | $46633793 |  | $1211166 | $1025759 |
| **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** | **Prudential Day One 2045 Fund:** |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $985544 | $238098 | $95951 | $(15177) | $(16389) | $1096125 | 124560 | $14000 | $— |
| 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) |
| 1239160 | 560208 | 154121 | 4027 | (26425) | 1622849 | 84042 | 16845 |  |
| 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) |  |  |  |
| 1524228 | 172621 | 398654 | 166989 | (91082) | 1374102 | 105134 | 4652 | 2837 |
| 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) |  |  |  |
| 1058319 | 936892 | 181905 | (327180) | 5763 | 1491889 | 200523 | 246795 |  |
| 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) |  |  |  |
| 1711605 | 561310 | 279245 | 97741 | (25382) | 2066029 | 190242 | 67938 |  |
| 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) |  |  |
| 5909743 | 779475 | 1085263 | 404401 | (36178) | 5972178 | 466576 | 140915 |  |
| 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) |  |  |  |
| 7573547 | 975820 | 640681 | (260362) | (15632) | 7632692 | 454057 | 115646 | 78741 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |  |  |  |
| 2427267 | 566253 | 574339 | (166529) | (28874) | 2223778 | 224397 |  | 342851 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |  |  |  |
| 5012109 | 969281 | 654100 | (437413) | (23639) | 4866238 | 317225 | 75377 | 376939 |
| 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) |  |  |  |
| 1123177 | 456670 | 89051 | (61177) | (15906) | 1413713 | 161937 | 23491 |  |
| 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) |  |  |  |
| 2469751 | 576447 | 238411 | (56493) | (45552) | 2705742 | 223062 | 83492 |  |

---

Prudential Day One Funds 211

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2045 Fund (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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Dividend<br>Income** | **Capital**<br> **Gain<br>Distributions** |
| $31034450 | $6793075 | $4391721 | $(651173) | $(319296) | $32465335 |  | $789151 | $801368 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $56693 | $177765 | $192248 | $— | $— | $42210 | 42210 | $609 | $— |
| $31091143 | $6970840 | $4583969 | $(651173) | $(319296) | $32507545 |  | $789760 | $801368 |
| **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** | **Prudential Day One 2050 Fund:** |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $277701 | $88595 | $24972 | $(4937) | $(3490) | $332897 | 37829 | $4032 | $— |
| 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) |
| 798115 | 360708 | 96273 | 2703 | (17907) | 1047346 | 54239 | 10896 |  |
| 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) |
| 997685 | 104850 | 167244 | 90074 | (32464) | 992901 | 75968 | 3059 | 1866 |
| 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) |
| 601445 | 538668 | 117970 | (184395) | (507) | 837241 | 112532 | 140860 |  |
| 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) |
| 1299238 | 435566 | 199833 | 73528 | (19217) | 1589282 | 146343 | 51772 |  |
| 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) |
| 4278132 | 512702 | 713972 | 275463 | (18871) | 4333454 | 338551 | 102486 |  |
| 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) |
| 5144509 | 631874 | 588657 | (187079) | (17826) | 4982821 | 296420 | 78892 | 53716 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 1649535 | 382136 | 183698 | (111988) | (3572) | 1732413 | 174815 |  | 234001 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 3308404 | 616846 | 335452 | (290911) | (12994) | 3285893 | 214204 | 49968 | 249877 |
| 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) |
| 281288 | 92389 | 21769 | (15970) | (4168) | 331770 | 38003 | 5925 |  |

---

------

**Prudential Day One 2050 Fund (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 Gain**<br> **(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Dividend<br>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) |
| $1352038 | $320385 | $118884 | $(33673) | $(23119) | $1496747 | 123392 | $46055 | $— |
| $19988090 | $4084719 | $2568724 | $(387185) | $(154135) | $20962765 |  | $493945 | $539460 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $48096 | $91440 | $107063 | $— | $— | $32473 | 32473 | $441 | $— |
| $20036186 | $4176159 | $2675787 | $(387185) | $(154135) | $20995238 |  | $494386 | $539460 |
| **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** | **Prudential Day One 2055 Fund:** |
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> **(Loss)** | **Realized Gain**<br> **(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Dividend<br>Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $282421 | $154400 | $45251 | $1306 | $(5094) | $387782 | 20082 | $3940 | $— |
| 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) |  |  |  |
| 353070 | 68932 | 58308 | 27754 | (4983) | 386465 | 29569 | 1140 | 695 |
| 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) |  |  |  |
| 212673 | 211145 | 45900 | (64965) | (2962) | 309991 | 41665 | 52523 |  |
| 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) |  |  |  |
| 529359 | 203064 | 105023 | 25370 | (3179) | 649591 | 59815 | 22211 |  |
| 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) |  |  |
| 1613424 | 329584 | 296836 | 114126 | (4616) | 1755682 | 137163 | 40693 |  |
| 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) |  |  |  |
| 1808190 | 379824 | 289270 | (62455) | (10913) | 1825376 | 108589 | 29202 | 19883 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |  |  |  |
| 623341 | 199694 | 93532 | (42376) | (4058) | 683069 | 68927 |  | 93151 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |  |  |  |
| 1170676 | 326302 | 174470 | (102198) | (9961) | 1210349 | 78902 | 18618 | 93107 |
| 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) |  |  |  |
|  | 93490 | 3226 | 1823 | 44 | 92131 | 10553 |  |  |
| 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) |  |  |  |
| 478518 | 134404 | 128803 | 27 | (22327) | 461819 | 38072 | 16507 |  |
| $7071672 | $2100839 | $1240619 | $(101588) | $(68049) | $7762255 |  | $184834 | $206836 |

---

Prudential Day One Funds 213

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2055 Fund (cont'd.):** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds from<br>Sales** | **Change in<br>Unrealized Gain**<br> **(Loss)** | **Realized Gain**<br> **(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Dividend<br>Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $36493 | $122067 | $135703 | $— | $— | $22857 | 22857 | $286 | $— |
| $7108165 | $2222906 | $1376322 | $(101588) | $(68049) | $7785112 |  | $185120 | $206836 |
| **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** | **Prudential Day One 2060 Fund:** |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds from<br>Sales** | **Change in<br>Unrealized Gain**<br> **(Loss)** | **Realized Gain**<br> **(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Dividend<br>Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $277398 | $142466 | $30034 | $3233 | $(7512) | $385551 | 19966 | $3880 | $— |
| 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) |  |  |  |
| 346762 | 60027 | 42490 | 32579 | (9521) | 387357 | 29637 | 1090 | 664 |
| 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) |  |  |  |
| 209036 | 198680 | 34440 | (65559) | 491 | 308208 | 41426 | 50066 |  |
| 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) |  |  |  |
| 588446 | 176448 | 87890 | 38950 | (16896) | 699058 | 64370 | 23962 |  |
| 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) |  |  |
| 1664101 | 285427 | 213112 | 147027 | (32009) | 1851434 | 144643 | 40843 |  |
| 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) |  |  |  |
| 1741349 | 313686 | 203135 | (50911) | (16349) | 1784640 | 106165 | 27308 | 18594 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |  |  |  |
| 637398 | 179427 | 75087 | (36792) | (7842) | 697104 | 70343 |  | 92466 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |  |  |  |
| 1149863 | 283736 | 121225 | (92934) | (12952) | 1206488 | 78650 | 17760 | 88813 |
| 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) |  |  |  |
| 331706 | 109206 | 29516 | (7207) | (6244) | 397945 | 32807 | 11602 |  |
| $6946059 | $1749103 | $836929 | $(31614) | $(108834) | $7717785 |  | $176511 | $200537 |

---

------

**Prudential Day One 2060 Fund (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**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $35876 | $102092 | $114848 | $— | $— | $23120 | 23120 | $289 | $— |
| $6981935 | $1851195 | $951777 | $(31614) | $(108834) | $7740905 |  | $176800 | $200537 |
| **Prudential Day One 2065 Fund:** | **Prudential Day One 2065 Fund:** | **Prudential Day One 2065 Fund:** | **Prudential Day One 2065 Fund:** | **Prudential Day One 2065 Fund:** | **Prudential Day One 2065 Fund:** |  |  |  |
| **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** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wd)</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) |
| $18300 | $11082 | $3024 | $513 | $(643) | $26228 | 1358 | $245 | $— |
| 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) |
| 22876 | 6250 | 4073 | 2572 | (954) | 26671 | 2041 | 68 | 42 |
| 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) |
| 13790 | 14301 | 3019 | (4151) | 46 | 20967 | 2818 | 3143 |  |
| 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) |
| 40625 | 17970 | 8289 | 3470 | (1676) | 52100 | 4797 | 1576 |  |
| 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) |
| 114364 | 28958 | 22965 | 11475 | (3591) | 128241 | 10019 | 2666 |  |
| 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) |
| 114876 | 30274 | 19195 | (1967) | (1841) | 122147 | 7266 | 1715 | 1168 |
| PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) | PGIM Quant Solutions Mid-Cap Core Fund (Class R6) |
| 42048 | 15368 | 7460 | (1637) | (893) | 47426 | 4786 | 2 | 5806 |
| PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) | PGIM Quant Solutions US Broad Market Index Fund (Class R6) |
| 75856 | 24912 | 11915 | (5073) | (1281) | 82499 | 5378 | 1115 | 5577 |
| 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) |
| 15500 | 6098 | 2252 | (147) | (458) | 18741 | 1545 | 522 |  |
| $458235 | $155213 | $82192 | $5055 | $(11291) | $525020 |  | $11052 | $12593 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wd)</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 |
| $277 | $5551 | $5452 | $— | $— | $376 | 376 | $7 | $— |
| $458512 | $160764 | $87644 | $5055 | $(11291) | $525396 |  | $11059 | $12593 |

---

(wd) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund
invests.

Prudential Day One Funds 215

------

**Notes to Financial Statements** (unaudited) (continued)

**6.** **Tax Information** 

The United States federal income tax basis of the Day One Funds' investments and the net unrealized appreciation/(depreciation) as of January 31, 2023 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; Prudential Day One Income Fund | $24648169 | $1053548 | $(2735219) | $(1681671) |
| &nbsp;&nbsp; Prudential Day One 2015 Fund | 12070020 | 755386 | (1565658) | (810272) |
| &nbsp;&nbsp; Prudential Day One 2020 Fund | 48444381 | 3451193 | (5753912) | (2302719) |
| &nbsp;&nbsp; Prudential Day One 2025 Fund | 71966030 | 5157365 | (8382296) | (3224931) |
| &nbsp;&nbsp; Prudential Day One 2030 Fund | 69892697 | 5638141 | (7414743) | (1776602) |
| &nbsp;&nbsp; Prudential Day One 2035 Fund | 49434745 | 4714386 | (4636854) | 77532 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund | 45652215 | 4937110 | (3955532) | 981578 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund | 31850125 | 3409448 | (2752028) | 657420 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund | 20124598 | 2288933 | (1418293) | 870640 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund | 7404988 | 1128889 | (748765) | 380124 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund | 7695903 | 573595 | (528593) | 45002 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund | 533197 | 19283 | (27084) | (7801) |

---

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

The Fund elected to treat the below post-October capital losses as having been incurred in the following fiscal year (July 31, 2023).

---

| | |
|:---|:---|
| **Fund** | **Post-October<br> Capital Losses** |
| &nbsp;&nbsp; Prudential Day One 2015 Fund | $12000 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund | 198000 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund | 44000 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund | 209000 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund | 53000 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund | 52000 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund | 105000 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund | 196000 |

---

------

---

| | |
|:---|:---|
| **Fund** | **Post-October<br> Capital Losses** |
| &nbsp;&nbsp; Prudential Day One 2060 Fund | $29000 |

---

The Manager has analyzed the Day One 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 Day One Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Day One 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, 2022 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 Day One Funds, at $0.001 par value per share. The Day One Funds offer Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares.

Under certain circumstances, an exchange may be made from specified share classes of the Day One Funds to one or more other share classes of the Day One Funds as presented in the table of transactions in shares of beneficial interest, below.

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Day One Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Prudential Day One Income Fund–Class R1 | 2532 | 98.0% |
| &nbsp;&nbsp; Prudential Day One Income Fund–Class R2 | 2571 | 78.5 |
| &nbsp;&nbsp; Prudential Day One Income Fund–Class R4 | 2610 | 100.0 |
| &nbsp;&nbsp; Prudential Day One Income Fund–Class R5 | 92665 | 99.7 |
| &nbsp;&nbsp; Prudential Day One Income Fund–Class R6 | 1760328 | 79.5 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R1 | 1296 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R2 | 1315 | 25.5 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R3 | 1327 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R4 | 1336 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R5 | 18484 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund–Class R6 | 908528 | 81.7 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund–Class R1 | 1300 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund–Class R4 | 1338 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund–Class R5 | 292974 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund–Class R6 | 3653519 | 87.1 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund–Class R1 | 1309 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund–Class R4 | 1348 | 46.1 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund–Class R5 | 59791 | 98.5 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund–Class R6 | 5024273 | 76.9 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund–Class R1 | 3243 | 55.2 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund–Class R2 | 2523 | 8.7 |

---

Prudential Day One Funds 217

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Prudential Day One 2030 Fund–Class R4 | 1355 | 47.0% |
| &nbsp;&nbsp; Prudential Day One 2030 Fund–Class R5 | 362156 | 98.7 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund–Class R6 | 4867184 | 85.2 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund–Class R1 | 1364 | 46.5 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund–Class R4 | 1404 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund–Class R5 | 51496 | 82.5 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund–Class R6 | 3391226 | 76.6 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund–Class R1 | 1581 | 39.8 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund–Class R4 | 1376 | 24.3 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund–Class R5 | 586165 | 98.5 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund–Class R6 | 2956869 | 87.4 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund–Class R1 | 1393 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund–Class R4 | 1436 | 38.6 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund–Class R5 | 62484 | 89.4 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund–Class R6 | 1890203 | 67.7 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund–Class R1 | 1344 | 30.3 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund–Class R3 | 817 | 56.3 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund–Class R4 | 1383 | 16.6 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund–Class R5 | 103251 | 97.3 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund–Class R6 | 1397824 | 85.1 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R1 | 1588 | 93.5 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R2 | 1605 | 6.7 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R3 | 934 | 38.9 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R4 | 1625 | 51.8 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R5 | 43115 | 97.6 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund–Class R6 | 484089 | 69.7 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund–Class R1 | 1678 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund–Class R4 | 1332 | 79.6 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund–Class R5 | 41743 | 99.0 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund–Class R6 | 210748 | 37.4 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R1 | 1137 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R2 | 1145 | 13.1 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R3 | 1150 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R4 | 1154 | 100.0 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R5 | 1157 | 84.1 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund–Class R6 | 35617 | 99.5 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** |
| &nbsp;&nbsp; Prudential Day One Income Fund | 2 | 69.9% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** |
| &nbsp;&nbsp; Prudential Day One 2015 Fund | 1 | 75.8% |
| &nbsp;&nbsp; Prudential Day One 2020 Fund | 3 | 81.0 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund | 3 | 73.0 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund | 4 | 80.9 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund | 2 | 69.7 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund | 4 | 83.8 |
| &nbsp;&nbsp; Prudential Day One 2045 Fund | 2 | 57.8 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund | 5 | 83.3 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund | 3 | 63.3 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund | 3 | 38.6 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund | 3 | 82.3 |
| &nbsp;&nbsp; **Unaffiliated:** | &nbsp;&nbsp; **Unaffiliated:** | &nbsp;&nbsp; **Unaffiliated:** |
| &nbsp;&nbsp; Prudential Day One Income Fund | 1 | 12.7 |
| &nbsp;&nbsp; Prudential Day One 2015 Fund | 1 | 10.3 |
| &nbsp;&nbsp; Prudential Day One 2020 Fund | 1 | 7.4 |
| &nbsp;&nbsp; Prudential Day One 2025 Fund | 1 | 12.5 |
| &nbsp;&nbsp; Prudential Day One 2030 Fund | 1 | 7.9 |
| &nbsp;&nbsp; Prudential Day One 2035 Fund | 1 | 11.0 |
| &nbsp;&nbsp; Prudential Day One 2040 Fund |  |  |
| &nbsp;&nbsp; Prudential Day One 2045 Fund | 1 | 15.9 |
| &nbsp;&nbsp; Prudential Day One 2050 Fund | 1 | 6.1 |
| &nbsp;&nbsp; Prudential Day One 2055 Fund | 2 | 19.1 |
| &nbsp;&nbsp; Prudential Day One 2060 Fund | 3 | 50.7 |
| &nbsp;&nbsp; Prudential Day One 2065 Fund |  |  |

---

Transactions in shares of beneficial interest were as follows:

**Prudential Day One Income Fund:** 

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** | **Shares** | | **Amount** |
| &nbsp;&nbsp; **Class R1** | | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | | |
| &nbsp;&nbsp; Shares sold | 11 |  | $113 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 145 |  | 1393 |
| &nbsp;&nbsp; Shares purchased |  | \*\* | (2) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 156 |  | $1504 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |  |
| &nbsp;&nbsp; Shares sold | 13 |  | $148 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 175 |  | 2001 |
| &nbsp;&nbsp; Shares purchased |  | \*\* | (3) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 188 |  | $2146 |

---

Prudential Day One Funds 219

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One Income Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R2** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 8598 | $90315 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 203 | 1948 |
| &nbsp;&nbsp; Shares purchased | (10057) | (102952) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1256) | $(10689) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 14891 | $175016 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 12608 | 145975 |
| &nbsp;&nbsp; Shares purchased | (197970) | (2221669) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (170471) | $(1900678) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 404 | $3987 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 935 | 8961 |
| &nbsp;&nbsp; Shares purchased | (44) | (426) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1295 | $12522 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 557 | $7043 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1146 | 13092 |
| &nbsp;&nbsp; Shares purchased | (120380) | (1459222) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (118677) | $(1439087) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 155 | $1477 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 155 | $1477 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 189 | $2163 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 189 | $2163 |

---

------

**Prudential Day One Income Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R5** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 1507 | $15310 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5552 | 53152 |
| &nbsp;&nbsp; Shares purchased | (1619) | (15898) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5440 | $52564 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 4761 | $52968 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6659 | 75927 |
| &nbsp;&nbsp; Shares purchased | (3450) | (40141) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7970 | $88754 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 80632 | $800982 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 135378 | 1299152 |
| &nbsp;&nbsp; Shares purchased | (181733) | (1803351) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 34277 | $296783 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 720805 | $8602685 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 188349 | 2154067 |
| &nbsp;&nbsp; Shares purchased | (719230) | (8343226) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 189924 | $2413526 |
|  \*\* Less than 1 share. |  |  |
| <br> **Prudential Day One 2015 Fund:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 90 | $856 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 90 | $856 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 101 | $1166 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 101 | $1166 |

---

Prudential Day One Funds 221

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2015 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Share Class**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**  |
| &nbsp;&nbsp; **Class R2**<br>| | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 136 | $1368 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 369 | 3495 |
| &nbsp;&nbsp; Shares purchased | (20) | (206) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 485  | $4657  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 399 | $4577 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 382 | 4443 |
| &nbsp;&nbsp; Shares purchased | (134) | (1614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 647  | $7406  |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 98 | $926 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 98  | $926  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 106 | $1239 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 106  | $1239  |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions<br>| 100  | $944  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 100  | $944  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions<br>| 108  | $1259  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 108  | $1259  |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1944 | $19867 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1371 | 12979 |
| &nbsp;&nbsp; Shares purchased<br>| (956 )  | (9419 )  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 2359  | $23427  |

---

------

**Prudential Day One 2015 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Share Class**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 7391 | $83995 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1150 | 13383 |
| &nbsp;&nbsp; Shares purchased | (3089) | (32005) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 5452  | $65373  |
| &nbsp;&nbsp; **Class R6**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1496 | $17796 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86257 | 815992 |
| &nbsp;&nbsp; Shares purchased | (42239) | (428149) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 45514  | $405639  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 98722 | $1211781 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 114877 | 1336020 |
| &nbsp;&nbsp; Shares purchased | (344880) | (3944904) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| (131281 )  | $(1397103 )  |
| <br> **Prudential Day One 2020 Fund:**<br>|  |  |
| **Share Class**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**  |
| &nbsp;&nbsp; **Class R1**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions<br>| 101  | $976  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 101  | $976  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions<br>| 100  | $1202  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 100  | $1202  |
| &nbsp;&nbsp; **Class R2**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 3186 | $34036 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 647 | 6256 |
| &nbsp;&nbsp; Shares purchased<br>| (397 )  | (4229 )  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| 3436  | $36063  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 104291 | $1312038 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 32528 | 390989 |
| &nbsp;&nbsp; Shares purchased<br>| (579301 )  | (6952142 )  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| (442482 )  | $(5249115 )  |

---

Prudential Day One Funds 223

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2020 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Share Class**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**  |
| &nbsp;&nbsp; **Class R3**<br>| | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8727 | $84476 |
| &nbsp;&nbsp; Shares purchased | (10824) | (104995) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| (2097 )  | $(20519 )  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1317 | $17199 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9406 | 113256 |
| &nbsp;&nbsp; Shares purchased<br>| (55636 )  | (699284 )  |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding<br>| (44913 )  | $(568829 )  |
| &nbsp;&nbsp; **Class R4**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 110 | $1068 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 110 | $1068 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 107 | $1296 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 107 | $1296 |
| &nbsp;&nbsp; **Class R5**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 5139 | $54261 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 24334 | 235551 |
| &nbsp;&nbsp; Shares purchased | (1844) | (18990) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 27629 | $270822 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 14637 | $170276 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 27186 | 327317 |
| &nbsp;&nbsp; Shares purchased | (54868) | (605130) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (13045) | $(107537) |
| &nbsp;&nbsp; **Class R6**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 91887 | $960251 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 359913 | 3469557 |
| &nbsp;&nbsp; Shares purchased | (450923) | (4699408) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 877 | $(269600) |

---

------

**Prudential Day One 2020 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Share Class**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount**  |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 434223 | $5312864 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 434880 | 5214209 |
| &nbsp;&nbsp; Shares purchased | (1240115) | (14583522) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (371012) | $(4056449) |
| **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** | **Prudential Day One 2025 Fund:** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Share Class**<br>| **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86 | $846 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 86 | $846 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 111 | $1353 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 111 | $1353 |
| &nbsp;&nbsp; **Class R2**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1821 | $19205 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 759 | 7493 |
| &nbsp;&nbsp; Shares purchased | (461) | (4909) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2119 | $21789 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3701 | $44072 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 686 | 8344 |
| &nbsp;&nbsp; Shares purchased | (1213) | (14902) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3174 | $37514 |
| &nbsp;&nbsp; **Class R3**<br>|  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 539 | $5733 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3010 | 29707 |
| &nbsp;&nbsp; Shares purchased | (1690) | (16696) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1859 | $18744 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3542 | $44924 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3800 | 46210 |
| &nbsp;&nbsp; Shares purchased | (726393) | (9486356) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (719051) | $(9395222) |

---

Prudential Day One Funds 225

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2025 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 735 | $7816 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 198 | 1952 |
| &nbsp;&nbsp; Shares purchased | (2) | (16) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 931 | $9752 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 726 | $8616 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 137 | 1671 |
| &nbsp;&nbsp; Shares purchased | (1) | (10) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 862 | $10277 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 8658 | $91268 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4694 | 46333 |
| &nbsp;&nbsp; Shares purchased | (6524) | (66521) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6828 | $71080 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 41893 | $498097 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2714 | 33003 |
| &nbsp;&nbsp; Shares purchased | (11073) | (122926) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 33534 | $408174 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 193965 | $2085805 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 475872 | 4701615 |
| &nbsp;&nbsp; Shares purchased | (450025) | (4838373) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 219812 | $1949047 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1650400 | $20713463 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 710704 | 8656371 |
| &nbsp;&nbsp; Shares purchased | (2161821) | (25304644) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 199283 | $4065190 |

---

------

**Prudential Day One 2030 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 512 | $5781 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 464 | 4803 |
| &nbsp;&nbsp; Shares purchased | (13) | (148) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 963 | $10436 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 557 | $7268 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 357 | 4666 |
| &nbsp;&nbsp; Shares purchased | (21) | (264) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 893 | $11670 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1649 | $18405 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2308 | 23953 |
| &nbsp;&nbsp; Shares purchased | (100) | (1160) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3857 | $41198 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 75667 | $1006436 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 47756 | 625131 |
| &nbsp;&nbsp; Shares purchased | (630095) | (8011167) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (506672) | $(6379600) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 7342 | $80651 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10513 | 109021 |
| &nbsp;&nbsp; Shares purchased | (606) | (6290) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 17249 | $183382 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 22038 | $280749 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8772 | 114735 |
| &nbsp;&nbsp; Shares purchased | (166870) | (2282588) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (136060) | $(1887104) |

---

Prudential Day One Funds 227

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2030 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 827 | $9277 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 299 | 3094 |
| &nbsp;&nbsp; Shares purchased | (823) | (8524) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 303 | $3847 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 797 | $10152 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 165 | 2155 |
| &nbsp;&nbsp; Shares purchased | (2) | (29) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 960 | $12278 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 14013 | $158143 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 31004 | 321515 |
| &nbsp;&nbsp; Shares purchased | (5481) | (61507) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 39536 | $418151 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 33096 | $416432 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 25049 | 327886 |
| &nbsp;&nbsp; Shares purchased | (12195) | (164039) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 45950 | $580279 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 112626 | $1279554 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 500112 | 5191158 |
| &nbsp;&nbsp; Shares purchased | (373977) | (4194775) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 238761 | $2275937 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1179597 | $15764511 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 489529 | 6412830 |
| &nbsp;&nbsp; Shares purchased | (1362236) | (17183073) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 306890 | $4994268 |

---

------

**Prudential Day One 2035 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 113 | $1254 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 202 | 2086 |
| &nbsp;&nbsp; Shares purchased | (7) | (80) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 308 | $3260 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 101 | $1237 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 283 | 3686 |
| &nbsp;&nbsp; Shares purchased | (12) | (155) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 372 | $4768 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 2530 | $27872 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 749 | 7734 |
| &nbsp;&nbsp; Shares purchased | (38888) | (412130) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (35609) | $(376524) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 6192 | $78930 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4897 | 63858 |
| &nbsp;&nbsp; Shares purchased | (1756) | (23133) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 9333 | $119655 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 3455 | $37757 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2212 | 22868 |
| &nbsp;&nbsp; Shares purchased | (25) | (257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5642 | $60368 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 10801 | $144003 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2389 | 31195 |
| &nbsp;&nbsp; Shares purchased | (690934) | (9832589) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (677744) | $(9657391) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 103 | $1075 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 103 | $1075 |

---

Prudential Day One Funds 229

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2035 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 7 | $93 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 150 | 1959 |
| &nbsp;&nbsp; Shares purchased | (7) | (90) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 150 | $1962 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 12216 | $135010 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4265 | 44097 |
| &nbsp;&nbsp; Shares purchased | (36) | (421) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 16445 | $178686 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 25466 | $318765 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3364 | 43940 |
| &nbsp;&nbsp; Shares purchased | (4996) | (62937) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23834 | $299768 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 256813 | $2863024 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 336792 | 3482425 |
| &nbsp;&nbsp; Shares purchased | (214268) | (2378991) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 379337 | $3966458 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 795506 | $10632655 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 515539 | 6732940 |
| &nbsp;&nbsp; Shares purchased | (1010332) | (12501302) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 300713 | $4864293 |

---

------

**Prudential Day One 2040 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 533 | $6213 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 311 | 3352 |
| &nbsp;&nbsp; Shares purchased | (12) | (137) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 832 | $9428 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 557 | $7458 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 245 | 3376 |
| &nbsp;&nbsp; Shares purchased | (17) | (224) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 785 | $10610 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 3310 | $38105 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1331 | 14361 |
| &nbsp;&nbsp; Shares purchased | (403) | (4901) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4238 | $47565 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 104778 | $1493770 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 43620 | 602390 |
| &nbsp;&nbsp; Shares purchased | (528402) | (7063228) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (380004) | $(4967068) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 2582 | $29705 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4719 | 50923 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7301 | $80628 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 8536 | $115460 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4173 | 57666 |
| &nbsp;&nbsp; Shares purchased | (210041) | (3078060) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (197332) | $(2904934) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1169 | $13736 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 463 | 5003 |
| &nbsp;&nbsp; Shares purchased | (5) | (54) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1627 | $18685 |

---

Prudential Day One Funds 231

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2040 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 1448 | $19283 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 271 | 3749 |
| &nbsp;&nbsp; Shares purchased | (19) | (246) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1700 | $22786 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 10234 | $120399 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 50374 | 544043 |
| &nbsp;&nbsp; Shares purchased | (5063) | (57973) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 55545 | $606469 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 26889 | $355297 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 49819 | 688996 |
| &nbsp;&nbsp; Shares purchased | (42833) | (594474) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 33875 | $449819 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 246408 | $2919378 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 293884 | 3173946 |
| &nbsp;&nbsp; Shares purchased | (201097) | (2307278) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 339195 | $3786046 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 741422 | $10337187 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 323002 | 4467114 |
| &nbsp;&nbsp; Shares purchased | (983449) | (12584235) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 80975 | $2220066 |

---

------

**Prudential Day One 2045 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold |  | $2 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 91 | 956 |
| &nbsp;&nbsp; Shares purchased |  | (2) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 91 | $956 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $16 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 179 | 2362 |
| &nbsp;&nbsp; Shares purchased | (165 | (1817) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 15 | $561 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 3171 | $35069 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1929 | 20278 |
| &nbsp;&nbsp; Shares purchased | (2176 | (25049) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2924 | $30298 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 11253 | $145138 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3418 | 45089 |
| &nbsp;&nbsp; Shares purchased | (11250 | (133866) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3421 | $56361 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 230 | $2413 |
| &nbsp;&nbsp; Shares purchased | (1044 | (11467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (814 | $(9054) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3533 | $50715 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 380 | 5013 |
| &nbsp;&nbsp; Shares purchased | (861635 | (12648626) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (857722 | $(12592898) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 87 | $964 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 260 | 2730 |
| &nbsp;&nbsp; Shares purchased | (557 | (6341) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (210 | $(2647) |

---

Prudential Day One Funds 233

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2045 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 655 | $7442 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 421 | 5548 |
| &nbsp;&nbsp; Shares purchased | (45) | (605) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1031 | $12385 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 8149 | $90999 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4962 | 52147 |
| &nbsp;&nbsp; Shares purchased | (9566) | (107199) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3545 | $35947 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 28912 | $366571 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7053 | 93097 |
| &nbsp;&nbsp; Shares purchased | (14077) | (181789) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 21888 | $277879 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 202495 | $2275235 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 202072 | 2127813 |
| &nbsp;&nbsp; Shares purchased | (128471) | (1449534) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 276096 | $2953514 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 516014 | $6990216 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 350374 | 4631941 |
| &nbsp;&nbsp; Shares purchased | (584830) | (7192779) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 281558 | $4429378 |

---

\*\* Less than 1 share.

------

**Prudential Day One 2050 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 344 | $4000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 326 | 3554 |
| &nbsp;&nbsp; Shares purchased | (15) | (180) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 655 | $7374 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 541 | $7379 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 337 | 4665 |
| &nbsp;&nbsp; Shares purchased | (23) | (318) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 855 | $11726 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 4465 | $51443 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2341 | 25559 |
| &nbsp;&nbsp; Shares purchased | (1555) | (18431) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5251 | $58571 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 65305 | $934169 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 39540 | 548421 |
| &nbsp;&nbsp; Shares purchased | (427136) | (5782506) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (322291) | $(4299916) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 107 | $1229 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 109 | 1194 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 216 | $2423 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3288 | $48256 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 114 | 1580 |
| &nbsp;&nbsp; Shares purchased | (274825) | (4127664) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (271423) | $(4077828) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1040 | $12161 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 645 | 7035 |
| &nbsp;&nbsp; Shares purchased | (561) | (6200) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1124 | $12996 |

---

Prudential Day One Funds 235

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2050 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 5418 | $79018 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 645 | 8931 |
| &nbsp;&nbsp; Shares purchased | (23) | (301) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6040 | $87648 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 9221 | $107689 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8449 | 92260 |
| &nbsp;&nbsp; Shares purchased | (5983) | (68311) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 11687 | $131638 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 22409 | $301578 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9540 | 132318 |
| &nbsp;&nbsp; Shares purchased | (14366) | (186409) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 17583 | $247487 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 102063 | $1205480 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 134008 | 1466047 |
| &nbsp;&nbsp; Shares purchased | (70819) | (811219) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 165252 | $1860308 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 412380 | $5864603 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 161987 | 2251618 |
| &nbsp;&nbsp; Shares purchased | (319029) | (4054587) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 255338 | $4061634 |

---

------

**Prudential Day One 2055 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold |  | $4 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86 | 801 |
| &nbsp;&nbsp; Shares purchased | (1 | (6) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 85 | $799 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $13 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 387 | 4484 |
| &nbsp;&nbsp; Shares purchased | (1 | (13) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 387 | $4484 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1285 | $12550 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1182 | 11086 |
| &nbsp;&nbsp; Shares purchased | (5595 | (57088) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3128 | $(33452) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 7417 | $83810 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6804 | 78926 |
| &nbsp;&nbsp; Shares purchased | (7868 | (83782) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6353 | $78954 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 918 | $9193 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 76 | 716 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 994 | $9909 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3300 | $47803 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 309 | 3581 |
| &nbsp;&nbsp; Shares purchased | (511456 | (7630926) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (507847 | $(7579542) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1083 | $10238 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 154 | 1446 |
| &nbsp;&nbsp; Shares purchased | (1 | (14) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1236 | $11670 |

---

Prudential Day One Funds 237

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2055 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 374 | $3972 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 377 | 4368 |
| &nbsp;&nbsp; Shares purchased | (17) | (181) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 734 | $8159 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 9181 | $91617 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2151 | 20287 |
| &nbsp;&nbsp; Shares purchased | (2648) | (27051) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8684 | $84853 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 18321 | $217160 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7146 | 82969 |
| &nbsp;&nbsp; Shares purchased | (6633) | (71434) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 18834 | $228695 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 103512 | $1034599 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 35322 | 333082 |
| &nbsp;&nbsp; Shares purchased | (61531) | (607096) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 77303 | $760585 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 215261 | $2769992 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 193504 | 2244650 |
| &nbsp;&nbsp; Shares purchased | (308823) | (3276706) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 99942 | $1737936 |

---

\*\* Less than 1 share.

------

**Prudential Day One 2060 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 242 | $2924 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 120 | 1368 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 362 | $4292 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 111 | $1577 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 91 | 1309 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 202 | $2886 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1669 | $20128 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1255 | 14355 |
| &nbsp;&nbsp; Shares purchased | (1135 | (13800) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1789 | $20683 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 35360 | $520060 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10865 | 157325 |
| &nbsp;&nbsp; Shares purchased | (146134 | (2062223) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (99909 | $(1384838) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 235 | $2860 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 207 | 2367 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 442 | $5227 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3159 | $47406 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 160 | 2325 |
| &nbsp;&nbsp; Shares purchased | (97465 | (1496585) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (94146 | $(1446854) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 172 | $2103 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 125 | 1435 |
| &nbsp;&nbsp; Shares purchased |  | (4) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 297 | $3534 |

---

Prudential Day One Funds 239

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2060 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 146 | $1925 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 98 | 1415 |
| &nbsp;&nbsp; Shares purchased |  | (1) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 244 | $3339 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 8357 | $101988 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3130 | 35836 |
| &nbsp;&nbsp; Shares purchased | (3514 | (42996) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7973 | $94828 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 21647 | $301424 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1825 | 26495 |
| &nbsp;&nbsp; Shares purchased | (4154 | (56905) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 19318 | $271014 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 62041 | $756836 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 43122 | 494175 |
| &nbsp;&nbsp; Shares purchased | (24510 | (296744) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 80653 | $954267 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 160960 | $2290021 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 37746 | 548820 |
| &nbsp;&nbsp; Shares purchased | (102537 | (1367984) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 96169 | $1470857 |

---

\*\* Less than 1 share.

------

**Prudential Day One 2065 Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 48 | $481 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 48 | $481 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79 | $960 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 79 | $960 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1693 | $17358 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 366 | 3621 |
| &nbsp;&nbsp; Shares purchased | (24) | (253) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2035 | $20726 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 5197 | $62397 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 359 | 4378 |
| &nbsp;&nbsp; Shares purchased | (1640) | (16676) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3916 | $50099 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 53 | $532 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 53 | $532 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 83 | $1014 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 83 | $1014 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 55 | $545 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 55 | $545 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 85 | $1027 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 85 | $1027 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 67 | $664 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 67 | $664 |

---

Prudential Day One Funds 241

------

**Notes to Financial Statements** (unaudited) (continued)

**Prudential Day One 2065 Fund (cont'd.):** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 91 | $999 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 94 | 1151 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 185 | $2150 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 6853 | $69646 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1588 | 15753 |
| &nbsp;&nbsp; Shares purchased | (3570) | (37244) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4871 | $48155 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 19180 | $234301 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2756 | 33620 |
| &nbsp;&nbsp; Shares purchased | (24817) | (283961) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2881) | $(16040) |

---

**8.** **Borrowings** 

The RIC, on behalf of the Day One 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** | 9/30/2022 – 9/28/2023 | 10/1/2021 – 9/29/2022 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent<br>| 1.20% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the one-month<br>LIBOR rate 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 following Day One Funds utilized the SCA during the reporting period ended January 31, 2023.The average balance outstanding is for the number of days the Funds utilized the credit facility.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 2023** |
| &nbsp;&nbsp; Prudential Day<br> One 2020 Fund | &nbsp;&nbsp; $202000 | &nbsp;&nbsp; 4.12% | 4 | $202000 | $— |

---

**9.** **Risks of Investing in the Day One Funds** 

Each Fund's 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** | **Prudential<br>Day One<br>Income<br>Fund** | **Prudential**<br> **Day One<br>2015 Fund** | **Prudential**<br> **Day One<br>2020 Fund** | **Prudential**<br> **Day One<br>2025 Fund** | **Prudential**<br> **Day One<br>2030 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Prudential** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Day One <br> 2035 Fund**  |
| &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; Debt Obligations | 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; Large Shareholder and Large Scale Redemption | X | X | X | X | X | X |
| &nbsp;&nbsp; LIBOR | 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; New Fund | – | – | – | – | – | – |
| &nbsp;&nbsp; Portfolio Turnover | X | X | X | X | X | X |

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Prudential Day One Funds 243

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**Notes to Financial Statements** (unaudited) (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Prudential<br>Day One<br>Income<br>Fund** | **Prudential**<br> **Day One<br>2015 Fund** | **Prudential**<br> **Day One<br>2020 Fund** | **Prudential**<br> **Day One<br>2025 Fund** | **Prudential**<br> **Day One<br>2030 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Prudential** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Day One <br> 2035 Fund**  |
| &nbsp;&nbsp; Target Date/Income | X | X | X | X | X | X |
| **Risks** | **Prudential<br>Day One<br>2040 Fund** | **Prudential**<br> **Day One<br>2045 Fund** | **Prudential**<br> **Day One<br>2050 Fund** | **Prudential**<br> **Day One<br>2055 Fund** | **Prudential**<br> **Day One<br>2060 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Prudential** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Day One <br> 2065 Fund**  |
| &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; Debt Obligations | 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; Large Shareholder and Large Scale Redemption | X | X | X | X | X | X |
| &nbsp;&nbsp; LIBOR | 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; New Fund | – | – | – | – | – | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X | X | X | X | X |
| &nbsp;&nbsp; Target Date/Income | X | X | X | X | X | X |

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*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 the subadviser serves as subadviser. 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 the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns.

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*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.

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

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Underlying Funds will depend on the subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the 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.

Prudential Day One Funds 245

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**Notes to Financial Statements** (unaudited) (continued)

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.

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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

Prudential Day One Funds 247

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**Notes to Financial Statements** (unaudited) (continued)

value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*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, the Fund may underperform other funds that use different investment styles.

*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 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.

*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), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which

Prudential Day One Funds 249

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**Notes to Financial Statements** (unaudited) (continued)

the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

*New Fund Risk:* The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

*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.

*Reference Rate Risk*: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average ("EONIA"), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate ("SOFR"), which is intended to replace the U.S. dollar LIBOR).

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR as well as loan facilities used by the

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Fund. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or net asset value.

*Target Date/ Income Risk:* The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that the assets in the Fund will provide income in amounts adequate to meet the investor's retirement or financial goals. For investors who are close to or in retirement, the Fund's equity exposure may result in investment volatility that could reduce an investor's available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.

Prudential Day One Funds 251

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ∎ **MAIL** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 Broad Street<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark, NJ 07102 | ∎ **TELEPHONE**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852 | ∎ **WEBSITE**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pgim.com/investments |

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

&nbsp;&nbsp;&nbsp; **TRUSTEES**<br>Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres<br>

&nbsp;&nbsp;&nbsp; **OFFICERS**<br>Stuart S. Parker, *President* · Scott E. Benjamin, *Vice President* · Christian J. Kelly, *Chief Financial Officer* · Claudia DiGiacomo, *Chief Legal Officer* · Isabelle Sajous, *Chief Compliance Officer* · Kelly Florio, *Anti-Money Laundering Compliance Officer*· Andrew R. French, *Secretary* · Melissa Gonzalez*, Assistant Secretary* · Kelly A. Coyne, *Assistant Secretary* · Patrick E. McGuinness, *Assistant Secretary* · Debra Rubano, *Assistant Secretary* · Lana Lomuti, *Assistant Treasurer* · Russ Shupak, *Treasurer and Principal Accounting Officer* · Elyse M. McLaughlin, *Assistant Treasurer* · Deborah Conway, *Assistant Treasurer* · Robert McCormack, *Assistant Treasurer*<br>

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| | | |
|:---|:---|:---|
|  **MANAGER** | PGIM Investments LLC | 655 Broad Street<br> Newark, NJ 07102 |
|  **SUBADVISER** | PGIM Quantitative Solutions LLC | Gateway Center Two<br> 100 Mulberry Street<br> Newark, NJ 07102 |
|  **DISTRIBUTOR** | Prudential Investment Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
|  **CUSTODIAN** | The Bank of New York Mellon | 240 Greenwich Street<br> New York, NY 10286 |
|  **TRANSFER AGENT** | Prudential Mutual Fund Services LLC | PO Box 534432<br> Pittsburgh, PA 15253 |
|  **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | 300 Madison Avenue<br> New York, NY 10017 |
|  **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue<br> New York, NY 10019 |

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

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

&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; <br> **SHAREHOLDER COMMUNICATIONS WITH TRUSTEES**<br>Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Day One Funds, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.<br>

&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; <br> **AVAILABILITY OF PORTFOLIO SCHEDULE**<br>The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at sec.gov.<br>

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

**Mutual Funds:** 

 <br> <u> ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY</u>   <u> MAY LOSE VALUE </u>   <u> ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE</u>

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![LOGO](g434487g01r01.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PRUDENTIAL DAY ONE FUNDS** | **NASDAQ** | **CUSIP** |  | **NASDAQ** | **CUSIP** |  | **NASDAQ** | **CUSIP** |
| Prudential Day One Income Fund (Share Class R1) | PDADX | 74445D109 | Prudential Day One 2030 Fund (Share Class R1) | PDFCX | 74445D646 | Prudential Day One 2050 Fund (Share Class R1) | PDJDX | 74445D372 |
| Prudential Day One Income Fund (Share Class R2) | PDAEX | 74445D208 | Prudential Day One 2030 Fund (Share Class R2) | PDFEX | 74445D638 | Prudential Day One 2050 Fund (Share Class R2) | PDJEX | 74445D364 |
| Prudential Day One Income Fund (Share Class R3) | PDAFX | 74445D307 | Prudential Day One 2030 Fund (Share Class R3) | PDFFX | 74445D620 | Prudential Day One 2050 Fund (Share Class R3) | PDJFX | 74445D356 |
| Prudential Day One Income Fund (Share Class R4) | PDAGX | 74445D406 | Prudential Day One 2030 Fund (Share Class R4) | PDFGX | 74445D612 | Prudential Day One 2050 Fund (Share Class R4) | PDJGX | 74445D349 |
| Prudential Day One Income Fund (Share Class R5) | PDAHX | 74445D505 | Prudential Day One 2030 Fund (Share Class R5) | PDFHX | 74445D596 | Prudential Day One 2050 Fund (Share Class R5) | PDJHX | 74445D331 |
| Prudential Day One Income Fund (Share Class R6) | PDAJX | 74445D604 | Prudential Day One 2030 Fund (Share Class R6) | PDFJX | 74445D588 | Prudential Day One 2050 Fund (Share Class R6) | PDJJX | 74445D323 |
| Prudential Day One 2015 Fund (Share Class R1) | PDCDX | 74445D844 | Prudential Day One 2035 Fund (Share Class R1) | PDGCX | 74445D570 | Prudential Day One 2055 Fund (Share Class R1) | PDKDX | 74445D315 |
| Prudential Day One 2015 Fund (Share Class R2) | PDCEX | 74445D836 | Prudential Day One 2035 Fund (Share Class R2) | PDGEX | 74445D562 | Prudential Day One 2055 Fund (Share Class R2) | PDKEX | 74445D299 |
| Prudential Day One 2015 Fund (Share Class R3) | PDCFX | 74445D828 | Prudential Day One 2035 Fund (Share Class R3) | PDGFX | 74445D554 | Prudential Day One 2055 Fund (Share Class R3) | PDKFX | 74445D281 |
| Prudential Day One 2015 Fund (Share Class R4) | PDCGX | 74445D810 | Prudential Day One 2035 Fund (Share Class R4) | PDGGX | 74445D547 | Prudential Day One 2055 Fund (Share Class R4) | PDKGX | 74445D273 |
| Prudential Day One 2015 Fund (Share Class R5) | PDCHX | 74445D794 | Prudential Day One 2035 Fund (Share Class R5) | PDGHX | 74445D539 | Prudential Day One 2055 Fund (Share Class R5) | PDKHX | 74445D265 |
| Prudential Day One 2015 Fund (Share Class R6) | PDCJX | 74445D786 | Prudential Day One 2035 Fund (Share Class R6) | PDGJX | 74445D521 | Prudential Day One 2055 Fund (Share Class R6) | PDKJX | 74445D257 |
| Prudential Day One 2020 Fund (Share Class R1) | PDDDX | 74445D778 | Prudential Day One 2040 Fund (Share Class R1) | PDHDX | 74445D513 | Prudential Day One 2060 Fund (Share Class R1) | PDLDX | 74445D240 |
| Prudential Day One 2020 Fund (Share Class R2) | PDDEX | 74445D760 | Prudential Day One 2040 Fund (Share Class R2) | PDHEX | 74445D497 | Prudential Day One 2060 Fund (Share Class R2) | PDLEX | 74445D232 |
| Prudential Day One 2020 Fund (Share Class R3) | PDDFX | 74445D752 | Prudential Day One 2040 Fund (Share Class R3) | PDHFX | 74445D489 | Prudential Day One 2060 Fund (Share Class R3) | PDLFX | 74445D224 |
| Prudential Day One 2020 Fund (Share Class R4) | PDDGX | 74445D745 | Prudential Day One 2040 Fund (Share Class R4) | PDHGX | 74445D471 | Prudential Day One 2060 Fund (Share Class R4) | PDLGX | 74445D216 |
| Prudential Day One 2020 Fund (Share Class R5) | PDDHX | 74445D737 | Prudential Day One 2040 Fund (Share Class R5) | PDHHX | 74445D463 | Prudential Day One 2060 Fund (Share Class R5) | PDLHX | 74445D190 |
| Prudential Day One 2020 Fund (Share Class R6) | PDDJX | 74445D729 | Prudential Day One 2040 Fund (Share Class R6) | PDHJX | 74445D455 | Prudential Day One 2060 Fund (Share Class R6) | PDLJX | 74445D182 |
| Prudential Day One 2025 Fund (Share Class R1) | PDEDX | 74445D711 | Prudential Day One 2045 Fund (Share Class R1) | PDIDX | 74445D448 | Prudential Day One 2065 Fund (Share Class R1) | PDOAX | 74440V674 |
| Prudential Day One 2025 Fund (Share Class R2) | PDEEX | 74445D695 | Prudential Day One 2045 Fund (Share Class R2) | PDIEX | 74445D430 | Prudential Day One 2065 Fund (Share Class R2) | PDODX | 74440V666 |
| Prudential Day One 2025 Fund (Share Class R3) | PDEFX | 74445D687 | Prudential Day One 2045 Fund (Share Class R3) | PDIKX | 74445D422 | Prudential Day One 2065 Fund (Share Class R3) | PDOEX | 74440V658 |
| Prudential Day One 2025 Fund (Share Class R4) | PDEGX | 74445D679 | Prudential Day One 2045 Fund (Share Class R4) | PDIGX | 74445D414 | Prudential Day One 2065 Fund (Share Class R4) | PDOFX | 74440V641 |
| Prudential Day One 2025 Fund (Share Class R5) | PDEHX | 74445D661 | Prudential Day One 2045 Fund (Share Class R5) | PDIHX | 74445D398 | Prudential Day One 2065 Fund (Share Class R5) | PDOGX | 74440V633 |
| Prudential Day One 2025 Fund (Share Class R6) | PDEJX | 74445D653 | Prudential Day One 2045 Fund (Share Class R6) | PDIJX | 74445D380 | Prudential Day One 2065 Fund (Share Class R6) | PDOHX | 74440V625 |

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MF236E2

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

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

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

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

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

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

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

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

---

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

---

Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no significant change in the registrant's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting.

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

Item 13 – Exhibits

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| | |
|:---|:---|
| (a)(1) | Code of Ethics – Not required, as this is not an annual filing. |
| (a)(2) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.](d430257dex99cert.htm) |
|  | (a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable. |
|  | (a)(2)(2) Change in the registrant's independent public accountant – Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.](d430257dex99906cert.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 20, 2023 |

---

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

---

| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | March 20, 2023 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | March 20, 2023 |

---

## Ex-99.Cert

Item 13

**Prudential Investment Portfolios 5** 

Semi-Annual period ending 1/31/23

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 20, 2023

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 13

**Prudential Investment Portfolios 5** 

Semi-Annual period ending 1/31/23

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 20, 2023

---

| |
|:---|
| <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 20, 2023 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 20, 2023 | <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.*