# EDGAR Filing Document

**Accession Number:** 0001090155
**File Stem:** 0001193125-25-226845
**Filing Date:** 2025-10
**Character Count:** 1351530
**Document Hash:** 24f48ee5a50bf8b50e9af355ad079097
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-226845.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001193125-25-226845

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 345

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09439
- **FILM NUMBER:** 251365124

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09439 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 5 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 7/31/2025 |
| Date of reporting period: | 7/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g49972g1tsrbanner.jpg)

PGIM Jennison Diversified Growth Fund

Class A:

TBDAX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Diversified Growth Fund (the "Fund")

for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class A | $98 | 0.89% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equities generally delivered solid results over the reporting period, though performance was accompanied by considerable volatility. Key market

drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of China's DeepSeek AI

model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors.

■

Strong stock selection contributed positively to the Fund's relative performance versus the Russell 1000 Growth Index (the "Index"). The

greatest value was added in communication services (notably entertainment and interactive media & services), consumer staples (with

distribution leading), and financials (driven by insurance and financial services).

■

In contrast, returns relative to the Index were undermined most significantly by stock selection in information technology (especially software

and semiconductors), health care (primarily pharmaceuticals), and consumer discretionary (notably hotels, restaurants, & leisure).

MF503EA

![](g49972g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: July 31, 2015 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g1jenndivgrowth_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 13.47% | 13.61% | 14.24% |
| Class A without sales charges | 20.08% | 14.90% | 14.89% |
| S&P 500 Index\* | 16.33% | 15.88% | 13.66% |
| Russell 1000 Growth Index | 23.75% | 17.27% | 17.06% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $412651884<br>|
| Number of fund holdings | 88 |
| Total advisory fees paid for the year | $1632385<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.8% |
| Software | 18.7% |
| Interactive Media & Services | 10.2% |
| Broadline Retail | 6.8% |
| Financial Services | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Entertainment | 4.6% |
| Consumer Staples Distribution & Retail | 3.2% |
| Aerospace & Defense | 2.4% |
| Pharmaceuticals | 2.4% |
| Biotechnology | 2.4% |
| Automobiles | 2.2% |
| IT Services | 1.7% |
| Specialty Retail | 1.7% |
| Hotels, Restaurants & Leisure | 1.6% |
| Ground Transportation | 1.4% |
| Health Care Equipment & Supplies | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.0% |
| Machinery | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Communications Equipment | 0.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.5% represents investments purchased with <br>collateral from securities on loan)<br>| 0.8% |
| Insurance | 0.8% |
| Construction & Engineering | 0.5% |
| Capital Markets | 0.5% |
| Others\* | 1.4% |
|  | 99.8% |
| Other assets in excess of liabilities | 0.2% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Diversified Growth Fund

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

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

MF503EA

![](g49972g1pgim_investments.jpg)

------

![](g49972g2tsrbanner.jpg)

PGIM Jennison Diversified Growth Fund

Class C:

TBDCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Diversified Growth Fund (the "Fund")

for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class C | $207 | 1.89% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equities generally delivered solid results over the reporting period, though performance was accompanied by considerable volatility. Key market

drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of China's DeepSeek AI

model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors.

■

Strong stock selection contributed positively to the Fund's relative performance versus the Russell 1000 Growth Index (the "Index"). The

greatest value was added in communication services (notably entertainment and interactive media & services), consumer staples (with

distribution leading), and financials (driven by insurance and financial services).

■

In contrast, returns relative to the Index were undermined most significantly by stock selection in information technology (especially software

and semiconductors), health care (primarily pharmaceuticals), and consumer discretionary (notably hotels, restaurants, & leisure).

MF503EC

![](g49972g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: July 31, 2015 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g2jenndivgrowth_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 17.90% | 13.73% | 13.85% |
| Class C without sales charges | 18.89% | 13.73% | 13.85% |
| S&P 500 Index<br>\* | 16.33% | 15.88% | 13.66% |
| Russell 1000 Growth Index | 23.75% | 17.27% | 17.06% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $412651884<br>|
| Number of fund holdings | 88 |
| Total advisory fees paid for the year | $1632385<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.8% |
| Software | 18.7% |
| Interactive Media & Services | 10.2% |
| Broadline Retail | 6.8% |
| Financial Services | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Entertainment | 4.6% |
| Consumer Staples Distribution & Retail | 3.2% |
| Aerospace & Defense | 2.4% |
| Pharmaceuticals | 2.4% |
| Biotechnology | 2.4% |
| Automobiles | 2.2% |
| IT Services | 1.7% |
| Specialty Retail | 1.7% |
| Hotels, Restaurants & Leisure | 1.6% |
| Ground Transportation | 1.4% |
| Health Care Equipment & Supplies | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.0% |
| Machinery | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Communications Equipment | 0.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.5% represents investments purchased with <br>collateral from securities on loan)<br>| 0.8% |
| Insurance | 0.8% |
| Construction & Engineering | 0.5% |
| Capital Markets | 0.5% |
| Others\* | 1.4% |
|  | 99.8% |
| Other assets in excess of liabilities | 0.2% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Diversified Growth Fund

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

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

MF503EC

![](g49972g2pgim_investments.jpg)

------

![](g49972g3tsrbanner.jpg)

PGIM Jennison Diversified Growth Fund

**Class Z:** TBDZX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Diversified Growth Fund (the "Fund")

for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class Z | $76 | 0.69% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equities generally delivered solid results over the reporting period, though performance was accompanied by considerable volatility. Key market

drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of China's DeepSeek AI

model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors.

■

Strong stock selection contributed positively to the Fund's relative performance versus the Russell 1000 Growth Index (the "Index"). The

greatest value was added in communication services (notably entertainment and interactive media & services), consumer staples (with

distribution leading), and financials (driven by insurance and financial services).

■

In contrast, returns relative to the Index were undermined most significantly by stock selection in information technology (especially software

and semiconductors), health care (primarily pharmaceuticals), and consumer discretionary (notably hotels, restaurants, & leisure).

MF503EZ

![](g49972g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: September 27, 2017 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g3jenndivgrowth_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class Z | 20.29% | 15.11% | 16.96% (9/27/2017) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.40% |
| Russell 1000 Growth Index | 23.75% | 17.27% | 18.58% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $412651884<br>|
| Number of fund holdings | 88 |
| Total advisory fees paid for the year | $1632385<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.8% |
| Software | 18.7% |
| Interactive Media & Services | 10.2% |
| Broadline Retail | 6.8% |
| Financial Services | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Entertainment | 4.6% |
| Consumer Staples Distribution & Retail | 3.2% |
| Aerospace & Defense | 2.4% |
| Pharmaceuticals | 2.4% |
| Biotechnology | 2.4% |
| Automobiles | 2.2% |
| IT Services | 1.7% |
| Specialty Retail | 1.7% |
| Hotels, Restaurants & Leisure | 1.6% |
| Ground Transportation | 1.4% |
| Health Care Equipment & Supplies | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.0% |
| Machinery | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Communications Equipment | 0.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.5% represents investments purchased with <br>collateral from securities on loan)<br>| 0.8% |
| Insurance | 0.8% |
| Construction & Engineering | 0.5% |
| Capital Markets | 0.5% |
| Others\* | 1.4% |
|  | 99.8% |
| Other assets in excess of liabilities | 0.2% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Diversified Growth Fund

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

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

MF503EZ

![](g49972g3pgim_investments.jpg)

------

![](g49972g4tsrbanner.jpg)

PGIM Jennison Diversified Growth Fund

Class R6:

TBDQX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Diversified Growth Fund (the "Fund")

for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Diversified Growth Fund—Class R6 | $57 | 0.52% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equities generally delivered solid results over the reporting period, though performance was accompanied by considerable volatility. Key market

drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of China's DeepSeek AI

model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors.

■

Strong stock selection contributed positively to the Fund's relative performance versus the Russell 1000 Growth Index (the "Index"). The

greatest value was added in communication services (notably entertainment and interactive media & services), consumer staples (with

distribution leading), and financials (driven by insurance and financial services).

■

In contrast, returns relative to the Index were undermined most significantly by stock selection in information technology (especially software

and semiconductors), health care (primarily pharmaceuticals), and consumer discretionary (notably hotels, restaurants, & leisure).

MF503ER6

![](g49972g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Cumulative Performance: September 27, 2017 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g4jenndivgrowth_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 20.56% | 15.16% | 16.99% (9/27/2017) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.40% |
| Russell 1000 Growth Index | 23.75% | 17.27% | 18.58% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $412651884<br>|
| Number of fund holdings | 88 |
| Total advisory fees paid for the year | $1632385<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.8% |
| Software | 18.7% |
| Interactive Media & Services | 10.2% |
| Broadline Retail | 6.8% |
| Financial Services | 5.7% |
| Technology Hardware, Storage & Peripherals | 4.9% |
| Entertainment | 4.6% |
| Consumer Staples Distribution & Retail | 3.2% |
| Aerospace & Defense | 2.4% |
| Pharmaceuticals | 2.4% |
| Biotechnology | 2.4% |
| Automobiles | 2.2% |
| IT Services | 1.7% |
| Specialty Retail | 1.7% |
| Hotels, Restaurants & Leisure | 1.6% |
| Ground Transportation | 1.4% |
| Health Care Equipment & Supplies | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.0% |
| Machinery | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Communications Equipment | 0.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.5% represents investments purchased with <br>collateral from securities on loan)<br>| 0.8% |
| Insurance | 0.8% |
| Construction & Engineering | 0.5% |
| Capital Markets | 0.5% |
| Others\* | 1.4% |
|  | 99.8% |
| Other assets in excess of liabilities | 0.2% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Diversified Growth Fund

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

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

MF503ER6

![](g49972g4pgim_investments.jpg)

------

![](g49972g5tsrbanner.jpg)

PGIM Jennison Rising Dividend Fund

Class A:

PJDAX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Rising Dividend Fund (the "Fund") for

the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class A | $132 | 1.24% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the past year, equities (represented by the S&P 500 Index) delivered solid results, though performance was accompanied by considerable

volatility. Key market drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of

China's DeepSeek AI model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors. For

the period, dividend-paying stocks—despite positive results—underperformed the broader stock market.

■

Security selection within industrials (led by electrical equipment and building products), energy (primarily oil, gas, & consumable fuels), utilities

(driven by multi-utilities), and health care (especially biotechnology) was the top contributor to returns relative to the S&P 500 Index

(the "Index").

■

Stock selection within information technology (driven by semiconductors & semiconductor equipment) and consumer discretionary (especially

hotels, restaurants & leisure), combined with underweights in both sectors and overweights in energy and health care, detracted the most from

performance relative to the Index.

MF220EA

![](g49972g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: July 31, 2015 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g5jennrisingdividend_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 7.21% | 11.23% | 9.52% |
| Class A without sales charges | 13.45% | 12.50% | 10.14% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $71277553<br>|
| Number of fund holdings | 62 |
| Total advisory fees paid for the year | $389766<br>|
| Portfolio turnover rate for the year | 44% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(10.9% represents investments purchased with <br>collateral from securities on loan)<br>| 12.5% |
| Oil, Gas & Consumable Fuels | 8.2% |
| Banks | 7.7% |
| Diversified Telecommunication Services | 4.9% |
| Aerospace & Defense | 4.5% |
| Electric Utilities | 4.5% |
| Multi-Utilities | 4.4% |
| Capital Markets | 4.3% |
| Pharmaceuticals | 4.2% |
| Biotechnology | 4.2% |
| Interactive Media & Services | 4.2% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| IT Services | 3.4% |
| Software | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Financial Services | 2.8% |
| Consumer Staples Distribution & Retail | 2.7% |
| Industrial Conglomerates | 2.7% |
| Communications Equipment | 2.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Insurance | 2.5% |
| Building Products | 2.3% |
| Electrical Equipment | 2.2% |
| Technology Hardware, Storage & Peripherals | 2.2% |
| Machinery | 2.1% |
| Specialty Retail | 2.1% |
| Leisure Products | 1.8% |
| Commercial Services & Supplies | 1.7% |
| Residential REITs | 1.3% |
| Personal Care Products | 1.2% |
| Health Care Equipment & Supplies | 1.0% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.9% |
| Chemicals | 0.8% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
| Beverages | 0.5% |
|  | 110.9% |
| Liabilities in excess of other assets | (10.9)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Rising Dividend Fund

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

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

MF220EA

![](g49972g5pgim_investments.jpg)

------

![](g49972g6tsrbanner.jpg)

PGIM Jennison Rising Dividend Fund

Class C:

PJDCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Rising Dividend Fund (the "Fund") for

the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class C | $212 | 1.99% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the past year, equities (represented by the S&P 500 Index) delivered solid results, though performance was accompanied by considerable

volatility. Key market drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of

China's DeepSeek AI model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors. For

the period, dividend-paying stocks—despite positive results—underperformed the broader stock market.

■

Security selection within industrials (led by electrical equipment and building products), energy (primarily oil, gas, & consumable fuels), utilities

(driven by multi-utilities), and health care (especially biotechnology) was the top contributor to returns relative to the S&P 500 Index

(the "Index").

■

Stock selection within information technology (driven by semiconductors & semiconductor equipment) and consumer discretionary (especially

hotels, restaurants & leisure), combined with underweights in both sectors and overweights in energy and health care, detracted the most from

performance relative to the Index.

MF220EC

![](g49972g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: July 31, 2015 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g6jennrisingdividend_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 11.63% | 11.66% | 9.32% |
| Class C without sales charges | 12.60% | 11.66% | 9.32% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $71277553<br>|
| Number of fund holdings | 62 |
| Total advisory fees paid for the year | $389766<br>|
| Portfolio turnover rate for the year | 44% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(10.9% represents investments purchased with <br>collateral from securities on loan)<br>| 12.5% |
| Oil, Gas & Consumable Fuels | 8.2% |
| Banks | 7.7% |
| Diversified Telecommunication Services | 4.9% |
| Aerospace & Defense | 4.5% |
| Electric Utilities | 4.5% |
| Multi-Utilities | 4.4% |
| Capital Markets | 4.3% |
| Pharmaceuticals | 4.2% |
| Biotechnology | 4.2% |
| Interactive Media & Services | 4.2% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| IT Services | 3.4% |
| Software | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Financial Services | 2.8% |
| Consumer Staples Distribution & Retail | 2.7% |
| Industrial Conglomerates | 2.7% |
| Communications Equipment | 2.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Insurance | 2.5% |
| Building Products | 2.3% |
| Electrical Equipment | 2.2% |
| Technology Hardware, Storage & Peripherals | 2.2% |
| Machinery | 2.1% |
| Specialty Retail | 2.1% |
| Leisure Products | 1.8% |
| Commercial Services & Supplies | 1.7% |
| Residential REITs | 1.3% |
| Personal Care Products | 1.2% |
| Health Care Equipment & Supplies | 1.0% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.9% |
| Chemicals | 0.8% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
| Beverages | 0.5% |
|  | 110.9% |
| Liabilities in excess of other assets | (10.9)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Rising Dividend Fund

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

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

MF220EC

![](g49972g6pgim_investments.jpg)

------

![](g49972g7tsrbanner.jpg)

PGIM Jennison Rising Dividend Fund

Class Z:

PJDZX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Rising Dividend Fund (the "Fund") for

the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class Z | $106 | 0.99% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the past year, equities (represented by the S&P 500 Index) delivered solid results, though performance was accompanied by considerable

volatility. Key market drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of

China's DeepSeek AI model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors. For

the period, dividend-paying stocks—despite positive results—underperformed the broader stock market.

■

Security selection within industrials (led by electrical equipment and building products), energy (primarily oil, gas, & consumable fuels), utilities

(driven by multi-utilities), and health care (especially biotechnology) was the top contributor to returns relative to the S&P 500 Index

(the "Index").

■

Stock selection within information technology (driven by semiconductors & semiconductor equipment) and consumer discretionary (especially

hotels, restaurants & leisure), combined with underweights in both sectors and overweights in energy and health care, detracted the most from

performance relative to the Index.

MF220EZ

![](g49972g7pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: July 31, 2015 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g7jennrisingdividend_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 13.74% | 12.76% | 10.41% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $71277553<br>|
| Number of fund holdings | 62 |
| Total advisory fees paid for the year | $389766<br>|
| Portfolio turnover rate for the year | 44% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(10.9% represents investments purchased with <br>collateral from securities on loan)<br>| 12.5% |
| Oil, Gas & Consumable Fuels | 8.2% |
| Banks | 7.7% |
| Diversified Telecommunication Services | 4.9% |
| Aerospace & Defense | 4.5% |
| Electric Utilities | 4.5% |
| Multi-Utilities | 4.4% |
| Capital Markets | 4.3% |
| Pharmaceuticals | 4.2% |
| Biotechnology | 4.2% |
| Interactive Media & Services | 4.2% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| IT Services | 3.4% |
| Software | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Financial Services | 2.8% |
| Consumer Staples Distribution & Retail | 2.7% |
| Industrial Conglomerates | 2.7% |
| Communications Equipment | 2.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Insurance | 2.5% |
| Building Products | 2.3% |
| Electrical Equipment | 2.2% |
| Technology Hardware, Storage & Peripherals | 2.2% |
| Machinery | 2.1% |
| Specialty Retail | 2.1% |
| Leisure Products | 1.8% |
| Commercial Services & Supplies | 1.7% |
| Residential REITs | 1.3% |
| Personal Care Products | 1.2% |
| Health Care Equipment & Supplies | 1.0% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.9% |
| Chemicals | 0.8% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
| Beverages | 0.5% |
|  | 110.9% |
| Liabilities in excess of other assets | (10.9)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Rising Dividend Fund

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

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

MF220EZ

![](g49972g7pgim_investments.jpg)

------

![](g49972g8tsrbanner.jpg)

PGIM Jennison Rising Dividend Fund

Class R6:

PJDQX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Rising Dividend Fund (the "Fund") for

the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Rising Dividend Fund—Class R6 | $106 | 0.99% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the past year, equities (represented by the S&P 500 Index) delivered solid results, though performance was accompanied by considerable

volatility. Key market drivers included a US Federal Reserve interest rate cut, the US presidential election, the unexpected introduction of

China's DeepSeek AI model, and heightened uncertainty surrounding the US administration's tariff and trade policies, among other factors. For

the period, dividend-paying stocks—despite positive results—underperformed the broader stock market.

■

Security selection within industrials (led by electrical equipment and building products), energy (primarily oil, gas, & consumable fuels), utilities

(driven by multi-utilities), and health care (especially biotechnology) was the top contributor to returns relative to the S&P 500 Index

(the "Index").

■

Stock selection within information technology (driven by semiconductors & semiconductor equipment) and consumer discretionary (especially

hotels, restaurants & leisure), combined with underweights in both sectors and overweights in energy and health care, detracted the most from

performance relative to the Index.

MF220ER6

![](g49972g8pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: September 27, 2017 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g8jennrisingdiv_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 13.75% | 12.79% | 11.36% (9/27/2017) |
| S&P 500 Index | 16.33% | 15.88% | 14.40% |

---

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.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $71277553<br>|
| Number of fund holdings | 62 |
| Total advisory fees paid for the year | $389766<br>|
| Portfolio turnover rate for the year | 44% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(10.9% represents investments purchased with <br>collateral from securities on loan)<br>| 12.5% |
| Oil, Gas & Consumable Fuels | 8.2% |
| Banks | 7.7% |
| Diversified Telecommunication Services | 4.9% |
| Aerospace & Defense | 4.5% |
| Electric Utilities | 4.5% |
| Multi-Utilities | 4.4% |
| Capital Markets | 4.3% |
| Pharmaceuticals | 4.2% |
| Biotechnology | 4.2% |
| Interactive Media & Services | 4.2% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| IT Services | 3.4% |
| Software | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Financial Services | 2.8% |
| Consumer Staples Distribution & Retail | 2.7% |
| Industrial Conglomerates | 2.7% |
| Communications Equipment | 2.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Insurance | 2.5% |
| Building Products | 2.3% |
| Electrical Equipment | 2.2% |
| Technology Hardware, Storage & Peripherals | 2.2% |
| Machinery | 2.1% |
| Specialty Retail | 2.1% |
| Leisure Products | 1.8% |
| Commercial Services & Supplies | 1.7% |
| Residential REITs | 1.3% |
| Personal Care Products | 1.2% |
| Health Care Equipment & Supplies | 1.0% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.9% |
| Chemicals | 0.8% |
| Food Products | 0.5% |
| Ground Transportation | 0.5% |
| Beverages | 0.5% |
|  | 110.9% |
| Liabilities in excess of other assets | (10.9)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Rising Dividend Fund

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

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

MF220ER6

![](g49972g8pgim_investments.jpg)

------

![](g49972g9tsrbanner.jpg)

PGIM Target Date Income Fund

Class R1:

PDADX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R1 | $68 | 0.66% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER1

![](g49972g9pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g9targetdateincome_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 6.17% | 3.91% | 4.31% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g9qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER1

![](g49972g9pgim_investments.jpg)

------

![](g49972g10tsrbanner.jpg)

PGIM Target Date Income Fund

Class R2:

PDAEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R2 | $42 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER2

![](g49972g10pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g10targetdateincome_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 6.44% | 4.18% | 4.57% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g10qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER2

![](g49972g10pgim_investments.jpg)

------

![](g49972g11tsrbanner.jpg)

PGIM Target Date Income Fund

Class R3:

PDAFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R3 | $27 | 0.26% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER3

![](g49972g11pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g11targetdateincome_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 6.69% | 4.35% | 4.73% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g11qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER3

![](g49972g11pgim_investments.jpg)

------

![](g49972g12tsrbanner.jpg)

PGIM Target Date Income Fund

Class R4:

PDAGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R4 | $16 | 0.15% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER4

![](g49972g12pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g12targetdateincome_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 6.80% | 4.45% | 4.84% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g12qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER4

![](g49972g12pgim_investments.jpg)

------

![](g49972g13tsrbanner.jpg)

PGIM Target Date Income Fund

Class R5:

PDAHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date Income Fund—Class R5 | $5 | 0.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER5

![](g49972g13pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**Visit **pgim.com/investments/target-date-prospectuses-and-fact-sheets** or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g13targetdateincome_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 6.92% | 4.56% | 4.95% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g13qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER5

![](g49972g13pgim_investments.jpg)

------

![](g49972g14tsrbanner.jpg)

PGIM Target Date Income Fund

Class R6:

PDAJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date Income Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after President

Trump announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation remained

stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile, remained

range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged their

US equities.

■

The Funds' allocations to US large-cap equities were a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Funds' allocations to TIPS and commodities with returns of 4.1% and 9.7%, respectively.

■

Although standard for target date funds, the Funds' allocations to fixed income overall were a drag on performance, as bonds trailed equities by

nearly 13%. Other detractors included the Funds' allocations to US mid-cap stocks and global REITs.

MF236ER6

![](g49972g14pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**Visit **pgim.com/investments/target-date-prospectuses-and-fact-sheets** or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g14targetdateincome_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 6.96% | 4.69% | 5.11% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date Income Custom Benchmark | 6.72% | 4.56% | 5.11% |
| S&P Target Date Retirement Income Index | 7.38% | 4.21% | 5.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25114860<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 63.5% |
| Affiliated Mutual Funds - Domestic Equity | 17.4% |
| Affiliated Mutual Funds - International Equity | 11.5% |
| Affiliated Mutual Fund - Short-Term Investment | 7.8% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Pursuant to an Agreement and Plan of Reorganization (the

"

Plan

") approved by the Board of Trustees of Prudential Investment Portfolios 5

("PIP 5"), effective January 3, 2025, the PGIM Target Date 2015 Fund, a series of PIP 5 (the "2015 Fund") was reorganized into the Fund, also

a series of PIP 5, and the Fund assumed all of the assets and liabilities of the 2015 Fund.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 29, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g14qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date Income Fund

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

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

MF236ER6

![](g49972g14pgim_investments.jpg)

------

![](g49972g15tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R1:

PDDDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R1 | $67 | 0.65% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R1

![](g49972g15pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g15targetdate2020_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 6.71% | 5.00% | 5.22% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g15qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R1

![](g49972g15pgim_investments.jpg)

------

![](g49972g16tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R2:

PDDEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R2 | $41 | 0.40% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R2

![](g49972g16pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 7.00% | 5.26% | 5.47% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g16qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R2

![](g49972g16pgim_investments.jpg)

------

![](g49972g17tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R3:

PDDFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R3 | $26 | 0.25% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R3

![](g49972g17pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g17targetdate2020_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 7.14% | 5.42% | 5.64% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g17qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R3

![](g49972g17pgim_investments.jpg)

------

![](g49972g18tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R4:

PDDGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R4 | $16 | 0.15% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R4

![](g49972g18pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g18targetdate2020_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 7.15% | 5.52% | 5.74% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g18qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R4

![](g49972g18pgim_investments.jpg)

------

![](g49972g19tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R5:

PDDHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2020 Fund—Class R5 | $5 | 0.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R5

![](g49972g19pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g19targetdate2020_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 7.36% | 5.63% | 5.86% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g19qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R5

![](g49972g19pgim_investments.jpg)

------

![](g49972g20tsrbanner.jpg)

PGIM Target Date 2020 Fund

Class R6:

PDDJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2020 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2020R6

![](g49972g20pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g20targetdate2020_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 7.45% | 5.79% | 5.96% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2020 Custom Benchmark | 7.22% | 5.63% | 6.10% |
| S&P Target Date 2020 Index | 8.15% | 5.86% | 6.53% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $33769072<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 58.0% |
| Affiliated Mutual Funds - Domestic Equity | 21.8% |
| Affiliated Mutual Funds - International Equity | 13.1% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g20qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2020 Fund

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

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

MF236E2020R6

![](g49972g20pgim_investments.jpg)

------

![](g49972g21tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R1:

PDEDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R1 | $69 | 0.67% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R1

![](g49972g21pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g21targetdate2025_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 7.17% | 5.72% | 5.76% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g21qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R1

![](g49972g21pgim_investments.jpg)

------

![](g49972g22tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R2:

PDEEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R2 | $43 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R2

![](g49972g22pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g22targetdate2025_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 7.35% | 5.97% | 6.02% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g22qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R2

![](g49972g22pgim_investments.jpg)

------

![](g49972g23tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R3:

PDEFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R3 | $27 | 0.26% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R3

![](g49972g23pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g23targetdate2025_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 7.60% | 6.14% | 6.18% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g23qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R3

![](g49972g23pgim_investments.jpg)

------

![](g49972g24tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R4:

PDEGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R4 | $16 | 0.15% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R4

![](g49972g24pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g24targetdate2025_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 7.62% | 6.24% | 6.29% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g24qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R4

![](g49972g24pgim_investments.jpg)

------

![](g49972g25tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R5:

PDEHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2025 Fund—Class R5 | $6 | 0.06% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R5

![](g49972g25pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g25targetdate2025_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 7.90% | 6.36% | 6.40% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g25qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R5

![](g49972g25pgim_investments.jpg)

------

![](g49972g26tsrbanner.jpg)

PGIM Target Date 2025 Fund

Class R6:

PDEJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2025 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2025R6

![](g49972g26pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g26targetdate2025_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 7.95% | 6.51% | 6.56% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2025 Custom Benchmark | 7.76% | 6.37% | 6.74% |
| S&P Target Date 2025 Index | 8.78% | 6.85% | 7.28% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $48016369<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 38% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 53.8% |
| Affiliated Mutual Funds - Domestic Equity | 26.2% |
| Affiliated Mutual Funds - International Equity | 13.9% |
| Affiliated Mutual Fund - Short-Term Investment | 6.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g26qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2025 Fund

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

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

MF236E2025R6

![](g49972g26pgim_investments.jpg)

------

![](g49972g27tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R1:

PDFCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R1 | $70 | 0.67% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R1

![](g49972g27pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g27targetdate2030_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 7.70% | 6.82% | 6.74% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g27qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R1

![](g49972g27pgim_investments.jpg)

------

![](g49972g28tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R2:

PDFEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R2 | $43 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R2

![](g49972g28pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g28targetdate2030_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 7.96% | 7.10% | 7.01% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g28qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R2

![](g49972g28pgim_investments.jpg)

------

![](g49972g29tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R3:

PDFFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R3 | $27 | 0.26% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R3

![](g49972g29pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g29targetdate2030_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 8.10% | 7.27% | 7.17% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g29qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R3

![](g49972g29pgim_investments.jpg)

------

![](g49972g30tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R4:

PDFGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R4 | $17 | 0.16% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R4

![](g49972g30pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g30targetdate2030_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 8.34% | 7.38% | 7.26% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g30qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R4

![](g49972g30pgim_investments.jpg)

------

![](g49972g31tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R5:

PDFHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2030 Fund—Class R5 | $6 | 0.06% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R5

![](g49972g31pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g31targetdate2030_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 8.33% | 7.47% | 7.38% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g31qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R5

![](g49972g31pgim_investments.jpg)

------

![](g49972g32tsrbanner.jpg)

PGIM Target Date 2030 Fund

Class R6:

PDFJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2030 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2030R6

![](g49972g32pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g32targetdate2030_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 8.57% | 7.63% | 7.55% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2030 Custom Benchmark | 8.36% | 7.51% | 7.85% |
| S&P Target Date 2030 Index | 9.58% | 8.10% | 8.15% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $56725983<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 41% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income | 48.5% |
| Affiliated Mutual Funds - Domestic Equity | 30.0% |
| Affiliated Mutual Funds - International Equity | 15.9% |
| Affiliated Mutual Fund - Short-Term Investment | 5.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g32qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2030 Fund

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

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

MF236E2030R6

![](g49972g32pgim_investments.jpg)

------

![](g49972g33tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R1:

PDGCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R1 | $70 | 0.67% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R1

![](g49972g33pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g33targetdate2035_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 8.74% | 8.23% | 7.66% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g33qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R1

![](g49972g33pgim_investments.jpg)

------

![](g49972g34tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R2:

PDGEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R2 | $42 | 0.40% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R2

![](g49972g34pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g34targetdate2035_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 9.04% | 8.49% | 7.92% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g34qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R2

![](g49972g34pgim_investments.jpg)

------

![](g49972g35tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R3:

PDGFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R3 | $27 | 0.26% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R3

![](g49972g35pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g35targetdate2035_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 9.22% | 8.66% | 8.09% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g35qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R3

![](g49972g35pgim_investments.jpg)

------

![](g49972g36tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R4:

PDGGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R4 | $17 | 0.16% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R4

![](g49972g36pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g36targetdate2035_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 9.07% | 8.78% | 8.21% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g36qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R4

![](g49972g36pgim_investments.jpg)

------

![](g49972g37tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R5:

PDGHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2035 Fund—Class R5 | $6 | 0.06% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R5

![](g49972g37pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g37targetdate2035_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 9.44% | 8.87% | 8.30% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g37qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R5

![](g49972g37pgim_investments.jpg)

------

![](g49972g38tsrbanner.jpg)

PGIM Target Date 2035 Fund

Class R6:

PDGJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2035 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2035R6

![](g49972g38pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g38targetdate2035_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 9.68% | 9.04% | 8.46% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2035 Custom Benchmark | 9.50% | 8.98% | 8.99% |
| S&P Target Date 2035 Index | 10.69% | 9.48% | 9.07% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49506035<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 36% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 39.5% |
| Affiliated Mutual Funds - Fixed Income | 36.1% |
| Affiliated Mutual Funds - International Equity | 20.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g38qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2035 Fund

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

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

MF236E2035R6

![](g49972g38pgim_investments.jpg)

------

![](g49972g39tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R1:

PDHDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R1 | $69 | 0.66% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R1

![](g49972g39pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g39targetdate2040_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 9.73% | 9.30% | 8.30% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g39qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R1

![](g49972g39pgim_investments.jpg)

------

![](g49972g40tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R2:

PDHEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R2 | $42 | 0.40% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R2

![](g49972g40pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g40targetdate2040_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 9.98% | 9.57% | 8.57% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g40qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R2

![](g49972g40pgim_investments.jpg)

------

![](g49972g41tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R3:

PDHFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R3 | $25 | 0.24% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R3

![](g49972g41pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g41targetdate2040_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 10.15% | 9.73% | 8.74% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g41qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R3

![](g49972g41pgim_investments.jpg)

------

![](g49972g42tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R4:

PDHGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R4 | $15 | 0.14% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R4

![](g49972g42pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g42targetdate2040_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 10.25% | 9.83% | 8.84% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g42qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R4

![](g49972g42pgim_investments.jpg)

------

![](g49972g43tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R5:

PDHHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2040 Fund—Class R5 | $4 | 0.04% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R5

![](g49972g43pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g43targetdate2040_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 10.43% | 9.96% | 8.96% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81%<br>|

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

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

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g43qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R5

![](g49972g43pgim_investments.jpg)

------

![](g49972g44tsrbanner.jpg)

PGIM Target Date 2040 Fund

Class R6:

PDHJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2040 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2040R6

![](g49972g44pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g44targetdate2040_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 10.58% | 10.13% | 9.12% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2040 Custom Benchmark | 10.41% | 9.97% | 9.70% |
| S&P Target Date 2040 Index | 11.65% | 10.61% | 9.81% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $43960690<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 46.3% |
| Affiliated Mutual Funds - Fixed Income | 27.0% |
| Affiliated Mutual Funds - International Equity | 24.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g44qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2040 Fund

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

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

MF236E2040R6

![](g49972g44pgim_investments.jpg)

------

![](g49972g45tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R1:

PDIDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R1 | $67 | 0.64% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R1

![](g49972g45pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g45targetdate2045_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 10.23% | 10.01% | 8.72% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g45qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R1

![](g49972g45pgim_investments.jpg)

------

![](g49972g46tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R2:

PDIEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R2 | $40 | 0.38% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R2

![](g49972g46pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g46targetdate2045_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 10.48% | 10.28% | 8.99% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g46qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R2

![](g49972g46pgim_investments.jpg)

------

![](g49972g47tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R3:

PDIKX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R3 | $25 | 0.24% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R3

![](g49972g47pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g47targetdate2045_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 10.70% | 10.45% | 9.15% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g47qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R3

![](g49972g47pgim_investments.jpg)

------

![](g49972g48tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R4:

PDIGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R4 | $14 | 0.13% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R4

![](g49972g48pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g48targetdate2045_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 10.81% | 10.56% | 9.26% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g48qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R4

![](g49972g48pgim_investments.jpg)

------

![](g49972g49tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R5:

PDIHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2045 Fund—Class R5 | $3 | 0.03% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R5

![](g49972g49pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g49targetdate2045_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 10.91% | 10.67% | 9.38% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g49qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R5

![](g49972g49pgim_investments.jpg)

------

![](g49972g50tsrbanner.jpg)

PGIM Target Date 2045 Fund

Class R6:

PDIJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2045 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2045R6

![](g49972g50pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g50targetdate2045_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.04% | 10.83% | 9.55% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2045 Custom Benchmark | 11.03% | 10.65% | 10.16% |
| S&P Target Date 2045 Index | 12.37% | 11.33% | 10.27% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $31281807<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 50.2% |
| Affiliated Mutual Funds - International Equity | 29.2% |
| Affiliated Mutual Funds - Fixed Income | 20.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g50qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2045 Fund

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

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

MF236E2045R6

![](g49972g50pgim_investments.jpg)

------

![](g49972g51tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R1:

PDJDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R1 | $66 | 0.63% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R1

![](g49972g51pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g51targetdate2050_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 10.61% | 10.53% | 8.96% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g51qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R1

![](g49972g51pgim_investments.jpg)

------

![](g49972g52tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R2:

PDJEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R2 | $39 | 0.37% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R2

![](g49972g52pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g52targetdate2050_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 10.92% | 10.82% | 9.23% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g52qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R2

![](g49972g52pgim_investments.jpg)

------

![](g49972g53tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R3:

PDJFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R3 | $26 | 0.25% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R3

![](g49972g53pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g53targetdate2050_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 10.69% | 10.97% | 9.39% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g53qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R3

![](g49972g53pgim_investments.jpg)

------

![](g49972g54tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R4:

PDJGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R4 | $13 | 0.12% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R4

![](g49972g54pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g54targetdate2050_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 11.14% | 11.09% | 9.49% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g54qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R4

![](g49972g54pgim_investments.jpg)

------

![](g49972g55tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R5:

PDJHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2050 Fund—Class R5 | $2 | 0.02% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R5

![](g49972g55pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g55targetdate2050_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 11.31% | 11.18% | 9.61% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g55qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R5

![](g49972g55pgim_investments.jpg)

------

![](g49972g56tsrbanner.jpg)

PGIM Target Date 2050 Fund

Class R6:

PDJJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2050 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to Treasury Inflation-Protected Securities (TIPS) and commodities with returns of 4.1% and 9.7%, respectively.

MF236E2050R6

![](g49972g56pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g56targetdate2050_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.43% | 11.35% | 9.79% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2050 Custom Benchmark | 11.53% | 11.20% | 10.53% |
| S&P Target Date 2050 Index | 12.57% | 11.68% | 10.52% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20254928<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 37% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 52.2% |
| Affiliated Mutual Funds - International Equity | 33.2% |
| Affiliated Mutual Funds - Fixed Income | 14.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g56qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2050 Fund

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

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

MF236E2050R6

![](g49972g56pgim_investments.jpg)

------

![](g49972g57tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R1:

PDKDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R1 | $66 | 0.63% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R1

![](g49972g57pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g57targetdate2055_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 10.96% | 10.87% | 9.21% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g57qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R1

![](g49972g57pgim_investments.jpg)

------

![](g49972g58tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R2:

PDKEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R2 | $38 | 0.36% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R2

![](g49972g58pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g58targetdate2055_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 11.23% | 11.15% | 9.49% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g58qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R2

![](g49972g58pgim_investments.jpg)

------

![](g49972g59tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R3:

PDKFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R3 | $23 | 0.22% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R3

![](g49972g59pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g59targetdate2055_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 11.39% | 11.31% | 9.64% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g59qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R3

![](g49972g59pgim_investments.jpg)

------

![](g49972g60tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R4:

PDKGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R4 | $12 | 0.11% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R4

![](g49972g60pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g60targetdate2055_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 11.60% | 11.43% | 9.76% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g60qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R4

![](g49972g60pgim_investments.jpg)

------

![](g49972g61tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R5:

PDKHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2055 Fund—Class R5 | $2 | 0.02% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R5

![](g49972g61pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g61targetdate2055_r5.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 11.69% | 11.55% | 9.88% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g61qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R5

![](g49972g61pgim_investments.jpg)

------

![](g49972g62tsrbanner.jpg)

PGIM Target Date 2055 Fund

Class R6:

PDKJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2055 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2055R6

![](g49972g62pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g62targetdate2055_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.79% | 11.71% | 10.03% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2055 Custom Benchmark | 11.98% | 11.53% | 10.74% |
| S&P Target Date 2055 Index | 12.84% | 11.83% | 10.63% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10058214<br>|
| Number of fund holdings | 10 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.5% |
| Affiliated Mutual Funds - International Equity | 37.4% |
| Affiliated Mutual Funds - Fixed Income | 8.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

For the year ended July 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement for Class R6 shares

decreased from 0.05% in the year ended July 31, 2024 to 0.00% due to decrease in certain non-recurring expenses.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 26, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g62qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2055 Fund

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

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

MF236E2055R6

![](g49972g62pgim_investments.jpg)

------

![](g49972g63tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R1:

PDLDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R1 | $65 | 0.62% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R1

![](g49972g63pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g63targetdate2060_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 10.94% | 11.05% | 9.21% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g63qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

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

MF236E2060R1

![](g49972g63pgim_investments.jpg)

------

![](g49972g64tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R2:

PDLEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R2 | $38 | 0.36% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R2

![](g49972g64pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g64targetdate2060_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 11.24% | 11.34% | 9.48% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g64qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

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

MF236E2060R2

![](g49972g64pgim_investments.jpg)

------

![](g49972g65tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R3:

PDLFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R3 | $22 | 0.21% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R3

![](g49972g65pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g65targetdate2060_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 11.44% | 11.50% | 9.65% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g65qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

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

MF236E2060R3

![](g49972g65pgim_investments.jpg)

------

![](g49972g66tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R4:

PDLGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R4 | $12 | 0.11% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R4

![](g49972g66pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g66targetdate2060_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 11.47% | 11.62% | 9.76% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g66qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

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

MF236E2060R4

![](g49972g66pgim_investments.jpg)

------

![](g49972g67tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R5:

PDLHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R5 | $1 | 0.01% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R5

![](g49972g67pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g67targetdate2060_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 11.65% | 11.72% | 9.87% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g67qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

SHARE CLASS R5 <br> NASDAQ PDLHX <br> CUSIP 74445D190

MF236E2060R5

![](g49972g67pgim_investments.jpg)

------

![](g49972g68tsrbanner.jpg)

PGIM Target Date 2060 Fund

Class R6:

PDLJX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2060 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2060 Fund—Class R6 | $0 | 0.00% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2060R6

![](g49972g68pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 13, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g68targetdate2060_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.77% | 11.90% | 10.03% (12/13/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| PGIM Target Date 2060 Custom Benchmark | 12.01% | 11.72% | 10.83% |
| S&P Target Date 2060 Index | 12.82% | 11.82% | 10.70% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10202484<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 46% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.0% |
| Affiliated Mutual Funds - International Equity | 38.9% |
| Affiliated Mutual Funds - Fixed Income | 7.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

For the year ended July 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement for Class R6 shares

decreased from 0.06% in the year ended July 31, 2024 to 0.00% due to decrease in certain non-recurring expenses.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 26, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g68qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2060 Fund

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

SHARE CLASS R6 <br> NASDAQ PDLJX <br> CUSIP 74445D182

MF236E2060R6

![](g49972g68pgim_investments.jpg)

------

![](g49972g69tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R1:

PDOAX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R1 | $63 | 0.60% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R1

![](g49972g69pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g69targetdate2065_r1.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R1 | 11.11% | 11.21% | 9.12% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g69qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R1 <br> NASDAQ PDOAX <br> CUSIP 74440V674

MF236E2065R1

![](g49972g69pgim_investments.jpg)

------

![](g49972g70tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R2:

PDODX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R2 | $37 | 0.35% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R2

![](g49972g70pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g70targetdate2065_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 11.45% | 11.44% | 9.36% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g70qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R2 <br> NASDAQ PDODX <br> CUSIP 74440V666

MF236E2065R2

![](g49972g70pgim_investments.jpg)

------

![](g49972g71tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R3:

PDOEX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R3 | $21 | 0.20% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R3

![](g49972g71pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g71targetdate2065_r3.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R3 | 11.52% | 11.62% | 9.53% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g71qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R3 <br> NASDAQ PDOEX <br> CUSIP 74440V658

MF236E2065R3

![](g49972g71pgim_investments.jpg)

------

![](g49972g72tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R4:

PDOFX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R4 | $11 | 0.10% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R4

![](g49972g72pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g72targetdate2065_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 11.65% | 11.77% | 9.67% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g72qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R4 <br> NASDAQ PDOFX <br> CUSIP 74440V641

MF236E2065R4

![](g49972g72pgim_investments.jpg)

------

![](g49972g73tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R5:

PDOGX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R5 | $1 | 0.01% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R5

![](g49972g73pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g73targetdate2065_r5.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R5 | 11.80% | 11.88% | 9.79% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g73qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R5 <br> NASDAQ PDOGX <br> CUSIP 74440V633

MF236E2065R5

![](g49972g73pgim_investments.jpg)

------

![](g49972g74tsrbanner.jpg)

PGIM Target Date 2065 Fund

Class R6:

PDOHX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2065 Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2065 Fund—Class R6 | $0 | 0.00% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2065R6

![](g49972g74pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 16, 2019 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g74targetdate2065_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.93% | 12.09% | 9.99% (12/16/2019) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.59% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 0.37% |
| PGIM Target Date 2065 Custom Benchmark | 12.19% | 11.88% | 10.02% |
| S&P Target Date 2065+ Index | 13.16% | 11.99% | 10.17% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1213705<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 47% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g74qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2065 Fund

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

SHARE CLASS R6 <br> NASDAQ PDOHX <br> CUSIP 74440V625

MF236E2065R6

![](g49972g74pgim_investments.jpg)

------

![](g49972g75tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R1:

PDALX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R1 | $41 | 0.62% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R1

![](g49972g75pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R1 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g75targetdate2070_r1.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R1 | 5.59% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g75qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R1 <br> NASDAQ PDALX <br> CUSIP 74440V617

MF236E2070R1

![](g49972g75pgim_investments.jpg)

------

![](g49972g76tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R2:

PDAMX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R2 | $24 | 0.37% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R2

![](g49972g76pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g76targetdate2070_r1.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R2 | 5.69% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g76qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R2 <br> NASDAQ PDAMX <br> CUSIP 74440V591

MF236E2070R2

![](g49972g76pgim_investments.jpg)

------

![](g49972g77tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R3:

PDANX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R3 | $15 | 0.22% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R3

![](g49972g77pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R3 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g77targetdate2070_r3.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R3 | 5.80% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g77qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R3 <br> NASDAQ PDANX <br> CUSIP 74440V583

MF236E2070R3

![](g49972g77pgim_investments.jpg)

------

![](g49972g78tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R4:

PDAOX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R4 | $8 | 0.12% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R4

![](g49972g78pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g78targetdate2070_r4.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R4 | 5.90% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g78qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R4 <br> NASDAQ PDAOX <br> CUSIP 74440V575

MF236E2070R4

![](g49972g78pgim_investments.jpg)

------

![](g49972g79tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R5:

PDAQX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R5 | $1 | 0.02% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R5

![](g49972g79pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R5 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g79targetdate2070_r5.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R5 | 6.01% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g79qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R5 <br> NASDAQ PDAQX <br> CUSIP 74440V567

MF236E2070R5

![](g49972g79pgim_investments.jpg)

------

![](g49972g80tsrbanner.jpg)

PGIM Target Date 2070 Fund

Class R6:

PDAUX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2070 Fund (the "Fund") for the

period of December 10, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Target Date 2070 Fund—Class R6 | $0 | 0.00% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities gained ground amid substantial volatility. Volatility spiked in early April 2025 after the US

administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation. Inflation

remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods. Bond yields, while volatile,

remained range-bound, with the 10-year Treasury hovering near 4.5%. Although bonds returned approximately 3.3%, they significantly lagged

US equities.

■

The Fund's allocation to US large-cap equities was a key contributor to performance during the period, as the asset class outperformed US

mid-cap stocks by 13.1%, US small-cap stocks by nearly 16.9%, and developed non-US stocks by more than 3.5%. Other contributors included

the Fund's allocations to commodities with a return of 9.7%.

MF236E2070R6

![](g49972g80pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 10, 2024 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g80targetdate2070_r6.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 7/31/2025 | Total Returns as of 7/31/2025 |
|  | Since Inception (%) |
| Class R6 | 6.02% (12/10/2024) |
| S&P 500 Index\* | 6.00% |
| Bloomberg US Aggregate Bond Index\* | 2.05% |
| PGIM Target Date 2070 Custom Benchmark | 6.76% |
| S&P Target Date 2065+ Index | 7.22% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the

Fund's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $64622<br>|
| Number of fund holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 12% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 54.8% |
| Affiliated Mutual Funds - International Equity | 40.1% |
| Affiliated Mutual Funds - Fixed Income | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/target-date-prospectuses-and-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g80qrcode_rettarget.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Target Date 2070 Fund

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

SHARE CLASS R6 <br> NASDAQ PDAUX <br> CUSIP 74440V559

MF236E2070R6

![](g49972g80pgim_investments.jpg)

------

![](g49972g81tsrbanner.jpg)

PGIM 60/40 Allocation Fund

Class R6:

PALDX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM 60/40 Allocation Fund (the "Fund") for the

period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM 60/40 Allocation Fund—Class R6 | $3 | 0.03% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US large-cap equities lagged global markets amid substantial volatility. Volatility spiked in early April 2025 after the

US administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation.

Inflation remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods.

■

As the Fund invests solely in US large-cap equities and US bonds, the largest contributor to performance was exposure to US large-cap

equities, which generated strong gains during the period.

■

During the period, the underlying US large-cap fund, PGIM Quant Solutions Large-Cap Core Fund, underperformed the S&P 500 Index

benchmark, while the underlying PGIM Total Return Bond Fund outperformed the Bloomberg Barclays US Aggregate Bond Index. However,

returns from bonds significantly lagged their US equity counterparts.

■

The PGIM Total Return Bond Fund used swaps, options, and futures during the reporting period to help manage duration positioning and yield

curve exposure. In aggregate, these positions detracted from performance.

NS14110

![](g49972g81pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: September 13, 2017 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g49972g81allocation6040_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 9.77% | 9.25% | 9.01% (9/13/2017) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.53% |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.31% |
| Custom Blended Index | 11.16% | 9.03% | 9.36% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $123011770<br>|
| Number of fund holdings | 3 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 27% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Domestic Equity | 59.9% |
| Affiliated Mutual Funds - Fixed Income | 40.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g49972g81qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM 60/40 Allocation Fund

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

SHARE CLASS R6 <br> NASDAQ PALDX <br> CUSIP 74440V724

NS14110

![](g49972g81pgim_investments.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2025 and July 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $323,615 and $294,150, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2025: $12,000 and July 31, 2024: none.

(c) Tax Fees

For the fiscal years ended July 31, 2025 and July 31, 2024: none.

(d) All Other Fees

For the fiscal years ended July 31, 2025 and July 31, 2024: none.

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

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

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

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

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

• periodic meetings with the accounting firm.

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

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

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

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

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

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

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

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

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

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

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

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

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

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended July 31,</u><br> <u>2025</u> | <u>Fiscal Year Ended July 31,</u><br> <u>2024</u> |
| 4(b) | 0% | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if</u>

<u>greater</u> <u>than 50%.</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2025, and July 31, 2024 was $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Principal Accountant's Independence</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g49972g02p02.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 5
PGIM Jennison Diversified Growth Fund

PGIM Jennison Rising Dividend Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JULY 31, 2025
![LOGO](g49972g01p01.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> July 31, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar49972_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Diversified Growth Fund](#edgar49972_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Rising Dividend Fund](#edgar49972_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar49972_4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Information -](#edgar49972_5)**[Form N-CSR Items 8-11](#edgar49972_5) |  |

---

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Glossary
The following abbreviations are used in the Funds' descriptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADR—American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITs—Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR—Secured Overnight Financing Rate

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.4%** |  |  |
| &nbsp;&nbsp; Axon Enterprise, Inc.\* | 1234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932275 |
| &nbsp;&nbsp; Boeing Co. (The)\* | 16680 | 3700291 |
| &nbsp;&nbsp; General Electric Co. | 17664 | 4788357 |
| &nbsp;&nbsp; HEICO Corp. | 1986 | 649025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10069948 |
| &nbsp;&nbsp; **Automobiles 2.2%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 29035 | 8950619 |
| &nbsp;&nbsp; **Banks 0.2%** |  |  |
| &nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 55343 | 676291 |
| &nbsp;&nbsp; **Beverages 0.2%** |  |  |
| &nbsp;&nbsp; Coca-Cola Co. (The) | 14409 | 978227 |
| &nbsp;&nbsp; **Biotechnology 2.4%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 22542 | 4260889 |
| &nbsp;&nbsp; Amgen, Inc. | 5316 | 1568752 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 4493 | 504519 |
| &nbsp;&nbsp; Natera, Inc.\* | 3023 | 404054 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 4881 | 625891 |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 5265 | 2405420 |
|  |  | 9769525 |
| &nbsp;&nbsp; **Broadline Retail 6.8%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 105648 | 24733254 |
| &nbsp;&nbsp; Coupang, Inc. (South Korea) (Class A Stock)\* | 19828 | 583538 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 1225 | 2908015 |
|  |  | 28224807 |
| &nbsp;&nbsp; **Capital Markets 0.5%** |  |  |
| &nbsp;&nbsp; LPL Financial Holdings, Inc. | 5412 | 2141691 |
| &nbsp;&nbsp; **Communications Equipment 0.8%** |  |  |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 26338 | 3245368 |
| &nbsp;&nbsp; **Construction & Engineering 0.5%** |  |  |
| &nbsp;&nbsp; Comfort Systems USA, Inc. | 3164 | 2225241 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.2%** |  |  |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 782 | 406742 |
| &nbsp;&nbsp; Costco Wholesale Corp. | 8243 | 7745452 |
| &nbsp;&nbsp; Walmart, Inc. | 51109 | 5007660 |
|  |  | 13159854 |
| &nbsp;&nbsp; **Electric Utilities 1.0%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 8497 | 2955597 |
| &nbsp;&nbsp; NRG Energy, Inc. | 7892 | 1319542 |
|  |  | 4275139 |
| &nbsp;&nbsp; **Electrical Equipment 0.3%** |  |  |
| &nbsp;&nbsp; GE Vernova, Inc. | 1814 | 1197766 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Entertainment 4.6%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 11891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13786426 |
| &nbsp;&nbsp; Spotify Technology SA\* | 3641 | 2281232 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 25100 | 2989661 |
|  |  | 19057319 |
| &nbsp;&nbsp; **Financial Services 5.7%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 21768 | 12330919 |
| &nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 8408 | 410647 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 31393 | 10845339 |
|  |  | 23586905 |
| &nbsp;&nbsp; **Ground Transportation 1.4%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 41662 | 3655840 |
| &nbsp;&nbsp; Union Pacific Corp. | 10372 | 2302273 |
|  |  | 5958113 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.4%** |  |  |
| &nbsp;&nbsp; Boston Scientific Corp.\* | 30845 | 3236257 |
| &nbsp;&nbsp; Dexcom, Inc.\* | 4568 | 368957 |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 8128 | 644632 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2887 | 1388907 |
|  |  | 5638753 |
| &nbsp;&nbsp; **Health Care Providers & Services 0.1%** |  |  |
| &nbsp;&nbsp; Cencora, Inc. | 2087 | 597049 |
| &nbsp;&nbsp; **Health Care Technology 0.2%** |  |  |
| &nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 2812 | 799170 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.6%** |  |  |
| &nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 11037 | 2958799 |
| &nbsp;&nbsp; McDonald's Corp. | 4743 | 1423232 |
| &nbsp;&nbsp; Texas Roadhouse, Inc. (Class A Stock) | 10959 | 2028840 |
|  |  | 6410871 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.2%** |  |  |
| &nbsp;&nbsp; Vistra Corp. | 3333 | 695064 |
| &nbsp;&nbsp; **Insurance 0.8%** |  |  |
| &nbsp;&nbsp; Progressive Corp. (The) | 13069 | 3163221 |
| &nbsp;&nbsp; **Interactive Media & Services 10.2%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 94684 | 18169860 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 29968 | 23178450 |
| &nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 22809 | 880427 |
|  |  | 42228737 |
| &nbsp;&nbsp; **IT Services 1.7%** |  |  |
| &nbsp;&nbsp; Cloudflare, Inc. (Class A Stock)\* | 9525 | 1978152 |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 15357 | 1876779 |
| &nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 13963 | 3120730 |
|  |  | 6975661 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 3

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery 1.0%** |  |  |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 7841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706239 |
| &nbsp;&nbsp; Caterpillar, Inc. | 7882 | 3452474 |
|  |  | 4158713 |
| &nbsp;&nbsp; **Media 0.2%** |  |  |
| &nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 9200 | 800032 |
| &nbsp;&nbsp; **Pharmaceuticals 2.4%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 13530 | 10013147 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 20.8%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 20460 | 3607302 |
| &nbsp;&nbsp; Applied Materials, Inc. | 19332 | 3480920 |
| &nbsp;&nbsp; Astera Labs, Inc.\* | 3447 | 471308 |
| &nbsp;&nbsp; Broadcom, Inc. | 73001 | 21440394 |
| &nbsp;&nbsp; Lam Research Corp. | 48067 | 4558674 |
| &nbsp;&nbsp; Monolithic Power Systems, Inc. | 3449 | 2453067 |
| &nbsp;&nbsp; NVIDIA Corp. | 232068 | 41277935 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 20932 | 5057590 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 18598 | 3367354 |
|  |  | 85714544 |
| &nbsp;&nbsp; **Software 18.7%** |  |  |
| &nbsp;&nbsp; Adobe, Inc.\* | 13959 | 4992995 |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 6089 | 2378972 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 16229 | 5916607 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 11715 | 5325288 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 9566 | 1339049 |
| &nbsp;&nbsp; Docusign, Inc.\* | 27649 | 2091370 |
| &nbsp;&nbsp; Fair Isaac Corp.\* | 484 | 695372 |
| &nbsp;&nbsp; Intuit, Inc. | 7454 | 5852359 |
| &nbsp;&nbsp; Microsoft Corp. | 55487 | 29602315 |
| &nbsp;&nbsp; Oracle Corp. | 25225 | 6401348 |
| &nbsp;&nbsp; Palo Alto Networks, Inc.\* | 6857 | 1190375 |
| &nbsp;&nbsp; Salesforce, Inc. | 12849 | 3319282 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 6454 | 6086896 |
| &nbsp;&nbsp; Synopsys, Inc.\* | 644 | 407955 |
| &nbsp;&nbsp; Zscaler, Inc.\* | 5718 | 1632832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77233015 |
| &nbsp;&nbsp; **Specialty Retail 1.7%** |  |  |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 10167 | 3736474 |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 24129 | 1152572 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 8638 | 849288 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 9469 | 1179175 |
|  |  | 6917509 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 4.9%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 96588 | 20048771 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.9%** |  |  |
| &nbsp;&nbsp; adidas AG (Germany) | 5582 | 1066882 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods (cont'd.)** |  |  |
| &nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 9145 | $444173 |
| &nbsp;&nbsp; Ralph Lauren Corp. | 7762 | 2318898 |
|  |  | 3829953 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $211,144,594) |  | 408741023 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 0.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)(wb) | 1169792 | 1169792 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<br>(cost $2,062,288; includes $2,046,561 of cash collateral for securities on loan)(b)(wb) | 2063938 | 2062494 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $3,232,080) |  | 3232286 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.8%**<br> (cost $214,376,674) |  | 411973309 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.2% |  | 678575 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412651884 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 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 | $10069948 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 8950619 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 676291 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 978227 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 9769525 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 28224807 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 2141691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 3245368 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 2225241 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 13159854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 4275139 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1197766 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 19057319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 23586905 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 5958113 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 5638753 |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 5

------

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | $597049 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 799170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 6410871 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 695064 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3163221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 42228737 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 6975661 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 4158713 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 800032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 10013147 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 85714544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 77233015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 5764937 | 1152572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 20048771 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 2763071 | 1066882 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 3232286 |  |  |
|  **Total** | $**409753855** | $**2219454** | **$—** |

---

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 20.8 |
|  Software | 18.7 |
|  Interactive Media & Services | 10.2 |
|  Broadline Retail | 6.8 |
|  Financial Services | 5.7 |
|  Technology Hardware, Storage & Peripherals | 4.9 |
|  Entertainment | 4.6 |
|  Consumer Staples Distribution & Retail | 3.2 |
|  Aerospace & Defense | 2.4 |
|  Pharmaceuticals | 2.4 |
|  Biotechnology | 2.4 |
|  Automobiles | 2.2 |
|  IT Services | 1.7 |
|  Specialty Retail | 1.7 |
|  Hotels, Restaurants & Leisure | 1.6 |
|  Ground Transportation | 1.4 |
|  Health Care Equipment & Supplies | 1.4 |
|  Electric Utilities | 1 |
|  Machinery | 1 |

---

---

| | |
|:---|:---|
|  Textiles, Apparel & Luxury Goods | 0.9% |
|  Communications Equipment | 0.8 |
| Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan) | 0.8 |
|  Insurance | 0.8 |
|  Construction & Engineering | 0.5 |
|  Capital Markets | 0.5 |
|  Electrical Equipment | 0.3 |
|  Beverages | 0.2 |
|  Media | 0.2 |
|  Health Care Technology | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Banks | 0.2 |
|  Health Care Providers & Services | 0.1 |
|  | 99.8 |
|  Other assets in excess of liabilities | 0.2 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $211,144,594) | $408741023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,232,080) | 3232286 |
| &nbsp;&nbsp; Foreign currency, at value (cost $8) | 8 |
| &nbsp;&nbsp; Receivable for investments sold | 3152337 |
| &nbsp;&nbsp; Dividends receivable | 106825 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 64964 |
| &nbsp;&nbsp; Tax reclaim receivable | 34503 |
| &nbsp;&nbsp; Prepaid expenses | 83 |
| &nbsp;&nbsp; **Total Assets** | 415332029 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 2046561 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 267842 |
| &nbsp;&nbsp; Management fee payable | 135508 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 99014 |
| &nbsp;&nbsp; Distribution fee payable | 78481 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 27650 |
| &nbsp;&nbsp; Payable for investments purchased | 23966 |
| &nbsp;&nbsp; Trustees' fees payable | 1123 |
| &nbsp;&nbsp; **Total Liabilities** | 2680145 |
| &nbsp;&nbsp; **Net Assets** | $412651884 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $20170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 200806274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 211825440 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $412651884 |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 7

------

PGIM Jennison Diversified Growth Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($350,527,592 ÷ 17,028,936 shares of beneficial interest issued and outstanding) | $20.58 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.20 |
| &nbsp;&nbsp; Maximum offering price to public | $21.78 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($5,672,507 ÷ 444,140 shares of beneficial interest issued and outstanding) | $12.77 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($53,668,333 ÷ 2,564,417 shares of beneficial interest issued and outstanding) | $20.93 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,783,452 ÷ 132,680 shares of beneficial interest issued and outstanding) | $20.98 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $24,761 foreign withholding tax) | $2111965 |
| &nbsp;&nbsp; Affiliated dividend income | 144723 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $3,134) | 3783 |
| &nbsp;&nbsp; **Total income** | 2260471 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1692299 |
| &nbsp;&nbsp; Distribution fee(a) | 1038529 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $171,368)(a) | 388788 |
| &nbsp;&nbsp; Custodian and accounting fees | 58494 |
| &nbsp;&nbsp; Professional fees | 45497 |
| &nbsp;&nbsp; Registration fees(a) | 43361 |
| &nbsp;&nbsp; Shareholders' reports | 33812 |
| &nbsp;&nbsp; Audit fee | 26655 |
| &nbsp;&nbsp; Trustees' fees | 14134 |
| &nbsp;&nbsp; Miscellaneous | 29165 |
| &nbsp;&nbsp; **Total expenses** | 3370734 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (59914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (163539) |
| &nbsp;&nbsp; **Net expenses** | 3147281 |
| &nbsp;&nbsp; Net investment income (loss) | (886810) |
| &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 $(1671)) | 20644546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2722) |
|  | 20641824 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $206) | 48986829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 54 |
|  | 48986883 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 69628707 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $68741897 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 981235 | 57294 |  |  |
|  Transfer agent's fees and expenses | 354474 | 12192 | 21311 | 811 |
|  Registration fees | 14519 | 8781 | 12180 | 7881 |
|  Fee waiver and/or expense reimbursement | (47403) | (830) | (2623) | (9058) |
|  Distribution fee waiver | (163539) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 9

------

PGIM Jennison Diversified Growth Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**July 31,** | **Year Ended**<br>**July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(886810) | $(1437560) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 20641824 | 49593661 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 48986883 | 26372242 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 68741897 | 74528343 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (38290414) |  |
| &nbsp;&nbsp; Class C | (1024198) |  |
| &nbsp;&nbsp; Class Z | (1208628) |  |
| &nbsp;&nbsp; Class R6 | (294436) |  |
|  | (40817676) |  |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 51700000 | 14396152 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 40364544 |  |
| &nbsp;&nbsp; Cost of shares purchased | (46056849) | (32845030) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 46007695 | (18448878) |
| &nbsp;&nbsp; Total increase (decrease) | 73931916 | 56079465 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 338719968 | 282640503 |
| &nbsp;&nbsp; End of year | $412651884 | $338719968 |

---

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.31 | $15.19 | $12.87 | $19.58 | $16.92 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.08) | (0.05) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.71 | 4.20 | 2.37 | (2.57) | 5.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.66 | 4.12 | 2.32 | (2.66) | 5.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.58 | $19.31 | $15.19 | $12.87 | $19.58 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.08% | 27.12% | 18.03% | (18.23)% | 35.95% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $350528 | $318526 | $269722 | $248177 | $337246 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $327078 | $291082 | $232502 | $298732 | $303103 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89% | 1.14% | 1.21% | 1.15% | 1.16% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.95% | 1.19% | 1.26% | 1.20% | 1.21% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.25)% | (0.45)% | (0.38)% | (0.56)% | (0.48)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup>  | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 11

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.92 | $10.27 | $8.80 | $14.73 | $13.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.16) | (0.18) | (0.13) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.40 | 2.83 | 1.60 | (1.70) | 4.29 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.24 | 2.65 | 1.47 | (1.88) | 4.11 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.77 | $12.92 | $10.27 | $8.80 | $14.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 18.89% | 25.80% | 16.70% | (19.09)% | 34.72% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $5673 | $6250 | $5009 | $4492 | $8266 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5729 | $5566 | $4246 | $6338 | $9112 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.89% | 2.22% | 2.37% | 2.16% | 2.03% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.90% | 2.22% | 2.37% | 2.16% | 2.03% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.25)% | (1.53)% | (1.54)% | (1.57)% | (1.34)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup>  | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.57 | $15.37 | $12.99 | $19.71 | $16.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) | (0.06) | (0.02) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.76 | 4.26 | 2.40 | (2.61) | 5.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.75 | 4.20 | 2.38 | (2.67) | 5.57 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.93 | $19.57 | $15.37 | $12.99 | $19.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.29% | 27.33% | 18.32% | (18.16)% | 36.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $53668 | $11515 | $6901 | $6305 | $9295 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18098 | $9677 | $4952 | $8098 | $7439 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69% | 1.00% | 1.00% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.70% | 1.04% | 1.08% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.07)% | (0.32)% | (0.17)% | (0.36)% | (0.28)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup>  | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 13

------

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.57 | $15.37 | $12.99 | $19.70 | $16.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 <sup>(b)</sup> | (0.06) | (0.02) | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.78 | 4.26 | 2.40 | (2.61) | 5.64 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.80 | 4.20 | 2.38 | (2.66) | 5.56 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.39) |  |  | (4.05) | (2.84) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.98 | $19.57 | $15.37 | $12.99 | $19.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 20.56% | 27.33% | 18.32% | (18.12)% | 36.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2783 | $2429 | $1008 | $876 | $368 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2523 | $1606 | $722 | $664 | $75 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.52% | 1.00% | 1.00% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.88% | 1.35% | 1.68% | 1.81% | 11.34% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12% | (0.33)% | (0.19)% | (0.34)% | (0.40)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 122% | 147% | 156% | 148% | 153% |

---

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

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

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

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

(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 Rising Dividend Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.5%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 4.5%** |  |  |
| &nbsp;&nbsp; General Electric Co.(a) | 8124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202254 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 1780 | 1026366 |
|  |  | 3228620 |
| &nbsp;&nbsp; **Banks 7.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 17411 | 823018 |
| &nbsp;&nbsp; Citigroup, Inc. | 11388 | 1067055 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 8874 | 2628835 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The)(a) | 5011 | 953443 |
|  |  | 5472351 |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |
| &nbsp;&nbsp; Coca-Cola Co. (The) | 4837 | 328384 |
| &nbsp;&nbsp; **Biotechnology 4.2%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 11092 | 2096610 |
| &nbsp;&nbsp; Amgen, Inc.(a) | 3007 | 887366 |
|  |  | 2983976 |
| &nbsp;&nbsp; **Building Products 2.3%** |  |  |
| &nbsp;&nbsp; Johnson Controls International PLC | 15778 | 1656690 |
| &nbsp;&nbsp; **Capital Markets 4.3%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2426 | 1755429 |
| &nbsp;&nbsp; Moody's Corp. | 2576 | 1328521 |
|  |  | 3083950 |
| &nbsp;&nbsp; **Chemicals 0.8%** |  |  |
| &nbsp;&nbsp; Air Products & Chemicals, Inc.(a) | 1993 | 573745 |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.8%** |  |  |
| &nbsp;&nbsp; Republic Services, Inc. | 5405 | 1246663 |
| &nbsp;&nbsp; **Communications Equipment 2.6%** |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc. | 27066 | 1842653 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 2.7%** |  |  |
| &nbsp;&nbsp; Walmart, Inc. | 19841 | 1944021 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 4.9%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 81900 | 2244879 |
| &nbsp;&nbsp; Verizon Communications, Inc.(a) | 29261 | 1251200 |
|  |  | 3496079 |
| &nbsp;&nbsp; **Electric Utilities 4.5%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 2627 | 913776 |
| &nbsp;&nbsp; Entergy Corp. | 11728 | 1060563 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 17441 | 1239357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213696 |
| &nbsp;&nbsp; **Electrical Equipment 2.2%** |  |  |
| &nbsp;&nbsp; GE Vernova, Inc. | 2382 | 1572811 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 15

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Financial Services 2.8%** |  |  |
| &nbsp;&nbsp; Apollo Global Management, Inc. | 2309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335544 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 2910 | 1648428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983972 |
| &nbsp;&nbsp; **Food Products 0.5%** |  |  |
| &nbsp;&nbsp; Hershey Co. (The) | 2047 | 381008 |
| &nbsp;&nbsp; **Ground Transportation 0.5%** |  |  |
| &nbsp;&nbsp; Union Pacific Corp. | 1519 | 337172 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.0%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories(a) | 5787 | 730261 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.8%** |  |  |
| &nbsp;&nbsp; McDonald's Corp. | 2884 | 865402 |
| &nbsp;&nbsp; Starbucks Corp. | 12685 | 1130994 |
|  |  | 1996396 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.9%** |  |  |
| &nbsp;&nbsp; Vistra Corp. | 3059 | 637924 |
| &nbsp;&nbsp; **Industrial Conglomerates 2.7%** |  |  |
| &nbsp;&nbsp; 3M Co. | 12945 | 1931653 |
| &nbsp;&nbsp; **Insurance 2.5%** |  |  |
| &nbsp;&nbsp; Chubb Ltd. | 2994 | 796524 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 4971 | 990223 |
|  |  | 1786747 |
| &nbsp;&nbsp; **Interactive Media & Services 4.2%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 4238 | 813272 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 2779 | 2149390 |
|  |  | 2962662 |
| &nbsp;&nbsp; **IT Services 3.4%** |  |  |
| &nbsp;&nbsp; International Business Machines Corp. | 9541 | 2415304 |
| &nbsp;&nbsp; **Leisure Products 1.8%** |  |  |
| &nbsp;&nbsp; Hasbro, Inc. | 16950 | 1273962 |
| &nbsp;&nbsp; **Machinery 2.1%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 1707 | 747700 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 1062 | 777278 |
|  |  | 1524978 |
| &nbsp;&nbsp; **Multi-Utilities 4.4%** |  |  |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 26812 | 1040842 |
| &nbsp;&nbsp; NiSource, Inc. | 38729 | 1644046 |
| &nbsp;&nbsp; Sempra | 5223 | 426614 |
|  |  | 3111502 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 8.1%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 8729 | 2058997 |
| &nbsp;&nbsp; EQT Corp. | 23125 | 1242969 |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; Shell PLC, ADR | 9224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666065 |
| &nbsp;&nbsp; TotalEnergies SE (France), ADR | 12593 | 749913 |
| &nbsp;&nbsp; Williams Cos., Inc. (The) | 18018 | 1080179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798123 |
| &nbsp;&nbsp; **Personal Care Products 1.2%** |  |  |
| &nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 14904 | 870841 |
| &nbsp;&nbsp; **Pharmaceuticals 4.2%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 18271 | 1335427 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co.(a) | 24363 | 1055162 |
| &nbsp;&nbsp; Eli Lilly & Co.(a) | 859 | 635720 |
|  |  | 3026309 |
| &nbsp;&nbsp; **Residential REITs 1.3%** |  |  |
| &nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 6490 | 924371 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 3.6%** |  |  |
| &nbsp;&nbsp; NVIDIA Corp. | 7141 | 1270170 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 5223 | 1261981 |
|  |  | 2532151 |
| &nbsp;&nbsp; **Software 3.2%** |  |  |
| &nbsp;&nbsp; Intuit, Inc. | 845 | 663435 |
| &nbsp;&nbsp; Microsoft Corp. | 2961 | 1579693 |
|  |  | 2243128 |
| &nbsp;&nbsp; **Specialty Retail 2.1%** |  |  |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 963 | 353912 |
| &nbsp;&nbsp; Ross Stores, Inc. | 1819 | 248367 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 7374 | 918284 |
|  |  | 1520563 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 2.2%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 7542 | 1565493 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $48,796,377) |  | 70198159 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 12.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)(wb) | 1111138 | 1111138 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<br>(cost $7,760,520; includes $7,736,942 of cash collateral for securities on loan)(b)(wb) | 7765963 | 7760526 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $8,871,658) |  | 8871664 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 110.9%**<br> (cost $57,668,035) |  | 79069823 |
| &nbsp;&nbsp; Liabilities in excess of other assets (10.9)% |  | (7792270) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71277553 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 17

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2025

See the Glossary for a list of the abbreviation(s) used in the annual report.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $7,448,614; cash collateral of $7,736,942 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 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 | $3228620 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 5472351 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 328384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 2983976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1656690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3083950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 573745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1246663 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1842653 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 1944021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 3496079 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 3213696 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1572811 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 1983972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 381008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 337172 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 730261 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1996396 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 637924 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 1931653 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1786747 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 2962662 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2415304 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 1273962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1524978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3111502 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 5798123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 870841 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 3026309 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 924371 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2532151 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 2243128 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 1520563 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1565493 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 8871664 |  |  |
|  **Total** | $**79069823** | **$—** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (10.9% represents investments purchased with collateral from securities on loan) | 12.4 |
|  Oil, Gas & Consumable Fuels | 8.1 |
|  Banks | 7.7 |
|  Diversified Telecommunication Services | 4.9 |
|  Aerospace & Defense | 4.5 |
|  Electric Utilities | 4.5 |
|  Multi-Utilities | 4.4 |
|  Capital Markets | 4.3 |
|  Pharmaceuticals | 4.2 |
|  Biotechnology | 4.2 |
|  Interactive Media & Services | 4.2 |
|  Semiconductors & Semiconductor Equipment | 3.6 |
|  IT Services | 3.4 |
|  Software | 3.2 |
|  Hotels, Restaurants & Leisure | 2.8 |
|  Financial Services | 2.8 |
|  Consumer Staples Distribution & Retail | 2.7 |
|  Industrial Conglomerates | 2.7 |
|  Communications Equipment | 2.6 |
|  Insurance | 2.5 |

---

---

| | |
|:---|:---|
|  Building Products | 2.3% |
|  Electrical Equipment | 2.2 |
|  Technology Hardware, Storage & Peripherals | 2.2 |
|  Machinery | 2.1 |
|  Specialty Retail | 2.1 |
|  Leisure Products | 1.8 |
|  Commercial Services & Supplies | 1.8 |
|  Residential REITs | 1.3 |
|  Personal Care Products | 1.2 |
|  Health Care Equipment & Supplies | 1 |
|  Independent Power & Renewable Electricity Producers | 0.9 |
|  Chemicals | 0.8 |
|  Food Products | 0.5 |
|  Ground Transportation | 0.5 |
|  Beverages | 0.5 |
|  | 110.9 |
|  Liabilities in excess of other assets | (10.9) |
|  | 100.0% |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  |
|  Securities on Loan | $7448614 | $(7448614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 19

------

PGIM Jennison Rising Dividend Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $7,448,614: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $48,796,377) | $70198159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,871,658) | 8871664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 114414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 36572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 34398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 79256716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 7736942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 88646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 74314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 49360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 26407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 7979163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $71277553 |
| &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 | $3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 46770786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 24502866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, July 31, 2025** | $71277553 |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($43,537,932 ÷ 2,374,748 shares of beneficial interest issued and outstanding) | $18.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $19.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,401,138 ÷ 1,126,370 shares of beneficial interest issued and outstanding) | $18.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,436,053 ÷ 350,797 shares of beneficial interest issued and outstanding) | $18.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($902,430 ÷ 49,211 shares of beneficial interest issued and outstanding) | $18.34 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 21

------

PGIM Jennison Rising Dividend Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $11,079 foreign withholding tax) | $1323510 |
| &nbsp;&nbsp; Affiliated dividend income | 56544 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 2175 |
| &nbsp;&nbsp; **Total income** | 1382229 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 520970 |
| &nbsp;&nbsp; Distribution fee(a) | 302656 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $16,685)(a) | 75171 |
| &nbsp;&nbsp; Custodian and accounting fees | 41958 |
| &nbsp;&nbsp; Registration fees(a) | 37190 |
| &nbsp;&nbsp; Professional fees | 37140 |
| &nbsp;&nbsp; Audit fee | 26650 |
| &nbsp;&nbsp; Shareholders' reports | 16856 |
| &nbsp;&nbsp; Trustees' fees | 10451 |
| &nbsp;&nbsp; Miscellaneous | 30583 |
| &nbsp;&nbsp; **Total expenses** | 1099625 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (131204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (19812) |
| &nbsp;&nbsp; **Net expenses** | 948609 |
| &nbsp;&nbsp; Net investment income (loss) | 433620 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $(1003)) | 5755755 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $6) | 2151615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (27) |
|  | 2151588 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 7907343 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $8340963 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 118871 | 183785 |  |  |
|  Transfer agent's fees and expenses | 38087 | 21072 | 14470 | 1542 |
|  Registration fees | 13767 | 9089 | 8038 | 6296 |
|  Fee waiver and/or expense reimbursement | (62647) | (35123) | (25218) | (8216) |
|  Distribution fee waiver | (19812) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>July 31,** | **Year Ended<br>July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $433620 | $945478 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 5755755 | 22290304 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 2151588 | (4129158) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 8340963 | 19106624 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (5779649) | (344583) |
| &nbsp;&nbsp; Class C | (2705475) | (37611) |
| &nbsp;&nbsp; Class Z | (1316709) | (136441) |
| &nbsp;&nbsp; Class R6 | (188588) | (619235) |
|  | (9990421) | (1137870) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 18015477 | 37018245 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 9970486 | 1135827 |
| &nbsp;&nbsp; Cost of shares purchased | (15854427) | (181214699) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 12131536 | (143060627) |
| &nbsp;&nbsp; Total increase (decrease) | 10482078 | (125091873) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 60795475 | 185887348 |
| &nbsp;&nbsp; End of year | $71277553 | $60795475 |

---

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 23

------

PGIM Jennison Rising Dividend Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.01 | $16.04 | $16.12 | $18.00 | $13.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 | 0.14 | 0.16 | 0.12 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.09 | 3.02 | (0.08) | (0.53)<sup>(b)</sup> | 4.72 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.24 | 3.16 | 0.08 | (0.41) | 4.79 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.19) | (0.16) | (0.11) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.92) | (0.19) | (0.16) | (1.47) | (0.65) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.33 | $19.01 | $16.04 | $16.12 | $18.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.45% | 19.84% | 0.55% | (2.69)% | 35.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $43538 | $35601 | $28354 | $22003 | $13908 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $39624 | $30602 | $25464 | $17151 | $10058 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.24% | 1.28 %<sup>(e)</sup> | 1.25 %<sup>(e)</sup> | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.45% | 1.54% | 1.38% | 1.63% | 1.87% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.82% | 0.80% | 1.01% | 0.71% | 0.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 50% | 106% | 99% | 86% |

---

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

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

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

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.04% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $18.83 | $15.89 | $15.97 | $17.88 | $13.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 | - <sup>(b)</sup> | 0.04 <sup>(c)</sup> | (0.01)<sup>(c)</sup> | (0.04)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.07 | 3.01 | (0.07)<sup>(d)</sup> | (0.53)<sup>(d)</sup> | 4.69 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.08 | 3.01 | (0.03) | (0.54) | 4.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.07) | (0.05) | (0.01) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.80) | (0.07) | (0.05) | (1.37) | (0.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.11 | $18.83 | $15.89 | $15.97 | $17.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 12.60% | 18.91% | (0.14)% | (3.46)% | 34.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $20401 | $14311 | $5374 | $4001 | $2252 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18378 | $8543 | $4788 | $2803 | $1735 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.99% | 2.02 %<sup>(g)</sup> | 2.00 %<sup>(g)</sup> | 1.99% | 1.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.18% | 2.31% | 2.24% | 2.66% | 2.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07% | 0.02% | 0.26% | (0.05)% | (0.27)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 44% | 50% | 106% | 99% | 86% |

---

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

(b) Amount rounds to zero.

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

(d) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(e) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(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 25

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.03 | $16.04 | $16.13 | $18.01 | $13.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.19 | 0.29 | 0.18 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.10 | 3.03 | (0.19) | (0.55)<sup>(b)</sup> | 4.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.29 | 3.22 | 0.10 | (0.37) | 4.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.23) | (0.19) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.97) | (0.23) | (0.19) | (1.51) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.35 | $19.03 | $16.04 | $16.13 | $18.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.74% | 20.18% | 0.75% | (2.46)% | 35.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $6436 | $9480 | $13513 | $156090 | $15364 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8091 | $9853 | $31371 | $44393 | $13377 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.99% | 1.05 %<sup>(e)</sup> | 1.00 %<sup>(e)</sup> | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.30% | 1.34% | 1.08% | 1.19% | 1.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.06% | 1.10% | 1.84% | 1.08% | 0.77% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 50% | 106% | 99% | 86% |

---

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

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

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

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.06% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

------

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.02 | $16.04 | $16.12 | $18.01 | $13.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.19 | 0.20 | 0.17 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.10 | 3.02 | (0.07) | (0.55)<sup>(b)</sup> | 4.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.29 | 3.21 | 0.13 | (0.38) | 4.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.23) | (0.21) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.78) |  |  | (1.36) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.97) | (0.23) | (0.21) | (1.51) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.34 | $19.02 | $16.04 | $16.12 | $18.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.75% | 20.13% | 0.95% | (2.49)% | 35.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $902 | $1403 | $138646 | $17 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1129 | $51270 | $135960 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d</sup><sup>)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.99% | 1.06 %<sup>(e)</sup> | 0.89% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.72% | 1.10% | 0.89% | 37.99% | 48.96% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.06% | 1.15% | 1.26% | 0.97% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 44% | 50% | 106% | 99% | 86% |

---

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

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

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

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.07% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 27

------

Notes to Financial Statements

**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 to the following series of the RIC: PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective(s)** |
|  PGIM Jennison Diversified Growth Fund<br> ("Jennison Diversified Growth") | Long-term capital appreciation. |
|  PGIM Jennison Rising Dividend Fund<br> ("Jennison Rising Dividend") | Capital appreciation and income. |

---

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

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

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Funds, as listed in each Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

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

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

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

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

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

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

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

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

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

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

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

------

Notes to Financial Statements (continued)

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the 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 Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

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

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

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

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; **PGIM Jennison Diversified Growth Fund** | &nbsp;&nbsp; **PGIM Jennison Diversified Growth Fund** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |
| &nbsp;&nbsp; **PGIM Jennison Rising Dividend Fund** | &nbsp;&nbsp; **PGIM Jennison Rising Dividend Fund** |
| &nbsp;&nbsp; Net Investment Income | Quarterly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

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

------

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

**3.** **Agreements** 

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into subadvisory agreements with Jennison Associates LLC with respect to each Fund ("Jennison" or the "subadviser"). The Manager pays for the services of Jennison.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Jennison Diversified Growth\* | 0.44% up to $1 billion of average daily net assets; | 0.48% |
|  | 0.42% from $1 billion to $3 billion of average daily net |  |
|  | assets; |  |
|  | 0.40% from $3 billion to $5 billion of average daily net |  |
|  | assets; |  |
|  | 0.39% from $5 billion to $10 billion of average daily net |  |
|  | assets; |  |
|  | and 0.38% over $10 billion of average daily net assets |  |
| &nbsp;&nbsp; Jennison Rising Dividend | 0.775% of average daily net assets up to $1 billion; | 0.78 |
|  | 0.755% of average daily net assets from $1 billion to |  |
|  | $3 billion; |  |
|  | 0.735% of average daily net assets from $3 billion to |  |
|  | $5 billion; |  |
|  | 0.715% of average daily net assets from $5 billion to |  |
|  | $10 billion; |  |
|  | 0.705% of average daily net assets over $10 billion |  |

---

\* Prior to September 27, 2024 the management fee was 0.70% on first $500 million of average daily net assets, 0.65% on next $500 million of average daily net assets and 0.60% over $1 billion of average daily net assets. 

The Manager has contractually agreed, through November 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Jennison Diversified Growth - Class C |  |
| &nbsp;&nbsp; Jennison Diversified Growth - Class Z | 1.00 |
| &nbsp;&nbsp; Jennison Diversified Growth - Class R6\* | 0.44 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 1.24 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class C | 1.99 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class Z | 0.99 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class R6 | 0.99 |

---

\*Prior to September 27, 2024, the expense limitation was 1.00%.

------

Notes to Financial Statements (continued)

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

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2025 to reduce such fees of certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | 0.30% | 0.25% |
| &nbsp;&nbsp; Jennison Diversified Growth - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Jennison Diversified Growth - Class Z | N/A | N/A |
| &nbsp;&nbsp; Jennison Diversified Growth - Class R6 | N/A | N/A |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 0.30 | 0.25 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class Z | N/A | N/A |
| &nbsp;&nbsp; Jennison Rising Dividend - Class R6 | N/A | N/A |

---

The RIC, on behalf of the Funds, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended July 31, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| &nbsp;&nbsp; Jennison Rising Dividend | $913 |

---

For the year ended July 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Jennison Diversified Growth - Class A | $83068 | $1117 |
| &nbsp;&nbsp; Jennison Diversified Growth - Class C |  | 171 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class A | 163754 | 1028 |
| &nbsp;&nbsp; Jennison Rising Dividend - Class C |  | 2338 |

---

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

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

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

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

------

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

**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 year ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Jennison Diversified Growth | $432686971 | $429674695 |
| &nbsp;&nbsp; Jennison Rising Dividend | 31782114 | 29108967 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2025, is presented as follows:

---

| | |
|:---|:---|
| **Jennison** | **Diversified Growth:**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in <br>Unrealized <br>Gain <br>(Loss)** | **Realized <br>Gain <br>(Loss)** <br>| **Value, <br>End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  |  |  |
| $3101748 | $59543103 | $61475059 | $— | $— | $1169792 | 1169792 | $144723 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 63253102 | 61189143 | 206 | (1671) | 2062494 | 2063938 | 3134<sup>(1)</sup> |  |
| $3101748 | $122796205 | $122664202 | $206 | $(1671) | $3232286 |  | $147857 | $— |
|  <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** | <br> **Jennison Rising Dividend:** |  |  |  |  |  |  |
| **Value,<br>Beginning<br>of<br>Year** | **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> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup>  |  |
| $1145907 | $16393006 | $16427775 | $— | $— | $1111138 | 1111138 | $56544 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 82318663 | 74557140 | &nbsp;&nbsp;&nbsp;&nbsp;6 | (1003) | 7760526 | 7765963 | 2175<sup>(1)</sup> |  |
| $1145907 | $98711669 | $90984915 | $6 | $(1003) | $8871664 |  | $58719 | $— |

---

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

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

(wb) Represents an investment in a Fund affiliated with the Manager.

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended July 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends <br>and Distributions** |
| Jennison Diversified Growth | $2916849 | $37900827 | $— | $40817676 |
| Jennison Rising Dividend | 399551 | 9590870 |  | 9990421 |

---

------

Notes to Financial Statements (continued)

For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends <br>and Distributions** |
| Jennison Diversified Growth | $— | $— | $— | $— |
| Jennison Rising Dividend | 1137870 |  |  | 1137870 |

---

For the year ended July 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** |
| &nbsp;&nbsp; Jennison Diversified Growth | $— | $16263083 |
| &nbsp;&nbsp; Jennison Rising Dividend | 67874 | 3557850 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of July 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| &nbsp;&nbsp; Jennison Diversified Growth | $216411096 | $199400857 | $(3838644) | $195562213 |
| &nbsp;&nbsp; Jennison Rising Dividend | 58192083 | 22239310 | (1361570) | 20877740 |

---

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

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2025 are subject to such review.

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

Each Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (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 each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of each Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of July 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Jennison Diversified Growth–Class R6 | 1632 | 1.2% |
| &nbsp;&nbsp; Jennison Rising Dividend–Class R6 | 1268 | 2.6 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shareholders** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Affiliated: |  |  |
| &nbsp;&nbsp; Jennison Diversified Growth |  | —% |
| &nbsp;&nbsp; Jennison Rising Dividend |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Diversified Growth | 4 | 35.3 |
| &nbsp;&nbsp; Jennison Rising Dividend | 4 | 83.5 |

---

Transactions in shares of beneficial interest were as follows:

#### Jennison Diversified Growth:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 610261 | $11847585 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2002097 | 37839629 |
| &nbsp;&nbsp; Shares purchased | (1982127) | (38202455) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 630231 | 11484759 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 32645 | 635802 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (128675) | (2427188) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 534201 | $9693373 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 492622 | $8294558 |
| &nbsp;&nbsp; Shares purchased | (1641683) | (27690603) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1149061) | (19396045) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 27852 | 472561 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (145534) | (2621861) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1266743) | $(21545345) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 61883 | $754398 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 86598 | 1021851 |
| &nbsp;&nbsp; Shares purchased | (135309) | (1660027) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13172 | 116222 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (52740) | (659614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (39568) | $(543392) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 107125 | $1229703 |
| &nbsp;&nbsp; Shares purchased | (68219) | (776072) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 38906 | 453631 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (42862) | (489229) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3956) | $(35598) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2066942 | $38496920 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 62949 | 1208628 |
| &nbsp;&nbsp; Shares purchased | (276478) | (5394720) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1853413 | 34310828 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 122637 | 2351338 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1976050 | $36662166 |

---

------

Notes to Financial Statements (continued)

#### Jennison Diversified Growth (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 212997 | $&nbsp;&nbsp;&nbsp;&nbsp;3495167 |
| &nbsp;&nbsp; Shares purchased | (205416) | (3809225) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 7581 | (314058) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 134250 | 2459739 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2491) | (37060) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 139340 | $2108621 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 30072 | $601097 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15319 | 294436 |
| &nbsp;&nbsp; Shares purchased | (42014) | (799647) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3377 | 95886 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5212 | 99662 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8589 | $195548 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 79555 | $1376724 |
| &nbsp;&nbsp; Shares purchased | (33929) | (569130) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 45626 | 807594 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 12852 | 215850 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 58478 | $1023444 |

---

#### Jennison Rising Dividend:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 556467 | $10129150 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 346333 | 5761887 |
| &nbsp;&nbsp; Shares purchased | (400305) | (7233361) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 502495 | 8657676 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 9567 | 169714 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (9880) | (174949) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 502182 | $8652441 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 431543 | $7614593 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19874 | 342652 |
| &nbsp;&nbsp; Shares purchased | (352460) | (6016190) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 98957 | 1941055 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 12566 | 221052 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7106) | (123861) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 104417 | $&nbsp;&nbsp;&nbsp;&nbsp;2038246 |

---

------

---

| | | |
|:---|:---|:---|
| **Jennison Rising Dividend (cont'd.):**<br>| | |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 371639 | $6899317 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 164848 | 2705475 |
| &nbsp;&nbsp; Shares purchased | (156484) | (2734096) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 380003 | 6870696 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13645) | (241383) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 366358 | $6629313 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 513781 | $9018786 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2142 | 37611 |
| &nbsp;&nbsp; Shares purchased | (79165) | (1343233) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 436758 | 7713164 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14989) | (256627) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 421769 | $7456537 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 53268 | $968226 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79023 | 1315844 |
| &nbsp;&nbsp; Shares purchased | (293575) | (5224490) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (161284) | (2940420) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13800 | 246618 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (147484) | $(2693802) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 95481 | $1623863 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8020 | 136381 |
| &nbsp;&nbsp; Shares purchased | (455694) | (7383334) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (352193) | (5623090) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 9387 | 159436 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1129) | (17845) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (343935) | $(5481499) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 995 | $18784 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 11254 | 187280 |
| &nbsp;&nbsp; Shares purchased | (36823) | (662480) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (24574) | $(456416) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1140651 | $18761003 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 37647 | 619183 |
| &nbsp;&nbsp; Shares purchased | (9749104) | (166471942) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (8570806) | (147091756) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1129 | 17845 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8569677) | $(147073911) |

---

8. Borrowings

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/27/2024 – 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/29/2023 – 9/26/2024 |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &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** | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent |

---

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

The Funds indicated below utilized the SCA during the year ended July 31, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br> Interest Rates** | **Number of Days<br> Outstanding** | **Maximum<br>Balance<br> Outstanding** | **Balance<br>Outstanding at<br> July 31, 2025** |
|  Jennison Diversified Growth | $860000 | 5.40% | 3 | $860000 | $— |
|  Jennison Rising Dividend | 297000 | 5.41 | 6 | 477000 |  |

---

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

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

---

| | | |
|:---|:---|:---|
| **Risks** | **Jennison<br>Diversified<br>Growth** | **Jennison<br>Rising<br>Dividend** |
| &nbsp;&nbsp; Dividend |  | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets |  | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Growth Style | X |  |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Large Capitalization Company | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Capitalization |  | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X |
| &nbsp;&nbsp; Sector Exposure | X | X |

---

*Dividend Risk:* There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. A sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

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

------

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

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

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

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

*Growth Style Risk:* The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

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

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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

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

------

Notes to Financial Statements (continued)

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

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

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of July 31, 2025.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 5 and Shareholders of PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund (two of the funds constituting Prudential Investment Portfolios 5, referred to hereafter as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

September 18, 2025

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

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### PGIM Jennison Diversified Growth Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees' determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

1 PGIM Jennison Diversified Growth Fund is a series of Prudential Investment Portfolios 5.

PGIM Jennison Diversified Growth Fund

------

Approval of Advisory Agreements (continued)

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund's investment restrictions, policies and procedures. The Board considered PGIM Investments' evaluation of Jennison as well as PGIM Investments' recommendation, based on its review of Jennison, to renew the subadvisory agreement.

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

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

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

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

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

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

Visit our website at pgim.com/investments

------

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

and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended July 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 4<sup>th</sup> Quartile |

---

• The Board noted that while the Fund underperformed its benchmark index over all periods, it had strong performance against peers.

• The Board noted that the Fund outperformed its peer universe median, with second quartile performance, over the one-year period.

• The Board considered that PGIM Investments is encouraged by the Fund's strong returns over the long term as demonstrated by its three- and five-year performance versus its peers.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund's annual operating expenses at 1.00% for Class Z shares and 0.44% for Class R6 shares through November 30, 2025.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

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

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

\* \* \*

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

PGIM Jennison Diversified Growth Fund

------

Approval of Advisory Agreements

#### PGIM Jennison Rising Dividend Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2, and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

Several of the material factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the renewal of the agreements are discussed separately below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the

1 PGIM Jennison Rising Dividend Fund is a series of Prudential Investment Portfolios 5.

Visit our website at pgim.com/investments

------

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

subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund's investment restrictions, policies and procedures. The Board considered PGIM Investments' evaluation of Jennison, as well as PGIM Investments' recommendation, based on its review of Jennison, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2024 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

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

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

#### Other Benefits to PGIM Investments and Jennison
The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits

PGIM Jennison Rising Dividend Fund

------

Approval of Advisory Agreements (continued)

to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on March 5, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended July 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

• The Board noted that while the Fund underperformed its benchmark index over all periods, it had strong performance against peers.

• The Board noted that the Fund outperformed its peer universe median, with first quartile performance, over the one-year period.

• The Board noted that PGIM Investments is encouraged by the Fund's strong returns over the long term as demonstrated by its five- and ten-year performance versus peers.

• The Board and PGIM Investments agreed to a contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.24% for Class A shares, 1.99% for Class C shares, 0.99% for Class R6 shares, and 0.99% for Class Z shares through November 30, 2025.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

![LOGO](g14736g01g01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 5
PGIM Target Date Income Fund

PGIM Target Date 2020 Fund

PGIM Target Date 2025 Fund

PGIM Target Date 2030 Fund

PGIM Target Date 2035 Fund

PGIM Target Date 2040 Fund

PGIM Target Date 2045 Fund

PGIM Target Date 2050 Fund

PGIM Target Date 2055 Fund

PGIM Target Date 2060 Fund

PGIM Target Date 2065 Fund

PGIM Target Date 2070 Fund

PGIM 60/40 Allocation Fund

   

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JULY 31, 2025
![LOGO](g14736g01g02.jpg)

------

<u> **Table of Contents** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> Financial Statements and Other Information &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> July 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [PGIM Target Date Income Fund](#edgar14736_1) | 1 |
|  [PGIM Target Date 2020 Fund](#edgar14736_2) | 13 |
|  [PGIM Target Date 2025 Fund](#edgar14736_3) | 25 |
|  [PGIM Target Date 2030 Fund](#edgar14736_4) | 37 |
|  [PGIM Target Date 2035 Fund](#edgar14736_5) | 49 |
|  [PGIM Target Date 2040 Fund](#edgar14736_6) | 61 |
|  [PGIM Target Date 2045 Fund](#edgar14736_7) | 73 |
|  [PGIM Target Date 2050 Fund](#edgar14736_8) | 85 |
|  [PGIM Target Date 2055 Fund](#edgar14736_9) | 97 |
|  [PGIM Target Date 2060 Fund](#edgar14736_10) | 109 |
|  [PGIM Target Date 2065 Fund](#edgar14736_11) | 121 |
|  [PGIM Target Date 2070 Fund](#edgar14736_12) | 133 |
|  [PGIM 60/40 Allocation Fund](#edgar14736_13) | 145 |
|  [Notes to Financial Statements](#edgar14736_14) | 150 |

---

**[Other Information -](#edgar14736_15)**[Form N-CSR Items 8-11](#edgar14736_15)

------

PGIM Target Date Income Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 92.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 84001 | $4013583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 36105 | 348410 |
|  |  | 4361993 |
| &nbsp;&nbsp; **Fixed Income — 63.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 506219 | 4348422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 216097 | 1484587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 689441 | 5777517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 362874 | 4347225 |
|  |  | 15957751 |
| &nbsp;&nbsp; **International Equity — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 87471 | 1740670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 73827 | 1145797 |
|  |  | 2886467 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $22,054,134) |  | 23206211 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 7.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,953,435) | 1953435 | 1953435 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br> (cost $24,007,569)(wa) |  | 25159646 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (44786) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;25114860 |

---

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

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date Income Fund 1

------

PGIM Target Date Income Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $4361993 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 15957751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 2886467 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1953435 |  |  |
|  **Total** | $**25159646** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 63.5 | % |
|  Domestic Equity | 17.4 |  |

---

---

| | |
|:---|:---|
|  International Equity | 11.5% |
|  Short-Term | 7.8 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $24,007,569) | $25159646 |
| &nbsp;&nbsp; Receivable for investments sold | 114189 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 398 |
| &nbsp;&nbsp; Prepaid expenses | 73 |
| &nbsp;&nbsp; **Total Assets** | 25274306 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 104871 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 23131 |
| &nbsp;&nbsp; Professional fees payable | 13726 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 7083 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 5329 |
| &nbsp;&nbsp; Fund data services payable | 3567 |
| &nbsp;&nbsp; Trustees' fees payable | 826 |
| &nbsp;&nbsp; Management fee payable | 474 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 306 |
| &nbsp;&nbsp; Distribution fee payable | 133 |
| &nbsp;&nbsp; **Total Liabilities** | 159446 |
| &nbsp;&nbsp; **Net Assets** | $25114860 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 26189715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1077262) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $25114860 |

---

See Notes to Financial Statements.

PGIM Target Date Income Fund 3

------

PGIM Target Date Income Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($163,585 ÷ 15,712 shares of beneficial interest issued and outstanding) | $10.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($83,646 ÷ 8,032 shares of beneficial interest issued and outstanding) | $10.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($573,034 ÷ 54,994 shares of beneficial interest issued and outstanding) | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($45,697 ÷ 4,385 shares of beneficial interest issued and outstanding) | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,384,057 ÷ 132,843 shares of beneficial interest issued and outstanding) | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($22,864,841 ÷ 2,191,164 shares of beneficial interest issued and outstanding) | $10.44 |

---

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

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)**<br>|  |
| &nbsp;&nbsp; Affiliated dividend income | $775492 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 705 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 280 |
| &nbsp;&nbsp; Custodian and accounting fees | 58161 |
| &nbsp;&nbsp; Professional fees | 29129 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 14221 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9085 |
| &nbsp;&nbsp; Registration fees(a) | 7471 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,614)(a) | 4105 |
| &nbsp;&nbsp; Miscellaneous | 7332 |
| &nbsp;&nbsp; **Total expenses** | 162444 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (160453) |
| &nbsp;&nbsp; **Net expenses** | 1991 |
| &nbsp;&nbsp; Net investment income (loss) | 773501 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments**<br>|  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (265137) |
| &nbsp;&nbsp; Net capital gain distributions received | 127478 |
| &nbsp;&nbsp; Payment from Manager | 19803 |
|  | (117856) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 962061 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 844205 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1617706 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 267 | 150 | 288 |  |  |  |
|  Shareholder servicing fees | 10 |  | 270 |  |  |  |
|  Registration fees | 1212 | 1212 | 1212 | 1212 | 1212 | 1411 |
|  Transfer agent's fees and expenses | 130 | 309 | 518 | 68 | 1314 | 1766 |
|  Fee waiver and/or expense reimbursement | (1594) | (1823) | (3439) | (1482) | (9879) | (142236) |

---

See Notes to Financial Statements.

PGIM Target Date Income Fund 5

------

PGIM Target Date Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>July 31,** | **Year Ended<br>July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $773501 | $734929 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (245334) | 274750 |
| &nbsp;&nbsp; Net capital gain distributions received | 127478 | 117010 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 962061 | 388231 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1617706 | 1514920 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (2299) | (889) |
| &nbsp;&nbsp; Class R2 | (2263) | (1082) |
| &nbsp;&nbsp; Class R3 | (13752) | (6586) |
| &nbsp;&nbsp; Class R4 | (1792) | (1021) |
| &nbsp;&nbsp; Class R5 | (57253) | (36426) |
| &nbsp;&nbsp; Class R6 | (976298) | (780728) |
|  | (1053657) | (826732) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1628917 | 1027077 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1053657 | 826732 |
| &nbsp;&nbsp; Net asset value of shares issued in merger | 9918105 |  |
| &nbsp;&nbsp; Cost of shares purchased | (5604374) | (7480462) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6996305 | (5626653) |
| &nbsp;&nbsp; Total increase (decrease) | 7560354 | (4938465) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 17554506 | 22492971 |
| &nbsp;&nbsp; End of year | $25114860 | $17554506 |

---

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.31 | $9.92 | $10.64 | $12.13 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.30 | 0.38 | 0.47 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.32 | 0.42 | (0.45) | (1.08) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.72 | (0.07) | (0.61) | 1.38 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.30) | (0.40) | (0.68) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (0.33) | (0.65) | (0.88) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.17% | 7.45% | (0.34)% | (5.43)% | 12.70% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $164 | $28 | $26 | $26 | $27 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $53 | $26 | $25 | $27 | $25 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.66% | 0.69 %<sup>(d)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.64% | 12.81% | 12.92% | 15.10% | 28.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.86% | 3.01% | 3.88% | 4.09% | 1.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 7

------

PGIM Target Date Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.31 | $9.92 | $10.64 | $12.13 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.32 | 0.40 | 0.58 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 | 0.43 | (0.44) | (1.16) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.75 | (0.04) | (0.58) | 1.41 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.33) | (0.43) | (0.71) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (0.36) | (0.68) | (0.91) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.41 | $10.31 | $9.92 | $10.64 | $12.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.44% | 7.71% | (0.08)% | (5.20)% | 12.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $84 | $31 | $33 | $48 | $2123 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $60 | $31 | $37 | $1373 | $2453 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.44 %<sup>(d)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.45% | 11.50% | 10.74% | 1.28% | 1.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.07% | 3.29% | 4.07% | 4.96% | 1.58% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.31 | $9.92 | $10.65 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 <sup>(b)</sup> | 0.34 | 0.42 | 0.47 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 <sup>(c)</sup> | 0.42 | (0.46) | (1.03) | 1.24 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.76 | (0.04) | (0.56) | 1.43 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.34) | (0.44) | (0.73) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (0.37) | (0.69) | (0.93) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.69% | 7.87% | (0.03)% | (5.03)% | 13.24% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $573 | $189 | $169 | $160 | $1623 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $288 | $176 | $157 | $196 | $1634 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26% | 0.29 %<sup>(f)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.45% | 2.91% | 2.62% | 2.49% | 1.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.29% | 3.41% | 4.26% | 4.19% | 1.70% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 9

------

PGIM Target Date Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a</sup><sup>)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.31 | $9.92 | $10.65 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 <sup>(b)</sup> | 0.35 | 0.43 | 0.52 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 <sup>(c)</sup> | 0.42 | (0.46) | (1.07) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 0.77 | (0.03) | (0.55) | 1.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.35) | (0.45) | (0.74) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.57) | (0.38) | (0.70) | (0.94) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.42 | $10.31 | $9.92 | $10.65 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.80% | 7.97% | 0.07% | (4.94)% | 13.34% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $46 | $28 | $26 | $26 | $28 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $38 | $27 | $25 | $27 | $26 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15% | 0.19 %<sup>(f)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.08% | 12.00% | 12.18% | 14.28% | 26.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.44% | 3.51% | 4.38% | 4.59% | 1.83% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.31 | $9.92 | $10.64 | $12.14 | $10.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 <sup>(b)</sup> | 0.36 | 0.44 | 0.53 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.32 <sup>(c)</sup> | 0.42 | (0.45) | (1.08) | 1.24 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 0.78 | (0.01) | (0.55) | 1.46 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.36) | (0.46) | (0.75) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.58) | (0.39) | (0.71) | (0.95) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.42 | $10.31 | $9.92 | $10.64 | $12.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.92% | 8.08% | 0.27% | (4.93)% | 13.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1384 | $972 | $933 | $931 | $965 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1134 | $930 | $899 | $944 | $909 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.05% | 0.09 %<sup>(f)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.92% | 1.37% | 1.18% | 1.05% | 1.47% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.56% | 3.61% | 4.48% | 4.67% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 11

------

PGIM Target Date Income Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.33 | $9.94 | $10.66 | $12.16 | $10.96 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 <sup>(b)</sup> | 0.37 | 0.46 <sup>(b)</sup> | 0.55 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.33 <sup>(c)</sup> | 0.43 | (0.45)<sup>(c)</sup> | (1.08) | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 | 0.80 | 0.01 | (0.53) | 1.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.38) | (0.48) | (0.77) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.03) | (0.25) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.59) | (0.41) | (0.73) | (0.97) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.44 | $10.33 | $9.94 | $10.66 | $12.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.96% | 8.22% | 0.43% | (4.78)% | 13.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $22865 | $16306 | $21305 | $23236 | $24185 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $20087 | $18746 | $21430 | $25990 | $22559 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.02 %<sup>(f)</sup> | 0.01 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(h)</sup> | 0.02 %<sup>(f)(h)</sup> | 0.01% | 0.01% | (0.00)%<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.71% | 0.85% | 0.71% | 0.52% | 0.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.58% | 3.69% | 4.65% | 4.82% | 2.10% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(j)</sup> | 30% | 38% | 25% | 62% | 45% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

(h) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(i) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 92.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 21.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 34689 | $468297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 134185 | 6411372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 48568 | 468684 |
|  |  | 7348353 |
| &nbsp;&nbsp; **Fixed Income — 58.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 552663 | 4747376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 290697 | 1997087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 846784 | 7096051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 481059 | 5763085 |
|  |  | 19603599 |
| &nbsp;&nbsp; **International Equity — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 117666 | 2341554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 133855 | 2077432 |
|  |  | 4418986 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $28,969,596) |  | 31370938 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 7.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,410,349) | 2410349 | 2410349 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $31,379,945)(wa) |  | 33781287 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (12215) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769072 |

---

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

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 13

------

PGIM Target Date 2020 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $7348353 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 19603599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 4418986 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2410349 |  |  |
|  **Total** | $**33781287** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 58.0 | % |
|  Domestic Equity | 21.8 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 13.1 | % |
|  Short-Term | 7.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $31,379,945) | $33781287 |
| &nbsp;&nbsp; Receivable for investments sold | 164516 |
| &nbsp;&nbsp; Due from Manager | 19225 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 601 |
| &nbsp;&nbsp; Prepaid expenses | 70 |
| &nbsp;&nbsp; **Total Assets** | 33965699 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 157067 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 23024 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 8051 |
| &nbsp;&nbsp; Professional fees payable | 7321 |
| &nbsp;&nbsp; Trustees' fees payable | 826 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 223 |
| &nbsp;&nbsp; Distribution fee payable | 89 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 26 |
| &nbsp;&nbsp; **Total Liabilities** | 196627 |
| &nbsp;&nbsp; **Net Assets** | $33769072 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 34535642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (769830) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $33769072 |

---

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 15

------

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,509 ÷ 1,500 shares of beneficial interest issued and outstanding) | $10.34 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($92,253 ÷ 8,907 shares of beneficial interest issued and outstanding) | $10.36 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($745,526 ÷ 71,811 shares of beneficial interest issued and outstanding) | $10.38 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($42,369 ÷ 4,077 shares of beneficial interest issued and outstanding) | $10.39 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,748,866 ÷ 264,411 shares of beneficial interest issued and outstanding) | $10.40 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($30,124,549 ÷ 2,909,778 shares of beneficial interest issued and outstanding) | $10.35 |

---

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1216611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 57249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 19710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 13769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,193)(a) | 7049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 184994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (181306) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1212923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (391395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 329709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 30463 |
|  | (31223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1241754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 1210531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2423454 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 75 | 206 | 766 |  |  |  |
|  Shareholder servicing fees |  |  | 728 | 21 |  |  |
|  Registration fees | 3202 | 3501 | 3202 | 3202 | 3202 | 3401 |
|  Transfer agent's fees and expenses | 47 | 136 | 1148 | 141 | 4290 | 1287 |
|  Fee waiver and/or expense reimbursement | (3293) | (3893) | (7440) | (3474) | (17895) | (145311) |

---

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 17

------

PGIM Target Date 2020 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1212923 | $1298477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (360932) | 2194855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 329709 | 260466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1241754 | (578447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2423454 | 3175351 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1557) | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (8819) | (2324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (89524) | (35797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (3538) | (510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (280411) | (104387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3473443) | (1427182) |
|  | (3857292) | (1570630) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3408724 | 1324267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3857292 | 1570630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (7548523) | (10335663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (282507) | (7440766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (1716345) | (5836045) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 35485417 | 41321462 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $33769072 | $35485417 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.83 | $10.33 | $11.12 | $12.82 | $11.27 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 <sup>(b)</sup> | 0.29 | 0.37 | 0.47 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 <sup>(c)</sup> | 0.54 | (0.35) | (1.08) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.83 | 0.02 | (0.61) | 1.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.29) | (0.41) | (0.72) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.16) | (0.33) | (0.81) | (1.09) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.34 | $10.83 | $10.33 | $11.12 | $12.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 6.71% | 8.22% | 0.72% | (5.37)% | 15.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $16 | $15 | $13 | $13 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15 | $14 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.65% | 0.69 %<sup>(f)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 22.66% | 23.34% | 23.81% | 27.64% | 51.00% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.91% | 2.80% | 3.64% | 3.94% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 19

------

PGIM Target Date 2020 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.85 | $10.35 | $11.14 | $12.83 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 <sup>(b)</sup> | 0.32 | 0.42 | 0.57 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 <sup>(c)</sup> | 0.54 | (0.37) | (1.14) | 1.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.70 | 0.86 | 0.05 | (0.57) | 1.80 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.32) | (0.44) | (0.75) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.19) | (0.36) | (0.84) | (1.12) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.36 | $10.85 | $10.35 | $11.14 | $12.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 7.00% | 8.47% | 0.94% | (5.05)% | 16.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $92 | $75 | $58 | $55 | $5742 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $83 | $68 | $70 | $3140 | $4596 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40% | 0.43 %<sup>(f)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.12% | 5.85% | 6.89% | 0.83% | 0.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.16% | 3.05% | 4.07% | 4.69% | 1.49% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.87 | $10.37 | $11.17 | $12.86 | $11.30 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 <sup>(b)</sup> | 0.33 | 0.43 | 0.52 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 <sup>(c)</sup> | 0.54 | (0.37) | (1.07) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.72 | 0.87 | 0.06 | (0.55) | 1.83 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.33) | (0.46) | (0.77) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.21) | (0.37) | (0.86) | (1.14) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.38 | $10.87 | $10.37 | $11.17 | $12.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 7.14% | 8.61% | 1.07% | (4.89)% | 16.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $746 | $808 | $999 | $1099 | $1844 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $766 | $891 | $1002 | $1228 | $1655 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25% | 0.29 %<sup>(f)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.22% | 1.17% | 0.75% | 0.65% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.37% | 3.22% | 4.15% | 4.37% | 1.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 21

------

PGIM Target Date 2020 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.89 | $10.38 | $11.18 | $12.87 | $11.31 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 <sup>(b)</sup> | 0.34 | 0.42 | 0.53 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 <sup>(c)</sup> | 0.55 | (0.35) | (1.06) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.72 | 0.89 | 0.07 | (0.53) | 1.84 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.34) | (0.47) | (0.79) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.22) | (0.38) | (0.87) | (1.16) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.39 | $10.89 | $10.38 | $11.18 | $12.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 7.15% | 8.80% | 1.17% | (4.79)% | 16.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $42 | $29 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $35 | $18 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15% | 0.17 %<sup>(f)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 9.96% | 17.47% | 22.64% | 26.44% | 49.43% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.39% | 3.30% | 4.13% | 4.44% | 1.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

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

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2020 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.89 | $10.38 | $11.18 | $12.88 | $11.32 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 | 0.35 | 0.44 | 0.55 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 | 0.55 | (0.36) | (1.08) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 0.90 | 0.08 | (0.53) | 1.85 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.35) | (0.48) | (0.80) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.23) | (0.39) | (0.88) | (1.17) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.40 | $10.89 | $10.38 | $11.18 | $12.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.36% | 8.91% | 1.28% | (4.77)% | 16.60% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2749 | $2933 | $2923 | $2967 | $3585 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2552 | $2866 | $2874 | $3448 | $3427 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.05% | 0.09 %<sup>(d)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75% | 0.69% | 0.62% | 0.50% | 0.58% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.49% | 3.42% | 4.24% | 4.58% | 1.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 23

------

PGIM Target Date 2020 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.85 | $10.35 | $11.15 | $12.84 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 | 0.36 | 0.45 | 0.56 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.37 | 0.55 | (0.35) | (1.06) | 1.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 0.91 | 0.10 | (0.50) | 1.87 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.37) | (0.50) | (0.82) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.78) | (0.04) | (0.40) | (0.37) | (0.11) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.24) | (0.41) | (0.90) | (1.19) | (0.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.35 | $10.85 | $10.35 | $11.15 | $12.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.45% | 8.99% | 1.46% | (4.56)% | 16.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $30125 | $31627 | $37314 | $46728 | $58602 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $30592 | $33316 | $40751 | $54565 | $59237 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(d)</sup> | 0.01 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(f)</sup> | 0.01 %<sup>(d)(f)</sup> | 0.01% | 0.01% | (0.00)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.48% | 0.46% | 0.37% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.58% | 3.51% | 4.43% | 4.71% | 1.98% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 35% | 43% | 24% | 45% | 49% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 93.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 26.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 63435 | $856373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 226010 | 10798747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 93750 | 904692 |
|  |  | 12559812 |
| &nbsp;&nbsp; **Fixed Income — 53.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 701835 | 6028761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 413463 | 2840488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1089684 | 9131554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 656039 | 7859343 |
|  |  | 25860146 |
| &nbsp;&nbsp; **International Equity — 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 143450 | 2854659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 245658 | 3812613 |
|  |  | 6667272 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $40,517,601) |  | 45087230 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 6.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,942,116) | 2942116 | 2942116 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $43,459,717)(wa) |  | 48029346 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (12977) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;48016369 |

---

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

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 25

------

PGIM Target Date 2025 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $12559812 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 25860146 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 6667272 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2942116 |  |  |
|  **Total** | $**48029346** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 53.8 | % |
|  Domestic Equity | 26.2 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 13.9 | % |
|  Short-Term | 6.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $43,459,717) | $48029346 |
| &nbsp;&nbsp; Receivable for investments sold | 279301 |
| &nbsp;&nbsp; Due from Manager | 17904 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 5700 |
| &nbsp;&nbsp; Prepaid expenses | 73 |
| &nbsp;&nbsp; **Total Assets** | 48332324 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 258237 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 23025 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 15949 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 13917 |
| &nbsp;&nbsp; Fund data services payable | 3567 |
| &nbsp;&nbsp; Trustees' fees payable | 839 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 283 |
| &nbsp;&nbsp; Distribution fee payable | 138 |
| &nbsp;&nbsp; **Total Liabilities** | 315955 |
| &nbsp;&nbsp; **Net Assets** | $48016369 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 48225464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (213519) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $48016369 |

---

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 27

------

PGIM Target Date 2025 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($85,643 ÷ 7,953 shares of beneficial interest issued and outstanding) | $10.77 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($268,983 ÷ 24,924 shares of beneficial interest issued and outstanding) | $10.79 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($547,791 ÷ 50,672 shares of beneficial interest issued and outstanding) | $10.81 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,930 ÷ 1,566 shares of beneficial interest issued and outstanding) | $10.81 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($964,263 ÷ 89,070 shares of beneficial interest issued and outstanding) | $10.83 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($46,132,759 ÷ 4,250,166 shares of beneficial interest issued and outstanding) | $10.85 |

---

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1695369 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1516 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 793 |
| &nbsp;&nbsp; Custodian and accounting fees | 57253 |
| &nbsp;&nbsp; Professional fees | 35413 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Registration fees(a) | 19472 |
| &nbsp;&nbsp; Shareholders' reports | 15689 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 10229 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,694)(a) | 5107 |
| &nbsp;&nbsp; Miscellaneous | 8307 |
| &nbsp;&nbsp; **Total expenses** | 185734 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (182183) |
| &nbsp;&nbsp; **Net expenses** | 3551 |
| &nbsp;&nbsp; Net investment income (loss) | 1691818 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (609862) |
| &nbsp;&nbsp; Net capital gain distributions received | 552271 |
| &nbsp;&nbsp; Payment from Manager | 43104 |
|  | (14487) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1984174 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1969687 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3661505 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 144 | 841 | 531 |  |  |  |
|  Shareholder servicing fees | 10 | 218 | 534 | 31 |  |  |
|  Registration fees | 3202 | 3202 | 3201 | 3201 | 3264 | 3402 |
|  Transfer agent's fees and expenses | 160 | 939 | 854 | 116 | 1511 | 1527 |
|  Fee waiver and/or expense reimbursement | (3417) | (4914) | (5458) | (3421) | (7196) | (157777) |

---

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 29

------

PGIM Target Date 2025 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1691818 | $1752726 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (566758) | 3219235 |
| &nbsp;&nbsp; Net capital gain distributions received | 552271 | 430850 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1984174 | (782330) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3661505 | 4620481 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (1808) | (409) |
| &nbsp;&nbsp; Class R2 | (28663) | (5492) |
| &nbsp;&nbsp; Class R3 | (57434) | (15551) |
| &nbsp;&nbsp; Class R4 | (1760) | (6574) |
| &nbsp;&nbsp; Class R5 | (103985) | (29051) |
| &nbsp;&nbsp; Class R6 | (5335780) | (2066255) |
|  | (5529430) | (2123332) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 7005120 | 5538682 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 5529430 | 2123332 |
| &nbsp;&nbsp; Cost of shares purchased | (10801293) | (26049767) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1733257 | (18387753) |
| &nbsp;&nbsp; Total increase (decrease) | (134668) | (15890604) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 48151037 | 64041641 |
| &nbsp;&nbsp; End of year | $48016369 | $48151037 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.23 | $10.62 | $11.19 | $13.01 | $11.24 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.28 | 0.37 | 0.47 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.47 | 0.64 | (0.25) | (1.07) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.74 | 0.92 | 0.12 | (0.60) | 1.98 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.27) | (0.38) | (0.75) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.20) | (0.31) | (0.69) | (1.22) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.77 | $11.23 | $10.62 | $11.19 | $13.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.17% | 8.86% | 1.56% | (5.37)% | 17.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $86 | $17 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $29 | $14 | $13 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67% | 0.68 %<sup>(d)</sup> | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 12.55% | 22.27% | 23.35% | 27.65% | 50.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.48% | 2.61% | 3.51% | 3.86% | 1.18% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 31

------

PGIM Target Date 2025 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.26 | $10.64 | $11.22 | $13.04 | $11.26 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.31 | 0.38 | 0.48 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.46 | 0.65 | (0.24) | (1.05) | 1.86 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 0.96 | 0.14 | (0.57) | 2.01 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.30) | (0.41) | (0.78) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.23) | (0.34) | (0.72) | (1.25) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.79 | $11.26 | $10.64 | $11.22 | $13.04 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.35% | 9.19% | 1.74% | (5.12)% | 18.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $269 | $617 | $148 | $106 | $82 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $336 | $346 | $120 | $92 | $71 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.41 %<sup>(d)</sup> | 0.51% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.87% | 1.95% | 3.42% | 6.27% | 10.60% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.76% | 2.85% | 3.65% | 3.99% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.27 | $10.65 | $11.23 | $13.06 | $11.27 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.32 | 0.41 | 0.43 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.44 | 0.65 | (0.25) | (0.99) | 1.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 0.97 | 0.16 | (0.56) | 2.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.31) | (0.43) | (0.80) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.24) | (0.35) | (0.74) | (1.27) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.81 | $11.27 | $10.65 | $11.23 | $13.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.60% | 9.34% | 1.91% | (5.04)% | 18.32% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $548 | $518 | $465 | $449 | $9911 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $531 | $481 | $435 | $663 | $8876 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26% | 0.28 %<sup>(d)</sup> | 0.36% | 0.36% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.29% | 1.32% | 1.03% | 1.02% | 0.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.18% | 3.02% | 3.93% | 3.60% | 1.59% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 33

------

PGIM Target Date 2025 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.28 | $10.66 | $11.24 | $13.06 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.34 | 0.47 | 0.51 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.52 | 0.64 | (0.30) | (1.05) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.79 | 0.98 | 0.17 | (0.54) | 2.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.32) | (0.44) | (0.81) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.26) | (0.36) | (0.75) | (1.28) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.81 | $11.28 | $10.66 | $11.24 | $13.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.62% | 9.44% | 2.02% | (4.87)% | 18.43% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $17 | $223 | $14 | $22 | $15 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44 | $183 | $21 | $18 | $14 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15% | 0.17 %<sup>(d)</sup> | 0.26% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.98% | 2.23% | 14.42% | 21.59% | 48.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.43% | 3.20% | 4.49% | 4.24% | 1.68% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2025 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.28 | $10.66 | $11.25 | $13.07 | $11.28 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 | 0.34 | 0.43 | 0.49 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.45 | 0.65 | (0.26) | (1.02) | 1.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.82 | 0.99 | 0.17 | (0.53) | 2.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.33) | (0.45) | (0.82) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.27) | (0.37) | (0.76) | (1.29) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.83 | $11.28 | $10.66 | $11.25 | $13.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.90% | 9.54% | 2.04% | (4.77)% | 18.53% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $964 | $903 | $727 | $606 | $266 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $920 | $867 | $647 | $425 | $197 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06% | 0.08 %<sup>(d)</sup> | 0.16% | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.84% | 0.83% | 0.89% | 1.24% | 3.68% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.43% | 3.22% | 4.15% | 4.12% | 1.85% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 35

------

PGIM Target Date 2025 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.31 | $10.69 | $11.27 | $13.10 | $11.30 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.38 | 0.36 | 0.45 | 0.56 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.44 | 0.65 | (0.26) | (1.08) | 1.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.82 | 1.01 | 0.19 | (0.52) | 2.09 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.35) | (0.46) | (0.84) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.77) | (0.04) | (0.31) | (0.47) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.28) | (0.39) | (0.77) | (1.31) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.85 | $11.31 | $10.69 | $11.27 | $13.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.95% | 9.67% | 2.29% | (4.70)% | 18.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $46133 | $45872 | $62674 | $71290 | $80212 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47358 | $50631 | $64956 | $82904 | $79030 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(d)</sup> | 0.01 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(f)</sup> | 0.01 %<sup>(d)(f)</sup> | 0.01% | 0.01% | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.33% | 0.33% | 0.26% | 0.19% | 0.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.45% | 3.35% | 4.31% | 4.62% | 1.94% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 38% | 53% | 26% | 58% | 44% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 94.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 30.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 91634 | $1237062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 302731 | 14464500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 134129 | 1294348 |
|  |  | 16995910 |
| &nbsp;&nbsp; **Fixed Income — 48.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 630403 | 5415165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 488674 | 3357191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 1152307 | 9656329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 761083 | 9117774 |
|  |  | 27546459 |
| &nbsp;&nbsp; **International Equity — 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 169542 | 3373894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 362926 | 5632609 |
|  |  | 9006503 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $47,123,963) |  | 53548872 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 5.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $3,184,029) | 3184029 | 3184029 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $50,307,992)(wa) |  | 56732901 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (6918) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;56725983 |

---

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

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $16995910 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 27546459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 9006503 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 3184029 |  |  |
|  **Total** | $**56732901** | **$—** | **$—** |

---

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 37

------

PGIM Target Date 2030 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Fixed Income | 48.5 | % |
|  Domestic Equity | 30.0 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 15.9 | % |
|  Short-Term | 5.6 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $50,307,992) | $56732901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 351945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 20688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 19432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 57125037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 354448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 22974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 19394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 399054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $56725983 |
| &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 | $4913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 54689405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2031665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, July 31, 2025** | $56725983 |

---

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 39

------

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($322,836 ÷ 28,162 shares of beneficial interest issued and outstanding) | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($429,331 ÷ 37,323 shares of beneficial interest issued and outstanding) | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,019,081 ÷ 175,552 shares of beneficial interest issued and outstanding) | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($25,571 ÷ 2,226 shares of beneficial interest issued and outstanding) | $11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,824,525 ÷ 418,749 shares of beneficial interest issued and outstanding) | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($49,104,639 ÷ 4,251,026 shares of beneficial interest issued and outstanding) | $11.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1879383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 57178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 18741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 17148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,321)(a) | 11173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8772 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 196389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (185451) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 10938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1868445 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (315593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 767768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 42657 |
|  | 494832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2258412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 2753244 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4621689 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 682 | 1046 | 1895 |  |  |  |
|  Shareholder servicing fees | 80 |  | 1886 | 5 |  |  |
|  Registration fees | 3007 | 3507 | 3007 | 3007 | 3007 | 3206 |
|  Transfer agent's fees and expenses | 296 | 635 | 2981 | 97 | 5304 | 1860 |
|  Fee waiver and/or expense reimbursement | (3548) | (4647) | (10164) | (3137) | (21005) | (142950) |

---

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 41

------

PGIM Target Date 2030 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1868445 | $1834073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (272936) | 4211235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 767768 | 628267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2258412 | (870425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4621689 | 5803150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (10439) | (2473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (47275) | (12260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (212000) | (61623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2409) | (1715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (670383) | (215009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5864606) | (2418912) |
|  | (6807112) | (2711992) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 10306602 | 8127891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 6807048 | 2711982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (12541406) | (25175570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4572244 | (14335697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 2386821 | (11244539) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 54339162 | 65583701 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $56725983 | $54339162 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.98 | $11.29 | $11.92 | $13.72 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.27 | 0.35 | 0.43 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.58 | 0.81 | (0.09) | (1.15) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 1.08 | 0.26 | (0.72) | 2.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.23) | (0.40) | (0.79) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.37) | (0.39) | (0.89) | (1.08) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.46 | $11.98 | $11.29 | $11.92 | $13.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.70% | 9.83% | 2.88% | (5.94)% | 21.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $323 | $98 | $69 | $59 | $55 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $136 | $74 | $62 | $58 | $48 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67% | 0.68 %<sup>(d)</sup> | 0.75% | 0.75% | 0.74% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.27% | 5.54% | 5.88% | 7.42% | 14.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.36% | 2.39% | 3.17% | 3.37% | 1.05% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 43

------

PGIM Target Date 2030 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.02 | $11.32 | $11.95 | $13.74 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.30 | 0.38 | 0.58 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.55 | 0.82 | (0.09) | (1.26) | 2.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.88 | 1.12 | 0.29 | (0.68) | 2.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.26) | (0.43) | (0.82) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.40) | (0.42) | (0.92) | (1.11) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.50 | $12.02 | $11.32 | $11.95 | $13.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.96% | 10.15% | 3.11% | (5.69)% | 21.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $429 | $390 | $318 | $299 | $7308 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $418 | $344 | $299 | $5088 | $6013 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.42 %<sup>(d)</sup> | 0.50% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.52% | 1.80% | 1.89% | 0.76% | 0.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.89% | 2.64% | 3.44% | 4.39% | 1.29% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.02 | $11.32 | $11.95 | $13.75 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 | 0.32 | 0.40 | 0.47 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.55 | 0.82 | (0.09) | (1.13) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 1.14 | 0.31 | (0.66) | 2.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.28) | (0.45) | (0.85) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.42) | (0.44) | (0.94) | (1.14) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.50 | $12.02 | $11.32 | $11.95 | $13.75 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.10% | 10.34% | 3.32% | (5.55)% | 22.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2019 | $1846 | $1563 | $1341 | $3414 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1895 | $1657 | $1376 | $1397 | $2857 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26% | 0.28 %<sup>(d)</sup> | 0.32% | 0.35% | 0.34% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.80% | 0.85% | 0.57% | 0.57% | 0.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.02% | 2.79% | 3.58% | 3.71% | 1.45% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 45

------

PGIM Target Date 2030 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.00 | $11.31 | $11.94 | $13.74 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 | 0.34 | 0.43 | 0.48 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.57 | 0.80 | (0.11) | (1.13) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 | 1.14 | 0.32 | (0.65) | 2.51 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.29) | (0.46) | (0.86) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.43) | (0.45) | (0.95) | (1.15) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.49 | $12.00 | $11.31 | $11.94 | $13.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.34% | 10.33% | 3.44% | (5.47)% | 22.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $26 | $33 | $37 | $31 | $22 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $24 | $35 | $32 | $26 | $18 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16% | 0.19 %<sup>(d)</sup> | 0.25% | 0.25% | 0.24% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 13.50% | 9.79% | 9.71% | 14.46% | 37.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.03% | 3.06% | 3.92% | 3.79% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

------

PGIM Target Date 2030 Fund

**Financial Highlights** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.04 | $11.34 | $11.97 | $13.77 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.38 | 0.34 | 0.42 | 0.51 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.54 | 0.82 | (0.09) | (1.15) | 2.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 | 1.16 | 0.33 | (0.64) | 2.52 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.30) | (0.47) | (0.87) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.44) | (0.46) | (0.96) | (1.16) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.52 | $12.04 | $11.34 | $11.97 | $13.77 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.33% | 10.51% | 3.55% | (5.36)% | 22.18% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $4825 | $6067 | $4312 | $3921 | $3877 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5663 | $5171 | $3932 | $3888 | $3548 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06% | 0.07 %<sup>(d)</sup> | 0.15% | 0.15% | 0.14% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.43% | 0.54% | 0.50% | 0.44% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.25% | 3.00% | 3.75% | 3.94% | 1.66% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 47

------

PGIM Target Date 2030 Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.06 | $11.36 | $12.00 | $13.80 | $11.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.38 | 0.36 | 0.44 | 0.53 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.57 | 0.81 | (0.10) | (1.15) | 2.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.95 | 1.17 | 0.34 | (0.62) | 2.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.31) | (0.49) | (0.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.99) | (0.16) | (0.49) | (0.29) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.46) | (0.47) | (0.98) | (1.18) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.55 | $12.06 | $11.36 | $12.00 | $13.80 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.57% | 10.65% | 3.63% | (5.20)% | 22.40% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $49105 | $45906 | $59285 | $65639 | $71254 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $48669 | $51567 | $60037 | $73198 | $68119 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(d)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager | 0.00 %<sup>(f)</sup> | 0.01 %<sup>(d)(f)</sup> | 0.00 %<sup>(g)</sup> | (0.00)%<sup>(g)</sup> | (0.01)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.29% | 0.30% | 0.26% | 0.20% | 0.22% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.31% | 3.14% | 3.98% | 4.14% | 1.79% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 41% | 62% | 29% | 56% | 46% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) Amount rounds to zero.

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

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 39.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 120039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 339024 | 16198585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 183347 | 1769296 |
|  |  | 19588409 |
| &nbsp;&nbsp; **Fixed Income — 36.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 405652 | 3484550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 355646 | 2443290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 710337 | 5952625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 498487 | 5971879 |
|  |  | 17852344 |
| &nbsp;&nbsp; **International Equity — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 148065 | 2946502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 85840 | 1187160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 380340 | 5902870 |
|  |  | 10036532 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $40,549,877) |  | 47477285 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,038,814) | 2038814 | 2038814 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $42,588,691)(wa) |  | 49516099 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (10064) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $49506035 |

---

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

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity. | $19588409 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income. | 17852344 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 10036532 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 49

------

PGIM Target Date 2035 Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $2038814 | $— | $— |
|  **Total** | $**49516099** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 39.6 | % |
|  Fixed Income | 36.0 |  |

---

---

| | | |
|:---|:---|:---|
|  International Equity | 20.3 | % |
|  Short-Term | 4.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments (cost $42,588,691) | $49516099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 359583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 20516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49917865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 366291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 23202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 12679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports fee payable | 7833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 411830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $49506035 |
| &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 | $4123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 44871509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4630403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, July 31, 2025** | $49506035 |

---

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 51

------

PGIM Target Date 2035 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($440,463 ÷ 36,989 shares of beneficial interest issued and outstanding) | $11.91 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($314,368 ÷ 26,319 shares of beneficial interest issued and outstanding) | $11.94 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,668,246 ÷ 139,367 shares of beneficial interest issued and outstanding) | $11.97 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($27,135 ÷ 2,264 shares of beneficial interest issued and outstanding) | $11.99 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,798,485 ÷ 149,937 shares of beneficial interest issued and outstanding) | $11.99 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($45,257,338 ÷ 3,768,218 shares of beneficial interest issued and outstanding) | $12.01 |

---

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

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1367126 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2922 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 1841 |
| &nbsp;&nbsp; Custodian and accounting fees | 57424 |
| &nbsp;&nbsp; Professional fees | 37033 |
| &nbsp;&nbsp; Registration fees(a) | 21051 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 18104 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 10063 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,000)(a) | 7656 |
| &nbsp;&nbsp; Miscellaneous | 8696 |
| &nbsp;&nbsp; **Total expenses** | 196745 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (189905) |
| &nbsp;&nbsp; **Net expenses** | 6840 |
| &nbsp;&nbsp; Net investment income (loss) | 1360286 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (378295) |
| &nbsp;&nbsp; Net capital gain distributions received | 822637 |
| &nbsp;&nbsp; Payment from Manager | 39381 |
|  | 483723 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2382713 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2866436 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4226722 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 550 | 970 | 1402 |  |  |  |
|  Shareholder servicing fees | 38 | 376 | 1421 | 6 |  |  |
|  Registration fees | 3247 | 4348 | 3247 | 3247 | 3247 | 3715 |
|  Transfer agent's fees and expenses | 194 | 929 | 2736 | 100 | 1941 | 1756 |
|  Fee waiver and/or expense reimbursement | (3695) | (6448) | (10240) | (3402) | (10039) | (156081) |

---

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 53

------

PGIM Target Date 2035 Fund

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>July 31,** | **Year Ended<br>July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1360286 | $1177570 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (338914) | 3854851 |
| &nbsp;&nbsp; Net capital gain distributions received | 822637 | 602182 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2382713 | (1042803) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4226722 | 4591800 |
| &nbsp;&nbsp; <br> **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (4912) | (1035) |
| &nbsp;&nbsp; Class R2 | (31089) | (6538) |
| &nbsp;&nbsp; Class R3 | (153214) | (34178) |
| &nbsp;&nbsp; Class R4 | (2646) | (627) |
| &nbsp;&nbsp; Class R5 | (191989) | (34329) |
| &nbsp;&nbsp; Class R6 | (4853093) | (1902765) |
|  | (5236943) | (1979472) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 10847100 | 9508847 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 5236943 | 1979472 |
| &nbsp;&nbsp; Cost of shares purchased | (7628803) | (24175643) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 8455240 | (12687324) |
| &nbsp;&nbsp; Total increase (decrease) | 7445019 | (10074996) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 42061016 | 52136012 |
| &nbsp;&nbsp; End of year | $49506035 | $42061016 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.31 | $11.43 | $11.73 | $14.14 | $11.47 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.22 | 0.30 | 0.39 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.81 | 1.05 | 0.17 | (1.17) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.01 | 1.27 | 0.47 | (0.78) | 2.88 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.25) | (0.29) | (0.86) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.41) | (0.39) | (0.77) | (1.63) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.91 | $12.31 | $11.43 | $11.73 | $14.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.83% | 11.41% | 4.69% | (6.67)% | 25.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $440 | $58 | $34 | $31 | $32 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $110 | $35 | $31 | $31 | $29 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67% | 0.65% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.03% | 9.90% | 10.74% | 13.02% | 29.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.65% | 1.93% | 2.77% | 3.02% | 0.91% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 36% | 76% | 29% | 52% | 45% |

---

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

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

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 55

------

PGIM Target Date 2035 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.32 | $11.45 | $11.75 | $14.15 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.23 | 0.24 <sup>(b)</sup> | 0.42 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.78 | 1.06 | 0.26 <sup>(c)</sup> | (1.16) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.04 | 1.29 | 0.50 | (0.74) | 2.91 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.28) | (0.32) | (0.89) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.42) | (0.42) | (0.80) | (1.66) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.94 | $12.32 | $11.45 | $11.75 | $14.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 9.13% | 11.56% | 4.96% | (6.36)% | 25.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $314 | $883 | $147 | $546 | $526 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $388 | $462 | $207 | $535 | $409 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40% | 0.38% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.06% | 1.98% | 2.57% | 1.80% | 2.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.14% | 1.97% | 2.14% | 3.25% | 1.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 76% | 29% | 52% | 45% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) 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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.35 | $11.47 | $11.77 | $14.18 | $11.50 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.29 | 0.34 | 0.30 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.74 | 1.03 | 0.17 | (1.03) | 2.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.06 | 1.32 | 0.51 | (0.73) | 2.93 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.30) | (0.33) | (0.91) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.44) | (0.44) | (0.81) | (1.68) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.97 | $12.35 | $11.47 | $11.77 | $14.18 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.31% | 11.79% | 5.13% | (6.29)% | 25.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1668 | $1275 | $429 | $303 | $9978 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1402 | $883 | $339 | $463 | $8548 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.26% | 0.24% | 0.33% | 0.33% | 0.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.99% | 1.03% | 1.31% | 1.36% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.70% | 2.51% | 3.10% | 2.36% | 1.30% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 36% | 76% | 29% | 52% | 45% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 57

------

PGIM Target Date 2035 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.37 | $11.49 | $11.79 | $14.20 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.29 | 0.36 | 0.46 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.75 | 1.04 | 0.17 | (1.17) | 2.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.08 | 1.33 | 0.53 | (0.71) | 2.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.31) | (0.35) | (0.93) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.46) | (0.45) | (0.83) | (1.70) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.99 | $12.37 | $11.49 | $11.79 | $14.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.42% | 11.88% | 5.24% | (6.17)% | 25.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $27 | $22 | $16 | $15 | $16 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $24 | $17 | $15 | $16 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.16% | 0.16 %<sup>(d)</sup> | 0.23% | 0.23% | 0.23% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 14.12% | 17.83% | 19.92% | 23.52% | 44.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.79% | 2.48% | 3.28% | 3.53% | 1.41% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 36% | 76% | 29% | 52% | 45% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2035 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.37 | $11.48 | $11.79 | $14.20 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.30 | 0.35 | 0.43 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.74 | 1.05 | 0.18 | (1.13) | 2.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.08 | 1.35 | 0.53 | (0.70) | 2.97 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.32) | (0.36) | (0.94) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.46) | (0.46) | (0.84) | (1.71) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.99 | $12.37 | $11.48 | $11.79 | $14.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.44% | 12.08% | 5.26% | (6.08)% | 26.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1798 | $1372 | $866 | $542 | $314 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1605 | $945 | $658 | $408 | $219 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.06% | 0.05% | 0.13% | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.69% | 0.91% | 0.97% | 1.35% | 3.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.90% | 2.61% | 3.21% | 3.38% | 1.47% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 36% | 76% | 29% | 52% | 45% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 59

------

PGIM Target Date 2035 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.38 | $11.50 | $11.80 | $14.21 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.36 | 0.32 | 0.39 | 0.49 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.75 | 1.03 | 0.17 | (1.17) | 2.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.11 | 1.35 | 0.56 | (0.68) | 2.98 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.33) | (0.38) | (0.96) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.01) | (0.14) | (0.48) | (0.77) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.48) | (0.47) | (0.86) | (1.73) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.01 | $12.38 | $11.50 | $11.80 | $14.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.68% | 12.13% | 5.52% | (5.94)% | 26.25% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $45257 | $38452 | $50643 | $47761 | $53243 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42018 | $40561 | $46943 | $54250 | $52063 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(d)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from<br> the manager | 0.00 %<sup>(f)</sup> | 0.01 %<sup>(d)(f)</sup> | (0.02)% | (0.02)% | (0.02)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.37% | 0.40% | 0.35% | 0.28% | 0.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.01% | 2.76% | 3.53% | 3.79% | 1.66% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 36% | 76% | 29% | 52% | 45% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 46.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 145456 | $1963655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 338130 | 16155828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 226284 | 2183638 |
|  |  | 20303121 |
| &nbsp;&nbsp; **Fixed Income — 27.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 257497 | 2211900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 316020 | 2171057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 394532 | 3306176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 350706 | 4201452 |
|  |  | 11890585 |
| &nbsp;&nbsp; **International Equity — 24.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 109643 | 2181902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 139849 | 1934108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 433736 | 6731586 |
|  |  | 10847596 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $35,526,324) |  | 43041302 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $942,653) | 942653 | 942653 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $36,468,977)(wa) |  | 43983955 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (23265) |
| &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;43960690 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $20303121 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 11890585 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 10847596 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 61

------

PGIM Target Date 2040 Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $942653 | <u>$—</u> | <u>$—</u> |
|  **Total** | $**43983955** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 46.2 | % |
|  Fixed Income | 27.0 |  |

---

---

| | |
|:---|:---|
|  International Equity | 24.7% |
|  Short-Term | 2.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $36,468,977) | $43983955 |
| &nbsp;&nbsp; Receivable for investments sold | 647586 |
| &nbsp;&nbsp; Due from Manager | 17634 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 9812 |
| &nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp; **Total Assets** | 44659058 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 338026 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 317873 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22824 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 17876 |
| &nbsp;&nbsp; Trustees' fees payable | 839 |
| &nbsp;&nbsp; Distribution fee payable | 566 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 364 |
| &nbsp;&nbsp; **Total Liabilities** | 698368 |
| &nbsp;&nbsp; **Net Assets** | $43960690 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 38346751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5610458 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $43960690 |

---

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 63

------

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($696,978 ÷ 55,611 shares of beneficial interest issued and outstanding) | $12.53 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($846,602 ÷ 67,352 shares of beneficial interest issued and outstanding) | $12.57 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,255,325 ÷ 99,740 shares of beneficial interest issued and outstanding) | $12.59 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($92,801 ÷ 7,363 shares of beneficial interest issued and outstanding) | $12.60 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($9,119,953 ÷ 722,938 shares of beneficial interest issued and outstanding) | $12.62 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($31,949,031 ÷ 2,528,174 shares of beneficial interest issued and outstanding) | $12.64 |
| &nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1162341 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 3414 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 1474 |
| &nbsp;&nbsp; Custodian and accounting fees | 57046 |
| &nbsp;&nbsp; Professional fees | 34826 |
| &nbsp;&nbsp; Registration fees(a) | 21575 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,133)(a) | 18587 |
| &nbsp;&nbsp; Shareholders' reports | 15640 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 10143 |
| &nbsp;&nbsp; Miscellaneous | 6792 |
| &nbsp;&nbsp; **Total expenses** | 201452 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (191615) |
| &nbsp;&nbsp; **Net expenses** | 9837 |
| &nbsp;&nbsp; Net investment income (loss) | 1152504 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (171434) |
| &nbsp;&nbsp; Net capital gain distributions received | 932541 |
| &nbsp;&nbsp; Payment from Manager | 34441 |
|  | 795548 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2239655 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3035203 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4187707 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 928 | 1394 | 1092 |  |  |  |
|  Shareholder servicing fees | 135 | 111 | 1156 | 72 |  |  |
|  Registration fees | 3213 | 5312 | 3213 | 3213 | 3213 | 3411 |
|  Transfer agent's fees and expenses | 417 | 907 | 1789 | 205 | 13352 | 1917 |
|  Fee waiver and/or expense reimbursement | (4154) | (7586) | (8635) | (3690) | (45114) | (122436) |

---

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 65

------

PGIM Target Date 2040 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1152504 | $1015264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (136993) | 4241289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 932541 | 678561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2239655 | (941956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4187707 | 4993158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (10720) | (1885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (47401) | (8256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (140980) | (26986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (11680) | (2615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1182285) | (288306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4350226) | (1518675) |
|  | (5743292) | (1846723) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 7370134 | 8609921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 5743066 | 1846646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (8508653) | (19167079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4604547 | (8710512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 3048962 | (5564077) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 40911728 | 46475805 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $43960690 | $40911728 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.13 | $12.07 | $12.34 | $14.54 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17 | 0.21 | 0.29 | 0.38 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.00 | 1.25 | 0.37 | (1.26) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.17 | 1.46 | 0.66 | (0.88) | 3.21 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.20) | (0.32) | (0.91) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.77) | (0.40) | (0.93) | (1.32) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.53 | $13.13 | $12.07 | $12.34 | $14.54 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.73% | 12.38% | 6.22% | (7.02)% | 28.07% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $697 | $65 | $52 | $39 | $34 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $185 | $58 | $44 | $37 | $28 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.66% | 0.64 %<sup>(d)</sup> | 0.70% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.90% | 6.51% | 7.99% | 11.02% | 24.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.33% | 1.70% | 2.49% | 2.81% | 0.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 67

------

PGIM Target Date 2040 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.17 | $12.10 | $12.36 | $14.57 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.23 | 0.31 | 0.59 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.97 | 1.27 | 0.38 | (1.45) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.20 | 1.50 | 0.69 | (0.86) | 3.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.23) | (0.34) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.80) | (0.43) | (0.95) | (1.35) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.57 | $13.17 | $12.10 | $12.36 | $14.57 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.98% | 12.70% | 6.52% | (6.85)% | 28.40% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $847 | $342 | $238 | $169 | $5733 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $558 | $250 | $192 | $4165 | $4508 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40% | 0.39 %<sup>(d)</sup> | 0.45% | 0.45% | 0.44% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.76% | 2.69% | 2.88% | 0.83% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.85% | 1.90% | 2.66% | 4.25% | 1.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.19 | $12.11 | $12.38 | $14.59 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.25 | 0.33 | 0.40 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.91 | 1.27 | 0.38 | (1.23) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 1.52 | 0.71 | (0.83) | 3.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.24) | (0.37) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.82) | (0.44) | (0.98) | (1.38) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.59 | $13.19 | $12.11 | $12.38 | $14.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.15% | 12.93% | 6.67% | (6.69)% | 28.52% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1255 | $1062 | $722 | $627 | $3617 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1092 | $845 | $641 | $662 | $2996 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.24% | 0.23 %<sup>(d)</sup> | 0.30% | 0.30% | 0.29% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.03% | 1.12% | 0.92% | 0.95% | 0.85% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.47% | 2.01% | 2.90% | 3.00% | 1.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 69

------

PGIM Target Date 2040 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.20 | $12.13 | $12.40 | $14.60 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.27 | 0.36 <sup>(b)</sup> | 0.42 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.90 | 1.26 | 0.36 <sup>(c)</sup> | (1.23) | 3.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.23 | 1.53 | 0.72 | (0.81) | 3.28 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.26) | (0.38) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.83) | (0.46) | (0.99) | (1.39) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.60 | $13.20 | $12.13 | $12.40 | $14.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 10.25% | 12.93% | 6.77% | (6.53)% | 28.61% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $93 | $84 | $67 | $50 | $34 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $88 | $73 | $59 | $42 | $26 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.14% | 0.14 %<sup>(f)</sup> | 0.20% | 0.20% | 0.19% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.36% | 4.79% | 5.64% | 9.44% | 26.10% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.61% | 2.17% | 3.08% | 3.13% | 1.25% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) 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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2040 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.21 | $12.14 | $12.41 | $14.61 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.28 | 0.36 | 0.47 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.92 | 1.26 | 0.37 | (1.27) | 3.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.26 | 1.54 | 0.73 | (0.80) | 3.30 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.27) | (0.39) | (0.99) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.85) | (0.47) | (1.00) | (1.40) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.62 | $13.21 | $12.14 | $12.41 | $14.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.43% | 13.03% | 6.89% | (6.43)% | 28.81% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $9120 | $8454 | $7404 | $6697 | $7393 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8718 | $7708 | $6691 | $7073 | $6748 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.04% | 0.04 %<sup>(d)</sup> | 0.10% | 0.10% | 0.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.56% | 0.61% | 0.56% | 0.46% | 0.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.73% | 2.29% | 3.10% | 3.43% | 1.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 71

------

PGIM Target Date 2040 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.23 | $12.15 | $12.42 | $14.63 | $11.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 | 0.31 | 0.39 <sup>(b)</sup> | 0.49 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.92 | 1.25 | 0.36 <sup>(c)</sup> | (1.27) | 3.13 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 1.56 | 0.75 | (0.78) | 3.33 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.28) | (0.41) | (1.02) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.37) | (0.20) | (0.61) | (0.41) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.86) | (0.48) | (1.02) | (1.43) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.64 | $13.23 | $12.15 | $12.42 | $14.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 10.58% | 13.25% | 7.06% | (6.35)% | 29.05% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $31949 | $30905 | $37993 | $37802 | $43332 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $31731 | $32313 | $36923 | $45103 | $41893 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(f)</sup> | 0.00 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement<br> from the manager | 0.00 %<sup>(h)</sup> | 0.01 %<sup>(f)(h)</sup> | (0.05)% | (0.05)% | (0.06)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.39% | 0.42% | 0.38% | 0.27% | 0.30% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.75% | 2.52% | 3.33% | 3.58% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup> | 39% | 77% | 31% | 54% | 41% |

---

(a) Calculated based on average shares outstanding during the year.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) 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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(g) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes' operating expenses.

(h) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(i) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 50.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 119681 | $1615693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 252529 | 12065832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 209456 | 2021252 |
|  |  | 15702777 |
| &nbsp;&nbsp; **Fixed Income — 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 109981 | 944738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 180031 | 1236813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 168522 | 1412211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 236515 | 2833448 |
|  |  | 6427210 |
| &nbsp;&nbsp; **International Equity — 29.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 78070 | 1553597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 135769 | 1877692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 366982 | 5695568 |
|  |  | 9126857 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $25,699,407) |  | 31256844 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $50,553) | 50553 | 50553 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $25,749,960)(wa) |  | 31307397 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (25590) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31281807 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $15702777 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 6427210 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 9126857 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 73

------

PGIM Target Date 2045 Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $50553 | <u>$—</u> | <u>$—</u> |
|  **Total** | $**31307397** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  Domestic Equity | 50.2 | Fixed Income | 20.5% |
|  International Equity | 29.2 | Short-Term | 0.2 |
|  |  |  | 100.1 |
|  |  | Liabilities in excess of other assets | (0.1) |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $25,749,960) | $31307397 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 336410 |
| &nbsp;&nbsp; Receivable for investments sold | 251627 |
| &nbsp;&nbsp; Due from Manager | 16121 |
| &nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp; **Total Assets** | 31911626 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 588186 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22824 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 16396 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 833 |
| &nbsp;&nbsp; Trustees' fees payable | 827 |
| &nbsp;&nbsp; Distribution fee payable | 380 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 373 |
| &nbsp;&nbsp; **Total Liabilities** | 629819 |
| &nbsp;&nbsp; **Net Assets** | $31281807 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 26734141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4545166 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $31281807 |

---

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 75

------

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($273,011 ÷ 21,977 shares of beneficial interest issued and outstanding) | $12.42 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,202,760 ÷ 96,675 shares of beneficial interest issued and outstanding) | $12.44 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($121,738 ÷ 9,774 shares of beneficial interest issued and outstanding) | $12.46 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($56,666 ÷ 4,549 shares of beneficial interest issued and outstanding) | $12.46 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,610,427 ÷ 128,982 shares of beneficial interest issued and outstanding) | $12.49 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($28,017,205 ÷ 2,237,848 shares of beneficial interest issued and outstanding) | $12.52 |
| &nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $718112 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2601 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 266 |
| &nbsp;&nbsp; Custodian and accounting fees | 57044 |
| &nbsp;&nbsp; Professional fees | 34769 |
| &nbsp;&nbsp; Registration fees(a) | 22595 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 15079 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9989 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,238)(a) | 5872 |
| &nbsp;&nbsp; Miscellaneous | 6775 |
| &nbsp;&nbsp; **Total expenses** | 186945 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (182524) |
| &nbsp;&nbsp; **Net expenses** | 4421 |
| &nbsp;&nbsp; Net investment income (loss) | 713691 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 16178 |
| &nbsp;&nbsp; Net capital gain distributions received | 656203 |
| &nbsp;&nbsp; Payment from Manager | 31298 |
|  | 703679 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1658045 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2361724 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3075415 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 365 | 2176 | 60 |  |  |  |
|  Shareholder servicing fees | 41 | 135 | 58 | 32 |  |  |
|  Registration fees | 3209 | 6258 | 3209 | 3209 | 3209 | 3501 |
|  Transfer agent's fees and expenses | 165 | 1154 | 151 | 185 | 2297 | 1920 |
|  Fee waiver and/or expense reimbursement | (3697) | (11192) | (3660) | (3656) | (12514) | (147805) |

---

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 77

------

PGIM Target Date 2045 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $713691 | $653142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 47476 | 3220745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 656203 | 526584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1658045 | (970142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3075415 | 3430329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (5014) | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (66672) | (13466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (4262) | (955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (7245) | (1616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (176396) | (39119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3526103) | (1243152) |
|  | (3785692) | (1298830) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 7536911 | 5774286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3785298 | 1298626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (5869279) | (16447570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5452930 | (9374658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 4742653 | (7243159) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 26539154 | 33782313 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $31281807 | $26539154 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.98 | $11.84 | $11.79 | $14.56 | $11.34 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 | 0.18 | 0.25 | 0.32 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.05 | 1.33 | 0.53 | (1.25) | 3.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.20 | 1.51 | 0.78 | (0.93) | 3.41 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.38) | (0.18) | (0.17) | (0.90) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.76) | (0.37) | (0.73) | (1.84) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.42 | $12.98 | $11.84 | $11.79 | $14.56 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.23% | 13.12% | 7.45% | (7.75)% | 30.36% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $273 | $19 | $16 | $15 | $19 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $73 | $17 | $15 | $18 | $17 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.64% | 0.63 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.70% | 18.92% | 20.73% | 21.60% | 40.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.20% | 1.48% | 2.23% | 2.44% | 0.69% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 79

------

PGIM Target Date 2045 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.01 | $11.86 | $11.81 | $14.59 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.17 | 0.26 | 0.33 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.04 | 1.38 | 0.55 | (1.24) | 3.34 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.23 | 1.55 | 0.81 | (0.91) | 3.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.21) | (0.20) | (0.93) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.80) | (0.40) | (0.76) | (1.87) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.44 | $13.01 | $11.86 | $11.81 | $14.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.48% | 13.47% | 7.73% | (7.56)% | 30.67% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1203 | $1012 | $374 | $316 | $341 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $870 | $660 | $326 | $369 | $235 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.38% | 0.36 %<sup>(d)</sup> | 0.43% | 0.43% | 0.43% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.67% | 2.03% | 2.22% | 2.07% | 3.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.52% | 1.36% | 2.37% | 2.53% | 0.83% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.02 | $11.87 | $11.82 | $14.60 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.23 | 0.34 | 0.07 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.05 | 1.34 | 0.49 | (0.96) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.25 | 1.57 | 0.83 | (0.89) | 3.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.23) | (0.22) | (0.95) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.81) | (0.42) | (0.78) | (1.89) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.46 | $13.02 | $11.87 | $11.82 | $14.60 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.70% | 13.61% | 7.90% | (7.43)% | 30.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $122 | $31 | $27 | $36 | $12568 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $59 | $28 | $30 | $301 | $10686 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.24% | 0.22 %<sup>(d)</sup> | 0.28% | 0.28% | 0.28% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 6.41% | 11.84% | 10.50% | 2.13% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.63% | 1.89% | 3.08% | 0.58% | 1.07% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 81

------

PGIM Target Date 2045 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.02 | $11.87 | $11.83 | $14.61 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.23 | 0.27 | 0.38 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.96 | 1.35 | 0.56 | (1.25) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 1.58 | 0.83 | (0.87) | 3.49 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.24) | (0.23) | (0.97) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.83) | (0.43) | (0.79) | (1.91) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.46 | $13.02 | $11.87 | $11.83 | $14.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.81% | 13.73% | 7.93% | (7.31)% | 31.03% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $57 | $51 | $61 | $46 | $42 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $55 | $48 | $48 | $42 | $37 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.13% | 0.13 %<sup>(d)</sup> | 0.18% | 0.18% | 0.18% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 6.82% | 7.22% | 8.10% | 9.50% | 18.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.47% | 1.93% | 2.38% | 2.88% | 1.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2045 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.05 | $11.90 | $11.85 | $14.63 | $11.39 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.26 | 0.32 | 0.39 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.97 | 1.33 | 0.54 | (1.25) | 3.33 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.28 | 1.59 | 0.86 | (0.86) | 3.50 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.25) | (0.25) | (0.98) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.84) | (0.44) | (0.81) | (1.92) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.49 | $13.05 | $11.90 | $11.85 | $14.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.91% | 13.80% | 8.13% | (7.20)% | 31.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1610 | $1248 | $970 | $786 | $650 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1351 | $1074 | $812 | $703 | $525 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.03% | 0.03 %<sup>(d)</sup> | 0.08% | 0.08% | 0.08% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 1.07% | 1.06% | 1.11% | 1.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.51% | 2.13% | 2.83% | 2.96% | 1.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 83

------

PGIM Target Date 2045 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.08 | $11.92 | $11.87 | $14.66 | $11.41 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.28 | 0.34 | 0.42 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.98 | 1.34 | 0.53 | (1.27) | 3.35 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.30 | 1.62 | 0.87 | (0.85) | 3.53 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.27) | (0.26) | (1.00) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (0.19) | (0.56) | (0.94) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.86) | (0.46) | (0.82) | (1.94) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.52 | $13.08 | $11.92 | $11.87 | $14.66 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.04% | 14.01% | 8.28% | (7.12)% | 31.31% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $28017 | $24178 | $32334 | $29859 | $32739 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $25941 | $26064 | $29647 | $34127 | $28077 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.01 %<sup>(d)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from<br> the manager | 0.00 %<sup>(f)</sup> | 0.01 %<sup>(d)(f)</sup> | (0.07)% | (0.07)% | (0.07)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.57% | 0.61% | 0.53% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.56% | 2.38% | 3.02% | 3.17% | 1.40% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 40% | 79% | 29% | 50% | 38% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 52.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 82002 | $1107032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 164877 | 7877814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 164911 | 1591394 |
|  |  | 10576240 |
| &nbsp;&nbsp; **Fixed Income — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 47503 | 408054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 116618 | 801168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 48524 | 406631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 110669 | 1325814 |
|  |  | 2941667 |
| &nbsp;&nbsp; **International Equity — 33.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 50574 | 1006421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 109947 | 1520568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 270213 | 4193713 |
|  |  | 6720702 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $16,459,332) |  | 20238609 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $41,306) | 41306 | 41306 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $16,500,638)(wa) |  | 20279915 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (24987) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20254928 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity. | $10576240 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income. | 2941667 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 6720702 |  |  |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 85

------

PGIM Target Date 2050 Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $41306 | <u>$—</u> | <u>$—</u> |
|  **Total** | $**20279915** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 52.2 | % |
|  International Equity | 33.2 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 14.5% |
|  Short-Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $16,500,638) | $20279915 |
| &nbsp;&nbsp; Receivable for investments sold | 169366 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 22359 |
| &nbsp;&nbsp; Due from Manager | 17426 |
| &nbsp;&nbsp; Prepaid expenses | 72 |
| &nbsp;&nbsp; **Total Assets** | 20489138 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 187054 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22977 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 10267 |
| &nbsp;&nbsp; Professional fees payable | 7321 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 4995 |
| &nbsp;&nbsp; Trustees' fees payable | 826 |
| &nbsp;&nbsp; Distribution fee payable | 395 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 375 |
| &nbsp;&nbsp; **Total Liabilities** | 234210 |
| &nbsp;&nbsp; **Net Assets** | $20254928 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 16993732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3259621 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $20254928 |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 87

------

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($356,022 ÷ 27,947 shares of beneficial interest issued and outstanding) | $12.74 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($532,393 ÷ 41,566 shares of beneficial interest issued and outstanding) | $12.81 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,543,459 ÷ 120,596 shares of beneficial interest issued and outstanding) | $12.80 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($119,552 ÷ 9,349 shares of beneficial interest issued and outstanding) | $12.79 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($2,581,287 ÷ 201,161 shares of beneficial interest issued and outstanding) | $12.83 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($15,122,215 ÷ 1,174,040 shares of beneficial interest issued and outstanding) | $12.88 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $420321 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 2388 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 674 |
| &nbsp;&nbsp; Custodian and accounting fees | 57202 |
| &nbsp;&nbsp; Professional fees | 35257 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Registration fees(a) | 18887 |
| &nbsp;&nbsp; Shareholders' reports | 15949 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9883 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,216)(a) | 6576 |
| &nbsp;&nbsp; Miscellaneous | 8742 |
| &nbsp;&nbsp; **Total expenses** | 187513 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (182989) |
| &nbsp;&nbsp; **Net expenses** | 4524 |
| &nbsp;&nbsp; Net investment income (loss) | 415797 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (49141) |
| &nbsp;&nbsp; Net capital gain distributions received | 454898 |
| &nbsp;&nbsp; Payment from Manager | 17875 |
|  | 423632 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1218466 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1642098 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2057895 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 701 | 1235 | 452 |  |  |  |
|  Shareholder servicing fees | 102 | 47 | 414 | 111 |  |  |
|  Registration fees | 3143 | 2972 | 3143 | 3143 | 3143 | 3343 |
|  Transfer agent's fees and expenses | 349 | 1091 | 810 | 253 | 2430 | 1643 |
|  Fee waiver and/or expense reimbursement | (4657) | (8020) | (7572) | (4515) | (25231) | (132994) |

---

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 89

------

PGIM Target Date 2050 Fund

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>July 31,** | **Year Ended<br>July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $415797 | $396367 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (31266) | 2281877 |
| &nbsp;&nbsp; Net capital gain distributions received | 454898 | 374559 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1218466 | (886458) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2057895 | 2166345 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R1 | (16936) | (2115) |
| &nbsp;&nbsp; Class R2 | (75604) | (15550) |
| &nbsp;&nbsp; Class R3 | (4042) | (735) |
| &nbsp;&nbsp; Class R4 | (20317) | (3912) |
| &nbsp;&nbsp; Class R5 | (335350) | (61726) |
| &nbsp;&nbsp; Class R6 | (2243528) | (788811) |
|  | (2695777) | (872849) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 6145639 | 4389528 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2695777 | 872849 |
| &nbsp;&nbsp; Cost of shares purchased | (3427246) | (13334264) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5414170 | (8071887) |
| &nbsp;&nbsp; Total increase (decrease) | 4776288 | (6778391) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 15478640 | 22257031 |
| &nbsp;&nbsp; End of year | $20254928 | $15478640 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.64 | $12.38 | $12.32 | $14.87 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.16 | 0.23 | 0.30 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.10 | 1.51 | 0.71 | (1.36) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.29 | 1.67 | 0.94 | (1.06) | 3.58 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.21) | (0.15) | (0.91) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.19) | (0.41) | (0.88) | (1.49) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.74 | $13.64 | $12.38 | $12.32 | $14.87 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.69% | 13.87% | 8.56% | (8.23)% | 31.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $356 | $97 | $59 | $47 | $44 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $140 | $69 | $50 | $46 | $37 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.63% | 0.62 %<sup>(d)</sup> | 0.68 %<sup>(d)</sup> | 0.68% | 0.67% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.95% | 5.93% | 7.54% | 9.34% | 18.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.50% | 1.26% | 1.98% | 2.18% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 91

------

PGIM Target Date 2050 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.70 | $12.43 | $12.36 | $14.90 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.20 | 0.25 | 0.50 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.05 | 1.51 | 0.71 | (1.51) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.32 | 1.71 | 0.96 | (1.01) | 3.62 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.24) | (0.16) | (0.95) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.21) | (0.44) | (0.89) | (1.53) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.81 | $13.70 | $12.43 | $12.36 | $14.90 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.92% | 14.17% | 8.80% | (7.92)% | 31.72% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $532 | $455 | $444 | $337 | $5209 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $494 | $452 | $370 | $3647 | $4026 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.37% | 0.37 %<sup>(d)</sup> | 0.43 %<sup>(d)</sup> | 0.43% | 0.42% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.99% | 2.60% | 2.81% | 1.15% | 1.28% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.10% | 1.56% | 2.15% | 3.51% | 0.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.71 | $12.44 | $12.38 | $14.93 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.21 | 0.28 | 0.06 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.27 | 1.52 | 0.70 | (1.06) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.73 | 0.98 | (1.00) | 3.64 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.26) | (0.19) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.25) | (0.46) | (0.92) | (1.55) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.80 | $13.71 | $12.44 | $12.38 | $14.93 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.09% | 14.31% | 8.99% | (7.83)% | 31.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1543 | $25 | $19 | $15 | $4071 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $453 | $21 | $16 | $81 | $3123 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25% | 0.22 %<sup>(d)</sup> | 0.28 %<sup>(d)</sup> | 0.27% | 0.27% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.92% | 15.59% | 19.74% | 5.80% | 1.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.59% | 1.69% | 2.37% | 0.52% | 0.97% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 93

------

PGIM Target Date 2050 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.69 | $12.42 | $12.36 | $14.91 | $11.51 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.23 | 0.28 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.05 | 1.51 | 0.72 | (1.12) | 3.50 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.36 | 1.74 | 1.00 | (0.99) | 3.65 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.27) | (0.21) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.26) | (0.47) | (0.94) | (1.56) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.79 | $13.69 | $12.42 | $12.36 | $14.91 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.22% | 14.45% | 9.12% | (7.79)% | 32.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $120 | $123 | $100 | $89 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $127 | $108 | $95 | $59 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.12% | 0.12 %<sup>(d)</sup> | 0.18 %<sup>(d)</sup> | 0.18% | 0.17% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.68% | 3.95% | 4.14% | 7.09% | 43.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.42% | 1.80% | 2.43% | 0.98% | 1.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2050 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.72 | $12.45 | $12.39 | $14.94 | $11.54 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.23 | 0.30 | 0.39 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.06 | 1.52 | 0.71 | (1.36) | 3.51 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.37 | 1.75 | 1.01 | (0.97) | 3.67 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.28) | (0.22) | (1.00) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.26) | (0.48) | (0.95) | (1.58) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.83 | $13.72 | $12.45 | $12.39 | $14.94 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.31% | 14.52% | 9.22% | (7.63)% | 32.13% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2581 | $1967 | $1446 | $1170 | $1149 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2214 | $1729 | $1226 | $1196 | $950 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.02% | 0.02 %<sup>(d)</sup> | 0.08 %<sup>(d)</sup> | 0.08% | 0.07% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.16% | 1.37% | 1.20% | 1.03% | 1.44% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.42% | 1.86% | 2.55% | 2.87% | 1.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 95

------

PGIM Target Date 2050 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.77 | $12.48 | $12.43 | $14.98 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.29 | 0.33 | 0.41 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.07 | 1.50 | 0.69 | (1.36) | 3.52 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 1.79 | 1.02 | (0.95) | 3.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.51) | (0.30) | (0.24) | (1.02) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (0.20) | (0.73) | (0.58) | (0.08) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.28) | (0.50) | (0.97) | (1.60) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.88 | $13.77 | $12.48 | $12.43 | $14.98 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.43% | 14.81% | 9.29% | (7.47)% | 32.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $15122 | $12813 | $20189 | $18346 | $18291 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $14004 | $15264 | $18311 | $20531 | $17795 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.02 %<sup>(d)</sup> | 0.00 %<sup>(d)(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement<br> from the manager | 0.00 %<sup>(f)</sup> | 0.02 %<sup>(d)(f)</sup> | (0.07)%<sup>(d)</sup> | (0.07)% | (0.08)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.95% | 0.94% | 0.81% | 0.58% | 0.63% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.46% | 2.32% | 2.81% | 2.98% | 1.33% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 37% | 84% | 26% | 59% | 39% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 54.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 46663 | $629946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 83385 | 3984128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 90221 | 870634 |
|  |  | 5484708 |
| &nbsp;&nbsp; **Fixed Income — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 11799 | 101356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 43451 | 298505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 33832 | 405312 |
|  |  | 805173 |
| &nbsp;&nbsp; **International Equity — 37.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 25124 | 499972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 65543 | 906463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 151662 | 2353789 |
|  |  | 3760224 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $8,087,185) |  | 10050105 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $31,576) | 31576 | 31576 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br>(cost $8,118,761)(wa) |  | 10081681 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (23467) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10058214 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity. | $5484708 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income. | 805173 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 3760224 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 31576 | <u>—</u> | <u>—</u> |
|  **Total** | $**10081681** | **$—** | **$—** |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 97

------

PGIM Target Date 2055 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 54.5 | % |
|  International Equity | 37.4 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 8.0% |
|  Short-Term | 0.3 |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,118,761) | $10081681 |
| &nbsp;&nbsp; Receivable for investments sold | 85674 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 16658 |
| &nbsp;&nbsp; Due from Manager | 16130 |
| &nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp; **Total Assets** | 10200214 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 102439 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22561 |
| &nbsp;&nbsp; Professional fees payable | 7162 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 4356 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 4147 |
| &nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 360 |
| &nbsp;&nbsp; Distribution fee payable | 163 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 12 |
| &nbsp;&nbsp; **Total Liabilities** | 142000 |
| &nbsp;&nbsp; **Net Assets** | $10058214 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8288853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1768507 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $10058214 |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 99

------

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($181,255 ÷ 15,637 shares of beneficial interest issued and outstanding) | $11.59 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($349,232 ÷ 29,925 shares of beneficial interest issued and outstanding) | $11.67 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($154,574 ÷ 13,207 shares of beneficial interest issued and outstanding) | $11.70 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($67,276 ÷ 5,737 shares of beneficial interest issued and outstanding) | $11.73 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,103,479 ÷ 93,781 shares of beneficial interest issued and outstanding) | $11.77 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($8,202,398 ÷ 695,540 shares of beneficial interest issued and outstanding) | $11.79 |
| &nbsp;&nbsp; <br> Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $210422 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1307 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 225 |
| &nbsp;&nbsp; Custodian and accounting fees | 56821 |
| &nbsp;&nbsp; Professional fees | 35537 |
| &nbsp;&nbsp; Registration fees(a) | 20911 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 14563 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9640 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,100)(a) | 4552 |
| &nbsp;&nbsp; Miscellaneous | 8736 |
| &nbsp;&nbsp; **Total expenses** | 184247 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (182136) |
| &nbsp;&nbsp; **Net expenses** | 2111 |
| &nbsp;&nbsp; Net investment income (loss) | 208311 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (28516) |
| &nbsp;&nbsp; Net capital gain distributions received | 251227 |
| &nbsp;&nbsp; Payment from Manager | 10341 |
|  | 233052 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 594397 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 827449 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1035760 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 224 | 974 | 109 |  |  |  |
|  Shareholder servicing fees | 15 | 71 | 99 | 40 |  |  |
|  Registration fees | 3144 | 4992 | 3144 | 3144 | 3144 | 3343 |
|  Transfer agent's fees and expenses | 157 | 1090 | 248 | 148 | 1198 | 1711 |
|  Fee waiver and/or expense reimbursement | (4032) | (12416) | (5250) | (4303) | (19830) | (136305) |

---

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 101

------

PGIM Target Date 2055 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $208311 | $168657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (18175) | 1032800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 251227 | 164009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 594397 | (294930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1035760 | 1070536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (2413) | (506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (36066) | (8217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (11336) | (1615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (6939) | (1372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (103117) | (20785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (915475) | (298085) |
|  | (1075346) | (330580) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3103007 | 3190788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1075346 | 330580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (2386852) | (5022676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1791501 | (1501308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1751915 | (761352) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8306299 | 9067651 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $10058214 | $8306299 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.81 | $10.65 | $10.28 | $14.78 | $11.33 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 | 0.13 | 0.19 | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.09 | 1.33 | 0.68 | (1.10) | 3.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.18 | 1.46 | 0.87 | (0.84) | 3.66 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.30) | (0.03) | (0.91) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.40) | (0.30) | (0.50) | (3.66) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.59 | $11.81 | $10.65 | $10.28 | $14.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.96% | 14.00% | 9.11% | (8.47)% | 32.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $181 | $19 | $18 | $17 | $18 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $45 | $19 | $16 | $18 | $16 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.63% | 0.65 %<sup>(d)</sup> | 0.68 %<sup>(d)</sup> | 0.67% | 0.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 9.65% | 18.00% | 21.35% | 22.90% | 42.22% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.77% | 1.22% | 1.97% | 2.17% | 0.57% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 103

------

PGIM Target Date 2055 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.89 | $10.71 | $10.31 | $14.82 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.11 | 0.22 | 0.29 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.02 | 1.39 | 0.68 | (1.11) | 3.60 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 1.50 | 0.90 | (0.82) | 3.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.32) | (0.03) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.44) | (0.32) | (0.50) | (3.69) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.67 | $11.89 | $10.71 | $10.31 | $14.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.23% | 14.37% | 9.38% | (8.28)% | 32.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $349 | $721 | $253 | $278 | $305 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $390 | $452 | $229 | $311 | $188 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.36% | 0.39 %<sup>(d)</sup> | 0.43 %<sup>(d)</sup> | 0.42% | 0.41% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.55% | 4.07% | 4.86% | 4.25% | 6.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.70% | 0.99% | 2.21% | 2.40% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.91 | $10.73 | $10.32 | $14.82 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.17 | 0.16 | 0.02 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.01 | 1.35 | 0.75 | (0.80) | 3.59 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.24 | 1.52 | 0.91 | (0.78) | 3.72 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.34) | (0.03) | (0.97) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.45) | (0.34) | (0.50) | (3.72) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.70 | $11.91 | $10.73 | $10.32 | $14.82 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.39% | 14.48% | 9.47% | (8.03)% | 33.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $155 | $84 | $43 | $15 | $7549 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $109 | $59 | $22 | $166 | $6237 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.22% | 0.25 %<sup>(d)</sup> | 0.29 %<sup>(d)</sup> | 0.25% | 0.26% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.03% | 7.37% | 15.85% | 3.82% | 1.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.98% | 1.50% | 1.61% | 0.15% | 0.95% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 105

------

PGIM Target Date 2055 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.93 | $10.75 | $10.33 | $14.84 | $11.37 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 | 0.18 | 0.25 | 0.31 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.00 | 1.35 | 0.67 | (1.09) | 3.60 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.26 | 1.53 | 0.92 | (0.78) | 3.74 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.35) | (0.03) | (0.98) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.46) | (0.35) | (0.50) | (3.73) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.73 | $11.93 | $10.75 | $10.33 | $14.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.60% | 14.59% | 9.56% | (8.01)% | 33.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $67 | $55 | $39 | $20 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $60 | $45 | $29 | $18 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.11% | 0.15 %<sup>(d)</sup> | 0.18 %<sup>(d)</sup> | 0.17% | 0.16% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.25% | 8.72% | 12.52% | 22.13% | 43.43% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.26% | 1.68% | 2.48% | 2.54% | 1.07% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2055 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.97 | $10.78 | $10.35 | $14.86 | $11.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.19 | 0.24 | 0.34 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.00 | 1.36 | 0.69 | (1.11) | 3.61 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 1.55 | 0.93 | (0.77) | 3.76 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.36) | (0.03) | (0.99) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.47) | (0.36) | (0.50) | (3.74) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.77 | $11.97 | $10.78 | $10.35 | $14.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.69% | 14.75% | 9.64% | (7.88)% | 33.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1103 | $786 | $565 | $367 | $247 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $906 | $674 | $447 | $317 | $188 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.02% | 0.05 %<sup>(d)</sup> | 0.08 %<sup>(d)</sup> | 0.07% | 0.06% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.21% | 2.77% | 2.95% | 2.87% | 4.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.34% | 1.76% | 2.45% | 2.79% | 1.12% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 107

------

PGIM Target Date 2055 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.99 | $10.80 | $10.34 | $14.86 | $11.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.24 | 0.28 | 0.37 | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.02 | 1.32 | 0.68 | (1.12) | 3.61 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.29 | 1.56 | 0.96 | (0.75) | 3.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.37) | (0.03) | (1.02) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.14) |  | (0.47) | (2.75) | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.49) | (0.37) | (0.50) | (3.77) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $11.79 | $11.99 | $10.80 | $10.34 | $14.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.79% | 14.89% | 9.95% | (7.82)% | 33.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $8202 | $6641 | $8151 | $6382 | $7681 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7614 | $6770 | $6741 | $8322 | $7616 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.05 %<sup>(d)</sup> | 0.00 %<sup>(d)(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from<br> the manager | 0.00 %<sup>(f)</sup> | 0.05 %<sup>(d)(f)</sup> | (0.07)%<sup>(d)</sup> | (0.08)% | (0.09)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.79% | 2.06% | 2.12% | 1.57% | 1.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.32% | 2.22% | 2.76% | 3.01% | 1.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 43% | 97% | 29% | 60% | 37% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 54.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 48091 | $649234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 82453 | 3939618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 95739 | 923885 |
|  |  | 5512737 |
| &nbsp;&nbsp; **Fixed Income — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 44081 | 302839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 34323 | 411193 |
|  |  | 714032 |
| &nbsp;&nbsp; **International Equity — 38.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 25489 | 507228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 70189 | 970707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 160410 | 2489559 |
|  |  | 3967494 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $8,365,019) |  | 10194263 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $31,536) | 31536 | 31536 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%**<br> (cost $8,396,555)(wa) |  | 10225799 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (23315) |
| &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;10202484 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $5512737 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 714032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 3967494 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 31536 | <u>—</u> | <u>—</u> |
|  **Total** | $**10225799** | **$—** | **$—** |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 109

------

PGIM Target Date 2060 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  Domestic Equity | 54.0 | Fixed Income | 7.0% |
|  International Equity | 38.9 | Short-Term | 0.3 |
|  |  |  | 100.2 |
|  |  | Liabilities in excess of other assets | (0.2) |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,396,555) | $10225799 |
| &nbsp;&nbsp; Receivable for investments sold | 86680 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 22934 |
| &nbsp;&nbsp; Due from Manager | 15740 |
| &nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp; **Total Assets** | 10351224 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 109283 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22360 |
| &nbsp;&nbsp; Professional fees payable | 7164 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 4318 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 4243 |
| &nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 346 |
| &nbsp;&nbsp; Distribution fee payable | 197 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 29 |
| &nbsp;&nbsp; **Total Liabilities** | 148740 |
| &nbsp;&nbsp; **Net Assets** | $10202484 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8556967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1644829 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $10202484 |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 111

------

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($256,758 ÷ 17,489 shares of beneficial interest issued and outstanding) | $14.68 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($406,981 ÷ 27,574 shares of beneficial interest issued and outstanding) | $14.76 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($83,642 ÷ 5,661 shares of beneficial interest issued and outstanding) | $14.78 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($39,840 ÷ 2,693 shares of beneficial interest issued and outstanding) | $14.79 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($1,454,100 ÷ 98,165 shares of beneficial interest issued and outstanding) | $14.81 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share,<br> ($7,961,163 ÷ 536,177 shares of beneficial interest issued and outstanding) | $14.85 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $193025 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 1565 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 168 |
| &nbsp;&nbsp; Custodian and accounting fees | 56572 |
| &nbsp;&nbsp; Professional fees | 35003 |
| &nbsp;&nbsp; Registration fees(a) | 20501 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 14598 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9640 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,018)(a) | 4953 |
| &nbsp;&nbsp; Miscellaneous | 8742 |
| &nbsp;&nbsp; **Total expenses** | 183697 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (181343) |
| &nbsp;&nbsp; **Net expenses** | 2354 |
| &nbsp;&nbsp; Net investment income (loss) | 190671 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 73800 |
| &nbsp;&nbsp; Net capital gain distributions received | 227331 |
| &nbsp;&nbsp; Payment from Manager | 9897 |
|  | 311028 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 539115 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 850143 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1040814 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 405 | 1099 | 61 |  |  |  |
|  Shareholder servicing fees | 48 | 54 | 61 | 5 |  |  |
|  Registration fees | 3143 | 4243 | 3144 | 3144 | 3144 | 3683 |
|  Transfer agent's fees and expenses | 212 | 1202 | 149 | 94 | 1502 | 1794 |
|  Fee waiver and/or expense reimbursement | (4716) | (12779) | (4367) | (3920) | (26410) | (129151) |

---

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 113

------

PGIM Target Date 2060 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $190671 | $142586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 83697 | 575954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 227331 | 138346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 539115 | 178749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1040814 | 1035635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (4383) | (758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (35233) | (9509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (5064) | (1491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (3860) | (1076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (106904) | (29399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (571300) | (248877) |
|  | (726744) | (291110) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3839418 | 3149374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 726744 | 291110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (3093104) | (3470822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1473058 | (30338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1787128 | 714187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8415356 | 7701169 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $10202484 | $8415356 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.42 | $13.02 | $12.82 | $15.17 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17 | 0.16 | 0.24 | 0.29 | 0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.31 | 1.63 | 0.84 | (1.46) | 3.74 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.48 | 1.79 | 1.08 | (1.17) | 3.82 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.22) | (0.19) | (0.95) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.22) | (0.39) | (0.88) | (1.18) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.68 | $14.42 | $13.02 | $12.82 | $15.17 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.94% | 14.12% | 9.38% | (8.62)% | 33.45% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $257 | $40 | $22 | $17 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $81 | $27 | $19 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62% | 0.64 %<sup>(d)</sup> | 0.67 %<sup>(d)</sup> | 0.66% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 6.44% | 13.74% | 18.47% | 23.66% | 46.33% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.15% | 1.17% | 1.98% | 2.06% | 0.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 115

------

PGIM Target Date 2060 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.50 | $13.09 | $12.86 | $15.21 | $11.52 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.16 | 0.25 | 0.52 | 0.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.23 | 1.68 | 0.87 | (1.66) | 3.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.52 | 1.84 | 1.12 | (1.14) | 3.86 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.26) | (0.20) | (0.98) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.26) | (0.43) | (0.89) | (1.21) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.76 | $14.50 | $13.09 | $12.86 | $15.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.24% | 14.40% | 9.70% | (8.37)% | 33.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $407 | $553 | $267 | $199 | $1755 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $440 | $382 | $215 | $1330 | $1291 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.36% | 0.38 %<sup>(d)</sup> | 0.43 %<sup>(d)</sup> | 0.41% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.27% | 3.87% | 4.78% | 2.45% | 3.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.04% | 1.16% | 2.07% | 3.57% | 0.74% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.51 | $13.10 | $12.89 | $15.25 | $11.55 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.31 | 0.21 | 0.28 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.24 | 1.64 | 0.86 | (1.28) | 3.77 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.55 | 1.85 | 1.14 | (1.12) | 3.89 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.43) | (0.27) | (0.24) | (1.01) | (0.13) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.28) | (0.44) | (0.93) | (1.24) | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.78 | $14.51 | $13.10 | $12.89 | $15.25 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.44% | 14.55% | 9.90% | (8.28)% | 33.94% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $84 | $55 | $41 | $31 | $1472 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $61 | $46 | $33 | $55 | $1051 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.21% | 0.24 %<sup>(d)</sup> | 0.28 %<sup>(d)</sup> | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.34% | 8.77% | 11.21% | 8.75% | 3.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.17% | 1.58% | 2.26% | 1.25% | 0.89% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 117

------

PGIM Target Date 2060 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.53 | $13.11 | $12.91 | $15.26 | $11.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 | 0.22 | 0.29 | 0.37 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.19 | 1.66 | 0.85 | (1.47) | 3.76 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.56 | 1.88 | 1.14 | (1.10) | 3.90 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.45) | (0.29) | (0.25) | (1.02) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.30) | (0.46) | (0.94) | (1.25) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.79 | $14.53 | $13.11 | $12.91 | $15.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.47% | 14.71% | 9.93% | (8.12)% | 34.14% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $40 | $42 | $24 | $18 | $17 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $41 | $32 | $20 | $17 | $15 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.11% | 0.14 %<sup>(d)</sup> | 0.18 %<sup>(d)</sup> | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 9.70% | 11.45% | 16.92% | 22.95% | 44.92% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.55% | 1.68% | 2.36% | 2.60% | 1.06% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2060 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.54 | $13.13 | $12.93 | $15.28 | $11.57 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 | 0.23 | 0.28 | 0.36 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.23 | 1.65 | 0.88 | (1.45) | 3.78 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 1.88 | 1.16 | (1.09) | 3.92 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.30) | (0.27) | (1.03) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.31) | (0.47) | (0.96) | (1.26) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.81 | $14.54 | $13.13 | $12.93 | $15.28 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.65% | 14.73% | 10.04% | (8.01)% | 34.21% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1454 | $1091 | $692 | $442 | $227 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1238 | $901 | $519 | $333 | $154 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.01% | 0.04 %<sup>(d)</sup> | 0.08 %<sup>(d)</sup> | 0.06% | 0.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.14% | 2.74% | 2.92% | 2.96% | 6.69% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.42% | 1.72% | 2.32% | 2.58% | 1.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.04% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 119

------

PGIM Target Date 2060 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.58 | $13.15 | $12.95 | $15.31 | $11.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.27 | 0.33 | 0.40 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.30 | 1.65 | 0.85 | (1.47) | 3.81 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.60 | 1.92 | 1.18 | (1.07) | 3.96 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.32) | (0.29) | (1.06) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.17) | (0.69) | (0.23) | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.33) | (0.49) | (0.98) | (1.29) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.85 | $14.58 | $13.15 | $12.95 | $15.31 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.77% | 15.02% | 10.20% | (7.93)% | 34.50% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $7961 | $6635 | $6655 | $6246 | $5912 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7007 | $6030 | $6474 | $6501 | $4213 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.06 %<sup>(d)</sup> | 0.00 %<sup>(d)(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the<br> manager | 0.00 %<sup>(f)</sup> | 0.06 %<sup>(d)(f)</sup> | (0.08)%<sup>(d)</sup> | (0.09)% | (0.10)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.84% | 2.25% | 2.18% | 1.79% | 2.32% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.12% | 2.01% | 2.68% | 2.85% | 1.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 46% | 92% | 42% | 64% | 35% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 54.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 5810 | $78439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 9885 | 472310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 11890 | 114736 |
|  |  | 665485 |
| &nbsp;&nbsp; **Fixed Income — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 3496 | 24016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 3062 | 36687 |
|  |  | 60703 |
| &nbsp;&nbsp; **International Equity — 40.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 3032 | 60339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 9228 | 127630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 19238 | 298572 |
|  |  | 486541 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $1,043,434) |  | 1212729 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $2,486) | 2486 | 2486 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br> (cost $1,045,920)(wa) |  | 1215215 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (1510) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;1213705 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $665485 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 60703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 486541 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2486 |  |  |
|  **Total** | $**1215215** | **$—** | **$—** |

---

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 121

------

PGIM Target Date 2065 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  Domestic Equity | 54.8 | Fixed Income | 5.0% |
|  International Equity | 40.1 | Short-Term | 0.2 |
|  |  |  | 100.1 |
|  |  | Liabilities in excess of other assets | (0.1) |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,045,920) | $1215215 |
| &nbsp;&nbsp; Due from Manager | 30085 |
| &nbsp;&nbsp; Receivable for investments sold | 10315 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 641 |
| &nbsp;&nbsp; Prepaid expenses | 1604 |
| &nbsp;&nbsp; **Total Assets** | 1257860 |
| &nbsp;&nbsp; <br> **Liabilities** |  |
| &nbsp;&nbsp; Custodian and accounting fees payable | 22904 |
| &nbsp;&nbsp; Payable for investments purchased | 10828 |
| &nbsp;&nbsp; Professional fees payable | 3856 |
| &nbsp;&nbsp; Fund data services payable | 3567 |
| &nbsp;&nbsp; Shareholders' reports payable | 2294 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 448 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 176 |
| &nbsp;&nbsp; Distribution fee payable | 82 |
| &nbsp;&nbsp; **Total Liabilities** | 44155 |
| &nbsp;&nbsp; <br> **Net Assets** | $1213705 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1071799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 141815 |
| &nbsp;&nbsp; <br> **Net assets, July 31, 2025** | $1213705 |

---

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 123

------

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($21,318 ÷ 1,611 shares of beneficial interest issued and outstanding) | $13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($323,577 ÷ 24,372 shares of beneficial interest issued and outstanding) | $13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($52,235 ÷ 3,933 shares of beneficial interest issued and outstanding) | $13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,814 ÷ 1,266 shares of beneficial interest issued and outstanding) | $13.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($35,544 ÷ 2,673 shares of beneficial interest issued and outstanding) | $13.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($764,217 ÷ 57,235 shares of beneficial interest issued and outstanding) | $13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share may not recalculate due to rounding. |  |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $20444 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 816 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 36 |
| &nbsp;&nbsp; Custodian and accounting fees | 56266 |
| &nbsp;&nbsp; Professional fees | 32341 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Registration fees(a) | 16478 |
| &nbsp;&nbsp; Shareholders' reports | 11871 |
| &nbsp;&nbsp; Fund data services | 11727 |
| &nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,055)(a) | 1746 |
| &nbsp;&nbsp; Miscellaneous | 7069 |
| &nbsp;&nbsp; **Total expenses** | 168178 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (166997) |
| &nbsp;&nbsp; **Net expenses** | 1181 |
| &nbsp;&nbsp; Net investment income (loss) | 19263 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (10091) |
| &nbsp;&nbsp; Net capital gain distributions received | 24871 |
| &nbsp;&nbsp; Payment from Manager | 773 |
|  | 15553 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 75229 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 90782 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $110045 |

---

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 91 | 678 | 47 |  |  |  |
|  Shareholder servicing fees | 3 |  | 33 |  |  |  |
|  Registration fees | 2115 | 4320 | 2510 | 2510 | 2511 | 2512 |
|  Transfer agent's fees and expenses | 92 | 654 | 134 | 44 | 187 | 635 |
|  Fee waiver and/or expense reimbursement | (5189) | (49258) | (10409) | (5143) | (7175) | (89823) |

---

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 125

------

PGIM Target Date 2065 Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19263 | $11572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (9318) | 31786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 24871 | 11531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 75229 | 24155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 110045 | 79044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1140) | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (16795) | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3090) | (608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1074) | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1791) | (347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (38867) | (10419) |
|  | (62757) | (14062) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 724304 | 370461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 62757 | 14062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (295983) | (443228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 491078 | (58705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 538366 | 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 675339 | 669062 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1213705 | $675339 |

---

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.73 | $11.32 | $10.80 | $12.74 | $9.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.14 | 0.18 | 0.26 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.12 | 1.45 | 0.78 | (1.25) | 3.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.34 | 1.59 | 0.96 | (0.99) | 3.24 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.10) | (0.16) | (0.79) | (0.05) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (0.18) | (0.44) | (0.95) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.23 | $12.73 | $11.32 | $10.80 | $12.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.11% | 14.21% | 9.50% | (8.61)% | 33.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $21 | $16 | $13 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $18 | $13 | $12 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.60% | 0.57 %<sup>(d)</sup> | 0.87 %<sup>(d)</sup> | 0.66% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 29.07% | 51.69% | 60.29% | 59.08% | 96.73% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.76% | 1.24% | 1.68% | 2.16% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 127

------

PGIM Target Date 2065 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.75 | $11.34 | $10.82 | $12.77 | $9.58 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.17 | 0.18 | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.14 | 1.43 | 0.81 | (1.20) | 3.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 1.60 | 0.99 | (0.97) | 3.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.11) | (0.19) | (0.82) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.86) | (0.19) | (0.47) | (0.98) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.28 | $12.75 | $11.34 | $10.82 | $12.77 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.45% | 14.26% | 9.77% | (8.45)% | 34.30% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $324 | $236 | $114 | $73 | $36 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $271 | $145 | $89 | $65 | $22 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.35% | 0.32 %<sup>(d)</sup> | 0.65 %<sup>(d)</sup> | 0.41% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 18.53% | 31.06% | 36.05% | 34.43% | 71.91% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.95% | 1.42% | 1.74% | 1.97% | 0.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.62%, which were voluntarily waived by the Manager, and 0.25% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.77 | $11.35 | $10.83 | $12.78 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.14 | 0.16 | 0.30 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.12 | 1.50 | 0.85 | (1.25) | 3.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.40 | 1.64 | 1.01 | (0.95) | 3.29 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.14) | (0.21) | (0.84) | (0.09) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (0.22) | (0.49) | (1.00) | (0.10) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.28 | $12.77 | $11.35 | $10.83 | $12.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.52% | 14.64% | 9.94% | (8.30)% | 34.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $52 | $45 | $21 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47 | $31 | $15 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.20% | 0.16 %<sup>(d)</sup> | 0.53 %<sup>(d)</sup> | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 22.37% | 37.43% | 53.40% | 58.37% | 96.05% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.19% | 1.22% | 1.54% | 2.56% | 0.95% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.69%, which were voluntarily waived by the Manager, and 0.28% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 129

------

PGIM Target Date 2065 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.78 | $11.36 | $10.84 | $12.79 | $9.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30 | 0.20 | 0.23 | 0.32 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.11 | 1.46 | 0.79 | (1.26) | 3.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.41 | 1.66 | 1.02 | (0.94) | 3.31 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.46) | (0.16) | (0.22) | (0.85) | (0.10) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.91) | (0.24) | (0.50) | (1.01) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.28 | $12.78 | $11.36 | $10.84 | $12.79 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.65% | 14.87% | 10.04% | (8.21)% | 34.66% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $17 | $15 | $13 | $12 | $13 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $16 | $14 | $12 | $13 | $11 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.10% | 0.07 %<sup>(d)</sup> | 0.37 %<sup>(d)</sup> | 0.16% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 32.89% | 49.20% | 59.30% | 58.20% | 95.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.32% | 1.75% | 2.18% | 2.66% | 1.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2065 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.79 | $11.37 | $10.85 | $12.80 | $9.60 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.21 | 0.24 | 0.32 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.14 | 1.46 | 0.79 | (1.24) | 3.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 1.67 | 1.03 | (0.92) | 3.32 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.17) | (0.23) | (0.87) | (0.11) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.92) | (0.25) | (0.51) | (1.03) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.30 | $12.79 | $11.37 | $10.85 | $12.80 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.80% | 14.98% | 10.15% | (8.11)% | 34.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $36 | $18 | $16 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $28 | $16 | $14 | $14 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.01% | 0.00 %<sup>(d)(e)</sup> | 0.27 %<sup>(d)</sup> | 0.06% | 0.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 25.81% | 46.25% | 55.47% | 54.91% | 93.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.27% | 1.82% | 2.28% | 2.72% | 1.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 131

------

PGIM Target Date 2065 Fund

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.85 | $11.38 | $10.86 | $12.81 | $9.61 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.24 | 0.22 | 0.32 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.17 | 1.48 | 0.82 | (1.23) | 3.22 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.45 | 1.72 | 1.04 | (0.91) | 3.33 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.17) | (0.24) | (0.88) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.08) | (0.28) | (0.16) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.95) | (0.25) | (0.52) | (1.04) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.35 | $12.85 | $11.38 | $10.86 | $12.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.93% | 15.43% | 10.32% | (7.97)% | 34.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $764 | $346 | $492 | $336 | $433 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $540 | $399 | $368 | $435 | $331 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00% | 0.00 %<sup>(d)</sup> | 0.15 %<sup>(d)(e)</sup> | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from<br> the manager | 0.00 %<sup>(f)</sup> | 0.00 %<sup>(f)</sup> | 0.15 %<sup>(d)</sup> | (0.09)% | (0.10)% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 16.63% | 26.44% | 30.77% | 25.56% | 34.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.16% | 2.11% | 2.11% | 2.70% | 0.93% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 47% | 112% | 45% | 67% | 94% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Fund invests. 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) Includes certain non-recurring expenses of 0.66%, which were voluntarily waived by the Manager, and 0.24% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(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) Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 54.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 309 | $4176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 526 | 25148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 633 | 6109 |
|  |  | 35433 |
| &nbsp;&nbsp; **Fixed Income — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 186 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 163 | 1953 |
|  |  | 3232 |
| &nbsp;&nbsp; **International Equity — 40.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 161 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 491 | 6795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | 15897 |
|  |  | 25905 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $61,294) |  | 64570 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $117) | 117 | 117 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $61,411)(wa) |  | 64687 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (65) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64622 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $35433 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 3232 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Equity | 25905 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 117 |  |  |
|  **Total** | $**64687** | $**—** | $**—** |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 133

------

PGIM Target Date 2070 Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 54.8 | % |
|  International Equity | 40.1 |  |

---

---

| | |
|:---|:---|
|  Fixed Income | 5.0% |
|  Short-Term | 0.2 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $61,411) | $64687 |
| &nbsp;&nbsp; Due from Manager | 18122 |
| &nbsp;&nbsp; Receivable for investments sold | 561 |
| &nbsp;&nbsp; Prepaid expenses | 20544 |
| &nbsp;&nbsp; **Total Assets** | 103914 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Custodian and accounting fees payable | 20821 |
| &nbsp;&nbsp; Professional fees payable | 15042 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 1624 |
| &nbsp;&nbsp; Fund data services payable | 1033 |
| &nbsp;&nbsp; Payable for investments purchased | 548 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 171 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 45 |
| &nbsp;&nbsp; Distribution fee payable | 8 |
| &nbsp;&nbsp; **Total Liabilities** | 39292 |
| &nbsp;&nbsp; **Net Assets** | $64622 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 61542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3074 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $64622 |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 135

------

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class R1** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,556 ÷ 1,008 shares of beneficial interest issued and outstanding) | $10.47 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,687 ÷ 1,115 shares of beneficial interest issued and outstanding) | $10.48 |
| &nbsp;&nbsp; **Class R3** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,584 ÷ 1,009 shares of beneficial interest issued and outstanding) | $10.49 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,591 ÷ 1,009 shares of beneficial interest issued and outstanding) | $10.50 |
| &nbsp;&nbsp; **Class R5** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,597 ÷ 1,009 shares of beneficial interest issued and outstanding) | $10.51 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,607 ÷ 1,009 shares of beneficial interest issued and outstanding) | $10.51 |

---

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Statement of Operations

For the Period December 10, 2024\* through July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $180 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Distribution fee(a) | 56 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 28 |
| &nbsp;&nbsp; Registration fees(a) | 52478 |
| &nbsp;&nbsp; Professional fees | 43198 |
| &nbsp;&nbsp; Custodian and accounting fees | 34970 |
| &nbsp;&nbsp; Audit fee | 20228 |
| &nbsp;&nbsp; Shareholders' reports | 8493 |
| &nbsp;&nbsp; Trustees' fees | 5600 |
| &nbsp;&nbsp; Offering fees | 3206 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $244)(a) | 330 |
| &nbsp;&nbsp; Miscellaneous | 5498 |
| &nbsp;&nbsp; **Total expenses** | 174085 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (173999) |
| &nbsp;&nbsp; **Net expenses** | 86 |
| &nbsp;&nbsp; Net investment income (loss) | 94 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (123) |
| &nbsp;&nbsp; Net capital gain distributions received | 308 |
| &nbsp;&nbsp; Payment from Manager | 8 |
|  | 193 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3276 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3469 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3563 |

---

\* Commencement of operations.

(a) Class specific expenses and waivers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R1** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
|  Distribution fee | 32 | 17 | 7 |  |  |  |
|  Shareholder servicing fees | 7 | 7 | 7 | 7 |  |  |
|  Registration fees | 13727 | 13726 | 13726 | 3767 | 3767 | 3765 |
|  Transfer agent's fees and expenses | 42 | 44 | 42 | 42 | 82 | 78 |
|  Fee waiver and/or expense reimbursement | (33857) | (34383) | (33880) | (23928) | (23973) | (23978) |

---

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 137

------

PGIM Target Date 2070 Fund

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **December 10, 2024\*** <br> **through** <br> **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $94 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (115) |
| &nbsp;&nbsp; Net capital gain distributions received | 308 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3276 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3563 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |
| &nbsp;&nbsp; Class R1 | (82) |
| &nbsp;&nbsp; Class R2 | (83) |
| &nbsp;&nbsp; Class R3 | (83) |
| &nbsp;&nbsp; Class R4 | (83) |
| &nbsp;&nbsp; Class R5 | (84) |
| &nbsp;&nbsp; Class R6 | (85) |
|  | (500) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 61059 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 500 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 61559 |
| &nbsp;&nbsp; Total increase (decrease) | 64622 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $64622 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R1 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.47 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 5.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 432.02 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.16)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 139

------

PGIM Target Date 2070 Fund

Financial Highlights (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.55 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.56 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.69% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.37 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 425.57 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R3 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.55 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.57 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.22 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 431.41 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 141

------

PGIM Target Date 2070 Fund

Financial Highlights (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.58 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.50 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.90% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.12 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 331.40 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Target Date 2070 Fund

Financial Highlights (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R5 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.56 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 6.01% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.02 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 331.89 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 143

------

PGIM Target Date 2070 Fund

Financial Highlights (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |
|  | **December 10, 2024<sup>(a)</sup><br>through July 31,** |
|  | **2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.57 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.09) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 6.02% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 331.79 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.46 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 12% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; **Domestic Equity — 59.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund (Class R6) | 3144728 | $73680971 |
| &nbsp;&nbsp; **Fixed Income — 40.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Total Return Bond Fund (Class R6) | 4109554 | 49232452 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $99,477,761) |  | 122913423 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $123,025) | 123025 | 123025 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $99,600,786)(wa) |  | 123036448 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (24678) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;123011770 |

---

Below is a list of the abbreviation(s) used in the annual report:

SOFR—Secured Overnight Financing Rate

(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $73680971 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 49232452 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 123025 |  |  |
|  **Total** | $**123036448** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Domestic Equity | 59.9 | % |
|  Fixed Income | 40.0 |  |
|  Short-Term | 0.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05%

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 145

------

PGIM 60/40 Allocation Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $99,600,786) | $123036448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 853751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 123895707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 844158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 35395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 883937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $123011770 |
| &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 | $8902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 104797176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 18205692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, July 31, 2025** | $123011770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($123,011,770 ÷ 8,902,210 shares of beneficial interest issued and outstanding) | $13.82 |

---

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $2799793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 22575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 38865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 23566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 11377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $115) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 160730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (121519) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 39211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2760582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (2313915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 6098574 |
|  | 3784659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4158989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 7943648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $10704230 |

---

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 147

------

PGIM 60/40 Allocation Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **July 31,** | **Year Ended**<br> **July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2760582 | $2856566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (2313915) | (841760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 6098574 | 1270856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4158989 | 13663202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 10704230 | 16948864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (8535684) | (2933603) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (1,429,486 and 1,231,220 shares, respectively) | 19178109 | 15250533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (650,586 and 243,298 shares, respectively) | 8535684 | 2933603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (1,425,929 and 1,012,502 shares, respectively) | (19110836) | (12726682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 8602957 | 5457454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 10771503 | 19472715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 112240267 | 92767552 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $123011770 | $112240267 |

---

See Notes to Financial Statements.

------

PGIM 60/40 Allocation Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.61 | $11.91 | $11.89 | $13.59 | $11.53 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.33 | 0.35 | 0.35 | 0.25 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.94 | 1.71 | 0.32 <sup>(b)</sup> | (1.04) | 2.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.27 | 2.06 | 0.67 | (0.79) | 2.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.77) | (0.34) | (0.30) | (0.85) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.29) | (0.02) | (0.35) | (0.06) | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.06) | (0.36) | (0.65) | (0.91) | (0.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.82 | $13.61 | $11.91 | $11.89 | $13.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 9.77% | 17.67% | 6.35% | (6.34)% | 20.93% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $123012 | $112240 | $92768 | $82535 | $76709 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $112873 | $100762 | $84138 | $82858 | $53068 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.03% | 0.04% | 0.04 %<sup>(e)</sup> | 0.03% | 0.04% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.14% | 0.16% | 0.19% | 0.17% | 0.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.45% | 2.83% | 3.17% | 1.97% | 1.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 27% | 18% | 21% | 20% | 22% |

---

(a) Calculated based on average shares outstanding during the year.

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, respectively which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2023.

(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 60/40 Allocation Fund 149

------

Notes to Financial Statements

1. Organization

Prudential Investment Portfolios 5 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust.

These financial statements relate only to the following series of the RIC: PGIM Target Date Income Fund ("Target Date Income"), PGIM Target Date 2020 Fund ("Target Date" 2020), PGIM Target Date 2025 Fund ("Target Date 2025"), PGIM Target Date 2030 Fund ("Target Date 2030"), PGIM Target Date 2035 Fund ("Target Date 2035"), PGIM Target Date 2040 Fund ("Target Date 2040"), PGIM Target Date 2045 Fund ("Target Date 2045"), PGIM Target Date 2050 Fund ("Target Date 2050"), PGIM Target Date 2055 Fund ("Target Date 2055"), PGIM Target Date 2060 Fund ("Target Date 2060"), PGIM Target Date 2065 Fund ("Target Date 2065"), PGIM Target Date 2070 Fund ("Target Date 2070") (each a "Target Date Fund" or collectively the "PGIM Target Date Funds" or "Target Date Funds") and PGIM 60/40 Allocation Fund ("60/40 Allocation") (the Target Date Funds and 60/40 Allocation Fund are each referred to as a "Fund" and collectively the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The investment objective of each Fund is to seek a balance between growth and conservation of capital. Each Fund seeks to achieve its objective by investing in a diversified portfolio of other mutual funds within the PGIM fund family (each, an "Underlying Fund").

2. Accounting Policies

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

------

Various inputs determine how each Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Investments in open-end funds (other than exchanged-traded funds ("ETFs")) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; **Each Fund other than Target Date Income:** |  |  |
| &nbsp;&nbsp; Net Investment Income |  | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; **Target Date Income:** |  |  |
| &nbsp;&nbsp; Net Investment Income |  | Quarterly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

------

Notes to Financial Statements (continued)

3. Agreements

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services with respect to each Fund.

The Manager has entered into subadvisory agreements with PGIM DC Solutions LLC ("PGIM DC Solutions") with respect to the PGIM Target Date Funds, and with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") with respect to the 60/40 Allocation Fund (each a "subadviser" and collectively the "subadvisers").

Each Target Date Fund paid PGIM Investments management fees (net of waivers, as applicable) at the effective rate of 0.00% of the Target Date Fund's average daily net assets, accrued daily and payable monthly. The 60/40 Allocation Fund pays PGIM Investments management fees (net of waivers, as applicable) at the effective rate of 0.02% of the Fund's average daily net assets, accrued daily and payable monthly. All amounts paid or payable by the Funds to the Manager, under the agreements, are reflected in the Statement of Operations.

The Manager has contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class of the Target Date Funds to the same extent that it waives such expenses on any other share class of the Target Date Funds. Fund fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. With respect to the Target Date Funds, this waiver has no express termination date and may not be terminated by PGIM Investments without prior approval of the Fund's Board of Trustees. With respect to the 60/40 Allocation Fund, this waiver may not be terminated prior to November 30, 2026 without the prior approval of the Fund's Board of Trustees. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Fund** | **Expense <br>Limitations** |
| &nbsp;&nbsp; Target Date Funds - Class R1 | 1.00% |
| &nbsp;&nbsp; Target Date Funds - Class R2 | 0.75 |
| &nbsp;&nbsp; Target Date Funds - Class R3 | 0.60 |
| &nbsp;&nbsp; Target Date Funds - Class R4 | 0.50 |
| &nbsp;&nbsp; Target Date Funds - Class R5 | 0.40 |
| &nbsp;&nbsp; Target Date Funds - Class R6 | 0.25 |
| &nbsp;&nbsp; 60/40 Allocation - Class R6 | 0.40 |

---

The RIC, on behalf of each Fund, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 shares of the Target Date Funds and Class R6 shares of the 60/40 Allocation Fund. The Target Date Funds compensate PIMS for distributing and servicing the Target Date Funds' Class R1, Class R2 and Class R3 shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Target Date Fund compensates PIMS for distribution related activities at an annual rate of the average daily net assets of the Class R1, Class R2 and Class R3 shares, respectively. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class R4, Class R5, Class R6 shares of the Target Date Funds and Class R6 shares of the 60/40 Allocation Fund.

The Target Date Funds have adopted a Shareholder Services Plan with respect to Class R1, Class R2, Class R3 and Class R4 shares. Under the terms of the Shareholder Services Plan, each Fund's Class R1, Class R2, Class R3 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers, for services rendered to the shareholders of such Class R1, Class R2, Class R3 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

------

The Funds' annual gross and net distribution rates and maximum shareholder servicing fee, where applicable, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross<br>Distribution Fee** | **Net<br>Distribution Fee** | **Shareholder <br>Service Fee** |
| &nbsp;&nbsp; Target Date Funds - Class R1 | 0.50% | 0.50% | 0.10% |
| &nbsp;&nbsp; Target Date Funds - Class R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; Target Date Funds - Class R3 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp; Target Date Funds - Class R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; Target Date Funds - Class R5 | N/A | N/A | N/A |
| &nbsp;&nbsp; Target Date Funds - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; 60/40 Allocation - Class R6 | N/A | N/A | N/A |

---

PGIM Investments, PIMS, PGIM DC Solutions, PGIM Quantitative Solutions, and PMFS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

4. Other Transactions with Affiliates

PMFS, an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

5. Investments in Affiliated Issuers

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year or period ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds <br>from Sales** |
| &nbsp;&nbsp; Target Date Income | $5734555 | $8188362  |
| &nbsp;&nbsp; Target Date 2020 | 10944734 | 12782721  |
| &nbsp;&nbsp; Target Date 2025 | 17428429 | 18103311  |
| &nbsp;&nbsp; Target Date 2030 | 22554750 | 21690623  |
| &nbsp;&nbsp; Target Date 2035 | 20983833 | 15706067  |
| &nbsp;&nbsp; Target Date 2040 | 17112587 | 16370779  |
| &nbsp;&nbsp; Target Date 2045 | 14489154 | 11423798  |
| &nbsp;&nbsp; Target Date 2050 | 10019372 | 6416014  |
| &nbsp;&nbsp; Target Date 2055 | 5114593 | 3929730  |
| &nbsp;&nbsp; Target Date 2060 | 5283257 | 4110061  |
| &nbsp;&nbsp; Target Date 2065 | 908702 | 435902  |
| &nbsp;&nbsp; Target Date 2070 | 68422 | 7005  |
| &nbsp;&nbsp; 60/40 Allocation | 39940186 | 31021339  |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year or period ended July 31, 2025, is presented as follows:

#### Target Date Income:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $2800826 | $2719512 | $1181316 | $158663 | $(149263) | $4348422 | 506219 | $151620 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1045287 | 1268802 | 618247 | 21121 | 23707 | 1740670 | 87471 | 37065 |  |

---

------

Notes to Financial Statements (continued)

#### Target Date Income (cont'd.):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| 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) |
| $210316 | $43730 | $254823 | $(78280) | $79057 | $— |  | $468 | $15701 |
| PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1056090 | 1004296 | 647448 | 126737 | (55088) | 1484587 | 216097 | 39991 |  |
| PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813529 | 746587 | 542424 | 63688 | 64417 | 1145797 | 73827 | 34282 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2830225 | 2813630 | 2051042 | 236791 | 183979 | 4013583 | 84001 | 32461 | 82651 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210372 | 331096 | 172152 | (19035) | (1871) | 348410 | 36105 | 2324 | 29126 |
| PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4031415 | 3266550 | 1548374 | 247777 | (219851) | 5777517 | 689441 | 216619 |  |
| PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2799449 | 2705937 | 1172536 | 204599 | (190224) | 4347225 | 362874 | 172848 |  |
| $15797509 | $14900140 | $8188362 | $962061 | $(265137) | $23206211 |  | $687678 | $127478 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1805466 | $2216301 | $2068332 | $— | $— | $1953435 | 1953435 | $87814 | $— |
| $17602975 | $17116441 | $10256694 | $962061 | $(265137) | $25159646 |  | $775492 | $127478 |
| Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: | Target Date 2020: |
| **Value,<br>Beginning<br>of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
| PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $4526578 | $1711806 | $1460921 | $145490 | $(175577) | $4747376 | 552663 | $189490 | $— |
| 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) |
| 2111664 | 1092889 | 910932 | 18682 | 29251 | 2341554 | 117666 | 58292 |  |
| 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) |
| 516940 | 288910 | 303684 | (53702) | 19833 | 468297 | 34689 | 1203 | 40318 |
| 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) |
| 2133538 | 689637 | 917596 | 161456 | (69948) | 1997087 | 290697 | 84387 |  |
| 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) |
| 2286649 | 770161 | 1123478 | 39313 | 104787 | 2077432 | 133855 | 100684 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 7032839 | 2312999 | 3689114 | 475741 | 278907 | 6411372 | 134185 | 84279 | 214589 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| 517078 | 287916 | 276005 | (68005) | 7700 | 468684 | 48568 | 5967 | 74802 |
| 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) |
| 7648539 | 1843083 | 2357467 | 277852 | (315956) | 7096051 | 846784 | 297469 |  |
| 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) |
| 5584741 | 1947333 | 1743524 | 244927 | (270392) | 5763085 | 481059 | 265173 |  |

---

------

#### Target Date 2020 (cont'd.):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| $32358566 | $10944734 | $12782721 | $1241754 | $(391395) | $31370938 |  | $1086944 | $329709 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $3197241 | $864523 | $1651415 | $— | $— | $2410349 | 2410349 | $129667 | $— |
| $35555807 | $11809257 | $14434136 | $1241754 | $(391395) | $33781287 |  | $1216611 | $329709 |
| Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: | Target Date 2025: |
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
| PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $5371679 | $2561354 | $1863300 | $134941 | $(175913) | $6028761 | 701835 | $242942 | $— |
| 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) |
| 2863872 | 1059170 | 1111840 | 14264 | 29193 | 2854659 | 143450 | 78083 |  |
| 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) |
| 854753 | 530210 | 460825 | (71293) | 3528 | 856373 | 63435 | 2094 | 70126 |
| 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) |
| 2893588 | 1150651 | 1327832 | 217651 | (93570) | 2840488 | 413463 | 120469 |  |
| 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) |
| 3886277 | 1459053 | 1818907 | 178237 | 107953 | 3812613 | 245658 | 180064 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 10963247 | 4051840 | 5451733 | 964038 | 271355 | 10798747 | 226010 | 138248 | 352001 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| 854983 | 598370 | 443485 | (96961) | (8215) | 904692 | 93750 | 10380 | 130144 |
| 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) |
| 9508738 | 2896155 | 3213777 | 354535 | (414097) | 9131554 | 1089684 | 394233 |  |
| 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) |
| 7190663 | 3121626 | 2411612 | 288762 | (330096) | 7859343 | 656039 | 366221 |  |
| $44387800 | $17428429 | $18103311 | $1984174 | $(609862) | $45087230 |  | $1532734 | $552271 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $3844643 | $1282146 | $2184673 | $— | $— | $2942116 | 2942116 | $162635 | $— |
| $48232443 | $18710575 | $20287984 | $1984174 | $(609862) | $48029346 |  | $1695369 | $552271 |
| Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: | Target Date 2030: |
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
| PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $4110431 | $2940138 | $1616472 | $119658 | $(138590) | $5415165 | 630403 | $204519 | $— |
| 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) |
| 3229459 | 1257272 | 1165124 | 30250 | 22037 | 3373894 | 169542 | 89806 |  |
| 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) |
| 1256292 | 766186 | 687696 | (112248) | 14528 | 1237062 | 91634 | 3115 | 104334 |

---

------

Notes to Financial Statements (continued)

#### Target Date 2030 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| 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) |
| $3154269 | $1372184 | $1321984 | $228279 | $(75557) | $3357191 | 488674 | $134084 | $— |
| 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) |
| 549597 | 127841 | 665276 | (107847) | 95685 |  |  | 15268 |  |
| 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) |
| 5245913 | 2350624 | 2416482 | 357964 | 94590 | 5632609 | 362926 | 246597 |  |
| PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 14407250 | 5467437 | 7062915 | 1288055 | 364673 | 14464500 | 302731 | 184332 | 469338 |
| PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| 1256631 | 788506 | 593489 | (147879) | (9421) | 1294348 | 134129 | 15480 | 194096 |
| 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) |
| 9639638 | 3451397 | 3387115 | 314320 | (361911) | 9656329 | 1152307 | 407202 |  |
| 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) |
| 7892446 | 4033165 | 2774070 | 287860 | (321627) | 9117774 | 761083 | 413568 |  |
| $50741926 | $22554750 | $21690623 | $2258412 | $(315593) | $53548872 |  | $1713971 | $767768 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $3687336 | $1392690 | $1895997 | $— | $— | $3184029 | 3184029 | $165412 | $— |
| $54429262 | $23947440 | $23586620 | $2258412 | $(315593) | $56732901 |  | $1879383 | $767768 |

---

#### Target Date 2035:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $2425040 | $1951954 | $881110 | $35305 | $(46639) | $3484550 | 405652 | $122780 | $— |
|  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) |
| 2413320 | 1260507 | 754091 | 28563 | (1797) | 2946502 | 148065 | 72238 |  |
|  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) |
| 1448436 | 951948 | 655730 | (110737) | (13389) | 1620528 | 120039 | 3731 | 125014 |
|  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) |
| 2102176 | 1163991 | 916367 | 135285 | (41795) | 2443290 | 355646 | 92205 |  |
|  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) |
| 1189743 | 494571 | 647596 | 134290 | 16152 | 1187160 | 85840 | 34332 |  |
|  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) |
| 5289221 | 2422948 | 2197364 | 394975 | (6910) | 5902870 | 380340 | 258278 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 13546834 | 6426315 | 5502547 | 1780506 | (52523) | 16198585 | 339024 | 180047 | 458428 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| 1490701 | 1056352 | 583270 | (160715) | (33772) | 1769296 | 183347 | 19077 | 239195 |
|  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) |
| 5107638 | 2572450 | 1704081 | 80641 | (104023) | 5952625 | 710337 | 230029 |  |

---

------

#### Target Date 2035 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **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) |
| $5181992 | $2682797 | $1863911 | $64600 | $(93599) | $5971879 | 498487 | $261632 | $— |
| $40195101 | $20983833 | $15706067 | $2382713 | $(378295) | $47477285 |  | $1274349 | $822637 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1932326 | $1128318 | $1021830 | $— | $— | $2038814 | 2038814 | $92777 | $— |
| $42127427 | $22112151 | $16727897 | $2382713 | $(378295) | $49516099 |  | $1367126 | $822637 |

---

#### Target Date 2040:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $1978311 | $994121 | $747066 | $16512 | $(29978) | $2211900 | 257497 | $86465 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021304 | 816446 | 678938 | 18495 | 4595 | 2181902 | 109643 | 56092 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1862787 | 996931 | 738142 | (155391) | (2530) | 1963655 | 145456 | 4577 | 153289 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2042419 | 981147 | 942231 | 134376 | (44654) | 2171057 | 316020 | 85249 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1948562 | 672890 | 943759 | 218730 | 37685 | 1934108 | 139849 | 53168 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;6542613 | 2523437 | 2792109 | 412897 | 44748 | 6731586 | 433736 | 302107 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 14360533 | 5678313 | 5605345 | 1733252 | (10925) | 16155828 | 338130 | 180476 | 459519 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2107390 | 1127338 | 782163 | (244085) | (24842) | 2183638 | 226284 | 25501 | 319733 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3416759 | 1460763 | 1551064 | 65409 | (85691) | 3306176 | 394532 | 137315 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3950595 | 1861201 | 1589962 | 39460 | (59842) | 4201452 | &nbsp;&nbsp;&nbsp;&nbsp;350706 | 191922 |  |
| $40231273 | $17112587 | $16370779 | $2239655 | $(171434) | $43041302 |  | $1122872 | $932541 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $721770 | $1180724 | $959841 | $— | $— | $942653 | 942653 | $39469 | $— |
| $40953043 | $18293311 | $17330620 | $2239655 | $(171434) | $43983955 |  | $1162341 | $932541 |

---

#### Target Date 2045:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value, End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $1019017 | $557031 | $621120 | $(143) | $(10047) | $944738 | 109981 | $39130 | $— |

---

------

Notes to Financial Statements (continued)

#### Target Date 2045 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| $1310173 | $716811 | $493520 | $14851 | $5282 | $1553597 | 78070 | $37556 | $— |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1302365 | 955561 | 534926 | (119020) | 11713 | 1615693 | 119681 | 3086 | 103381 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1270958 | 708261 | 792799 | 76764 | (26371) | 1236813 | 180031 | 52310 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1685963 | 759141 | 813769 | 226584 | 19773 | 1877692 | 135769 | 45234 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;4959433 | 2483507 | 2138259 | 378068 | 12819 | 5695568 | 366982 | 225178 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;9692039 | 4839777 | 3754952 | 1256063 | 32905 | 12065832 | 252529 | 119771 | 304957 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1661361 | 1173308 | 624464 | (187259) | (1694) | 2021252 | 209456 | 19769 | 247865 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1371025 | 764413 | 715046 | 5714 | (13895) | 1412211 | 168522 | 55909 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2244931 | 1531344 | 934943 | 6423 | (14307) | 2833448 | 236515 | 117928 |  |
| $26517265 | $14489154 | $11423798 | $1658045 | $16178 | $31256844 |  | $715871 | $656203 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $47337 | $838262 | $835046 | $— | $— | $50553 | 50553 | $2241 | $— |
| $26564602 | $15327416 | $12258844 | $1658045 | $16178 | $31307397 |  | $718112 | $656203 |

---

#### Target Date 2050:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $276273 | $258486 | $125223 | $(352) | $(1130) | $408054 | 47503 | $13848 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;763695 | 514788 | 283115 | 13423 | (2370) | 1006421 | 50574 | 23679 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;808329 | 689463 | 324276 | (62406) | (4078) | 1107032 | 82002 | 2037 | 68240 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;617378 | 479671 | 326271 | 34947 | (4557) | 801168 | 116618 | 26697 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1204300 | 680295 | 563442 | 194474 | 4941 | 1520568 | 109947 | 33896 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3275560 | 2028808 | 1399465 | 288631 | 179 | 4193713 | 270213 | 156034 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;5838893 | 3363613 | 2178994 | 876121 | (21819) | 7877814 | 164877 | 75697 | 192737 |

---

------

#### Target Date 2050 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| $1238956 | $934536 | $443107 | $(125858) | $(13133) | $1591394 | 164911 | $15467 | $193921 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276638 | 252029 | 121741 | 1273 | (1568) | 406631 | 48524 | 14276 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1165904 | 817683 | 650380 | (1787) | (5606) | 1325814 | 110669 | 57060 |  |
| $15465926 | $10019372 | $6416014 | $1218466 | $(49141) | $20238609 |  | $418691 | $454898 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $40899 | $211446 | $211039 | $— | $— | $41306 | 41306 | $1630 | $— |
| $15506825 | $10230818 | $6627053 | $1218466 | $(49141) | $20279915 |  | $420321 | $454898 |

---

#### Target Date 2055:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| $82337 | $61580 | $42002 | $(125) | $(434) | $101356 | 11799 | $3765 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409684 | 260957 | 174906 | 5463 | (1226) | 499972 | 25124 | 12263 |  |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488041 | 403521 | 214834 | (44165) | (2617) | 629946 | 46663 | 1199 | 40157 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331194 | 205929 | 250356 | 17645 | (5907) | 298505 | 43451 | 14180 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726404 | 416303 | 354830 | 114135 | 4451 | 906463 | 65543 | 20042 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1898634 | 1188569 | 903360 | 166269 | 3677 | 2353789 | 151662 | 88663 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3097369 | 1741295 | 1258972 | 419773 | (15337) | 3984128 | 83385 | 39364 | 100227 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;722365 | 524174 | 285971 | (82398) | (7536) | 870634 | 90221 | 8841 | 110843 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98935 | 30443 | 127208 | (118) | (2052) |  |  | 1329 |  |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444398 | 281822 | 317291 | (2082) | (1535) | 405312 | 33832 | 19629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$8299361 | $5114593 | $3929730 | $594397 | $(28516) | $10050105 |  | $209275 | $251227 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;$36441 | $189980 | $194845 | $— | $— | $31576 | 31576 | $1147 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;$8335802 | $5304573 | $4124575 | $594397 | $(28516) | $10081681 |  | $210422 | $251227 |

---

------

Notes to Financial Statements (continued)

#### Target Date 2060:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| $414978 | $275403 | $189824 | $2982 | $3689 | $507228 | 25489 | $11824 | $— |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504366 | 419144 | 237755 | (49888) | 13367 | 649234 | 48091 | 1105 | 37003 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;335473 | 218182 | 262939 | 20128 | (8005) | 302839 | 44081 | 12549 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784948 | 456922 | 393815 | 118734 | 3918 | 970707 | 70189 | 19121 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;2064744 | 1253158 | 991871 | 162619 | 909 | 2489559 | 160410 | 85131 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;3081746 | 1782322 | 1342783 | 368825 | 49508 | 3939618 | 82453 | 34578 | 88042 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;755084 | 572558 | 333246 | (82740) | 12229 | 923885 | 95739 | 8158 | 102286 |
|  PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) | PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466813 | 305568 | 357828 | (1545) | (1815) | 411193 | 34323 | 19430 |  |
| $8408152 | $5283257 | $4110061 | $539115 | $73800 | $10194263 |  | $191896 | $227331 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $33442 | $202207 | $204113 | $— | $— | $31536 | 31536 | $1129 | $— |
| $8441594 | $5485464 | $4314174 | $539115 | $73800 | $10225799 |  | $193025 | $227331 |

---

#### Target Date 2065:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| $33296 | $46988 | $20083 | $686 | $(548) | $60339 | 3032 | $1306 | $— |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;41943 | 67211 | 25404 | (3767) | (1544) | 78439 | 5810 | 123 | 4111 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;26918 | 27181 | 30785 | 1367 | (665) | 24016 | 3496 | 1404 |  |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;69920 | 89541 | 46869 | 14940 | 98 | 127630 | 9228 | 2278 |  |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;166345 | 219949 | 107880 | 21268 | (1110) | 298572 | 19238 | 9175 |  |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;248893 | 326426 | 146231 | 46277 | (3055) | 472310 | 9885 | 3736 | 9512 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;62060 | 97518 | 36264 | (5513) | (3065) | 114736 | 11890 | 897 | 11248 |

---

------

#### Target Date 2065 (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **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) |
| $25416 | $33888 | $22386 | $(29) | $(202) | $36687 | 3062 | $1425 | $— |
| $674791 | $908702 | $435902 | $75229 | $(10091) | $1212729 |  | $20344 | $24871 |
| **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
| PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $1761 | $7529 | $6804 | $— | $— | $2486 | 2486 | $100 | $— |
| $676552 | $916231 | $442706 | $75229 | $(10091) | $1215215 |  | $20444 | $24871 |

---

#### Target Date 2070:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | $3565 | $296 | $(38) | $(18) | $3213 | 161 | $66 | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 5155 | 188 | (743) | (48) | 4176 | 309 | 9 | 308 |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 1598 | 331 | 7 | 5 | 1279 | 186 | 48 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 6890 | 929 | 833 | 1 | 6795 | 491 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 16451 | 2401 | 1765 | 82 | 15897 | 1024 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25791 | 2127 | 1591 | (107) | 25148 | 526 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 6682 | 407 | (131) | (35) | 6109 | 633 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Total Return Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 2290 | 326 | (8) | (3) | 1953 | 163 | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | $68422 | $7005 | $3276 | $(123) | $64570 |  | $178 | $308 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | $120 | $3 | $— | $— | $117 | 117 | $2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | $68542 | $7008 | $3276 | $(123) | $64687 |  | $180 | $308 |

---

#### 60/40 Allocation:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa):</sup>** |
| PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) | PGIM Quant Solutions Large-Cap Core Fund (Class R6) |
| $67630570 | $22502308 | $18481559 | $2120442 | $(90790) | $73680971 | 3144728 | $658972 | $6098574 |
| 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) |
| 44518932 | 17437878 | 12539780 | 2038547 | (2223125) | 49232452 | 4109554 | 2134958 |  |
| $112149502 | $39940186 | $31021339 | $4158989 | $(2313915) | $122913423 |  | $2793930 | $6098574 |

---

------

Notes to Financial Statements (continued)

#### 60/40 Allocation (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa):</sup>** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $126008 | $277227 | $280210 | $— | $— | $123025 | 123025 | $5863 | $— |
| $112275510 | $40217413 | $31301549 | $4158989 | $(2313915) | $123036448 |  | $2799793 | $6098574 |

---

\*\*\* A portion of the amount represents merger activity during the reporting period. 

(wa) Represents investments in Funds affiliated with the Manager.

**6.** **Distributions and Tax Information** 

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the year or period ended July 31, 2025, the adjustments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br>Earnings (Loss)** | **Paid-in<br>Capital in<br>Excess of Par** |
| &nbsp;&nbsp; Target Date Income (a) | $(735047) | $735047 |
| &nbsp;&nbsp; Target Date 2020 |  |  |
| &nbsp;&nbsp; Target Date 2025 |  |  |
| &nbsp;&nbsp; Target Date 2030 |  |  |
| &nbsp;&nbsp; Target Date 2035 |  |  |
| &nbsp;&nbsp; Target Date 2040 |  |  |
| &nbsp;&nbsp; Target Date 2045 |  |  |
| &nbsp;&nbsp; Target Date 2050 |  |  |
| &nbsp;&nbsp; Target Date 2055 |  |  |
| &nbsp;&nbsp; Target Date 2060 |  |  |
| &nbsp;&nbsp; Target Date 2065 |  |  |
| &nbsp;&nbsp; Target Date 2070 (b) | 11 | (11) |
| &nbsp;&nbsp; 60/40 Allocation |  |  |

---

(a) Due to merger related tax adjustments.

(b) Due to Non deductible expense.

For the year or period ended July 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Target Date Income | $940189 | $113468 | $– | $1053657 |
| &nbsp;&nbsp; Target Date 2020 | 1727218 | 2130074 | – | 3857292 |
| &nbsp;&nbsp; Target Date 2025 | 2640621 | 2888809 | – | 5529430 |
| &nbsp;&nbsp; Target Date 2030 | 2833558 | 3973554 | – | 6807112 |
| &nbsp;&nbsp; Target Date 2035 | 1988156 | 3248787 | – | 5236943 |
| &nbsp;&nbsp; Target Date 2040 | 1929138 | 3814153 | – | 5743291 |
| &nbsp;&nbsp; Target Date 2045 | 1279757 | 2505935 | – | 3785692 |
| &nbsp;&nbsp; Target Date 2050 | 808484 | 1887293 | – | 2695777 |
| &nbsp;&nbsp; Target Date 2055 | 339881 | 735465 | – | 1075346 |
| &nbsp;&nbsp; Target Date 2060 | 270261 | 456483 | – | 726744 |
| &nbsp;&nbsp; Target Date 2065 | 41058 | 21699 | – | 62757 |
| &nbsp;&nbsp; Target Date 2070 | 253 | 247 | – | 500 |
| &nbsp;&nbsp; 60/40 Allocation | 6425500 | 2110184 | – | 8535684 |

---

------

For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends** <br> **and Distributions**  |
| &nbsp;&nbsp; Target Date Income | $760728 | $66004 | $— | $826732 |
| &nbsp;&nbsp; Target Date 2020 | 1430788 | 139842 |  | 1570630 |
| &nbsp;&nbsp; Target Date 2025 | 1899275 | 224057 |  | 2123332 |
| &nbsp;&nbsp; Target Date 2030 | 1819683 | 892309 |  | 2711992 |
| &nbsp;&nbsp; Target Date 2035 | 1395349 | 584123 |  | 1979472 |
| &nbsp;&nbsp; Target Date 2040 | 1059640 | 787083 |  | 1846723 |
| &nbsp;&nbsp; Target Date 2045 | 773128 | 525702 |  | 1298830 |
| &nbsp;&nbsp; Target Date 2050 | 529222 | 343627 |  | 872849 |
| &nbsp;&nbsp; Target Date 2055 | 330580 |  |  | 330580 |
| &nbsp;&nbsp; Target Date 2060 | 260407 | 30703 |  | 291110 |
| &nbsp;&nbsp; Target Date 2065 | 9182 | 4880 |  | 14062 |
| &nbsp;&nbsp; Target Date 2070 |  |  |  |  |
| &nbsp;&nbsp; 60/40 Allocation | 2814083 | 119520 |  | 2933603 |

---

For the year or period ended July 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains**  |
| &nbsp;&nbsp; Target Date Income | $230524 | $82013 |
| &nbsp;&nbsp; Target Date 2020 | 725541 | 109639 |
| &nbsp;&nbsp; Target Date 2025 | 910653 | 377263 |
| &nbsp;&nbsp; Target Date 2030 | 900105 | 20213 |
| &nbsp;&nbsp; Target Date 2035 | 548197 | 531798 |
| &nbsp;&nbsp; Target Date 2040 | 421323 | 558901 |
| &nbsp;&nbsp; Target Date 2045 | 341939 | 345555 |
| &nbsp;&nbsp; Target Date 2050 | 150790 | 275249 |
| &nbsp;&nbsp; Target Date 2055 | 146495 | 131518 |
| &nbsp;&nbsp; Target Date 2060 | 143527 | 121721 |
| &nbsp;&nbsp; Target Date 2065 | 3410 | 11877 |
| &nbsp;&nbsp; Target Date 2070 |  | 39 |
| &nbsp;&nbsp; 60/40 Allocation | 1101216 | 2389102 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of July 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp; Target Date Income | $26577174 | $1732715 | $(3150243) | $(1417528) |
| &nbsp;&nbsp; Target Date 2020 | 35386297 | 2951113 | (4556123) | (1605010) |
| &nbsp;&nbsp; Target Date 2025 | 49530781 | 4818273 | (6319708) | (1501435) |
| &nbsp;&nbsp; Target Date 2030 | 55621554 | 6479899 | (5368552) | 1111347 |
| &nbsp;&nbsp; Target Date 2035 | 45965691 | 6939879 | (3389471) | 3550408 |
| &nbsp;&nbsp; Target Date 2040 | 39353720 | 7520123 | (2889888) | 4630235 |
| &nbsp;&nbsp; Target Date 2045 | 27449726 | 5557437 | (1699766) | 3857671 |
| &nbsp;&nbsp; Target Date 2050 | 17446333 | 3779277 | (945695) | 2833582 |
| &nbsp;&nbsp; Target Date 2055 | 8591187 | 1974807 | (484313) | 1490494 |
| &nbsp;&nbsp; Target Date 2060 | 8846218 | 1829244 | (449663) | 1379581 |
| &nbsp;&nbsp; Target Date 2065 | 1088687 | 169295 | (42767) | 126528 |
| &nbsp;&nbsp; Target Date 2070 | 61652 | 4308 | (1273) | 3035 |
| &nbsp;&nbsp; 60/40 Allocation | 108321074 | 23630850 | (8915476) | 14715374 |

---

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales.

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to

------

Notes to Financial Statements (continued)

the most recent fiscal year ended July 31, 2025 are subject to such review.

7. Capital and Ownership

The RIC is authorized to issue an unlimited number of shares of beneficial interest of the Funds, at $0.001 par value per share. The Target Date Funds offer Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. The 60/40 Allocation Fund currently offers Class R6 shares.

Under certain circumstances, an exchange may be made from specified share classes of each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

As of July 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Target Date Income–Class R1 | 4206 | 26.8% |
| &nbsp;&nbsp; Target Date Income–Class R2 | 4296 | 53.5 |
| &nbsp;&nbsp; Target Date Income–Class R3 | 1478 | 2.7 |
| &nbsp;&nbsp; Target Date Income–Class R4 | 4385 | 100.0 |
| &nbsp;&nbsp; Target Date Income–Class R5 | 4427 | 3.3 |
| &nbsp;&nbsp; Target Date 2020–Class R1 | 1500 | 100.0 |
| &nbsp;&nbsp; Target Date 2020–Class R4 | 1559 | 38.2 |
| &nbsp;&nbsp; Target Date 2020–Class R5 | 1572 | 0.6 |
| &nbsp;&nbsp; Target Date 2025–Class R1 | 1506 | 18.9 |
| &nbsp;&nbsp; Target Date 2025–Class R4 | 1566 | 100.0 |
| &nbsp;&nbsp; Target Date 2025–Class R5 | 1577 | 1.8 |
| &nbsp;&nbsp; Target Date 2030–Class R1 | 1532 | 5.4 |
| &nbsp;&nbsp; Target Date 2030–Class R4 | 1594 | 71.6 |
| &nbsp;&nbsp; Target Date 2035–Class R1 | 1588 | 4.3 |
| &nbsp;&nbsp; Target Date 2035–Class R4 | 1648 | 72.8 |
| &nbsp;&nbsp; Target Date 2035–Class R5 | 1659 | 1.1 |
| &nbsp;&nbsp; Target Date 2040 –Class R1 | 1588 | 2.9 |
| &nbsp;&nbsp; Target Date 2040 –Class R4 | 1650 | 22.4 |
| &nbsp;&nbsp; Target Date 2045–Class R1 | 1656 | 7.5 |
| &nbsp;&nbsp; Target Date 2045–Class R4 | 1724 | 37.9 |
| &nbsp;&nbsp; Target Date 2050–Class R1 | 1647 | 5.9 |
| &nbsp;&nbsp; Target Date 2050–Class R3 | 1009 | 0.8 |
| &nbsp;&nbsp; Target Date 2050–Class R4 | 1710 | 18.3 |
| &nbsp;&nbsp; Target Date 2050–Class R5 | 1721 | 0.9 |
| &nbsp;&nbsp; Target Date 2055–Class R1 | 1846 | 11.8 |
| &nbsp;&nbsp; Target Date 2055–Class R2 | 1874 | 6.3 |
| &nbsp;&nbsp; Target Date 2055–Class R3 | 1092 | 8.3 |
| &nbsp;&nbsp; Target Date 2055–Class R4 | 1905 | 33.2 |
| &nbsp;&nbsp; Target Date 2055–Class R5 | 1916 | 2.0 |
| &nbsp;&nbsp; Target Date 2060–Class R1 | 1457 | 8.3 |
| &nbsp;&nbsp; Target Date 2060–Class R4 | 1510 | 56.1 |
| &nbsp;&nbsp; Target Date 2060–Class R5 | 1521 | 1.5 |
| &nbsp;&nbsp; Target Date 2065–Class R1 | 1235 | 76.7 |
| &nbsp;&nbsp; Target Date 2065–Class R2 | 1246 | 5.1 |
| &nbsp;&nbsp; Target Date 2065–Class R3 | 1257 | 32.0 |
| &nbsp;&nbsp; Target Date 2065–Class R4 | 1266 | 100.0 |
| &nbsp;&nbsp; Target Date 2065–Class R5 | 1272 | 47.6 |
| &nbsp;&nbsp; Target Date 2065–Class R6 | 1280 | 2.2 |
| &nbsp;&nbsp; Target Date 2070–Class R1 | 1008 | 100.0 |
| &nbsp;&nbsp; Target Date 2070–Class R2 | 1009 | 90.5 |
| &nbsp;&nbsp; Target Date 2070–Class R3 | 1009 | 100.0 |
| &nbsp;&nbsp; Target Date 2070–Class R4 | 1009 | 100.0 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Target Date 2070–Class R5 | 1009 | 100.0% |
| &nbsp;&nbsp; Target Date 2070–Class R6 | 1009 | 100.0 |
| &nbsp;&nbsp; 60/40 Allocation–Class R6 | 1428 | 0.1 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of** <br> **Shareholders**  | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** | &nbsp;&nbsp; **Affiliated:** |
| &nbsp;&nbsp; Target Date Income |  | —% |
| &nbsp;&nbsp; Target Date 2020 |  |  |
| &nbsp;&nbsp; Target Date 2025 |  |  |
| &nbsp;&nbsp; Target Date 2030 |  |  |
| &nbsp;&nbsp; Target Date 2035 |  |  |
| &nbsp;&nbsp; Target Date 2040 |  |  |
| &nbsp;&nbsp; Target Date 2045 |  |  |
| &nbsp;&nbsp; Target Date 2050 |  |  |
| &nbsp;&nbsp; Target Date 2055 |  |  |
| &nbsp;&nbsp; Target Date 2060 |  |  |
| &nbsp;&nbsp; Target Date 2065 | 1 | 8.3 |
| &nbsp;&nbsp; Target Date 2070 | 1 | 98.3 |
| &nbsp;&nbsp; 60/40 Allocation |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Target Date Income | 2 | 87.8 |
| &nbsp;&nbsp; Target Date 2020 | 2 | 90.6 |
| &nbsp;&nbsp; Target Date 2025 | 2 | 86.8 |
| &nbsp;&nbsp; Target Date 2030 | 2 | 87.0 |
| &nbsp;&nbsp; Target Date 2035 | 3 | 83.5 |
| &nbsp;&nbsp; Target Date 2040 | 2 | 79.7 |
| &nbsp;&nbsp; Target Date 2045 | 3 | 83.0 |
| &nbsp;&nbsp; Target Date 2050 | 4 | 86.1 |
| &nbsp;&nbsp; Target Date 2055 | 5 | 83.9 |
| &nbsp;&nbsp; Target Date 2060 | 5 | 84.8 |
| &nbsp;&nbsp; Target Date 2065 | 5 | 74.0 |
| &nbsp;&nbsp; Target Date 2070 |  |  |
| &nbsp;&nbsp; 60/40 Allocation | 1 | 99.9 |

---

------

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

#### Target Date Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 12879 | $&nbsp;&nbsp;&nbsp;&nbsp;133160 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 225 | 2299 |
| &nbsp;&nbsp; Shares issued in merger | 1412 | 14163 |
| &nbsp;&nbsp; Shares purchased | (1538) | (15983) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 12978 | $133639 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 28 | $274 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 89 | 889 |
| &nbsp;&nbsp; Shares purchased | (1) | (8) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 116 | $1155 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 21 | $227 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 222 | 2263 |
| &nbsp;&nbsp; Shares issued in merger | 4892 | 49062 |
| &nbsp;&nbsp; Shares purchased | (144) | (1504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4991 | $50048 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 131 | $1278 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 109 | 1082 |
| &nbsp;&nbsp; Shares purchased | (524) | (5253) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (284) | $(2893) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 33936 | $345950 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1348 | 13752 |
| &nbsp;&nbsp; Shares issued in merger | 1458 | 14626 |
| &nbsp;&nbsp; Shares purchased | (36) | (364) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 36706 | $373964 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 614 | $5997 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 661 | 6586 |
| &nbsp;&nbsp; Shares purchased | (47) | (463) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1228 | $12120 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 176 | $1792 |
| &nbsp;&nbsp; Shares issued in merger | 1469 | 14732 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1645 | $16524 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 102 | $1021 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 102 | $1021 |

---

------

#### Target Date Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 13218 | $136396 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5629 | 57253 |
| &nbsp;&nbsp; Shares issued in merger | 28756 | 289031 |
| &nbsp;&nbsp; Shares purchased | (9038) | (93562) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 38565 | $389118 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2179 | $21414 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3656 | 36426 |
| &nbsp;&nbsp; Shares purchased | (5631) | (55304) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 204 | $2536 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 98267 | $1013184 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 95773 | 976298 |
| &nbsp;&nbsp; Shares issued in merger | 949850 | 9536491 |
| &nbsp;&nbsp; Shares purchased | (531389) | (5492961) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 612501 | $6033012 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 101165 | $998114 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 78378 | 780728 |
| &nbsp;&nbsp; Shares purchased | (744903) | (7419434) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (565360) | $(5640592) |
| Target Date 2020: |  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 158 | $1557 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 158 | $1557 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 42 | $430 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 42 | $430 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2426 | $25277 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 894 | 8819 |
| &nbsp;&nbsp; Shares purchased | (1278) | (12968) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2042 | $21128 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2810 | $28987 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 226 | 2324 |
| &nbsp;&nbsp; Shares purchased | (1755) | (18142) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1281 | $13169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167

------

Notes to Financial Statements (continued)

#### Target Date 2020 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9061 | $89524 |
| &nbsp;&nbsp; Shares purchased | (11542) | (113344) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2481) | $(23820) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3482 | $35797 |
| &nbsp;&nbsp; Shares purchased | (25558) | (264720) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (22076) | $(228923) |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1089 | $11260 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 358 | 3538 |
| &nbsp;&nbsp; Shares purchased | (4) | (48) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1443 | $14750 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1247 | $13088 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 50 | 510 |
| &nbsp;&nbsp; Shares purchased | (1) | (8) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1296 | $13590 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49695 | $515545 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28382 | 280411 |
| &nbsp;&nbsp; Shares purchased | (83005) | (877310) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4928) | $(81354) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 12917 | $134191 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10154 | 104387 |
| &nbsp;&nbsp; Shares purchased | (35237) | (371151) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (12166) | $(132573) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 279453 | $2856642 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 353351 | 3473443 |
| &nbsp;&nbsp; Shares purchased | (637831) | (6544853) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5027) | $(214768) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 110209 | $1148001 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 139373 | 1427182 |
| &nbsp;&nbsp; Shares purchased | (941392) | (9681642) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (691810) | $(7106459) |
| <br> **Target Date 2025:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6802 | $72281 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 176 | 1808 |
| &nbsp;&nbsp; Shares purchased | (567) | (6418) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6411 | $67671 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 195 | $2163 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 38 | 409 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 233 | $2572 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 8216 | $90620 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2794 | 28663 |
| &nbsp;&nbsp; Shares purchased | (40939) | (471923) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (29929) | $(352640) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 43045 | $460464 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 518 | 5492 |
| &nbsp;&nbsp; Shares purchased | (2609) | (28295) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 40954 | $437661 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 905 | $9829 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5598 | 57434 |
| &nbsp;&nbsp; Shares purchased | (1807) | (19076) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4696 | $48187 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 895 | $9496 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1467 | 15551 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2362 | $25047 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 8 | $133 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 172 | 1760 |
| &nbsp;&nbsp; Shares purchased | (18400) | (213255) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18220) | $(211362) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 17853 | $186653 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 620 | 6574 |
| &nbsp;&nbsp; Shares purchased | (35) | (370) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 18438 | $192857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169

------

Notes to Financial Statements (continued)

#### Target Date 2025 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 26427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285574 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10125 | 103985 |
| &nbsp;&nbsp; Shares purchased | (27493) | (295105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 9059 | $94454 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 29210 | $311075 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2741 | 29051 |
| &nbsp;&nbsp; Shares purchased | (20088) | (219257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 11863 | $120869 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 587882 | $6546683 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 519045 | 5335780 |
| &nbsp;&nbsp; Shares purchased | (911579) | (9795516) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 195348 | $2086947 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 420265 | $4568831 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 194563 | 2066255 |
| &nbsp;&nbsp; Shares purchased | (2423245) | (25801845) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1808417) | $(19166759) |
| <br> **Target Date 2030:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 21941 | $248466 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 959 | 10439 |
| &nbsp;&nbsp; Shares purchased | (2907) | (35616) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 19993 | $223289 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2264 | $26210 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 221 | 2473 |
| &nbsp;&nbsp; Shares purchased | (455) | (5078) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2030 | $23605 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3120 | $36232 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4333 | 47275 |
| &nbsp;&nbsp; Shares purchased | (2567) | (29276) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4886 | $54231 |

---

------

#### Target Date 2030 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3734 | $42289 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1092 | 12260 |
| &nbsp;&nbsp; Shares purchased | (432) | (4910) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4394 | $49639 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 15008 | $172523 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19450 | 212000 |
| &nbsp;&nbsp; Shares purchased | (12573) | (150807) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 21885 | $233716 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 15372 | $174429 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5492 | 61623 |
| &nbsp;&nbsp; Shares purchased | (5215) | (59474) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 15649 | $176578 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 395 | $4427 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 221 | 2409 |
| &nbsp;&nbsp; Shares purchased | (1101) | (13313) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (485) | $(6477) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1495 | $16946 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 153 | 1715 |
| &nbsp;&nbsp; Shares purchased | (2240) | (25441) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (592) | $(6780) |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 44996 | $512767 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 61441 | 670319 |
| &nbsp;&nbsp; Shares purchased | (191777) | (2210289) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (85340) | $(1027203) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 142232 | $1614624 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19162 | 214999 |
| &nbsp;&nbsp; Shares purchased | (37630) | (431571) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 123764 | $1398052 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 792588 | $9332187 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 536560 | 5864606 |
| &nbsp;&nbsp; Shares purchased | (883363) | (10102105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 445785 | $5094688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 546694 | $6253393 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 215206 | 2418912 |
| &nbsp;&nbsp; Shares purchased | (2174899) | (24649096) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1412999) | $(15976791) |

---

#### Target Date 2035:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 33366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387764 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 436 | 4912 |
| &nbsp;&nbsp; Shares purchased | (1534) | (19442) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 32268 | $373234 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2016 | $24281 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 91 | 1035 |
| &nbsp;&nbsp; Shares purchased | (352) | (3858) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1755 | $21458 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5894 | $70942 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2756 | 31089 |
| &nbsp;&nbsp; Shares purchased | (53949) | (686507) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (45299) | $(584476) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 61260 | $711007 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 575 | 6538 |
| &nbsp;&nbsp; Shares purchased | (3071) | (35569) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 58764 | $681976 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23587 | $277093 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 13571 | 153214 |
| &nbsp;&nbsp; Shares purchased | (992) | (11887) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 36166 | $418420 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 63823 | $728084 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3001 | 34178 |
| &nbsp;&nbsp; Shares purchased | (1051) | (11750) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 65773 | $750512 |

---

------

#### Target Date 2035 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 254 | $2934 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 234 | 2646 |
| &nbsp;&nbsp; Shares purchased | (1) | (14) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 487 | $5566 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 318 | $3805 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 55 | 627 |
| &nbsp;&nbsp; Shares purchased |  | (2) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 373 | $4430 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 43359 | $524447 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 16990 | 191989 |
| &nbsp;&nbsp; Shares purchased | (21323) | (241280) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 39026 | $475156 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 50930 | $608669 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3014 | 34329 |
| &nbsp;&nbsp; Shares purchased | (18443) | (215377) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 35501 | $427621 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 791331 | $9583920 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 429098 | 4853093 |
| &nbsp;&nbsp; Shares purchased | (557820) | (6669673) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 662609 | $7767340 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 635419 | $7433001 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 167056 | 1902765 |
| &nbsp;&nbsp; Shares purchased | (2101801) | (23909087) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1299326 | $(14573321) |
|  \*\* Less than 1 share. |  |  |
| **Target Date 2040:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 52438 | $639413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 909 | 10720 |
| &nbsp;&nbsp; Shares purchased | (2650) | (32837) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 50697 | $617296 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 513 | $6011 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 157 | 1885 |
| &nbsp;&nbsp; Shares purchased | (33) | (397) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 637 | $7499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173

------

Notes to Financial Statements (continued)

#### Target Date 2040 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 44069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537769 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4015 | 47401 |
| &nbsp;&nbsp; Shares purchased | (6694) | (82177) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 41390 | $502993 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 10414 | $130330 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 685 | 8256 |
| &nbsp;&nbsp; Shares purchased | (4809) | (57089) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6290 | $81497 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 11617 | $145803 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 11937 | 140980 |
| &nbsp;&nbsp; Shares purchased | (4323) | (59916) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 19231 | $226867 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 18667 | $231868 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2240 | 26986 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20907 | $258854 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14 | $169 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 988 | 11680 |
| &nbsp;&nbsp; Shares purchased | (12) | (158) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 990 | $11691 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 630 | $7746 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 217 | 2615 |
| &nbsp;&nbsp; Shares purchased | (9) | (114) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 838 | $10247 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 47765 | $601464 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 99920 | 1182059 |
| &nbsp;&nbsp; Shares purchased | (64633) | (799061) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 83052 | $984462 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 42213 | $514540 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 23900 | 288229 |
| &nbsp;&nbsp; Shares purchased | (36352) | (443911) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 29761 | $358858 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 427936 | $5445516 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 367418 | 4350226 |
| &nbsp;&nbsp; Shares purchased | (602780) | (7534504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 192574 | $2261238 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 625493 | $7719426 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 125822 | 1518675 |
| &nbsp;&nbsp; Shares purchased | (1542575) | (18665568) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (791260) | $(9427467) |

---

#### Target Date 2045:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 20766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251332 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 433 | 5014 |
| &nbsp;&nbsp; Shares purchased | (698) | (8604) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20501 | $247742 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 38 | $496 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 45 | 522 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 83 | $1018 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 61532 | $742626 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5728 | 66278 |
| &nbsp;&nbsp; Shares purchased | (48427) | (647352) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 18833 | $161552 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 57241 | $696834 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1126 | 13262 |
| &nbsp;&nbsp; Shares purchased | (12090) | (151043) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 46277 | $559053 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 7065 | $82688 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 368 | 4262 |
| &nbsp;&nbsp; Shares purchased | (8) | (98) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7425 | $86852 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 81 | $955 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 81 | $955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175

------

Notes to Financial Statements (continued)

#### Target Date 2045 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1589 | $21493 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 626 | 7245 |
| &nbsp;&nbsp; Shares purchased | (1567) | (21186) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 648 | $7552 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 66 | $798 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 137 | 1616 |
| &nbsp;&nbsp; Shares purchased | (1421) | (16325) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1218) | $(13911) |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 28978 | $359626 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15220 | 176396 |
| &nbsp;&nbsp; Shares purchased | (10851) | (143404) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 33347 | $392618 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 29906 | $359797 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3318 | 39119 |
| &nbsp;&nbsp; Shares purchased | (19091) | (228501) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 14133 | $170415 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 479191 | $6079146 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 303713 | 3526103 |
| &nbsp;&nbsp; Shares purchased | (393940) | (5048635) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 388964 | $4556614 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 388640 | $4716361 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 105263 | 1243152 |
| &nbsp;&nbsp; Shares purchased | (1357005) | (16051701) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (863102) | $(10092188) |
| **Target Date 2050:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 26395 | $330295 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1432 | 16936 |
| &nbsp;&nbsp; Shares purchased | (6971) | (91556) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20856 | $255675 |

---

------

#### Target Date 2050 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2173 | $28226 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 172 | 2115 |
| &nbsp;&nbsp; Shares purchased | (43) | (541) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2302 | $29800 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 7665 | $99455 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6364 | 75604 |
| &nbsp;&nbsp; Shares purchased | (5655) | (74113) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100946 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 6247 | $78537 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1262 | 15550 |
| &nbsp;&nbsp; Shares purchased | (10011) | (129243) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2502) | $(35156) |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 119540 | $1357413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 341 | 4042 |
| &nbsp;&nbsp; Shares purchased | (1092) | (13697) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 118789 | $1347758 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 199 | $2543 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 60 | 735 |
| &nbsp;&nbsp; Shares purchased | (1) | (10) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 258 | $3268 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 171 | $2181 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1716 | 20317 |
| &nbsp;&nbsp; Shares purchased | (1490) | (18704) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 397 | $3794 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 613 | $7657 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 318 | 3912 |
| &nbsp;&nbsp; Shares purchased | (16) | (200) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 915 | $11369 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 57344 | $697442 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 28228 | 335350 |
| &nbsp;&nbsp; Shares purchased | (27753) | (359546) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 57819 | $673246 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 41078 | $514586 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5010 | 61726 |
| &nbsp;&nbsp; Shares purchased | (18942) | (244994) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 27146 | $331318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 276151 | $3658853 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 188373 | 2243528 |
| &nbsp;&nbsp; Shares purchased | (221231) | (2869630) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 243293 | $3032751 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 294136 | $3757979 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 63871 | 788811 |
| &nbsp;&nbsp; Shares purchased | (1044547) | (12959276) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (686540) | $(8412486) |
| <br> **Target Date 2055:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14437 | $162631 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 225 | 2413 |
| &nbsp;&nbsp; Shares purchased | (657) | (7651) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 14005 | $157393 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1 | $9 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 48 | 506 |
| &nbsp;&nbsp; Shares purchased | (115) | (1332) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (66) | $(817) |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3081 | $35449 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3343 | 36066 |
| &nbsp;&nbsp; Shares purchased | (37174) | (457688) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (30750) | $(386173) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 40237 | $445626 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 770 | 8217 |
| &nbsp;&nbsp; Shares purchased | (3908) | (44703) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 37099 | $409140 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5174 | $57961 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1049 | 11336 |
| &nbsp;&nbsp; Shares purchased | (70) | (860) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6153 | $68437 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2882 | $31542 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 151 | 1615 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3033 | $33157 |

---

------

#### Target Date 2055 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 493 | $5607 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 641 | 6939 |
| &nbsp;&nbsp; Shares purchased | (8) | (93) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1126 | $12453 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 903 | $9864 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 128 | 1372 |
| &nbsp;&nbsp; Shares purchased | (5) | (60) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1026 | $11176 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23710 | $273126 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9504 | 103117 |
| &nbsp;&nbsp; Shares purchased | (5091) | (60230) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 28123 | $316013 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 23592 | $257557 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1939 | 20785 |
| &nbsp;&nbsp; Shares purchased | (12235) | (137158) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 13296 | $141184 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 216806 | $2568233 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 84220 | 915475 |
| &nbsp;&nbsp; Shares purchased | (159390) | (1860330) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 141636 | $1623378 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 220935 | $2446190 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 27781 | 298085 |
| &nbsp;&nbsp; Shares purchased | (449655) | (4839423) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (200939) | $(2095148) |

---

#### Target Date 2060:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 15729 | $225337 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 323 | 4383 |
| &nbsp;&nbsp; Shares purchased | (1320) | (19176) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 14732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210544 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1020 | $13949 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 59 | 758 |
| &nbsp;&nbsp; Shares purchased |  | (1) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1079 | $14706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179

------

Notes to Financial Statements (continued)

#### Target Date 2060 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5117 | $73240 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2587 | 35233 |
| &nbsp;&nbsp; Shares purchased | (18284) | (267476) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (10580) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159003) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 17445 | $234469 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 731 | 9509 |
| &nbsp;&nbsp; Shares purchased | (422) | (5631) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 17754 | $238347 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1535 | $22536 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 371 | 5064 |
| &nbsp;&nbsp; Shares purchased | (56) | (838) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1850 | $26762 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 542 | $7248 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 115 | 1491 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 657 | $8739 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 215 | $3054 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 283 | 3860 |
| &nbsp;&nbsp; Shares purchased | (693) | (9694) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (195) | $(2780) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 952 | $12404 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 83 | 1076 |
| &nbsp;&nbsp; Shares purchased | (2) | (32) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1033 | $13448 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 27472 | $393430 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7832 | 106904 |
| &nbsp;&nbsp; Shares purchased | (12127) | (171544) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23177 | $328790 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 29687 | $393804 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2258 | 29399 |
| &nbsp;&nbsp; Shares purchased | (9650) | (134053) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 22295 | $289150 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 215407 | $3121821 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 41792 | 571300 |
| &nbsp;&nbsp; Shares purchased | (176217) | (2624376) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 80982 | $1068745 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 183960 | $2487500 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 19100 | 248877 |
| &nbsp;&nbsp; Shares purchased | (253944) | (3331105) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (50884) | $(594728) |
|  \*\* Less than 1 share. |  |  |
| **Target Date 2065:**<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 295 | $3725 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 93 | 1140 |
| &nbsp;&nbsp; Shares purchased | (3) | (33) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 385 | $4832 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 71 | $883 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 18 | 203 |
| &nbsp;&nbsp; Shares purchased |  | (1) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 89 | $1085 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5040 | $63849 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1371 | 16795 |
| &nbsp;&nbsp; Shares purchased | (560) | (7460) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5851 | $73184 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 9758 | $116609 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 193 | 2208 |
| &nbsp;&nbsp; Shares purchased | (1499) | (16939) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 8452 | $101878 |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 208 | $2500 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 252 | 3090 |
| &nbsp;&nbsp; Shares purchased | (14) | (182) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 446 | $5408 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1598 | $18750 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 53 | 608 |
| &nbsp;&nbsp; Shares purchased | (16) | (182) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1635 | $19176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181

------

Notes to Financial Statements (continued)

#### Target Date 2065 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 88 | $1074 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 88 | $1074 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 24 | $277 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 24 | $277 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1120 | $14100 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 146 | 1791 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1266 | $15891 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2 | $20 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 30 | 347 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 32 | $367 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49604 | $640130 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3163 | 38867 |
| &nbsp;&nbsp; Shares purchased | (22461) | (288308) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 30306 | $390689 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 19408 | $234199 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 912 | 10419 |
| &nbsp;&nbsp; Shares purchased | (36632) | (426106) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (16312) | $(181488) |
|  \*\* Less than 1 share. |  |  |
| Target Date 2070: |  |  |

---

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R1** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8 | 82 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1008 | $10082 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1106 | $11059 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1115 | $11142 |

---

------

#### Target Date 2070 (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** |
| &nbsp;&nbsp; **Class R3** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10083 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 83 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10083 |
| &nbsp;&nbsp; **Class R5** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 84 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10084 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Period ended July 31, 2025\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 1000 | $10000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9 | 85 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1009 | $10085 |
|  \* Commencement of operations was December 10, 2024. |  |  |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA\*** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 – 9/25/2025 | 9/29/2023 – 9/26/2024 |
| &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>| 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent<br>|

---

\* The SCA does not include Target Date 2070.

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 indicated below utilized the SCA during the year ended July 31, 2025. The average balance outstanding is for the number of days the Fund utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number of<br>Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>July 31, 2025** |
| Target Date 2025 | $165000 | 6.43% | 1 | $165000 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183

------

Notes to Financial Statements (continued)

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | | **Target Date <br>Income** | **Target Date <br>2020** | **Target Date <br>2025** | **Target Date <br>2030** | **Target Date <br>2035** | **Target Date <br>2040** |
| &nbsp;&nbsp; Affiliated Funds |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Allocation |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Class Variation |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Credit |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Economic and Market Events |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fixed Income |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund of Funds |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund Rebalancing |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Increase in Expenses |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Index Tracking |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Interest Rate |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Investment Style |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Management |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Capitalization |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical |  | X | X | X | X | X | X |
| &nbsp;&nbsp; Portfolio Turnover |  | X | X | X | X | X | X |
| **Risks** | **Target Date <br>2045** | **Target Date <br>2050** | **Target Date <br>2055** | **Target Date <br>2060** | **Target Date <br>2065** | **Target Date <br>2070** | **60/40<br>Allocation** |
| &nbsp;&nbsp; Affiliated Funds | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Allocation | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Asset Class Variation | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Credit | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fixed Income | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund of Funds | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Fund Rebalancing | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Index Tracking | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Interest Rate | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Investment Style | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Management | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Market Capitalization | X | X | X | X | X | X |  |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X | X | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X | X | X | X | X |  |

---

*Affiliated Funds Risk:* The Fund's Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the

------

Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund's assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadviser are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.

*Asset Allocation Risk:* The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

*Asset Class Variation Risk:* The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

*Credit Risk:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Underlying Funds will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds' use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Underlying Funds' derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Equity and Equity-Related Securities Risks:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Fixed Income Risk:* As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185

------

Notes to Financial Statements (continued)

*Fund of Funds Risk:* The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

*Fund Rebalancing Risk*: Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

*Increase in Expenses Risk*: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.

*Index Tracking Risk*: While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as "extension risk." An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Investment Style Risk*: Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, an Underlying Fund may underperform other funds that use different investment styles.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

------

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*Large Shareholder and Large Scale Redemption Risk*: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds' shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund's ability to sell a holding at a suitable price.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Capitalization Risk:* Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of an Underlying Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund's investment in the Underlying Fund will decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187

------

Notes to Financial Statements (continued)

*Portfolio Turnover Risk*: The Fund does not intend to re-allocate assets among the Underlying Funds frequently in response to day-to-day changes in markets. Historically, however, certain Underlying Funds have actively and frequently traded their portfolio securities. High portfolio turnover results in higher transaction costs and can affect an Underlying Fund's, and, therefore, the Fund's performance and can have adverse tax consequences.

**10.** **Reorganization** 

On September 11, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of PGIM Target Date 2015 Fund ("Target Date 2015" or "Merged Fund") for shares of Target Date Income (the "Acquiring Fund") and the assumption of the liabilities of the Merged Fund, respectively. The reorganization took place at the close of business on January 3, 2025.

On the reorganization date, the Merged Fund had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

---

| | | |
|:---|:---|:---|
| **Merged Fund** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
| &nbsp;&nbsp; Target Date 2015 | $9917131 | $9944860 |

---

The purpose of the transaction was to combine two funds with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 3, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Merged Fund** | **Class** | **Class** | **Shares** | **Shares** |
| &nbsp;&nbsp; Target Date 2015 |  | R1 |  | 1426 |
|  |  | R2 |  | 4936 |
|  |  | R3 |  | 1471 |
|  |  | R4 |  | 1484 |
|  |  | R5 |  | 29059 |
| | | R6 | | 959,512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Class** | **Shares** | **Value** |
| &nbsp;&nbsp; Target Date Income | R1 | 1412 | $14163 |
|  | R2 | 4892 | 49062 |
|  | R3 | 1458 | 14626 |
|  | R4 | 1469 | 14732 |
|  | R5 | 28756 | 289031 |
|  | R6 | 949850 | 9536491 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Merged Fund** | **Class** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
| &nbsp;&nbsp; Target Date 2015 | R1 | $(40) | $14163 |
|  | R2 | (137) | 49062 |
|  | R3 | (41) | 14626 |
|  | R4 | (41) | 14732 |
|  | R5 | (808) | 289031 |
|  | R6 | (26662) | 9536491 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Class** | **Net Assets** |
| &nbsp;&nbsp; Target Date Income | R1 | $28619 |
|  | R2 | 30466 |
|  | R3 | 190747 |
|  | R4 | 28653 |
|  | R5 | 939146 |
|  | R6 | 14671840 |

---

------

Assuming the acquisition had been completed on August 1, 2024, the Acquiring Fund's unaudited pro forma results of operations for the year ended July 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Net<br>investment (loss)<br>income (a)** | **Net realized and<br>unrealized gain (loss)<br>on investments (b)** | **Net increase (decrease) in<br>net assets resulting<br>from operations** |
|  Target Date Income | $990892 | $779895 | $1770787 |

---

(a) Net investment income (loss) as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net investment income from the Merged Fund pre-merger as follows: Target Date 2015 $217,391.

(b) Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net realized and unrealized loss on investments from the Merged Fund pre-merger as follows: Target Date 2015 $(64,310).

Since both the Merged Fund and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment funds had been managed as a single integrated fund since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Fund that have been included in the Acquiring Fund's Statement of Operations since January 3, 2025.

**11.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

**12.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 5 and Shareholders of PGIM Target Date Income Fund, PGIM Target Date 2020 Fund, PGIM Target Date 2025 Fund, PGIM Target Date 2030 Fund, PGIM Target Date 2035 Fund, PGIM Target Date 2040 Fund, PGIM Target Date 2045 Fund, PGIM Target Date 2050 Fund, PGIM Target Date 2055 Fund, PGIM Target Date 2060 Fund, PGIM Target Date 2065 Fund, PGIM Target Date 2070 Fund and PGIM 60/40 Allocation Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (thirteen of the funds constituting Prudential Investment Portfolios 5, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PGIM Target Date Income Fund (1)

PGIM Target Date 2020 Fund (1)

PGIM Target Date 2025 Fund (1)

PGIM Target Date 2030 Fund (1)

PGIM Target Date 2035 Fund (1)

PGIM Target Date 2040 Fund (1)

PGIM Target Date 2045 Fund (1)

PGIM Target Date 2050 Fund (1)

PGIM Target Date 2055 Fund (1)

PGIM Target Date 2060 Fund (1)

PGIM Target Date 2065 Fund (1)

PGIM Target Date 2070 Fund (2)

PGIM Target Date 60/40 Allocation Fund (1)

(1) Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025.

(2) Statement of operations, statement of changes in net assets and the financial highlights for the period December 10, 2024 (commencement of operations) through July 31, 2025.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

September 19, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### PGIM Target Date Funds

#### The Funds' Boards of Trustees
The Boards of Trustees (the "Board") of the PGIM Target Date Funds (each, a "Fund, and collectively, the "Funds")<sup>1</sup>consists of ten individuals, eight of whom are not "interested persons" of the Funds, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Funds' Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew each Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and each Fund's subadvisory agreement with PGIM DC Solutions LLC ("PGIM DC Solutions"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM DC Solutions. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund's assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM DC Solutions, which serves as each Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments and PGIM DC Solutions. The Board noted that PGIM DC Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM Investments' role as

<sup>1</sup> Each of the PGIM Target Date Funds is a series of Prudential Investment Portfolios 5. The PGIM Target Date Funds are: PGIM Target Date Income Fund, PGIM Target Date 2020 Fund, PGIM Target Date 2025 Fund, PGIM Target Date 2030 Fund, PGIM Target Date 2035 Fund, PGIM Target Date 2040 Fund, PGIM Target Date 2045 Fund, PGIM Target Date 2050 Fund, PGIM Target Date 2055 Fund, PGIM Target Date 2060 Fund, and PGIM Target Date 2065 Fund. The Board did not consider or renew the management or subadvisory agreements at the Board Meeting with respect to PGIM Target Date 2070 Fund because that fund recently commenced operations and the sole shareholder of the fund and the Board had previously approved the management and subadvisory agreements for an initial period of two years. 

------

Approval of Advisory Agreements (continued)

administrator for the Funds' liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM DC Solutions, including investment research and security selection, as well as adherence to each Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of each Fund and PGIM DC Solutions, and also considered the qualifications, backgrounds and responsibilities of the PGIM DC Solutions portfolio managers who are responsible for the day-to-day management of each Fund's portfolio. The Board was provided with information pertaining to PGIM Investments' and PGIM DC Solutions' organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM DC Solutions. The Board also noted that it received favorable compliance reports from the Funds' Chief Compliance Officer ("CCO") as to each of PGIM Investments and PGIM DC Solutions.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to each Fund by PGIM DC Solutions, and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments and PGIM DC Solutions under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund's assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of each Fund, the management fees of the Funds compared to similarly managed funds and PGIM Investments' investment in each Fund. The Board noted that economies of scale can be shared with each Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments and PGIM DC Solutions
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM DC Solutions and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Funds. The Board concluded that the potential benefits to be derived by PGIM DC Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM DC Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Visit our website at pgim.com/investments

------

#### Performance of the Funds / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year and the three-year periods ended December 31, 2024. The Board considered that each Fund commenced operations on December 13, 2016 and that longer-term performance was not yet available.

The Board also considered each Fund's actual management fee, as well as each Fund's net total expense ratio, for the fiscal year ended July 31, 2024. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, for each Fund were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed each Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding each Fund's performance, fees and overall expenses. For each Fund, the table sets forth net performance comparisons (which reflect the impact on performance of any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of fund expenses, or any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

#### PGIM Target Date Income Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 3<sup>nd</sup> Quartile 2<sup>nd</sup> Quartile 1<sup>st</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2020 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over all periods.

------

Approval of Advisory Agreements (continued)

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2025 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile 1<sup>st</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2030 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 2<sup>nd</sup> Quartile 1<sup>st</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one- and three- year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

Visit our website at pgim.com/investments

------

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2035 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-, and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2040 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one- and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

------

Approval of Advisory Agreements (continued)

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2045 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 4<sup>th</sup> Quartile 1<sup>st</sup> Quartile 3<sup>rd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one- and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to renew the agreements. The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2050 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 3<sup>rd</sup> Quartile 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-, and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Visit our website at pgim.com/investments

------

#### PGIM Target Date 2055 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-, and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2060 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-, and three-year periods and underperformed its benchmark index over the five-year period.

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Target Date 2065 Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one-, and three- year periods and underperformed its benchmark index over the five-year period.

------

Approval of Advisory Agreements (continued)

• The Board considered PGIM Investments' assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund's performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

• The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund's performance history prior to this date does not represent the Fund as it is managed today.

• The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

• In addition, PGIM Investments is obligated 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.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

Visit our website at pgim.com/investments

------

Approval of Advisory Agreements

#### PGIM 60/40 Allocation Fund

#### The Fund's Board of Trustees
The Board of Trustees (the "Board") of PGIM 60/40 Allocation Fund (the "Fund")1 consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM Quantitative Solutions. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the continuance of the agreements are separately discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"),

<sup>1</sup> PGIM 60/40 Allocation Fund is a series of Prudential Investment Portfolios 5.

------

Approval of Advisory Agreements (continued)

which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund and PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of PGIM Quantitative Solutions' portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIM Investments' and PGIM Quantitative Solutions' organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to both PGIM Investments and PGIM Quantitative Solutions.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Quantitative Solutions, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct or indirect costs, and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2024 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of reducing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

#### Other Benefits to PGIM Investments and PGIM Quantitative Solutions
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the

Visit our website at pgim.com/investments

------

potential benefits to be derived by PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year and the three-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on September 13, 2017 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal period ended July 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp;*Net Performance* 1<sup>st</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

• The Board noted that the Fund outperformed its benchmark index over the one- and three-year periods and underperformed its benchmark index over the five-year period.

• The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.40% for Class R6 shares through November 30, 2025.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d49972dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d49972dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d49972dex99906cert.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: | September 19, 2025 |

---

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: | September 19, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | September 19, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 5** 

Annual period ending 7/31/25

File No. 811-09439

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&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;&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;&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;&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; and

------

&nbsp;&nbsp;&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.

September 19, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 5** 

Annual period ending 7/31/25

File No. 811-09439

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&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;&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;&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;&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; and

------

&nbsp;&nbsp;&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.

September 19, 2025

---

| |
|:---|
| <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.

---

| | |
|:---|:---|
| September 19, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| September 19, 2025 | <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.*