# EDGAR Filing Document

**Accession Number:** 0000949512
**File Stem:** 0001193125-25-306308
**Filing Date:** 2025-12
**Character Count:** 755157
**Document Hash:** 3db45a3464b8fcb18a1be219bd8f7151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306308.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306308

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS, INC.
- **CENTRAL INDEX KEY:** 0000949512

**ORGANIZATION NAME:**
- **EIN:** 133851144
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07343
- **FILM NUMBER:** 251545836

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

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD ST. 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19980612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL JENNISON SERIES FUND INC
- **DATE OF NAME CHANGE:** 19960911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL JENNISON FUND INC
- **DATE OF NAME CHANGE:** 19950906

## Series and Classes Contracts Data

### PGIM BALANCED FUND (Series ID: S000004632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012613 | Class A      | PIBAX           |
| C000012615 | Class C      | PABCX           |
| C000012616 | Class Z      | PABFX           |
| C000012617 | Class R      | PALRX           |
| C000195486 | Class R6     | PIBQX           |

### PGIM JENNISON GROWTH FUND (Series ID: S000004633)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012618 | Class R      | PJGRX           |
| C000012619 | Class A      | PJFAX           |
| C000012621 | Class C      | PJFCX           |
| C000012622 | Class Z      | PJFZX           |
| C000193746 | Class R6     | PJFQX           |
| C000195753 | Class R2     | PJFOX           |
| C000195754 | Class R4     | PJFPX           |

### PGIM JENNISON FOCUSED VALUE FUND (Series ID: S000004634)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012623 | Class A      | PJIAX           |
| C000012625 | Class C      | PJGCX           |
| C000012626 | Class Z      | PJGZX           |
| C000012627 | Class R      | PJORX           |
| C000148916 | Class R6     | PJOQX           |

?xml version='1.0' encoding='ASCII'? The Prudential Investment Portfolios, Inc.

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-07343 |
| Exact name of registrant as specified in charter: | The Prudential Investment Portfolios, Inc. |
| Address of principal executive offices: | 655 Broad Street, 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: | 9/30/2025 |
| Date of reporting period: | 9/30/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g932142g1tsrbanner.jpg)

PGIM Balanced Fund

Class A:

PIBAX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class A shares of PGIM Balanced Fund (the "Fund") for the period of

October 1, 2024 to September 30, 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 Balanced Fund—Class A | $106 | 1.00% |

---

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

■

During the reporting period, equity markets rose by more than 17% and bonds returned close to 3%. After dipping earlier in the period, as

volatility soared due to trade war concerns, equity markets advanced as trade tensions eased, artificial intelligence (AI) optimism continued,

economic and earnings growth remained solid, and the Federal Reserve resumed its rate-cutting cycle.

■

The Fund's performance relative to the Custom Blended Index benefited from asset allocation, including an overweight to equities and an

underweight to bonds. In addition, the Fund's international equity and fixed income managers outperformed their respective benchmarks.

■

The Fund's performance was negatively affected by domestic equity managers underperforming their respective benchmarks. Exposure to

cash further detracted from relative performance.

■

The Fund uses derivatives for various reasons, including to equitize cash positions, for liquidity purposes, to help manage duration positions

and yield curve exposure, and to facilitate implementation of the overall investment approach. During the period, the Fund held stock index

futures, interest rate futures, forward foreign currency exchange contracts, options and swaps, and credit default swap indexes. Collectively, the

use of such derivatives had a small negative impact on the Fund's relative performance.

MF185EA

![](g932142g1pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g1balanced_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 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 7.50% | 8.44% | 7.97% |
| Class A without sales charges | 11.11% | 9.16% | 8.33% |
| Bloomberg US Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Custom Blended Index\* | 11.33% | 8.76% | 8.99% |

---

\* Custom Blended Index consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1056070790<br>|
| Number of fund holdings | 1942 |
| Total advisory fees paid for the year | $5479913<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Government Agency Obligations | 8.5% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Banks | 6.7% |
| Software | 5.5% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Interactive Media & Services | 3.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.7% |
| Pharmaceuticals | 3.2% |
| Technology Hardware, Storage & Peripherals | 3.1% |
| Collateralized Loan Obligations | 3.1% |
| Aerospace & Defense | 2.5% |
| Capital Markets | 2.3% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Residential Mortgage-Backed Securities | 2.0% |
| Affiliated Exchange-Traded Fund - Fixed Income | 2.0% |
| Insurance | 1.9% |
| Financial Services | 1.8% |
| Broadline Retail | 1.7% |
| Biotechnology | 1.7% |
| Automobiles | 1.6% |
| Specialty Retail | 1.6% |
| U.S. Treasury Obligations | 1.4% |
| Electric | 1.3% |
| Electrical Equipment | 1.1% |
| Communications Equipment | 1.1% |
| Health Care Providers & Services | 1.0% |
| Media | 1.0% |
| IT Services | 1.0% |
| Metals & Mining | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 0.9% |
| Home Equity Loans | 0.9% |
| Hotels, Restaurants & Leisure | 0.8% |
| Pipelines | 0.8% |
| Oil & Gas | 0.8% |
| Real Estate Investment Trusts (REITs) | 0.8% |
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Building Products | 0.7% |
| Entertainment | 0.7% |
| Electric Utilities | 0.6% |
| Healthcare-Services | 0.6% |
| Ground Transportation | 0.6% |
| Sovereign Bonds | 0.6% |
| Food Products | 0.6% |
| Telecommunications | 0.6% |
| Consumer Loans | 0.5% |
| Tobacco | 0.5% |
| Health Care Equipment & Supplies | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 8.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 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

\*\* Less than 0.05%

&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.

![](g932142g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Balanced Fund

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

SHARE CLASS A <br> NASDAQ PIBAX <br> CUSIP 74437E883

MF185EA

![](g932142g1pgim_investments.jpg)

------

![](g932142g2tsrbanner.jpg)

PGIM Balanced Fund

Class C:

PABCX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class C shares of PGIM Balanced Fund (the "Fund") for the period of

October 1, 2024 to September 30, 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 Balanced Fund—Class C | $191 | 1.82% |

---

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

■

During the reporting period, equity markets rose by more than 17% and bonds returned close to 3%. After dipping earlier in the period, as

volatility soared due to trade war concerns, equity markets advanced as trade tensions eased, artificial intelligence (AI) optimism continued,

economic and earnings growth remained solid, and the Federal Reserve resumed its rate-cutting cycle.

■

The Fund's performance relative to the Custom Blended Index benefited from asset allocation, including an overweight to equities and an

underweight to bonds. In addition, the Fund's international equity and fixed income managers outperformed their respective benchmarks.

■

The Fund's performance was negatively affected by domestic equity managers underperforming their respective benchmarks. Exposure to

cash further detracted from relative performance.

■

The Fund uses derivatives for various reasons, including to equitize cash positions, for liquidity purposes, to help manage duration positions

and yield curve exposure, and to facilitate implementation of the overall investment approach. During the period, the Fund held stock index

futures, interest rate futures, forward foreign currency exchange contracts, options and swaps, and credit default swap indexes. Collectively, the

use of such derivatives had a small negative impact on the Fund's relative performance.

MF185EC

![](g932142g2pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g2balanced_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 9.17% | 8.29% | 7.51% |
| Class C without sales charges | 10.17% | 8.29% | 7.51% |
| Bloomberg US Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Custom Blended Index\* | 11.33% | 8.76% | 8.99% |

---

\* Custom Blended Index consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1056070790<br>|
| Number of fund holdings | 1942 |
| Total advisory fees paid for the year | $5479913<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Government Agency Obligations | 8.5% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Banks | 6.7% |
| Software | 5.5% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Interactive Media & Services | 3.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.7% |
| Pharmaceuticals | 3.2% |
| Technology Hardware, Storage & Peripherals | 3.1% |
| Collateralized Loan Obligations | 3.1% |
| Aerospace & Defense | 2.5% |
| Capital Markets | 2.3% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Residential Mortgage-Backed Securities | 2.0% |
| Affiliated Exchange-Traded Fund - Fixed Income | 2.0% |
| Insurance | 1.9% |
| Financial Services | 1.8% |
| Broadline Retail | 1.7% |
| Biotechnology | 1.7% |
| Automobiles | 1.6% |
| Specialty Retail | 1.6% |
| U.S. Treasury Obligations | 1.4% |
| Electric | 1.3% |
| Electrical Equipment | 1.1% |
| Communications Equipment | 1.1% |
| Health Care Providers & Services | 1.0% |
| Media | 1.0% |
| IT Services | 1.0% |
| Metals & Mining | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 0.9% |
| Home Equity Loans | 0.9% |
| Hotels, Restaurants & Leisure | 0.8% |
| Pipelines | 0.8% |
| Oil & Gas | 0.8% |
| Real Estate Investment Trusts (REITs) | 0.8% |
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Building Products | 0.7% |
| Entertainment | 0.7% |
| Electric Utilities | 0.6% |
| Healthcare-Services | 0.6% |
| Ground Transportation | 0.6% |
| Sovereign Bonds | 0.6% |
| Food Products | 0.6% |
| Telecommunications | 0.6% |
| Consumer Loans | 0.5% |
| Tobacco | 0.5% |
| Health Care Equipment & Supplies | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 8.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 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

\*\* Less than 0.05%

&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.

![](g932142g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Balanced Fund

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

SHARE CLASS C <br> NASDAQ PABCX <br> CUSIP 74437E867

MF185EC

![](g932142g2pgim_investments.jpg)

------

![](g932142g3tsrbanner.jpg)

PGIM Balanced Fund

Class R:

PALRX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class R shares of PGIM Balanced Fund (the "Fund") for the period of

October 1, 2024 to September 30, 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 Balanced Fund—Class R | $155 | 1.47% |

---

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

■

During the reporting period, equity markets rose by more than 17% and bonds returned close to 3%. After dipping earlier in the period, as

volatility soared due to trade war concerns, equity markets advanced as trade tensions eased, artificial intelligence (AI) optimism continued,

economic and earnings growth remained solid, and the Federal Reserve resumed its rate-cutting cycle.

■

The Fund's performance relative to the Custom Blended Index benefited from asset allocation, including an overweight to equities and an

underweight to bonds. In addition, the Fund's international equity and fixed income managers outperformed their respective benchmarks.

■

The Fund's performance was negatively affected by domestic equity managers underperforming their respective benchmarks. Exposure to

cash further detracted from relative performance.

■

The Fund uses derivatives for various reasons, including to equitize cash positions, for liquidity purposes, to help manage duration positions

and yield curve exposure, and to facilitate implementation of the overall investment approach. During the period, the Fund held stock index

futures, interest rate futures, forward foreign currency exchange contracts, options and swaps, and credit default swap indexes. Collectively, the

use of such derivatives had a small negative impact on the Fund's relative performance.

MF185ER

![](g932142g3pgim_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 R 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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g3balanced_r.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 10.59% | 8.65% | 7.88% |
| Bloomberg US Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Custom Blended Index\* | 11.33% | 8.76% | 8.99% |

---

\* Custom Blended Index consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1056070790<br>|
| Number of fund holdings | 1942 |
| Total advisory fees paid for the year | $5479913<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Government Agency Obligations | 8.5% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Banks | 6.7% |
| Software | 5.5% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Interactive Media & Services | 3.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.7% |
| Pharmaceuticals | 3.2% |
| Technology Hardware, Storage & Peripherals | 3.1% |
| Collateralized Loan Obligations | 3.1% |
| Aerospace & Defense | 2.5% |
| Capital Markets | 2.3% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Residential Mortgage-Backed Securities | 2.0% |
| Affiliated Exchange-Traded Fund - Fixed Income | 2.0% |
| Insurance | 1.9% |
| Financial Services | 1.8% |
| Broadline Retail | 1.7% |
| Biotechnology | 1.7% |
| Automobiles | 1.6% |
| Specialty Retail | 1.6% |
| U.S. Treasury Obligations | 1.4% |
| Electric | 1.3% |
| Electrical Equipment | 1.1% |
| Communications Equipment | 1.1% |
| Health Care Providers & Services | 1.0% |
| Media | 1.0% |
| IT Services | 1.0% |
| Metals & Mining | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 0.9% |
| Home Equity Loans | 0.9% |
| Hotels, Restaurants & Leisure | 0.8% |
| Pipelines | 0.8% |
| Oil & Gas | 0.8% |
| Real Estate Investment Trusts (REITs) | 0.8% |
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Building Products | 0.7% |
| Entertainment | 0.7% |
| Electric Utilities | 0.6% |
| Healthcare-Services | 0.6% |
| Ground Transportation | 0.6% |
| Sovereign Bonds | 0.6% |
| Food Products | 0.6% |
| Telecommunications | 0.6% |
| Consumer Loans | 0.5% |
| Tobacco | 0.5% |
| Health Care Equipment & Supplies | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 8.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 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

\*\* Less than 0.05%

&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.

![](g932142g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Balanced Fund

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

SHARE CLASS R <br> NASDAQ PALRX <br> CUSIP 74437E636

MF185ER

![](g932142g3pgim_investments.jpg)

------

![](g932142g4tsrbanner.jpg)

PGIM Balanced Fund

Class Z:

PABFX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Balanced Fund (the "Fund") for the period of

October 1, 2024 to September 30, 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 Balanced Fund—Class Z | $82 | 0.78% |

---

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

■

During the reporting period, equity markets rose by more than 17% and bonds returned close to 3%. After dipping earlier in the period, as

volatility soared due to trade war concerns, equity markets advanced as trade tensions eased, artificial intelligence (AI) optimism continued,

economic and earnings growth remained solid, and the Federal Reserve resumed its rate-cutting cycle.

■

The Fund's performance relative to the Custom Blended Index benefited from asset allocation, including an overweight to equities and an

underweight to bonds. In addition, the Fund's international equity and fixed income managers outperformed their respective benchmarks.

■

The Fund's performance was negatively affected by domestic equity managers underperforming their respective benchmarks. Exposure to

cash further detracted from relative performance.

■

The Fund uses derivatives for various reasons, including to equitize cash positions, for liquidity purposes, to help manage duration positions

and yield curve exposure, and to facilitate implementation of the overall investment approach. During the period, the Fund held stock index

futures, interest rate futures, forward foreign currency exchange contracts, options and swaps, and credit default swap indexes. Collectively, the

use of such derivatives had a small negative impact on the Fund's relative performance.

MF185EZ

![](g932142g4pgim_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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g4balanced_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 11.30% | 9.40% | 8.60% |
| Bloomberg US Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Custom Blended Index\* | 11.33% | 8.76% | 8.99% |

---

\* Custom Blended Index consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1056070790<br>|
| Number of fund holdings | 1942 |
| Total advisory fees paid for the year | $5479913<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Government Agency Obligations | 8.5% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Banks | 6.7% |
| Software | 5.5% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Interactive Media & Services | 3.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.7% |
| Pharmaceuticals | 3.2% |
| Technology Hardware, Storage & Peripherals | 3.1% |
| Collateralized Loan Obligations | 3.1% |
| Aerospace & Defense | 2.5% |
| Capital Markets | 2.3% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Residential Mortgage-Backed Securities | 2.0% |
| Affiliated Exchange-Traded Fund - Fixed Income | 2.0% |
| Insurance | 1.9% |
| Financial Services | 1.8% |
| Broadline Retail | 1.7% |
| Biotechnology | 1.7% |
| Automobiles | 1.6% |
| Specialty Retail | 1.6% |
| U.S. Treasury Obligations | 1.4% |
| Electric | 1.3% |
| Electrical Equipment | 1.1% |
| Communications Equipment | 1.1% |
| Health Care Providers & Services | 1.0% |
| Media | 1.0% |
| IT Services | 1.0% |
| Metals & Mining | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 0.9% |
| Home Equity Loans | 0.9% |
| Hotels, Restaurants & Leisure | 0.8% |
| Pipelines | 0.8% |
| Oil & Gas | 0.8% |
| Real Estate Investment Trusts (REITs) | 0.8% |
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Building Products | 0.7% |
| Entertainment | 0.7% |
| Electric Utilities | 0.6% |
| Healthcare-Services | 0.6% |
| Ground Transportation | 0.6% |
| Sovereign Bonds | 0.6% |
| Food Products | 0.6% |
| Telecommunications | 0.6% |
| Consumer Loans | 0.5% |
| Tobacco | 0.5% |
| Health Care Equipment & Supplies | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 8.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 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

\*\* Less than 0.05%

&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.

![](g932142g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Balanced Fund

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

SHARE CLASS Z <br> NASDAQ PABFX <br> CUSIP 74437E859

MF185EZ

![](g932142g4pgim_investments.jpg)

------

![](g932142g5tsrbanner.jpg)

PGIM Balanced Fund

Class R6:

PIBQX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Balanced Fund (the "Fund") for the period of

October 1, 2024 to September 30, 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 Balanced Fund—Class R6 | $69 | 0.65% |

---

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

■

During the reporting period, equity markets rose by more than 17% and bonds returned close to 3%. After dipping earlier in the period, as

volatility soared due to trade war concerns, equity markets advanced as trade tensions eased, artificial intelligence (AI) optimism continued,

economic and earnings growth remained solid, and the Federal Reserve resumed its rate-cutting cycle.

■

The Fund's performance relative to the Custom Blended Index benefited from asset allocation, including an overweight to equities and an

underweight to bonds. In addition, the Fund's international equity and fixed income managers outperformed their respective benchmarks.

■

The Fund's performance was negatively affected by domestic equity managers underperforming their respective benchmarks. Exposure to

cash further detracted from relative performance.

■

The Fund uses derivatives for various reasons, including to equitize cash positions, for liquidity purposes, to help manage duration positions

and yield curve exposure, and to facilitate implementation of the overall investment approach. During the period, the Fund held stock index

futures, interest rate futures, forward foreign currency exchange contracts, options and swaps, and credit default swap indexes. Collectively, the

use of such derivatives had a small negative impact on the Fund's relative performance.

MF185ER6

![](g932142g5pgim_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: November 28, 2017 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g5balanced_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 11.49% | 9.53% | 7.95% (11/28/2017) |
| Bloomberg US Aggregate Bond Index | 2.88% | -0.45% | 1.69% |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |
| Custom Blended Index\* | 11.33% | 8.76% | 8.31% |

---

\* Custom Blended Index consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

Since Inception returns are provided for the share class since it has 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 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1056070790<br>|
| Number of fund holdings | 1942 |
| Total advisory fees paid for the year | $5479913<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Government Agency Obligations | 8.5% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Banks | 6.7% |
| Software | 5.5% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Interactive Media & Services | 3.8% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 3.7% |
| Pharmaceuticals | 3.2% |
| Technology Hardware, Storage & Peripherals | 3.1% |
| Collateralized Loan Obligations | 3.1% |
| Aerospace & Defense | 2.5% |
| Capital Markets | 2.3% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Residential Mortgage-Backed Securities | 2.0% |
| Affiliated Exchange-Traded Fund - Fixed Income | 2.0% |
| Insurance | 1.9% |
| Financial Services | 1.8% |
| Broadline Retail | 1.7% |
| Biotechnology | 1.7% |
| Automobiles | 1.6% |
| Specialty Retail | 1.6% |
| U.S. Treasury Obligations | 1.4% |
| Electric | 1.3% |
| Electrical Equipment | 1.1% |
| Communications Equipment | 1.1% |
| Health Care Providers & Services | 1.0% |
| Media | 1.0% |
| IT Services | 1.0% |
| Metals & Mining | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 0.9% |
| Home Equity Loans | 0.9% |
| Hotels, Restaurants & Leisure | 0.8% |
| Pipelines | 0.8% |
| Oil & Gas | 0.8% |
| Real Estate Investment Trusts (REITs) | 0.8% |
| Machinery | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Building Products | 0.7% |
| Entertainment | 0.7% |
| Electric Utilities | 0.6% |
| Healthcare-Services | 0.6% |
| Ground Transportation | 0.6% |
| Sovereign Bonds | 0.6% |
| Food Products | 0.6% |
| Telecommunications | 0.6% |
| Consumer Loans | 0.5% |
| Tobacco | 0.5% |
| Health Care Equipment & Supplies | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 8.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 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

\*\* Less than 0.05%

&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.

![](g932142g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Balanced Fund

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

SHARE CLASS R6 <br> NASDAQ PIBQX <br> CUSIP 74437E461

MF185ER6

![](g932142g5pgim_investments.jpg)

------

![](g932142g6tsrbanner.jpg)

PGIM Jennison Focused Value Fund

Class A:

PJIAX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

the period of October 1, 2024 to September 30, 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 Focused Value Fund—Class A | $117 | 1.10% |

---

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

■

US equities posted solid gains for the reporting period, with major indexes setting new highs, though returns were marked by bouts of elevated

volatility. Key influences included the US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed

enthusiasm around artificial intelligence (AI), resilient corporate earnings, and a US Federal Reserve rate cut late in the period.

■

Positions within the industrials sector (led by aerospace & defense), consumer staples sector (driven by distribution & retail), information

technology sector (especially software), and consumer discretionary sector (primarily automobiles) added the most to the Fund's absolute

performance and its results relative to the Russell 1000 Value Index (the "Index").

■

Conversely, positions within the communication services, energy, and financials sectors detracted the most from results relative to the Index.

MF172EA

![](g932142g6pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g6jennfocusedval_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 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 6.79% | 14.42% | 9.91% |
| Class A without sales charges | 13.00% | 15.72% | 10.54% |
| S&P 500 Index\* | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285799611<br>|
| Number of fund holdings | 37 |
| Total advisory fees paid for the year | $1491794<br>|
| Portfolio turnover rate for the year | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Aerospace & Defense | 8.2% |
| Multi-Utilities | 7.2% |
| Interactive Media & Services | 7.0% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.1% represents investments purchased with <br>collateral from securities on loan)<br>| 6.5% |
| Pharmaceuticals | 5.1% |
| Consumer Staples Distribution & Retail | 4.8% |
| Capital Markets | 4.5% |
| Household Durables | 4.1% |
| Insurance | 3.4% |
| Industrial Conglomerates | 3.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 3.2% |
| Automobiles | 3.2% |
| Broadline Retail | 2.9% |
| Chemicals | 2.9% |
| Ground Transportation | 2.8% |
| Biotechnology | 2.4% |
| Technology Hardware, Storage & Peripherals | 2.1% |
| Health Care Equipment & Supplies | 2.1% |
| Machinery | 2.0% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 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.

![](g932142g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value Fund

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

SHARE CLASS A <br> NASDAQ PJIAX <br> CUSIP 74437E503

MF172EA

![](g932142g6pgim_investments.jpg)

------

![](g932142g7tsrbanner.jpg)

PGIM Jennison Focused Value Fund

Class C:

PJGCX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

the period of October 1, 2024 to September 30, 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 Focused Value Fund—Class C | $237 | 2.24% |

---

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

■

US equities posted solid gains for the reporting period, with major indexes setting new highs, though returns were marked by bouts of elevated

volatility. Key influences included the US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed

enthusiasm around artificial intelligence (AI), resilient corporate earnings, and a US Federal Reserve rate cut late in the period.

■

Positions within the industrials sector (led by aerospace & defense), consumer staples sector (driven by distribution & retail), information

technology sector (especially software), and consumer discretionary sector (primarily automobiles) added the most to the Fund's absolute

performance and its results relative to the Russell 1000 Value Index (the "Index").

■

Conversely, positions within the communication services, energy, and financials sectors detracted the most from results relative to the Index.

MF172EC

![](g932142g7pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g7jennfocusedval_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 10.70% | 14.49% | 9.54% |
| Class C without sales charges | 11.70% | 14.49% | 9.54% |
| S&P 500 Index\* | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285799611<br>|
| Number of fund holdings | 37 |
| Total advisory fees paid for the year | $1491794<br>|
| Portfolio turnover rate for the year | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Aerospace & Defense | 8.2% |
| Multi-Utilities | 7.2% |
| Interactive Media & Services | 7.0% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.1% represents investments purchased with <br>collateral from securities on loan)<br>| 6.5% |
| Pharmaceuticals | 5.1% |
| Consumer Staples Distribution & Retail | 4.8% |
| Capital Markets | 4.5% |
| Household Durables | 4.1% |
| Insurance | 3.4% |
| Industrial Conglomerates | 3.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 3.2% |
| Automobiles | 3.2% |
| Broadline Retail | 2.9% |
| Chemicals | 2.9% |
| Ground Transportation | 2.8% |
| Biotechnology | 2.4% |
| Technology Hardware, Storage & Peripherals | 2.1% |
| Health Care Equipment & Supplies | 2.1% |
| Machinery | 2.0% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 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.

![](g932142g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value Fund

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

SHARE CLASS C <br> NASDAQ PJGCX <br> CUSIP 74437E701

MF172EC

![](g932142g7pgim_investments.jpg)

------

![](g932142g8tsrbanner.jpg)

PGIM Jennison Focused Value Fund

Class R:

PJORX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class R shares of PGIM Jennison Focused Value Fund (the "Fund") for

the period of October 1, 2024 to September 30, 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 Focused Value Fund—Class R | $163 | 1.53% |

---

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

■

US equities posted solid gains for the reporting period, with major indexes setting new highs, though returns were marked by bouts of elevated

volatility. Key influences included the US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed

enthusiasm around artificial intelligence (AI), resilient corporate earnings, and a US Federal Reserve rate cut late in the period.

■

Positions within the industrials sector (led by aerospace & defense), consumer staples sector (driven by distribution & retail), information

technology sector (especially software), and consumer discretionary sector (primarily automobiles) added the most to the Fund's absolute

performance and its results relative to the Russell 1000 Value Index (the "Index").

■

Conversely, positions within the communication services, energy, and financials sectors detracted the most from results relative to the Index.

MF172ER

![](g932142g8pgim_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 R 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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g8jennfocusedval_r.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 12.53% | 15.27% | 10.14% |
| S&P 500 Index\* | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285799611<br>|
| Number of fund holdings | 37 |
| Total advisory fees paid for the year | $1491794<br>|
| Portfolio turnover rate for the year | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Aerospace & Defense | 8.2% |
| Multi-Utilities | 7.2% |
| Interactive Media & Services | 7.0% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.1% represents investments purchased with <br>collateral from securities on loan)<br>| 6.5% |
| Pharmaceuticals | 5.1% |
| Consumer Staples Distribution & Retail | 4.8% |
| Capital Markets | 4.5% |
| Household Durables | 4.1% |
| Insurance | 3.4% |
| Industrial Conglomerates | 3.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 3.2% |
| Automobiles | 3.2% |
| Broadline Retail | 2.9% |
| Chemicals | 2.9% |
| Ground Transportation | 2.8% |
| Biotechnology | 2.4% |
| Technology Hardware, Storage & Peripherals | 2.1% |
| Health Care Equipment & Supplies | 2.1% |
| Machinery | 2.0% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 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.

![](g932142g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value Fund

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

SHARE CLASS R <br> NASDAQ PJORX <br> CUSIP 74437E644

MF172ER

![](g932142g8pgim_investments.jpg)

------

![](g932142g9tsrbanner.jpg)

PGIM Jennison Focused Value Fund

Class Z:

PJGZX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

the period of October 1, 2024 to September 30, 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 Focused Value Fund—Class Z | $80 | 0.75% |

---

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

■

US equities posted solid gains for the reporting period, with major indexes setting new highs, though returns were marked by bouts of elevated

volatility. Key influences included the US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed

enthusiasm around artificial intelligence (AI), resilient corporate earnings, and a US Federal Reserve rate cut late in the period.

■

Positions within the industrials sector (led by aerospace & defense), consumer staples sector (driven by distribution & retail), information

technology sector (especially software), and consumer discretionary sector (primarily automobiles) added the most to the Fund's absolute

performance and its results relative to the Russell 1000 Value Index (the "Index").

■

Conversely, positions within the communication services, energy, and financials sectors detracted the most from results relative to the Index.

MF172EZ

![](g932142g9pgim_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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g9jennfocusedval_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 13.40% | 16.12% | 10.90% |
| S&P 500 Index\* | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285799611<br>|
| Number of fund holdings | 37 |
| Total advisory fees paid for the year | $1491794<br>|
| Portfolio turnover rate for the year | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Aerospace & Defense | 8.2% |
| Multi-Utilities | 7.2% |
| Interactive Media & Services | 7.0% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.1% represents investments purchased with <br>collateral from securities on loan)<br>| 6.5% |
| Pharmaceuticals | 5.1% |
| Consumer Staples Distribution & Retail | 4.8% |
| Capital Markets | 4.5% |
| Household Durables | 4.1% |
| Insurance | 3.4% |
| Industrial Conglomerates | 3.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 3.2% |
| Automobiles | 3.2% |
| Broadline Retail | 2.9% |
| Chemicals | 2.9% |
| Ground Transportation | 2.8% |
| Biotechnology | 2.4% |
| Technology Hardware, Storage & Peripherals | 2.1% |
| Health Care Equipment & Supplies | 2.1% |
| Machinery | 2.0% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 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.

![](g932142g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value Fund

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

SHARE CLASS Z <br> NASDAQ PJGZX <br> CUSIP 74437E800

MF172EZ

![](g932142g9pgim_investments.jpg)

------

![](g932142g10tsrbanner.jpg)

PGIM Jennison Focused Value Fund

Class R6:

PJOQX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

the period of October 1, 2024 to September 30, 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 Focused Value Fund—Class R6 | $80 | 0.75% |

---

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

■

US equities posted solid gains for the reporting period, with major indexes setting new highs, though returns were marked by bouts of elevated

volatility. Key influences included the US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed

enthusiasm around artificial intelligence (AI), resilient corporate earnings, and a US Federal Reserve rate cut late in the period.

■

Positions within the industrials sector (led by aerospace & defense), consumer staples sector (driven by distribution & retail), information

technology sector (especially software), and consumer discretionary sector (primarily automobiles) added the most to the Fund's absolute

performance and its results relative to the Russell 1000 Value Index (the "Index").

■

Conversely, positions within the communication services, energy, and financials sectors detracted the most from results relative to the Index.

MF172ER6

![](g932142g10pgim_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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g10jennfocusedval_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 13.45% | 16.13% | 10.91% |
| S&P 500 Index\* | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $285799611<br>|
| Number of fund holdings | 37 |
| Total advisory fees paid for the year | $1491794<br>|
| Portfolio turnover rate for the year | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 13.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Aerospace & Defense | 8.2% |
| Multi-Utilities | 7.2% |
| Interactive Media & Services | 7.0% |
| Semiconductors & Semiconductor Equipment | 6.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(6.1% represents investments purchased with <br>collateral from securities on loan)<br>| 6.5% |
| Pharmaceuticals | 5.1% |
| Consumer Staples Distribution & Retail | 4.8% |
| Capital Markets | 4.5% |
| Household Durables | 4.1% |
| Insurance | 3.4% |
| Industrial Conglomerates | 3.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Software | 3.2% |
| Automobiles | 3.2% |
| Broadline Retail | 2.9% |
| Chemicals | 2.9% |
| Ground Transportation | 2.8% |
| Biotechnology | 2.4% |
| Technology Hardware, Storage & Peripherals | 2.1% |
| Health Care Equipment & Supplies | 2.1% |
| Machinery | 2.0% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 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.

![](g932142g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value Fund

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

SHARE CLASS R6 <br> NASDAQ PJOQX <br> CUSIP 74437E552

MF172ER6

![](g932142g10pgim_investments.jpg)

------

![](g932142g11tsrbanner.jpg)

PGIM Jennison Growth Fund

Class A:

PJFAX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

period of October 1, 2024 to September 30, 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 Growth Fund—Class A | $107 | 0.97% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168EA

![](g932142g11pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g11jenngrowth_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 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 14.09% | 11.51% | 16.32% |
| Class A without sales charges | 20.73% | 12.78% | 16.98% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS A <br> NASDAQ PJFAX <br> CUSIP 74437E107

MF168EA

![](g932142g11pgim_investments.jpg)

------

![](g932142g12tsrbanner.jpg)

PGIM Jennison Growth Fund

Class C:

PJFCX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

period of October 1, 2024 to September 30, 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 Growth Fund—Class C | $186 | 1.69% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168EC

![](g932142g12pgim_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: September 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g12jenngrowth_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 18.86% | 12.00% | 16.18% |
| Class C without sales charges | 19.86% | 12.00% | 16.18% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS C <br> NASDAQ PJFCX <br> CUSIP 74437E305

MF168EC

![](g932142g12pgim_investments.jpg)

------

![](g932142g13tsrbanner.jpg)

PGIM Jennison Growth Fund

Class R:

PJGRX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

period of October 1, 2024 to September 30, 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 Growth Fund—Class R | $132 | 1.20% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168ER

![](g932142g13pgim_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 R 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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g13jenngrowth_r.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 20.45% | 12.52% | 16.73% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS R <br> NASDAQ PJGRX <br> CUSIP 74437E651

MF168ER

![](g932142g13pgim_investments.jpg)

------

![](g932142g14tsrbanner.jpg)

PGIM Jennison Growth Fund

Class Z:

PJFZX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

period of October 1, 2024 to September 30, 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 Growth Fund—Class Z | $76 | 0.69% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168EZ

![](g932142g14pgim_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 30, 2015 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g14jenngrowth_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 21.05% | 13.11% | 17.33% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g14qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS Z <br> NASDAQ PJFZX <br> CUSIP 74437E404

MF168EZ

![](g932142g14pgim_investments.jpg)

------

![](g932142g15tsrbanner.jpg)

PGIM Jennison Growth Fund

Class R2:

PJFOX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class R2 shares of PGIM Jennison Growth Fund (the "Fund") for the

period of October 1, 2024 to September 30, 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 Growth Fund—Class R2 | $121 | 1.10% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168ER2

![](g932142g15pgim_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 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: November 28, 2017 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g15jenngrowth_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 20.57% | 12.65% | 16.29% (11/28/2017) |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.51% |

---

Since Inception returns are provided for the share class since it has 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 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g15qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS R2 <br> NASDAQ PJFOX <br> CUSIP 74437E420

MF168ER2

![](g932142g15pgim_investments.jpg)

------

![](g932142g16tsrbanner.jpg)

PGIM Jennison Growth Fund

Class R4:

PJFPX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

This annual shareholder report contains important information about the Class R4 shares of PGIM Jennison Growth Fund (the "Fund") for the

period of October 1, 2024 to September 30, 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 Growth Fund—Class R4 | $94 | 0.85% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168ER4

![](g932142g16pgim_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 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: November 28, 2017 to September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g16jenngrowth_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 20.87% | 12.92% | 16.58% (11/28/2017) |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.51% |

---

Since Inception returns are provided for the share class since it has 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 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g16qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS R4 <br> NASDAQ PJFPX <br> CUSIP 74437E412

MF168ER4

![](g932142g16pgim_investments.jpg)

------

![](g932142g17tsrbanner.jpg)

PGIM Jennison Growth Fund

Class R6:

PJFQX

ANNUAL SHAREHOLDER REPORT – September 30, 2025

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

period of October 1, 2024 to September 30, 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 Growth Fund—Class R6 | $63 | 0.57% |

---

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

■

US equities posted strong gains during the reporting period, supported by enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and a US Federal Reserve rate cut late in the period. Investor confidence and risk appetite remained robust, even as volatility and

policy uncertainty persisted.

■

Security selection within the consumer staples sector (driven by distribution), industrials sector (especially ground transportation), and

information technology sector (led by IT services), along with an overweight to the communication services sector, added the most to the

Fund's performance relative to the Russell 1000 Growth Index (the "Index").

■

Conversely, stock selection within the health care sector (especially pharmaceuticals and biotechnology) and consumer discretionary sector

(led by broadline retail and hotels, restaurants & leisure), along with an underweight to the information technology sector and an overweight to

the health care sector, detracted the most from results relative to the Index.

MF168ER6

![](g932142g17pgim_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 September 30, 2025<br>Initial Investment of $10,000<br>

![](g932142g17jenngrowth_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 | Average Annual Total Returns as of 9/30/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 21.20% | 13.24% | 17.74% (9/27/2017) |
| S&P 500 Index | 17.60% | 16.47% | 14.88% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 19.10% |

---

Since Inception returns are provided for the share class since it has 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 9/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9012171772<br>|
| Number of fund holdings | 52 |
| Total advisory fees paid for the year | $47969931<br>|
| Portfolio turnover rate for the year | 34% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.1% |
| Software | 15.5% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 8.2% |
| Entertainment | 6.7% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Aerospace & Defense | 4.7% |
| Financial Services | 4.6% |
| Automobiles | 3.9% |
| Consumer Staples Distribution & Retail | 3.5% |
| Health Care Equipment & Supplies | 3.0% |
| IT Services | 2.5% |
| Pharmaceuticals | 2.3% |
| Specialty Retail | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Capital Markets | 1.3% |
| Textiles, Apparel & Luxury Goods | 1.3% |
| Hotels, Restaurants & Leisure | 1.1% |
| Ground Transportation | 1.0% |
| Biotechnology | 1.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 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.

![](g932142g17qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Growth Fund

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

SHARE CLASS R6 <br> NASDAQ PJFQX <br> CUSIP 74437E479

MF168ER6

![](g932142g17pgim_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 September 30, 2025 and September 30, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $111,785 and $107,485, 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 September 30, 2025 and September 30, 2024: none.

(c) Tax Fees

For the fiscal years ended September 30, 2025 and September 30, 2024: none.

(d) All Other Fees

For the fiscal years ended September 30, 2025 and September 30, 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) 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</u><br> <u>September 30, 2025</u> | <u>Fiscal Year Ended</u><br> <u>September 30, 2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if 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%.

(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 September 30, 2025 and September 30, 2024 was $0 and $0, respectively.

(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.

(i) Not applicable.

(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](g932142dsp001a.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC.
PGIM Balanced Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### SEPTEMBER 30, 2025
![LOGO](g932142dsp001b.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> September 30, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [PGIM Balanced Fund](#edgar932142_1) | 1 |
|  [Notes to Financial Statements](#edgar932142_2) | 69 |

---

**[Other Information -](#edgar932142_3)**[Form N-CSR Items 8-11](#edgar932142_3)

------

Schedule of Investments

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM AAA CLO ETF | 390102 | $20090253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Active High Yield Bond ETF | 25000 | 893750 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $20,914,994)(wa) |  | 20984003 |
| &nbsp;&nbsp; **COMMON STOCKS 60.0%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.1%** |  |  |
| &nbsp;&nbsp; AAR Corp.\* | 900 | 80703 |
| &nbsp;&nbsp; AerSale Corp.\* | 3600 | 29484 |
| &nbsp;&nbsp; Airbus SE (France) | 2788 | 651070 |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S (Turkey) | 96021 | 497553 |
| &nbsp;&nbsp; Astronics Corp.\* | 5400 | 246294 |
| &nbsp;&nbsp; Bharat Electronics Ltd. (India) | 81735 | 372045 |
| &nbsp;&nbsp; Boeing Co. (The)\* | 8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791389 |
| &nbsp;&nbsp; Curtiss-Wright Corp. | 2200 | 1194468 |
| &nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 646 | 328649 |
| &nbsp;&nbsp; General Dynamics Corp. | 15100 | 5149100 |
| &nbsp;&nbsp; General Electric Co. | 23300 | 7009106 |
| &nbsp;&nbsp; Howmet Aerospace, Inc. | 3600 | 706428 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 300 | 27411 |
| &nbsp;&nbsp; L3Harris Technologies, Inc. | 1500 | 458115 |
| &nbsp;&nbsp; Mercury Systems, Inc.\* | 2400 | 185760 |
| &nbsp;&nbsp; Moog, Inc. (Class A Stock) | 100 | 20767 |
| &nbsp;&nbsp; MTU Aero Engines AG (Germany) | 240 | 110721 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 500 | 304660 |
| &nbsp;&nbsp; Rheinmetall AG (Germany) | 98 | 229239 |
| &nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 88300 | 1419357 |
| &nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 6081 | 373630 |
| &nbsp;&nbsp; Safran SA (France) | 923 | 327544 |
| &nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 77200 | 515506 |
| &nbsp;&nbsp; VSE Corp. | 600 | 99744 |
|  |  | 22128743 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.0%** |  |  |
| &nbsp;&nbsp; FedEx Corp. | 1050 | 247601 |
| &nbsp;&nbsp; **Automobile Components 0.4%** |  |  |
| &nbsp;&nbsp; Adient PLC\* | 1200 | 28896 |
| &nbsp;&nbsp; Aptiv PLC (United Kingdom)\*(a) | 8600 | 741492 |
| &nbsp;&nbsp; Bridgestone Corp. (Japan) | 11900 | 549996 |
| &nbsp;&nbsp; Dana, Inc. | 12700 | 254508 |
| &nbsp;&nbsp; Gentex Corp. | 25800 | 730140 |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 7000 | 52360 |
| &nbsp;&nbsp; Holley, Inc.\* | 5000 | 15700 |
| &nbsp;&nbsp; Hyundai Mobis Co. Ltd. (South Korea) | 1818 | 386789 |
| &nbsp;&nbsp; Modine Manufacturing Co.\* | 1000 | 142160 |
| &nbsp;&nbsp; Phinia, Inc. | 1600 | 91968 |
| &nbsp;&nbsp; Standard Motor Products, Inc. | 4400 | 179608 |
| &nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 9200 | 261777 |
| &nbsp;&nbsp; Toyo Tire Corp. (Japan) | 13500 | 358419 |
| &nbsp;&nbsp; Visteon Corp. | 2200 | 263692 |
|  |  | 4057505 |
| &nbsp;&nbsp; **Automobiles 1.3%** |  |  |
| &nbsp;&nbsp; Eicher Motors Ltd. (India) | 5735 | 452832 |
| &nbsp;&nbsp; Ford Motor Co.(a) | 136400 | 1631344 |
| &nbsp;&nbsp; Geely Automobile Holdings Ltd. (China) | 212000 | 532591 |
| &nbsp;&nbsp; General Motors Co. | 54600 | 3328962 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 1

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Automobiles (cont'd.)** |  |  |
| &nbsp;&nbsp; Harley-Davidson, Inc. | 7200 | $200880 |
| &nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 23800 | 245600 |
| &nbsp;&nbsp; Kia Corp. (South Korea) | 5072 | 364052 |
| &nbsp;&nbsp; Maruti Suzuki India Ltd. (India) | 923 | 166708 |
| &nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 12840 | 809305 |
| &nbsp;&nbsp; Tata Motors Ltd. (India) | 68640 | 525964 |
| &nbsp;&nbsp; Tesla, Inc.\* | 12450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536764 |
| &nbsp;&nbsp; Toyota Motor Corp. (Japan) | 3670 | 70488 |
|  |  | 13865490 |
| &nbsp;&nbsp; **Banks 3.6%** |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 12565 | 403080 |
| &nbsp;&nbsp; AIB Group PLC (Ireland) | 16700 | 152250 |
| &nbsp;&nbsp; Ameris Bancorp | 500 | 36655 |
| &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 54036 | 1041254 |
| &nbsp;&nbsp; Banco do Brasil SA (Brazil) | 168000 | 694443 |
| &nbsp;&nbsp; Banco Santander SA (Spain) | 75484 | 792153 |
| &nbsp;&nbsp; Bank Hapoalim BM (Israel) | 23650 | 480738 |
| &nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 27967 | 551022 |
| &nbsp;&nbsp; Bank of America Corp. | 12200 | 629398 |
| &nbsp;&nbsp; Bank of Marin Bancorp | 6100 | 148108 |
| &nbsp;&nbsp; Bank of Shanghai Co. Ltd. (China) (Class A Stock) | 120000 | 150852 |
| &nbsp;&nbsp; Bank Polska Kasa Opieki SA (Poland) | 8672 | 417933 |
| &nbsp;&nbsp; BankUnited, Inc. | 6200 | 236592 |
| &nbsp;&nbsp; Bankwell Financial Group, Inc. | 600 | 26550 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom) | 57022 | 293397 |
| &nbsp;&nbsp; BNP Paribas SA (France) | 7983 | 730148 |
| &nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 48000 | 224869 |
| &nbsp;&nbsp; Cadence Bank | 500 | 18770 |
| &nbsp;&nbsp; CaixaBank SA (Spain) | 16479 | 174050 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | 12200 | 974895 |
| &nbsp;&nbsp; Citigroup, Inc. | 1600 | 162400 |
| &nbsp;&nbsp; Civista Bancshares, Inc. | 1350 | 27419 |
| &nbsp;&nbsp; ConnectOne Bancorp, Inc. | 3300 | 81873 |
| &nbsp;&nbsp; Credit Agricole SA (France) | 32194 | 634418 |
| &nbsp;&nbsp; Customers Bancorp, Inc.\* | 2800 | 183036 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark) | 1525 | 65140 |
| &nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 800 | 31726 |
| &nbsp;&nbsp; Dime Community Bancshares, Inc. | 3700 | 110371 |
| &nbsp;&nbsp; Eastern Bankshares, Inc. | 15700 | 284955 |
| &nbsp;&nbsp; Erste Group Bank AG (Austria) | 3168 | 311422 |
| &nbsp;&nbsp; Eurobank Ergasias Services & Holdings SA (Greece) | 10775 | 41681 |
| &nbsp;&nbsp; First Commonwealth Financial Corp. | 13400 | 228470 |
| &nbsp;&nbsp; First Financial Bancorp | 7700 | 194425 |
| &nbsp;&nbsp; Flushing Financial Corp. | 2400 | 33144 |
| &nbsp;&nbsp; Fulton Financial Corp. | 10500 | 195615 |
| &nbsp;&nbsp; Glacier Bancorp, Inc. | 300 | 14601 |
| &nbsp;&nbsp; Hana Financial Group, Inc. (South Korea) | 8928 | 555098 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 4400 | 275484 |
| &nbsp;&nbsp; Hilltop Holdings, Inc. | 2400 | 80208 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 118727 | 1675608 |
| &nbsp;&nbsp; Independent Bank Corp. | 1900 | 131423 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. (China) (Class H Stock) | 111000 | 81734 |
| &nbsp;&nbsp; Industrial Bank Co. Ltd. (China) (Class A Stock) | 32200 | 89722 |
| &nbsp;&nbsp; ING Groep NV (Netherlands) | 16390 | 429676 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 185873 | 1230326 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 23574 | 7435947 |
| &nbsp;&nbsp; KB Financial Group, Inc. (South Korea) | 8648 | 713770 |
| &nbsp;&nbsp; KBC Group NV (Belgium) | 2455 | 294205 |
| &nbsp;&nbsp; Lion Finance Group PLC (Georgia) | 246 | 25371 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 216161 | 244605 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp; Metropolitan Bank Holding Corp. | 1700 | $127194 |
| &nbsp;&nbsp; Midland States Bancorp, Inc. | 5200 | 89128 |
| &nbsp;&nbsp; MVB Financial Corp. | 1200 | 30072 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 141200 | 997345 |
| &nbsp;&nbsp; Nordea Bank Abp (Finland) | 37551 | 618232 |
| &nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 1600 | 44160 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612090 |
| &nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA (Poland) | 32212 | 625902 |
| &nbsp;&nbsp; Primis Financial Corp. | 10930 | 114874 |
| &nbsp;&nbsp; Renasant Corp. | 3400 | 125426 |
| &nbsp;&nbsp; Riyad Bank (Saudi Arabia) | 28415 | 206032 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada) | 1000 | 147388 |
| &nbsp;&nbsp; Saudi Awwal Bank (Saudi Arabia) | 6350 | 54335 |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 202510 |  |
| &nbsp;&nbsp; Seacoast Banking Corp. of Florida | 3600 | 109548 |
| &nbsp;&nbsp; Shinhan Financial Group Co. Ltd. (South Korea) | 17614 | 888062 |
| &nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 13000 | 249210 |
| &nbsp;&nbsp; Societe Generale SA (France) | 8907 | 592995 |
| &nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 36880 | 715751 |
| &nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 22504 | 293624 |
| &nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 15775 | 476179 |
| &nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 3200 | 270496 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | 1300 | 103948 |
| &nbsp;&nbsp; UniCredit SpA (Italy) | 6502 | 494770 |
| &nbsp;&nbsp; United Community Banks, Inc. | 8100 | 253935 |
| &nbsp;&nbsp; Wells Fargo & Co. | 44600 | 3738372 |
| &nbsp;&nbsp; Woori Financial Group, Inc. (South Korea) | 6514 | 120634 |
|  |  | 38140732 |
| &nbsp;&nbsp; **Beverages 0.1%** |  |  |
| &nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 2816 | 168331 |
| &nbsp;&nbsp; Celsius Holdings, Inc.\* | 18300 | 1052067 |
|  |  | 1220398 |
| &nbsp;&nbsp; **Biotechnology 1.7%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 21030 | 4869286 |
| &nbsp;&nbsp; Abeona Therapeutics, Inc.\* | 2400 | 12672 |
| &nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 6700 | 142978 |
| &nbsp;&nbsp; ADMA Biologics, Inc.\* | 5500 | 80630 |
| &nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 3200 | 128448 |
| &nbsp;&nbsp; Akero Therapeutics, Inc.\* | 2900 | 137692 |
| &nbsp;&nbsp; Alkermes PLC\* | 5900 | 177000 |
| &nbsp;&nbsp; Amgen, Inc. | 9400 | 2652680 |
| &nbsp;&nbsp; Arcellx, Inc.\* | 1400 | 114940 |
| &nbsp;&nbsp; Ardelyx, Inc.\* | 18800 | 103588 |
| &nbsp;&nbsp; Argenx SE (Netherlands)\* | 753 | 556354 |
| &nbsp;&nbsp; ARS Pharmaceuticals, Inc.\* | 1300 | 13065 |
| &nbsp;&nbsp; Avidity Biosciences, Inc.\* | 3700 | 161209 |
| &nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 11100 | 84249 |
| &nbsp;&nbsp; Biogen, Inc.\* | 9200 | 1288736 |
| &nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 4200 | 218148 |
| &nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 7000 | 137900 |
| &nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\* | 200 | 12962 |
| &nbsp;&nbsp; CSL Ltd. | 2422 | 318605 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 600 | 32976 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 45300 | 5028300 |
| &nbsp;&nbsp; GRAIL, Inc.\* | 400 | 23652 |
| &nbsp;&nbsp; Kodiak Sciences, Inc.\* | 5700 | 93309 |
| &nbsp;&nbsp; Kura Oncology, Inc.\* | 4200 | 37170 |
| &nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 4000 | 12920 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 3

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 130 | $59626 |
| &nbsp;&nbsp; MiMedx Group, Inc.\* | 14400 | 100512 |
| &nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 3200 | 121344 |
| &nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 2000 | 146620 |
| &nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 2400 | 159432 |
| &nbsp;&nbsp; PTC Therapeutics, Inc.\* | 2900 | 177973 |
| &nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 1800 | 181782 |
| &nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 3900 | 110487 |
| &nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 500 | 33800 |
| &nbsp;&nbsp; Solid Biosciences, Inc.\* | 5100 | 31467 |
| &nbsp;&nbsp; TG Therapeutics, Inc.\* | 1000 | 36125 |
| &nbsp;&nbsp; Travere Therapeutics, Inc.\* | 2800 | 66920 |
| &nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 3077 | 15354 |
| &nbsp;&nbsp; Veracyte, Inc.\* | 800 | 27464 |
| &nbsp;&nbsp; Vir Biotechnology, Inc.\* | 5200 | 29692 |
|  |  | 17738067 |
| &nbsp;&nbsp; **Broadline Retail 1.7%** |  |  |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 27500 | 615013 |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 60690 | 13325703 |
| &nbsp;&nbsp; eBay, Inc. | 8500 | 773075 |
| &nbsp;&nbsp; Groupon, Inc.\* | 2400 | 56040 |
| &nbsp;&nbsp; Harvey Norman Holdings Ltd. (Australia) | 25250 | 123168 |
| &nbsp;&nbsp; JD.com, Inc. (China) (Class A Stock) | 19100 | 334642 |
| &nbsp;&nbsp; Macy's, Inc. | 30500 | 546865 |
| &nbsp;&nbsp; Naspers Ltd. (South Africa) (Class N Stock) | 707 | 256904 |
| &nbsp;&nbsp; Prosus NV (China)\* | 11713 | 828286 |
| &nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036634 |
| &nbsp;&nbsp; Vishal Mega Mart Ltd. (India)\* | 243041 | 407970 |
|  |  | 18304300 |
| &nbsp;&nbsp; **Building Products 0.7%** |  |  |
| &nbsp;&nbsp; Armstrong World Industries, Inc. | 21800 | 4273018 |
| &nbsp;&nbsp; AZZ, Inc. | 600 | 65478 |
| &nbsp;&nbsp; Belimo Holding AG (Switzerland) | 98 | 103067 |
| &nbsp;&nbsp; Carrier Global Corp.(a) | 24200 | 1444740 |
| &nbsp;&nbsp; Owens Corning | 2700 | 381942 |
| &nbsp;&nbsp; Resideo Technologies, Inc.\* | 25200 | 1088136 |
|  |  | 7356381 |
| &nbsp;&nbsp; **Capital Markets 2.3%** |  |  |
| &nbsp;&nbsp; 3i Group PLC (United Kingdom) | 17127 | 944091 |
| &nbsp;&nbsp; Acadian Asset Management, Inc. | 1400 | 67424 |
| &nbsp;&nbsp; Anand Rathi Wealth Ltd. (India) | 5089 | 161991 |
| &nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 5500 | 238700 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 26950 | 2936472 |
| &nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 27500 | 260150 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 1500 | 143205 |
| &nbsp;&nbsp; CSC Financial Co. Ltd. (China) (Class A Stock) | 37800 | 142614 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany) | 29675 | 1050964 |
| &nbsp;&nbsp; Guosen Securities Co. Ltd. (China) (Class A Stock) | 32400 | 61620 |
| &nbsp;&nbsp; HDFC Asset Management Co. Ltd. (India), 144A | 9661 | 601878 |
| &nbsp;&nbsp; Invesco Ltd. | 30700 | 704258 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 38800 | 1726988 |
| &nbsp;&nbsp; JF SmartInvest Holdings Ltd. (China) | 17000 | 162491 |
| &nbsp;&nbsp; Moelis & Co. (Class A Stock) | 2000 | 142640 |
| &nbsp;&nbsp; Morgan Stanley | 19800 | 3147408 |
| &nbsp;&nbsp; Nasdaq, Inc. | 43600 | 3856420 |
| &nbsp;&nbsp; Northern Trust Corp. | 15100 | 2032460 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp; Piper Sandler Cos. | 60 | $20819 |
| &nbsp;&nbsp; Plus500 Ltd. (Israel) | 2800 | 121353 |
| &nbsp;&nbsp; Raymond James Financial, Inc. | 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605180 |
| &nbsp;&nbsp; S&P Global, Inc. | 5200 | 2530892 |
| &nbsp;&nbsp; Samsung Securities Co. Ltd. (South Korea) | 3594 | 183883 |
| &nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 15400 | 670477 |
| &nbsp;&nbsp; Tel Aviv Stock Exchange Ltd. (Israel) | 2640 | 60667 |
| &nbsp;&nbsp; UBS Group AG (Switzerland) | 8479 | 348602 |
| &nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 11600 | 411800 |
| &nbsp;&nbsp; Virtus Investment Partners, Inc. | 450 | 85514 |
|  |  | 24420961 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |
| &nbsp;&nbsp; AdvanSix, Inc. | 4250 | 82365 |
| &nbsp;&nbsp; Ingevity Corp.\* | 2700 | 149013 |
| &nbsp;&nbsp; Mativ Holdings, Inc. | 3700 | 41847 |
| &nbsp;&nbsp; Nippon Shokubai Co. Ltd. (Japan) | 6800 | 83801 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada) | 4500 | 264270 |
| &nbsp;&nbsp; Saudi Aramco Base Oil Co. (Saudi Arabia) | 2150 | 51214 |
| &nbsp;&nbsp; Sumitomo Chemical Co. Ltd. (Japan) | 70600 | 222242 |
| &nbsp;&nbsp; Valhi, Inc. | 1750 | 27615 |
| &nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd. (China) (Class A Stock) | 47100 | 177330 |
|  |  | 1099697 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.2%** |  |  |
| &nbsp;&nbsp; ABM Industries, Inc. | 5000 | 230600 |
| &nbsp;&nbsp; ACCO Brands Corp. | 27100 | 108129 |
| &nbsp;&nbsp; Brambles Ltd. (Australia) | 35812 | 587591 |
| &nbsp;&nbsp; CoreCivic, Inc.\* | 8100 | 164835 |
| &nbsp;&nbsp; Deluxe Corp. | 10350 | 200376 |
| &nbsp;&nbsp; HNI Corp. | 5200 | 243620 |
| &nbsp;&nbsp; Interface, Inc. | 6000 | 173640 |
| &nbsp;&nbsp; MillerKnoll, Inc. | 1000 | 17740 |
| &nbsp;&nbsp; Pitney Bowes, Inc.(a) | 2800 | 31948 |
|  |  | 1758479 |
| &nbsp;&nbsp; **Communications Equipment 1.1%** |  |  |
| &nbsp;&nbsp; Accton Technology Corp. (Taiwan) | 4000 | 138325 |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 17700 | 2579067 |
| &nbsp;&nbsp; Calix, Inc.\* | 4500 | 276165 |
| &nbsp;&nbsp; Cisco Systems, Inc. | 94700 | 6479374 |
| &nbsp;&nbsp; CommScope Holding Co., Inc.\* | 11200 | 173376 |
| &nbsp;&nbsp; Extreme Networks, Inc.\* | 1900 | 39235 |
| &nbsp;&nbsp; NetScout Systems, Inc.\* | 8300 | 214389 |
| &nbsp;&nbsp; Nokia OYJ (Finland) | 149136 | 717165 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 28430 | 235571 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 20000 | 253800 |
| &nbsp;&nbsp; Zhongji Innolight Co. Ltd. (China) (Class A Stock) | 500 | 28499 |
|  |  | 11134966 |
| &nbsp;&nbsp; **Construction & Engineering 0.2%** |  |  |
| &nbsp;&nbsp; Arcosa, Inc. | 3000 | 281130 |
| &nbsp;&nbsp; Dycom Industries, Inc.\* | 130 | 37929 |
| &nbsp;&nbsp; Koninklijke BAM Groep NV (Netherlands) | 15400 | 145829 |
| &nbsp;&nbsp; MYR Group, Inc.\* | 1000 | 208030 |
| &nbsp;&nbsp; Primoris Services Corp. | 2900 | 398257 |
| &nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 510 | 173237 |
| &nbsp;&nbsp; Tokyu Construction Co. Ltd. (Japan) | 11900 | 89914 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 5

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Construction & Engineering (cont'd.)** |  |  |
| &nbsp;&nbsp; Tutor Perini Corp.\* | 5400 | $354186 |
| &nbsp;&nbsp; Vinci SA (France) | 2976 | 413580 |
|  |  | 2102092 |
| &nbsp;&nbsp; **Construction Materials 0.1%** |  |  |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), UTS | 80600 | 72443 |
| &nbsp;&nbsp; Heidelberg Materials AG (Germany) | 2432 | 549743 |
| &nbsp;&nbsp; JK Cement Ltd. (India) | 5134 | 364159 |
|  |  | 986345 |
| &nbsp;&nbsp; **Consumer Finance 0.1%** |  |  |
| &nbsp;&nbsp; Bread Financial Holdings, Inc. | 3600 | 200772 |
| &nbsp;&nbsp; Enova International, Inc.\* | 2700 | 310743 |
| &nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 13100 | 175933 |
| &nbsp;&nbsp; LendingClub Corp.\* | 2700 | 41013 |
| &nbsp;&nbsp; Muthoot Finance Ltd. (India) | 2862 | 98971 |
| &nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 6500 | 69940 |
| &nbsp;&nbsp; PROG Holdings, Inc. | 2900 | 93844 |
| &nbsp;&nbsp; Qifu Technology, Inc. (China), ADR | 7800 | 224484 |
| &nbsp;&nbsp; Upstart Holdings, Inc.\*(a) | 2100 | 106680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322380 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 0.7%** |  |  |
| &nbsp;&nbsp; Carrefour SA (France) | 16539 | 250644 |
| &nbsp;&nbsp; Costco Wholesale Corp. | 1000 | 925630 |
| &nbsp;&nbsp; Dollar Tree, Inc.\* | 7500 | 707775 |
| &nbsp;&nbsp; George Weston Ltd. (Canada) | 3300 | 201291 |
| &nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 40250 | 342729 |
| &nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 19685 | 796544 |
| &nbsp;&nbsp; Kroger Co. (The) | 14400 | 970704 |
| &nbsp;&nbsp; Loblaw Cos. Ltd. (Canada) | 14800 | 572454 |
| &nbsp;&nbsp; Target Corp. | 22500 | 2018250 |
| &nbsp;&nbsp; Tesco PLC (United Kingdom) | 104260 | 624902 |
|  |  | 7410923 |
| &nbsp;&nbsp; **Containers & Packaging 0.0%** |  |  |
| &nbsp;&nbsp; O-I Glass, Inc.\* | 9050 | 117379 |
| &nbsp;&nbsp; Transcontinental, Inc. (Canada) (Class A Stock) | 15400 | 217660 |
| &nbsp;&nbsp; TriMas Corp. | 800 | 30912 |
|  |  | 365951 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.3%** |  |  |
| &nbsp;&nbsp; AcadeMedia AB (Sweden), 144A | 3960 | 41123 |
| &nbsp;&nbsp; ADT, Inc. | 169800 | 1478958 |
| &nbsp;&nbsp; Adtalem Global Education, Inc.\* | 1500 | 231675 |
| &nbsp;&nbsp; Coursera, Inc.\* | 1300 | 15223 |
| &nbsp;&nbsp; Frontdoor, Inc.\* | 5300 | 356637 |
| &nbsp;&nbsp; G8 Education Ltd. (Australia) | 38896 | 21757 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 80 | 94185 |
| &nbsp;&nbsp; Laureate Education, Inc.\* | 8600 | 271244 |
| &nbsp;&nbsp; Perdoceo Education Corp. | 4500 | 169470 |
| &nbsp;&nbsp; Stride, Inc.\* | 200 | 29788 |
|  |  | 2710060 |
| &nbsp;&nbsp; **Diversified REITs 0.0%** |  |  |
| &nbsp;&nbsp; Sekisui House REIT, Inc. (Japan) | 88 | 47379 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.5%** |  |  |
| &nbsp;&nbsp; Cogeco Communications, Inc. (Canada) | 7300 | $335495 |
| &nbsp;&nbsp; Deutsche Telekom AG (Germany) | 26060 | 887850 |
| &nbsp;&nbsp; Globalstar, Inc.\* | 1500 | 54585 |
| &nbsp;&nbsp; Lumen Technologies, Inc.\* | 9000 | 55080 |
| &nbsp;&nbsp; NOS SGPS SA (Portugal) | 63818 | 292064 |
| &nbsp;&nbsp; Ooredoo QPSC (Qatar) | 134810 | 506208 |
| &nbsp;&nbsp; Proximus SADP (Belgium) | 7000 | 61252 |
| &nbsp;&nbsp; Saudi Telecom Co. (Saudi Arabia) | 43735 | 514286 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 48290 | 2122345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829165 |
| &nbsp;&nbsp; **Electric Utilities 0.6%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 1300 | 146250 |
| &nbsp;&nbsp; Centrais Eletricas Brasileiras SA (Brazil) | 5400 | 53287 |
| &nbsp;&nbsp; Constellation Energy Corp. | 2000 | 658140 |
| &nbsp;&nbsp; CPFL Energia SA (Brazil) | 18900 | 139382 |
| &nbsp;&nbsp; Enel Americas SA (Chile) | 616325 | 62182 |
| &nbsp;&nbsp; Enel SpA (Italy) | 87390 | 828155 |
| &nbsp;&nbsp; FirstEnergy Corp. | 33400 | 1530388 |
| &nbsp;&nbsp; Genie Energy Ltd. (Class B Stock) | 1100 | 16445 |
| &nbsp;&nbsp; Inter RAO UES PJSC (Russia)\*^ | 4433000 | 5 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 4100 | 309509 |
| &nbsp;&nbsp; NRG Energy, Inc. | 15300 | 2477835 |
| &nbsp;&nbsp; Otter Tail Corp. | 2000 | 163940 |
| &nbsp;&nbsp; Portland General Electric Co. | 6200 | 272800 |
|  |  | 6658318 |
| &nbsp;&nbsp; **Electrical Equipment 1.1%** |  |  |
| &nbsp;&nbsp; ABB Ltd. (Switzerland) | 12720 | 920462 |
| &nbsp;&nbsp; Accelleron Industries AG (Switzerland) | 4043 | 342380 |
| &nbsp;&nbsp; American Superconductor Corp.\* | 2600 | 154414 |
| &nbsp;&nbsp; Amprius Technologies, Inc.\* | 4300 | 45236 |
| &nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\*(a) | 2200 | 186054 |
| &nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (China) (Class H Stock) | 1100 | 80977 |
| &nbsp;&nbsp; Eaton Corp. PLC | 2400 | 898200 |
| &nbsp;&nbsp; Emerson Electric Co. | 2600 | 341068 |
| &nbsp;&nbsp; Fujikura Ltd. (Japan) | 5600 | 547775 |
| &nbsp;&nbsp; GE Vernova, Inc. | 5300 | 3258970 |
| &nbsp;&nbsp; Harbin Electric Co. Ltd. (China) (Class H Stock) | 42000 | 63393 |
| &nbsp;&nbsp; Legrand SA (France) | 4893 | 813026 |
| &nbsp;&nbsp; LSI Industries, Inc. | 5100 | 120411 |
| &nbsp;&nbsp; NEXTracker, Inc. (Class A Stock)\* | 4800 | 355152 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 5400 | 1887462 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 35600 | 1087580 |
| &nbsp;&nbsp; Siemens Energy AG (Germany)\* | 2527 | 297122 |
|  |  | 11399682 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.9%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 16800 | 2079000 |
| &nbsp;&nbsp; Azbil Corp. (Japan) | 22400 | 212388 |
| &nbsp;&nbsp; Belden, Inc. | 2350 | 282634 |
| &nbsp;&nbsp; Celestica, Inc. (Canada)\* | 2900 | 713633 |
| &nbsp;&nbsp; Codan Ltd. (Australia) | 5267 | 102816 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 36000 | 1014124 |
| &nbsp;&nbsp; Eoptolink Technology, Inc. Ltd. (China) (Class A Stock) | 3900 | 201417 |
| &nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 5700 | 43035 |
| &nbsp;&nbsp; Fabrinet (Thailand)\* | 50 | 18231 |
| &nbsp;&nbsp; Halma PLC (United Kingdom) | 8008 | 372779 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Taiwan) | 77000 | 549791 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 7

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components (cont'd.)** |  |  |
| &nbsp;&nbsp; Ibiden Co. Ltd. (Japan) | 3500 | $211715 |
| &nbsp;&nbsp; Knowles Corp.\* | 2700 | 62937 |
| &nbsp;&nbsp; Littelfuse, Inc. | 900 | 233109 |
| &nbsp;&nbsp; Meiko Electronics Co. Ltd. (Japan) | 1700 | 112900 |
| &nbsp;&nbsp; Methode Electronics, Inc. | 9200 | 69460 |
| &nbsp;&nbsp; Nippon Electric Glass Co. Ltd. (Japan) | 4000 | 131150 |
| &nbsp;&nbsp; nLight, Inc.\* | 1800 | 53334 |
| &nbsp;&nbsp; Oki Electric Industry Co. Ltd. (Japan) | 19800 | 215554 |
| &nbsp;&nbsp; Ouster, Inc.\* | 3600 | 97380 |
| &nbsp;&nbsp; Plexus Corp.\* | 700 | 101283 |
| &nbsp;&nbsp; Redington Ltd. (India) | 19224 | 61399 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 1700 | 74783 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 6600 | 380160 |
| &nbsp;&nbsp; Vontier Corp. | 46600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955802 |
|  |  | 9350814 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.1%** |  |  |
| &nbsp;&nbsp; Aker Solutions ASA (Norway) | 30472 | 91559 |
| &nbsp;&nbsp; DMC Global, Inc.\* | 7200 | 60840 |
| &nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 10900 | 71504 |
| &nbsp;&nbsp; Helmerich & Payne, Inc. | 700 | 15463 |
| &nbsp;&nbsp; Oceaneering International, Inc.\* | 2000 | 49560 |
| &nbsp;&nbsp; Oil States International, Inc.\* | 14800 | 89688 |
| &nbsp;&nbsp; Technip Energies NV (France) | 1071 | 50545 |
| &nbsp;&nbsp; TETRA Technologies, Inc.\* | 20600 | 118450 |
| &nbsp;&nbsp; Transocean Ltd.\* | 17500 | 54600 |
|  |  | 602209 |
| &nbsp;&nbsp; **Entertainment 0.6%** |  |  |
| &nbsp;&nbsp; Anycolor, Inc. (Japan) | 4200 | 160004 |
| &nbsp;&nbsp; MIXI, Inc. (Japan) | 2400 | 51612 |
| &nbsp;&nbsp; NetEase, Inc. (China) | 28600 | 868650 |
| &nbsp;&nbsp; Netflix, Inc.\* | 2050 | 2457786 |
| &nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 9200 | 214728 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 21400 | 2450300 |
|  |  | 6203080 |
| &nbsp;&nbsp; **Financial Services 1.8%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 6449 | 3242170 |
| &nbsp;&nbsp; Compass Diversified Holdings, MLP | 1100 | 7282 |
| &nbsp;&nbsp; Enact Holdings, Inc. | 6100 | 233874 |
| &nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 1800 | 60804 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc. | 29700 | 1958418 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 3700 | 113590 |
| &nbsp;&nbsp; Helia Group Ltd. (Australia) | 158018 | 602861 |
| &nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 1700 | 172091 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 14475 | 8233525 |
| &nbsp;&nbsp; NewtekOne, Inc. | 2400 | 27480 |
| &nbsp;&nbsp; NMI Holdings, Inc.\* | 500 | 19170 |
| &nbsp;&nbsp; Paragon Banking Group PLC (United Kingdom) | 8225 | 95961 |
| &nbsp;&nbsp; PayPal Holdings, Inc.\* | 11400 | 764484 |
| &nbsp;&nbsp; Remitly Global, Inc.\* | 7400 | 120620 |
| &nbsp;&nbsp; StoneCo Ltd. (Brazil) (Class A Stock)\* | 700 | 13237 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 9705 | 3313093 |
|  |  | 18978660 |
| &nbsp;&nbsp; **Food Products 0.6%** |  |  |
| &nbsp;&nbsp; Conagra Brands, Inc. | 89800 | 1644238 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Food Products (cont'd.)** |  |  |
| &nbsp;&nbsp; First Pacific Co. Ltd. (Indonesia) | 238000 | $199518 |
| &nbsp;&nbsp; General Mills, Inc.(a) | 16700 | 842014 |
| &nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 26200 | 41396 |
| &nbsp;&nbsp; Indofood Sukses Makmur Tbk PT (Indonesia) | 106800 | 46340 |
| &nbsp;&nbsp; Inghams Group Ltd. (Australia) | 17850 | 29862 |
| &nbsp;&nbsp; Ingredion, Inc. | 18400 | 2246824 |
| &nbsp;&nbsp; Maple Leaf Foods, Inc. (Canada) | 14600 | 377772 |
| &nbsp;&nbsp; Mission Produce, Inc.\* | 2700 | 32454 |
| &nbsp;&nbsp; Muyuan Foods Co. Ltd. (China) (Class A Stock) | 24600 | 183183 |
| &nbsp;&nbsp; Nestle SA | 4601 | 422534 |
| &nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 135000 | 146198 |
|  |  | 6212333 |
| &nbsp;&nbsp; **Gas Utilities 0.1%** |  |  |
| &nbsp;&nbsp; Brookfield Infrastructure Corp. (Canada) (Class A Stock) | 1300 | 53456 |
| &nbsp;&nbsp; GAIL India Ltd. (India) | 25600 | 50836 |
| &nbsp;&nbsp; Northwest Natural Holding Co. | 3500 | 157255 |
| &nbsp;&nbsp; Rubis SCA (France) | 3502 | 131297 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 3600 | 282024 |
| &nbsp;&nbsp; Superior Plus Corp. (Canada) | 47400 | 268726 |
|  |  | 943594 |
| &nbsp;&nbsp; **Ground Transportation 0.6%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 8500 | 832745 |
| &nbsp;&nbsp; Union Pacific Corp. | 24100 | 5696517 |
|  |  | 6529262 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.5%** |  |  |
| &nbsp;&nbsp; Alphatec Holdings, Inc.\* | 16200 | 235548 |
| &nbsp;&nbsp; Asahi Intecc Co. Ltd. (Japan) | 1600 | 26000 |
| &nbsp;&nbsp; AtriCure, Inc.\* | 2400 | 84600 |
| &nbsp;&nbsp; Avanos Medical, Inc.\* | 6650 | 76874 |
| &nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 31400 | 398466 |
| &nbsp;&nbsp; Eckert & Ziegler SE (Germany) | 4338 | 91080 |
| &nbsp;&nbsp; Embecta Corp. | 7200 | 101592 |
| &nbsp;&nbsp; ICU Medical, Inc.\* | 1000 | 119960 |
| &nbsp;&nbsp; IDEXX Laboratories, Inc.\*(a) | 2300 | 1469447 |
| &nbsp;&nbsp; Inogen, Inc.\* | 13400 | 109478 |
| &nbsp;&nbsp; Insulet Corp.\* | 2100 | 648333 |
| &nbsp;&nbsp; iRhythm Technologies, Inc.\* | 2000 | 343980 |
| &nbsp;&nbsp; Japan Lifeline Co. Ltd. (Japan) | 9600 | 97958 |
| &nbsp;&nbsp; Orthofix Medical, Inc.\* | 1100 | 16104 |
| &nbsp;&nbsp; PHC Holdings Corp. (Japan) | 12300 | 81349 |
| &nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 34851 | 632105 |
| &nbsp;&nbsp; STERIS PLC | 2100 | 519624 |
| &nbsp;&nbsp; TransMedics Group, Inc.\* | 300 | 33660 |
| &nbsp;&nbsp; Varex Imaging Corp.\* | 1200 | 14880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101038 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.0%** |  |  |
| &nbsp;&nbsp; Alignment Healthcare, Inc.\* | 14000 | 244300 |
| &nbsp;&nbsp; Ambea AB (Sweden), 144A | 3429 | 49448 |
| &nbsp;&nbsp; Ardent Health, Inc.\* | 3400 | 45050 |
| &nbsp;&nbsp; Centene Corp.\* | 39000 | 1391520 |
| &nbsp;&nbsp; Cigna Group (The) | 15300 | 4410225 |
| &nbsp;&nbsp; CVS Health Corp. | 18200 | 1372098 |
| &nbsp;&nbsp; Elevance Health, Inc. | 2900 | 937048 |
| &nbsp;&nbsp; Extendicare, Inc. (Canada) | 19800 | 211559 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 9

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Providers & Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Fortis Healthcare Ltd. (India) | 5550 | $60683 |
| &nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 4128 | 218113 |
| &nbsp;&nbsp; GeneDx Holdings Corp.\* | 400 | 43096 |
| &nbsp;&nbsp; Guardant Health, Inc.\* | 2300 | 143704 |
| &nbsp;&nbsp; Hims & Hers Health, Inc.\* | 500 | 28360 |
| &nbsp;&nbsp; LifeStance Health Group, Inc.\* | 5100 | 28050 |
| &nbsp;&nbsp; McKesson Corp. | 1000 | 772540 |
| &nbsp;&nbsp; Medipal Holdings Corp. (Japan) | 23200 | 399164 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 10100 | 280376 |
| &nbsp;&nbsp; Progyny, Inc.\* | 900 | 19368 |
|  |  | 10654702 |
| &nbsp;&nbsp; **Health Care REITs 0.1%** |  |  |
| &nbsp;&nbsp; American Healthcare REIT, Inc. | 7500 | 315075 |
| &nbsp;&nbsp; CareTrust REIT, Inc. | 9600 | 332928 |
| &nbsp;&nbsp; Diversified Healthcare Trust | 48150 | 212342 |
|  |  | 860345 |
| &nbsp;&nbsp; **Health Care Technology 0.0%** |  |  |
| &nbsp;&nbsp; OptimizeRx Corp.\* | 2900 | 59450 |
| &nbsp;&nbsp; Waystar Holding Corp.\* | 3300 | 125136 |
|  |  | 184586 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.0%** |  |  |
| &nbsp;&nbsp; Apple Hospitality REIT, Inc. | 2900 | 34829 |
| &nbsp;&nbsp; RLJ Lodging Trust | 6100 | 43920 |
| &nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 900 | 12348 |
|  |  | 91097 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.8%** |  |  |
| &nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 3402 | 157491 |
| &nbsp;&nbsp; Betsson AB (Sweden) (Class B Stock) | 5550 | 91862 |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 105000 | 752850 |
| &nbsp;&nbsp; Booking Holdings, Inc. | 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805350 |
| &nbsp;&nbsp; Brinker International, Inc.\* | 700 | 88676 |
| &nbsp;&nbsp; Carnival PLC\* | 6600 | 175432 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 11300 | 109610 |
| &nbsp;&nbsp; Food & Life Cos. Ltd. (Japan) | 7100 | 370660 |
| &nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 128000 | 703790 |
| &nbsp;&nbsp; Hiday Hidaka Corp. (Japan) | 4800 | 116133 |
| &nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 5500 | 229955 |
| &nbsp;&nbsp; Kangwon Land, Inc. (South Korea) | 2616 | 34217 |
| &nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 5900 | 162840 |
| &nbsp;&nbsp; Monogatari Corp. (The) (Japan) | 3300 | 95113 |
| &nbsp;&nbsp; Travel + Leisure Co. | 10300 | 612747 |
|  |  | 8506726 |
| &nbsp;&nbsp; **Household Durables 0.2%** |  |  |
| &nbsp;&nbsp; Cricut, Inc. (Class A Stock) | 2200 | 13838 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of Zhuhai (China) (Class A Stock) | 30000 | 167366 |
| &nbsp;&nbsp; Helen of Troy Ltd.\* | 2200 | 55440 |
| &nbsp;&nbsp; Iida Group Holdings Co. Ltd. (Japan) | 24700 | 393916 |
| &nbsp;&nbsp; Leggett & Platt, Inc. | 1400 | 12432 |
| &nbsp;&nbsp; Open House Group Co. Ltd. (Japan) | 1800 | 93138 |
| &nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 55000 | 596976 |
| &nbsp;&nbsp; Sonos, Inc.\* | 2600 | 41080 |
| &nbsp;&nbsp; Sony Group Corp. (Japan) | 2000 | 57493 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Household Durables (cont'd.)** |  |  |
| &nbsp;&nbsp; Tamron Co. Ltd. (Japan) | 6000 | $41910 |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 3500 | 231035 |
| &nbsp;&nbsp; Zojirushi Corp. (Japan) | 5200 | 57180 |
|  |  | 1761804 |
| &nbsp;&nbsp; **Household Products 0.3%** |  |  |
| &nbsp;&nbsp; Colgate-Palmolive Co. | 31325 | 2504120 |
| &nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 26172 | 684113 |
| &nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 448 | 33254 |
|  |  | 3221487 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.0%** |  |  |
| &nbsp;&nbsp; Drax Group PLC (United Kingdom) | 26570 | 250584 |
| &nbsp;&nbsp; Hallador Energy Co.\* | 4900 | 95893 |
|  |  | 346477 |
| &nbsp;&nbsp; **Industrial Conglomerates 0.2%** |  |  |
| &nbsp;&nbsp; Astra International Tbk PT (Indonesia) | 240700 | 83475 |
| &nbsp;&nbsp; CITIC Ltd. (China) | 386000 | 565381 |
| &nbsp;&nbsp; Honeywell International, Inc. | 4700 | 989350 |
| &nbsp;&nbsp; Siemens AG (Germany) | 3026 | 816954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455160 |
| &nbsp;&nbsp; **Industrial REITs 0.0%** |  |  |
| &nbsp;&nbsp; Industrial Logistics Properties Trust | 7400 | 43142 |
| &nbsp;&nbsp; **Insurance 1.7%** |  |  |
| &nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 10400 | 99673 |
| &nbsp;&nbsp; Allianz SE (Germany) | 574 | 241497 |
| &nbsp;&nbsp; Allstate Corp. (The) | 12800 | 2747520 |
| &nbsp;&nbsp; American International Group, Inc. | 31600 | 2481864 |
| &nbsp;&nbsp; AXA SA (France) | 20091 | 963464 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd. (China) (Class H Stock) | 6800 | 27017 |
| &nbsp;&nbsp; Chubb Ltd. | 18400 | 5193400 |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 3200 | 126560 |
| &nbsp;&nbsp; F&G Annuities & Life, Inc. | 7000 | 218890 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 400 | 699806 |
| &nbsp;&nbsp; First American Financial Corp. | 2300 | 147752 |
| &nbsp;&nbsp; Genworth Financial, Inc.\* | 38600 | 343540 |
| &nbsp;&nbsp; Great-West Lifeco, Inc. (Canada) | 8200 | 332784 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 600 | 14880 |
| &nbsp;&nbsp; HCI Group, Inc. | 800 | 153544 |
| &nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 10100 | 254318 |
| &nbsp;&nbsp; iA Financial Corp., Inc. (Canada) | 2500 | 284239 |
| &nbsp;&nbsp; Lemonade, Inc.\* | 500 | 26765 |
| &nbsp;&nbsp; Mercury General Corp. | 1400 | 118692 |
| &nbsp;&nbsp; MetLife, Inc. | 9600 | 790752 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd. (China) (Class H Stock) | 63300 | 374903 |
| &nbsp;&nbsp; NN Group NV (Netherlands) | 1680 | 118469 |
| &nbsp;&nbsp; People's Insurance Co. Group of China Ltd. (The) (China) (Class H Stock) | 98000 | 85735 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. (China) (Class H Stock) | 5000 | 34015 |
| &nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 13875 | 329823 |
| &nbsp;&nbsp; Power Corp. of Canada (Canada) | 2600 | 112504 |
| &nbsp;&nbsp; Protector Forsikring ASA (Norway) | 1040 | 51284 |
| &nbsp;&nbsp; Prudential PLC (Hong Kong) | 4350 | 60899 |
| &nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 45590 | 620401 |
| &nbsp;&nbsp; SCOR SE (France) | 1850 | 65427 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 1000 | 47560 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 11

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp; Sony Financial Group, Inc. (Japan)\* | 2000 | $2218 |
| &nbsp;&nbsp; Swiss Re AG | 338 | 62776 |
| &nbsp;&nbsp; Talanx AG (Germany) | 4723 | 629705 |
| &nbsp;&nbsp; United Fire Group, Inc. | 1400 | 42588 |
|  |  | 17905264 |
| &nbsp;&nbsp; **Interactive Media & Services 3.8%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 50400 | 12252240 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 42840 | 10433682 |
| &nbsp;&nbsp; Cars.com, Inc.\* | 4200 | 51324 |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 5129 | 52572 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 19769 | 14517958 |
| &nbsp;&nbsp; NAVER Corp. (South Korea) | 796 | 152742 |
| &nbsp;&nbsp; Scout24 SE (Germany), 144A | 1637 | 205374 |
| &nbsp;&nbsp; SEEK Ltd. (Australia) | 12555 | 236566 |
| &nbsp;&nbsp; Tencent Holdings Ltd. (China) | 24700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104677 |
| &nbsp;&nbsp; TripAdvisor, Inc.\* | 800 | 13008 |
| &nbsp;&nbsp; Ziff Davis, Inc.\* | 6000 | 228600 |
|  |  | 40248743 |
| &nbsp;&nbsp; **IT Services 1.0%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 7700 | 1898820 |
| &nbsp;&nbsp; ASGN, Inc.\* | 5100 | 241485 |
| &nbsp;&nbsp; BIPROGY, Inc. (Japan) | 4700 | 191741 |
| &nbsp;&nbsp; Capgemini SE (France) | 2544 | 371112 |
| &nbsp;&nbsp; CGI, Inc. (Canada) | 6400 | 570054 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 61600 | 4131512 |
| &nbsp;&nbsp; Fastly, Inc. (Class A Stock)\* | 9600 | 82080 |
| &nbsp;&nbsp; Gartner, Inc.\* | 600 | 157722 |
| &nbsp;&nbsp; HCL Technologies Ltd. (India) | 8437 | 131714 |
| &nbsp;&nbsp; Infosys Ltd. (India) | 20412 | 331991 |
| &nbsp;&nbsp; Mitsubishi Research Institute, Inc. (Japan) | 1900 | 66500 |
| &nbsp;&nbsp; NEC Corp. (Japan) | 25300 | 809830 |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 2100 | 311990 |
| &nbsp;&nbsp; Simplex Holdings, Inc. (Japan) | 8200 | 240652 |
| &nbsp;&nbsp; Tata Consultancy Services Ltd. (India) | 7353 | 239335 |
| &nbsp;&nbsp; Wipro Ltd. (India) | 220813 | 595746 |
|  |  | 10372284 |
| &nbsp;&nbsp; **Leisure Products 0.0%** |  |  |
| &nbsp;&nbsp; JAKKS Pacific, Inc. | 2600 | 48698 |
| &nbsp;&nbsp; Roland Corp. (Japan) | 2800 | 63835 |
| &nbsp;&nbsp; Technogym SpA (Italy), 144A | 6291 | 106830 |
|  |  | 219363 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 0.3%** |  |  |
| &nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 7800 | 116688 |
| &nbsp;&nbsp; Azenta, Inc.\* | 3200 | 91904 |
| &nbsp;&nbsp; Danaher Corp. | 1400 | 277564 |
| &nbsp;&nbsp; Niagen Bioscience, Inc.\* | 2300 | 21459 |
| &nbsp;&nbsp; Sotera Health Co.\* | 9000 | 141570 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 3700 | 1794574 |
| &nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1600 | 419728 |
| &nbsp;&nbsp; Wuxi Biologics Cayman, Inc. (China), 144A\* | 8000 | 42244 |
|  |  | 2905731 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery 0.8%** |  |  |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 3900 | $331032 |
| &nbsp;&nbsp; Astec Industries, Inc. | 1900 | 91447 |
| &nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 6717 | 101074 |
| &nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 1500 | 67635 |
| &nbsp;&nbsp; Columbus McKinnon Corp. | 4700 | 67398 |
| &nbsp;&nbsp; Crane Co. | 9600 | 1767744 |
| &nbsp;&nbsp; Deere & Co. | 1900 | 868794 |
| &nbsp;&nbsp; Douglas Dynamics, Inc. | 3200 | 100032 |
| &nbsp;&nbsp; Enpro, Inc. | 1300 | 293800 |
| &nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 1729 | 32710 |
| &nbsp;&nbsp; ESCO Technologies, Inc. | 1600 | 337776 |
| &nbsp;&nbsp; Federal Signal Corp. | 1000 | 118990 |
| &nbsp;&nbsp; Franklin Electric Co., Inc. | 400 | 38080 |
| &nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 220 | 80807 |
| &nbsp;&nbsp; Hillenbrand, Inc. | 8600 | 232544 |
| &nbsp;&nbsp; Komatsu Ltd. (Japan) | 11600 | 404112 |
| &nbsp;&nbsp; Konecranes OYJ (Finland) | 6342 | 525049 |
| &nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 1200 | 30624 |
| &nbsp;&nbsp; NGK Insulators Ltd. (Japan) | 13000 | 217305 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 700 | 530705 |
| &nbsp;&nbsp; Proto Labs, Inc.\* | 400 | 20012 |
| &nbsp;&nbsp; REV Group, Inc. | 4400 | 249348 |
| &nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. (China) | 52000 | 54245 |
| &nbsp;&nbsp; Schindler Holding AG (Switzerland) | 100 | 36185 |
| &nbsp;&nbsp; SPX Technologies, Inc.\* | 1300 | 242814 |
| &nbsp;&nbsp; Terex Corp. | 2100 | 107730 |
| &nbsp;&nbsp; Tsugami Corp. (Japan) | 3800 | 61094 |
| &nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 18016 | 540384 |
| &nbsp;&nbsp; Worthington Enterprises, Inc. | 3800 | 210862 |
| &nbsp;&nbsp; Yutong Bus Co. Ltd. (China) (Class A Stock) | 20700 | 79100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7839432 |
| &nbsp;&nbsp; **Marine Transportation 0.1%** |  |  |
| &nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class A Stock) | 4 | 7846 |
| &nbsp;&nbsp; AP Moller - Maersk A/S (Denmark) (Class B Stock) | 11 | 21624 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock) | 112000 | 174123 |
| &nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 54000 | 318045 |
| &nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 3900 | 55454 |
| &nbsp;&nbsp; Matson, Inc. | 1200 | 118308 |
| &nbsp;&nbsp; Nippon Yusen KK (Japan) | 3100 | 105788 |
| &nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 19000 | 73149 |
| &nbsp;&nbsp; Yang Ming Marine Transport Corp. (Taiwan) | 46000 | 80233 |
|  |  | 954570 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |
| &nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 9300 | 76632 |
| &nbsp;&nbsp; Cable One, Inc. | 500 | 88525 |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 163200 | 5127744 |
| &nbsp;&nbsp; CyberAgent, Inc. (Japan) | 7900 | 94829 |
| &nbsp;&nbsp; MFE-MediaForEurope NV (Italy) (Class B Stock) | 7669 | 39087 |
| &nbsp;&nbsp; Stagwell, Inc.\* | 2900 | 16327 |
|  |  | 5443144 |
| &nbsp;&nbsp; **Metals & Mining 0.9%** |  |  |
| &nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 7100 | 1195833 |
| &nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 900 | 147681 |
| &nbsp;&nbsp; Barrick Mining Corp. (Canada) | 33900 | 1113436 |
| &nbsp;&nbsp; BHP Group Ltd. (Australia) | 2386 | 66653 |
| &nbsp;&nbsp; China Gold International Resources Corp. Ltd. (China) | 19400 | 345558 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 13

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Metals & Mining (cont'd.)** |  |  |
| &nbsp;&nbsp; China Hongqiao Group Ltd. (China) | 252500 | $855176 |
| &nbsp;&nbsp; China Northern Rare Earth Group High-Tech Co. Ltd. (China) (Class A Stock) | 18900 | 128244 |
| &nbsp;&nbsp; Coeur Mining, Inc.\* | 14300 | 268268 |
| &nbsp;&nbsp; Commercial Metals Co. | 5750 | 329360 |
| &nbsp;&nbsp; Compass Minerals International, Inc.\* | 1300 | 24960 |
| &nbsp;&nbsp; DPM Metals, Inc. (Canada) | 4600 | 101969 |
| &nbsp;&nbsp; Fortescue Ltd. (Australia) | 25456 | 315259 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc. | 42500 | 1666850 |
| &nbsp;&nbsp; Fresnillo PLC (Mexico) | 2268 | 72346 |
| &nbsp;&nbsp; Gold Fields Ltd. (South Africa) | 1650 | 69094 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada) | 40200 | 997706 |
| &nbsp;&nbsp; Materion Corp. | 200 | 24162 |
| &nbsp;&nbsp; Metallus, Inc.\* | 1300 | 21489 |
| &nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. (Japan) | 7800 | 605960 |
| &nbsp;&nbsp; Nucor Corp. | 1700 | 230231 |
| &nbsp;&nbsp; Olympic Steel, Inc. | 700 | 21315 |
| &nbsp;&nbsp; Polyus PJSC (Russia)\*^ | 37040 |  |
| &nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 1610 | 129868 |
| &nbsp;&nbsp; SSR Mining, Inc. (Canada)\* | 2600 | 63492 |
| &nbsp;&nbsp; SunCoke Energy, Inc. | 27200 | 221952 |
| &nbsp;&nbsp; West African Resources Ltd. (Australia)\* | 311346 | 526017 |
| &nbsp;&nbsp; Worthington Steel, Inc. | 3600 | 109404 |
| &nbsp;&nbsp; Yunnan Aluminium Co. Ltd. (China) (Class A Stock) | 40200 | 116636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768919 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.0%** |  |  |
| &nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 2700 | 19548 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 7500 | 75975 |
| &nbsp;&nbsp; Claros Mortgage Trust, Inc. | 10800 | 35856 |
| &nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 7300 | 79278 |
| &nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 4500 | 40500 |
| &nbsp;&nbsp; Two Harbors Investment Corp. | 3500 | 34545 |
|  |  | 285702 |
| &nbsp;&nbsp; **Multi-Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Avista Corp. | 3300 | 124773 |
| &nbsp;&nbsp; Black Hills Corp. | 4450 | 274076 |
| &nbsp;&nbsp; DTE Energy Co. | 1700 | 240431 |
| &nbsp;&nbsp; Engie SA (France) | 41591 | 894062 |
|  |  | 1533342 |
| &nbsp;&nbsp; **Office REITs 0.0%** |  |  |
| &nbsp;&nbsp; Hudson Pacific Properties, Inc. \* | 68000 | 187680 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 2.1%** |  |  |
| &nbsp;&nbsp; Bharat Petroleum Corp. Ltd. (India) | 22500 | 86181 |
| &nbsp;&nbsp; BKV Corp. (Thailand)\* | 900 | 20817 |
| &nbsp;&nbsp; California Resources Corp. | 1500 | 79770 |
| &nbsp;&nbsp; Chevron Corp. | 33625 | 5221626 |
| &nbsp;&nbsp; Coal India Ltd. (India) | 38595 | 169588 |
| &nbsp;&nbsp; ConocoPhillips | 16800 | 1589112 |
| &nbsp;&nbsp; Core Natural Resources, Inc. | 500 | 41740 |
| &nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 46600 | 295127 |
| &nbsp;&nbsp; EOG Resources, Inc. | 19500 | 2186340 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 72825 | 8211019 |
| &nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 2846 | 274779 |
| &nbsp;&nbsp; Granite Ridge Resources, Inc. | 4800 | 25968 |
| &nbsp;&nbsp; Indo Tambangraya Megah Tbk PT (Indonesia) | 33800 | 46430 |
| &nbsp;&nbsp; Inpex Corp. (Japan) | 37400 | 673412 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 10297 | $— |
| &nbsp;&nbsp; Magnolia Oil & Gas Corp. (Class A Stock) | 7300 | 174251 |
| &nbsp;&nbsp; Murphy Oil Corp. | 1750 | 49718 |
| &nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. (India) | 230499 | 621277 |
| &nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 900 | 31878 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 4300 | 129731 |
| &nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) | 16600 | 104985 |
| &nbsp;&nbsp; Riley Exploration Permian, Inc. | 500 | 13555 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)\*^ | 31520 |  |
| &nbsp;&nbsp; Shell PLC | 19143 | 682276 |
| &nbsp;&nbsp; SM Energy Co. | 3800 | 94886 |
| &nbsp;&nbsp; Suncor Energy, Inc. (Canada) | 10300 | 431035 |
| &nbsp;&nbsp; Talos Energy, Inc.\* | 6200 | 59458 |
| &nbsp;&nbsp; TotalEnergies SE (France) | 2035 | 123949 |
| &nbsp;&nbsp; Uranium Energy Corp.\* | 4500 | 60030 |
| &nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 11584 | 174930 |
| &nbsp;&nbsp; World Kinect Corp. | 8049 | 208872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21882740 |
| &nbsp;&nbsp; **Paper & Forest Products 0.0%** |  |  |
| &nbsp;&nbsp; Sylvamo Corp. | 3000 | 132660 |
| &nbsp;&nbsp; **Passenger Airlines 0.2%** |  |  |
| &nbsp;&nbsp; Eva Airways Corp. (Taiwan) | 208000 | 260869 |
| &nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 116360 | 608964 |
| &nbsp;&nbsp; Pegasus Hava Tasimaciligi A/S (Turkey)\* | 28606 | 149200 |
| &nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 54173 | 391443 |
| &nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 10436 | 304965 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 1260 | 126781 |
| &nbsp;&nbsp; Turk Hava Yollari AO (Turkey) | 59221 | 449082 |
|  |  | 2291304 |
| &nbsp;&nbsp; **Personal Care Products 0.1%** |  |  |
| &nbsp;&nbsp; APR Corp. (South Korea)\* | 1368 | 244399 |
| &nbsp;&nbsp; Edgewell Personal Care Co. | 1100 | 22396 |
| &nbsp;&nbsp; Gillette India Ltd. (India) | 475 | 50703 |
| &nbsp;&nbsp; MTG Co. Ltd. (Japan) | 5200 | 163315 |
| &nbsp;&nbsp; Nu Skin Enterprises, Inc. (Class A Stock) | 7100 | 86549 |
|  |  | 567362 |
| &nbsp;&nbsp; **Pharmaceuticals 2.7%** |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 23200 | 232232 |
| &nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 1200 | 109920 |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 1879 | 287865 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 23300 | 1050830 |
| &nbsp;&nbsp; Eli Lilly & Co. | 5450 | 4158350 |
| &nbsp;&nbsp; Galderma Group AG (Switzerland) | 4196 | 741854 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Lundbeck A/S (Denmark) | 20125 | 146383 |
| &nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. (China), 144A | 76000 | 352558 |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 1200 | 33072 |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd. (China) (Class A Stock) | 18900 | 189839 |
| &nbsp;&nbsp; Johnson & Johnson | 18719 | 3470877 |
| &nbsp;&nbsp; Liquidia Corp.\* | 1500 | 34110 |
| &nbsp;&nbsp; Lupin Ltd. (India) | 3559 | 76937 |
| &nbsp;&nbsp; Merck & Co., Inc. | 74625 | 6263276 |
| &nbsp;&nbsp; Novartis AG | 13658 | 1756124 |
| &nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 753 | 41928 |
| &nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 6069 | 465938 |
| &nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 7800 | 415980 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 15

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp; Pacira BioSciences, Inc.\* | 2900 | $74733 |
| &nbsp;&nbsp; Perrigo Co. PLC(a) | 50800 | 1131316 |
| &nbsp;&nbsp; Pfizer, Inc. | 137400 | 3500952 |
| &nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 1800 | 72828 |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 1510 | 94224 |
| &nbsp;&nbsp; Roche Holding AG | 4955 | 1649934 |
| &nbsp;&nbsp; Sandoz Group AG (Switzerland) | 2583 | 154057 |
| &nbsp;&nbsp; Sanofi SA | 1498 | 141851 |
| &nbsp;&nbsp; SIGA Technologies, Inc. | 1500 | 13725 |
| &nbsp;&nbsp; Sino Biopharmaceutical Ltd. (Hong Kong) | 326000 | 339795 |
| &nbsp;&nbsp; Strides Pharma Science Ltd. (India) | 11236 | 104131 |
| &nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. (India) | 9214 | 165869 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 27600 | 810623 |
| &nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 600 | 35658 |
| &nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 3800 | 28538 |
| &nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 21800 | 199470 |
| &nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 40500 | 329670 |
| &nbsp;&nbsp; Zoetis, Inc. | 1000 | 146320 |
| &nbsp;&nbsp; Zydus Lifesciences Ltd. (India) | 5900 | 65405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28887172 |
| &nbsp;&nbsp; **Professional Services 0.1%** |  |  |
| &nbsp;&nbsp; Alight, Inc. (Class A Stock) | 35200 | 114752 |
| &nbsp;&nbsp; Computershare Ltd. (Australia) | 2406 | 57806 |
| &nbsp;&nbsp; Concentrix Corp. | 9800 | 452270 |
| &nbsp;&nbsp; Conduent, Inc.\* | 77141 | 215995 |
| &nbsp;&nbsp; JAC Recruitment Co. Ltd. (Japan) | 11400 | 83397 |
| &nbsp;&nbsp; Kforce, Inc. | 1300 | 38974 |
| &nbsp;&nbsp; Korn Ferry | 400 | 27992 |
| &nbsp;&nbsp; Planet Labs PBC\* | 1800 | 23364 |
| &nbsp;&nbsp; TriNet Group, Inc. | 1800 | 120402 |
| &nbsp;&nbsp; TrueBlue, Inc.\* | 9250 | 56702 |
| &nbsp;&nbsp; TTEC Holdings, Inc.\* | 11150 | 37464 |
| &nbsp;&nbsp; Willdan Group, Inc.\* | 200 | 19338 |
|  |  | 1248456 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.4%** |  |  |
| &nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 9750 | 103252 |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 10400 | 1638624 |
| &nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 25000 | 200750 |
| &nbsp;&nbsp; Cushman & Wakefield PLC\* | 17700 | 281784 |
| &nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 800 | 28732 |
| &nbsp;&nbsp; Emaar Properties PJSC (United Arab Emirates) | 222191 | 789948 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 3000 | 894840 |
| &nbsp;&nbsp; Marcus & Millichap, Inc. | 500 | 14675 |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 3200 | 73548 |
| &nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 14300 | 266695 |
|  |  | 4292848 |
| &nbsp;&nbsp; **Retail REITs 0.0%** |  |  |
| &nbsp;&nbsp; InvenTrust Properties Corp. | 600 | 17172 |
| &nbsp;&nbsp; Kite Realty Group Trust | 1800 | 40140 |
| &nbsp;&nbsp; Klepierre SA (France) | 2554 | 99708 |
| &nbsp;&nbsp; SITE Centers Corp. | 1800 | 16218 |
|  |  | 173238 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 6.9%** |  |  |
| &nbsp;&nbsp; Advantest Corp. (Japan) | 2300 | 227568 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp; Ambarella, Inc.\* | 1000 | $82520 |
| &nbsp;&nbsp; Analog Devices, Inc. | 8200 | 2014740 |
| &nbsp;&nbsp; ASML Holding NV (Netherlands) | 688 | 670929 |
| &nbsp;&nbsp; Astera Labs, Inc.\* | 4200 | 822360 |
| &nbsp;&nbsp; Broadcom, Inc. | 50450 | 16643960 |
| &nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 2700 | 393147 |
| &nbsp;&nbsp; Lam Research Corp. | 30600 | 4097340 |
| &nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 1000 | 43370 |
| &nbsp;&nbsp; Micron Technology, Inc. | 20000 | 3346400 |
| &nbsp;&nbsp; NVIDIA Corp. | 197300 | 36812234 |
| &nbsp;&nbsp; Rambus, Inc.\* | 4600 | 479320 |
| &nbsp;&nbsp; Rigetti Computing, Inc.\*(a) | 1300 | 38727 |
| &nbsp;&nbsp; Rohm Co. Ltd. (Japan) | 2900 | 43294 |
| &nbsp;&nbsp; Sigurd Microelectronics Corp. (Taiwan) | 37000 | 110883 |
| &nbsp;&nbsp; Silicon Laboratories, Inc.\* | 2000 | 262260 |
| &nbsp;&nbsp; SiTime Corp.\* | 690 | 207904 |
| &nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 4928 | 1221641 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 2900 | 198186 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 113000 | 4908474 |
|  |  | 72625257 |
| &nbsp;&nbsp; **Software 5.4%** |  |  |
| &nbsp;&nbsp; A10 Networks, Inc. | 4800 | 87120 |
| &nbsp;&nbsp; ACI Worldwide, Inc.\* | 4900 | 258573 |
| &nbsp;&nbsp; Adeia, Inc. | 850 | 14280 |
| &nbsp;&nbsp; Adobe, Inc.\* | 6000 | 2116500 |
| &nbsp;&nbsp; Amplitude, Inc. (Class A Stock)\* | 2400 | 25728 |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 1200 | 862248 |
| &nbsp;&nbsp; Blackbaud, Inc.\* | 200 | 12862 |
| &nbsp;&nbsp; Blend Labs, Inc. (Class A Stock)\* | 8800 | 32120 |
| &nbsp;&nbsp; Box, Inc. (Class A Stock)\* | 8150 | 263000 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 7600 | 2669576 |
| &nbsp;&nbsp; Commvault Systems, Inc.\* | 1950 | 368121 |
| &nbsp;&nbsp; Cybozu, Inc. (Japan) | 6600 | 152382 |
| &nbsp;&nbsp; D-Wave Quantum, Inc. (Canada)\* | 500 | 12355 |
| &nbsp;&nbsp; Elastic NV\* | 18700 | 1579963 |
| &nbsp;&nbsp; Freshworks, Inc. (Class A Stock)\* | 7100 | 83567 |
| &nbsp;&nbsp; Intapp, Inc.\* | 3700 | 151330 |
| &nbsp;&nbsp; Intuit, Inc. | 2600 | 1775566 |
| &nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 1500 | 40710 |
| &nbsp;&nbsp; Microsoft Corp. | 70216 | 36368377 |
| &nbsp;&nbsp; Mitek Systems, Inc.\* | 22700 | 221779 |
| &nbsp;&nbsp; Oracle Corp. | 5900 | 1659316 |
| &nbsp;&nbsp; Pagaya Technologies Ltd. (Class A Stock)\* | 2900 | 86101 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 11600 | 2116072 |
| &nbsp;&nbsp; Porch Group, Inc.\* | 1500 | 25170 |
| &nbsp;&nbsp; Progress Software Corp. | 5100 | 224043 |
| &nbsp;&nbsp; Red Violet, Inc. | 300 | 15675 |
| &nbsp;&nbsp; Riot Platforms, Inc.\* | 1100 | 20933 |
| &nbsp;&nbsp; Salesforce, Inc. | 17100 | 4052700 |
| &nbsp;&nbsp; SAP SE (Germany) | 1553 | 415843 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 1250 | 1150350 |
| &nbsp;&nbsp; SoundHound AI, Inc. (Class A Stock)\*(a) | 3400 | 54672 |
| &nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 7400 | 57128 |
| &nbsp;&nbsp; Telos Corp.\* | 22500 | 153900 |
| &nbsp;&nbsp; Tenable Holdings, Inc.\* | 3200 | 93312 |
| &nbsp;&nbsp; Teradata Corp.\* | 6500 | 139815 |
| &nbsp;&nbsp; Terawulf, Inc.\*(a) | 4800 | 54816 |
| &nbsp;&nbsp; Yext, Inc.\* | 6800 | 57936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57473939 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 17

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialized REITs 0.0%** |  |  |
| &nbsp;&nbsp; Safehold, Inc. | 2600 | $40274 |
| &nbsp;&nbsp; **Specialty Retail 1.6%** |  |  |
| &nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 1400 | 119770 |
| &nbsp;&nbsp; American Eagle Outfitters, Inc. | 4500 | 76995 |
| &nbsp;&nbsp; Arhaus, Inc.\* | 2600 | 27638 |
| &nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 730 | 178449 |
| &nbsp;&nbsp; Cartrade Tech Ltd. (India)\* | 1472 | 40620 |
| &nbsp;&nbsp; Citi Trends, Inc.\* | 500 | 15515 |
| &nbsp;&nbsp; Clas Ohlson AB (Sweden) (Class B Stock) | 2847 | 111915 |
| &nbsp;&nbsp; Five Below, Inc.\* | 11000 | 1701700 |
| &nbsp;&nbsp; Group 1 Automotive, Inc. | 550 | 240631 |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 10858 | 4399553 |
| &nbsp;&nbsp; JB Hi-Fi Ltd. (Australia) | 5958 | 457263 |
| &nbsp;&nbsp; Lowe's Cos., Inc. | 20675 | 5195834 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 5600 | 21672 |
| &nbsp;&nbsp; Pop Mart International Group Ltd. (China), 144A | 10600 | 363070 |
| &nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock) | 200 | 15218 |
| &nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\* | 26100 | 246645 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093156 |
| &nbsp;&nbsp; Ulta Beauty, Inc.\* | 800 | 437400 |
| &nbsp;&nbsp; Urban Outfitters, Inc.\* | 900 | 64287 |
| &nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 3200 | 88256 |
| &nbsp;&nbsp; Yellow Hat Ltd. (Japan) | 5400 | 61670 |
|  |  | 16957257 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 3.1%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 125554 | 31969815 |
| &nbsp;&nbsp; Asustek Computer, Inc. (Taiwan) | 3000 | 66277 |
| &nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 3600 | 205308 |
| &nbsp;&nbsp; IonQ, Inc.\* | 1600 | 98400 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 4919 | 294896 |
| &nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 47200 | 328037 |
|  |  | 32962733 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.1%** |  |  |
| &nbsp;&nbsp; ANTA Sports Products Ltd. (China) | 11800 | 141345 |
| &nbsp;&nbsp; Asics Corp. (Japan) | 3600 | 94203 |
| &nbsp;&nbsp; Gunze Ltd. (Japan) | 4800 | 122611 |
| &nbsp;&nbsp; Kontoor Brands, Inc. | 1900 | 151563 |
| &nbsp;&nbsp; Movado Group, Inc. | 3100 | 58807 |
| &nbsp;&nbsp; OVS SpA (Italy), 144A | 4834 | 23843 |
| &nbsp;&nbsp; Wolverine World Wide, Inc. | 900 | 24696 |
|  |  | 617068 |
| &nbsp;&nbsp; **Tobacco 0.5%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 43900 | 2900034 |
| &nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 22111 | 939307 |
| &nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 11000 | 360768 |
| &nbsp;&nbsp; Philip Morris International, Inc. | 4300 | 697460 |
| &nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 25568 | 352892 |
| &nbsp;&nbsp; Turning Point Brands, Inc. | 400 | 39544 |
| &nbsp;&nbsp; Universal Corp. | 3200 | 178784 |
|  |  | 5468789 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.4%** |  |  |
| &nbsp;&nbsp; AerCap Holdings NV (Ireland) | 3900 | 471900 |
| &nbsp;&nbsp; Finning International, Inc. (Canada) | 6000 | 278724 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Trading Companies & Distributors (cont'd.)** |  |  |
| &nbsp;&nbsp; Mitsubishi Corp. (Japan) | 11200 | $267001 |
| &nbsp;&nbsp; NPK International, Inc.\* | 21800 | 246558 |
| &nbsp;&nbsp; Sumitomo Corp. (Japan) | 25800 | 746471 |
| &nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 29600 | 819397 |
| &nbsp;&nbsp; WESCO International, Inc. | 8600 | 1818900 |
| &nbsp;&nbsp; Xometry, Inc. (Class A Stock)\* | 200 | 10894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659845 |
| &nbsp;&nbsp; **Water Utilities 0.0%** |  |  |
| &nbsp;&nbsp; California Water Service Group | 500 | 22945 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** |  |  |
| &nbsp;&nbsp; Advanced Info Service PCL (Thailand) | 15800 | 141935 |
| &nbsp;&nbsp; Airtel Africa PLC (Nigeria), 144A | 45752 | 150247 |
| &nbsp;&nbsp; Bharti Airtel Ltd. (India) | 25856 | 546841 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 11557 | 192621 |
| &nbsp;&nbsp; Etihad Etisalat Co. (Saudi Arabia) | 7865 | 141768 |
| &nbsp;&nbsp; Freenet AG (Germany) | 2185 | 69907 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\*^ | 4226 |  |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 2584 | 35885 |
| &nbsp;&nbsp; SoftBank Group Corp. (Japan) | 1500 | 189271 |
| &nbsp;&nbsp; T-Mobile US, Inc. | 10300 | 2465614 |
|  |  | 3934089 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $407,650,913) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633254281 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.1%** |  |  |
| &nbsp;&nbsp; **Banks 0.0%** |  |  |
| &nbsp;&nbsp; Citigroup Capital XIII, 10.942%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 3000 | 90510 |
| &nbsp;&nbsp; Itau Unibanco Holding SA (Brazil)(PRFC) | 39610 | 290475 |
|  |  | 380985 |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 5000 | 116300 |
| &nbsp;&nbsp; **Household Products 0.0%** |  |  |
| &nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 748 | 60353 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |
| &nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) (PRFC) | 120800 | 711556 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.0%** |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) (PRFC) | 3081 | 146227 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 751 | 9089 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br> (cost $1,188,418) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424510 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 19

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x)<br> (cost $0) | 9592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**  | **Maturity**<br> **Date**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 5.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360% | 06/20/30 |  | 400 | 413695 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | 1.910 | 10/17/33 |  | 180 | 177362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | 2.600 | 05/15/34 |  | 300 | 292593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C, 144A | 5.580 | 08/15/35 |  | 500 | 511850 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 |  | 89 | 89030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | 1.420 | 07/14/28 |  | 500 | 496404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | 5.810 | 02/14/31 |  | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 6.140 | 02/14/31 |  | 400 | 412148 |
|  |  |  |  |  | 3416504 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 3.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.695(c) | 10/20/37 |  | 3250 | 3258970 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A | 0.000(cc) | 10/15/38 |  | 2850 | 2851248 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.884(c) | 05/22/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | 1452444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A | 1.250 | 05/22/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | 1423294 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 6.025(c) | 10/20/37 |  | 2000 | 2008920 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 6.018(c) | 01/15/38 |  | 1750 | 1754602 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 3.626(c) | 05/15/37 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2943597 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 5.231(c) | 03/20/38 |  | 2850 | 2851245 |
| &nbsp;&nbsp; OZLM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | 5.637(c) | 04/20/31 |  | 109 | 109503 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 5.759(c) | 10/15/34 |  | 3500 | 3508086 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 2.795(c) | 04/22/35 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | 3882024 |
| &nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | 5.895(c) | 07/20/37 |  | 2000 | 2008007 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.676(c) | 04/15/37 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 2058306 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 5.518(c) | 04/15/33 |  | 2212 | 2211589 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32321835 |
| &nbsp;&nbsp; **Consumer Loans 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.990 | 02/15/33 |  | 1000 | 1008004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 5.260 | 07/15/33 |  | 1200 | 1208703 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 |  | 45 | 46111 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lending Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.320% | 04/21/31 | 100 | $98267 |
| &nbsp;&nbsp; Lendmark Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | 1.900 | 11/20/31 | 700 | 677607 |
| &nbsp;&nbsp; Onemain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.200 | 07/14/38 | 400 | 404686 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 | 383 | 376607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | 6.550 | 10/14/34 | 800 | 802142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | 6.740 | 09/15/36 | 200 | 206698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 200 | 206579 |
| &nbsp;&nbsp; Regional Management Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | 3.070 | 03/15/32 | 124 | 123356 |
| &nbsp;&nbsp; Stream Innovations Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.050 | 09/15/45 | 422 | 425687 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584447 |
| &nbsp;&nbsp; **Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B, Class A5, 144A | 2.720 | 06/15/40 | 6 | 5992 |
| &nbsp;&nbsp; **Home Equity Loans 0.9%** |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 346 | 350659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.703(cc) | 02/25/55 | 139 | 140510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 | 396 | 395600 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.502(cc) | 06/25/60 | 778 | 785550 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.726(cc) | 01/25/60 | 365 | 369816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | 5.431(cc) | 06/25/60 | 577 | 581566 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.089(c) | 03/20/54 | 149 | 149836 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 | 184 | 186305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 384 | 384734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 344 | 347875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 433 | 437765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503(cc) | 02/25/55 | 487 | 491260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | 5.472(cc) | 06/25/55 | 862 | 870817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 489 | 493130 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 167 | 169528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 63 | 63009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 62 | 62178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 204 | 206360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 578 | 579387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | 5.202(cc) | 09/25/64 | 500 | 500050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | 5.725(cc) | 11/25/64 | 330 | 332875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 361 | 364188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.348(cc) | 07/25/65 | 480 | 482743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 438 | 443343 |
|  |  |  |  | 9189084 |
| &nbsp;&nbsp; **Other 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.724(c) | 10/16/28 | 600 | 601716 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 21

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Other (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Invitation Homes Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | 4.250% | 09/17/41 | 700 | $680472 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.956(c) | 02/25/55 | 627 | 629541 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | 4.750 | 03/15/43 | 400 | 400054 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 | 600 | 603930 |
| &nbsp;&nbsp; Tricon Residential Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 5.250(c) | 03/17/42 | 696 | 697733 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613446 |
| &nbsp;&nbsp; **Student Loans 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Navient Private Education Refi Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | 3.130 | 02/15/68 | 38 | 37301 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | 3.090 | 08/17/48 | 60 | 59356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | 2.370 | 11/16/48 | 132 | 127672 |
| &nbsp;&nbsp; SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2FX, 144A | 3.340 | 08/25/47 | 5 | 5230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | 2.540 | 05/15/46 | 186 | 179758 |
|  |  |  |  | 409317 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br> (cost $53,745,663) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54540625 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.3%** |  |  |  |  |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | 3.362 | 05/15/50 | 995 | 984031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | 2.155 | 03/15/63 | 1800 | 1638539 |
| &nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK03, Class XB, IO | 0.726(cc) | 02/15/50 | 40575 | 263060 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | 4.047 | 12/15/51 | 1351 | 1343090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class XB, IO | 1.083(cc) | 04/15/53 | 4900 | 198567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | 6.675(cc) | 12/15/56 | 2500 | 2658093 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B02, Class A4 | 3.615 | 02/15/51 | 1400 | 1380928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | 2.701 | 08/15/57 | 1800 | 1693290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class A2 | 2.914 | 12/15/72 | 371 | 352931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 | 1400 | 1447069 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | 6.770 | 12/15/56 | 1800 | 1898976 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) | 6.461(c) | 11/15/38 | 780 | 779186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 5.841(c) | 08/15/39 | 749 | 750360 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class F, 144A, 1 Month SOFR + 2.063% (Cap N/A, Floor 1.949%) | 6.213(c) | 10/15/36 | 1350 | 1344938 |
| &nbsp;&nbsp; BXMT Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | 5.775(c) | 10/18/42 | 415 | 413140 |
| &nbsp;&nbsp; CFK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF02, Class B, 144A | 2.792 | 03/15/39 | 1200 | 1105454 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 1600 | 1506619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A4 | 2.477 | 02/15/53 | 1400 | 1284945 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 200 | 210776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.894(cc) | 08/10/44 | 1000 | 25455 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | 3.953% | 09/15/37 | 1600 | $1462000 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | 3.127 | 06/15/50 | 723 | 707184 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | 3.015 | 05/10/49 | 661 | 657536 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | 1.469(cc) | 03/25/26 | 1924 | 7453 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.372(cc) | 08/10/41 | 1100 | 1112224 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class XB, IO | 0.736(cc) | 12/15/54 | 35000 | 1202898 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BKWD, Class A, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.000%) | 5.765(c) | 09/15/29 | 270 | 263605 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | 2.531 | 08/15/49 | 1269 | 1251793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 | 1250 | 1208207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L04, Class A2 | 2.449 | 02/15/53 | 3600 | 3346036 |
| &nbsp;&nbsp; MTN Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPFL, Class E, 144A, 1 Month SOFR + 4.289% (Cap N/A, Floor 4.289%) | 8.449(c) | 03/15/39 | 500 | 497875 |
| &nbsp;&nbsp; NJ Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-GSP, Class A, 144A | 6.697(cc) | 01/06/29 | 500 | 524785 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | 5.388 | 11/13/41 | 900 | 927284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 | 275 | 285628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 | 610 | 636307 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 1023 | 996136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | 3.983 | 02/15/51 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | 3.854 | 03/15/51 | 350 | 345576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 | 735 | 734450 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33, Class A3 | 3.162 | 03/15/59 | 550 | 547945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3 | 2.834 | 06/15/49 | 800 | 795367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 782 | 774613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | 2.642 | 11/15/49 | 1486 | 1476915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 621 | 611548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class A3 | 3.888 | 08/15/51 | 1050 | 1043451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 | 4.037 | 01/15/52 | 1622 | 1611713 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (cost $47,465,322) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45939913 |
| &nbsp;&nbsp; **CORPORATE BONDS 13.4%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 1860 | 1846098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 02/01/26 | 400 | 397548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 555 | 401149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 175 | 178603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 280 | 280353 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 500 | 500305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 35 | 36521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.125 | 06/15/26 | 50 | 49969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 30 | 31236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.875 | 04/15/27 | 38 | 38082 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 235 | 234473 |
|  |  |  |  | 3994337 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 23

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Agriculture 0.2%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557% | 08/15/27 | 108 | $106812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 100 | 107788 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.448 | 03/16/28 | 1410 | 1417241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 30 | 31473 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/12/27 | 750 | 757200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420514 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2016-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.575 | 07/15/29 | 120 | 117688 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 150 | 150562 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 260 | 263211 |
| &nbsp;&nbsp; United Airlines 2014-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 4.000 | 10/11/27 | 41 | 40891 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 260 | 259548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 60 | 59109 |
|  |  |  |  | 891009 |
| &nbsp;&nbsp; **Auto Manufacturers 0.5%** |  |  |  |  |
| &nbsp;&nbsp; BMW US Capital LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 08/11/30 | 840 | 838393 |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 125 | 99668 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 200 | 196667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 425 | 404002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 200 | 196753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.350 | 03/06/30 | 385 | 412037 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 10/15/28 | 2305 | 2180638 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.400 | 06/23/32 | 480 | 493646 |
|  |  |  |  | 4821804 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 09/13/34 | 400 | 396294 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 25 | 25803 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 11/15/27 | 250 | 249864 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 75 | 77372 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 40 | 40347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/33 | 25 | 25557 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 725 | 725954 |
|  |  |  |  | 1541191 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks 3.1%** |  |  |  |  |
| &nbsp;&nbsp; Banco do Brasil SA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875% | 01/11/29 | 200 | $198231 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.299(ff) | 07/21/32 | 665 | 589779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.288(ff) | 04/25/34 | 415 | 429323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 160 | 158556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 215 | 207124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 1835 | 1826615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.974(ff) | 02/07/30 | 115 | 114152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 350 | 351066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 2290 | 2087103 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.837(ff) | 09/10/28 | 610 | 616273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.367(ff) | 02/25/31 | 1075 | 1107196 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.904(ff) | 09/30/28 | 750 | 714217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 685 | 622048 |
| &nbsp;&nbsp; Capital One NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 03/13/26 | 315 | 314941 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 200 | 201654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 200 | 210709 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 185 | 166742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.572(ff) | 06/03/31 | 880 | 809468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 280 | 255069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 290 | 287378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 01/12/26 | 200 | 199548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 1500 | 1494314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/23/48 | 55 | 49086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 195 | 195784 |
| &nbsp;&nbsp; Comerica, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 860 | 894733 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 7.079(ff) | 02/10/34 | 250 | 274241 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 50 | 53000 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | 3.650(ff) | 08/10/26(oo) | 290 | 284109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 395 | 389307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.383(ff) | 07/21/32 | 465 | 414770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/25/26 | 50 | 49884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 190 | 188340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 410 | 408940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 95 | 95104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.750 | 10/01/37 | 275 | 307904 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.578(ff) | 04/22/27 | 1005 | 990317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 375 | 340833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.947(ff) | 02/24/28 | 110 | 108255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.963(ff) | 01/25/33 | 495 | 452546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.702(ff) | 05/06/30 | 145 | 142501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.782(ff) | 02/01/28 | 1591 | 1583919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.323(ff) | 04/26/28 | 85 | 85213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 250 | 251909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.299(ff) | 07/24/29 | 460 | 473739 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.449(ff) | 07/20/29 | 230 | 237614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 1005 | 887381 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 25

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Morgan Stanley, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772%(ff) | 01/24/29 | 1173 | $1162917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 240 | 241146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.511(ff) | 10/20/32 | 215 | 191676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.943(ff) | 01/21/33 | 485 | 441247 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.488(ff) | 12/14/26 | 1000 | 993838 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.954(ff) | 07/08/33 | 1095 | 1105451 |
| &nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.650 | 03/09/26 | 250 | 251068 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.091(ff) | 05/14/32 | 495 | 456877 |
| &nbsp;&nbsp; UniCredit SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 3.127(ff) | 06/03/32 | 405 | 372339 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.303(ff) | 10/23/29 | 715 | 757439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.393(ff) | 06/02/28 | 2500 | 2430176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 1025 | 952575 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32751285 |
| &nbsp;&nbsp; **Beverages 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 | 150 | 147580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 403 | 374628 |
|  |  |  |  | 522208 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/02/43 | 355 | 359359 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 425 | 424752 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 160 | 156400 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 140 | 145053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 20 | 20785 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 300 | 287702 |
|  |  |  |  | 1034692 |
| &nbsp;&nbsp; **Chemicals 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 09/01/31 | 225 | 199482 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 | 604 | 239305 |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/44 | 50 | 48124 |
| &nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/42 | 20 | 16310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.400 | 05/15/39 | 31 | 40472 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.650 | 05/18/33 | 400 | 399753 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 245 | 249009 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750% | 05/02/34 |  | 413 | $449654 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 |  | 200 | 198900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 |  | 200 | 199062 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/33 |  | 60 | 60166 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100237 |
| &nbsp;&nbsp; **Commercial Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 |  | 132 | 131726 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 220 | 228646 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR | 185 | 216520 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 10/15/37 |  | 20 | 23324 |
| &nbsp;&nbsp; Johns Hopkins University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 2.813 | 01/01/60 |  | 100 | 59276 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.300 | 07/15/56 |  | 270 | 188946 |
| &nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 05/20/32 |  | 210 | 213632 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 10/15/32 |  | 80 | 81166 |
| &nbsp;&nbsp; Trustees of Boston College, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.129 | 07/01/52 |  | 279 | 196068 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 |  | 55 | 36139 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 |  | 200 | 185274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 02/15/31 |  | 62 | 58637 |
| &nbsp;&nbsp; Yale University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 1.482 | 04/15/30 |  | 595 | 531738 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151092 |
| &nbsp;&nbsp; **Computers 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 |  | 200 | 185823 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 |  | 131 | 141837 |
|  |  |  |  |  | 327660 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 |  | 320 | 341909 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 08/15/28 |  | 120 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 |  | 400 | 400000 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 350 | 336472 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 325 | 314696 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 6.150 | 12/06/28 |  | 200 | 209724 |
|  |  |  |  |  | 1722801 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 27

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365% | 06/15/26 | 335 | $337512 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.700 | 08/15/34 | 1290 | 1352106 |
| &nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 05/15/37 | 120 | 129489 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.750 | 03/01/31 | 100 | 95253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 02/15/28 | 175 | 174327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 150 | 148599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 225 | 224286 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | 6.950 | 03/15/33 | 120 | 136585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series Z | 2.400 | 09/01/26 | 170 | 167559 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 440 | 433453 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | 3.750 | 08/15/47 | 754 | 587109 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.750 | 08/15/47 | 622 | 484806 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.050 | 04/15/38 | 55 | 59621 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 210 | 207454 |
| &nbsp;&nbsp; El Paso Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/15/35 | 135 | 140426 |
| &nbsp;&nbsp; Emera US Finance LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 06/15/26 | 385 | 382298 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.500 | 07/12/31 | 1190 | 1062351 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 200 | 205708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 450 | 481639 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series O | 4.250 | 04/01/29 | 315 | 314092 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.950 | 10/01/33 | 45 | 49137 |
| &nbsp;&nbsp; Iberdrola International BV (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 09/15/33 | 30 | 32700 |
| &nbsp;&nbsp; Interstate Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 06/01/30 | 315 | 287821 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 235 | 231127 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 50 | 50101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 50 | 47287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 | 125 | 115551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 | 275 | 253589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 225 | 224439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 75 | 81883 |
| &nbsp;&nbsp; Ohio Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/01/49 | 160 | 123994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 04/01/48 | 175 | 138772 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 260 | 194616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.250 | 06/01/31 | 510 | 469271 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375(ff) | 03/15/55 | 50 | 51470 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.300 | 03/15/44 | 35 | 29659 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | 5.800% | 05/01/37 |  | 125 | $133685 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/48 |  | 230 | 186407 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.300 | 03/01/28 |  | 490 | 499507 |
| &nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 08/15/47 |  | 250 | 188656 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 2.875 | 07/15/29 |  | 1135 | 1083933 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 200 | 202937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 650 | 664929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) |  | 150 | 164680 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 |  | 550 | 550206 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 09/15/41 |  | 105 | 94616 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275646 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 |  | 20 | 20455 |
| &nbsp;&nbsp; Cellnex Finance Co. SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 300 | 315180 |
| &nbsp;&nbsp; Cellnex Telecom SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.750 | 10/23/30 | EUR | 300 | 328123 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 85 | 88915 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 07/31/47 |  | 200 | 173500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | 200 | 199336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 |  | 200 | 173202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 |  | 400 | 347000 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/15/32 |  | 80 | 75005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 01/31/34 |  | 85 | 84696 |
|  |  |  |  |  | 1805412 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 |  | 200 | 201250 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 |  | 125 | 128592 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 |  | 200 | 194574 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 |  | 140 | 150999 |
|  |  |  |  |  | 675415 |
| &nbsp;&nbsp; **Environmental Control 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/31 |  | 80 | 83700 |
| &nbsp;&nbsp; **Foods 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 325 | 314220 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 29

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000% | 09/15/28 |  | 125 | $121185 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 269 | 319767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 350 | 448944 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 12/01/52 |  | 260 | 273764 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/01/56 |  | 266 | 272686 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 75 | 72033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 200 | 188986 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011585 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 350 | 349913 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.490 | 05/15/27 |  | 548 | 542894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/44 |  | 40 | 36388 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 |  | 740 | 721799 |
|  |  |  |  |  | 1650994 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 400 | 385999 |
| &nbsp;&nbsp; **Healthcare-Services 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/25/26 |  | 631 | 630676 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 200 | 191572 |
| &nbsp;&nbsp; Duke University Health System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | 3.920 | 06/01/47 |  | 95 | 76779 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 |  | 45 | 40572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 |  | 30 | 26890 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 |  | 400 | 468694 |
| &nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.200 | 06/01/30 |  | 360 | 325572 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 05/01/47 |  | 140 | 117364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 |  | 495 | 365703 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 04/01/30 |  | 1110 | 1110439 |
| &nbsp;&nbsp; MyMichigan Health, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 3.409 | 06/01/50 |  | 155 | 110098 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 |  | 1155 | 1033338 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | 2.532 | 10/01/29 |  | 190 | 177787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 |  | 50 | 49197 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 |  | 450 | 437790 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 |  | 75 | 74171 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; UnitedHealth Group, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200% | 04/15/63 | 1475 | $1350439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 06/15/35 | 15 | 15506 |
|  |  |  |  | 6602587 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 790 | 844905 |
| &nbsp;&nbsp; **Home Builders 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 600 | 562362 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 150 | 149152 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 675 | 652111 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 500 | 507167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 90 | 91088 |
|  |  |  |  | 1961880 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 | 60 | 59465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 | 25 | 24671 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 02/01/32 | 225 | 207677 |
|  |  |  |  | 291813 |
| &nbsp;&nbsp; **Insurance 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/34 | 150 | 151384 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 12/07/33 | 875 | 929000 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 05/15/60 | 115 | 81446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 180 | 137718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 | 350 | 352221 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 10/09/37 | 110 | 118070 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/30/43 | 25 | 22818 |
| &nbsp;&nbsp; New York Life Insurance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.750 | 11/15/39 | 110 | 125032 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/15/42 | 15 | 13716 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.270 | 05/15/47 | 240 | 199278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.850 | 12/16/39 | 22 | 25180 |
|  |  |  |  | 2155863 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 66 | 67605 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 31

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Iron/Steel 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875% | 07/15/32 | 200 | $209052 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 95 | 96880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/01/33 | 55 | 56136 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 50 | 50651 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412719 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 170 | 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 250 | 245593 |
| &nbsp;&nbsp; NCL Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 03/15/28 | 125 | 127246 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 225 | 225009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 10/15/33 | 60 | 60075 |
|  |  |  |  | 827923 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/32 | 300 | 274504 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 561 | 556440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series X | 4.000 | 04/15/28 | 830 | 827655 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 04/15/32 | 195 | 198729 |
|  |  |  |  | 1857328 |
| &nbsp;&nbsp; **Machinery-Diversified 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 50 | 52101 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 125 | 132603 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 09/15/28 | 89 | 90261 |
|  |  |  |  | 274965 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.250 | 02/01/31 | 100 | 92129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/01/29 | 375 | 372559 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 | 120 | 103633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.384 | 10/23/35 | 110 | 115183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 172 | 169899 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.969 | 11/01/47 | 19 | 14830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 05/15/64 | 700 | 658924 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 | 1380 | 1374089 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 | 100 | 85513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 | 100 | 92130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 | 475 | 471553 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750% | 11/15/27 |  | 400 | $423375 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.500 | 09/15/42 |  | 320 | 256836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 09/01/41 |  | 140 | 128199 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 220 | 227907 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 300 | 372080 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958839 |
| &nbsp;&nbsp; **Mining 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 05/01/43 |  | 280 | 289796 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 75 | 77139 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.315 | 04/14/32 |  | 200 | 202600 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 |  | 445 | 464235 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 |  | 150 | 151555 |
| &nbsp;&nbsp; Southern Copper Corp. (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 07/27/35 |  | 95 | 112416 |
|  |  |  |  |  | 1297741 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 |  | 450 | 452224 |
| &nbsp;&nbsp; **Multi-National 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 |  | 50 | 51201 |
| &nbsp;&nbsp; **Oil & Gas 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 |  | 450 | 411156 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 |  | 79 | 95140 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 02/15/37 |  | 950 | 1029788 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 |  | 190 | 175425 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 50 | 51857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 50 | 51755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 |  | 100 | 102485 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.758 | 03/15/42 |  | 150 | 123295 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.625 | 04/01/32 |  | 305 | 303203 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 07/15/41 |  | 35 | 33728 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 68 | 69680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 525 | 569992 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 04/01/35 |  | 120 | 111449 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 33

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750% | 02/01/32 |  | 200 | $196613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 125 | 125504 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 |  | 50 | 49351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 135 | 133042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 50 | 48232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 150 | 144477 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.955(c) | 09/30/29 |  | 16 | 15973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 54 | 53243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 65 | 63891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 54 | 53243 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 175 | 177921 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 330 | 440599 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 02/12/28 |  | 49 | 48706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 |  | 883 | 893375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 42 | 38026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 768 | 761280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 200 | 231948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 240 | 287672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 180 | 194265 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 10/01/26 |  | 360 | 358012 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 70 | 69045 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/18/27 |  | 870 | 878255 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391626 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.900 | 05/17/28 |  | 336 | 334600 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 03/15/32 |  | 780 | 724381 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 08/15/30 |  | 175 | 158986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 130 | 131426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 250 | 255889 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 75 | 77034 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 |  | 25 | 25350 |
|  |  |  |  |  | 1373066 |
| &nbsp;&nbsp; **Pharmaceuticals 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 |  | 430 | 423319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 |  | 740 | 679039 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 |  | 125 | 124871 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 |  | 150 | 128625 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bausch Health Cos., Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000% | 02/15/29 | 75 | $56250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 50 | 35125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 350 | 229250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 50 | 39841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 250 | 222500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 50 | 44813 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 08/15/29 | 800 | 766779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/25/28 | 359 | 359220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 357 | 323903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 45 | 42104 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 04/30/31 | 200 | 174993 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.025 | 07/09/40 | 250 | 189713 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 800 | 665448 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 40 | 27286 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533079 |
| &nbsp;&nbsp; **Pipelines 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 70 | 72122 |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.036 | 11/15/33 | 325 | 346842 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/15/44 | 10 | 8753 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 610 | 613700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 06/15/28 | 210 | 213602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 170 | 145555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 500 | 451927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 150 | 162556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 80 | 87573 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 03/15/44 | 185 | 170366 |
| &nbsp;&nbsp; Florida Gas Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.550 | 07/01/30 | 350 | 321342 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 08/01/50 | 220 | 145876 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 630 | 578436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 175 | 158422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 04/15/48 | 195 | 163294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 20 | 17982 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.200 | 09/15/43 | 205 | 209962 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/50 | 250 | 204199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 10/15/32 | 865 | 865515 |
| &nbsp;&nbsp; Spectra Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/15/26 | 165 | 163871 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 275 | 273718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 125 | 123456 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 08/15/29 | 30 | 28740 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 35

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125% | 08/15/31 | 30 | $28328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 275 | 286817 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29(oo) | 245 | 242568 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 1180 | 1150775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 03/01/48 | 20 | 17441 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 | 220 | 198650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 | 340 | 345517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 430 | 431937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/04/44 | 175 | 170130 |
|  |  |  |  | 8399972 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 65 | 65969 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 350 | 335770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 275 | 274483 |
|  |  |  |  | 676222 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.8%** |  |  |  |  |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.875 | 10/15/30 | 620 | 548202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 02/15/29 | 235 | 241701 |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 10/01/29 | 450 | 428856 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 345 | 338418 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 50 | 44192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 350 | 333585 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 01/15/31 | 315 | 290167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 12/15/32 | 950 | 977630 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 01/15/33 | 980 | 985123 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 25 | 26614 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/28 | 800 | 788604 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 205 | 210857 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.125 | 02/01/29 | 350 | 327691 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 10/15/28 | 45 | 45006 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 | 1395 | 1261842 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 02/15/28 | 732 | 770430 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/33 | 545 | 455266 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074184 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125% | 06/15/29 |  | 100 | $102417 |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 01/15/31 |  | 185 | 161077 |
| &nbsp;&nbsp; Boots Group Finco LP (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 08/31/32 | EUR | 100 | 120368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 100 | 136754 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 225 | 235412 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 500 | 642851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 400 | 438732 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 |  | 345 | 347513 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 225 | 214931 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 100 | 103883 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 03/01/27 |  | 325 | 324629 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828567 |
| &nbsp;&nbsp; **Semiconductors 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 07/15/32 |  | 380 | 388628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.419 | 04/15/33 |  | 1750 | 1617930 |
|  |  |  |  |  | 2006558 |
| &nbsp;&nbsp; **Software 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 105 | 107620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 |  | 55 | 56801 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/02/28 |  | 620 | 637439 |
|  |  |  |  |  | 801860 |
| &nbsp;&nbsp; **Telecommunications 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 |  | 1240 | 1085355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 |  | 129 | 109886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 |  | 115 | 79203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 |  | 125 | 120609 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 |  | 42 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 |  | 30 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 8.625 | 08/01/32 |  | 340 | 348823 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 |  | 125 | 137533 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 140 | 142733 |
| &nbsp;&nbsp; Maya SAS (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | 200 | 202954 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 02/15/34 |  | 1065 | 1080710 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 300 | 365277 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 37

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon or PIK 11.750% | 11.750% | 03/01/28 | GBP | 119 | $12377 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 |  | 1910 | 1734302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 02/15/29 |  | 275 | 261057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 |  | 75 | 74559 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.401 | 07/02/37 |  | 4 | 4064 |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 01/31/29 | GBP | 300 | 383377 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 60 | 62201 |
|  |  |  |  |  | 6205024 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 08/01/28 |  | 135 | 144232 |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.150 | 05/01/37 |  | 170 | 187714 |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.570 | 01/21/32 |  | 200 | 189704 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 380 | 369179 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 06/01/31 |  | 25 | 26077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/01/32 |  | 80 | 84006 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000912 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.550 | 05/01/28 |  | 485 | 499297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.050 | 08/01/28 |  | 305 | 318479 |
|  |  |  |  |  | 817776 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $145,505,518) |  |  |  |  | 142027979 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.913(c) | 01/28/32 |  | 100 | 99750 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 37 | 31881 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.000%^ | 9.163(c) | 07/09/32 |  | 120 | 119444 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 3 Month EURIBOR + 5.500%^ | 7.537(c) | 01/30/32 | EUR | 375 | 432564 |
|  |  |  |  |  | 552008 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.502%(c) | 04/23/30 | 199 | $200990 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** <br> (cost $833,007) |  |  |  | 884629 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Economic Settlement Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 4.263 | 09/15/32 | 35 | 34828 |
| &nbsp;&nbsp; **California 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 220 | 232659 |
| &nbsp;&nbsp; State of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | 7.300 | 10/01/39 | 210 | 245412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.500 | 04/01/34 | 15 | 17557 |
|  |  |  |  | 495628 |
| &nbsp;&nbsp; **Illinois 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Chicago O'Hare International Airport, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 6.395 | 01/01/40 | 160 | 178417 |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 87 | 88314 |
|  |  |  |  | 266731 |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/22 | 435 | 322914 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 | 440 | 354319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.437 | 04/01/40 | 215 | 160813 |
|  |  |  |  | 838046 |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 165 | 198973 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 65 | 64359 |
| &nbsp;&nbsp; **Pennsylvania 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 80 | 79101 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 80 | 60908 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br> (cost $2,227,604) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038574 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.0%** |  |  |  |  |
| &nbsp;&nbsp; ATLX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.850(cc) | 04/25/63 | 922 | 888361 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 39

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Banc of America Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | 5.111%(cc) | 02/25/35 |  | 4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.506(c) | 01/26/32 |  | 17 | 17414 |
| &nbsp;&nbsp; Chase Mortgage Finance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | 6.522(cc) | 02/25/37 |  | 6 | 5658 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | 5.655(cc) | 10/25/69 |  | 420 | 424300 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | 9.170(cc) | 09/25/62 |  | 222 | 222263 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | 5.470(cc) | 06/25/70 |  | 587 | 591631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 |  | 454 | 458084 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | 6.356(c) | 11/25/41 |  | 84 | 84946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.606(c) | 03/25/42 |  | 105 | 112154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 9.606(c) | 03/25/42 |  | 90 | 95167 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | 3.850(cc) | 09/25/57 |  | 148 | 142873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 |  | 292 | 281110 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A1, 144A | 4.934(cc) | 09/25/70 |  | 496 | 495489 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 7.806(c) | 04/25/34 |  | 107 | 107941 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | 5.444(cc) | 07/25/70 |  | 396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.596(cc) | 06/25/70 |  | 744 | 750603 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-11, Class VB | 4.500 | 04/25/42 |  | 475 | 473488 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | 8.356(c) | 11/25/50 |  | 250 | 276562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 6.006(c) | 01/25/34 |  | 31 | 31074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.756(c) | 10/25/41 |  | 200 | 204498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.456(c) | 09/25/41 |  | 300 | 301593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.706(c) | 12/25/41 |  | 200 | 202000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.256(c) | 04/25/42 |  | 100 | 102875 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 |  | 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 |  | 674 | 685096 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.648(cc) | 06/25/65 |  | 459 | 463121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.137(cc) | 11/25/65 |  | 483 | 483307 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 7.156(c) | 01/25/34 |  | 20 | 19918 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | 6.193(cc) | 07/25/35 |  | 1 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.666(cc) | 05/25/55 |  | 327 | 329621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.495(cc) | 11/25/65 |  | 589 | 593504 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 2.993(c) | 01/24/63 | EUR | 260 | 304910 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | 5.892(cc) | 10/25/66 |  | 104 | 104252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 |  | 956 | 954620 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 250 | 251650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | 5.652(cc) | 01/25/40 |  | 600 | 604204 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.026(c) | 05/26/66 | EUR | 352 | 413889 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 |  | 8 | 7901 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 5.022(c) | 01/25/48 |  | 37 | 36357 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 0.000%(cc) | 07/25/65 |  | 488 | $491644 |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.256(c) | 04/25/34 |  | 121 | 121750 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | 4.922(c) | 06/25/57 |  | 33 | 32545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.453(cc) | 05/25/65 |  | 291 | 293639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | 5.418(cc) | 05/25/65 |  | 583 | 587248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | 5.441(cc) | 05/25/65 |  | 1154 | 1163812 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.856(c) | 05/25/33 |  | 958 | 969242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.690(c) | 03/29/27 |  | 613 | 619415 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 4.075(cc) | 06/25/64 |  | 447 | 428868 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-06, Class A1, 144A | 5.699(cc) | 11/25/29 |  | 540 | 540758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RCF06, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 692 | 678453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 612 | 600019 |
| &nbsp;&nbsp; PRPM Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 4.980(cc) | 07/25/70 |  | 600 | 598900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radnor Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.056(c) | 11/25/31 |  | 116 | 117458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.056(c) | 07/25/33 |  | 68 | 68706 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.732(cc) | 02/25/65 |  | 569 | 574777 |
| &nbsp;&nbsp; Shamrock Residential (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.800% (Cap N/A, Floor 0.000%) | 3.708(c) | 06/24/71 | EUR | 86 | 101231 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | 6.336(cc) | 02/25/34 |  | 6 | 6076 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08, Class A1, 144A | 4.869(cc) | 09/25/70 |  | 300 | 299307 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br> (cost $21,174,164) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21399170 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 08/20/30 |  | 200 | 181450 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/19/28 | EUR | 660 | 772936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/19/32 | EUR | 180 | 208582 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 440 | 449240 |
| &nbsp;&nbsp; Export-Import Bank of India (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 02/01/28 |  | 200 | 198000 |
| &nbsp;&nbsp; Indonesia Government International Bond (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/11/28 |  | 370 | 365560 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR | 300 | 335450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 200 | 234223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 703 | 820714 |
| &nbsp;&nbsp; Panama Government International Bond (Panama), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 01/26/36 |  | 200 | 211562 |
| &nbsp;&nbsp; Province of Manitoba (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 06/22/26 |  | 100 | 98504 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | 6.625 | 05/16/36 |  | 390 | 395620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 400 | 407500 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 684 | 744475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 100 | 97869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 397 | 465806 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 41

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Serbia International Bond (Serbia), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250% | 05/26/28 |  | 200 | $208100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 100 | 117332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 200 | 208100 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $6,107,354) |  |  |  |  | 6521023 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 8.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Bank | 5.500 | 07/15/36 |  | 135 | 147618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 10/01/36 |  | 1298 | 1162752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 |  | 433 | 351991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 |  | 295 | 239430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 |  | 324 | 279322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 |  | 456 | 388119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 |  | 1657 | 1402168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 |  | 360 | 306218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 |  | 1432 | 1209703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 |  | 1921 | 1630514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 705 | 597692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 910 | 772315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 |  | 527 | 452795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 |  | 446 | 382490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 |  | 457 | 391890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 |  | 478 | 422345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 |  | 1033 | 921628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 |  | 1634 | 1439973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 |  | 1533 | 1350514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 |  | 744 | 684198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 |  | 1639 | 1499711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 |  | 297 | 280989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 10/01/39 |  | 46 | 46586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 |  | 922 | 898743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 04/01/34 |  | 4 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 |  | 9 | 8892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/35 |  | 12 | 12484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/41 |  | 100 | 102748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 12/01/33 |  | 8 | 8398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/34 |  | 1 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/34 |  | 19 | 19678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 |  | 3 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/37 |  | 6 | 6415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 09/01/54 |  | 619 | 624307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 |  | 1934 | 1950914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 04/01/55 |  | 979 | 987053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/55 |  | 489 | 492991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/34 |  | 10 | 10789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 |  | 610 | 626685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/52 |  | 480 | 493235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 |  | 1641 | 1676861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 05/01/32 |  | 3 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/51 |  | 910 | 699088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 |  | 1427 | 1096777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/51 |  | 869 | 667998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA |  | 500 | 402980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA |  | 2500 | 2014411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/50 |  | 1510 | 1230762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 |  | 2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 |  | 1121 | 912693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 04/01/51 |  | 3587 | 2904938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA |  | 500 | 421170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA |  | 1000 | 842574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 |  | 424 | 361343 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500% | 10/01/50 | 1700 | $1439808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 1384 | 1175734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 459 | 389136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 916 | 776297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 1994 | 1690411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 488 | 413850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 415 | 356850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 556 | 476918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/47 | 813 | 747416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 1170 | 1035515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 369 | 325371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 3.000 | 03/01/52 | 2306 | 2030516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 1016 | 960547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 95 | 89545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/52 | 330 | 303486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 1019 | 937585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/52 | 1357 | 1241868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 300 | 275314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 1467 | 1383938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 2974 | 2810645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/39 | 36 | 36325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 32 | 32524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/44 | 45 | 45362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/44 | 106 | 105379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 85 | 84745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/52 | 384 | 374411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 1788 | 1743046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/35 | 8 | 8392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 02/01/36 | 18 | 18034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/52 | 349 | 348158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 1914 | 1907668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 560 | 558551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 1500 | 1511361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/33 | 3 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/33 | 8 | 7946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 6 | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 16 | 15773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/34 | 6 | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/34 | 7 | 7374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/34 | 13 | 13739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/52 | 240 | 242784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 3183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 501 | 504882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/55 | 957 | 965706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/55 | 282 | 284511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/55 | 2227 | 2245991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 2 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 54 | 57078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 | 4 | 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/34 | 3 | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 6 | 6707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 13 | 13010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 16 | 16357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/35 | 28 | 28294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/35 | 17 | 17579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/36 | 4 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/38 | 2 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 784 | 804651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 172 | 176445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 354 | 363147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 268 | 273837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/29 | 1 | 735 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 43

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500% | 07/01/32 | 6 | $6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 04/01/33 | 3 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/34 | 3 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/36 | 6 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/37 | 26 | 27579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 24 | 24941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 79 | 81318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 6.625 | 11/15/30 | 200 | 226119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/32 | 3 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 452 | 511811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 7.500 | 09/01/30 | — (r) | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 8.500 | 02/01/28 | — (r) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 995 | 822369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 02/20/51 | 466 | 385574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/50 | 815 | 702552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/51 | 458 | 394346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/51 | 488 | 420176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/43 | 76 | 69449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/44 | 24 | 21850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 49 | 44264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/45 | 72 | 65134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/45 | 135 | 121883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/46 | 143 | 130014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/47 | 81 | 73647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 12/20/48 | 410 | 369823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/51 | 473 | 422576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/51 | 1494 | 1334974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc.(k) | 3.500 | 12/20/51 | 1819 | 1669550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 841 | 774023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 474 | 436822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 515 | 472022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 91 | 86296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/52 | 689 | 653584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 847 | 803980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/37 | 7 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 35 | 35273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/52 | 396 | 395970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | TBA | 500 | 503370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 07/15/33 | 7 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 12/15/33 | 3 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/15/34 | 64 | 64370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 01/15/36 | 21 | 22123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 11/20/52 | 419 | 423108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 353 | 361275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 321 | 328369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | TBA | 1000 | 1026943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/15/32 | 1 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | — (r) | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | — (r) | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | 1 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | 4 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 05/15/31 | 2 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 7.125 | 05/01/30 | 90 | 102462 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** <br> (cost $90,423,800) |  |  |  | 89755032 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 7265 | 5381776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 11/15/44 | 460 | 359878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.250 | 05/15/42 | 2335 | 1961765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 255 | 235756 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds(k) | 4.750% | 11/15/43 | 685 | $692278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.165(s) | 11/15/43 | 5955 | 2445136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.374(s) | 05/15/43 | 550 | 232220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.450(s) | 02/15/45 | 90 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.934(s) | 11/15/41 | 645 | 297696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.002(s) | 05/15/41 | 30 | 14261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 60 | 19165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.684(s) | 11/15/42 | 735 | 319652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.686(s) | 11/15/40 | 2835 | 1385361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.924(s) | 02/15/49 | 170 | 53623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.928(s) | 11/15/45 | 55 | 20340 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $15,099,972) |  |  |  | 13453529 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $812,336,729) |  |  |  | 1032223268 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.8%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.7%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wa) | 29533351 | 29533351 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<br>(cost $9,634,898; includes $9,572,692 of cash collateral for securities on loan)(b)(wa) |  |  | 9642563 | 9636777 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $39,168,249) |  |  |  | 39170128 |
|  | **Interest<br>Rate**  | **Maturity<br>Date**  | **Principal Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills<br>(cost $962,492) | 3.963% | 12/11/25 | 970 | 962635 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $13,197) |  |  |  | 2447 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $40,143,938) |  |  |  | 40135210 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.5%**<br> (cost $852,480,667) |  |  |  | 1072358478 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $107,613) |  |  |  | (65197) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 101.5%**<br> (cost $852,373,054) |  |  |  | 1072293281 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (1.5)% |  |  |  | (16222491) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $1056070790 |

---

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

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

See Notes to Financial Statements.

PGIM Balanced Fund 45

------

Schedule of Investments (continued)

as of September 30, 2025

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ADR—American Depositary Receipt

BABs—Build America Bonds

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

CA—Credit Agricole Securities Inc.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CMS—Constant Maturity Swap

CVA—Certificate Van Aandelen (Bearer)

DAC—Designated Activity Company

DB—Deutsche Bank AG

EAFE—Europe, Australasia, Far East

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GS—Goldman Sachs & Co. LLC

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

M—Monthly payment frequency for swaps

MLP—Master Limited Partnership

MSCI—Morgan Stanley Capital International

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

Q—Quarterly payment frequency for swaps

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

S&P—Standard & Poor's

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

See Notes to Financial Statements.

------

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

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

UAG—UBS AG

USOIS—United States Overnight Index Swap

UTS—Unit Trust Security

\* Non-income producing security.

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

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $753,769 and 0.1% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $9,433,330; cash collateral of $9,572,692 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of September 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r) Principal or notional amount is less than $500 par.

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

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**(x)** **Restricted Securities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market**<br>**Value** | **Percentage<br>of**<br>**Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $13433 | $52572 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 4 | 4 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 3 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 2640 | 9089 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-03/12/25 | 13986 | 192621 | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 340000 | 348823 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $370066 | $603109 | 0.1% |

---

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

#### Unfunded corporate bond commitment outstanding at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $10,649)^ | 11 | $10649 | $— | $— |

---

#### Unfunded loan commitments outstanding at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $7,740)^ | 8 | $7790 | $50 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $12,900)^ | 13 | 12983 | 83 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30<br>(cost $300,000) | 300 | 303000 | 3000 |  |
|  |  | $323773 | $3133 | $— |

---

#### Forward Commitment Contract:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency<br>Obligation** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Government National Mortgage Assoc.<br>(proceeds receivable $466,250) | 4.000% | TBA | 10/20/25 | $(500) | $(470049) |

---

See Notes to Financial Statements.

PGIM Balanced Fund 47

------

Schedule of Investments (continued)

as of September 30, 2025

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration <br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  3 Month SOFR<br> (cost $507) | Call | 12/12/25 | $99.75 | 36 | 90 | $225 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Contracts** | **Notional <br>Amount**<br>**(000)#** | **Notional <br>Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30 |  |  | 3757 | $48 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30 |  |  | 7515 | 96 |
|  Currency Option EUR vs HUF | Call | CITI | 10/10/25 | 430.00 |  | EUR | 241 | 1 |
|  Currency Option EUR vs PLN | Call | CITI | 10/13/25 | 5.00 |  | EUR | 209 |  |
|  Currency Option EUR vs PLN | Call | MSI | 10/16/25 | 5.00 |  | EUR | 208 |  |
|  Currency Option EUR vs TRY | Call | JPM | 10/16/25 | 99.00 |  | EUR | 208 | 38 |
|  Currency Option EUR vs TRY | Call | JPM | 10/23/25 | 99.00 |  | EUR | 412 | 162 |
|  Currency Option EUR vs TRY | Call | JPM | 10/30/25 | 99.00 |  | EUR | 725 | 428 |
|  Currency Option USD vs BRL | Call | MSI | 10/09/25 | 6.50 |  |  | 244 | 1 |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 7.00 |  |  | 238 | 15 |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.70 |  |  | 1911 | 14 |
|  Currency Option USD vs JPY | Call | MSI | 10/07/25 | 160.00 |  |  | 239 |  |
|  Currency Option USD vs JPY | Call | MSI | 10/14/25 | 165.00 |  |  | 239 |  |
|  Currency Option USD vs KRW | Call | MSI | 10/13/25 | 1500.00 |  |  | 98 |  |
|  Currency Option USD vs KRW | Call | JPM | 10/23/25 | 1600.00 |  |  | 632 |  |
|  Currency Option USD vs TRY | Call | JPM | 10/02/25 | 43.75 |  |  | 476 | 4 |
|  Currency Option USD vs TRY | Call | CITI | 10/02/25 | 99.00 |  |  | 476 |  |
|  Currency Option USD vs TRY | Call | JPM | 10/07/25 | 99.00 |  |  | 836 | 25 |
|  Currency Option USD vs TRY | Call | JPM | 10/15/25 | 99.00 |  |  | 245 | 46 |
|  Currency Option USD vs TRY | Call | CITI | 10/16/25 | 99.00 |  |  | 491 | 127 |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 99.00 |  |  | 244 | 340 |
|  Currency Option USD vs TWD | Call | MSI | 10/16/25 | 33.00 |  |  | 245 | 2 |
|  Currency Option USD vs TWD | Call | JPM | 10/22/25 | 33.00 |  |  | 243 | 5 |
|  Currency Option USD vs ZAR | Call | MSI | 10/16/25 | 20.00 |  |  | 245 | 2 |
|  Currency Option EUR vs USD | Put | CITI | 10/10/25 | 1.10 |  | EUR | 208 |  |
|  Currency Option USD vs CNH | Put | CITI | 12/05/25 | 6.90 |  |  | 1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1447 | 1 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 400 |  |
|  Currency Option USD vs JPY | Put | CITI | 10/09/25 | 130.00 |  |  | 366 |  |
|  Currency Option USD vs JPY | Put | DB | 10/15/25 | 130.00 |  |  | 368 |  |
|  Currency Option USD vs KRW | Put | MSI | 10/13/25 | 1375.00 |  |  | 98 | 46 |
|  Currency Option USD vs TWD | Put | MSI | 10/09/25 | 26.00 |  |  | 220 |  |
|  Currency Option USD vs TWD | Put | MSI | 10/09/25 | 27.00 |  |  | 244 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 498 | 1 |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 237 | 1 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 119 |  |
|  Currency Option USD vs ZAR | Put | MSI | 10/20/25 | 16.00 |  |  | 162 | 2 |
|  **Total OTC Traded** (cost $12,690) |  |  |  |  |  |  |  | $2222 |
|  **Total Options Purchased** (cost $13,197) |  |  |  |  |  |  |  | $2447 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration <br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  3 Month SOFR<br> (premiums received $76) | Call | 12/12/25 | $99.25 | 16 | 40 | $(100) |

---

See Notes to Financial Statements.

------

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

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

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Contracts** | **Notional** <br>**Amount**<br>**(000)#** | **Notional** <br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs HUF | Call | CITI | 10/10/25 | 393.00 |  | EUR | 241 | $(447) |
|  Currency Option EUR vs PLN | Call | CITI | 10/13/25 | 4.27 |  | EUR | 209 | (697) |
|  Currency Option EUR vs PLN | Call | MSI | 10/16/25 | 4.25 |  | EUR | 208 | (1526) |
|  Currency Option EUR vs TRY | Call | JPM | 10/16/25 | 52.00 |  | EUR | 208 | (871) |
|  Currency Option EUR vs TRY | Call | JPM | 10/23/25 | 51.50 |  | EUR | 412 | (3363) |
|  Currency Option EUR vs TRY | Call | JPM | 10/30/25 | 52.00 |  | EUR | 725 | (7567) |
|  Currency Option USD vs BRL | Call | MSI | 10/09/25 | 5.55 |  |  | 244 | (137) |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 5.70 |  |  | 238 | (620) |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.22 |  |  | 1911 | (1229) |
|  Currency Option USD vs JPY | Call | MSI | 10/07/25 | 148.50 |  |  | 239 | (769) |
|  Currency Option USD vs JPY | Call | MSI | 10/14/25 | 145.00 |  |  | 239 | (4656) |
|  Currency Option USD vs KRW | Call | MSI | 10/13/25 | 1400.00 |  |  | 98 | (660) |
|  Currency Option USD vs KRW | Call | JPM | 10/23/25 | 1385.00 |  |  | 632 | (9682) |
|  Currency Option USD vs TRY | Call | CITI | 10/02/25 | 43.75 |  |  | 476 | (4) |
|  Currency Option USD vs TRY | Call | JPM | 10/15/25 | 42.50 |  |  | 245 | (1118) |
|  Currency Option USD vs TRY | Call | CITI | 10/16/25 | 43.00 |  |  | 491 | (1943) |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 44.00 |  |  | 244 | (2731) |
|  Currency Option USD vs TWD | Call | MSI | 10/16/25 | 30.10 |  |  | 245 | (3214) |
|  Currency Option USD vs TWD | Call | JPM | 10/22/25 | 30.25 |  |  | 243 | (2428) |
|  Currency Option USD vs ZAR | Call | MSI | 10/16/25 | 17.60 |  |  | 245 | (538) |
|  Currency Option EUR vs USD | Put | CITI | 10/10/25 | 1.18 |  | EUR | 208 | (1048) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 927 | (800) |
|  Currency Option USD vs JPY | Put | CITI | 10/09/25 | 148.00 |  |  | 366 | (2615) |
|  Currency Option USD vs JPY | Put | DB | 10/15/25 | 146.50 |  |  | 368 | (1516) |
|  Currency Option USD vs TWD | Put | MSI | 10/09/25 | 29.75 |  |  | 244 | (69) |
|  Currency Option USD vs TWD | Put | MSI | 10/09/25 | 29.80 |  |  | 220 | (73) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 498 | (795) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 237 | (665) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 119 | (353) |
|  Currency Option USD vs ZAR | Put | MSI | 10/20/25 | 17.40 |  |  | 162 | (1949) |
|  **Total OTC Traded** (premiums received $90,392) |  |  |  |  |  |  |  | $(54083) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Receive** | **Pay** | **Notional <br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 11/19/25 | 0.65% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 28500 | $(8161) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | RBC | 11/19/25 | 0.73% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 5280 | (1050) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 11/19/25 | 0.68% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 4730 | (1803) |
|  **Total OTC Swaptions** (premiums received $17,145) | **Total OTC Swaptions** (premiums received $17,145) | **Total OTC Swaptions** (premiums received $17,145) |  |  |  |  |  | $(11014) |
|  **Total Options Written** (premiums received $107,613) | **Total Options Written** (premiums received $107,613) | **Total Options Written** (premiums received $107,613) |  |  |  |  |  | $(65197) |

---

#### Futures contracts outstanding at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of<br> Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | 5 Year U.S. Treasury Notes | Dec. 2025 | $26752851 | $(3216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | 10 Year U.S. Treasury Notes | Dec. 2025 | 20587500 | (17061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 18757735 | 178666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 22735781 | 448030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 24132563 | 156454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | Mini MSCI EAFE Index | Dec. 2025 | 1114120 | (1006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Mini MSCI Emerging Markets Index | Dec. 2025 | 611865 | 3175 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 49

------

Schedule of Investments (continued)

as of September 30, 2025

#### Futures contracts outstanding at September 30, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of<br> Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | Russell 2000 E-Mini Index | Dec. 2025 | $613875 | $7639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | S&P 500 E-Mini Index | Dec. 2025 | 9771188 | 87048 |
|  |  |  |  | 859729 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | 2 Year U.S. Treasury Notes | Dec. 2025 | 4793164 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | 5 Year Euro-Bobl | Dec. 2025 | 1798093 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | 10 Year Euro-Bund | Dec. 2025 | 905686 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | Euro Schatz Index | Dec. 2025 | 376800 | 631 |
|  |  |  |  | 4577 |
|  |  |  |  | $864306 |

---

#### Forward foreign currency exchange contracts outstanding at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br> **(000)** | **Notional**<br>**Amount**<br> **(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | GSI | BRL | 7339 | $1338180 | $1378298 | $40118 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | GSI | BRL | 1196 | 224000 | 224565 | 565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 8535 | 1593604 | 1589764 |  | (3840) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BNP | GBP | 240 | 324163 | 322177 |  | (1986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | CITI | GBP | 160 | 215040 | 215014 |  | (26) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CA | CLP | 238207 | 245556 | 247749 | 2193 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 1319 | 186000 | 186009 | 9 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | GSI | EUR | 188 | 219343 | 220512 | 1169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | EUR | 725 | 843358 | 851880 | 8522 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | HUF | 51091 | 155000 | 153592 |  | (1408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | HUF | 49069 | 142276 | 147513 | 5237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | HUF | 40312 | 119000 | 121188 | 2188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | DB | HUF | 42093 | 126000 | 126540 | 540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | GSI | HUF | 58784 | 177000 | 176719 |  | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | GSI | HUF | 52235 | 158000 | 157030 |  | (970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | HUF | 51636 | 155000 | 155229 | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | HUF | 50520 | 153000 | 151873 |  | (1127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | HUF | 49789 | 151000 | 149678 |  | (1322) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 33294 | 373500 | 372985 |  | (515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 13498 | 153000 | 151212 |  | (1788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 12033 | 135000 | 134805 |  | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 27307 | 306000 | 305917 |  | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 13394 | 151000 | 150051 |  | (949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 305894 | 3451066 | 3426837 |  | (24229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 27899 | 313000 | 312547 |  | (453) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 5548270 | 338000 | 331806 |  | (6194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 4977315 | 298000 | 297661 |  | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 4697121 | 286000 | 280904 |  | (5096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 4054203 | 246000 | 242456 |  | (3544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 3074514 | 187000 | 183867 |  | (3133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 2895017 | 173000 | 173132 | 132 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | JPY | 78886 | 535297 | 534734 |  | (563) |

---

See Notes to Financial Statements.

------

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

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

#### Forward foreign currency exchange contracts outstanding at September 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br> **(000)** | **Notional**<br>**Amount**<br> **(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 11105 | $370970 | $366696 | $— | $(4274) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1880 | 533680 | 540324 | 6644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 940 | 267249 | 270161 | 2912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 796 | 226000 | 228867 | 2867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 791 | 225001 | 227331 | 2330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 940 | 266696 | 270162 | 3466 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 103026 | 1792027 | 1762187 |  | (29840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 9446 | 165000 | 161575 |  | (3425) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 4782 | 271977 | 275383 | 3406 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 6101 | 190000 | 189495 |  | (505) |
|  |  |  |  | $17779983 | $17766425 | 82527 | (96085) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)**  | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)**  | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/02/25 | GSI | BRL | 8535 | $1605989 | $1602863 | $3126 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | GBP | 94 | 124860 | 126436 |  | (1576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | GBP | 89 | 120000 | 119907 | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | TD | GBP | 1754 | 2351674 | 2359397 |  | (7723) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 139455 | 145000 | 145042 |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 305606 | 322000 | 317849 | 4151 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 1833 | 259000 | 258513 | 487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 19960 | 2815937 | 2815550 | 387 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 496138 | 124035 | 125227 |  | (1192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 437723 | 109122 | 110481 |  | (1359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | COP | 496138 | 124896 | 125226 |  | (330) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | CZK | 16449 | 779058 | 793755 |  | (14697) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | EUR | 3978 | 4650801 | 4676613 |  | (25812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | DB | EUR | 2964 | 3489551 | 3484346 | 5205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | JPM | EUR | 820 | 973838 | 964070 | 9768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | EUR | 246 | 286901 | 288700 |  | (1799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | SSB | EUR | 3978 | 4671525 | 4676612 |  | (5087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | SSB | EUR | 268 | 310000 | 314641 |  | (4641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | TD | EUR | 29 | 33947 | 34611 |  | (664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | EUR | 3899 | 4588646 | 4584158 | 4488 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | HUF | 99534 | 298000 | 299223 |  | (1223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | HUF | 52084 | 156000 | 156576 |  | (576) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 21443 | 242000 | 240220 | 1780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 22737 | 257000 | 254713 | 2287 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 3673502 | 222247 | 219688 | 2559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 3616400 | 219000 | 216273 | 2727 |  |

---

See Notes to Financial Statements.

PGIM Balanced Fund 51

------

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)**  | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)**  | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | MXN | 2584 | $137201 | $139921 | $— | $(2720) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 1040 | 297000 | 298861 |  | (1861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 723 | 207000 | 207899 |  | (899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 714 | 204000 | 205144 |  | (1144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 698 | 199000 | 200539 |  | (1539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 603 | 172000 | 173270 |  | (1270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 548 | 157000 | 157560 |  | (560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 723 | 207000 | 207917 |  | (917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 728 | 207000 | 209236 |  | (2236) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 13385 | 229500 | 228942 | 558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 13077 | 224000 | 223670 | 330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 6301 | 108077 | 107772 | 305 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | PLN | 591 | 162000 | 162625 |  | (625) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 181 | 142000 | 141426 | 574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 369 | 290000 | 287652 | 2348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 4654 | 3643622 | 3629035 | 14587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 204 | 160000 | 159241 | 759 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | KRW | 338364 | 244780 | 241847 | 2933 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 5035 | 159000 | 156392 | 2608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 4795 | 152000 | 148938 | 3062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 25822 | 803920 | 801971 | 1949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 25822 | 819575 | 801972 | 17603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 4159 | 132000 | 129181 | 2819 |  |
|  |  |  |  | $38338702 | $38331701 | 87493 | (80492) |
|  |  |  |  |  |  | $170020 | $(176577) |

---

#### Cross currency exchange contracts outstanding at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |  |
|  10/22/25 | Buy | EUR | 241 | HUF | 95265 | $— | $(3052) | CITI |

---

#### Credit default swap agreements outstanding at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at<br>September 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |
|  GS_24-PCA | 08/02/27 | 1.650 %(M) | 1050 | \* | $1404 | $(241) | $1645 | GSI |

---

See Notes to Financial Statements.

------

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

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

#### Credit default swap agreements outstanding at September 30, 2025 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at<br>September 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 485 | 0.329% | $14326 | $12621 | $1705 | GSI |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 470 | 0.222% | 932 | 741 | 191 | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 80 | 0.257% | 528 | 458 | 70 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) |  | 470 | 0.251% | 902 | 751 | 151 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 925 | 0.305% | 7963 | 7786 | 177 | GSI |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 370 | 0.147% | 938 | 841 | 97 | BARC |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 225 | 0.147% | 570 | 506 | 64 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 185 | 0.389% | 855 | 790 | 65 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 100 | 0.137% | 1477 | 1199 | 278 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 75 | 0.165% | 1368 | 1053 | 315 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 55 | 0.251% | 207 | 198 | 9 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 55 | 0.261% | 305 | 291 | 14 | CITI |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) |  | 470 | 0.227% | 927 | 741 | 186 | GSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) |  | 175 | 1.151% | 1190 |  | 1190 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 390 | \* | 4780 |  | 4780 | GSI |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 185 | 0.145% | 339 | 389 | (50) | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 135 | 0.701% | (4876) | (4634) | (242) | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 85 | 0.701% | (3070) | (3016) | (54) | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 345 | 0.872% | 401 | (1224) | 1625 | GSI |
|  U.S. Treasury Notes | 12/20/25 | 0.250%(Q) | EUR | 970 | 0.150% | 325 | 350 | (25) | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 395 | 0.170% | 297 | 436 | (139) | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 185 | 0.142% | 1183 | 959 | 224 | GSI |
|  |  |  |  |  |  | $31867 | $21236 | $10631 |  |

---

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

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

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

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

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 53

------

Schedule of Investments (continued)

as of September 30, 2025

the agreement.

#### Interest rate swap agreements outstanding at September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br> **Trade Date** | **Value at**<br> **Trade Date** | **Value at<br>September 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
| GBP | 928 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.967% |  | $(34697) | $37303 | $72000 |
| GBP | 2000 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.967% |  | 237353 | 146739 | (90614) |
| GBP | 190 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.967% |  | (8272) | 37376 | 45648 |
|  | 11000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.240% |  | 32850 | 77457 | 44607 |
|  | 14015 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.240% |  |  | (89907) | (89907) |
|  | 2590 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.240% |  | 479 | (26574) | (27053) |
|  | 5435 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.240% |  | 1091 | 91362 | 90271 |
|  | 3385 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.240% |  | (3599) | (103494) | (99895) |
|  | 3760 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.240% |  |  | 7321 | 7321 |
|  | 3010 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.240% |  | (21052) | (93279) | (72227) |
|  | 635 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.240% |  | 289857 | 291183 | 1326 |
|  | 3555 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.240% |  | 51991 | 100319 | 48328 |
|  | 2665 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.240% |  | 20643 | 117719 | 97076 |
|  | 2865 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.240% |  |  | 70349 | 70349 |
|  |  |  |  |  |  | $566644 | $663874 | $97230 |

---

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

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

#### Total return swap agreement outstanding at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination**<br> **Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> **(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -45bps(T)/ 3.640% | GSI | 12/16/25 | (6358) | $76823 | $— | $76823 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $30110 | $(9115) | $89609 | $(510) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $562767 |
|  GS |  | 962635 |
|  JPS |  | 3278504 |
|  **Total** | $— | $4803906 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

------

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

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

The following is a summary of the inputs used as of September 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Exchange-Traded Funds | $20984003 | $— | $— |  |
|  Common Stocks | 525918560 | 107335716 | 5 |  |
|  Preferred Stocks | 1208841 | 206580 | 9089 |  |
|  Warrants |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 3416504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 32321835 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 5584447 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 5992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 9189084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 3613446 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 409317 |  |  |
|  Commercial Mortgage-Backed Securities |  | 45939913 |  |  |
|  Corporate Bonds |  | 141841629 | 186350 |  |
|  Floating Rate and Other Loans |  | 332621 | 552008 |  |
|  Municipal Bonds |  | 2038574 |  |  |
|  Residential Mortgage-Backed Securities |  | 21399170 |  |  |
|  Sovereign Bonds |  | 6521023 |  |  |
|  U.S. Government Agency Obligations |  | 89755032 |  |  |
|  U.S. Treasury Obligations |  | 13453529 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 39170128 |  |  |  |
|  U.S. Treasury Obligation |  | 962635 |  |  |
|  Options Purchased | 225 | 2222 |  |  |
|  **Total** | $**587281757** | $**484329269** | $**747452** |  |
|  **Liabilities** |  |  |  |  |
|  Options Written | $**(100)** | $**(65097)** | $**—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— | \*\* |
|  Unfunded Loan Commitments |  | 3000 | 133 |  |
|  Futures Contracts | 885654 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 170020 |  |  |
|  OTC Credit Default Swap Agreements |  | 35033 | 6184 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 476926 |  |  |
|  OTC Total Return Swap Agreement |  | 76823 |  |  |
|  **Total** | $**885654** | $**761802** | $**6317** |  |
|  **Liabilities** |  |  |  |  |
|  Forward Commitment Contract | $— | $(470049) | $— |  |
|  Futures Contracts | (21348) |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (176577) |  |  |
|  OTC Cross Currency Exchange Contracts |  | (3052) |  |  |
|  OTC Credit Default Swap Agreements |  | (7946) |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (379696) |  |  |
|  **Total** | $**(21348)** | $**(1037320)** | $**—** |  |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments, unfunded loan commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts, unfunded corporate bond commitments and unfunded loan commitments are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

See Notes to Financial Statements.

PGIM Balanced Fund 55

------

Schedule of Investments (continued)

as of September 30, 2025

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 8.5 |
|  Semiconductors & Semiconductor Equipment | 6.9 |
|  Banks | 6.7 |
|  Software | 5.5 |
|  Commercial Mortgage-Backed Securities | 4.3 |
|  Interactive Media & Services | 3.8 |
|  Affiliated Mutual Funds (0.9% represents investments purchased with collateral from securities on loan) | 3.7 |
|  Pharmaceuticals | 3.1 |
|  Technology Hardware, Storage & Peripherals | 3.1 |
|  Collateralized Loan Obligations | 3.1 |
|  Aerospace & Defense | 2.5 |
|  Capital Markets | 2.3 |
|  Oil, Gas & Consumable Fuels | 2.2 |
|  Residential Mortgage-Backed Securities | 2 |
|  Affiliated Exchange-Traded Funds | 2 |
|  Insurance | 1.9 |
|  Financial Services | 1.8 |
|  Broadline Retail | 1.7 |
|  Biotechnology | 1.7 |
|  Automobiles | 1.6 |
|  Specialty Retail | 1.6 |
|  U.S. Treasury Obligations | 1.4 |
|  Electric | 1.3 |
|  Electrical Equipment | 1.1 |
|  Communications Equipment | 1.1 |
|  Health Care Providers & Services | 1 |
|  Media | 1 |
|  IT Services | 1 |
|  Metals & Mining | 0.9 |
|  Electronic Equipment, Instruments & Components | 0.9 |
|  Home Equity Loans | 0.9 |
|  Hotels, Restaurants & Leisure | 0.8 |
|  Pipelines | 0.8 |
|  Oil & Gas | 0.8 |
|  Real Estate Investment Trusts (REITs) | 0.8 |
|  Machinery | 0.8 |
|  Consumer Staples Distribution & Retail | 0.7 |
|  Building Products | 0.7 |
|  Entertainment | 0.7 |
|  Electric Utilities | 0.6 |
|  Healthcare-Services | 0.6 |
|  Ground Transportation | 0.6 |
|  Sovereign Bonds | 0.6 |
|  Food Products | 0.6 |
|  Telecommunications | 0.6 |
|  Consumer Loans | 0.5 |
|  Tobacco | 0.5 |
|  Health Care Equipment & Supplies | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Auto Manufacturers | 0.5 |
|  Trading Companies & Distributors | 0.4 |
|  Real Estate Management & Development | 0.4 |
|  Automobile Components | 0.4 |
|  Wireless Telecommunication Services | 0.4 |
|  Other | 0.4 |
|  Household Products | 0.3 |
|  Chemicals | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Retail | 0.3 |

---

---

| | |
|:---|:---|
|  Diversified Consumer Services | 0.3% |
|  Industrial Conglomerates | 0.2 |
|  Agriculture | 0.2 |
|  Passenger Airlines | 0.2 |
|  Commercial Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Municipal Bonds | 0.2 |
|  Foods | 0.2 |
|  Semiconductors | 0.2 |
|  Home Builders | 0.2 |
|  Lodging | 0.2 |
|  Engineering & Construction | 0.2 |
|  Household Durables | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Diversified Financial Services | 0.2 |
|  Multi-Utilities | 0.2 |
|  Leisure Time | 0.2 |
|  Beverages | 0.1 |
|  Gas | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Packaging & Containers | 0.1 |
|  Consumer Finance | 0.1 |
|  Mining | 0.1 |
|  Professional Services | 0.1 |
|  Building Materials | 0.1 |
|  Transportation | 0.1 |
|  Construction Materials | 0.1 |
|  Marine Transportation | 0.1 |
|  Gas Utilities | 0.1 |
|  Airlines | 0.1 |
|  Health Care REITs | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Real Estate | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Personal Care Products | 0.1 |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Student Loans | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  Computers | 0.0 \* |
|  Housewares | 0.0 \* |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Machinery-Diversified | 0.0 \* |
|  Air Freight & Logistics | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Metal Fabricate/Hardware | 0.0 \* |
|  Office REITs | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  Paper & Forest Products | 0.0 \* |
|  Internet | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Diversified REITs | 0.0 \* |

---

See Notes to Financial Statements.

------

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

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

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Industrial REITs | 0.0 |
|  Specialized REITs | 0.0 |
|  Water Utilities | 0.0 |
|  Equipment | 0.0 |
|  Options Purchased | 0.0 |
|  | 101.5 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.5) |
|  | 100.0 |
|  <br> \* Less than 0.05% |  |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk, and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of September 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Premiums paid for OTC swap agreements | $30110 | Premiums received for OTC swap agreements | $9115 |
|  Credit contracts |  |  | Options written outstanding, at value | 11014 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 12786 | Unrealized depreciation on OTC swap agreements | 510 |
|  Equity contracts | Due from/to broker-variation margin futures | 97,862\* | Due from/to broker-variation margin futures | 1006 \* |
|  Foreign exchange contracts | Unaffiliated investments | 2078 | Options written outstanding, at value | 54083 |
|  Foreign exchange contracts |  |  | Unrealized depreciation on OTC cross currency exchange contracts | 3052 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 170020 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 176577 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 787,792\* | Due from/to broker-variation margin futures | 20342 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 476,926\* | Due from/to broker-variation margin swaps | 379696 \* |
|  Interest rate contracts | Unaffiliated investments | 369 | Options written outstanding, at value | 100 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 76823 |  |  |
|  |  | $1654766 |  | $655495 |

---

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

See Notes to Financial Statements.

PGIM Balanced Fund 57

------

Schedule of Investments (continued)

as of September 30, 2025

The effects of derivative instruments on the Statement of Operations for the year ended September 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options<br>Written** | **Futures** | **Forward**<br> **& Cross**<br> **Currency**<br> **Exchange**<br> **Contracts** | **Swaps** |
|  Credit contracts | $(41746) | $91852 | $— | $— | $(92770) |
|  Equity contracts |  |  | 556842 |  |  |
|  Foreign exchange contracts | (67935) | 297377 |  | (1230424) |  |
|  Interest rate contracts | (12158) | 28208 | (241920) |  | (953271) |
|  **Total** | $(121839) | $417437 | $314922 | $(1230424) | $(1046041) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br>as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures**  | **Forward**<br>**& Cross**<br>**Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $1256 | $— | $— | $(7126) |
|  Equity contracts |  |  | 58859 |  |  |
|  Foreign exchange contracts | (2253) | 36309 |  | 759238 |  |
|  Interest rate contracts | (8497) | (24) | 821679 |  | (1005185) |
|  **Total** | $(10750) | $37541 | $880538 | $759238 | $(1012311) |

---

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

For the year ended September 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $24012 |
| &nbsp;&nbsp; Options Written (2) | 34652462 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 97089932 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 6281394 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 16873719 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 39491460 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 237818 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 107972206 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 1133316 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 20554072 |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | 16307392 |

---

\* Average volume is based on average quarter end balances for the year ended September 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives 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)(2)** | **Net**<br> **Amount**  |
| &nbsp;&nbsp; Securities on Loan | $9433330 | $(9433330) | $— |

---

See Notes to Financial Statements.

------

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

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

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets(1)**  | **Gross Amounts of<br>Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities(1)**  | **Net Amounts of<br>Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral<br> Pledged/(Received)(2)**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Amount**  |
|  BARC | $17214 | $(50702) | $(33488) | $– | $(33488) |
|  BNP |  | (1986) | (1986) | – | (1986) |
|  BOA | 2889 | (2345) | 544 | – | 544 |
|  CA | 2193 |  | 2193 | – | 2193 |
|  CITI | 20548 | (18529) | 2019 | – | 2019 |
|  DB | 5745 | (4236) | 1509 | – | 1509 |
|  GSI | 157802 | (19071) | 138731 | – | 138731 |
|  HSBC | 6247 | (19958) | (13711) | – | (13711) |
|  JPM | 18657 | (33339) | (14682) | – | (14682) |
|  MSI | 43993 | (49512) | (5519) | – | (5519) |
|  RBC |  | (1050) | (1050) | – | (1050) |
|  SCB | 7344 | (29024) | (21680) | – | (21680) |
|  SSB | 3466 | (11964) | (8498) | – | (8498) |
|  TD | 387 | (8387) | (8000) | – | (8000) |
|  UAG | 5476 | (4248) | 1228 | – | 1228 |
|  | $291961 | $(254351) | $37610 | $– | $37610 |

---

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 59

------

Statement of Assets and Liabilities

as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $9,433,330: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $792,397,424) | $1012204347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $60,083,243) | 60154131 |
| &nbsp;&nbsp; Cash | 14500 |
| &nbsp;&nbsp; Foreign currency, at value (cost $398,700) | 400048 |
| &nbsp;&nbsp; Receivable for investments sold | 11707946 |
| &nbsp;&nbsp; Dividends and interest receivable | 3261250 |
| &nbsp;&nbsp; Tax reclaim receivable | 518264 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 289419 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 170020 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 89609 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 45762 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 30110 |
| &nbsp;&nbsp; Foreign capital gains tax benefit accrued | 22308 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 13249 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 3133 |
| &nbsp;&nbsp; Prepaid expenses | 8948 |
| &nbsp;&nbsp; **Total Assets** | 1088933044 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 20514653 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 9572692 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 665313 |
| &nbsp;&nbsp; Management fee payable | 533875 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $466,250) | 470049 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 417441 |
| &nbsp;&nbsp; Distribution fee payable | 221873 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 176577 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 166161 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $107,613) | 65197 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 45746 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 9115 |
| &nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 3052 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 510 |
| &nbsp;&nbsp; **Total Liabilities** | 32862254 |
| &nbsp;&nbsp; **Net Assets** | $1056070790 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $54884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 776365773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 279650133 |
| &nbsp;&nbsp; **Net assets, September 30, 2025** | $1056070790 |

---

See Notes to Financial Statements.

------

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($759,439,902 ÷ 39,583,335 shares of common stock issued and outstanding) | $19.19 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.64 |
| &nbsp;&nbsp; Maximum offering price to public | $19.83 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($43,692,291 ÷ 2,259,075 shares of common stock issued and outstanding) | $19.34 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($38,191 ÷ 1,990 shares of common stock issued and outstanding) | $19.20 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($122,012,720 ÷ 6,293,197 shares of common stock issued and outstanding) | $19.39 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($130,887,686 ÷ 6,746,766 shares of common stock issued and outstanding) | $19.40 |

---

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

See Notes to Financial Statements.

PGIM Balanced Fund 61

------

Statement of Operations

Year Ended September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $18363031 |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $454,345 foreign withholding tax) | 9860353 |
| &nbsp;&nbsp; Affiliated dividend income | 1433680 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $18,935) | 19298 |
| &nbsp;&nbsp; **Total income** | 29676362 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 6541650 |
| &nbsp;&nbsp; Distribution fee(a) | 2633054 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $333,444)(a) | 956758 |
| &nbsp;&nbsp; Custodian and accounting fees | 273506 |
| &nbsp;&nbsp; Professional fees | 119260 |
| &nbsp;&nbsp; Shareholders' reports | 84450 |
| &nbsp;&nbsp; Registration fees(a) | 66410 |
| &nbsp;&nbsp; Audit fee | 55561 |
| &nbsp;&nbsp; Directors' fees | 22330 |
| &nbsp;&nbsp; Miscellaneous | 80244 |
| &nbsp;&nbsp; **Total expenses** | 10833223 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (1061737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (86) |
| &nbsp;&nbsp; **Net expenses** | 9771400 |
| &nbsp;&nbsp; Net investment income (loss) | 19904962 |
| &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; Investment transactions (including affiliated of $(2577)) (net of foreign capital gains taxes $(94831)) | 67295242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 314922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (1230424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 417437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (1046041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (174072) |
|  | 65579779 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $66,889) (net of change in foreign capital gains taxes $388,963) | 19740673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 880538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 759238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 37541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1012311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 3133 |
|  | 20433672 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 86013451 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $105918413 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 2171760 | 461037 | 257 |  |  |
|  Transfer agent's fees and expenses | 746128 | 65999 | 594 | 141721 | 2316 |
|  Registration fees | 22532 | 10951 | 5917 | 12119 | 14891 |
|  Fee waiver and/or expense reimbursement | (860425) | (28922) | (6422) | (72770) | (93198) |
|  Distribution fee waiver |  |  | (86) |  |  |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,** | **Year Ended**<br>**September 30,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $19904962 | $20137909 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 65577064 | 56042350 |
| &nbsp;&nbsp; Affiliated net capital gain distributions received | 2715 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 20433672 | 142420554 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 105918413 | 218600813 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (52619900) | (15816715) |
| &nbsp;&nbsp; Class C | (3115051) | (811543) |
| &nbsp;&nbsp; Class R | (2339) | (512) |
| &nbsp;&nbsp; Class Z | (8483901) | (3150242) |
| &nbsp;&nbsp; Class R6 | (9003996) | (2423192) |
|  | (73225187) | (22202204) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 95836027 | 119645937 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 71665708 | 21753026 |
| &nbsp;&nbsp; Cost of shares purchased | (174574693) | (203484982) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (7072958) | (62086019) |
| &nbsp;&nbsp; Total increase (decrease) | 25620268 | 134312590 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 1030450522 | 896137932 |
| &nbsp;&nbsp; End of year | $1056070790 | $1030450522 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 63

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $18.60 | $15.18 | $13.75 | $18.70 | $15.96 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.35 | 0.35 | 0.32 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.57 | 3.46 | 1.44 | (3.02) | 2.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.92 | 3.81 | 1.76 | (2.78) | 2.98 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.40) | (0.39) | (0.33) | (0.29) | (0.20) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.33) | (0.39) | (0.33) | (2.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $19.19 | $18.60 | $15.18 | $13.75 | $18.70 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 11.11% | 25.36% | 12.83% | (16.95)% | 18.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $759440 | $742275 | $639625 | $615650 | $760976 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $723920 | $695663 | $652990 | $732873 | $710895 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.12% | 1.12% | 1.15% | 1.12% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.95% | 2.05% | 2.13% | 1.46% | 1.28% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 107% | 107% | 141% | 109% | 85% |

---

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

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

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $18.74 | $15.29 | $13.85 | $18.81 | $16.06 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.20 | 0.21 | 0.20 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.58 | 3.49 | 1.45 | (3.03) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.78 | 3.70 | 1.65 | (2.92) | 2.86 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.25) | (0.25) | (0.21) | (0.16) | (0.07) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.18) | (0.25) | (0.21) | (2.04) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $19.34 | $18.74 | $15.29 | $13.85 | $18.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 10.17% | 24.39% | 11.89% | (17.58)% | 17.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $43692 | $53052 | $56162 | $65656 | $93656 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $46104 | $55084 | $63635 | $85096 | $96972 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.82% | 1.81% | 1.82% | 1.79% | 1.78% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.88% | 1.87% | 1.88% | 1.84% | 1.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.12% | 1.24% | 1.30% | 0.65% | 0.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 107% | 107% | 141% | 109% | 85% |

---

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

(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 Balanced Fund 65

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $18.61 | $15.19 | $13.75 | $18.70 | $15.97 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.26 | 0.27 | 0.25 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.58 | 3.46 | 1.45 | (3.02) | 2.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.84 | 3.73 | 1.70 | (2.86) | 2.89 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.31) | (0.26) | (0.21) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.25) | (0.31) | (0.26) | (2.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $19.20 | $18.61 | $15.19 | $13.75 | $18.70 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 10.59% | 24.76% | 12.37% | (17.36)% | 18.15% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $38 | $31 | $31 | $209 | $427 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $34 | $28 | $120 | $402 | $675 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 20.46% | 27.98% | 7.12% | 3.39% | 2.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.47% | 1.57% | 1.66% | 0.97% | 0.80% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 107% | 107% | 141% | 109% | 85% |

---

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

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

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **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** | $18.79 | $15.32 | $13.87 | $18.85 | $16.09 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.39 | 0.39 | 0.35 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.58 | 3.50 | 1.46 | (3.05) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.97 | 3.89 | 1.81 | (2.77) | 3.04 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.44) | (0.42) | (0.36) | (0.33) | (0.24) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.37) | (0.42) | (0.36) | (2.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $19.39 | $18.79 | $15.32 | $13.87 | $18.85 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 11.30% | 25.70% | 13.02% | (16.74)% | 18.99% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $122013 | $116245 | $112934 | $113095 | $171776 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $115878 | $127119 | $115259 | $146908 | $165225 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.78% | 0.78% | 0.79% | 0.78% | 0.77% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.84% | 0.84% | 0.85% | 0.83% | 0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.17% | 2.28% | 2.33% | 1.65% | 1.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 107% | 107% | 141% | 109% | 85% |

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

(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 Balanced Fund 67

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Financial Highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $18.79 | $15.33 | $13.88 | $18.86 | $16.10 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.42 | 0.41 | 0.38 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.58 | 3.50 | 1.45 | (3.05) | 2.76 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.00 | 3.91 | 1.83 | (2.75) | 3.06 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.46) | (0.45) | (0.38) | (0.35) | (0.26) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.39) | (0.45) | (0.38) | (2.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $19.40 | $18.79 | $15.33 | $13.88 | $18.86 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 11.49% | 25.79% | 13.24% | (16.66)% | 19.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $130888 | $118847 | $87387 | $78207 | $85533 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $121006 | $95201 | $85614 | $88957 | $71970 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.73% | 0.73% | 0.73% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.30% | 2.40% | 2.48% | 1.82% | 1.63% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 107% | 107% | 141% | 109% | 85% |

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

(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.

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Notes to Financial Statements

**1.** **Organization** 

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

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

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

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

The Fund 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 Fund's 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 the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the 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 Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Directors (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated 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 Fund 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 Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the 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 Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds ("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.

PGIM Balanced Fund 69

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Notes to Financial Statements (continued)

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

Investments in open-end funds (other than 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.

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

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Fund's valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

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

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

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

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

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the

PGIM Balanced Fund 71

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Notes to Financial Statements (continued)

counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised. The Fund entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Fund each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

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

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

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents

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the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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

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

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

*Floating Rate and Other Loans:* The Fund invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Fund acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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

PGIM Balanced Fund 73

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Notes to Financial Statements (continued)

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

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

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

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

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

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

------

*Securities Lending:* The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of 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 Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

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

The Fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the Fund as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

*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** |
|  Net Investment Income |  | Quarterly |
|  Short-Term Capital Gains |  | Annually |
|  Long-Term Capital Gains |  | Annually |

---

PGIM Balanced Fund 75

------

Notes to Financial Statements (continued)

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

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

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement 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 PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, PGIM Limited, and PGIM Quantitative Solutions LLC (collectively the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended September 30, 2025, the contractual and effective management fee rates were as follows:

---

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

---

The Manager has contractually agreed, through January 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other expenses of the Fund such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | 1.00% |
| &nbsp;&nbsp; C |  |
| &nbsp;&nbsp; R | 1.47 |
| &nbsp;&nbsp; Z |  |
| &nbsp;&nbsp; R6 | 0.65 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

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

------

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2027 to limit such fees on certain classes based on the average net assets. The distribution fees are accrued daily and payable monthly.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.30% | 0.30% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; R | 0.75 | 0.50 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the year ended September 30, 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:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $356788 | $4459 |
| &nbsp;&nbsp; C |  | 2624 |

---

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

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

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

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a 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 Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended September 30, 2025, no Rule 17a-7 transactions were entered into by the Fund.

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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $1025198365 | $1072118327 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and exchange-traded funds for the year ended September 30, 2025, is presented as follows:

PGIM Balanced Fund 77

------

Notes to Financial Statements (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |
|  PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |
| $1057645 | $18975989 | $— | $56619 | $— | $20090253 | 390102 | $420827 | $2715 |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 885228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 893750 | 25000 | 5616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $1057645 | $19861217 | $— | $65141 | $— | $20984003 |  | $426443 | $2715 |
|  **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 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wa)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9963794 | 343616661 | 324047104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 29533351 | 29533351 | 1007237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wa)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3198811 | 348660189 | 342221394 | 1748 | (2577) | 9636777 | 9642563 | 18935<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $13162605 | $692276850 | $666268498 | $1748 | $(2577) | $39170128 |  | $1026172 | $— |
| $14220250 | $712138067 | $666268498 | $66889 | $(2577) | $60154131 |  | $1452615 | $2715 |

---

(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.

(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.

For the year ended September 30, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; $41578880 | $31646307 | $— | $73225187 |

---

For the year ended September 30, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; $22202204 | $— | $— | $22202204 |

---

For the year ended September 30, 2025, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | |
|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** |
| &nbsp;&nbsp; $10019247 | $53519097 |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| $856792409 | $243723777 | $(27627800) | $216095977 |

---

------

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, swap income accrual, investments in passive foreign investment companies, mark-to-market of futures and forwards contracts and other cost basis differences between GAAP and tax accounting.

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2025 are subject to such review.

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

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 6,625,000,000 shares of capital stock at $0.001 par value per share, 923,000,000 of which are designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Number of Shares** |
| &nbsp;&nbsp; A |  | 125000000 |
| &nbsp;&nbsp; B |  | 3000000 |
| &nbsp;&nbsp; C |  | 25000000 |
| &nbsp;&nbsp; R |  | 125000000 |
| &nbsp;&nbsp; Z |  | 280000000 |
| &nbsp;&nbsp; T |  | 75000000 |
| &nbsp;&nbsp; R6 |  | 290000000 |

---

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

As of September 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Z | 150876 | 2.4% |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | 3 | 46.7 |

---

Transactions in shares of common stock were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended September 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2854716 | $51264474 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2956041 | 51727128 |
| &nbsp;&nbsp; Shares purchased | (6224298) | (110814494) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (413541) | (7822892) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 487784 | 8730404 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (391844) | (7030999) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (317601) | $(6123487) |

---

PGIM Balanced Fund 79

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended September 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3068074 | $51938560 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 917730 | 15579523 |
| &nbsp;&nbsp; Shares purchased | (6444054) | (109034426) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2458250) | (41516343) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 592652 | 10105067 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (368760) | (6334630) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2234358) | $(37745906) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended September 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 207135 | $3755450 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 174976 | 3078974 |
| &nbsp;&nbsp; Shares purchased | (461711) | (8227398) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (79600) | (1392974) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (492094) | (8872391) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (571694) | $(10265365) |
| &nbsp;&nbsp; **Year ended September 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 332765 | $5710781 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 47139 | 803396 |
| &nbsp;&nbsp; Shares purchased | (598299) | (10153103) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (218395) | (3638926) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (622915) | (10690497) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (841310) | $(14329423) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended September 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 322 | $5850 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 134 | 2339 |
| &nbsp;&nbsp; Shares purchased | (158) | (2820) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 298 | $5369 |
| &nbsp;&nbsp; **Year ended September 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 172 | $2919 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 30 | 512 |
| &nbsp;&nbsp; Shares purchased | (545) | (8481) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (343) | $(5050) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended September 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1049230 | $18867243 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 444077 | 7853629 |
| &nbsp;&nbsp; Shares purchased | (1717943) | (31047432) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (224636) | (4326560) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 337530 | 6110066 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7540) | (139467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 105354 | $1644039 |
| &nbsp;&nbsp; **Year ended September 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1377259 | $23055855 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 171894 | 2946940 |
| &nbsp;&nbsp; Shares purchased | (3100549) | (54624505) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1551396) | (28621710) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 380317 | 6582681 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11530) | (202045) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1182609) | $(22241074) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended September 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1206023 | $21943010 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 508708 | 9003638 |
| &nbsp;&nbsp; Shares purchased | (1357081) | (24482549) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 357650 | 6464099 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 71483 | 1313218 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5806) | (110831) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 423327 | $7666486 |
| &nbsp;&nbsp; **Year ended September 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2170512 | $38937822 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 141410 | 2422655 |
| &nbsp;&nbsp; Shares purchased | (1719082) | (29664467) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 592840 | 11696010 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 34032 | 596688 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3205) | (57264) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 623667 | $12235434 |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on<br>the Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on<br>Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 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 Fund utilized the SCA during the year ended September 30, 2025. The average daily balance for the 3 days that the Fund had loans outstanding during the period was approximately $412,000, borrowed at a weighted average interest rate of 5.44%. The maximum loan outstanding amount during the period was $412,000. At September 30, 2025, the Fund did not have an outstanding loan amount.

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

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

*Asset Allocation Risk:* PGIM Quantitative Solutions may allocate assets to an asset class that underperforms other classes. For example, the Fund may be overweight in equities when the stock market is falling and the fixed income market is rising. Likewise, the Fund may be overweight in fixed income securities when fixed income markets are falling and the equity markets are rising. Allocations to underperforming or volatile asset classes or other changes in asset allocations could lead to increased volatility in the Fund's portfolio.

PGIM Balanced Fund 81

------

Notes to Financial Statements (continued)

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

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

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on 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 Fund. and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

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

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset 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.

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

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

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

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

*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 subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine 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.

PGIM Balanced Fund 83

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Notes to Financial Statements (continued)

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.

*Model Design Risk:* The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser's models. Additionally, the quantitative techniques that underlie the subadviser's portfolio construction processes may fail to fully anticipate important risks.

*Model Implementation Risk:* While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

*Money Market Instruments Risk:* The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund's assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other 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, including the information technology and financials sectors. 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.

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

U. *S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U. S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or

------

only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

**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 has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

**11.** **Subsequent Event** 

The 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 September 30, 2025.

PGIM Balanced Fund 85

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Investment Portfolios, Inc. and Shareholders of PGIM Balanced Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Balanced Fund (one of the funds constituting Prudential Investment Portfolios, Inc., referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 September 30, 2025 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

November 20, 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 Balanced Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Balanced Fund (the "Fund")<sup>1</sup> 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 Directors"). 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 Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. 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 Directors.

#### 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 agreements with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"), PGIM, Limited ("PGIML") and PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, 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, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. 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 Directors 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 subadvisers, 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 Directors 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 Directors 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 each of PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, which serve as the Fund's subadvisers pursuant to the terms of subadvisory agreements 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 Directors 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 Directors' 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, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. The Board noted that PGIM Quantitative Solutions, PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund

<sup>1</sup> PGIM Balanced Fund is a series of The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

------

Approval of Advisory Agreements (continued)

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 subadvisers, 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 subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, 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 subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions, PGIML and PGIM Fixed Income 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', PGIM Quantitative Solutions', PGIML's and PGIM Fixed Income's organizational structures, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to each of PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income.

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 each of PGIM Quantitative Solutions, PGIML and PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income 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. 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, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions, PGIML PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be

Visit our website at pgim.com/investments

------

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 potential benefits to be derived by PGIM Quantitative Solutions, PGIML and PGIM Fixed Income included their 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 their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Quantitative Solutions, PGIML and PGIM Fixed Income 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 September 30, 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 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 2<sup>nd</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 remaining periods.

● 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 1.00% for Class A shares, 0.65% for Class R6 shares, and 1.47% for Class R shares through January 31, 2026.

● 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 Balanced Fund

------

![LOGO](g943435g01g01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC.
PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### SEPTEMBER 30, 2025
![LOGO](g943435g01g02.jpg)

------

<u>**Table of Contents**</u>   <u> Financial Statements and Other Information </u>   <u>September 30, 2025</u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [Glossary](#edgar943435_1) | 1 |
|  [PGIM Jennison Focused Value Fund](#edgar943435_2) | 2 |
|  [PGIM Jennison Growth Fund](#edgar943435_3) | 15 |
|  [Notes to Financial Statements](#edgar943435_4) | 30 |

---

**[Other Information](#edgar943435_5)**[- Form N-CSR Items 8-11](#edgar943435_5)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

ADR—American Depositary Receipt

SOFR—Secured Overnight Financing Rate

------

PGIM Jennison Focused Value Fund

Schedule of Investments

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS 99.7%** |  |  |
|  **COMMON STOCKS** |  |  |
|  **Aerospace & Defense 8.3%** |  |  |
|  Airbus SE (France) | 46638 | $10891185 |
|  General Electric Co. | 19632 | 5905698 |
|  Northrop Grumman Corp. | 11197 | 6822556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23619439 |
|  **Automobiles 3.2%** |  |  |
|  General Motors Co. | 148041 | 9026060 |
|  **Banks 13.1%** |  |  |
|  Bank of America Corp. | 134874 | 6958150 |
|  JPMorgan Chase & Co. | 47229 | 14897444 |
|  M&T Bank Corp.(a) | 35968 | 7107996 |
|  PNC Financial Services Group, Inc. (The) | 42637 | 8567052 |
|  |  | 37530642 |
|  **Biotechnology 2.4%** |  |  |
|  AbbVie, Inc. | 29321 | 6788984 |
|  **Broadline Retail 2.9%** |  |  |
|  Amazon.com, Inc.\* | 37295 | 8188863 |
|  **Capital Markets 4.5%** |  |  |
|  Blackstone, Inc. | 29346 | 5013764 |
|  Goldman Sachs Group, Inc. (The) | 9819 | 7819361 |
|  |  | 12833125 |
|  **Chemicals 2.8%** |  |  |
|  Linde PLC(a) | 17197 | 8168575 |
|  **Consumer Staples Distribution & Retail 4.8%** |  |  |
|  Walmart, Inc. | 132091 | 13613298 |
|  **Ground Transportation 2.8%** |  |  |
|  Union Pacific Corp.(a) | 34195 | 8082672 |
|  **Health Care Equipment & Supplies 2.1%** |  |  |
|  GE HealthCare Technologies, Inc. | 78700 | 5910370 |
|  **Household Durables 4.1%** |  |  |
|  Toll Brothers, Inc. | 84034 | 11608457 |
|  **Industrial Conglomerates 3.2%** |  |  |
|  3M Co. | 59890 | 9293730 |
|  **Insurance 3.3%** |  |  |
|  MetLife, Inc. | 116375 | 9585809 |
|  **Interactive Media & Services 7.0%** |  |  |
|  Alphabet, Inc. (Class A Stock) | 36540 | 8882874 |
|  Meta Platforms, Inc. (Class A Stock) | 15026 | 11034794 |
|  |  | 19917668 |
|  **Machinery 2.0%** |  |  |
|  Parker-Hannifin Corp. | 7428 | 5631538 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **COMMON STOCKS (Continued)** |  |  |
|  **Multi-Utilities 7.2%** |  |  |
|  CenterPoint Energy, Inc. | 191653 | $7436136 |
|  NiSource, Inc. | 307318 | 13306870 |
|  |  | 20743006 |
|  **Oil, Gas & Consumable Fuels 8.7%** |  |  |
|  Cheniere Energy, Inc. | 28577 | 6715023 |
|  Exxon Mobil Corp. | 84412 | 9517453 |
|  Shell PLC, ADR | 121898 | 8719364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24951840 |
|  **Pharmaceuticals 5.1%** |  |  |
|  AstraZeneca PLC (United Kingdom), ADR | 75394 | 5784228 |
|  Eli Lilly & Co. | 6568 | 5011384 |
|  Roche Holding AG, ADR(a) | 93330 | 3902127 |
|  |  | 14697739 |
|  **Semiconductors & Semiconductor Equipment 6.9%** |  |  |
|  Advanced Micro Devices, Inc.\* | 43189 | 6987548 |
|  Broadcom, Inc. | 13136 | 4333698 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 29708 | 8297147 |
|  |  | 19618393 |
|  **Software 3.2%** |  |  |
|  Microsoft Corp. | 17442 | 9034084 |
|  **Technology Hardware, Storage & Peripherals 2.1%** |  |  |
|  Dell Technologies, Inc. (Class C Stock) | 42971 | 6091999 |
|  **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $190,748,436) |  | 284936291 |
|  **SHORT-TERM INVESTMENTS 6.5%** |  |  |
|  **AFFILIATED MUTUAL FUNDS** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wb) | 1255810 | 1255810 |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $17,415,698; includes $17,372,316 of cash collateral for securities on loan)(b)(wb) | 17426654 | 17416199 |
|  **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $18,671,508) |  | 18672009 |
|  **TOTAL INVESTMENTS 106.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $209,419,944) |  | 303608300 |
|  Liabilities in excess of other assets (6.2)% |  | (17808689) |
|  **NET ASSETS 100.0%** |  | $285799611 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $17,043,831; cash collateral of $17,372,316 (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.

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 3

------

PGIM Jennison Focused Value Fund

Schedule of Investments (continued)

as of September 30, 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 September 30, 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 | $12728254 | $10891185 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 9026060 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 37530642 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 6788984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 8188863 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 12833125 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 8168575 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 13613298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 8082672 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 5910370 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 11608457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 9293730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 9585809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 19917668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 5631538 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 20743006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 24951840 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 14697739 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 19618393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 9034084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 6091999 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 18672009 |  |  |
|  **Total** | $292717115 | $10891185 | $— |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 13.1 |
|  Oil, Gas & Consumable Fuels | 8.7 |
|  Aerospace & Defense | 8.3 |
|  Multi-Utilities | 7.2 |
|  Interactive Media & Services | 7.0 |
|  Semiconductors & Semiconductor Equipment | 6.9 |
| Affiliated Mutual Funds (6.1% represents investments purchased with collateral from securities on loan) | 6.5 |
|  Pharmaceuticals | 5.1 |
|  Consumer Staples Distribution & Retail | 4.8 |
|  Capital Markets | 4.5 |
|  Household Durables | 4.1 |
|  Insurance | 3.3 |
|  Industrial Conglomerates | 3.2 |

---

---

| | |
|:---|:---|
|  Software | 3.2% |
|  Automobiles | 3.2 |
|  Broadline Retail | 2.9 |
|  Chemicals | 2.8 |
|  Ground Transportation | 2.8 |
|  Biotechnology | 2.4 |
|  Technology Hardware, Storage & Peripherals | 2.1 |
|  Health Care Equipment & Supplies | 2.1 |
|  Machinery | 2.0 |
|  | 106.2 |
|  Liabilities in excess of other assets | (6.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Schedule of Investments (continued)

as of September 30, 2025

#### 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) | Net<br> Amount |
|  Securities on Loan | $17043831 | $(17043831) | $— |

---

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 5

------

PGIM Jennison Focused Value Fund

Statement of Assets & Liabilities

as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $17,043,831: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $190,748,436) | $284936291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $18,671,508) | 18672009 |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 114325 |
| &nbsp;&nbsp;&nbsp; Dividends receivable | 28463 |
| &nbsp;&nbsp;&nbsp; Tax reclaim receivable | 9707 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 3769 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 303764564 |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 17372316 |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 198925 |
| &nbsp;&nbsp;&nbsp; Management fee payable | 191635 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 141757 |
| &nbsp;&nbsp;&nbsp; Distribution fee payable | 49629 |
| &nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 10530 |
| &nbsp;&nbsp;&nbsp; Directors' fees payable | 161 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 17964953 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $285799611 |
| &nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $12588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 173314156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 112472867 |
| &nbsp;&nbsp;&nbsp; **Net assets, September 30, 2025** | $285799611 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Statement of Assets & Liabilities (continued)

as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share,<br> ($192,971,523 ÷ 8,647,896 shares of common stock issued and outstanding) | $22.31 |
| &nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.30 |
| &nbsp;&nbsp;&nbsp; Maximum offering price to public | $23.61 |
| &nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,974,058 ÷ 199,303 shares of common stock issued and outstanding) | $14.92 |
| &nbsp;&nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($260,223 ÷ 14,915 shares of common stock issued and outstanding) | $17.45 |
| &nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($81,039,350 ÷ 3,369,039 shares of common stock issued and outstanding) | $24.05 |
| &nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,554,457 ÷ 356,941 shares of common stock issued and outstanding) | $23.97 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 7

------

PGIM Jennison Focused Value Fund

Statement of Operations

Year Ended September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $37,087 foreign withholding tax) | $4713487 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income | 317450 |
| &nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 15916 |
| &nbsp;&nbsp;&nbsp; **Total income** | 5046853 |
| &nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp; Management fee | 1544537 |
| &nbsp;&nbsp;&nbsp; Distribution fee(a) | 581347 |
| &nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $76,928)(a) | 282844 |
| &nbsp;&nbsp;&nbsp; Registration fees(a) | 75102 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | 49048 |
| &nbsp;&nbsp;&nbsp; Professional fees | 35347 |
| &nbsp;&nbsp;&nbsp; Shareholders' reports | 35245 |
| &nbsp;&nbsp;&nbsp; Audit fee | 27722 |
| &nbsp;&nbsp;&nbsp; Directors' fees | 13041 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 25725 |
| &nbsp;&nbsp;&nbsp; **Total expenses** | 2669958 |
| &nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (52743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (613) |
| &nbsp;&nbsp;&nbsp; **Net expenses** | 2616602 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2430251 |
| &nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(2818)) | 16918628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (259) |
|  | 16918369 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $501) | 12710841 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 29629210 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $32059461 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class R | Class Z | Class R6 |
|  Distribution fee | 549750 | 29759 | 1838 |  |  |
|  Transfer agent's fees and expenses | 216171 | 6574 | 957 | 58564 | 578 |
|  Registration fees | 15975 | 10227 | 5400 | 33200 | 10300 |
|  Fee waiver and/or expense reimbursement |  |  | (5481) | (42365) | (4897) |
|  Distribution fee waiver |  |  | (613) |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>September 30, | Year Ended<br>September 30, |
|  | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2430251 | $2241356 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 16918369 | 18697940 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 12710841 | 41836039 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 32059461 | 62775335 |
| &nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (15429968) | (14291362) |
| &nbsp;&nbsp;&nbsp; Class C | (331862) | (371536) |
| &nbsp;&nbsp;&nbsp; Class R | (25134) | (26975) |
| &nbsp;&nbsp;&nbsp; Class Z | (3399903) | (2163975) |
| &nbsp;&nbsp;&nbsp; Class R6 | (531906) | (327078) |
|  | (19718773) | (17180926) |
| &nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 73179043 | 26931564 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 19505539 | 16969161 |
| &nbsp;&nbsp;&nbsp; Cost of shares purchased | (52044896) | (37728041) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 40639686 | 6172684 |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) | 52980374 | 51767093 |
| &nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 232819237 | 181052144 |
| &nbsp;&nbsp;&nbsp; End of year | $285799611 | $232819237 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 9

------

PGIM Jennison Focused Value Fund

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $21.52 | $17.42 | $15.18 | $18.37 | $14.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.20 | 0.16 | 0.16 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.45 | 5.60 | 2.62 | (2.50) | 4.39 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.63 | 5.80 | 2.78 | (2.34) | 4.48 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.17) | (0.16) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.84) | (1.70) | (0.54) | (0.85) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $22.31 | $21.52 | $17.42 | $15.18 | $18.37 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.00% | 35.78% | 18.51% | (13.63)% | 32.13% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $192972 | $183532 | $151116 | $140226 | $179848 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $183250 | $167624 | $153596 | $173289 | $173975 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.10% | 1.12% | 1.17% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.10% | 1.12% | 1.17% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.86% | 1.04% | 0.92% | 0.88% | 0.53% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 55% | 42% | 37% | 31% | 32% |

---

(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 Focused Value Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $15.00 | $12.65 | $11.18 | $13.78 | $10.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04)<sup>(b)</sup> | (0.03)<sup>(b)</sup> | (0.02)<sup>(b)</sup> | (0.02)<sup>(b)</sup> | (0.05)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.65 | 3.96 | 1.92 | (1.83) | 3.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.61 | 3.93 | 1.90 | (1.85) | 3.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.05) | (0.05) | (-)<sup>(c)</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.69) | (1.58) | (0.43) | (0.75) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $14.92 | $15.00 | $12.65 | $11.18 | $13.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 11.70% | 34.14% | 17.26% | (14.57)% | 31.06% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2974 | $3169 | $3110 | $3449 | $5279 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2976 | $3134 | $3561 | $4688 | $5725 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.24% | 2.37% | 2.27% | 2.12% | 2.03% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.24% | 2.37% | 2.27% | 2.12% | 2.03% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.27)% | (0.21)% | (0.17)% | (0.14)% | (0.39)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 55% | 42% | 37% | 31% | 32% |

---

(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) Amount rounds to zero.

(d) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each 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.

(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 Focused Value Fund 11

------

PGIM Jennison Focused Value Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $17.24 | $14.28 | $12.54 | $15.33 | $11.75 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.10 | 0.08 | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.93 | 4.52 | 2.15 | (2.06) | 3.68 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.00 | 4.62 | 2.23 | (1.99) | 3.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.13) | (0.11) | (0.05) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.79) | (1.66) | (0.49) | (0.80) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $17.45 | $17.24 | $14.28 | $12.54 | $15.33 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.53% | 35.31% | 18.03% | (13.99)% | 31.64% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $260 | $241 | $233 | $431 | $487 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $245 | $252 | $370 | $492 | $562 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.02% | 4.11% | 3.21% | 2.72% | 2.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.43% | 0.64% | 0.60% | 0.49% | 0.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 55% | 42% | 37% | 31% | 32% |

---

(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 Focused Value Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $23.05 | $18.54 | $16.11 | $19.44 | $14.82 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.29 | 0.24 | 0.22 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.63 | 5.99 | 2.78 | (2.65) | 4.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.90 | 6.28 | 3.02 | (2.43) | 4.80 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.24) | (0.21) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.90) | (1.77) | (0.59) | (0.90) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $24.05 | $23.05 | $18.54 | $16.11 | $19.44 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.40% | 36.34% | 18.97% | (13.39)% | 32.52% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $81039 | $39789 | $23203 | $23080 | $30080 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $63252 | $31748 | $22891 | $28698 | $30701 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75% | 0.75% | 0.75% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.82% | 0.87% | 0.86% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.21% | 1.40% | 1.33% | 1.17% | 0.82% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 55% | 42% | 37% | 31% | 32% |

---

(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 Focused Value Fund 13

------

PGIM Jennison Focused Value Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $22.97 | $18.49 | $16.06 | $19.39 | $14.79 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.28 | 0.24 | 0.23 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.63 | 5.97 | 2.78 | (2.66) | 4.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.90 | 6.25 | 3.02 | (2.43) | 4.78 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.24) | (0.21) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.90) | (1.77) | (0.59) | (0.90) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $23.97 | $22.97 | $18.49 | $16.06 | $19.39 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 13.45% | 36.28% | 19.03% | (13.43)% | 32.54% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $8554 | $6089 | $3392 | $4902 | $2878 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7700 | $4509 | $4806 | $2998 | $1894 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75% | 0.75% | 0.75% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81% | 1.04% | 0.90% | 1.00% | 0.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.21% | 1.38% | 1.35% | 1.20% | 0.80% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 55% | 42% | 37% | 31% | 32% |

---

(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 Growth Fund

Schedule of Investments

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS 99.8%** |  |  |
|  **COMMON STOCKS** |  |  |
|  **Aerospace & Defense 4.7%** |  |  |
|  Axon Enterprise, Inc.\*(a) | 80607 | $57846808 |
|  Boeing Co. (The)\* | 903672 | 195039528 |
|  General Electric Co. | 555748 | 167180113 |
|  |  | 420066449 |
|  **Automobiles 3.9%** |  |  |
|  Tesla, Inc.\* | 788071 | 350470935 |
|  **Biotechnology 1.0%** |  |  |
|  Vertex Pharmaceuticals, Inc.\* | 236364 | 92569597 |
|  **Broadline Retail 8.2%** |  |  |
|  Amazon.com, Inc.\* | 2938688 | 645247724 |
|  MercadoLibre, Inc. (Brazil)\* | 41817 | 97723820 |
|  |  | 742971544 |
|  **Capital Markets 1.3%** |  |  |
|  Goldman Sachs Group, Inc. (The) | 67692 | 53906524 |
|  KKR & Co., Inc. | 215623 | 28020209 |
|  LPL Financial Holdings, Inc.(a) | 93860 | 31226283 |
|  |  | 113153016 |
|  **Consumer Staples Distribution & Retail 3.5%** |  |  |
|  Costco Wholesale Corp. | 176333 | 163219115 |
|  Walmart, Inc. | 1454185 | 149868306 |
|  |  | 313087421 |
|  **Electric Utilities 1.4%** |  |  |
|  Constellation Energy Corp. | 387025 | 127358317 |
|  **Electronic Equipment, Instruments & Components 0.5%** |  |  |
|  Amphenol Corp. (Class A Stock) | 368438 | 45594203 |
|  **Entertainment 6.7%** |  |  |
|  Netflix, Inc.\* | 287479 | 344664323 |
|  Spotify Technology SA\* | 142967 | 99790966 |
|  Walt Disney Co. (The) | 1394666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159689257 |
|  |  | 604144546 |
|  **Financial Services 4.6%** |  |  |
|  Mastercard, Inc. (Class A Stock) | 392117 | 223040071 |
|  Toast, Inc. (Class A Stock)\* | 909740 | 33214607 |
|  Visa, Inc. (Class A Stock) | 458262 | 156441482 |
|  |  | 412696160 |
|  **Ground Transportation 1.0%** |  |  |
|  Uber Technologies, Inc.\* | 958896 | 93943041 |
|  **Health Care Equipment & Supplies 3.0%** |  |  |
|  Boston Scientific Corp.\* | 419287 | 40934990 |
|  Dexcom, Inc.\* | 797083 | 53635715 |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 15

------

PGIM Jennison Growth Fund

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **COMMON STOCKS (Continued)** |  |  |
|  **Health Care Equipment & Supplies (cont'd.)** |  |  |
|  Edwards Lifesciences Corp.\* | 1085962 | $84455265 |
|  Intuitive Surgical, Inc.\* | 197324 | 88249212 |
|  |  | 267275182 |
|  **Hotels, Restaurants & Leisure 1.1%** |  |  |
|  Hilton Worldwide Holdings, Inc. | 385103 | 99911122 |
|  **Interactive Media & Services 11.1%** |  |  |
|  Alphabet, Inc. (Class A Stock) | 948161 | 230497939 |
|  Alphabet, Inc. (Class C Stock) | 1080483 | 263151635 |
|  Meta Platforms, Inc. (Class A Stock) | 693077 | 508981887 |
|  |  | 1002631461 |
|  **IT Services 2.5%** |  |  |
|  Shopify, Inc. (Canada) (Class A Stock)\* | 804740 | 119592411 |
|  Snowflake, Inc.\* | 483452 | 109042599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228635010 |
|  **Pharmaceuticals 2.3%** |  |  |
|  Eli Lilly & Co. | 275354 | 210095102 |
|  **Semiconductors & Semiconductor Equipment 19.1%** |  |  |
|  Advanced Micro Devices, Inc.\* | 431085 | 69745242 |
|  Broadcom, Inc. | 1439540 | 474918641 |
|  NVIDIA Corp. | 5303732 | 989570317 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 540277 | 150893963 |
|  Texas Instruments, Inc. | 188439 | 34621898 |
|  |  | 1719750061 |
|  **Software 15.5%** |  |  |
|  AppLovin Corp. (Class A Stock)\* | 205480 | 147645599 |
|  Cadence Design Systems, Inc.\* | 493098 | 173205603 |
|  Crowdstrike Holdings, Inc. (Class A Stock)\* | 285518 | 140012317 |
|  Datadog, Inc. (Class A Stock)\*(a) | 356297 | 50736693 |
|  HubSpot, Inc.\* | 67238 | 31453936 |
|  Microsoft Corp. | 1134102 | 587408131 |
|  Oracle Corp. | 450594 | 126725057 |
|  ServiceNow, Inc.\* | 153989 | 141712997 |
|  |  | 1398900333 |
|  **Specialty Retail 1.6%** |  |  |
|  Industria de Diseno Textil SA (Spain) | 824984 | 45657782 |
|  O'Reilly Automotive, Inc.\* | 935231 | 100827254 |
|  |  | 146485036 |
|  **Technology Hardware, Storage & Peripherals 5.5%** |  |  |
|  Apple, Inc. | 1938642 | 493636412 |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Schedule of Investments (continued)

as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **COMMON STOCKS (Continued)** |  |  |
|  **Textiles, Apparel & Luxury Goods 1.3%** |  |  |
|  adidas AG (Germany) | 153799 | $32587155 |
|  NIKE, Inc. (Class B Stock) | 1150838 | 80247934 |
|  |  | 112835089 |
|  **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,343,862,317) |  | 8996210037 |
|  **SHORT-TERM INVESTMENTS 0.6%** |  |  |
|  **AFFILIATED MUTUAL FUNDS** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wb) | 2934562 | 2934562 |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $52,469,649; includes $52,159,397 of cash collateral for securities on loan)(b)(wb) | 52508373 | 52476868 |
|  **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $55,404,211) |  | 55411430 |
|  **TOTAL INVESTMENTS 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,399,266,528) |  | 9051621467 |
|  Liabilities in excess of other assets (0.4)% |  | (39449695) |
|  **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012171772 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $50,320,213; cash collateral of $52,159,397 (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 September 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $420066449 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 350470935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 92569597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 742971544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 113153016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 313087421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 127358317 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 45594203 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 604144546 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 412696160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 93943041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 267275182 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 99911122 |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 17

------

PGIM Jennison Growth Fund

Schedule of Investments (continued)

as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | $1002631461 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 228635010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 210095102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1719750061 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1398900333 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 100827254 | 45657782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 493636412 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 80247934 | 32587155 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 55411430 |  |  |
|  **Total** | $**8973376530** | $**78244937** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 19.1 |
|  Software | 15.5 |
|  Interactive Media & Services | 11.1 |
|  Broadline Retail | 8.2 |
|  Entertainment | 6.7 |
|  Technology Hardware, Storage & Peripherals | 5.5 |
|  Aerospace & Defense | 4.7 |
|  Financial Services | 4.6 |
|  Automobiles | 3.9 |
|  Consumer Staples Distribution & Retail | 3.5 |
|  Health Care Equipment & Supplies | 3.0 |
|  IT Services | 2.5 |
|  Pharmaceuticals | 2.3 |
|  Specialty Retail | 1.6 |

---

---

| | |
|:---|:---|
|  Electric Utilities | 1.4% |
|  Capital Markets | 1.3 |
|  Textiles, Apparel & Luxury Goods | 1.3 |
|  Hotels, Restaurants & Leisure | 1.1 |
|  Ground Transportation | 1 |
|  Biotechnology | 1 |
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 0.6 |
|  Electronic Equipment, Instruments & Components | 0.5 |
|  | 100.4 |
|  Liabilities in excess of other assets | (0.4) |
|  | <br> 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) | Net<br> Amount |
|  Securities on Loan | $50320213 | $(50320213) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Statement of Assets & Liabilities

as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $50,320,213: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,343,862,317) | $8996210037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $55,404,211) | 55411430 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $1,340) | 1361 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold | 20927738 |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 4255434 |
| &nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1280129 |
| &nbsp;&nbsp;&nbsp; Dividends receivable | 1127536 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 85555 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 9079299220 |
| &nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 52159397 |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 6942035 |
| &nbsp;&nbsp;&nbsp; Management fee payable | 4119284 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1874593 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | 1222716 |
| &nbsp;&nbsp;&nbsp; Distribution fee payable | 730559 |
| &nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 77904 |
| &nbsp;&nbsp;&nbsp; Directors' fees payable | 960 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 67127448 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $9012171772 |
| &nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $121558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2538482056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6473568158 |
| &nbsp;&nbsp;&nbsp; **Net assets, September 30, 2025** | $9012171772 |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 19

------

PGIM Jennison Growth Fund

Statement of Assets & Liabilities (continued)

as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share,<br> ($2,157,305,164 ÷ 31,926,020 shares of common stock issued and outstanding) | $67.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $71.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($116,866,242 ÷ 2,863,965 shares of common stock issued and outstanding) | $40.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($250,709,176 ÷ 4,839,740 shares of common stock issued and outstanding) | $51.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,552,826,667 ÷ 57,672,351 shares of common stock issued and outstanding) | $78.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,847,926 ÷ 103,592 shares of common stock issued and outstanding) | $75.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($22,939,543 ÷ 294,915 shares of common stock issued and outstanding) | $77.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,903,677,054 ÷ 23,857,767 shares of common stock issued and outstanding) | $79.79 |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Statement of Operations

Year Ended September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $982,379 foreign withholding tax) | $36295000 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income | 3290826 |
| &nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $101,689) | 130472 |
| &nbsp;&nbsp;&nbsp; **Total income** | 39716298 |
| &nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp; Management fee | 47975522 |
| &nbsp;&nbsp;&nbsp; Distribution fee(a) | 9078593 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees(a) | 26252 |
| &nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $561,904)(a) | 7325373 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | 425299 |
| &nbsp;&nbsp;&nbsp; Shareholders' reports | 248953 |
| &nbsp;&nbsp;&nbsp; Registration fees(a) | 140075 |
| &nbsp;&nbsp;&nbsp; Directors' fees | 120450 |
| &nbsp;&nbsp;&nbsp; Professional fees | 84725 |
| &nbsp;&nbsp;&nbsp; Audit fee | 27982 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 272969 |
| &nbsp;&nbsp;&nbsp; **Total expenses** | 65726193 |
| &nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (5591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (624635) |
| &nbsp;&nbsp;&nbsp; **Net expenses** | 65095967 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (25379669) |
| &nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(23313)) | 902984468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (21526) |
|  | 902962942 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $7,219) | 761009544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 37687 |
|  | 761047231 |
| &nbsp;&nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 1664010173 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1638630504 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class R | Class Z | Class R2 | Class R4 | Class R6 |
|  Distribution fee | 6034118 | 1156770 | 1873904 |  | 13801 |  |  |
|  Shareholder servicing fees |  |  |  |  | 4467 | 21785 |  |
|  Transfer agent's fees and expenses | 1828464 | 111006 | 301018 | 5031787 | 8548 | 34636 | 9914 |
|  Registration fees | 33155 | 20387 | 8330 | 45888 | 6684 | 5031 | 20600 |
|  Fee waiver and/or expense reimbursement |  |  |  |  | (4437) | (1154) |  |
|  Distribution fee waiver |  |  | (624635) |  |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 21

------

PGIM Jennison Growth Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>September 30, | Year Ended<br>September 30, |
|  | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(25379669) | $(15244484) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 902962942 | 900070800 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 761047231 | 1729737055 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1638630504 | 2614563371 |
| &nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (226807953) | (114654868) |
| &nbsp;&nbsp;&nbsp; Class C | (20724672) | (11137327) |
| &nbsp;&nbsp;&nbsp; Class R | (36977176) | (21711755) |
| &nbsp;&nbsp;&nbsp; Class Z | (420063365) | (198178551) |
| &nbsp;&nbsp;&nbsp; Class R2 | (427020) | (94076) |
| &nbsp;&nbsp;&nbsp; Class R4 | (2265696) | (1079211) |
| &nbsp;&nbsp;&nbsp; Class R6 | (186312124) | (103766492) |
|  | (893578006) | (450622280) |
| &nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 1621706192 | 1664578905 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 831019798 | 419590297 |
| &nbsp;&nbsp;&nbsp; Cost of shares purchased | (2771695315) | (1942017969) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (318969325) | 142151233 |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) | 426083173 | 2306092324 |
| &nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 8586088599 | 6279996275 |
| &nbsp;&nbsp;&nbsp; End of year | $9012171772 | $8586088599 |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class A Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $62.60 | $47.30 | $37.36 | $64.97 | $57.22 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.31) | (0.23) | (0.14) | (0.27) | (0.40) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 12.61 | 19.23 | 11.08 | (18.61) | 13.46 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 12.30 | 19.00 | 10.94 | (18.88) | 13.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $67.57 | $62.60 | $47.30 | $37.36 | $64.97 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:**  | 20.73% | 42.25% | 29.95% | (34.17)% | 24.17% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2157305 | $1970456 | $1484563 | $1277205 | $2112035 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2011373 | $1799373 | $1411274 | $1753612 | $2031924 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.97% | 0.97% | 1.01% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.97% | 0.97% | 1.01% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.50)% | (0.40)% | (0.34)% | (0.53)% | (0.65)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 46% |

---

(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 Growth Fund 23

------

PGIM Jennison Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $40.69 | $32.10 | $25.84 | $47.75 | $43.62 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.46) | (0.41) | (0.30) | (0.43) | (0.61) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 7.91 | 12.70 | 7.56 | (12.75) | 10.05 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 7.45 | 12.29 | 7.26 | (13.18) | 9.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $40.81 | $40.69 | $32.10 | $25.84 | $47.75 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 19.86% | 41.28% | 29.04% | (34.61)% | 23.33% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $116866 | $116699 | $99389 | $96604 | $175778 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $115677 | $112049 | $98063 | $140735 | $175013 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.69% | 1.68% | 1.71% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.69% | 1.68% | 1.71% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.22)% | (1.12)% | (1.03)% | (1.22)% | (1.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 46% |

---

(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 Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class R Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $49.64 | $38.27 | $30.48 | $54.62 | $48.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35) | (0.28) | (0.19) | (0.31) | (0.46) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 9.84 | 15.35 | 8.98 | (15.10) | 11.40 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 9.49 | 15.07 | 8.79 | (15.41) | 10.94 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $51.80 | $49.64 | $38.27 | $30.48 | $54.62 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.45% | 41.93% | 29.65% | (34.30)% | 23.88% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $250709 | $257434 | $229496 | $214699 | $340339 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $249854 | $253753 | $234912 | $285127 | $334043 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.20% | 1.20% | 1.22% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.45% | 1.45% | 1.47% | 1.46% | 1.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.73)% | (0.64)% | (0.54)% | (0.75)% | (0.88)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 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.

(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 Growth Fund 25

------

PGIM Jennison Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class Z Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $71.84 | $53.65 | $42.12 | $71.99 | $62.71 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.16) | (0.09) | (0.01) | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 14.59 | 21.98 | 12.54 | (21.01) | 14.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 14.43 | 21.89 | 12.53 | (21.14) | 14.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $78.94 | $71.84 | $53.65 | $42.12 | $71.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 21.05% | 42.66% | 30.35% | (33.95)% | 24.51% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $4552827 | $4100691 | $2937775 | $2511302 | $4578256 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4265717 | $3644718 | $2749757 | $3714344 | $4536203 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)% | (0.13)% | (0.02)% | (0.23)% | (0.36)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 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.

(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 Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class R2 Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $69.47 | $52.18 | $41.16 | $70.81 | $61.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.46) | (0.35) | (0.16) | (0.35) | (0.52) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 14.08 | 21.34 | 12.18 | (20.57) | 14.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 13.62 | 20.99 | 12.02 | (20.92) | 14.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $75.76 | $69.47 | $52.18 | $41.16 | $70.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.57% | 42.05% | 29.86% | (34.23)% | 24.00% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $7848 | $3173 | $1267 | $4516 | $6175 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5520 | $2137 | $2925 | $5804 | $5521 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.18% | 1.40% | 1.34% | 1.21% | 1.24% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.66)% | (0.55)% | (0.37)% | (0.63)% | (0.78)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 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.

(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 Growth Fund 27

------

PGIM Jennison Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class R4 Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $70.98 | $53.13 | $41.78 | $71.59 | $62.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.27) | (0.18) | (0.08) | (0.22) | (0.37) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 14.40 | 21.73 | 12.43 | (20.86) | 14.79 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 14.13 | 21.55 | 12.35 | (21.08) | 14.42 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $77.78 | $70.98 | $53.13 | $41.78 | $71.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.87% | 42.42% | 30.16% | (34.07)% | 24.30% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $22940 | $22035 | $15780 | $16676 | $27267 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $21785 | $19336 | $15562 | $22892 | $11773 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.86% | 0.86% | 0.87% | 0.88% | 0.85% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)% | (0.29)% | (0.17)% | (0.39)% | (0.52)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 34% | 37% | 37% | 35% | 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.

(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 Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class R6 Shares |  |  |  |  |  |
|  | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | Year Ended September 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $72.46 | $54.02 | $42.36 | $72.29 | $62.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08) | (0.01) | 0.04 <sup>(b)</sup> | (0.06) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 14.74 | 22.15 | 12.62 | (21.14) | 14.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 14.66 | 22.14 | 12.66 | (21.20) | 14.73 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $79.79 | $72.46 | $54.02 | $42.36 | $72.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 21.20% | 42.84% | 30.49% | (33.88)% | 24.64% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1903677 | $2115601 | $1511727 | $977130 | $1223868 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1902897 | $1895990 | $1216561 | $1183306 | $951504 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.11)% | (0.01)% | 0.09% | (0.10)% | (0.26)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 34% | 37% | 37% | 35% | 46% |

---

(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 Growth Fund 29

------

Notes to Financial Statements

**1.** **Organization** 

The Prudential Investment Portfolios, Inc. (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate to the following series of the RIC: PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Investment Objective(s) |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Focused Value Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;("Jennison Focused Value") | To achieve long-term growth of capital |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Growth Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;("Jennison Growth") | To achieve long-term growth of capital |

---

**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 Directors (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 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.

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

Investments in open-end funds (other than 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

------

Notes to Financial Statements (continued)

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.

*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; Net Investment Income | Annually |
| &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 ("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 September 30, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Contractual Management Fee | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Jennison Focused Value | 0.60% of average daily net assets up to and including | 0.60% |
|  | $300 million; |  |
|  | 0.575% of average daily net assets over $300 million. |  |
| &nbsp;&nbsp; Jennison Growth | 0.60% of average daily net assets up to and including | 0.56 |
|  | $300 million; |  |
|  | 0.575% on next $2.7 billion of average daily net assets |  |
|  | 0.55% on the average daily net assets over $3 billion |  |

---

The Manager has contractually agreed, through January 31, 2027, to limit certain operating expenses and/or to limit total annual operating expenses after fee waivers and/or expense reimbursements. The contractual waiver and expense limitation exclude interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual 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 Focused Value - Class A | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Jennison Focused Value - Class C |  |
| &nbsp;&nbsp; Jennison Focused Value - Class R | 1.53\* |
| &nbsp;&nbsp; Jennison Focused Value - Class Z | 0.75 |
| &nbsp;&nbsp; Jennison Focused Value - Class R6 | 0.75 |
| &nbsp;&nbsp; Jennison Growth - Class A |  |
| &nbsp;&nbsp; Jennison Growth - Class C |  |
| &nbsp;&nbsp; Jennison Growth - Class R |  |
| &nbsp;&nbsp; Jennison Growth - Class Z |  |
| &nbsp;&nbsp; Jennison Growth - Class R2 | 1.10\* |
| &nbsp;&nbsp; Jennison Growth - Class R4 | 0.85\* |
| &nbsp;&nbsp; Jennison Growth - Class R6 | 0.60 |

---

\*Expense limitation applicable only to blue sky fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of each Fund, as applicable. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C, Class R and Class R2 shares, as applicable, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

------

Notes to Financial Statements (continued)

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2027 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

The Jennison Growth Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Gross Distribution Fee | Net Distribution Fee | Shareholder Service Fee |
| &nbsp;&nbsp; Jennison Focused Value - Class A | 0.30% | 0.30% | N/A% |
| &nbsp;&nbsp; Jennison Focused Value - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison Focused Value - Class R | 0.75 | 0.50 | N/A |
| &nbsp;&nbsp; Jennison Focused Value - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Focused Value - Class R6 | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Growth - Class A | 0.30 | 0.30 | N/A |
| &nbsp;&nbsp; Jennison Growth - Class C | 1.00 | 1.00 | N/A |
| &nbsp;&nbsp; Jennison Growth - Class R | 0.75 | 0.50 | N/A |
| &nbsp;&nbsp; Jennison Growth - Class Z | N/A | N/A | N/A |
| &nbsp;&nbsp; Jennison Growth - Class R2 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp; Jennison Growth - Class R4 | N/A | N/A | 0.10 |
| &nbsp;&nbsp; Jennison Growth - Class R6 | N/A | N/A | N/A |

---

The RIC, on behalf of each Fund, 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 September 30, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Amount |
| &nbsp;&nbsp; Jennison Focused Value | $9418 |
| &nbsp;&nbsp; Jennison Growth | 156838 |

---

For the year ended September 30, 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | FESL | CDSC |
| &nbsp;&nbsp; Jennison Focused Value - Class A | $72146 | $379 |
| &nbsp;&nbsp; Jennison Focused Value - Class C |  | 1146 |
| &nbsp;&nbsp; Jennison Growth - Class A | 908073 | 8642 |
| &nbsp;&nbsp; Jennison Growth - Class C |  | 8963 |

---

PGIM Investments, PIMS, PMFS and Jennison 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 Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core

------

Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Affiliated income from securities lending, net", respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended September 30, 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 September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; Jennison Focused Value | $168183564 | $139223808 |
| &nbsp;&nbsp; Jennison Growth | 2906642205 | 4127362741 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended September 30, 2025, is presented as follows:

---

| | |
|:---|:---|
| **Jennison** | **Focused Value:**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> |  |  |
| $6240223 | $107488398 | $112472811 | $— | $— | $1255810 | 1255810 | $317450 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 247302878 | 229884362 | 501 | (2818) | 17416199 | 17426654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15916<sup>(1)</sup> |  |
| $6240223 | $354791276 | $342357173 | $501 | $(2818) | $18672009 |  | $333366 | $— |
| <br> **Jennison Growth:** | <br> **Jennison Growth:** | <br> **Jennison 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) | **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 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.308%)<sup>(wb)</sup> |  |
| $45164368 | $2256699754 | $2298929560 | $— | $— | $2934562 | 2934562 | $3290826 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1523162724 | 1470669762 | 7219 | (23313) | 52476868 | 52508373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101689<sup>(1)</sup> |  |
| $45164368 | $3779862478 | $3769599322 | $7219 | $(23313) | $55411430 |  | $3392515 | $— |

---

(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. 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.

------

Notes to Financial Statements (continued)

For the year ended September 30, 2025, the adjustments were as follows:

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| | | |
|:---|:---|:---|
| Fund | Total Distributable<br>Earnings (Loss) | Paid-in<br>Capital in<br>Excess of Par |
|  Jennison Focused Value | $— | $— |
|  Jennison Growth (a)(b)(c) | 5790556 | (5790556) |

---

(a) Net Operating Loss

(b) Equalization

(c) Prior year post financial statements adjustments.

For the year ended September 30, 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 Focused Value | $4591690 | $15127083 | $– | $19718773 |
|  Jennison Growth |  | 893578006 | – | 893578006 |

---

For the year ended September 30, 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 Focused Value | $1888278 | $15292648 | $– | $17180926 |
|  Jennison Growth |  | 450622280 | – | 450622280 |

---

For the year ended September 30, 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 |
|  Jennison Focused Value | $2428265 | $16769170 |
|  Jennison Growth |  | 911729186 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Basis | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | **Net Unrealized<br>Appreciation** |
|  Jennison Focused Value | $210332868 | $94848481 | $(1573049) | $93275432 |
|  Jennison Growth | 3471330008 | 5726611394 | (146319935) | 5580291459 |

---

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales.

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (September 30, 2026).

---

| | | |
|:---|:---|:---|
| Fund | Qualified Late-Year<br>Losses | Post-October<br>Capital Losses |
|  Jennison Focused Value | $— | $— |
|  Jennison Growth | 18503000 |  |

---

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 September 30, 2025 are subject to such review.

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

The Jennison Focused Value Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. The Jennison Growth Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales

------

charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of 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 is authorized to issue 6,625,000,000 shares of capital stock, $0.001 par value per share. The authorized shares of the Funds are currently classified and designated as follows:

---

| | |
|:---|:---|
| Fund | Number of Shares |
| Jennison Focused Value - Class A | 100000000 |
| Jennison Focused Value - Class B | 2000000 |
| Jennison Focused Value - Class C | 25000000 |
| Jennison Focused Value - Class R | 200000000 |
| Jennison Focused Value - Class Z | 325000000 |
| Jennison Focused Value - Class T | 50000000 |
| Jennison Focused Value - Class R6 | 320000000 |
| Jennison Growth - Class A | 125000000 |
| Jennison Growth - Class B | 2000000 |
| Jennison Growth - Class C | 25000000 |
| Jennison Growth - Class R | 220000000 |
| Jennison Growth - Class Z | 825000000 |
| Jennison Growth - Class T | 50000000 |
| Jennison Growth - Class R2 | 125000000 |
| Jennison Growth - Class R4 | 250000000 |
| Jennison Growth - Class R6 | 275000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding.

As of September 30, 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 |
|  Jennison Growth–Class Z | 32715 | 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 |
| Affiliated: |  |  |
| Jennison Focused Value |  | —% |
| Jennison Growth |  |  |
| Unaffiliated: |  |  |
| Jennison Focused Value | 5 | 60.9 |
| Jennison Growth | 7 | 67.7 |

---

------

Notes to Financial Statements (continued)

Transactions in shares of common stock were as follows:

#### Jennison Focused Value:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| Class A |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 433975 | $8900459 |
| Shares issued in reinvestment of dividends and distributions | 746119 | 15220822 |
| Shares purchased | (1027764) | (21226659) |
| Net increase (decrease) in shares outstanding before conversion | 152330 | 2894622 |
| Shares issued upon conversion from other share class(es) | 22070 | 455592 |
| Shares purchased upon conversion into other share class(es) | (55212) | (1162793) |
| Net increase (decrease) in shares outstanding | 119188 | $2187421 |
| Year ended September 30, 2024: |  |  |
| Shares sold | 273417 | $5254193 |
| Shares issued in reinvestment of dividends and distributions | 823745 | 14086048 |
| Shares purchased | (1239331) | (23428493) |
| Net increase (decrease) in shares outstanding before conversion | (142169) | (4088252) |
| Shares issued upon conversion from other share class(es) | 22609 | 427143 |
| Shares purchased upon conversion into other share class(es) | (28350) | (562116) |
| Net increase (decrease) in shares outstanding | (147910) | $(4223225) |
| Class C |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 49157 | $685659 |
| Shares issued in reinvestment of dividends and distributions | 24118 | 331860 |
| Shares purchased | (53156) | (742835) |
| Net increase (decrease) in shares outstanding before conversion | 20119 | 274684 |
| Shares purchased upon conversion into other share class(es) | (32110) | (449328) |
| Net increase (decrease) in shares outstanding | (11991) | $(174644) |
| Year ended September 30, 2024: |  |  |
| Shares sold | 22015 | $305910 |
| Shares issued in reinvestment of dividends and distributions | 30858 | 371534 |
| Shares purchased | (55791) | (750375) |
| Net increase (decrease) in shares outstanding before conversion | (2918) | (72931) |
| Shares purchased upon conversion into other share class(es) | (31616) | (421347) |
| Net increase (decrease) in shares outstanding | (34534) | $(494278) |
| Class R |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 712 | $11516 |
| Shares issued in reinvestment of dividends and distributions | 1522 | 24373 |
| Shares purchased | (1308) | (19743) |
| Net increase (decrease) in shares outstanding | 926 | $16146 |
| Year ended September 30, 2024: |  |  |
| Shares sold | 860 | $13073 |
| Shares issued in reinvestment of dividends and distributions | 1917 | 26344 |
| Shares purchased | (5082) | (80398) |
| Net increase (decrease) in shares outstanding | (2305) | $(40981) |

---

------

#### Jennison Focused Value (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| **Class Z** |  |  |
| **Year ended September 30, 2025:** |  |  |
| Shares sold | 2685426 | $59268906 |
| Shares issued in reinvestment of dividends and distributions | 154883 | 3396578 |
| Shares purchased | (1242367) | (27100122) |
| Net increase (decrease) in shares outstanding before conversion | 1597942 | 35565362 |
| Shares issued upon conversion from other share class(es) | 47601 | 1076411 |
| Shares purchased upon conversion into other share class(es) | (2729) | (61468) |
| Net increase (decrease) in shares outstanding | 1642814 | $36580305 |
| **Year ended September 30, 2024:** |  |  |
| Shares sold | 918635 | $18906601 |
| Shares issued in reinvestment of dividends and distributions | 118137 | 2158355 |
| Shares purchased | (581911) | (12232344) |
| Net increase (decrease) in shares outstanding before conversion | 454861 | 8832612 |
| Shares issued upon conversion from other share class(es) | 21145 | 445078 |
| Shares purchased upon conversion into other share class(es) | (1013) | (21869) |
| Net increase (decrease) in shares outstanding | 474993 | $9255821 |
| **Class R6** |  |  |
| **Year ended September 30, 2025:** |  |  |
| Shares sold | 194650 | $4312503 |
| Shares issued in reinvestment of dividends and distributions | 24343 | 531906 |
| Shares purchased | (133247) | (2955537) |
| Net increase (decrease) in shares outstanding before conversion | 85746 | 1888872 |
| Shares issued upon conversion from other share class(es) | 6126 | 141586 |
| Net increase (decrease) in shares outstanding | 91872 | $2030458 |
| **Year ended September 30, 2024:** |  |  |
| Shares sold | 115565 | $2451787 |
| Shares issued in reinvestment of dividends and distributions | 17960 | 326880 |
| Shares purchased | (58007) | (1236431) |
| Net increase (decrease) in shares outstanding before conversion | 75518 | 1542236 |
| Shares issued upon conversion from other share class(es) | 6174 | 134568 |
| Shares purchased upon conversion into other share class(es) | (76) | (1457) |
| **Net increase (decrease) in shares outstanding** | 81616 | $1675347 |
| <br> **Jennison Growth:**<br>|  |  |
| **Share Class** | **Shares** | **Amount** |
| **Class A** |  |  |
| **Year ended September 30, 2025:** |  |  |
| Shares sold | 1645400 | $99795998 |
| Shares issued in reinvestment of dividends and distributions | 3553987 | 219885187 |
| Shares purchased | (4714402) | (289190539) |
| Net increase (decrease) in shares outstanding before conversion | 484985 | 30490646 |
| Shares issued upon conversion from other share class(es) | 497518 | 30090602 |
| Shares purchased upon conversion into other share class(es) | (532268) | (32817035) |
| Net increase (decrease) in shares outstanding | 450235 | $27764213 |

---

------

Notes to Financial Statements (continued)

#### Jennison Growth (cont'd.):

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| Year ended September 30, 2024: |  |  |
| Shares sold | 1904689 | $106821076 |
| Shares issued in reinvestment of dividends and distributions | 2253832 | 111316740 |
| Shares purchased | (4207788) | (235046107) |
| Net increase (decrease) in shares outstanding before conversion | (49267) | (16908291) |
| Shares issued upon conversion from other share class(es) | 451949 | 25656248 |
| Shares purchased upon conversion into other share class(es) | (315027) | (18071107) |
| Net increase (decrease) in shares outstanding | 87655 | $(9323150) |
| Class C |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 376629 | $14173530 |
| Shares issued in reinvestment of dividends and distributions | 543721 | 20433042 |
| Shares purchased | (541399) | (20255011) |
| Net increase (decrease) in shares outstanding before conversion | 378951 | 14351561 |
| Shares purchased upon conversion into other share class(es) | (383307) | (14308615) |
| Net increase (decrease) in shares outstanding | (4356) | $42946 |
| Year ended September 30, 2024: |  |  |
| Shares sold | 457183 | $16713258 |
| Shares issued in reinvestment of dividends and distributions | 339791 | 10971870 |
| Shares purchased | (519408) | (18814882) |
| Net increase (decrease) in shares outstanding before conversion | 277566 | 8870246 |
| Shares purchased upon conversion into other share class(es) | (505399) | (18530328) |
| Net increase (decrease) in shares outstanding | (227833) | $(9660082) |
| Class R |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 371684 | $16355136 |
| Shares issued in reinvestment of dividends and distributions | 777655 | 36954177 |
| Shares purchased | (1493977) | (71318922) |
| Net increase (decrease) in shares outstanding before conversion | (344638) | (18009609) |
| Shares purchased upon conversion into other share class(es) | (1414) | (65721) |
| Net increase (decrease) in shares outstanding | (346052) | $(18075330) |
| Year ended September 30, 2024: |  |  |
| Shares sold | 283402 | $13078142 |
| Shares issued in reinvestment of dividends and distributions | 553072 | 21702547 |
| Shares purchased | (1646534) | (74174611) |
| Net increase (decrease) in shares outstanding before conversion | (810060) | (39393922) |
| Shares purchased upon conversion into other share class(es) | (677) | (28605) |
| Net increase (decrease) in shares outstanding | (810737) | $(39422527) |
| Class Z |  |  |
| Year ended September 30, 2025: |  |  |
| Shares sold | 13948566 | $999348485 |
| Shares issued in reinvestment of dividends and distributions | 5473458 | 394745784 |
| Shares purchased | (18908521) | (1355834339) |
| Net increase (decrease) in shares outstanding before conversion | 513503 | 38259930 |
| Shares issued upon conversion from other share class(es) | 312135 | 22398510 |
| Shares purchased upon conversion into other share class(es) | (234576) | (16908045) |
| Net increase (decrease) in shares outstanding | 591062 | $43750395 |

---

------

---

| | | |
|:---|:---|:---|
| **Jennison Growth (cont'd.):**<br>| | |
| Share Class | Shares | Amount |
|  **Year ended September 30, 2024:** |  |  |
|  Shares sold | 17092087 | $1107801204 |
|  Shares issued in reinvestment of dividends and distributions | 3281810 | 185619154 |
|  Shares purchased | (17958062) | (1152058409) |
|  Net increase (decrease) in shares outstanding before conversion | 2415835 | 141361949 |
|  Shares issued upon conversion from other share class(es) | 236527 | 15357463 |
|  Shares purchased upon conversion into other share class(es) | (331706) | (22279687) |
|  Net increase (decrease) in shares outstanding | 2320656 | $134439725 |
|  **Class R2** |  |  |
|  **Year ended September 30, 2025:** |  |  |
|  Shares sold | 83663 | $5803260 |
|  Shares issued in reinvestment of dividends and distributions | 6150 | 427020 |
|  Shares purchased | (31891) | (2234789) |
|  Net increase (decrease) in shares outstanding | 57922 | $3995491 |
|  **Year ended September 30, 2024:** |  |  |
|  Shares sold | 25720 | $1682364 |
|  Shares issued in reinvestment of dividends and distributions | 1715 | 94076 |
|  Shares purchased | (6042) | (379864) |
|  Net increase (decrease) in shares outstanding | 21393 | $1396576 |
|  **Class R4** |  |  |
|  **Year ended September 30, 2025:** |  |  |
|  Shares sold | 29688 | $2156589 |
|  Shares issued in reinvestment of dividends and distributions | 31844 | 2265696 |
|  Shares purchased | (77041) | (5541926) |
|  Net increase (decrease) in shares outstanding | (15509) | $(1119641) |
|  **Year ended September 30, 2024:** |  |  |
|  Shares sold | 27411 | $1788027 |
|  Shares issued in reinvestment of dividends and distributions | 19285 | 1079211 |
|  Shares purchased | (33285) | (2075698) |
|  Net increase (decrease) in shares outstanding | 13411 | $791540 |
|  **Class R6** |  |  |
|  **Year ended September 30, 2025:** |  |  |
|  Shares sold | 6725441 | $484073194 |
|  Shares issued in reinvestment of dividends and distributions | 2146215 | 156308892 |
|  Shares purchased | (14363164) | (1027319789) |
|  Net increase (decrease) in shares outstanding before conversion | (5491508) | (386937703) |
|  Shares issued upon conversion from other share class(es) | 324449 | 23743929 |
|  Shares purchased upon conversion into other share class(es) | (171202) | (12133625) |
|  Net increase (decrease) in shares outstanding | (5338261) | $(375327399) |
|  **Year ended September 30, 2024:** |  |  |
|  Shares sold | 6500826 | $416694834 |
|  Shares issued in reinvestment of dividends and distributions | 1558286 | 88806699 |
|  Shares purchased | (7108239) | (459468398) |
|  Net increase (decrease) in shares outstanding before conversion | 950873 | 46033135 |
|  Shares issued upon conversion from other share class(es) | 264231 | 17978321 |
|  Shares purchased upon conversion into other share class(es) | (1168) | (82305) |
|  Net increase (decrease) in shares outstanding | 1213936 | $63929151 |

---

------

Notes to Financial Statements (continued)

8. Borrowings

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

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &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) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

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

The Funds indicated below utilized the SCA during the year ended September 30, 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<br>Days<br> Outstanding | Maximum<br>Balance<br> Outstanding | **Balance**<br> **Outstanding at**<br> **September 30, 2025**  |
| &nbsp;&nbsp; Jennison Growth | $5935813 | 5.47% | 16 | $19328000 | $— |

---

**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> **Focused**<br> **Value** | **Jennison** <br> **Growth** |
| &nbsp;&nbsp; Economic and Market Events | X | 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 | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Sector Exposure | X | X |
| &nbsp;&nbsp; Value Style | X |  |

---

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

------

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

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

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

*Growth Style Risk:* The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

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

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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

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

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

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war),

------

Notes to Financial Statements (continued)

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.

*Sector Exposure:* At times, the Fund may have a significant portion of its assets invested in the same economic sector, such as the financials and information technology sectors. 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.

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

**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 has evaluated the impact and does not expect the 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 September 30, 2025.

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Investment Portfolios, Inc. and Shareholders of PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Jennison Focused Value Fund and PGIM Jennison Growth Fund (two of the funds constituting Prudential Investment Portfolios, Inc., hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 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 September 30, 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 September 30, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 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 September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 20, 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 Focused Value Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Jennison Focused Value 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 Directors"). 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 Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. 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 Directors.

#### 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 Directors, met on June 2 and 11-12, 2025, 2024 (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 Directors 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 Directors 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 Directors 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 Directors 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 Directors' 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 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, and 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"), which is a business unit of PGIM

1 PGIM Jennison Focused Value Fund is a series of The Prudential Investment Portfolios, Inc.

PGIM Jennison Focused Value Fund

------

Approval of Advisory Agreements (continued)

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 Directors 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 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 Jennison, and also considered the qualifications, backgrounds and responsibilities of the Jennison 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 PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to each of 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 during the year ended December 31, 2024 exceeded the management fees received by PGIM Investments, 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 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), and benefits to its reputation as well as 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

Visit our website at pgim.com/investments

------

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-, 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 September 30, 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 fees and expenses, 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;2<sup>nd</sup> Quartile &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</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 2019, the Fund's investment approach transitioned from blend to a focused large-cap value strategy and that the Fund's benchmark changed from the S&P 500 Index to the Russell 1000 Value Index, and that the Fund's performance history prior to December 31, 2019 does not reflect its current investment strategy.

● The Board and PGIM Investments agreed to a contractual expense cap, which (exclusive of certain fees and expenses) caps annual fund operating expenses at 0.75% for Class Z shares and 0.75% for Class R6 shares through January 31, 2026.

● The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, which (exclusive of certain fees and expenses) caps transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause annual fund operating expenses to exceed 1.53% for Class R shares through January 31, 2026.

● 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.

PGIM Jennison Focused Value Fund

------

Approval of Advisory Agreements

#### PGIM Jennison Growth Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Jennison 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 Directors"). 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 Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. 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 Directors.

#### 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 Directors, 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 Directors 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 Directors 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 Directors 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 Directors 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 Directors' 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 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 Growth Fund is a series of The Prudential Investment Portfolios, Inc.

Visit our website at pgim.com/investments

------

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

&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 Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, 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, including investment research and security selection, 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 Jennison, and also considered the qualifications, backgrounds and responsibilities of the Jennison 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 PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to each of 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, 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), and benefits to its reputation as well as 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 and benefits to

PGIM Jennison Growth Fund

------

Approval of Advisory Agreements (continued)

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 September 30, 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 evaluate performance, and the peer group, which was used to evaluate 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;2<sup>nd</sup> Quartile &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; *Actual Management Fees:* 2<sup>nd</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 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 five- and ten-year performance versus its peers.

● The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 0.60% of average daily net assets for Class R6 shares through January 31, 2026.

● The Board and PGIM Investments also agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) limits transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees to the extent that such fees cause annual operating expenses to exceed 1.10% for Class R2 shares and 0.85% for Class R4 shares through January 31, 2026.

● 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.

Visit our website at pgim.com/investments

------

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.](d932142dex99codeeth.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.](d932142dex99cert.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.](d932142dex99906cert.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>The Prudential Investment Portfolios, Inc.</u> |
|  By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
|  Date: | November 20, 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: | November 20, 2025 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | November 20, 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.

------

**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

**The Prudential Investment Portfolios, Inc.** 

Annual period ending 9/30/25

File No. 811-07343

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&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;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;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;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

November 20, 2025

---

| |
|:---|
|  <u>/s/ Stuart S. Parker</u> |
|  Stuart S. Parker |
|  President and Principal Executive Officer |

---

------

Item 19

**The Prudential Investment Portfolios, Inc.** 

Annual period ending 9/30/25

File No. 811-07343

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&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;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;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;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

November 20, 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>The Prudential Investment Portfolios, Inc.</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.

---

| | |
|:---|:---|
| November 20, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| November 20, 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.*