# EDGAR Filing Document

**Accession Number:** 0000949512
**File Stem:** 0001193125-26-248891
**Filing Date:** 2026-5
**Character Count:** 638195
**Document Hash:** 6a9594715af2fdcc9395cc1ddda3774c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248891.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248891

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07343
- **FILM NUMBER:** 261046265

**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: | 9/30/2026 |
| Date of reporting period: | 3/31/2026 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g125822g1tsrbanner_2026.jpg)

PGIM Balanced Fund

Class A:

PIBAX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $50 | 1.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1024833026<br>|
| Number of fund holdings | 1954 |
| Portfolio turnover rate for the period | 59% |

---

MF185E2A

![](g125822g1pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 6.9% |
| U.S. Treasury Obligations | 5.5% |
| U.S. Government Agency Obligations | 4.9% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Interactive Media & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Software | 3.4% |
| Pharmaceuticals | 2.9% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Capital Markets | 2.4% |
| Aerospace & Defense | 2.3% |
| Residential Mortgage-Backed Securities | 2.0% |
| Machinery | 1.8% |
| Financial Services | 1.8% |
| Biotechnology | 1.6% |
| Insurance | 1.6% |
| Health Care Providers & Services | 1.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.5% |
| Automobiles | 1.5% |
| Broadline Retail | 1.4% |
| Electric | 1.3% |
| Diversified Telecommunication Services | 1.2% |
| IT Services | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Fund - Fixed Income | 1.0% |
| Home Equity Loans | 0.9% |
| Sovereign Bonds | 0.9% |
| Pipelines | 0.8% |
| Electrical Equipment | 0.8% |
| Specialty Retail | 0.7% |
| Real Estate Investment Trusts (REITs) | 0.7% |
| Oil & Gas | 0.7% |
| Chemicals | 0.7% |
| Food Products | 0.7% |
| Telecommunications | 0.7% |
| Electric Utilities | 0.7% |
| Consumer Loans | 0.6% |
| Media | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Communications Equipment | 0.6% |
| Automobile Components | 0.6% |
| Industrial REITs | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 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/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Balanced Fund

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

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

MF185E2A

![](g125822g1pgimlogo_2026.jpg)

------

![](g125822g2tsrbanner_2026.jpg)

PGIM Balanced Fund

Class C:

PABCX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $91 | 1.82% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1024833026<br>|
| Number of fund holdings | 1954 |
| Portfolio turnover rate for the period | 59% |

---

MF185E2C

![](g125822g2pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 6.9% |
| U.S. Treasury Obligations | 5.5% |
| U.S. Government Agency Obligations | 4.9% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Interactive Media & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Software | 3.4% |
| Pharmaceuticals | 2.9% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Capital Markets | 2.4% |
| Aerospace & Defense | 2.3% |
| Residential Mortgage-Backed Securities | 2.0% |
| Machinery | 1.8% |
| Financial Services | 1.8% |
| Biotechnology | 1.6% |
| Insurance | 1.6% |
| Health Care Providers & Services | 1.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.5% |
| Automobiles | 1.5% |
| Broadline Retail | 1.4% |
| Electric | 1.3% |
| Diversified Telecommunication Services | 1.2% |
| IT Services | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Fund - Fixed Income | 1.0% |
| Home Equity Loans | 0.9% |
| Sovereign Bonds | 0.9% |
| Pipelines | 0.8% |
| Electrical Equipment | 0.8% |
| Specialty Retail | 0.7% |
| Real Estate Investment Trusts (REITs) | 0.7% |
| Oil & Gas | 0.7% |
| Chemicals | 0.7% |
| Food Products | 0.7% |
| Telecommunications | 0.7% |
| Electric Utilities | 0.7% |
| Consumer Loans | 0.6% |
| Media | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Communications Equipment | 0.6% |
| Automobile Components | 0.6% |
| Industrial REITs | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 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/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Balanced Fund

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

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

MF185E2C

![](g125822g2pgimlogo_2026.jpg)

------

![](g125822g3tsrbanner_2026.jpg)

PGIM Balanced Fund

Class R:

PALRX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $74 | 1.47% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1024833026<br>|
| Number of fund holdings | 1954 |
| Portfolio turnover rate for the period | 59% |

---

MF185E2R

![](g125822g3pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 6.9% |
| U.S. Treasury Obligations | 5.5% |
| U.S. Government Agency Obligations | 4.9% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Interactive Media & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Software | 3.4% |
| Pharmaceuticals | 2.9% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Capital Markets | 2.4% |
| Aerospace & Defense | 2.3% |
| Residential Mortgage-Backed Securities | 2.0% |
| Machinery | 1.8% |
| Financial Services | 1.8% |
| Biotechnology | 1.6% |
| Insurance | 1.6% |
| Health Care Providers & Services | 1.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.5% |
| Automobiles | 1.5% |
| Broadline Retail | 1.4% |
| Electric | 1.3% |
| Diversified Telecommunication Services | 1.2% |
| IT Services | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Fund - Fixed Income | 1.0% |
| Home Equity Loans | 0.9% |
| Sovereign Bonds | 0.9% |
| Pipelines | 0.8% |
| Electrical Equipment | 0.8% |
| Specialty Retail | 0.7% |
| Real Estate Investment Trusts (REITs) | 0.7% |
| Oil & Gas | 0.7% |
| Chemicals | 0.7% |
| Food Products | 0.7% |
| Telecommunications | 0.7% |
| Electric Utilities | 0.7% |
| Consumer Loans | 0.6% |
| Media | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Communications Equipment | 0.6% |
| Automobile Components | 0.6% |
| Industrial REITs | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 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/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Balanced Fund

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

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

MF185E2R

![](g125822g3pgimlogo_2026.jpg)

------

![](g125822g4tsrbanner_2026.jpg)

PGIM Balanced Fund

Class Z:

PABFX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $39 | 0.77% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1024833026<br>|
| Number of fund holdings | 1954 |
| Portfolio turnover rate for the period | 59% |

---

MF185E2Z

![](g125822g4pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 6.9% |
| U.S. Treasury Obligations | 5.5% |
| U.S. Government Agency Obligations | 4.9% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Interactive Media & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Software | 3.4% |
| Pharmaceuticals | 2.9% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Capital Markets | 2.4% |
| Aerospace & Defense | 2.3% |
| Residential Mortgage-Backed Securities | 2.0% |
| Machinery | 1.8% |
| Financial Services | 1.8% |
| Biotechnology | 1.6% |
| Insurance | 1.6% |
| Health Care Providers & Services | 1.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.5% |
| Automobiles | 1.5% |
| Broadline Retail | 1.4% |
| Electric | 1.3% |
| Diversified Telecommunication Services | 1.2% |
| IT Services | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Fund - Fixed Income | 1.0% |
| Home Equity Loans | 0.9% |
| Sovereign Bonds | 0.9% |
| Pipelines | 0.8% |
| Electrical Equipment | 0.8% |
| Specialty Retail | 0.7% |
| Real Estate Investment Trusts (REITs) | 0.7% |
| Oil & Gas | 0.7% |
| Chemicals | 0.7% |
| Food Products | 0.7% |
| Telecommunications | 0.7% |
| Electric Utilities | 0.7% |
| Consumer Loans | 0.6% |
| Media | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Communications Equipment | 0.6% |
| Automobile Components | 0.6% |
| Industrial REITs | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 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/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Balanced Fund

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

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

MF185E2Z

![](g125822g4pgimlogo_2026.jpg)

------

![](g125822g5tsrbanner_2026.jpg)

PGIM Balanced Fund

Class R6:

PIBQX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $33 | 0.65% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1024833026<br>|
| Number of fund holdings | 1954 |
| Portfolio turnover rate for the period | 59% |

---

MF185E2R6

![](g125822g5pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 7.8% |
| Banks | 6.9% |
| U.S. Treasury Obligations | 5.5% |
| U.S. Government Agency Obligations | 4.9% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 4.0% |
| Interactive Media & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Software | 3.4% |
| Pharmaceuticals | 2.9% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Capital Markets | 2.4% |
| Aerospace & Defense | 2.3% |
| Residential Mortgage-Backed Securities | 2.0% |
| Machinery | 1.8% |
| Financial Services | 1.8% |
| Biotechnology | 1.6% |
| Insurance | 1.6% |
| Health Care Providers & Services | 1.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.5% |
| Automobiles | 1.5% |
| Broadline Retail | 1.4% |
| Electric | 1.3% |
| Diversified Telecommunication Services | 1.2% |
| IT Services | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Fund - Fixed Income | 1.0% |
| Home Equity Loans | 0.9% |
| Sovereign Bonds | 0.9% |
| Pipelines | 0.8% |
| Electrical Equipment | 0.8% |
| Specialty Retail | 0.7% |
| Real Estate Investment Trusts (REITs) | 0.7% |
| Oil & Gas | 0.7% |
| Chemicals | 0.7% |
| Food Products | 0.7% |
| Telecommunications | 0.7% |
| Electric Utilities | 0.7% |
| Consumer Loans | 0.6% |
| Media | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Communications Equipment | 0.6% |
| Automobile Components | 0.6% |
| Industrial REITs | 0.5% |
| Auto Manufacturers | 0.5% |
| Others\* | 10.3% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 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/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Balanced Fund

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

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

MF185E2R6

![](g125822g5pgimlogo_2026.jpg)

------

![](g125822g6tsrbanner_2026.jpg)

PGIM Jennison Focused Value Fund

Class A:

PJIAX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM Jennison Focused Value Fund (the

"Fund") for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $56 | 1.08% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $292332491<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 17% |

---

MF172E2A

![](g125822g6pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.8% |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Oil, Gas & Consumable Fuels | 10.5% |
| Multi-Utilities | 8.0% |
| Pharmaceuticals | 6.3% |
| Interactive Media & Services | 6.0% |
| Aerospace & Defense | 5.4% |
| Machinery | 4.8% |
| Consumer Staples Distribution & Retail | 4.5% |
| Household Durables | 3.5% |
| Broadline Retail | 3.5% |
| Electrical Equipment | 2.9% |
| Insurance | 2.8% |
| Building Products | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Industrial Conglomerates | 2.4% |
| Automobiles | 2.3% |
| Ground Transportation | 2.1% |
| Capital Markets | 2.1% |
| Biotechnology | 2.1% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Chemicals | 1.1% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value Fund

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

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

MF172E2A

![](g125822g6pgimlogo_2026.jpg)

------

![](g125822g7tsrbanner_2026.jpg)

PGIM Jennison Focused Value Fund

Class C:

PJGCX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM Jennison Focused Value Fund (the

"Fund") for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $115 | 2.25% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $292332491<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 17% |

---

MF172E2C

![](g125822g7pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.8% |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Oil, Gas & Consumable Fuels | 10.5% |
| Multi-Utilities | 8.0% |
| Pharmaceuticals | 6.3% |
| Interactive Media & Services | 6.0% |
| Aerospace & Defense | 5.4% |
| Machinery | 4.8% |
| Consumer Staples Distribution & Retail | 4.5% |
| Household Durables | 3.5% |
| Broadline Retail | 3.5% |
| Electrical Equipment | 2.9% |
| Insurance | 2.8% |
| Building Products | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Industrial Conglomerates | 2.4% |
| Automobiles | 2.3% |
| Ground Transportation | 2.1% |
| Capital Markets | 2.1% |
| Biotechnology | 2.1% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Chemicals | 1.1% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value Fund

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

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

MF172E2C

![](g125822g7pgimlogo_2026.jpg)

------

![](g125822g8tsrbanner_2026.jpg)

PGIM Jennison Focused Value Fund

Class R:

PJORX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

This semiannual shareholder report contains important information about the Class R shares of the PGIM Jennison Focused Value Fund (the

"Fund") for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $79 | 1.53% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $292332491<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 17% |

---

MF172E2R

![](g125822g8pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.8% |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Oil, Gas & Consumable Fuels | 10.5% |
| Multi-Utilities | 8.0% |
| Pharmaceuticals | 6.3% |
| Interactive Media & Services | 6.0% |
| Aerospace & Defense | 5.4% |
| Machinery | 4.8% |
| Consumer Staples Distribution & Retail | 4.5% |
| Household Durables | 3.5% |
| Broadline Retail | 3.5% |
| Electrical Equipment | 2.9% |
| Insurance | 2.8% |
| Building Products | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Industrial Conglomerates | 2.4% |
| Automobiles | 2.3% |
| Ground Transportation | 2.1% |
| Capital Markets | 2.1% |
| Biotechnology | 2.1% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Chemicals | 1.1% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value Fund

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

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

MF172E2R

![](g125822g8pgimlogo_2026.jpg)

------

![](g125822g9tsrbanner_2026.jpg)

PGIM Jennison Focused Value Fund

Class Z:

PJGZX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Jennison Focused Value Fund (the

"Fund") for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $39 | 0.75% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $292332491<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 17% |

---

MF172E2Z

![](g125822g9pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.8% |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Oil, Gas & Consumable Fuels | 10.5% |
| Multi-Utilities | 8.0% |
| Pharmaceuticals | 6.3% |
| Interactive Media & Services | 6.0% |
| Aerospace & Defense | 5.4% |
| Machinery | 4.8% |
| Consumer Staples Distribution & Retail | 4.5% |
| Household Durables | 3.5% |
| Broadline Retail | 3.5% |
| Electrical Equipment | 2.9% |
| Insurance | 2.8% |
| Building Products | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Industrial Conglomerates | 2.4% |
| Automobiles | 2.3% |
| Ground Transportation | 2.1% |
| Capital Markets | 2.1% |
| Biotechnology | 2.1% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Chemicals | 1.1% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value Fund

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

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

MF172E2Z

![](g125822g9pgimlogo_2026.jpg)

------

![](g125822g10tsrbanner_2026.jpg)

PGIM Jennison Focused Value Fund

Class R6:

PJOQX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Jennison Focused Value Fund (the

"Fund") for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $39 | 0.75% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $292332491<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 17% |

---

MF172E2R6

![](g125822g10pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.8% |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Oil, Gas & Consumable Fuels | 10.5% |
| Multi-Utilities | 8.0% |
| Pharmaceuticals | 6.3% |
| Interactive Media & Services | 6.0% |
| Aerospace & Defense | 5.4% |
| Machinery | 4.8% |
| Consumer Staples Distribution & Retail | 4.5% |
| Household Durables | 3.5% |
| Broadline Retail | 3.5% |
| Electrical Equipment | 2.9% |
| Insurance | 2.8% |
| Building Products | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Industrial Conglomerates | 2.4% |
| Automobiles | 2.3% |
| Ground Transportation | 2.1% |
| Capital Markets | 2.1% |
| Biotechnology | 2.1% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Chemicals | 1.1% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value Fund

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

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

MF172E2R6

![](g125822g10pgimlogo_2026.jpg)

------

![](g125822g11tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class A:

PJFAX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $45 | 0.96% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2A

![](g125822g11pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2A

![](g125822g11pgimlogo_2026.jpg)

------

![](g125822g12tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class C:

PJFCX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $80 | 1.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2C

![](g125822g12pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2C

![](g125822g12pgimlogo_2026.jpg)

------

![](g125822g13tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class R:

PJGRX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $57 | 1.21% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2R

![](g125822g13pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2R

![](g125822g13pgimlogo_2026.jpg)

------

![](g125822g14tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class Z:

PJFZX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $33 | 0.70% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2Z

![](g125822g14pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g14qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2Z

![](g125822g14pgimlogo_2026.jpg)

------

![](g125822g15tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class R2:

PJFOX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $52 | 1.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2R2

![](g125822g15pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g15qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2R2

![](g125822g15pgimlogo_2026.jpg)

------

![](g125822g16tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class R4:

PJFPX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $40 | 0.85% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2R4

![](g125822g16pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g16qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2R4

![](g125822g16pgimlogo_2026.jpg)

------

![](g125822g17tsrbanner_2026.jpg)

PGIM Jennison Growth Fund

Class R6:

PJFQX

SEMIANNUAL SHAREHOLDER REPORT – March 31, 2026

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

for the period of October 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&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 | $27 | 0.58% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7565081888<br>|
| Number of fund holdings | 47 |
| Portfolio turnover rate for the period | 12% |

---

MF168E2R6

![](g125822g17pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 21.2% |
| Interactive Media & Services | 11.8% |
| Software | 11.5% |
| Broadline Retail | 8.3% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Aerospace & Defense | 5.0% |
| Entertainment | 4.8% |
| Pharmaceuticals | 4.8% |
| Financial Services | 4.3% |
| Consumer Staples Distribution & Retail | 4.1% |
| Automobiles | 3.7% |
| IT Services | 2.9% |
| Health Care Equipment & Supplies | 2.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 1.9% |
| Electric Utilities | 1.6% |
| Hotels, Restaurants & Leisure | 1.6% |
| Specialty Retail | 1.6% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Capital Markets | 1.2% |
| Biotechnology | 1.1% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g125822g17qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Growth Fund

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

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

MF168E2R6

![](g125822g17pgimlogo_2026.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g125822g37z37.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC.
PGIM Balanced Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### MARCH 31, 2026
![LOGO](g125822d3.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> March 31, 2026 </u>

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

---

| | |
|:---|:---|
|  [PGIM Balanced Fund](#edgar125822_1) | 1 |
|  [Notes to Financial Statements](#edgar125822_2) | 71 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar125822_3)

------

Schedule of Investments (unaudited)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 1.0%** |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Active High Yield Bond ETF | 50000 | $1731500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | 100000 | 4999500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | 75000 | 3750795 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,660,243)(wa) |  | 10481795 |
| &nbsp;&nbsp; **COMMON STOCKS 59.3%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.1%** |  |  |
| &nbsp;&nbsp; AAR Corp.\* | 2000 | 218920 |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S (Turkey) | 14850 | 106773 |
| &nbsp;&nbsp; Astronics Corp.\* | 2700 | 180171 |
| &nbsp;&nbsp; ATI, Inc.\* | 18700 | 2720102 |
| &nbsp;&nbsp; Bharat Electronics Ltd. (India) | 83063 | 355447 |
| &nbsp;&nbsp; Cirrus Aircraft Ltd. | 8100 | 37254 |
| &nbsp;&nbsp; Ducommun, Inc.\* | 600 | 73200 |
| &nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 408 | 343990 |
| &nbsp;&nbsp; General Dynamics Corp. | 10900 | 3741098 |
| &nbsp;&nbsp; General Electric Co. | 10800 | 3064716 |
| &nbsp;&nbsp; Howmet Aerospace, Inc. | 7700 | 1774542 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 300 | 21153 |
| &nbsp;&nbsp; Leonardo SpA (Italy) | 1924 | 130869 |
| &nbsp;&nbsp; Moog, Inc. (Class A Stock) | 1110 | 324830 |
| &nbsp;&nbsp; MTU Aero Engines AG (Germany) | 240 | 87557 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 1500 | 1023360 |
| &nbsp;&nbsp; Red Cat Holdings, Inc.\* | 3300 | 43197 |
| &nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 66619 | 1012104 |
| &nbsp;&nbsp; RTX Corp. | 21400 | 4128060 |
| &nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 10569 | 691739 |
| &nbsp;&nbsp; Safran SA (France) | 1853 | 606356 |
| &nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 77200 | 655214 |
| &nbsp;&nbsp; VSE Corp. | 830 | 153052 |
| &nbsp;&nbsp; Woodward, Inc. | 400 | 143168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21636872 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.0%** |  |  |
| &nbsp;&nbsp; Deutsche Post AG (Germany) | 6795 | 358144 |
| &nbsp;&nbsp; **Automobile Components 0.6%** |  |  |
| &nbsp;&nbsp; Adient PLC\* | 7500 | 151575 |
| &nbsp;&nbsp; Aptiv PLC\* | 45100 | 3131744 |
| &nbsp;&nbsp; BorgWarner, Inc. | 12100 | 656546 |
| &nbsp;&nbsp; Dana, Inc. | 9600 | 323040 |
| &nbsp;&nbsp; Holley, Inc.\* | 12200 | 37454 |
| &nbsp;&nbsp; Hyundai Mobis Co. Ltd. (South Korea) | 481 | 124108 |
| &nbsp;&nbsp; LCI Industries | 1800 | 221364 |
| &nbsp;&nbsp; Lumax Auto Technologies Ltd. (India) | 3650 | 58578 |
| &nbsp;&nbsp; Magna International, Inc. (Canada) | 2200 | 122865 |
| &nbsp;&nbsp; Phinia, Inc. | 1600 | 109504 |
| &nbsp;&nbsp; Sansera Engineering Ltd. (India), 144A | 2600 | 57432 |
| &nbsp;&nbsp; Shriram Pistons & Rings Ltd. (India) | 3925 | 125786 |
| &nbsp;&nbsp; Standard Motor Products, Inc. | 900 | 31266 |
| &nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 3700 | 210234 |
| &nbsp;&nbsp; Tokai Rika Co. Ltd. (Japan) | 12400 | 236387 |
| &nbsp;&nbsp; Toyoda Gosei Co. Ltd. (Japan) | 10700 | 280475 |
|  |  | 5878358 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 1

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Automobiles 1.2%** |  |  |
| &nbsp;&nbsp; Eicher Motors Ltd. (India) | 8345 | $584305 |
| &nbsp;&nbsp; Ford Motor Co. | 105600 | 1218624 |
| &nbsp;&nbsp; Geely Automobile Holdings Ltd. (China) | 77000 | 208531 |
| &nbsp;&nbsp; General Motors Co. | 48700 | 3628150 |
| &nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 37400 | 302700 |
| &nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 38500 | 554430 |
| &nbsp;&nbsp; Kia Corp. (South Korea) | 2664 | 263019 |
| &nbsp;&nbsp; Maruti Suzuki India Ltd. (India) | 2821 | 370002 |
| &nbsp;&nbsp; Mazda Motor Corp. (Japan) | 7800 | 53350 |
| &nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 12591 | 773879 |
| &nbsp;&nbsp; Tesla, Inc.\* | 11250 | 4182187 |
| &nbsp;&nbsp; Toyota Motor Corp. (Japan) | 3670 | 76290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12215467 |
| &nbsp;&nbsp; **Banks 3.6%** |  |  |
| &nbsp;&nbsp; AIB Group PLC (Ireland) | 16700 | 178274 |
| &nbsp;&nbsp; Ameris Bancorp | 1200 | 93588 |
| &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 37199 | 803482 |
| &nbsp;&nbsp; Banco Santander SA (Spain) | 75484 | 846230 |
| &nbsp;&nbsp; Bancorp, Inc. (The)\* | 1000 | 53730 |
| &nbsp;&nbsp; Bank Hapoalim BM (Israel) | 32009 | 751731 |
| &nbsp;&nbsp; Bank of America Corp. | 6500 | 316875 |
| &nbsp;&nbsp; Bank of Hawaii Corp. | 3400 | 252450 |
| &nbsp;&nbsp; Bank of Jiangsu Co. Ltd. (China) (Class A Stock) | 81600 | 129372 |
| &nbsp;&nbsp; Bank of Marin Bancorp | 4500 | 115335 |
| &nbsp;&nbsp; Bank of Ningbo Co. Ltd. (China) (Class A Stock) | 9000 | 39888 |
| &nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 3300 | 173184 |
| &nbsp;&nbsp; Bank of Shanghai Co. Ltd. (China) (Class A Stock) | 76800 | 110500 |
| &nbsp;&nbsp; BankUnited, Inc. | 1300 | 58708 |
| &nbsp;&nbsp; Bankwell Financial Group, Inc. | 800 | 38816 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom) | 57022 | 298424 |
| &nbsp;&nbsp; BNP Paribas SA (France) | 10098 | 961972 |
| &nbsp;&nbsp; BPER Banca SpA (Italy) | 14359 | 188178 |
| &nbsp;&nbsp; CaixaBank SA (Spain) | 65628 | 786726 |
| &nbsp;&nbsp; California BanCorp | 3800 | 67336 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | 12200 | 1156242 |
| &nbsp;&nbsp; Capitec Bank Holdings Ltd. (South Africa) | 230 | 56510 |
| &nbsp;&nbsp; China Construction Bank Corp. (China) (Class H Stock) | 100000 | 107921 |
| &nbsp;&nbsp; Citigroup, Inc. | 51800 | 5874638 |
| &nbsp;&nbsp; Credit Agricole SA (France) | 35470 | 662024 |
| &nbsp;&nbsp; Customers Bancorp, Inc.\* | 2200 | 152702 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark) | 1525 | 75156 |
| &nbsp;&nbsp; First BanCorp. (Puerto Rico) | 1000 | 21360 |
| &nbsp;&nbsp; First Bank of Toyama Ltd. (The) (Japan) | 4100 | 62318 |
| &nbsp;&nbsp; Fulton Financial Corp. | 10500 | 213570 |
| &nbsp;&nbsp; Hana Financial Group, Inc. (South Korea) | 2944 | 214608 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 4300 | 273437 |
| &nbsp;&nbsp; Hilltop Holdings, Inc. | 6900 | 247158 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 88127 | 1447274 |
| &nbsp;&nbsp; Independent Bank Corp. | 1900 | 142899 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. (China) (Class H Stock) | 180000 | 158661 |
| &nbsp;&nbsp; Industrial Bank Co. Ltd. (China) (Class A Stock) | 32200 | 88135 |
| &nbsp;&nbsp; ING Groep NV (Netherlands) | 22462 | 583039 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 84656 | 511990 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 8374 | 2463296 |
| &nbsp;&nbsp; KB Financial Group, Inc. (South Korea) | 4994 | 490263 |
| &nbsp;&nbsp; KBC Group NV (Belgium) | 2455 | 300472 |
| &nbsp;&nbsp; Lion Finance Group PLC (Georgia) | 1020 | 126602 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 216161 | 267918 |
| &nbsp;&nbsp; Metropolitan Bank Holding Corp. | 2700 | 224883 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 126950 | 940439 |

---

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; Nicolet Bankshares, Inc. | 1600 | $237792 |
| &nbsp;&nbsp; Nordea Bank Abp (Finland) | 46047 | 792891 |
| &nbsp;&nbsp; OTP Bank Nyrt (Hungary) | 5170 | 554368 |
| &nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 5500 | 94203 |
| &nbsp;&nbsp; Ping An Bank Co. Ltd. (China) (Class A Stock) | 385500 | 622497 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 2900 | 603461 |
| &nbsp;&nbsp; Primis Financial Corp. | 13630 | 181006 |
| &nbsp;&nbsp; Provident Financial Services, Inc. | 12800 | 270848 |
| &nbsp;&nbsp; Riyad Bank (Saudi Arabia) | 28415 | 225087 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada) | 1000 | 161656 |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 202510 |  |
| &nbsp;&nbsp; ServisFirst Bancshares, Inc. | 2200 | 160226 |
| &nbsp;&nbsp; Shinhan Financial Group Co. Ltd. (South Korea) | 14954 | 891279 |
| &nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 700 | 13615 |
| &nbsp;&nbsp; Societe Generale SA (France) | 10568 | 771643 |
| &nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 32144 | 669876 |
| &nbsp;&nbsp; State Bank of India (India) | 30972 | 323012 |
| &nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 19929 | 679251 |
| &nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 2800 | 265664 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | 13100 | 1223458 |
| &nbsp;&nbsp; Truist Financial Corp. | 18000 | 827460 |
| &nbsp;&nbsp; U.S. Bancorp | 2700 | 140427 |
| &nbsp;&nbsp; UniCredit SpA (Italy) | 8474 | 607957 |
| &nbsp;&nbsp; United Community Banks, Inc. | 800 | 25192 |
| &nbsp;&nbsp; Washington Trust Bancorp, Inc. | 4200 | 140532 |
| &nbsp;&nbsp; Wells Fargo & Co. | 39100 | 3112751 |
| &nbsp;&nbsp; Woori Financial Group, Inc. (South Korea) | 3264 | 71553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36796019 |
| &nbsp;&nbsp; **Beverages 0.1%** |  |  |
| &nbsp;&nbsp; Coca-Cola Bottlers Japan Holdings, Inc. (Japan) | 6500 | 147446 |
| &nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 615 | 34643 |
| &nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 18900 | 300627 |
| &nbsp;&nbsp; Monster Beverage Corp.\* | 9500 | 688370 |
| &nbsp;&nbsp; PepsiCo, Inc. | 900 | 139761 |
| &nbsp;&nbsp; Vita Coco Co., Inc. (The)\* | 700 | 33537 |
|  |  | 1344384 |
| &nbsp;&nbsp; **Biotechnology 1.6%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 20030 | 4356325 |
| &nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 5900 | 131334 |
| &nbsp;&nbsp; Alkermes PLC\* | 4200 | 148512 |
| &nbsp;&nbsp; Amgen, Inc. | 8800 | 3096280 |
| &nbsp;&nbsp; AnaptysBio, Inc.\* | 1800 | 99828 |
| &nbsp;&nbsp; Apogee Therapeutics, Inc.\* | 1900 | 159923 |
| &nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 5400 | 127224 |
| &nbsp;&nbsp; Ardelyx, Inc.\* | 2800 | 16772 |
| &nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 1500 | 94050 |
| &nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (Canada)\* | 8500 | 125970 |
| &nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 2700 | 200502 |
| &nbsp;&nbsp; Capricor Therapeutics, Inc.\* | 800 | 24320 |
| &nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 2700 | 66852 |
| &nbsp;&nbsp; Celcuity, Inc.\* | 1300 | 148382 |
| &nbsp;&nbsp; CG oncology, Inc.\* | 2100 | 142128 |
| &nbsp;&nbsp; Cogent Biosciences, Inc.\* | 4700 | 180903 |
| &nbsp;&nbsp; Compass Therapeutics, Inc.\* | 12800 | 67712 |
| &nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\* | 300 | 14271 |
| &nbsp;&nbsp; CSL Ltd. (Australia) | 3325 | 326578 |
| &nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 5400 | 76734 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 700 | 46137 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 3

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 600 | $50352 |
| &nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 9600 | 79680 |
| &nbsp;&nbsp; Erasca, Inc.\* | 8900 | 144002 |
| &nbsp;&nbsp; Genus PLC (United Kingdom) | 1575 | 49945 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 20000 | 2787400 |
| &nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 6400 | 22464 |
| &nbsp;&nbsp; Kodiak Sciences, Inc.\* | 3000 | 114360 |
| &nbsp;&nbsp; Krystal Biotech, Inc.\* | 110 | 28415 |
| &nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 170 | 88990 |
| &nbsp;&nbsp; MiMedx Group, Inc.\* | 21200 | 83740 |
| &nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 2200 | 59598 |
| &nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 500 | 46190 |
| &nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 800 | 13160 |
| &nbsp;&nbsp; Myriad Genetics, Inc.\* | 11500 | 51750 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 3200 | 421568 |
| &nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 2200 | 34100 |
| &nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 5000 | 74550 |
| &nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 10300 | 24411 |
| &nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 3000 | 38010 |
| &nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 520 | 167539 |
| &nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 600 | 63240 |
| &nbsp;&nbsp; PTC Therapeutics, Inc.\* | 2400 | 163512 |
| &nbsp;&nbsp; Puma Biotechnology, Inc.\* | 3200 | 20448 |
| &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2000 | 1545280 |
| &nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 1000 | 86970 |
| &nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 1900 | 51376 |
| &nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 2100 | 105924 |
| &nbsp;&nbsp; Travere Therapeutics, Inc.\* | 3900 | 115869 |
| &nbsp;&nbsp; Vaxcyte, Inc.\* | 700 | 40677 |
| &nbsp;&nbsp; Veracyte, Inc.\* | 3100 | 99851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16324108 |
| &nbsp;&nbsp; **Broadline Retail 1.5%** |  |  |
| &nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 26500 | 415374 |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 58990 | 12285847 |
| &nbsp;&nbsp; BuySell Technologies Co. Ltd. (Japan) | 3000 | 59024 |
| &nbsp;&nbsp; Harvey Norman Holdings Ltd. (Australia) | 73074 | 251039 |
| &nbsp;&nbsp; Kohl's Corp. | 6800 | 87720 |
| &nbsp;&nbsp; Macy's, Inc. | 91700 | 1658853 |
| &nbsp;&nbsp; Rusta AB (Sweden) | 6175 | 61271 |
| &nbsp;&nbsp; Seria Co. Ltd. (Japan) | 1200 | 28648 |
|  |  | 14847776 |
| &nbsp;&nbsp; **Building Products 0.1%** |  |  |
| &nbsp;&nbsp; Janus International Group, Inc.\* | 9200 | 47380 |
| &nbsp;&nbsp; Johnson Controls International PLC | 8800 | 1152360 |
| &nbsp;&nbsp; Modine Manufacturing Co.\* | 820 | 177702 |
| &nbsp;&nbsp; Nichiha Corp. (Japan) | 2300 | 47524 |
| &nbsp;&nbsp; UFP Industries, Inc. | 200 | 18424 |
|  |  | 1443390 |
| &nbsp;&nbsp; **Capital Markets 2.4%** |  |  |
| &nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 800 | 29112 |
| &nbsp;&nbsp; Banco BTG Pactual SA (Brazil), UTS | 61600 | 672744 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 41850 | 4964665 |
| &nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 22000 | 215160 |
| &nbsp;&nbsp; Blackrock, Inc. | 300 | 288513 |
| &nbsp;&nbsp; BSE Ltd. (India) | 8920 | 256805 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 52600 | 4943348 |

---

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; Deutsche Bank AG (Germany) | 27159 | $808254 |
| &nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 1100 | 51854 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 1400 | 1184386 |
| &nbsp;&nbsp; Marex Group PLC (United Kingdom) | 2900 | 129282 |
| &nbsp;&nbsp; Morgan Stanley | 35800 | 5891606 |
| &nbsp;&nbsp; Northern Trust Corp. | 14900 | 2079593 |
| &nbsp;&nbsp; Piper Sandler Cos. | 3800 | 290890 |
| &nbsp;&nbsp; Plus500 Ltd. (Israel) | 2800 | 151648 |
| &nbsp;&nbsp; S&P Global, Inc. | 1500 | 638010 |
| &nbsp;&nbsp; Samsung Securities Co. Ltd. (South Korea) | 3594 | 227183 |
| &nbsp;&nbsp; Tel Aviv Stock Exchange Ltd. (Israel) | 1296 | 57572 |
| &nbsp;&nbsp; UBS Group AG (Switzerland) | 8479 | 330625 |
| &nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 17600 | 774048 |
| &nbsp;&nbsp; Virtus Investment Partners, Inc. | 1450 | 194808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180106 |
| &nbsp;&nbsp; **Chemicals 0.5%** |  |  |
| &nbsp;&nbsp; 5N Plus, Inc. (Canada)\* | 4400 | 100203 |
| &nbsp;&nbsp; Avient Corp. | 3500 | 127050 |
| &nbsp;&nbsp; Ingevity Corp.\* | 2200 | 156706 |
| &nbsp;&nbsp; Linde PLC | 4900 | 2429224 |
| &nbsp;&nbsp; Mativ Holdings, Inc. | 15000 | 130500 |
| &nbsp;&nbsp; Ningxia Baofeng Energy Group Co. Ltd. (China) (Class A Stock) | 86800 | 366222 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada) | 3800 | 286850 |
| &nbsp;&nbsp; Perimeter Solutions, Inc.\* | 3000 | 73260 |
| &nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd. (China) (Class A Stock)\* | 127200 | 694996 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The) | 3400 | 1089870 |
| &nbsp;&nbsp; Valhi, Inc. | 1750 | 25025 |
|  |  | 5479906 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.1%** |  |  |
| &nbsp;&nbsp; ABM Industries, Inc. | 800 | 30816 |
| &nbsp;&nbsp; ACCO Brands Corp. | 11100 | 33300 |
| &nbsp;&nbsp; Deluxe Corp. | 10550 | 290547 |
| &nbsp;&nbsp; HNI Corp. | 3500 | 116865 |
| &nbsp;&nbsp; Liquidity Services, Inc.\* | 4200 | 128394 |
| &nbsp;&nbsp; Matsuda Sangyo Co. Ltd. (Japan) | 600 | 23921 |
| &nbsp;&nbsp; MillerKnoll, Inc. | 2200 | 31812 |
|  |  | 655655 |
| &nbsp;&nbsp; **Communications Equipment 0.6%** |  |  |
| &nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 300 | 25377 |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 13200 | 1620696 |
| &nbsp;&nbsp; Ciena Corp.\* | 5100 | 1979973 |
| &nbsp;&nbsp; Cisco Systems, Inc. | 20300 | 1575077 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 28430 | 324109 |
| &nbsp;&nbsp; Viasat, Inc.\* | 300 | 13740 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 12000 | 399360 |
| &nbsp;&nbsp; Vistance Networks, Inc.\* | 4100 | 74620 |
|  |  | 6012952 |
| &nbsp;&nbsp; **Construction & Engineering 0.3%** |  |  |
| &nbsp;&nbsp; Arcosa, Inc. | 3000 | 318420 |
| &nbsp;&nbsp; Dycom Industries, Inc.\* | 240 | 81317 |
| &nbsp;&nbsp; Fluor Corp.\* | 3400 | 158610 |
| &nbsp;&nbsp; HOCHTIEF AG (Germany) | 1608 | 731433 |
| &nbsp;&nbsp; IES Holdings, Inc.\* | 590 | 281117 |
| &nbsp;&nbsp; MYR Group, Inc.\* | 640 | 180685 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 5

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Construction & Engineering (cont'd.)** |  |  |
| &nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 1400 | $109004 |
| &nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 280 | 114036 |
| &nbsp;&nbsp; Toenec Corp. (Japan) | 10000 | 129044 |
| &nbsp;&nbsp; Tokyu Construction Co. Ltd. (Japan) | 24900 | 224079 |
| &nbsp;&nbsp; Tutor Perini Corp. | 4400 | 339636 |
| &nbsp;&nbsp; Vinci SA (France) | 780 | 117078 |
|  |  | 2784459 |
| &nbsp;&nbsp; **Construction Materials 0.1%** |  |  |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), UTS | 308900 | 353659 |
| &nbsp;&nbsp; China Jushi Co. Ltd. (China) (Class A Stock) | 91200 | 326960 |
| &nbsp;&nbsp; Knife River Corp.\* | 300 | 24495 |
| &nbsp;&nbsp; Malayan Cement Bhd (Malaysia) | 65800 | 98318 |
|  |  | 803432 |
| &nbsp;&nbsp; **Consumer Finance 0.2%** |  |  |
| &nbsp;&nbsp; Bread Financial Holdings, Inc. | 3000 | 224670 |
| &nbsp;&nbsp; Capital One Financial Corp. | 4400 | 802692 |
| &nbsp;&nbsp; Enova International, Inc.\* | 2200 | 298826 |
| &nbsp;&nbsp; Muthoot Finance Ltd. (India) | 3655 | 122741 |
| &nbsp;&nbsp; PROG Holdings, Inc. | 1500 | 43035 |
| &nbsp;&nbsp; Qfin Holdings, Inc. (China), ADR | 17100 | 220761 |
| &nbsp;&nbsp; Synchrony Financial | 2100 | 142842 |
|  |  | 1855567 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.1%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 4800 | 4782864 |
| &nbsp;&nbsp; Dollar General Corp. | 9400 | 1116062 |
| &nbsp;&nbsp; Dollar Tree, Inc.\* | 3400 | 372334 |
| &nbsp;&nbsp; George Weston Ltd. (Canada) | 1200 | 84779 |
| &nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 19685 | 916715 |
| &nbsp;&nbsp; PriceSmart, Inc. | 1100 | 165550 |
| &nbsp;&nbsp; Sonae SGPS SA (Portugal) | 114030 | 253267 |
| &nbsp;&nbsp; Sysco Corp. | 31000 | 2211230 |
| &nbsp;&nbsp; Tesco PLC (United Kingdom) | 16459 | 103445 |
| &nbsp;&nbsp; Trial Holdings, Inc. (Japan) | 6500 | 175529 |
| &nbsp;&nbsp; Woolworths Group Ltd. (Australia) | 21845 | 551635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10733410 |
| &nbsp;&nbsp; **Distributors 0.0%** |  |  |
| &nbsp;&nbsp; Gold.com, Inc. | 1600 | 64128 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.4%** |  |  |
| &nbsp;&nbsp; AcadeMedia AB (Sweden), 144A | 31898 | 338940 |
| &nbsp;&nbsp; ADT, Inc. | 413400 | 2716038 |
| &nbsp;&nbsp; Covista, Inc.\* | 1600 | 184400 |
| &nbsp;&nbsp; Frontdoor, Inc.\* | 5100 | 269586 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 80 | 84581 |
| &nbsp;&nbsp; H&R Block, Inc. | 4700 | 149178 |
| &nbsp;&nbsp; Laureate Education, Inc.\* | 6900 | 240396 |
| &nbsp;&nbsp; Perdoceo Education Corp. | 6800 | 253028 |
|  |  | 4236147 |
| &nbsp;&nbsp; **Diversified REITs 0.0%** |  |  |
| &nbsp;&nbsp; Charter Hall Group (Australia) | 22134 | 288418 |

---

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 1.3%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 108000 | $3130920 |
| &nbsp;&nbsp; Cogeco Communications, Inc. (Canada) | 7300 | 370484 |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 54800 | 1573308 |
| &nbsp;&nbsp; Deutsche Telekom AG (Germany) | 24836 | 926960 |
| &nbsp;&nbsp; Globalstar, Inc.\* | 900 | 59778 |
| &nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)\* | 3600 | 31752 |
| &nbsp;&nbsp; Lumen Technologies, Inc.\* | 14700 | 102165 |
| &nbsp;&nbsp; NOS SGPS SA (Portugal) | 63818 | 403489 |
| &nbsp;&nbsp; Ooredoo QPSC (Qatar) | 134810 | 459828 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 114490 | 5747398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806082 |
| &nbsp;&nbsp; **Electric Utilities 0.7%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 22500 | 2949300 |
| &nbsp;&nbsp; Axia Energia (Brazil) | 5400 | 61007 |
| &nbsp;&nbsp; Enel SpA (Italy) | 91521 | 1000584 |
| &nbsp;&nbsp; Inter RAO UES PJSC (Russia)\*^ | 4433000 | 5 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 1700 | 157896 |
| &nbsp;&nbsp; NRG Energy, Inc. | 1000 | 146140 |
| &nbsp;&nbsp; PG&E Corp. | 82200 | 1444254 |
| &nbsp;&nbsp; Portland General Electric Co. | 6200 | 327174 |
| &nbsp;&nbsp; Southern Co. (The) | 9500 | 916940 |
|  |  | 7003300 |
| &nbsp;&nbsp; **Electrical Equipment 0.8%** |  |  |
| &nbsp;&nbsp; ABB Ltd. (Switzerland) | 14271 | 1160346 |
| &nbsp;&nbsp; Accelleron Industries AG (Switzerland) | 1353 | 122293 |
| &nbsp;&nbsp; Allient, Inc. | 1600 | 94544 |
| &nbsp;&nbsp; Atkore, Inc. | 700 | 41237 |
| &nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\* | 3000 | 406470 |
| &nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (China) (Class H Stock) | 1000 | 79708 |
| &nbsp;&nbsp; Furukawa Electric Co. Ltd. (Japan) | 500 | 95990 |
| &nbsp;&nbsp; GE Vernova, Inc. | 3000 | 2618700 |
| &nbsp;&nbsp; Harbin Electric Co. Ltd. (China) (Class H Stock) | 42000 | 113433 |
| &nbsp;&nbsp; Mabuchi Motor Co. Ltd. (Japan) | 29600 | 298201 |
| &nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 24700 | 807865 |
| &nbsp;&nbsp; Nextpower, Inc. (Class A Stock)\* | 1800 | 216990 |
| &nbsp;&nbsp; Nordex SE (Germany)\* | 2165 | 117327 |
| &nbsp;&nbsp; nVent Electric PLC | 8000 | 946240 |
| &nbsp;&nbsp; Siemens Energy AG (Germany) | 2774 | 478375 |
| &nbsp;&nbsp; Vicor Corp.\* | 1300 | 209300 |
|  |  | 7807019 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.2%** |  |  |
| &nbsp;&nbsp; Advanced Energy Industries, Inc. | 630 | 203307 |
| &nbsp;&nbsp; Alps Alpine Co. Ltd. (Japan) | 11400 | 154618 |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 1100 | 138985 |
| &nbsp;&nbsp; Arlo Technologies, Inc.\* | 1200 | 17076 |
| &nbsp;&nbsp; Avnet, Inc. | 28600 | 1762332 |
| &nbsp;&nbsp; Belden, Inc. | 1650 | 189469 |
| &nbsp;&nbsp; Celestica, Inc. (Canada)\* | 1700 | 479559 |
| &nbsp;&nbsp; Chroma ATE, Inc. (Taiwan) | 9000 | 431860 |
| &nbsp;&nbsp; Codan Ltd. (Australia) | 7465 | 164304 |
| &nbsp;&nbsp; Cognex Corp. | 18900 | 925911 |
| &nbsp;&nbsp; Daktronics, Inc.\* | 2400 | 46920 |
| &nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 25000 | 1127259 |
| &nbsp;&nbsp; ePlus, Inc. | 2900 | 218225 |
| &nbsp;&nbsp; Fabrinet (Thailand)\* | 260 | 135595 |
| &nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Taiwan) | 31000 | 189496 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 7

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components (cont'd.)** |  |  |
| &nbsp;&nbsp; Insight Enterprises, Inc.\* | 500 | $33505 |
| &nbsp;&nbsp; IPG Photonics Corp.\* | 1800 | 206262 |
| &nbsp;&nbsp; Keysight Technologies, Inc.\* | 9600 | 2710752 |
| &nbsp;&nbsp; Kimball Electronics, Inc.\* | 1000 | 23690 |
| &nbsp;&nbsp; Kitron ASA (Norway) | 6000 | 57917 |
| &nbsp;&nbsp; Kyocera Corp. (Japan) | 35200 | 539741 |
| &nbsp;&nbsp; Napco Security Technologies, Inc. | 5300 | 208767 |
| &nbsp;&nbsp; nLight, Inc.\* | 900 | 51318 |
| &nbsp;&nbsp; Plexus Corp.\* | 400 | 81016 |
| &nbsp;&nbsp; Rogers Corp.\* | 600 | 64398 |
| &nbsp;&nbsp; Sanmina Corp.\* | 1300 | 168532 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 1000 | 36300 |
| &nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 5200 | 1086904 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 3700 | 360454 |
| &nbsp;&nbsp; Vontier Corp. | 9800 | 347606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12162078 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.3%** |  |  |
| &nbsp;&nbsp; Aker Solutions ASA (Norway) | 17572 | 84086 |
| &nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 4100 | 84460 |
| &nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 4200 | 41538 |
| &nbsp;&nbsp; Innovex International, Inc.\* | 500 | 12195 |
| &nbsp;&nbsp; Liberty Energy, Inc. | 7000 | 201600 |
| &nbsp;&nbsp; Nabors Industries Ltd.\* | 1800 | 154908 |
| &nbsp;&nbsp; National Energy Services Reunited Corp.\* | 4200 | 90174 |
| &nbsp;&nbsp; Natural Gas Services Group, Inc. | 1800 | 67932 |
| &nbsp;&nbsp; Odfjell Drilling Ltd. (Norway) | 3640 | 38131 |
| &nbsp;&nbsp; Patterson-UTI Energy, Inc. | 1600 | 17328 |
| &nbsp;&nbsp; ProPetro Holding Corp.\* | 21600 | 311256 |
| &nbsp;&nbsp; SBM Offshore NV (Netherlands) | 11092 | 442325 |
| &nbsp;&nbsp; Tenaris SA | 4700 | 137392 |
| &nbsp;&nbsp; TETRA Technologies, Inc.\* | 2600 | 22152 |
| &nbsp;&nbsp; Tidewater, Inc.\* | 900 | 75195 |
| &nbsp;&nbsp; Transocean Ltd.\* | 18500 | 122655 |
| &nbsp;&nbsp; Weatherford International PLC | 13900 | 1314662 |
|  |  | 3217989 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |
| &nbsp;&nbsp; Madison Square Garden Entertainment Corp.\* | 800 | 47128 |
| &nbsp;&nbsp; NetEase, Inc. (China) | 28600 | 639062 |
| &nbsp;&nbsp; Netflix, Inc.\* | 16000 | 1538400 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 9200 | 886696 |
|  |  | 3111286 |
| &nbsp;&nbsp; **Financial Services 1.8%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 5749 | 2754921 |
| &nbsp;&nbsp; Enact Holdings, Inc. | 4800 | 195888 |
| &nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 1800 | 50796 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc. | 58800 | 2758308 |
| &nbsp;&nbsp; Fiserv, Inc.\* | 59300 | 3308940 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 5100 | 187425 |
| &nbsp;&nbsp; Helia Group Ltd. (Australia) | 158018 | 579552 |
| &nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 2600 | 274872 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 14475 | 7232578 |
| &nbsp;&nbsp; ORIX Corp. (Japan) | 10000 | 296714 |
| &nbsp;&nbsp; PayPal Holdings, Inc. | 3000 | 135690 |

---

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; **Financial Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Radian Group, Inc. | 7400 | $244792 |
| &nbsp;&nbsp; Remitly Global, Inc.\* | 15900 | 249153 |
|  |  | 18269629 |
| &nbsp;&nbsp; **Food Products 0.7%** |  |  |
| &nbsp;&nbsp; Canada Packers, Inc. (Canada) | 2920 | 42338 |
| &nbsp;&nbsp; Conagra Brands, Inc. | 52200 | 820584 |
| &nbsp;&nbsp; First Pacific Co. Ltd. (Indonesia) | 206000 | 144295 |
| &nbsp;&nbsp; General Mills, Inc. | 15200 | 565744 |
| &nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 26200 | 18282 |
| &nbsp;&nbsp; Indofood Sukses Makmur Tbk PT (Indonesia) | 106800 | 39850 |
| &nbsp;&nbsp; Inghams Group Ltd. (Australia) | 17850 | 24523 |
| &nbsp;&nbsp; Ingredion, Inc. | 11500 | 1295590 |
| &nbsp;&nbsp; J.M. Smucker Co. (The) | 13200 | 1273008 |
| &nbsp;&nbsp; JBS NV (Class A Stock)\* | 9800 | 176008 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc. | 14300 | 604318 |
| &nbsp;&nbsp; Maple Leaf Foods, Inc. (Canada) | 9000 | 194091 |
| &nbsp;&nbsp; Nestle SA | 3576 | 350773 |
| &nbsp;&nbsp; Post Holdings, Inc.\* | 1800 | 177948 |
| &nbsp;&nbsp; Smithfield Foods, Inc. | 22100 | 618137 |
| &nbsp;&nbsp; Triputra Agro Persada PT (Indonesia) | 395200 | 44184 |
| &nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 538000 | 707167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096840 |
| &nbsp;&nbsp; **Gas Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Brookfield Infrastructure Corp. (Canada) (Class A Stock) | 3900 | 154128 |
| &nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 10584 | 317736 |
| &nbsp;&nbsp; Northwest Natural Holding Co. | 3500 | 186270 |
| &nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 4600 | 186321 |
| &nbsp;&nbsp; Rubis SCA (France) | 8452 | 342495 |
| &nbsp;&nbsp; Shizuoka Gas Co. Ltd. (Japan) | 4300 | 41235 |
| &nbsp;&nbsp; Snam SpA (Italy) | 89422 | 677411 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 900 | 78210 |
| &nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 700 | 32967 |
|  |  | 2016773 |
| &nbsp;&nbsp; **Ground Transportation 0.2%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 27100 | 1949303 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.3%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 1900 | 195073 |
| &nbsp;&nbsp; Alphatec Holdings, Inc.\* | 3200 | 34816 |
| &nbsp;&nbsp; Bioventus, Inc. (Class A Stock)\* | 5000 | 45650 |
| &nbsp;&nbsp; Boston Scientific Corp.\* | 7300 | 458075 |
| &nbsp;&nbsp; Eckert & Ziegler SE (Germany) | 1438 | 24807 |
| &nbsp;&nbsp; Embecta Corp. | 10000 | 88400 |
| &nbsp;&nbsp; Haemonetics Corp.\* | 1600 | 90176 |
| &nbsp;&nbsp; Hoya Corp. (Japan) | 2700 | 468073 |
| &nbsp;&nbsp; ICU Medical, Inc.\* | 600 | 77490 |
| &nbsp;&nbsp; Inogen, Inc.\* | 10200 | 63036 |
| &nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 1400 | 13188 |
| &nbsp;&nbsp; iRadimed Corp. | 900 | 86634 |
| &nbsp;&nbsp; IRhythm Holdings, Inc.\* | 500 | 59010 |
| &nbsp;&nbsp; Japan Lifeline Co. Ltd. (Japan) | 9600 | 83956 |
| &nbsp;&nbsp; Medtronic PLC | 13000 | 1126450 |
| &nbsp;&nbsp; PHC Holdings Corp. (Japan) | 29700 | 207977 |
| &nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 5300 | 138489 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 9

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Equipment & Supplies (cont'd.)** |  |  |
| &nbsp;&nbsp; TransMedics Group, Inc.\* | 1300 | $129233 |
| &nbsp;&nbsp; Varex Imaging Corp.\* | 1200 | 12732 |
|  |  | 3403265 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.6%** |  |  |
| &nbsp;&nbsp; AdaptHealth Corp.\* | 1400 | 16660 |
| &nbsp;&nbsp; Alignment Healthcare, Inc.\* | 11800 | 207916 |
| &nbsp;&nbsp; Ambea AB (Sweden), 144A | 7629 | 107983 |
| &nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 6400 | 272704 |
| &nbsp;&nbsp; Cardinal Health, Inc. | 15600 | 3296436 |
| &nbsp;&nbsp; Centene Corp.\* | 9800 | 320852 |
| &nbsp;&nbsp; Cigna Group (The) | 7000 | 1867250 |
| &nbsp;&nbsp; CVS Health Corp. | 54000 | 3878280 |
| &nbsp;&nbsp; Ensign Group, Inc. (The) | 570 | 114855 |
| &nbsp;&nbsp; Extendicare, Inc. (Canada) | 19800 | 374622 |
| &nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 4128 | 187071 |
| &nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 6443 | 334364 |
| &nbsp;&nbsp; Genertec Universal Medical Group Co. Ltd. (China), 144A | 261000 | 193602 |
| &nbsp;&nbsp; Guardant Health, Inc.\* | 1200 | 110844 |
| &nbsp;&nbsp; HealthEquity, Inc.\* | 1200 | 100284 |
| &nbsp;&nbsp; LifeStance Health Group, Inc.\* | 17100 | 108927 |
| &nbsp;&nbsp; McKesson Corp. | 1900 | 1644184 |
| &nbsp;&nbsp; Medipal Holdings Corp. (Japan) | 19900 | 373669 |
| &nbsp;&nbsp; MLP Saglik Hizmetleri A/S (Turkey), 144A\* | 6300 | 60850 |
| &nbsp;&nbsp; PACS Group, Inc.\* | 4400 | 141328 |
| &nbsp;&nbsp; Progyny, Inc.\* | 7400 | 125652 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 8500 | 2300015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16138348 |
| &nbsp;&nbsp; **Health Care REITs 0.0%** |  |  |
| &nbsp;&nbsp; CareTrust REIT, Inc. | 7500 | 274875 |
| &nbsp;&nbsp; Diversified Healthcare Trust | 25650 | 170316 |
|  |  | 445191 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.0%** |  |  |
| &nbsp;&nbsp; Apple Hospitality REIT, Inc. | 2000 | 23020 |
| &nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 5800 | 86014 |
|  |  | 109034 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.6%** |  |  |
| &nbsp;&nbsp; Allwyn AG (Greece) | 16036 | 242626 |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 159800 | 862920 |
| &nbsp;&nbsp; Booking Holdings, Inc. | 980 | 4126114 |
| &nbsp;&nbsp; Brightstar Lottery PLC | 2200 | 28028 |
| &nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 3900 | 42237 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 13700 | 189882 |
| &nbsp;&nbsp; Food & Life Cos. Ltd. (Japan) | 6300 | 375844 |
| &nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 4500 | 121230 |
| &nbsp;&nbsp; Rush Street Interactive, Inc.\* | 1400 | 30450 |
|  |  | 6019331 |
| &nbsp;&nbsp; **Household Durables 0.1%** |  |  |
| &nbsp;&nbsp; De' Longhi SpA (Italy) | 1003 | 35251 |
| &nbsp;&nbsp; Leggett & Platt, Inc. | 5500 | 54340 |
| &nbsp;&nbsp; Noritz Corp. (Japan) | 4200 | 61777 |
| &nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 29700 | 498109 |

---

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; Sonos, Inc.\* | 4500 | $60300 |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 1800 | 104832 |
|  |  | 814609 |
| &nbsp;&nbsp; **Household Products 0.0%** |  |  |
| &nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 500 | 16210 |
| &nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 448 | 32180 |
| &nbsp;&nbsp; Procter & Gamble Co. (The) | 2200 | 317768 |
|  |  | 366158 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%** |  |  |
| &nbsp;&nbsp; Hallador Energy Co.\* | 2300 | 37444 |
| &nbsp;&nbsp; RWE AG (Germany) | 2401 | 161536 |
| &nbsp;&nbsp; Solaria Energia y Medio Ambiente SA (Spain)\* | 15320 | 424581 |
|  |  | 623561 |
| &nbsp;&nbsp; **Industrial Conglomerates 0.2%** |  |  |
| &nbsp;&nbsp; Astra International Tbk PT (Indonesia) | 240700 | 88858 |
| &nbsp;&nbsp; CITIC Ltd. (China) | 415000 | 631978 |
| &nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 70000 | 537322 |
| &nbsp;&nbsp; Hitachi Ltd. (Japan) | 2900 | 85073 |
| &nbsp;&nbsp; Honeywell International, Inc. | 3100 | 700693 |
| &nbsp;&nbsp; Siemens AG (Germany) | 232 | 56523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100447 |
| &nbsp;&nbsp; **Industrial REITs 0.5%** |  |  |
| &nbsp;&nbsp; Industrial Logistics Properties Trust | 7400 | 42032 |
| &nbsp;&nbsp; Prologis, Inc. | 37200 | 4917096 |
|  |  | 4959128 |
| &nbsp;&nbsp; **Insurance 1.4%** |  |  |
| &nbsp;&nbsp; Aegon Ltd. | 54209 | 396443 |
| &nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 7000 | 77779 |
| &nbsp;&nbsp; Allianz SE (Germany) | 259 | 109381 |
| &nbsp;&nbsp; Allstate Corp. (The) | 11500 | 2384410 |
| &nbsp;&nbsp; American International Group, Inc. | 27900 | 2099475 |
| &nbsp;&nbsp; Ategrity Specialty Holdings LLC\* | 2500 | 49425 |
| &nbsp;&nbsp; AXA SA (France) | 20091 | 923213 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd. (China) (Class H Stock) | 6800 | 27850 |
| &nbsp;&nbsp; F&G Annuities & Life, Inc. | 1400 | 35448 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 400 | 681567 |
| &nbsp;&nbsp; Genworth Financial, Inc.\* | 30100 | 244412 |
| &nbsp;&nbsp; Great-West Lifeco, Inc. (Canada) | 1800 | 84300 |
| &nbsp;&nbsp; Greenlight Capital Re Ltd. (Class A Stock)\* | 1400 | 24206 |
| &nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 3000 | 78750 |
| &nbsp;&nbsp; Kemper Corp. | 43100 | 1317136 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 2600 | 450970 |
| &nbsp;&nbsp; Mercury General Corp. | 1400 | 123410 |
| &nbsp;&nbsp; MetLife, Inc. | 31800 | 2248896 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd. (China) (Class H Stock) | 63300 | 376851 |
| &nbsp;&nbsp; Octave Specialty Group, Inc.\* | 6900 | 32085 |
| &nbsp;&nbsp; Palomar Holdings, Inc.\* | 500 | 59750 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd. (China) (Class H Stock) | 52000 | 95720 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. (China) (Class H Stock) | 47000 | 361393 |
| &nbsp;&nbsp; Power Corp. of Canada (Canada) | 2600 | 125169 |
| &nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA (Poland) | 7268 | 126514 |
| &nbsp;&nbsp; Progressive Corp. (The) | 2100 | 416304 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 11

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 36939 | $545100 |
| &nbsp;&nbsp; SCOR SE (France) | 8783 | 313908 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 2400 | 104832 |
| &nbsp;&nbsp; Talanx AG (Germany) | 4723 | 586063 |
| &nbsp;&nbsp; Turkiye Sigorta A/S (Turkey) | 495336 | 142148 |
|  |  | 14642908 |
| &nbsp;&nbsp; **Interactive Media & Services 3.9%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 53100 | 15269436 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 43940 | 12604628 |
| &nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 38400 | 125184 |
| &nbsp;&nbsp; Cars.com, Inc.\* | 4100 | 33292 |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 5129 | 964 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 17469 | 9994539 |
| &nbsp;&nbsp; Tencent Holdings Ltd. (China) | 24700 | 1557888 |
| &nbsp;&nbsp; TripAdvisor, Inc.\* | 1300 | 13858 |
|  |  | 39599789 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Class A Stock) | 21800 | 4322722 |
| &nbsp;&nbsp; Applied Digital Corp.\*(a) | 3000 | 71220 |
| &nbsp;&nbsp; ASGN, Inc.\* | 4200 | 162582 |
| &nbsp;&nbsp; BIPROGY, Inc. (Japan) | 2500 | 73587 |
| &nbsp;&nbsp; Capgemini SE (France) | 3510 | 414175 |
| &nbsp;&nbsp; CGI, Inc. (Canada) | 6400 | 467889 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 69100 | 4239285 |
| &nbsp;&nbsp; DXC Technology Co.\* | 11200 | 140784 |
| &nbsp;&nbsp; Fastly, Inc. (Class A Stock)\* | 8500 | 247010 |
| &nbsp;&nbsp; HCL Technologies Ltd. (India) | 24061 | 346303 |
| &nbsp;&nbsp; Infosys Ltd. (India) | 30569 | 412310 |
| &nbsp;&nbsp; International Business Machines Corp. | 4600 | 1114994 |
| &nbsp;&nbsp; NEC Corp. (Japan) | 10400 | 258784 |
| &nbsp;&nbsp; Tata Consultancy Services Ltd. (India) | 7353 | 185153 |
| &nbsp;&nbsp; Wipro Ltd. (India) | 121400 | 244416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701214 |
| &nbsp;&nbsp; **Leisure Products 0.0%** |  |  |
| &nbsp;&nbsp; BRP, Inc. | 900 | 64697 |
| &nbsp;&nbsp; Johnson Outdoors, Inc. (Class A Stock) | 300 | 13953 |
| &nbsp;&nbsp; Polaris, Inc. | 800 | 43600 |
| &nbsp;&nbsp; Roland Corp. (Japan) | 5300 | 130122 |
| &nbsp;&nbsp; Technogym SpA (Italy), 144A | 6291 | 127076 |
|  |  | 379448 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 0.4%** |  |  |
| &nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 8000 | 111040 |
| &nbsp;&nbsp; Danaher Corp. | 17800 | 3374880 |
| &nbsp;&nbsp; SAI Life Sciences Ltd. (India), 144A\* | 16222 | 167477 |
| &nbsp;&nbsp; Wuxi Biologics Cayman, Inc. (China), 144A\* | 38500 | 165569 |
|  |  | 3818966 |
| &nbsp;&nbsp; **Machinery 1.8%** |  |  |
| &nbsp;&nbsp; Astec Industries, Inc. | 3800 | 204592 |
| &nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 6717 | 105002 |
| &nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 3700 | 210049 |
| &nbsp;&nbsp; Caterpillar, Inc. | 6200 | 4392452 |
| &nbsp;&nbsp; CECO Environmental Corp.\* | 200 | 11916 |

---

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 (cont'd.)** |  |  |
| &nbsp;&nbsp; Crane Co. | 16300 | $2787300 |
| &nbsp;&nbsp; Cummins India Ltd. (India) | 7854 | 376055 |
| &nbsp;&nbsp; Cummins, Inc. | 6400 | 3443328 |
| &nbsp;&nbsp; Deere & Co. | 1900 | 1070270 |
| &nbsp;&nbsp; Douglas Dynamics, Inc. | 2600 | 109434 |
| &nbsp;&nbsp; Enpro, Inc. | 1250 | 313312 |
| &nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 1729 | 37038 |
| &nbsp;&nbsp; ESCO Technologies, Inc. | 1490 | 419241 |
| &nbsp;&nbsp; Franklin Electric Co., Inc. | 2600 | 239642 |
| &nbsp;&nbsp; Helios Technologies, Inc. | 900 | 58239 |
| &nbsp;&nbsp; Kennametal, Inc. | 400 | 14452 |
| &nbsp;&nbsp; Konecranes OYJ (Finland) | 7677 | 251965 |
| &nbsp;&nbsp; Kubota Corp. (Japan) | 19400 | 310889 |
| &nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 11100 | 304991 |
| &nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 2500 | 68725 |
| &nbsp;&nbsp; NSK Ltd. (Japan) | 62400 | 442198 |
| &nbsp;&nbsp; NTN Corp. (Japan) | 161000 | 333693 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 700 | 626668 |
| &nbsp;&nbsp; Proto Labs, Inc.\* | 3900 | 222378 |
| &nbsp;&nbsp; Sandvik AB (Sweden) | 22944 | 882010 |
| &nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. (China) | 52000 | 73838 |
| &nbsp;&nbsp; Schindler Holding AG (Switzerland) | 100 | 31495 |
| &nbsp;&nbsp; SPX Technologies, Inc.\* | 540 | 107968 |
| &nbsp;&nbsp; Terex Corp. | 1200 | 70920 |
| &nbsp;&nbsp; Tsugami Corp. (Japan) | 1100 | 22910 |
| &nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 18016 | 671060 |
| &nbsp;&nbsp; Worthington Enterprises, Inc. | 2700 | 140778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354808 |
| &nbsp;&nbsp; **Marine Transportation 0.1%** |  |  |
| &nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 11 | 26934 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock) | 40000 | 76171 |
| &nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 64000 | 403709 |
| &nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 4400 | 31152 |
| &nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 105000 | 459745 |
| &nbsp;&nbsp; Wallenius Wilhelmsen ASA (Norway) | 14150 | 180076 |
|  |  | 1177787 |
| &nbsp;&nbsp; **Media 0.1%** |  |  |
| &nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 9800 | 66542 |
| &nbsp;&nbsp; Future PLC (United Kingdom) | 66131 | 259792 |
| &nbsp;&nbsp; John Wiley & Sons, Inc. (Class A Stock) | 1700 | 64770 |
| &nbsp;&nbsp; Stagwell, Inc.\* | 10000 | 62900 |
| &nbsp;&nbsp; Thryv Holdings, Inc.\* | 7200 | 19728 |
| &nbsp;&nbsp; Versant Media Group, Inc.\* | 22172 | 820807 |
|  |  | 1294539 |
| &nbsp;&nbsp; **Metals & Mining 1.1%** |  |  |
| &nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 5300 | 1075811 |
| &nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 100 | 20527 |
| &nbsp;&nbsp; Barrick Mining Corp. (Canada) | 24500 | 1001240 |
| &nbsp;&nbsp; BHP Group Ltd. (Australia) | 8287 | 299845 |
| &nbsp;&nbsp; Boliden AB (Sweden)\* | 6256 | 327951 |
| &nbsp;&nbsp; China Gold International Resources Corp. Ltd. (China) | 13500 | 267303 |
| &nbsp;&nbsp; China Hongqiao Group Ltd. (China) | 99500 | 449462 |
| &nbsp;&nbsp; Coeur Mining, Inc.\* | 11500 | 215855 |
| &nbsp;&nbsp; Commercial Metals Co. | 5550 | 340937 |
| &nbsp;&nbsp; Compass Minerals International, Inc.\* | 700 | 16345 |
| &nbsp;&nbsp; Constellium SE\* | 6800 | 167144 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 13

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Metals & Mining (cont'd.)** |  |  |
| &nbsp;&nbsp; Critical Metals Corp. (Austria)\*(a) | 1700 | $13498 |
| &nbsp;&nbsp; Fortescue Ltd. (Australia) | 25456 | 363756 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc. | 21900 | 1287282 |
| &nbsp;&nbsp; Gold Fields Ltd. (South Africa) | 1650 | 75821 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada) | 29400 | 898844 |
| &nbsp;&nbsp; Materion Corp. | 1200 | 173580 |
| &nbsp;&nbsp; Mitsubishi Materials Corp. (Japan) | 1800 | 56723 |
| &nbsp;&nbsp; Mitsui Kinzoku Co. Ltd. (Japan) | 700 | 132779 |
| &nbsp;&nbsp; National Aluminium Co. Ltd. (India) | 102600 | 423555 |
| &nbsp;&nbsp; Newmont Corp. | 10400 | 1125800 |
| &nbsp;&nbsp; Nucor Corp. | 1400 | 236740 |
| &nbsp;&nbsp; OceanaGold Corp. (Australia) | 8800 | 277455 |
| &nbsp;&nbsp; OR Royalties, Inc. (Canada) | 600 | 22847 |
| &nbsp;&nbsp; Pan African Resources PLC (South Africa) | 22320 | 41357 |
| &nbsp;&nbsp; Pantoro Gold Ltd. (Australia)\* | 17250 | 40255 |
| &nbsp;&nbsp; Perseus Mining Ltd. (Australia) | 10486 | 38418 |
| &nbsp;&nbsp; Polyus PJSC (Russia)\*^ | 37040 |  |
| &nbsp;&nbsp; Regis Resources Ltd. (Australia) | 10608 | 50280 |
| &nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 1285 | 145993 |
| &nbsp;&nbsp; Rio Tinto PLC (Australia) | 6923 | 642272 |
| &nbsp;&nbsp; Shandong Hongqiao Aluminum Industry Holding Co. Ltd. (China) (Class A Stock)\* | 63600 | 254541 |
| &nbsp;&nbsp; SSR Mining, Inc. (Canada)\* | 2600 | 76440 |
| &nbsp;&nbsp; Warrior Met Coal, Inc. | 3300 | 307395 |
| &nbsp;&nbsp; Wheaton Precious Metals Corp. (Brazil) | 1000 | 131263 |
| &nbsp;&nbsp; Worthington Steel, Inc. | 3500 | 106225 |
| &nbsp;&nbsp; Zijin Mining Group Co. Ltd. (China) (Class H Stock) | 86000 | 386871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11492410 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.0%** |  |  |
| &nbsp;&nbsp; Arbor Realty Trust, Inc.(a) | 17500 | 134925 |
| &nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 7300 | 61977 |
| &nbsp;&nbsp; Invesco Mortgage Capital, Inc. | 6200 | 50096 |
| &nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 10700 | 65484 |
| &nbsp;&nbsp; Redwood Trust, Inc. | 18500 | 103785 |
| &nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 8700 | 63597 |
|  |  | 479864 |
| &nbsp;&nbsp; **Multi-Utilities 0.1%** |  |  |
| &nbsp;&nbsp; Engie SA (France) | 33506 | 1079813 |
| &nbsp;&nbsp; **Office REITs 0.0%** |  |  |
| &nbsp;&nbsp; Postal Realty Trust, Inc. (Class A Stock) | 1100 | 20416 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 2.4%** |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway) | 8382 | 309874 |
| &nbsp;&nbsp; Antero Midstream Corp. | 35900 | 818520 |
| &nbsp;&nbsp; Ardmore Shipping Corp. (Ireland) | 800 | 12200 |
| &nbsp;&nbsp; Bharat Petroleum Corp. Ltd. (India) | 49509 | 148440 |
| &nbsp;&nbsp; BKV Corp. (Thailand)\* | 5400 | 154008 |
| &nbsp;&nbsp; BP PLC | 21615 | 169176 |
| &nbsp;&nbsp; California Resources Corp. | 4400 | 304568 |
| &nbsp;&nbsp; Chevron Corp. | 19725 | 4081103 |
| &nbsp;&nbsp; ConocoPhillips | 24600 | 3247200 |
| &nbsp;&nbsp; d'Amico International Shipping SA (Italy) | 40630 | 354082 |
| &nbsp;&nbsp; Devon Energy Corp. | 15200 | 764864 |
| &nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 82200 | 740633 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 49725 | 8436343 |
| &nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 3703 | 306389 |
| &nbsp;&nbsp; Golar LNG Ltd. (Cameroon) | 200 | 10822 |
| &nbsp;&nbsp; Great Eastern Shipping Co. Ltd. (The) (India) | 5180 | 77905 |

---

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; Indian Oil Corp. Ltd. (India) | 370532 | $528948 |
| &nbsp;&nbsp; Inpex Corp. (Japan) | 4000 | 118318 |
| &nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 10297 |  |
| &nbsp;&nbsp; Marathon Petroleum Corp. | 900 | 219762 |
| &nbsp;&nbsp; Neste OYJ (Finland) | 1105 | 35910 |
| &nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. (India) | 249499 | 751668 |
| &nbsp;&nbsp; ORLEN SA (Poland) | 3262 | 118196 |
| &nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 1700 | 106488 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 2500 | 119050 |
| &nbsp;&nbsp; Peabody Energy Corp. | 7000 | 230650 |
| &nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) | 12800 | 132699 |
| &nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)\*^ | 31520 |  |
| &nbsp;&nbsp; SandRidge Energy, Inc. | 3300 | 53823 |
| &nbsp;&nbsp; SFL Corp. Ltd. (Norway) | 5400 | 58266 |
| &nbsp;&nbsp; Shell PLC | 8883 | 411417 |
| &nbsp;&nbsp; Suncor Energy, Inc. (Canada) | 6300 | 416694 |
| &nbsp;&nbsp; Talos Energy, Inc.\* | 6200 | 97712 |
| &nbsp;&nbsp; TORM PLC (Switzerland) (Class A Stock) | 2325 | 66356 |
| &nbsp;&nbsp; TotalEnergies SE (France) | 3614 | 331672 |
| &nbsp;&nbsp; Uranium Energy Corp.\* | 4500 | 60750 |
| &nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 14282 | 339019 |
| &nbsp;&nbsp; World Kinect Corp. | 6449 | 148778 |
|  |  | 24282303 |
| &nbsp;&nbsp; **Paper & Forest Products 0.0%** |  |  |
| &nbsp;&nbsp; Sylvamo Corp. | 1700 | 71808 |
| &nbsp;&nbsp; **Passenger Airlines 0.1%** |  |  |
| &nbsp;&nbsp; Eva Airways Corp. (Taiwan) | 208000 | 224108 |
| &nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 94316 | 447653 |
| &nbsp;&nbsp; Latam Airlines Group SA (Chile) | 10146000 | 250359 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 1260 | 115706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037826 |
| &nbsp;&nbsp; **Personal Care Products 0.1%** |  |  |
| &nbsp;&nbsp; APR Corp. (South Korea) | 1719 | 392223 |
| &nbsp;&nbsp; Herbalife Ltd.\* | 5000 | 73600 |
| &nbsp;&nbsp; MTG Co. Ltd. (Japan) | 2800 | 109683 |
| &nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 1100 | 26389 |
| &nbsp;&nbsp; Nu Skin Enterprises, Inc. (Class A Stock) | 6500 | 47320 |
|  |  | 649215 |
| &nbsp;&nbsp; **Pharmaceuticals 2.5%** |  |  |
| &nbsp;&nbsp; Acutaas Chemicals Ltd. (India) | 9275 | 252784 |
| &nbsp;&nbsp; Alumis, Inc.\* | 7900 | 174037 |
| &nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 3900 | 48477 |
| &nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 54500 | 888449 |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 1655 | 323619 |
| &nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 800 | 135216 |
| &nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 2500 | 82675 |
| &nbsp;&nbsp; Eli Lilly & Co. | 6350 | 5840540 |
| &nbsp;&nbsp; Enliven Therapeutics, Inc.\* | 300 | 11760 |
| &nbsp;&nbsp; Galderma Group AG (Switzerland) | 1934 | 380096 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Lundbeck A/S (Denmark) | 20125 | 126023 |
| &nbsp;&nbsp; Indivior Pharmaceuticals, Inc.\* | 2400 | 73152 |
| &nbsp;&nbsp; Ipsen SA (France) | 364 | 68026 |
| &nbsp;&nbsp; Johnson & Johnson | 34419 | 8413380 |
| &nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 1200 | 239580 |
| &nbsp;&nbsp; Liquidia Corp.\* | 1200 | 45288 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 15

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp; Lupin Ltd. (India) | 3559 | $88078 |
| &nbsp;&nbsp; Merck & Co., Inc. | 12000 | 1443480 |
| &nbsp;&nbsp; Novartis AG | 12083 | 1854673 |
| &nbsp;&nbsp; Perrigo Co. PLC | 56500 | 606810 |
| &nbsp;&nbsp; Pfizer, Inc. | 50100 | 1406808 |
| &nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 3700 | 115773 |
| &nbsp;&nbsp; Roche Holding AG | 4481 | 1788326 |
| &nbsp;&nbsp; Sandoz Group AG (Switzerland) | 2308 | 180834 |
| &nbsp;&nbsp; Sanofi SA | 3416 | 329883 |
| &nbsp;&nbsp; Sino Biopharmaceutical Ltd. (China) | 110000 | 83569 |
| &nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. (India) | 9214 | 172331 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 3200 | 117849 |
| &nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 2600 | 137072 |
| &nbsp;&nbsp; Theravance Biopharma, Inc.\* | 4700 | 76281 |
| &nbsp;&nbsp; Zydus Lifesciences Ltd. (India) | 5900 | 54935 |
|  |  | 25559804 |
| &nbsp;&nbsp; **Professional Services 0.4%** |  |  |
| &nbsp;&nbsp; Alight, Inc. (Class A Stock) | 156100 | 90959 |
| &nbsp;&nbsp; CBIZ, Inc.\* | 4500 | 120825 |
| &nbsp;&nbsp; Clarivate PLC\* | 577600 | 1461328 |
| &nbsp;&nbsp; Concentrix Corp. | 34800 | 952128 |
| &nbsp;&nbsp; Conduent, Inc.\* | 78441 | 100404 |
| &nbsp;&nbsp; Huron Consulting Group, Inc.\* | 500 | 63745 |
| &nbsp;&nbsp; Kforce, Inc. | 2500 | 73100 |
| &nbsp;&nbsp; Korn Ferry | 4100 | 258095 |
| &nbsp;&nbsp; ManpowerGroup, Inc. | 7200 | 212112 |
| &nbsp;&nbsp; Planet Labs PBC\* | 800 | 22360 |
| &nbsp;&nbsp; Teleperformance SE (France) | 6238 | 366563 |
| &nbsp;&nbsp; TriNet Group, Inc. | 1800 | 65574 |
| &nbsp;&nbsp; TrueBlue, Inc.\* | 15650 | 61192 |
| &nbsp;&nbsp; TTEC Holdings, Inc.\* | 11150 | 27875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876260 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.3%** |  |  |
| &nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 11700 | 85527 |
| &nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 16300 | 199838 |
| &nbsp;&nbsp; Emaar Properties PJSC (United Arab Emirates) | 222191 | 727106 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 4800 | 1460736 |
| &nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 9600 | 143904 |
| &nbsp;&nbsp; St. Joe Co. (The) | 3600 | 226080 |
| &nbsp;&nbsp; Vonovia SE (Germany) | 24672 | 617107 |
|  |  | 3460298 |
| &nbsp;&nbsp; **Retail REITs 0.0%** |  |  |
| &nbsp;&nbsp; CBL & Associates Properties, Inc. | 900 | 34587 |
| &nbsp;&nbsp; Macerich Co. (The) | 3200 | 60480 |
| &nbsp;&nbsp; SITE Centers Corp. | 2400 | 12960 |
| &nbsp;&nbsp; Tanger, Inc. | 400 | 13592 |
|  |  | 121619 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 7.7%** |  |  |
| &nbsp;&nbsp; Advantest Corp. (Japan) | 6600 | 910844 |
| &nbsp;&nbsp; Analog Devices, Inc. | 7600 | 2417864 |
| &nbsp;&nbsp; Applied Materials, Inc. | 10200 | 3486258 |
| &nbsp;&nbsp; ASE Technology Holding Co. Ltd. (Taiwan) | 13000 | 143080 |
| &nbsp;&nbsp; ASML Holding NV (Netherlands) | 1686 | 2241970 |
| &nbsp;&nbsp; Broadcom, Inc. | 38850 | 12024463 |

---

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; Credo Technology Group Holding Ltd.\* | 1900 | $178353 |
| &nbsp;&nbsp; Diodes, Inc.\* | 2300 | 156998 |
| &nbsp;&nbsp; FormFactor, Inc.\* | 3900 | 378261 |
| &nbsp;&nbsp; GigaDevice Semiconductor, Inc. (China) (Class A Stock) | 1700 | 60674 |
| &nbsp;&nbsp; Ichor Holdings Ltd.\* | 2000 | 93220 |
| &nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 5100 | 666061 |
| &nbsp;&nbsp; KLA Corp. | 1000 | 1472410 |
| &nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | 2300 | 151156 |
| &nbsp;&nbsp; Lam Research Corp. | 29100 | 6217506 |
| &nbsp;&nbsp; Micron Technology, Inc. | 11300 | 3817592 |
| &nbsp;&nbsp; NVIDIA Corp. | 188300 | 32839520 |
| &nbsp;&nbsp; Photronics, Inc.\* | 6800 | 274788 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 1500 | 193170 |
| &nbsp;&nbsp; Rambus, Inc.\* | 1500 | 129045 |
| &nbsp;&nbsp; Renesas Electronics Corp. (Japan) | 12800 | 183005 |
| &nbsp;&nbsp; SiTime Corp.\* | 350 | 120872 |
| &nbsp;&nbsp; SK hynix, Inc. (South Korea) | 3041 | 1725357 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 99000 | 5725618 |
| &nbsp;&nbsp; Teradyne, Inc. | 10900 | 3231414 |
| &nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 2600 | 161668 |
|  |  | 79001167 |
| &nbsp;&nbsp; **Software 3.1%** |  |  |
| &nbsp;&nbsp; A10 Networks, Inc. | 10200 | 235824 |
| &nbsp;&nbsp; ACI Worldwide, Inc.\* | 6800 | 278868 |
| &nbsp;&nbsp; Adobe, Inc.\* | 5900 | 1434172 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 10300 | 2465820 |
| &nbsp;&nbsp; Blackbaud, Inc.\* | 200 | 7722 |
| &nbsp;&nbsp; Box, Inc. (Class A Stock)\* | 7150 | 169026 |
| &nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 3500 | 169435 |
| &nbsp;&nbsp; Freshworks, Inc. (Class A Stock)\* | 6500 | 52195 |
| &nbsp;&nbsp; InterDigital, Inc. | 150 | 45300 |
| &nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 900 | 23868 |
| &nbsp;&nbsp; Microsoft Corp. | 69316 | 25658704 |
| &nbsp;&nbsp; Mitek Systems, Inc.\* | 12400 | 167400 |
| &nbsp;&nbsp; N-able, Inc.\* | 7600 | 35492 |
| &nbsp;&nbsp; NCR Voyix Corp.\* | 7100 | 44943 |
| &nbsp;&nbsp; Open Text Corp. (Canada) | 6400 | 142621 |
| &nbsp;&nbsp; Red Violet, Inc.\* | 700 | 24220 |
| &nbsp;&nbsp; Roper Technologies, Inc. | 400 | 141544 |
| &nbsp;&nbsp; Salesforce, Inc. | 2700 | 504009 |
| &nbsp;&nbsp; SAP SE (Germany) | 603 | 102801 |
| &nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 20200 | 121200 |
| &nbsp;&nbsp; Tenable Holdings, Inc.\* | 3200 | 54128 |
| &nbsp;&nbsp; Teradata Corp.\* | 7800 | 199914 |
| &nbsp;&nbsp; Workiva, Inc.\* | 2900 | 172927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32252133 |
| &nbsp;&nbsp; **Specialized REITs 0.0%** |  |  |
| &nbsp;&nbsp; Outfront Media, Inc. | 10100 | 267650 |
| &nbsp;&nbsp; Safehold, Inc. | 2600 | 35178 |
| &nbsp;&nbsp; VICI Properties, Inc. | 5100 | 139332 |
|  |  | 442160 |
| &nbsp;&nbsp; **Specialty Retail 0.7%** |  |  |
| &nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 2000 | 182740 |
| &nbsp;&nbsp; American Eagle Outfitters, Inc. | 11000 | 183700 |
| &nbsp;&nbsp; Aritzia, Inc. (Canada)\* | 2100 | 171369 |
| &nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 730 | 142649 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 17

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; AutoNation, Inc.\* | 900 | $175734 |
| &nbsp;&nbsp; Citi Trends, Inc.\* | 1300 | 56316 |
| &nbsp;&nbsp; Currys PLC (United Kingdom) | 32375 | 53614 |
| &nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 1300 | 513638 |
| &nbsp;&nbsp; Group 1 Automotive, Inc. | 550 | 181847 |
| &nbsp;&nbsp; Groupe Dynamite, Inc. (Canada) | 7300 | 401917 |
| &nbsp;&nbsp; Jarir Marketing Co. (Saudi Arabia) | 36200 | 136436 |
| &nbsp;&nbsp; National Vision Holdings, Inc.\* | 500 | 12950 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 5600 | 15568 |
| &nbsp;&nbsp; Pop Mart International Group Ltd. (China), 144A | 1200 | 22324 |
| &nbsp;&nbsp; Ross Stores, Inc. | 12900 | 2794527 |
| &nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 1200 | 16620 |
| &nbsp;&nbsp; Thanga Mayil Jewellery Ltd. (India) | 1725 | 63388 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 14100 | 2251770 |
| &nbsp;&nbsp; United Electronics Co. (Saudi Arabia) | 4068 | 87672 |
| &nbsp;&nbsp; Urban Outfitters, Inc.\* | 900 | 57015 |
| &nbsp;&nbsp; Victoria's Secret & Co.\* | 600 | 27816 |
|  |  | 7549610 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 3.7%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 123754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31407528 |
| &nbsp;&nbsp; Chenbro Micom Co. Ltd. (Taiwan) | 1000 | 28009 |
| &nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 3600 | 271584 |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 22018 | 2575256 |
| &nbsp;&nbsp; Sandisk Corp.\* | 1600 | 1016544 |
| &nbsp;&nbsp; Western Digital Corp. | 9500 | 2569655 |
| &nbsp;&nbsp; Xerox Holdings Corp. | 13400 | 17286 |
|  |  | 37885862 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.1%** |  |  |
| &nbsp;&nbsp; Asics Corp. (Japan) | 15600 | 419408 |
| &nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 770 | 135956 |
| &nbsp;&nbsp; Kontoor Brands, Inc. | 1700 | 119493 |
| &nbsp;&nbsp; Movado Group, Inc. | 3100 | 75702 |
| &nbsp;&nbsp; OVS SpA (Italy), 144A | 4834 | 25101 |
| &nbsp;&nbsp; Titan Co. Ltd. (India) | 616 | 25874 |
|  |  | 801534 |
| &nbsp;&nbsp; **Tobacco 0.4%** |  |  |
| &nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 22111 | 896553 |
| &nbsp;&nbsp; Philip Morris International, Inc. | 13500 | 2232090 |
| &nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 25568 | 269316 |
| &nbsp;&nbsp; Turning Point Brands, Inc. | 600 | 52074 |
| &nbsp;&nbsp; Universal Corp. | 3200 | 168640 |
|  |  | 3618673 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.1%** |  |  |
| &nbsp;&nbsp; AerCap Holdings NV (Ireland) | 3900 | 535002 |
| &nbsp;&nbsp; Diploma PLC (United Kingdom) | 1440 | 114973 |
| &nbsp;&nbsp; NPK International, Inc.\* | 20300 | 294147 |
| &nbsp;&nbsp; Sumitomo Corp. (Japan) | 11700 | 437803 |
|  |  | 1381925 |
| &nbsp;&nbsp; **Transportation Infrastructure 0.1%** |  |  |
| &nbsp;&nbsp; International Container Terminal Services, Inc. (Philippines) | 62460 | 708131 |

---

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; **Water Utilities 0.0%** |  |  |
| &nbsp;&nbsp; Consolidated Water Co., Ltd. | 1300 | $43056 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Advanced Info Service PCL (Thailand) | 21000 | 239698 |
| &nbsp;&nbsp; Airtel Africa PLC (Nigeria), 144A | 68613 | 316398 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 11557 | 223437 |
| &nbsp;&nbsp; Etihad Etisalat Co. (Saudi Arabia) | 7865 | 136967 |
| &nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 92055 | 138852 |
|  |  | 1055352 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $417,914,318) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607198767 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.2%** |  |  |
| &nbsp;&nbsp; **Banks 0.0%** |  |  |
| &nbsp;&nbsp; Citigroup Capital XIII, 10.298%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 3000 | 88050 |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 06/15/26(oo) | 5000 | 108100 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |
| &nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) (PRFC) | 107600 | 1009143 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.1%** |  |  |
| &nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) (PRFC) | 3081 | 248709 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 751 | 9613 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $846,716) |  | 1463615 |
|  | **Units** |  |
| &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) (cost $0) | 9592 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br>**(000)#** | |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.6%** |  |  |  |  |
| &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 | 408787 |
| &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 | 179797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | 2.600 | 05/15/34 | 300 | 295547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C, 144A | 5.580 | 08/15/35 | 500 | 508288 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &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;1022356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 6.140 | 02/14/31 | 400 | 409193 |
|  |  |  |  | 2823968 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 19

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations 4.1%** |  |  |  |  |  |
| &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%) | 5.038%(c) | 10/20/37 |  | 3250 | $3251414 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.912(c) | 10/15/38 |  | 2850 | 2849267 |
| &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%) | 2.874(c) | 05/22/32 | EUR | 644 | 744950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A | 1.250 | 05/22/32 | EUR | 644 | 735467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class ARR, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | 3.626(c) | 02/26/39 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2311700 |
| &nbsp;&nbsp; Eldridge CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-03A, Class A, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.939(c) | 03/31/38 |  | 2000 | 1999776 |
| &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%) | 5.368(c) | 10/20/37 |  | 2000 | 1998760 |
| &nbsp;&nbsp; Empower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 07/20/38 |  | 3000 | 3001202 |
| &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%) | 5.372(c) | 01/15/38 |  | 1750 | 1752101 |
| &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%) | 3.574(c) | 05/15/37 | EUR | 2500 | 2896455 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1R, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.246(c) | 07/20/38 | EUR | 2000 | 2300948 |
| &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%) | 4.928(c) | 03/20/38 |  | 2850 | 2847748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.898(c) | 10/20/38 |  | 2000 | 1998924 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 03/15/38 |  | 2000 | 2000542 |
| &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%) | 2.827(c) | 04/22/35 | EUR | 3110 | 3584332 |
| &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%) | 5.238(c) | 07/20/37 |  | 2000 | 2000761 |
| &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%) | 3.666(c) | 04/15/37 | EUR | 1750 | 2022441 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-07A, Class A1R2, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 01/25/35 |  | 3700 | 3692798 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41989586 |
| &nbsp;&nbsp; **Consumer Loans 0.6%** |  |  |  |  |  |
| &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 | 1006057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 5.260 | 07/15/33 |  | 1200 | 1201423 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | 4.520 | 12/27/60 |  | 351 | 350641 |
| &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 |  | 36 | 36867 |
| &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 |  | 56 | 55094 |
| &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 | 685403 |
| &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 | 400487 |
| &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 |  | 239 | 235880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | 6.550 | 10/14/34 |  | 800 | 803722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | 6.740 | 09/15/36 |  | 200 | 205367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 |  | 200 | 206263 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A1, 144A | 4.800 | 06/20/33 |  | 400 | 399377 |

---

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** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** |  |  |  |  |
| &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 | 365 | $366450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A, 144A | 4.780 | 08/15/46 | 400 | 396951 |
|  |  |  |  | 6349982 |
| &nbsp;&nbsp; **Equipment 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Capteris Equipment Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class B, 144A | 4.950 | 09/20/33 | 500 | 500308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class C, 144A | 5.180 | 09/20/33 | 400 | 400370 |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | 5.163 | 12/20/55 | 500 | 497682 |
| &nbsp;&nbsp; PEAC Solutions Receivables LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class B, 144A | 4.750 | 07/20/33 | 600 | 598610 |
| &nbsp;&nbsp; VB-S1 Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class C2, 144A | 4.693 | 03/15/56 | 500 | 491272 |
|  |  |  |  | 2488242 |
| &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 | 295 | 297150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.703(cc) | 02/25/55 | 125 | 125446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 | 352 | 349595 |
| &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 | 718 | 720406 |
| &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 | 327 | 328903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | 5.431(cc) | 06/25/60 | 495 | 496181 |
| &nbsp;&nbsp; FIGRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-HE01, Class A, 144A | 4.982(cc) | 01/25/56 | 481 | 477089 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1, 144A | 4.899(cc) | 05/25/56 | 478 | 473531 |
| &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%) | 5.373(c) | 03/20/54 | 121 | 120899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.666(cc) | 05/25/55 | 268 | 268668 |
| &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%) | 5.262(c) | 02/25/55 | 541 | 541926 |
| &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 | 148 | 149232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 306 | 305533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 287 | 287929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 352 | 353426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503(cc) | 02/25/55 | 397 | 398113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | 5.472(cc) | 06/25/55 | 694 | 696625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 404 | 404519 |
| &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 | 132 | 132330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 51 | 51552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 49 | 49291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 166 | 167776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 488 | 487363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | 5.202(cc) | 09/25/64 | 500 | 498497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | 5.725(cc) | 11/25/64 | 282 | 282522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 305 | 306223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.348(cc) | 07/25/65 | 411 | 411332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 372 | 374553 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556610 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 21

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &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%) | 5.022%(c) | 10/16/28 | 600 | $600328 |
| &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 | 678166 |
| &nbsp;&nbsp; OnDeck Asset Securitization IV LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | 4.840 | 11/17/32 | 1000 | 998118 |
| &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 | 377 | 375529 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A, 144A | 4.614 | 09/15/43 | 500 | 493635 |
| &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%) | 6.429(c) | 12/25/27 | 600 | 601092 |
| &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%) | 4.773(c) | 03/17/42 | 692 | 690350 |
|  |  |  |  | 4437218 |
| &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 | 26 | 25970 |
| &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 | 47 | 46257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | 2.370 | 11/16/48 | 107 | 104350 |
| &nbsp;&nbsp; SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | 2.540 | 05/15/46 | 160 | 154257 |
|  |  |  |  | 330834 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br> (cost $67,513,153) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67976440 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.0%** |  |  |  |  |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | 3.362 | 05/15/50 | 995 | 985593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | 2.155 | 03/15/63 | 1800 | 1659803 |
| &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 | 0.594(cc) | 02/15/50 | 40575 | 139959 |
| &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 | 1335582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class XB, IO | 0.970(cc) | 04/15/53 | 4900 | 175685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | 6.675(cc) | 12/15/56 | 2500 | 2615826 |
| &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 | 1387305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | 2.701 | 08/15/57 | 1800 | 1694159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class A2 | 2.914 | 12/15/72 | 371 | 358625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 | 1400 | 1430012 |
| &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 | 1772 | 1831620 |
| &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%) | 5.984(c) | 11/15/38 | 747 | 746586 |
| &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%) | 5.364(c) | 08/15/41 | 694 | 694451 |
| &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%) | 5.736(c) | 10/15/36 | 1350 | 1348734 |
| &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%) | 5.318(c) | 10/18/42 | 415 | 414640 |
| &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 | 1117571 |
| &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 | 1499728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A4 | 2.477 | 02/15/53 | 1400 | 1284141 |

---

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** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &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 | $208474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 | 1000 | 22120 |
| &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 | 1465027 |
| &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 | 711881 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 4.852(cc) | 08/10/41 | 1100 | 1106469 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class XB, IO | 0.614(cc) | 12/15/54 | 35000 | 1122432 |
| &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%) | 5.287(c) | 09/15/29 | 270 | 262253 |
| &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 | 572 | 567995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 | 1055 | 1014389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L04, Class A2 | 2.449 | 02/15/53 | 3528 | 3265424 |
| &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%) | 7.969(c) | 03/15/39 | 500 | 499895 |
| &nbsp;&nbsp; NJ Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-GSP, Class A, 144A | 6.481(cc) | 01/06/29 | 500 | 518159 |
| &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 | 914929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 | 275 | 283377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 | 610 | 633903 |
| &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 | 900 | 884887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | 3.983 | 02/15/51 | 1650 | 1622996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | 3.854 | 03/15/51 | 350 | 345145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 | 620 | 616195 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 420 | 419194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | 2.642 | 11/15/49 | 393 | 392664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 581 | 573890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class A3 | 3.888 | 08/15/51 | 1050 | 1042498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 | 4.037 | 01/15/52 | 1546 | 1528046 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> (cost $42,280,032) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40742262 |
| &nbsp;&nbsp; **CORPORATE BONDS 13.4%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 555 | 385990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 175 | 175299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 280 | 269547 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 35 | 36134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 30 | 31113 |
| &nbsp;&nbsp; Honeywell Aerospace, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.600 | 03/16/33 | 185 | 182776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.950 | 03/16/36 | 155 | 153777 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 235 | 234073 |
|  |  |  |  | 1468709 |
| &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 | 106822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 100 | 106604 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 23

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** |  |  |  |  |
| &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 | $1409895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 30 | 31134 |
| &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 | 753455 |
|  |  |  |  | 2407910 |
| &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 | 115 | 113510 |
| &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 | 148764 |
| &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 | 260896 |
| &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 | 39 | 38566 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 | 185 | 181521 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 60 | 58818 |
|  |  |  |  | 802075 |
| &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 | 829872 |
| &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 | 94345 |
| &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 | 198517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 425 | 408036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 200 | 197427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.350 | 03/06/30 | 385 | 406226 |
| &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 | 2184613 |
| &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 | 488008 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807044 |
| &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 | 402428 |
| &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 | 25563 |
| &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 | 76556 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 08/15/33 | 25 | 25364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 40 | 40050 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 925 | 923600 |
|  |  |  |  | 1493561 |
| &nbsp;&nbsp; **Banks 3.2%** |  |  |  |  |
| &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 | 586748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.288(ff) | 04/25/34 | 415 | 419894 |

---

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** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593%(ff) | 07/21/28 | 160 | $158310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 215 | 206268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 1835 | 1825725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.974(ff) | 02/07/30 | 115 | 113402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 350 | 348553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 2290 | 2076426 |
| &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 | 611948 |
| &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 | 719901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 685 | 621844 |
| &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 | 200303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 200 | 208738 |
| &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 | 165551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.572(ff) | 06/03/31 | 880 | 806995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 280 | 252805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 290 | 286985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 1500 | 1492777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/23/48 | 55 | 46569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 195 | 194964 |
| &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 | 266423 |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 860 | 888172 |
| &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 | 287017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 395 | 388807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.383(ff) | 07/21/32 | 465 | 410263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 1405 | 1262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 190 | 187381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 95 | 94443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.541(ff) | 01/21/47 | 220 | 209537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.750 | 10/01/37 | 275 | 296475 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.279(ff) | 03/10/37 | 540 | 529143 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.420(ff) | 03/23/37 | 540 | 536973 |
| &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 | 1003358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 375 | 339107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.947(ff) | 02/24/28 | 110 | 108601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.963(ff) | 01/25/33 | 495 | 448821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.702(ff) | 05/06/30 | 145 | 141444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.782(ff) | 02/01/28 | 1591 | 1582570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.323(ff) | 04/26/28 | 85 | 84976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 250 | 250300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.299(ff) | 07/24/29 | 460 | 468533 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.708(ff) | 03/12/32 | 1615 | 1604074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.449(ff) | 07/20/29 | 230 | 234219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 1005 | 880012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 1173 | 1158038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 240 | 238743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.511(ff) | 10/20/32 | 215 | 189870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.943(ff) | 01/21/33 | 485 | 435917 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.115(ff) | 05/23/31 | 1075 | 1085957 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 25

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &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 | $1089675 |
| &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 | 453655 |
| &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 | 370898 |
| &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 | 744899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.393(ff) | 06/02/28 | 2500 | 2440174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 1025 | 948428 |
|  |  |  |  | 33003855 |
| &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 | 146167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 403 | 363810 |
|  |  |  |  | 509977 |
| &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 | 350332 |
| &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 | 422763 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 160 | 108604 |
| &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 | 142299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 20 | 20315 |
| &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 | 283244 |
|  |  |  |  | 977225 |
| &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 | 201757 |
| &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 | 289920 |
| &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 | 246623 |
| &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 | 430090 |
| &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 | 198826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 | 200 | 201814 |
| &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 | 59163 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628193 |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 125 | 112224 |

---

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** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750% | 11/15/29 |  | 190 | $191975 |
| &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 | 212231 |
| &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 | 22805 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/31 |  | 130 | 128114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/15/34 |  | 25 | 24158 |
| &nbsp;&nbsp; Johns Hopkins University (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 2.813 | 01/01/60 |  | 100 | 57974 |
| &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 | 183795 |
| &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 | 79908 |
| &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 | 188083 |
| &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 | 34503 |
| &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 | 183445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 02/15/31 |  | 62 | 58309 |
| &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 | 537860 |
|  |  |  |  |  | 1903160 |
| &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 | 164982 |
| &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 | 140218 |
|  |  |  |  |  | 305200 |
| &nbsp;&nbsp; **Diversified Financial Services 0.1%** |  |  |  |  |  |
| &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 | 333311 |
| &nbsp;&nbsp; Citadel Securities Global Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125 | 01/27/32 |  | 335 | 332345 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 350 | 332752 |
| &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 | 308229 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.150 | 12/06/28 |  | 200 | 207068 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513705 |
| &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 | 335167 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 08/15/34 |  | 1290 | 1336420 |
| &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 | 126139 |
| &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 | 133965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series Z | 2.400 | 09/01/26 |  | 170 | 168742 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 27

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &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 | $431299 |
| &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 | 563633 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 03/01/31 | 100 | 95356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 150 | 148188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 225 | 225628 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.750 | 08/15/47 | 622 | 468758 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.050 | 04/15/38 | 55 | 58557 |
| &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 | 208570 |
| &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 | 137453 |
| &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 | 384287 |
| &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 | 1055207 |
| &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 | 201563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 450 | 471879 |
| &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 | 312341 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.950 | 10/01/33 | 45 | 47982 |
| &nbsp;&nbsp; Iberdrola International BV (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 09/15/33 | 30 | 33000 |
| &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 | 288124 |
| &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 | 230300 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 50 | 50129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 50 | 47518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 | 150 | 138530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 | 250 | 229395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 225 | 223022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 75 | 80999 |
| &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 | 119297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 04/01/48 | 175 | 135179 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 260 | 188837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.250 | 06/01/31 | 510 | 470376 |
| &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 | 50281 |
| &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 | 28948 |
| &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 | 131721 |
| &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 | 180053 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.300 | 03/01/28 | 490 | 496840 |
| &nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 08/15/47 | 250 | 184195 |
| &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 | 1083800 |

---

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** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &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 | $200101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 650 | 655353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) |  | 150 | 161491 |
| &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 | 549965 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 |  | 190 | 196055 |
| &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 | 93703 |
|  |  |  |  |  | 13158346 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 |  | 30 | 29810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/34 |  | 45 | 44354 |
|  |  |  |  |  | 74164 |
| &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 | 19983 |
| &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 | 301146 |
| &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 | 316376 |
| &nbsp;&nbsp; Jacobs Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 03/03/31 |  | 570 | 561924 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 85 | 87785 |
| &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 | 166180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | 200 | 199370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 |  | 200 | 166504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 |  | 400 | 332360 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/15/32 |  | 80 | 73784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 01/31/34 |  | 85 | 83218 |
|  |  |  |  |  | 2308630 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 |  | 325 | 312757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 |  | 375 | 379891 |
| &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 | 194073 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/15/31 |  | 140 | 147079 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033800 |
| &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 |  | 20 | 20701 |
| &nbsp;&nbsp; **Foods 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 03/31/31 |  | 20 | 19783 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 29

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 03/31/34 |  | 35 | $34255 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 325 | 313402 |
| &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 | 293046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 250 | 304842 |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/01/56 |  | 266 | 257589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 12/01/52 |  | 260 | 261701 |
| &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 | 71681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 200 | 186420 |
|  |  |  |  |  | 1742719 |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |  |
| &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 | 351430 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.490 | 05/15/27 |  | 548 | 542151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/44 |  | 15 | 13089 |
| &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 | 718861 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625531 |
| &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 | 387125 |
| &nbsp;&nbsp; **Healthcare-Services 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 200 | 192293 |
| &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 | 74659 |
| &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 | 39413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 |  | 30 | 25971 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 |  | 400 | 455828 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 05/01/47 |  | 140 | 114057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 |  | 495 | 360785 |
| &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 | 1100520 |
| &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 | 105496 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 |  | 1155 | 1028896 |
| &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 | 177509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 |  | 50 | 49544 |
| &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 | 435678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 11/15/32 |  | 105 | 104045 |

---

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** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750% | 05/15/40 | 15 | $10896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 75 | 73251 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348841 |
| &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 | 760 | 738803 |
| &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 | 551262 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 150 | 148471 |
| &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 | 640406 |
| &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 | 500842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 11/15/32 | 30 | 30077 |
|  |  |  |  | 1871058 |
| &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 | 57778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 05/15/32 | 25 | 23898 |
| &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 | 209301 |
|  |  |  |  | 290977 |
| &nbsp;&nbsp; **Insurance 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 100 | 103819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/01/34 | 140 | 136364 |
| &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 | 147970 |
| &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 | 913467 |
| &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 | 78004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 180 | 130299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 | 350 | 348342 |
| &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 | 113178 |
| &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 | 22375 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/15/42 | 15 | 13080 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006898 |
| &nbsp;&nbsp; **Internet 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Amazon.com, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/13/33 | 380 | 376325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 03/13/36 | 545 | 539922 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 31

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581% | 05/30/49 | 1625 | $1673544 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 66 | 64242 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654033 |
| &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 | 175 | 181781 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 95 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 55 | 53825 |
| &nbsp;&nbsp; Commercial Metals Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 11/15/33 | 30 | 29745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 12/15/35 | 40 | 39451 |
| &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 | 20 | 20337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 30 | 31059 |
|  |  |  |  | 451198 |
| &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 | 168111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 250 | 244071 |
| &nbsp;&nbsp; NCL Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 03/15/28 | 125 | 125455 |
|  |  |  |  | 537637 |
| &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 | 272566 |
| &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 | 558961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series X | 4.000 | 04/15/28 | 830 | 823652 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 04/15/32 | 195 | 196583 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851762 |
| &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 | 51948 |
| &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 | 130106 |
| &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 | 89246 |
|  |  |  |  | 271300 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/01/29 | 375 | 369939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.250 | 02/01/31 | 100 | 90977 |
| &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 | 96529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.384 | 10/23/35 | 110 | 111980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 172 | 158431 |

---

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** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.969% | 11/01/47 |  | 19 | $13990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 05/15/64 |  | 700 | 618949 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 |  | 1380 | 1324772 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 100 | 89366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 50 | 48495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 475 | 473703 |
| &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 | 412088 |
| &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 | 240001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 09/01/41 |  | 140 | 120478 |
| &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 | 223621 |
| &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 | 349549 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742868 |
| &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 |  | 225 | 222362 |
| &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 | 74437 |
| &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 | 199026 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 |  | 35 | 33150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 |  | 110 | 107886 |
| &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 | 108210 |
|  |  |  |  |  | 745071 |
| &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 | 446312 |
| &nbsp;&nbsp; **Oil & Gas 0.7%** |  |  |  |  |  |
| &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 | 410397 |
| &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 | 92175 |
| &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 | 1007795 |
| &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 | 171374 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.758 | 03/15/42 |  | 150 | 120905 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 |  | 355 | 359995 |
| &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 | 33876 |
| &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 | 68041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 525 | 554059 |
| &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 | 110323 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 33

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **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 | $194884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 125 | 125013 |
| &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 | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 135 | 131314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 50 | 48398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 150 | 145091 |
| &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 + 5.250% (Cap N/A, Floor 2.000%)^ | 8.917(c) | 09/30/29 |  | 54 | 53243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.250% (Cap N/A, Floor 2.000%)^ | 8.917(c) | 09/30/29 |  | 65 | 63891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.250% (Cap N/A, Floor 2.000%)^ | 8.917(c) | 09/30/29 |  | 54 | 53243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.250% (Cap N/A, Floor 2.000%)^ | 8.917(c) | 09/30/29 |  | 16 | 15973 |
| &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 | 175174 |
| &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 | 437880 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 42 | 37800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 768 | 751680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 10.000 | 02/07/33 |  | 240 | 273420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 6.750 | 09/21/47 |  | 29 | 23155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 180 | 189252 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 10/01/26 |  | 360 | 358898 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 25 | 25692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 75 | 78999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 |  | 20 | 20921 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 70 | 72176 |
| &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 | 873760 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128048 |
| &nbsp;&nbsp; **Packaging & Containers 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 03/15/32 |  | 780 | 724262 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 08/15/30 |  | 175 | 159277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 130 | 130123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 250 | 254059 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 200 | 187085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 75 | 70947 |
| &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 | 25383 |
|  |  |  |  |  | 1551136 |
| &nbsp;&nbsp; **Pharmaceuticals 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 11/21/39 |  | 225 | 197463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 |  | 740 | 659495 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 |  | 125 | 124805 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 |  | 150 | 126696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 |  | 25 | 18320 |

---

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** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250% | 01/30/30 | 50 | $32662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 350 | 214536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 50 | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 250 | 217867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 50 | 45800 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 800 | 705885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/25/28 | 359 | 357793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 357 | 314060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 45 | 40880 |
| &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 | 5.125 | 04/30/31 | 200 | 163250 |
| &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 | 187788 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 800 | 642770 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 40 | 26190 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113760 |
| &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 | 5.750 | 07/01/34 | 130 | 128086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 70 | 71646 |
| &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 | 342606 |
| &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 | 8520 |
| &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 | 608835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 06/15/28 | 210 | 212214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 170 | 140968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 500 | 441318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 30 | 32060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 80 | 86389 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 03/15/44 | 185 | 166973 |
| &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 | 323010 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 08/01/50 | 220 | 142810 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 630 | 580458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 175 | 157467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 04/15/48 | 195 | 158802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 20 | 17674 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.200 | 09/15/43 | 205 | 204754 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 10/15/32 | 865 | 858122 |
| &nbsp;&nbsp; Spectra Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/15/26 | 165 | 164084 |
| &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 | 272617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 125 | 124176 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 04/15/31 | 620 | 607047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 09/15/30 | 100 | 100885 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 35

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &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 | $28522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 | 30 | 27902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 275 | 281249 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29(oo) | 195 | 194116 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 145 | 149158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 06/15/34 | 53 | 55147 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 1180 | 1146602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 03/01/48 | 20 | 16901 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 | 220 | 192753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 | 340 | 340665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/04/44 | 175 | 162947 |
|  |  |  |  | 8547483 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 65 | 64887 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 350 | 331314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 03/01/32 | 90 | 86572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/01/34 | 105 | 100921 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583694 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.7%** |  |  |  |  |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 10/15/30 | 620 | 547345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 02/15/29 | 235 | 238942 |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 10/01/29 | 450 | 410478 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 345 | 335581 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 50 | 44295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 350 | 336027 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 01/15/31 | 315 | 289146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 12/15/32 | 950 | 956086 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 4.950 | 01/15/33 | 980 | 956831 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 25 | 25377 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 100 | 96221 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/28 | 800 | 786727 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 205 | 208790 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 | 350 | 331695 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 | 195 | 193357 |

---

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** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700% | 07/15/31 |  | 1395 | $1248674 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/33 |  | 545 | 451780 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457352 |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 01/15/31 |  | 185 | 160663 |
| &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 | 115585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 100 | 131698 |
| &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 | 234274 |
| &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 | 607451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 400 | 427500 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 |  | 345 | 341135 |
| &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 | 214391 |
| &nbsp;&nbsp; QXO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.750 | 12/31/79 |  | 370 | 370000 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 04/01/32 |  | 100 | 102414 |
|  |  |  |  |  | 2705111 |
| &nbsp;&nbsp; **Semiconductors 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419 | 04/15/33 |  | 1750 | 1600703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 07/15/32 |  | 380 | 383422 |
|  |  |  |  |  | 1984125 |
| &nbsp;&nbsp; **Software 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 105 | 99863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 |  | 100 | 97258 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/10/29 |  | 500 | 497549 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/02/28 |  | 620 | 628941 |
| &nbsp;&nbsp; OAK-Eagle Acquireco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 07/01/33 |  | 35 | 36249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 07/01/34 |  | 60 | 62746 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 02/04/46 |  | 105 | 98031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 02/04/56 |  | 365 | 338085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850 | 02/04/66 |  | 130 | 119352 |
| &nbsp;&nbsp; Salesforce, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 03/15/56 |  | 135 | 135326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 03/15/66 |  | 95 | 96459 |
|  |  |  |  |  | 2209859 |
| &nbsp;&nbsp; **Telecommunications 0.7%** |  |  |  |  |  |
| &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 | 1083501 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 37

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity**<br> **Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550% | 12/01/33 |  | 129 | $109136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 |  | 115 | 74773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 |  | 125 | 118446 |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 |  | 130 | 132380 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 |  | 700 | 697266 |
| &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 | 345031 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 |  | 600 | 648000 |
| &nbsp;&nbsp; Iliad Holding SAS (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | 200 | 200563 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/15/36 |  | 95 | 99101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 140 | 142557 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 300 | 356985 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 |  | 295 | 292336 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750%^ | 11.750 | 03/01/28(d) | GBP | 126 | 0 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 |  | 1910 | 1735620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 02/15/29 |  | 275 | 261443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 |  | 75 | 74546 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 |  | 65 | 66109 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.401 | 07/02/37 |  | 4 | 3985 |
| &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 | 370754 |
| &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 | 62846 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875382 |
| &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 | 142315 |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.150 | 05/01/37 |  | 170 | 183679 |
| &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 | 187698 |
| &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 | 353500 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 06/01/31 |  | 25 | 25762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/01/32 |  | 80 | 82546 |
|  |  |  |  |  | 975500 |

---

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** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &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 | $493188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.050 | 08/01/28 |  | 305 | 313909 |
|  |  |  |  |  | 807097 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br> (cost $142,694,520) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137529491 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 0.2%** |  |  |  |  |  |
| &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% | 6.418(c) | 01/28/32 |  | 100 | 99152 |
| &nbsp;&nbsp; **Diversified Financial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; HPS Specialty Loan Fund VI GP (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.000%^ | 5.668(c) | 09/30/34 |  | 29 | 29144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.200%^ | 6.868(c) | 09/30/34 |  | 67 | 67156 |
| &nbsp;&nbsp; HPS Specialty Loan Fund VI IM (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.000%^ | 5.668(c) | 09/30/34 |  | 44 | 43715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.200%^ | 6.868(c) | 09/30/34 |  | 101 | 100733 |
|  |  |  |  |  | 240748 |
| &nbsp;&nbsp; **Education 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; International Schools Partnership (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.500%^ | 8.092(c) | 07/06/31 |  | 343 | 341452 |
| &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 | 12.000 | 01/02/28 |  | 38 | 6278 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750%^ | 8.422(c) | 07/09/32 |  | 120 | 117732 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.250%^ | 7.374(c) | 01/30/32 | EUR | 375 | 428026 |
|  |  |  |  |  | 545758 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.500% | 8.782(c) | 09/25/29 |  | 325 | 288664 |
| &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, 1 Month SOFR + 6.500%^ | 10.172(c) | 04/23/30 |  | 198 | 198495 |
| &nbsp;&nbsp; **Pharmaceuticals 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Golden State Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/30/31 |  | 125 | 123750 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Meta CW GPU, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/31/32 |  | 148 | 148033 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 39

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity**<br> **Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications 0.0%** |  |  |  |  |
| &nbsp;&nbsp; CloudHQ VA B1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.250%^ | 5.950%(c) | 01/29/30 | 189 | $188797 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** <br> (cost $2,148,820) |  |  |  | 2181127 |
| &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 | 34733 |
| &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 | 229860 |
| &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 | 242324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.500 | 04/01/34 | 15 | 17242 |
|  |  |  |  | 489426 |
| &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 | 175210 |
| &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 | 88693 |
|  |  |  |  | 263903 |
| &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 | 310810 |
| &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 | 338386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.437 | 04/01/40 | 215 | 161383 |
|  |  |  |  | 810579 |
| &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 | 194867 |
| &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 | 79449 |
| &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 | 58114 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br> (cost $2,161,978) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931071 |
| &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 | 887 | 860539 |
| &nbsp;&nbsp; Banc of America Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | 4.758(cc) | 02/25/35 | 4 | 3634 |
| &nbsp;&nbsp; Chase Mortgage Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | 6.447(cc) | 02/25/37 | 4 | 4095 |

---

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** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &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 |  | 347 | $348843 |
| &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 |  | 517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 |  | 414 | 415777 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |  |
| &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%) | 9.912(c) | 03/25/42 |  | 105 | 109450 |
| &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%) | 8.912(c) | 03/25/42 |  | 90 | 93416 |
| &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 |  | 138 | 132476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 |  | 275 | 263352 |
| &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 |  | 464 | 461243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.699(cc) | 02/25/61 |  | 590 | 584326 |
| &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%) | 7.112(c) | 04/25/34 |  | 42 | 42323 |
| &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 |  | 378 | 378664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.596(cc) | 06/25/70 |  | 657 | 659709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV02, Class A1, 144A | 4.682(cc) | 02/25/71 |  | 398 | 392560 |
| &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 |  | 452 | 453185 |
| &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%) | 7.662(c) | 11/25/50 |  | 250 | 274821 |
| &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%) | 5.312(c) | 01/25/34 |  | 21 | 21104 |
| &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%) | 7.062(c) | 10/25/41 |  | 200 | 202156 |
| &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%) | 5.762(c) | 09/25/41 |  | 300 | 301021 |
| &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%) | 6.012(c) | 12/25/41 |  | 200 | 201376 |
| &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%) | 6.562(c) | 04/25/42 |  | 100 | 101791 |
| &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 |  | 378 | 380243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.137(cc) | 11/25/65 |  | 398 | 397424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.259(c) | 03/25/66 |  | 500 | 500000 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | 6.178(cc) | 07/25/35 |  | 1 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.495(cc) | 11/25/65 |  | 515 | 516475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-ACES01, Class A1, 144A | 4.894(cc) | 04/25/66 |  | 490 | 487519 |
| &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%) | 3.019(c) | 01/24/63 | EUR | 238 | 275066 |
| &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 |  | 100 | 100327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 |  | 904 | 899652 |
| &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 | 250586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | 5.652(cc) | 01/25/40 |  | 600 | 602009 |
| &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%) | 3.041(c) | 05/26/66 | EUR | 325 | 375044 |
| &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 |  | 2 | 2286 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM03, Class A1, 144A | 5.209(cc) | 03/25/71 |  | 500 | 498529 |
| &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%) | 4.543(c) | 01/25/48 |  | 33 | 32502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.350(cc) | 07/25/65 |  | 433 | 433027 |
| &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%) | 6.562(c) | 04/25/34 |  | 75 | 75018 |
| &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%) | 4.443(c) | 06/25/57 |  | 29 | 28756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.453(cc) | 05/25/65 |  | 238 | 238939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | 5.418(cc) | 05/25/65 |  | 493 | 494283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | 5.441(cc) | 05/25/65 |  | 935 | 937455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.818(cc) | 12/01/65 |  | 295 | 293015 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 41

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity**<br> **Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &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%) | 7.162%(c) | 05/25/33 |  | 919 | $924303 |
| &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%) | 7.010(c) | 03/29/27 |  | 588 | 590928 |
| &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 |  | 424 | 400184 |
| &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 |  | 507 | 507095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RCF06, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 625 | 611920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 551 | 537975 |
| &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 |  | 551 | 547626 |
| &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%) | 7.362(c) | 11/25/31 |  | 53 | 53660 |
| &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%) | 6.362(c) | 07/25/33 |  | 22 | 22476 |
| &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 |  | 505 | 507745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.704(cc) | 01/25/66 |  | 589 | 582513 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | 5.939(cc) | 02/25/34 |  | 6 | 5787 |
| &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 |  | 274 | 272737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A1, 144A | 4.863(cc) | 01/25/71 |  | 395 | 393138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R01, Class A1, 144A | 4.832(cc) | 10/25/67 |  | 294 | 291386 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br> (cost $20,836,235) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20893612 |
|  **SOVEREIGN BONDS 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.125 | 07/09/30 | EUR | 230 | 218155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.750(cc) | 07/09/30 |  | 670 | 561262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.000 | 07/09/29 |  | 734 | 644157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/09/38 |  | 89 | 67469 |
| &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 | 180812 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/22/36 |  | 620 | 608545 |
| &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 | 746841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/15/29 |  | 410 | 396470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 01/21/29 |  | 200 | 198500 |
| &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 | 435600 |
| &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 07/31/30 |  | 180 | 175140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 01/29/34 |  | 800 | 785400 |
| &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 | 197600 |
| &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 | 364472 |
| &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 | 321789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 200 | 227775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 703 | 792655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/25/41 |  | 300 | 262500 |
| &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 | 211006 |
| &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 | 99617 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/04/33 | EUR | 370 | 399064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 400 | 398300 |

---

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** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** | &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** | &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |
| &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 | $719827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 100 | 94021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 200 | 203600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 200 | 203600 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** <br> (cost $9,456,538) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9514177 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS 4.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Bank | 5.500 | 07/15/36 |  | 135 | 146586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 |  | 419 | 341078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 |  | 313 | 269621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 |  | 1597 | 1357240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 |  | 348 | 295270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 680 | 575789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 877 | 744018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 |  | 504 | 432918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 |  | 426 | 365404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 |  | 436 | 374963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/51 |  | 312 | 275351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 |  | 455 | 402091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 |  | 991 | 885566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 |  | 1561 | 1375666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 |  | 1472 | 1296009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 |  | 1151 | 1062554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 04/01/34 |  | 4 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 05/01/34 |  | 8 | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/35 |  | 12 | 11619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/41 |  | 96 | 97360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 12/01/33 |  | 8 | 7780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/34 |  | 1 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/34 |  | 18 | 18167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/37 |  | 3 | 3272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/37 |  | 6 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 |  | 1703 | 1711137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/34 |  | 10 | 10157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 |  | 558 | 572371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/52 |  | 434 | 445224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 05/01/32 |  | 3 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/50 |  | 1459 | 1189415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/50 |  | 546 | 443714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/50 |  | 489 | 398336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 |  | 2458 | 2002005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 |  | 155 | 125786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 |  | 882 | 749173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 |  | 1921 | 1629356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 |  | 470 | 398400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 |  | 398 | 341509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 |  | 532 | 457599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 |  | 106 | 93662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 |  | 1196 | 1058561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 |  | 354 | 312027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 3.000 | 03/01/52 |  | 2215 | 1950281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/52 |  | 313 | 289002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 |  | 956 | 883131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 |  | 1393 | 1315368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 |  | 31 | 30678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/44 |  | 43 | 42349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/44 |  | 102 | 100655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 |  | 80 | 79089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/52 |  | 365 | 354255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA |  | 1000 | 986127 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 43

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity**<br> **Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000% | 07/01/35 | 8 | $7944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 02/01/36 | 16 | 16375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/52 | 327 | 323934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2115 | 2096563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 588 | 582487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/54 | 1014 | 1001203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 469 | 462884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 4000 | 4018424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/33 | 3 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/33 | 7 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 5 | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/33 | 14 | 14619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/34 | 5 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/34 | 6 | 6565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/34 | 12 | 12408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/52 | 224 | 225873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 2975 | 3008383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 445 | 447711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 2 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/34 | 52 | 52981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 | 3 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/34 | 3 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 4 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 12 | 12358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 12 | 12402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/35 | 25 | 25980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/35 | 16 | 16482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/36 | 4 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/38 | 2 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 704 | 722310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 154 | 158003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 302 | 309583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/29 | 1 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 6 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 04/01/33 | 3 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/34 | 3 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/36 | 6 | 6319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/37 | 25 | 26435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/37 | 21 | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 64 | 65834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 6.625 | 11/15/30 | 200 | 222224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/32 | 3 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 452 | 502620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 7.500 | 09/01/30 | —(r) | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Assoc. | 8.500 | 02/01/28 | —(r) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/50 | 781 | 673039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/43 | 72 | 65862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/44 | 23 | 20681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 47 | 41852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/45 | 68 | 61997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/45 | 129 | 116473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/46 | 136 | 123552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/47 | 78 | 70150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 12/20/48 | 387 | 349837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc.(k) | 3.500 | 12/20/51 | 1729 | 1601768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 803 | 743240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 454 | 419564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 491 | 454741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 85 | 80470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/52 | 656 | 619881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/37 | 6 | 6442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 33 | 32956 |

---

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** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000% | 09/20/52 | 373 | $371600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 648 | 642714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 07/15/33 | 6 | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/15/34 | 60 | 60351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 01/15/36 | 20 | 20855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 11/20/52 | 381 | 387352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 04/20/55 | 185 | 186527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 292 | 298763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 266 | 272100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/15/32 | 1 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | —(r) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | —(r) | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | 1 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 08/15/32 | 3 | 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 05/15/31 | 1 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 7.125 | 05/01/30 | 90 | 100556 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $51,444,075) |  |  |  | 50602597 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 5.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 02/15/51 | 1825 | 1013160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 08/15/51 | 4275 | 2433410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 4310 | 3140912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 05/15/51 | 20810 | 13016005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 02/15/44 | 4300 | 3652312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 2585 | 2339425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/44 | 5965 | 5410441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 02/15/44 | 5405 | 5167687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/44 | 6670 | 6468858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/44 | 2945 | 2849287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/45 | 2310 | 2228067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds(k) | 4.750 | 11/15/43 | 220 | 217319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 4.875 | 08/15/45 | 870 | 867281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 1300 | 1317063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.165(s) | 11/15/43 | 5955 | 2429668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.374(s) | 05/15/43 | 515 | 216445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.450(s) | 02/15/45 | 90 | 34211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.934(s) | 11/15/41 | 645 | 296621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.002(s) | 05/15/41 | 30 | 14215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.608(s) | 11/15/48 | 60 | 18802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.684(s) | 11/15/42 | 735 | 318131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.686(s) | 11/15/40 | 2835 | 1385042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.924(s) | 02/15/49 | 170 | 52578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.928(s) | 11/15/45 | 55 | 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.020(s) | 05/15/44 | 35 | 13883 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $57,960,530) |  |  |  | 54920890 |
| &nbsp;&nbsp; **OPTION PURCHASED\*~ 0.0%**<br> (cost $3,334) |  |  |  | 5793 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 98.1%**<br> (cost $825,920,492) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 98.1%**<br> (cost $825,920,492) |  |  | 1005441637 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $0) |  |  |  | (2778) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 98.1%**<br> (cost $825,920,492) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 98.1%**<br> (cost $825,920,492) |  |  | 1005438859 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 45

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | | | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.6%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.5%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wa) | 15282996 | $15282996 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<br>(cost $180,420; includes $180,109 of cash collateral for securities on loan)(b)(wa) |  |  | 180565 | 180439 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $15,463,416) |  |  |  | 15463435 |
|  | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills<br>(cost $1,166,142) | 3.609% | 06/16/26 | 1175 | 1166062 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $176,700) |  |  |  | 200859 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $16,806,258) |  |  |  | 16830356 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 99.7%**<br> (cost $842,726,750) |  |  |  | 1022269215 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $208,291) |  |  |  | (308979) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 99.7%**<br> (cost $842,518,459) |  |  |  | 1021960236 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.3% | &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.3% |  |  | 2872790 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $1024833026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 semiannual report:

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

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

See Notes to Financial Statements.

------

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

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

ADR—American Depositary Receipt

BABs—Build America Bonds

BARC—Barclays Bank PLC

BBR—New Zealand Bank Bill Rate

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CMS—Constant Maturity Swap

CORRA—Canadian Overnight Repo Rate Average

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

ING—ING Financial Markets LLC

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

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—Semiannual payment frequency for swaps

S&P—Standard & Poor's

SARON—Swiss Average Rate Overnight

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

TONAR—Tokyo Overnight Average Rate

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 $1,713,333 and 0.2% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $191,060; cash collateral of $180,109 (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 March 31, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

See Notes to Financial Statements.

PGIM Balanced Fund 47

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

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

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

(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 | $964 | 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 | 9613 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-03/12/25 | 13986 | 223437 | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 340000 | 345031 | 0.0 |
|  Invitation Homes Operating Partnership LP, Gtd. Notes, 4.950%, 01/15/33 | 08/12/25 | 974926 | 956831 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $1344992 | $1535880 | 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 loan commitments outstanding at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current**<br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  CloudHQ VA B1, Delayed Draw Term Loan, —%(p), Maturity Date 01/29/30 (cost $240,859)^ | 241 | $240859 | $— | $— |
|  CloudHQ VA B1, Delayed Draw Term Loan, —%(p), Maturity Date 01/29/30 (cost $61,942)^ | 62 | 61942 |  |  |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $7,748)^ | 8 | 7717 |  | (31) |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $12,914)^ | 13 | 12861 |  | (53) |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $300,000)^ | 300 | 300750 | 750 |  |
|  HPS Speciality Loan Fund VI GP, Delayed Draw Term Loan, 0.000%, Maturity Date 09/30/34 (cost $80,145)^ | 80 | 80145 |  |  |
|  HPS Speciality Loan Fund VI GP, Delayed Draw Term Loan, 0.000%, Maturity Date 09/30/34 (cost $193,792)^ | 194 | 193792 |  |  |
|  HPS Speciality Loan Fund VI IM, Delayed Draw Term Loan, 0.000%, Maturity Date 09/30/34 (cost $120,218)^ | 120 | 120218 |  |  |
|  HPS Speciality Loan Fund VI IM, Delayed Draw Term Loan, 0.000%, Maturity Date 09/30/34 (cost $290,688)^ | 291 | 290688 |  |  |
|  Meta CW GPU, Delayed Draw Term Loan, 0.000%, Maturity Date 03/31/32 (cost $851,967) | 852 | 851967 |  |  |
|  |  | $2160939 | $750 | $(84) |

---

#### Unfunded preferred stock commitment outstanding at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Shares** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  QXO, Inc., 4.750%, Maturity Date 12/31/79 (cost $190,000)^ | 19 | $190000 | $– | $— |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Notional <br>Amount**<br>**(000)#** | **Notional <br>Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% – |  | 3757 | $— |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% – |  | 7515 |  |
|  Currency Option EUR vs HUF<br> Call | CITI | 04/14/26 | 500.00 – | EUR | 214 | 1 |
|  Currency Option EUR vs USD<br> Call | MSI | 04/14/26 | 1.25 – | EUR | 429 | 1 |
|  Currency Option USD vs BRL<br> Call | DB | 04/01/26 | 5.45 – |  | 250 |  |
|  Currency Option USD vs BRL<br> Call | CITI | 04/01/26 | 7.00 – |  | 250 |  |
|  Currency Option USD vs BRL<br> Call | CITI | 04/09/26 | 6.50 – |  | 248 | 1 |
|  Currency Option USD vs CNH<br> Call | CITI | 06/17/26 | 6.85 – |  | 986 | 6617 |

---

See Notes to Financial Statements.

------

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

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

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **Value** |
|  Currency Option USD vs COP | Call | JPM | 04/09/26 | 4700.00 |  | 248 | $— |
|  Currency Option USD vs COP | Call | CITI | 04/28/26 | 4500.00 |  | 244 | 8 |
|  Currency Option USD vs INR | Call | MSI | 04/21/26 | 93.00 |  | 493 | 7083 |
|  Currency Option USD vs INR | Call | MSI | 04/21/26 | 94.25 |  | 493 | 3727 |
|  Currency Option USD vs INR | Call | CITI | 05/04/26 | 110.00 |  | 243 | 12 |
|  Currency Option USD vs KRW | Call | DB | 04/09/26 | 1700.00 |  | 496 | 26 |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1750.00 |  | 813 | 117 |
|  Currency Option USD vs MXN | Call | CITI | 04/23/26 | 23.00 |  | 245 | 14 |
|  Currency Option USD vs MXN | Call | MSI | 04/23/26 | 23.00 |  | 244 | 14 |
|  Currency Option USD vs PLN | Call | MSI | 06/11/26 | 3.76 |  | 495 | 6243 |
|  Currency Option USD vs TRY | Call | BOA | 04/10/26 | 99.00 |  | 496 | 42 |
|  Currency Option USD vs ZAR | Call | MSI | 04/01/26 | 21.00 |  | 250 |  |
|  Currency Option USD vs ZAR | Call | CITI | 04/23/26 | 23.00 |  | 489 | 18 |
|  Currency Option USD vs BRL | Put | CITI | 04/14/26 | 4.60 |  | 246 |  |
|  Currency Option USD vs BRL | Put | CITI | 04/16/26 | 4.60 |  | 246 |  |
|  Currency Option USD vs BRL | Put | MSI | 04/22/26 | 4.60 |  | 246 | 1 |
|  Currency Option USD vs COP | Put | CITI | 04/15/26 | 3300.00 |  | 245 |  |
|  Currency Option USD vs COP | Put | MSI | 05/04/26 | 3200.00 |  | 734 | 9 |
|  Currency Option USD vs CZK | Put | MSI | 05/04/26 | 19.00 |  | 243 | 1 |
|  Currency Option USD vs HUF | Put | CITI | 06/11/26 | 260.00 |  | 495 | 7 |
|  Currency Option USD vs INR | Put | CITI | 04/07/26 | 85.00 |  | 375 |  |
|  Currency Option USD vs INR | Put | MSI | 04/21/26 | 88.00 |  | 493 | 13 |
|  Currency Option USD vs INR | Put | MSI | 04/21/26 | 88.00 |  | 493 | 13 |
|  Currency Option USD vs KRW | Put | CITI | 04/21/26 | 1455.00 |  | 813 | 1423 |
|  Currency Option USD vs MXN | Put | MSI | 04/16/26 | 16.00 |  | 491 |  |
|  Currency Option USD vs MXN | Put | CITI | 04/28/26 | 16.00 |  | 243 |  |
|  Currency Option USD vs MXN | Put | MSI | 04/28/26 | 16.00 |  | 245 |  |
|  Currency Option USD vs THB | Put | MSI | 04/16/26 | 29.00 |  | 246 |  |
|  Currency Option USD vs TRY | Put | BARC | 04/24/26 | 46.00 |  | 244 | 3947 |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 53.50 |  | 364 | 16871 |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 53.50 |  | 364 | 16871 |
|  **Total OTC Traded** (cost $103,069) |  |  |  |  |  |  | $63080 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional <br>Amount<br>(000)#** | **Notional <br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/07/29 | Call | JPM | 02/03/28 | 2.24% | 2.24%(A) | 3 Month EURIBOR(Q)/ 2.079% | EUR | 2520 | $5793 |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 3.680% |  | 738 | 3739 |
|  1-Year Interest Rate Swap, 09/23/27 | Put | CITI | 09/21/26 | 2.80% | 3 Month EURIBOR(Q)/ 2.079% | 2.80%(A) | EUR | 2865 | 8672 |
|  1-Year Interest Rate Swap, 09/23/27 | Put | CITI | 09/21/26 | 10.29% | 3 Month EURIBOR(Q)/ 2.079% | 10.29%(A) | EUR | 2865 | 16 |
|  1-Year Interest Rate Swap, 03/23/28 | Put | JPM | 03/19/27 | 3.82% | 1 Day SOFR(T)/ 3.680% | 3.82%(T) |  | 4230 | 11739 |
|  1-Year Interest Rate Swap, 03/23/28 | Put | JPM | 03/19/27 | 11.07% | 1 Day SOFR(T)/ 3.680% | 11.07%(T) |  | 4230 | 10 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.680% | 3.21%(A) |  | 10700 | 108964 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.680% | 8.19%(A) |  | 10700 | 96 |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.89% | 1 Day SOFR(A)/ 3.680% | 3.89%(A) |  | 738 | 4543 |
|  **Total OTC Swaptions** (cost $76,965) | **Total OTC Swaptions** (cost $76,965) | **Total OTC Swaptions** (cost $76,965) | **Total OTC Swaptions** (cost $76,965) | **Total OTC Swaptions** (cost $76,965) | **Total OTC Swaptions** (cost $76,965) |  |  |  | $143572 |
|  **Total Options Purchased** (cost $180,034) | **Total Options Purchased** (cost $180,034) | **Total Options Purchased** (cost $180,034) | **Total Options Purchased** (cost $180,034) | **Total Options Purchased** (cost $180,034) | **Total Options Purchased** (cost $180,034) |  |  |  | $206652 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 49

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

#### Options Written:

#### 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 | 04/14/26 | 400.00 |  | EUR | 214 | $(1596) |
|  Currency Option EUR vs USD | Call | MSI | 04/14/26 | 1.17 |  | EUR | 429 | (1361) |
|  Currency Option USD vs BRL | Call | CITI | 04/01/26 | 5.45 |  |  | 250 |  |
|  Currency Option USD vs BRL | Call | CITI | 04/09/26 | 5.29 |  |  | 248 | (890) |
|  Currency Option USD vs COP | Call | JPM | 04/09/26 | 3800.00 |  |  | 248 | (191) |
|  Currency Option USD vs COP | Call | CITI | 04/28/26 | 3800.00 |  |  | 244 | (1329) |
|  Currency Option USD vs INR | Call | MSI | 04/21/26 | 94.00 |  |  | 493 | (4258) |
|  Currency Option USD vs INR | Call | MSI | 04/21/26 | 96.00 |  |  | 493 | (1460) |
|  Currency Option USD vs INR | Call | CITI | 05/04/26 | 95.60 |  |  | 243 | (1378) |
|  Currency Option USD vs KRW | Call | DB | 04/09/26 | 1480.00 |  |  | 496 | (10821) |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1470.00 |  |  | 813 | (23808) |
|  Currency Option USD vs MXN | Call | MSI | 04/23/26 | 17.85 |  |  | 244 | (3939) |
|  Currency Option USD vs MXN | Call | CITI | 04/23/26 | 18.25 |  |  | 245 | (1994) |
|  Currency Option USD vs TRY | Call | BOA | 04/10/26 | 45.50 |  |  | 496 | (2558) |
|  Currency Option USD vs ZAR | Call | CITI | 04/23/26 | 18.00 |  |  | 489 | (1875) |
|  Currency Option USD vs BRL | Put | CITI | 04/14/26 | 5.12 |  |  | 246 | (899) |
|  Currency Option USD vs BRL | Put | CITI | 04/16/26 | 5.15 |  |  | 246 | (1470) |
|  Currency Option USD vs BRL | Put | MSI | 04/22/26 | 5.25 |  |  | 246 | (4431) |
|  Currency Option USD vs COP | Put | CITI | 04/15/26 | 3700.00 |  |  | 245 | (3096) |
|  Currency Option USD vs COP | Put | MSI | 05/04/26 | 3670.00 |  |  | 734 | (8752) |
|  Currency Option USD vs CZK | Put | MSI | 05/04/26 | 21.40 |  |  | 243 | (3583) |
|  Currency Option USD vs HUF | Put | CITI | 06/11/26 | 320.00 |  |  | 495 | (5407) |
|  Currency Option USD vs INR | Put | CITI | 04/07/26 | 91.25 |  |  | 375 | (76) |
|  Currency Option USD vs INR | Put | MSI | 04/21/26 | 92.50 |  |  | 493 | (1343) |
|  Currency Option USD vs INR | Put | MSI | 04/21/26 | 93.50 |  |  | 493 | (3179) |
|  Currency Option USD vs MXN | Put | MSI | 04/16/26 | 17.70 |  |  | 491 | (1988) |
|  Currency Option USD vs MXN | Put | MSI | 04/28/26 | 17.70 |  |  | 245 | (1581) |
|  Currency Option USD vs MXN | Put | CITI | 04/28/26 | 18.00 |  |  | 243 | (3595) |
|  Currency Option USD vs THB | Put | MSI | 04/16/26 | 32.15 |  |  | 246 | (1118) |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 48.00 |  |  | 364 | (1612) |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 48.00 |  |  | 364 | (1612) |
|  **Total OTC Traded** (premiums received $95,047) |  |  |  |  |  |  |  | $(101200) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration <br>Date** | **Strike** | **Receive** | **Pay** | **Notional <br>Amount**<br>**(000)#** | **Notional <br>Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/07/29 | Call | JPM | 02/03/28 | 1.74% | 3 Month EURIBOR(Q)/ 2.079% | 1.74%(A) | EUR | 2520 | $(2778) |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.09% | 1 Day SOFR(A)/ 3.680% | 3.09%(A) |  | 738 | (2290) |
|  1-Year Interest Rate Swap, 09/23/27 | Put | CITI | 09/21/26 | 3.24% | 3.24%(A) | 3 Month EURIBOR(Q)/ 2.079% | EUR | 5730 | (8720) |
|  1-Year Interest Rate Swap, 03/23/28 | Put | JPM | 03/19/27 | 4.27% | 4.27%(T) | 1 Day SOFR(T)/ 3.680% |  | 8460 | (12676) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% |  | 10700 | (73418) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 10700 | (53963) |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 738 | (7082) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | RBC | 04/15/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 4160 | (1982) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 11560 | (3675) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 8500 | (12434) |

---

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 Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration <br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **Pay** | **Notional <br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 21560 | $(31539) |
|  **Total OTC Swaptions** (premiums received $113,244) | **Total OTC Swaptions** (premiums received $113,244) | **Total OTC Swaptions** (premiums received $113,244) | **Total OTC Swaptions** (premiums received $113,244) | **Total OTC Swaptions** (premiums received $113,244) | **Total OTC Swaptions** (premiums received $113,244) |  |  | $(210557) |
|  **Total Options Written** (premiums received $208,291) | **Total Options Written** (premiums received $208,291) | **Total Options Written** (premiums received $208,291) | **Total Options Written** (premiums received $208,291) | **Total Options Written** (premiums received $208,291) | **Total Options Written** (premiums received $208,291) |  |  | $(311757) |

---

#### Futures contracts outstanding at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br> **Unrealized<br>Appreciation**<br> (Depreciation) |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 286 | 5 Year U.S. Treasury Notes | Jun. 2026 | $30939391 | $(409013) |
| 14 | 10 Year Australian Treasury Bonds | Jun. 2026 | 1040826 | (4248) |
| 6 | 10 Year Euro-Bund | Jun. 2026 | 869592 | (24278) |
| 234 | 10 Year U.S. Treasury Notes | Jun. 2026 | 25984970 | (305849) |
| 226 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 25654532 | (530486) |
| 15 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 1708125 | (19857) |
| 29 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 3380313 | 9056 |
| 16 | Mini MSCI EAFE Index | Jun. 2026 | 2320880 | (34882) |
| 16 | Mini MSCI Emerging Markets Index | Jun. 2026 | 1163680 | (43002) |
| 8 | Russell 2000 E-Mini Index | Jun. 2026 | 1004880 | (3321) |
| 31 | S&P 500 E-Mini Index | Jun. 2026 | 10184663 | (220793) |
|  |  |  |  | (1586673) |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 54 | 2 Year U.S. Treasury Notes | Jun. 2026 | 11202047 | 80318 |
| 11 | 5 Year Euro-Bobl | Jun. 2026 | 1467617 | 31544 |
| 3 | Euro Schatz Index | Jun. 2026 | 366693 | 4124 |
|  |  |  |  | 115986 |
|  |  |  |  | $(1470687) |

---

#### Bond forward contracts outstanding at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional**<br> **Amount**<br> **(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Bond Forward Contracts:** |  |  |  |  |  |  |  |  |
|  U.S. Treasury Bond |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/44 | JPM | 07/13/26 | 3400 | $96.56 | $3283076 | $3244283 | $— | $(38793) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/44 | CITI | 07/14/26 | 1765 | $98.37 | 1736169 | 1707846 |  | (28323) |
|  |  |  |  |  | $5019245 | $4952129 | $— | $(67116) |

---

#### Forward foreign currency exchange contracts outstanding at March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 04/02/26 | GSI | BRL | 8791 | $1692815 | $1696625 | $3810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/26 | DB | BRL | 3737 | 709442 | 716453 | 7011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/26 | DB | BRL | 1301 | 245000 | 249488 | 4488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/26 | RBC | BRL | 3737 | 710643 | 716453 | 5810 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | CITI | CLP | 233094 | 250000 | 251819 | 1819 |  |

---

See Notes to Financial Statements.

PGIM Balanced Fund 51

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

#### Forward foreign currency exchange contracts outstanding at March 31, 2026 (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.):** |  |  |  |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BOA | CNH | 881 | $128000 | $128550 | $550 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | HSBC | CNH | 1054 | 154000 | 153794 |  | (206) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BOA | COP | 925238 | 245000 | 247353 | 2353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | JPM | COP | 1644951 | 430773 | 439762 | 8989 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNP | CZK | 5571 | 271000 | 262451 |  | (8549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BOA | CZK | 3989 | 191000 | 187915 |  | (3085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | GSI | CZK | 3743 | 182000 | 176324 |  | (5676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | CZK | 5543 | 270000 | 261108 |  | (8892) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 475 | 572201 | 550117 |  | (22084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SCB | EUR | 474 | 559602 | 548345 |  | (11257) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | CITI | INR | 9440 | 101340 | 99451 |  | (1889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | HSBC | INR | 14212 | 148000 | 149728 | 1728 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BARC | MXN | 4375 | 248000 | 242480 |  | (5520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | JPM | MXN | 7389 | 418435 | 409509 |  | (8926) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | MSI | TWD | 19124 | 600981 | 595059 |  | (5922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | MSI | TWD | 8168 | 257000 | 254160 |  | (2840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | SCB | TWD | 11904 | 374000 | 370401 |  | (3599) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BOA | PHP | 10010 | 167000 | 164326 |  | (2674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | HSBC | PHP | 24288 | 403000 | 398723 |  | (4277) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 1163 | 327600 | 313236 |  | (14364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | PLN | 501 | 140400 | 134835 |  | (5565) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BOA | SGD | 203 | 160000 | 158708 |  | (1292) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BARC | ZAR | 3968 | 232787 | 233116 | 329 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | JPM | KRW | 163596 | 111353 | 108996 |  | (2357) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | GSI | THB | 5407 | 165000 | 165004 | 4 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/13/26 | GSI | TRY | 15914 | 346408 | 352325 | 5917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/13/26 | UAG | TRY | 20966 | 459085 | 464187 | 5102 |  |
|  |  |  |  | $11271865 | $11200801 | 47910 | (118974) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<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 04/02/26 | CITI | BRL | 1317 | $248000 | $254140 | $— | $(6140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | DB | BRL | 3737 | 713900 | 721242 |  | (7342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | RBC | BRL | 3737 | 715130 | 721243 |  | (6113) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNY | GBP | 1423 | 1914639 | 1883553 | 31086 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | CITI | CLP | 258165 | 288243 | 278905 | 9338 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BNP | CNH | 13808 | 2020027 | 2015589 | 4438 |  |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<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.):** |  |  |  |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | CITI | COP | 975000 | $250000 | $264992 | $— | $(14992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | CITI | COP | 937500 | 250000 | 254800 |  | (4800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/06/26 | CITI | COP | 918750 | 250000 | 249704 | 296 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | CZK | 7571 | 360000 | 356668 | 3332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | CZK | 2740 | 134000 | 129073 | 4927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | DB | CZK | 5341 | 255000 | 251624 | 3376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | CZK | 32518 | 1565635 | 1531858 | 33777 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BOA | EUR | 426 | 495000 | 493412 | 1588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 1117 | 1325000 | 1292015 | 32985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 385 | 443700 | 445253 |  | (1553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 349 | 409471 | 404105 | 5366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 214 | 245000 | 247591 |  | (2591) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 213 | 245028 | 246469 |  | (1441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | DB | EUR | 3871 | 4532660 | 4479132 | 53528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | HSBC | EUR | 1964 | 2332619 | 2273059 | 59560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | EUR | 1977 | 2279875 | 2287490 |  | (7615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 174 | 206001 | 201303 | 4698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SSB | EUR | 4516 | 5272488 | 5225653 | 46835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | UAG | EUR | 4516 | 5270297 | 5225652 | 44645 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | BOA | INR | 14032 | 148000 | 147826 | 174 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | JPM | MXN | 2822 | 155000 | 156397 |  | (1397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | MSI | MXN | 2697 | 151000 | 149470 | 1530 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 1845 | 510651 | 497038 | 13613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | PLN | 915 | 245000 | 246356 |  | (1356) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | MSI | SGD | 2022 | 1600471 | 1581237 | 19234 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | GSI | ZAR | 5543 | 339523 | 325629 | 13894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | SCB | ZAR | 2095 | 125000 | 123073 | 1927 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | HSBC | THB | 53693 | 1711781 | 1638392 | 73389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/17/26 | HSBC | THB | 11871 | 375000 | 362247 | 12753 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/13/26 | BARC | TRY | 22008 | 484971 | 487236 |  | (2265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/13/26 | UAG | TRY | 17455 | 383418 | 386446 |  | (3028) |
|  |  |  |  | $38251528 | $37835872 | 476289 | (60633) |
|  |  |  |  |  |  | $524199 | $(179607) |

---

#### Cross currency exchange contracts outstanding at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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:** |  |  |  |  |  |  |  |
|  04/22/26 | Buy | CZK | 7102 | EUR | 291 | $— | $(2174) | BOA |

---

See Notes to Financial Statements.

PGIM Balanced Fund 53

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

#### Credit default swap agreements outstanding at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>**March 31,**<br>**2026(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)^:** | **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 | \* | $1449 | $(176) | $1625 | GSI |
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 345 | 345 | $(1553) | $(972) | $(581) | BARC |
| **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>**March 31,**<br>**2026(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 | 0.415% | $11272 | $11266 | $6 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000 %(Q) |  | 224 | 0.184% | 1390 | 1149 | 241 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000 %(Q) | EUR | 80 | 0.307% | 175 | 138 | 37 | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000 %(Q) |  | 442 | 0.386% | 2098 | 2158 | (60) | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000 %(Q) | EUR | 348 | 0.366% | 1980 | 2313 | (333) | JPM |
|  Barclays Bank PLC | 12/20/26 | 1.000 %(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | 0.366% | 933 | 986 | (53) | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000 %(Q) |  | 925 | 0.320% | 4831 | 4559 | 272 | GSI |
|  Deutsche Telekom AG | 06/20/26 | 1.000 %(Q) | EUR | 127 | 0.124% | 336 | 314 | 22 | JPM |
|  European Investment Bank | 12/20/26 | — %(Q) |  | 711 | 0.040% | (203) | (256) | 53 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000 %(Q) |  | 185 | 0.485% | 274 | 238 | 36 | BARC |
|  Hellenic Republic | 12/20/26 | 1.000 %(Q) |  | 402 | 0.066% | 2838 | 2611 | 227 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) |  | 100 | 0.089% | 1131 | 851 | 280 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) |  | 75 | 0.137% | 1114 | 816 | 298 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000 %(Q) |  | 338 | 0.203% | 2050 | 2029 | 21 | MSI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) |  | 55 | 0.375% | 95 | 88 | 7 | CITI |
|  Kingdom of Spain | 06/20/26 | — %(Q) | EUR | 300 | 0.057% | (44) | (15) | (29) | BARC |
|  Kingdom of Spain | 06/20/26 | 1.000 %(Q) | EUR | 279 | 0.034% | 804 | 670 | 134 | BARC |
|  National Bank of Canada | 12/20/26 | 1.000 %(Q) |  | 126 | 0.311% | 665 | 661 | 4 | CITI |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000 %(Q) |  | 668 | 0.249% | 1341 | 1083 | 258 | BARC |
|  Petroleos Mexicanos | 06/20/26 | 1.000 %(T) |  | 55 | 1.886% | (90) | (67) | (23) | BARC |
|  Republic of Columbia | 12/20/26 | 1.000 %(Q) |  | 118 | 0.869% | 150 | 164 | (14) | BARC |
|  Republic of France | 06/20/26 | 5.000 %(Q) | EUR | 80 | 1.999% | 773 | 507 | 266 | GSI |
|  Republic of France | 06/20/27 | 0.250 %(Q) |  | 185 | 0.102% | 345 | 274 | 71 | BARC |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 345 | 0.310% | (870) | (2001) | 1131 | BARC |
|  Republic of Italy | 06/20/26 | — %(Q) |  | 772 | 0.073% | (126) | (121) | (5) | BARC |
|  Republic of Italy | 06/20/26 | — %(Q) |  | 152 | 0.073% | (24) | (37) | 13 | BARC |
|  Republic of Italy | 09/20/26 | 1.000 %(Q) |  | 810 | 0.075% | 3821 | 3638 | 183 | BARC |
|  Republic of Ivory Coast | 03/31/27 | 2.900 %(Q) |  | 230 | 1.679% | 2996 | (18) | 3014 | CITI |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 118 | 0.516% | 166 | 127 | 39 | CITI |
|  Republic of Panama | 06/20/27 | 1.000 %(Q) |  | 160 | 0.623% | 777 | 1096 | (319) | BARC |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) |  | 37 | 0.611% | 115 | 130 | (15) | BOA |
|  Republic of South Africa | 12/20/26 | 1.000 %(Q) |  | 129 | 0.728% | 295 | 510 | (215) | BARC |
|  Siemens AG | 06/20/26 | 1.000 %(Q) | EUR | 158 | 0.104% | 427 | 404 | 23 | JPM |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 298 | 0.100% | 2029 | 1874 | 155 | MSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 140 | 0.183% | 1972 | 1937 | 35 | BARC |
|  Socialist Republic of Vietnam | 12/20/27 | 1.000 %(Q) |  | 300 | 0.452% | 2856 | 3015 | (159) | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000 %(Q) |  | 345 | 1.662% | (393) | (380) | (13) | GSI |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 187 | 0.200% | 1138 | 1096 | 42 | MSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 195 | 0.244% | 1125 | 1213 | (88) | BARC |
|  Stellantis NV | 06/20/26 | 1.000 %(Q) | EUR | 156 | 0.296% | 344 | 326 | 18 | BARC |

---

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 March 31, 2026 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**March 31,**<br>**2026(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)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR 395 | 0.174% | $116 | $133 | $(17) | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000 %(Q) | 185 | 0.163% | 407 | 298 | 109 | GSI |
|  |  |  |  |  | $51429 | $45777 | $5652 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**March 31,**<br>**2026(4)** | **Value at<br>Trade Date** | **Value at<br>March 31,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.46.V1 | 06/20/31 | 1.000 %(Q) | 37025 | 0.631% | $585969 | $651428 | $65459 |

---

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 the agreement. 

#### Interest rate swap agreements outstanding at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> **March 31,<br>2026** | **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:** |  |  |  |
| CAD | 1300 | 05/20/36 | 3.010 %(S) | 1 Day CORRA(2)(S)/ 2.270% |  | $— | $(17442) | $(17442) |
| CHF | 300 | 02/23/36 | 0.480 %(A) | 3 Month SARON(2)(A)/ (0.040)% |  |  | (2012) | (2012) |
| GBP | 928 | 05/08/26 | 1.000 %(A) | 1 Day SONIA(1)(A)/ 3.730% |  | (34697) | 37003 | 71700 |
| GBP | 2000 | 05/08/27 | 1.050 %(A) | 1 Day SONIA(1)(A)/ 3.730% |  | 237353 | 163648 | (73705) |

---

See Notes to Financial Statements.

PGIM Balanced Fund 55

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

#### Interest rate swap agreements outstanding at March 31, 2026 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>March 31,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd):** |  |  |
| GBP | 190 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.730% | $(8272) | $41219 | $49491 |
| GBP | 325 | 02/19/46 | 4.423%(A) | 1 Day SONIA(2)(A)/ 3.730% | (8) | (18742) | (18734) |
| JPY | 100000 | 02/24/46 | 2.530%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (23138) | (23138) |
| JPY | 80000 | 03/02/46 | 2.569%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (15627) | (15627) |
| MXN | 20675 | 02/28/31 | 7.348%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.057% |  | (37539) | (37539) |
| MXN | 12150 | 02/25/33 | 7.566%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.057% |  | (27073) | (27073) |
| NZD | 1610 | 02/23/36 | 4.014%(S) | 3 Month BBR(2)(Q)/ 2.540% |  | (24106) | (24106) |
|  | 11000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.680% | 5919 | 57914 | 51995 |
|  | 14015 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (64178) | (64178) |
|  | 2590 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.680% | 479 | (20537) | (21016) |
|  | 5435 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | 754 | 56986 | 56232 |
|  | 3385 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | (3599) | (66124) | (62525) |
|  | 1336 | 05/26/36 | 3.672%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 20849 | 20849 |
|  | 3760 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.680% |  | (65537) | (65537) |
|  | 3010 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.680% | (20619) | (157883) | (137264) |
|  | 635 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 289857 | 311018 | 21161 |
|  | 3555 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.680% | 51991 | 125068 | 73077 |
|  | 2665 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.680% | 20643 | 181275 | 160632 |
|  | 2865 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 142770 | 142770 |
|  |  |  |  |  | $539801 | $597812 | $58011 |

---

(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 March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 -30bps(T)/ 3.340% | GSI | 40/20/26 | (6118) | $294160 | $— | $294160 |

---

(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 | $48672 | $(4043) | $302780 | $(1924) |

---

#### 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 | $— | $1436666 |
|  GS |  | 1166062 |
|  JPS |  | 1711773 |
|  **Total** | $— | $4314501 |

---

See Notes to Financial Statements.

------

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

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

#### 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 March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $10481795 | $— | $— |
|  Common Stocks | 503122530 | 104076232 | 5 |
|  Preferred Stocks | 1205293 | 248709 | 9613 |
|  Warrants |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 2823968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 41989586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 6349982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 2488242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 9556610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 4437218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 330834 |  |
|  Commercial Mortgage-Backed Securities |  | 40742262 |  |
|  Corporate Bonds |  | 137343141 | 186350 |
|  Floating Rate and Other Loans |  | 665877 | 1515250 |
|  Municipal Bonds |  | 1931071 |  |
|  Residential Mortgage-Backed Securities |  | 20893612 |  |
|  Sovereign Bonds |  | 9514177 |  |
|  U.S. Government Agency Obligations |  | 50602597 |  |
|  U.S. Treasury Obligations |  | 54920890 |  |
|  Option Purchased |  | 5793 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 15463435 |  |  |
|  U.S. Treasury Obligation |  | 1166062 |  |
|  Options Purchased |  | 200859 |  |
|  **Total** | $**530273053** | $**490287722** | $**1711218** |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(2778) | $— |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $— | $(308979) | $— |
|  **Total** | $**—** | $**(311757)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $— | $750 |
|  Unfunded Preferred Stock Commitment |  |  |  |
|  Futures Contracts | 125042 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 524199 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 65459 |  |
|  OTC Credit Default Swap Agreements |  | 53179 | 1449 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 647907 |  |
|  OTC Total Return Swap Agreement |  | 294160 |  |
|  **Total** | $**125042** | $**1584904** | $**2199** |
|  **Liabilities** |  |  |  |
|  Unfunded Loan Commitments | $— | $— | $(84) |
|  Futures Contracts | (1595729) |  |  |
|  OTC Bond Forward Contracts |  | (67116) |  |

---

See Notes to Financial Statements.

PGIM Balanced Fund 57

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $— | $(179607) | $— |
|  OTC Cross Currency Exchange Contracts |  | (2174) |  |
|  OTC Credit Default Swap Agreements |  | (3303) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (589896) |  |
|  **Total** | $**(1595729)** | $**(842096)** | $**(84)** |

---

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

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

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 7.7 |
|  Banks | 6.8 |
|  U.S. Treasury Obligations | 5.5 |
|  U.S. Government Agency Obligations | 4.9 |
|  Collateralized Loan Obligations | 4.1 |
|  Commercial Mortgage-Backed Securities | 4 |
|  Interactive Media & Services | 3.9 |
|  Technology Hardware, Storage & Peripherals | 3.8 |
|  Software | 3.3 |
|  Pharmaceuticals | 2.9 |
|  Oil, Gas & Consumable Fuels | 2.5 |
|  Capital Markets | 2.4 |
|  Aerospace & Defense | 2.2 |
|  Residential Mortgage-Backed Securities | 2 |
|  Machinery | 1.8 |
|  Financial Services | 1.8 |
|  Biotechnology | 1.6 |
|  Insurance | 1.6 |
|  Health Care Providers & Services | 1.6 |
|  Affiliated Mutual Funds (0.0% represents investments purchased with collateral from securities on loan) | 1.5 |
|  Automobiles | 1.5 |
|  Broadline Retail | 1.5 |
|  Electric | 1.3 |
|  Diversified Telecommunication Services | 1.3 |
|  IT Services | 1.2 |
|  Electronic Equipment, Instruments & Components | 1.2 |
|  Metals & Mining | 1.1 |
|  Consumer Staples Distribution & Retail | 1.1 |
|  Affiliated Exchange-Traded Funds | 1 |
|  Home Equity Loans | 0.9 |
|  Sovereign Bonds | 0.9 |
|  Pipelines | 0.8 |
|  Electrical Equipment | 0.8 |
|  Specialty Retail | 0.7 |
|  Real Estate Investment Trusts (REITs) | 0.7 |
|  Oil & Gas | 0.7 |
|  Chemicals | 0.7 |
|  Food Products | 0.7 |
|  Telecommunications | 0.7 |
|  Electric Utilities | 0.7 |
|  Consumer Loans | 0.6 |
|  Media | 0.6 |
|  Hotels, Restaurants & Leisure | 0.6 |
|  Communications Equipment | 0.6 |

---

---

| | |
|:---|:---|
|  Automobile Components | 0.6 |
|  Industrial REITs | 0.5 |
|  Auto Manufacturers | 0.5 |
|  Other | 0.4 |
|  Healthcare-Services | 0.4 |
|  Diversified Consumer Services | 0.4 |
|  Entertainment | 0.4 |
|  Professional Services | 0.4 |
|  Life Sciences Tools & Services | 0.4 |
|  Tobacco | 0.4 |
|  Real Estate Management & Development | 0.3 |
|  Health Care Equipment & Supplies | 0.3 |
|  Energy Equipment & Services | 0.3 |
|  Construction & Engineering | 0.3 |
|  Retail | 0.3 |
|  Internet | 0.3 |
|  Equipment | 0.3 |
|  Agriculture | 0.2 |
|  Engineering & Construction | 0.2 |
|  Industrial Conglomerates | 0.2 |
|  Gas Utilities | 0.2 |
|  Semiconductors | 0.2 |
|  Ground Transportation | 0.2 |
|  Municipal Bonds | 0.2 |
|  Commercial Services | 0.2 |
|  Home Builders | 0.2 |
|  Consumer Finance | 0.2 |
|  Lodging | 0.2 |
|  Foods | 0.2 |
|  Gas | 0.2 |
|  Packaging & Containers | 0.2 |
|  Leisure Time | 0.2 |
|  Beverages | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Building Products | 0.1 |
|  Trading Companies & Distributors | 0.1 |
|  Marine Transportation | 0.1 |
|  Multi-Utilities | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Passenger Airlines | 0.1 |
|  Building Materials | 0.1 |
|  Transportation | 0.1 |
|  Household Durables | 0.1 |
|  Trucking & Leasing | 0.1 |

---

See Notes to Financial Statements.

------

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

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

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Construction Materials | 0.1% |
|  Airlines | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Mining | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Transportation Infrastructure | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Personal Care Products | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Real Estate | 0.1 |
|  Education | 0.1 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Health Care REITs | 0.0 \* |
|  Specialized REITs | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Household Products | 0.0 \* |
|  Air Freight & Logistics | 0.0 \* |
|  Student Loans | 0.0 \* |
|  Computers | 0.0 \* |
|  Housewares | 0.0 \* |

---

---

| | | |
|:---|:---|:---|
|  Diversified REITs | 0.0 | \*% |
|  Machinery-Diversified | 0.0 | \* |
|  Options Purchased | 0.0 | \* |
|  Metal Fabricate/Hardware | 0.0 | \* |
|  Retail REITs | 0.0 | \* |
|  Coal | 0.0 | \* |
|  Hotel & Resort REITs | 0.0 | \* |
|  Electrical Components & Equipment | 0.0 | \* |
|  Paper & Forest Products | 0.0 | \* |
|  Distributors | 0.0 | \* |
|  Water Utilities | 0.0 | \* |
|  Environmental Control | 0.0 | \* |
|  Office REITs | 0.0 | \* |
|  | 99.7 |  |
|  Options Written | (0.0) |)\* |
|  Other assets in excess of liabilities | 0.3 |  |
|  | 100.0 | % |
|  <br>\* Less than 0.05% | <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 March 31, 2026 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 | Due from/to broker-variation margin swaps | $65459 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 48672 | Premiums received for OTC swap agreements | 4043 |
|  Credit contracts |  |  | Options written outstanding, at value | 49630 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 8620 | Unrealized depreciation on OTC swap agreements | 1924 |
|  Equity contracts |  |  | Due from/to broker-variation margin futures | 301998 \* |
|  Foreign exchange contracts | Unaffiliated investments | 63080 | Options written outstanding, at value | 101200 |
|  Foreign exchange contracts |  |  | Unrealized depreciation on OTC cross currency exchange contracts | 2174 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 524199 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 179607 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 125042 \* | Due from/to broker-variation margin futures | 1293731 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 647907 \* | Due from/to broker-variation margin swaps | 589896 \* |
|  Interest rate contracts | Unaffiliated investments | 143572 | Options written outstanding, at value | 160927 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 59

------

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts |  | $— | Unrealized depreciation on OTC bond forward contracts | $67116 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 294160 |  |  |
|  |  | $1920711 |  | $2752246 |

---

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2026 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 | $(10817) | $66601 | $— | $— | $(118858) |
|  Equity contracts |  |  | 304543 |  |  |
|  Foreign exchange contracts | (48333) | 283286 |  | 138650 |  |
|  Interest rate contracts | (6997) | 3877 | 1011964 |  | (76764) |
|  **Total** | $(66147) | $353764 | $1316507 | $138650 | $(195622) |

---

(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** | **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** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency**<br>**Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $(16143) | $— | $— | $— | $59879 |
|  Equity contracts |  |  | (398854) |  |  |  |
|  Foreign exchange contracts | (29376) | (42462) |  |  | 352027 |  |
|  Interest rate contracts | 66744 | (87277) | (1936139) | (67116) |  | 178118 |
|  **Total** | $37368 | $(145882) | $(2334993) | $(67116) | $352027 | $237997 |

---

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

For the six months ended March 31, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $94919 |
| &nbsp;&nbsp; Options Written (2) | 73134305 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 127338994 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 10214006 |
| &nbsp;&nbsp; Bond Forward Contracts - Purchased (3) | 1673082 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 15071067 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 35849001 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 208084 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 1236667 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 22426379 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 59411658 |

---

See Notes to Financial Statements.

------

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

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

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197615 |

---

\* Average volume is based on average quarter end balances for the six months ended March 31, 2026.

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

#### 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 | $191060 | $(180109) | $10951 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br> Assets(1)**  | **Gross Amounts of<br>Recognized<br> Liabilities(1)**  | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)**  | **Collateral<br> Pledged/(Received)(2)**  | **Net Amount**  |
|  BARC | $42533 | $(30743) | $11790 | $– | $11790 |
|  BNP | 113498 | (135930) | (22432) | – | (22432) |
|  BNY | 31086 |  | 31086 | – | 31086 |
|  BOA | 21708 | (13410) | 8298 | – | 8298 |
|  CITI | 102120 | (128864) | (26744) | – | (26744) |
|  DB | 68429 | (18163) | 50266 | – | 50266 |
|  GSI | 340012 | (50331) | 289681 | – | 289681 |
|  HSBC | 147430 | (4483) | 142947 | – | 142947 |
|  JPM | 29607 | (85314) | (55707) | – | (55707) |
|  MSI | 47784 | (67839) | (20055) | – | (20055) |
|  RBC | 5810 | (8095) | (2285) | – | (2285) |
|  SCB | 1927 | (14856) | (12929) | – | (12929) |
|  SSB | 46835 |  | 46835 | – | 46835 |
|  TD | 33777 | (5565) | 28212 | – | 28212 |
|  UAG | 49747 | (3028) | 46719 | – | 46719 |
|  | $1082303 | $(566621) | $515682 | $– | $515682 |

---

(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 61

------

Statement of Assets and Liabilities (unaudited)

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $191,060: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $816,603,091) | $996326763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $26,123,659) | 25945230 |
| &nbsp;&nbsp; Cash | 340424 |
| &nbsp;&nbsp; Foreign currency, at value (cost $1,293,241) | 1296204 |
| &nbsp;&nbsp; Receivable for investments sold | 11705039 |
| &nbsp;&nbsp; Dividends and interest receivable | 3769692 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 2428292 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 555455 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 524199 |
| &nbsp;&nbsp; Tax reclaim receivable | 512755 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 302780 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 110897 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 48672 |
| &nbsp;&nbsp; Foreign capital gains tax benefit accrued | 15425 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitment | 750 |
| &nbsp;&nbsp; Prepaid expenses | 3696 |
| &nbsp;&nbsp; **Total Assets** | 1043886273 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 16710936 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 599671 |
| &nbsp;&nbsp; Management fee payable | 485236 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $208,291) | 311757 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 242820 |
| &nbsp;&nbsp; Distribution fee payable | 222849 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 180109 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 179607 |
| &nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 67116 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 44921 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 4043 |
| &nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 2174 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1924 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 84 |
| &nbsp;&nbsp; **Total Liabilities** | 19053247 |
| &nbsp;&nbsp; **Net Assets** | $1024833026 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $56879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 811359810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 213416337 |
| &nbsp;&nbsp; **Net assets, March 31, 2026** | $1024833026 |

---

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>($728,143,592 ÷ 40,543,948 shares of common stock issued and outstanding) | $17.96 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.60 |
| &nbsp;&nbsp; Maximum offering price to public | $18.56 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($39,025,235 ÷ 2,154,623 shares of common stock issued and outstanding) | $18.11 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($65,233 ÷ 3,631 shares of common stock issued and outstanding) | $17.97 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($124,124,912 ÷ 6,833,912 shares of common stock issued and outstanding) | $18.16 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($133,474,054 ÷ 7,343,280 shares of common stock issued and outstanding) | $18.18 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 63

------

Statement of Operations (unaudited)

Six Months Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $9049047 |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $196,935 foreign withholding tax) | 4784066 |
| &nbsp;&nbsp; Affiliated dividend income | 1120820 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $3,129) | 3203 |
| &nbsp;&nbsp; **Total income** | 14957136 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3414310 |
| &nbsp;&nbsp; Distribution fee(a) | 1343977 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $114,399)(a) | 462869 |
| &nbsp;&nbsp; Custodian and accounting fees | 151799 |
| &nbsp;&nbsp; Shareholders' reports | 39586 |
| &nbsp;&nbsp; Registration fees(a) | 32942 |
| &nbsp;&nbsp; Professional fees | 28493 |
| &nbsp;&nbsp; Audit fee | 28334 |
| &nbsp;&nbsp; Directors' fees | 11229 |
| &nbsp;&nbsp; Miscellaneous | 39351 |
| &nbsp;&nbsp; **Total expenses** | 5552890 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (479548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (59) |
| &nbsp;&nbsp; **Net expenses** | 5073283 |
| &nbsp;&nbsp; Net investment income (loss) | 9883853 |
| &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 $46,733) (net of foreign capital gains taxes $13,462) | 46006726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 6670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1316507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | 138650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 353764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (195622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (31296) |
|  | 47595399 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(249317)) (net of change in foreign capital gains taxes $(6883)) | (40335652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (2334993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (67116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 352027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (145882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 237997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (27236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (2467) |
|  | (42323322) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 5272077 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $15155930 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 1132418 | 211381 | 178 |  |  |
|  Transfer agent's fees and expenses | 360936 | 30832 | 269 | 69796 | 1036 |
|  Registration fees | 11269 | 5583 | 2986 | 5580 | 7524 |
|  Fee waiver and/or expense reimbursement | (386888) | (11406) | (3191) | (33339) | (44724) |
|  Distribution fee waiver |  |  | (59) |  |  |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **March 31, 2026** | **September 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $9883853 | $19904962 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 47595399 | 65579779 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (42323322) | 20433672 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 15155930 | 105918413 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (58265195) | (52619900) |
| &nbsp;&nbsp; Class C | (3096617) | (3115051) |
| &nbsp;&nbsp; Class R | (3412) | (2339) |
| &nbsp;&nbsp; Class Z | (9571387) | (8483901) |
| &nbsp;&nbsp; Class R6 | (10453115) | (9003996) |
|  | (81389726) | (73225187) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 55663371 | 95836027 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 79671364 | 71665708 |
| &nbsp;&nbsp; Cost of shares purchased | (100338703) | (174574693) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 34996032 | (7072958) |
| &nbsp;&nbsp; Total increase (decrease) | (31237764) | 25620268 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 1056070790 | 1030450522 |
| &nbsp;&nbsp; End of period | $1024833026 | $1056070790 |

---

See Notes to Financial Statements.

PGIM Balanced Fund 65

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $19.19 | $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) | 0.17 | 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 | 0.11 | 1.57 | 3.46 | 1.44 | (3.02) | 2.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 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 | (0.17) | (0.40) | (0.39) | (0.33) | (0.29) | (0.20) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.51) | (1.33) | (0.39) | (0.33) | (2.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.96 | $19.19 | $18.60 | $15.18 | $13.75 | $18.70 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 1.34% | 11.11% | 25.36% | 12.83% | (16.95)% | 18.76% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $728144 | $759440 | $742275 | $639625 | $615650 | $760976 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $757019 | $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 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.10 %<sup>(d)</sup> | 1.12% | 1.12% | 1.15% | 1.12% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.84 %<sup>(d)</sup> | 1.95% | 2.05% | 2.13% | 1.46% | 1.28% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 59% | 107% | 107% | 141% | 109% | 85% |

---

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

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

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

(d) Annualized.

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

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

See Notes to Financial Statements.

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $19.34 | $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) | 0.10 <sup>(b)</sup> | 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 | 0.11 <sup>(c)</sup> | 1.58 | 3.49 | 1.45 | (3.03) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.21 | 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 | (0.10) | (0.25) | (0.25) | (0.21) | (0.16) | (0.07) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.44) | (1.18) | (0.25) | (0.21) | (2.04) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $18.11 | $19.34 | $18.74 | $15.29 | $13.85 | $18.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 0.94% | 10.17% | 24.39% | 11.89% | (17.58)% | 17.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $39025 | $43692 | $53052 | $56162 | $65656 | $93656 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $42392 | $46104 | $55084 | $63635 | $85096 | $96972 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.82 %<sup>(f)</sup> | 1.82% | 1.81% | 1.82% | 1.79% | 1.78% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.87 %<sup>(f)</sup> | 1.88% | 1.87% | 1.88% | 1.84% | 1.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.01 %<sup>(f)</sup> | 1.12% | 1.24% | 1.30% | 0.65% | 0.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> | 59% | 107% | 107% | 141% | 109% | 85% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

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

(f) Annualized.

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

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

See Notes to Financial Statements.

PGIM Balanced Fund 67

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $19.20 | $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) | 0.13 | 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 | 0.11 | 1.58 | 3.46 | 1.45 | (3.02) | 2.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.24 | 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 | (0.13) | (0.32) | (0.31) | (0.26) | (0.21) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.47) | (1.25) | (0.31) | (0.26) | (2.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.97 | $19.20 | $18.61 | $15.19 | $13.75 | $18.70 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 1.11% | 10.59% | 24.76% | 12.37% | (17.36)% | 18.15% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $65 | $38 | $31 | $31 | $209 | $427 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $48 | $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 %<sup>(d)</sup> | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 15.16 %<sup>(d)</sup> | 20.46% | 27.98% | 7.12% | 3.39% | 2.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.39 %<sup>(d)</sup> | 1.47% | 1.57% | 1.66% | 0.97% | 0.80% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 59% | 107% | 107% | 141% | 109% | 85% |

---

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

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

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

(d) Annualized.

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

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

See Notes to Financial Statements.

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $19.39 | $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) | 0.20 | 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 | 0.11 | 1.58 | 3.50 | 1.46 | (3.05) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 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 | (0.20) | (0.44) | (0.42) | (0.36) | (0.33) | (0.24) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.54) | (1.37) | (0.42) | (0.36) | (2.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $18.16 | $19.39 | $18.79 | $15.32 | $13.87 | $18.85 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 1.45% | 11.30% | 25.70% | 13.02% | (16.74)% | 18.99% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $124125 | $122013 | $116245 | $112934 | $113095 | $171776 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $123964 | $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 | 0.77 %<sup>(d)</sup> | 0.78% | 0.78% | 0.79% | 0.78% | 0.77% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.82 %<sup>(d)</sup> | 0.84% | 0.84% | 0.85% | 0.83% | 0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.07 %<sup>(d)</sup> | 2.17% | 2.28% | 2.33% | 1.65% | 1.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 59% | 107% | 107% | 141% | 109% | 85% |

---

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

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

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

(d) Annualized.

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

(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 Balanced Fund 69

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $19.40 | $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) | 0.21 | 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 | 0.12 | 1.58 | 3.50 | 1.45 | (3.05) | 2.76 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.33 | 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 | (0.21) | (0.46) | (0.45) | (0.38) | (0.35) | (0.26) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.34) | (0.93) |  |  | (1.88) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.55) | (1.39) | (0.45) | (0.38) | (2.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $18.18 | $19.40 | $18.79 | $15.33 | $13.88 | $18.86 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 1.56% | 11.49% | 25.79% | 13.24% | (16.66)% | 19.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $133474 | $130888 | $118847 | $87387 | $78207 | $85533 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $134473 | $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 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.72 %<sup>(d)</sup> | 0.73% | 0.73% | 0.73% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.19 %<sup>(d)</sup> | 2.30% | 2.40% | 2.48% | 1.82% | 1.63% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 59% | 107% | 107% | 141% | 109% | 85% |

---

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

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

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

(d) Annualized.

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

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

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

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 period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds ("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 71

------

Notes to Financial Statements (unaudited) (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.

*Bond Forward Contracts:* The Fund invested in bond forward contracts which are primarily used to hedge its exposure to interest rate fluctuations. These transactions involve a commitment by the Fund to purchase or sell a specific bond at a future date for a predetermined fixed price and with no upfront payments. Bond forward contracts are valued daily at the current underlying bond forward price and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on bond forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference of the agreed upon forward price and the actual price of the security at settlement. This gain (loss), if any, is included in net realized gain (loss) on bond forward transactions.

*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

PGIM Balanced Fund 73

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Notes to Financial Statements (unaudited) (continued)

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 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,

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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 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

PGIM Balanced Fund 75

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Notes to Financial Statements (unaudited) (continued)

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 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

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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

PGIM Balanced Fund 77

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Notes to Financial Statements (unaudited) (continued)

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.

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

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\* 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 each 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 investment group PGIM Credit, PGIM Limited, and PGIM Quantitative Solutions LLC (each a "subadviser" and collectively the "subadvisers"). Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. The Manager pays for the services of each subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2026, the contractual and effective management fee rates were as follows:

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| | |
|:---|:---|
| **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. |  |

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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. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| **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 reporting period ended March 31, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $163666 | $4460 |
| &nbsp;&nbsp; C |  | 1366 |

---

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 reporting period ended March 31, 2026, 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 reporting period ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $549159294 | $622135911 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended March 31, 2026, is presented as follows:

PGIM Balanced Fund 79

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain<br>(Loss)** | **Realized**<br> **Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **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 |  |
| $20090253 | $359198 | $20434136 | $(60487) | $45172 | $— |  | $416729 | $— |
|  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;893750 | 888851 |  | (51101) |  | 1731500 | 50000 | 62760 |  |
|  PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5037856 |  | (38356) |  | 4999500 | 100000 | 99517 | 2095 |
|  PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3848308 |  | (97513) |  | 3750795 | 75000 | 89267 | 4575 |
| $20984003 | $10134213 | $20434136 | $(247457) | $45172 | $10481795 |  | $668273 | $6670 |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wa)</sup> |  |
| 29533351 | 207749697 | 222000052 |  |  | 15282996 | 15282996 | 452547 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9636777 | 5582898 | 15038937 | (1860) | 1561 | 180439 | 180565 | 3129<sup>(1)</sup> |  |
| $39170128 | $213332595 | $237038989 | $(1860) | $1561 | $15463435 |  | $455676 | $— |
| $60154131 | $223466808 | $257473125 | $(249317) | $46733 | $25945230 |  | $1123949 | $6670 |

---

(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.** **Tax Information** 

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| $845267896 | $215588168 | $(39621592) | $175966576 |

---

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

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended 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 March 31, 2026, 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; R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 1.5% |
| &nbsp;&nbsp; Z | 169260 | 2.5 |

---

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 |

---

PGIM Balanced Fund 81

------

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of common stock were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1575184 | $29892347 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3132376 | 57291156 |
| &nbsp;&nbsp; Shares purchased | (3781969) | (71672222) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 925591 | 15511281 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 185002 | 3485010 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (149980) | (2850565) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 960613 | $16145726 |
| &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) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 136490 | $2596252 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 166349 | 3070807 |
| &nbsp;&nbsp; Shares purchased | (187855) | (3554369) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 114984 | 2112690 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (219436) | (4168701) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (104452) | $(2056011) |
| &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; **Class R** |  |  |
| &nbsp;&nbsp; **Six months ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1462 | $27334 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 186 | 3411 |
| &nbsp;&nbsp; Shares purchased | (7) | (126) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1641 | $30619 |
| &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; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 586575 | $10984157 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 478801 | 8853166 |
| &nbsp;&nbsp; Shares purchased | (668778) | (12735556) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 396598 | 7101767 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 154183 | $2964506 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (10066) | (188756) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 540715 | $9877517 |
| &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; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 642200 | $12163281 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 565008 | 10452824 |
| &nbsp;&nbsp; Shares purchased | (650685) | (12376430) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 556523 | 10239675 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 39991 | 758506 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 596514 | $10998181 |
| &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 |

---

**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 SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on<br>the Unused Portion of the SCA** | 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 |

---

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

The Fund did not utilize the SCA during the reporting period ended March 31, 2026.

**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.

PGIM Balanced Fund 83

------

Notes to Financial Statements (unaudited) (continued)

*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.

*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.

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets.

PGIM Balanced Fund 85

------

Notes to Financial Statements (unaudited) (continued)

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.

*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 portfolio 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** 

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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

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 March 31, 2026.

PGIM Balanced Fund 87

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

![LOGO](g120319g27t21.jpg)

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

PGIM Jennison Growth Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### MARCH 31, 2026
![LOGO](g120319g56f90.jpg)

------

<u>**Table of Contents**</u>   <u> Financial Statements and Other Information </u>   <u>March 31, 2026</u>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar120319_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Focused Value Fund](#edgar120319_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Growth Fund](#edgar120319_3) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar120319_4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information** - Form N-CSR Items 8-11](#edgar120319_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 (unaudited)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.3%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 5.5%** |  |  |
| &nbsp;&nbsp; Airbus SE (France) | 38783 | $7332817 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 12583 | 8584626 |
|  |  | 15917443 |
| &nbsp;&nbsp; **Automobiles 2.4%** |  |  |
| &nbsp;&nbsp; General Motors Co. | 92046 | 6857427 |
| &nbsp;&nbsp; **Banks 11.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 131870 | 6428663 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 43625 | 12832730 |
| &nbsp;&nbsp; M&T Bank Corp. | 35167 | 7269722 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 36523 | 7600071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34131186 |
| &nbsp;&nbsp; **Biotechnology 2.1%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 28668 | 6235003 |
| &nbsp;&nbsp; **Broadline Retail 3.5%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 49517 | 10312906 |
| &nbsp;&nbsp; **Building Products 2.7%** |  |  |
| &nbsp;&nbsp; Johnson Controls International PLC | 60904 | 7975379 |
| &nbsp;&nbsp; **Capital Markets 2.1%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 7372 | 6236638 |
| &nbsp;&nbsp; **Chemicals 1.1%** |  |  |
| &nbsp;&nbsp; Dow, Inc. | 80361 | 3347036 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 4.5%** |  |  |
| &nbsp;&nbsp; Walmart, Inc. | 105862 | 13156529 |
| &nbsp;&nbsp; **Electrical Equipment 2.9%** |  |  |
| &nbsp;&nbsp; Siemens Energy AG (Germany) | 48700 | 8398294 |
| &nbsp;&nbsp; **Ground Transportation 2.1%** |  |  |
| &nbsp;&nbsp; Union Pacific Corp. | 25835 | 6268088 |
| &nbsp;&nbsp; **Household Durables 3.5%** |  |  |
| &nbsp;&nbsp; Toll Brothers, Inc. | 75751 | 10337739 |
| &nbsp;&nbsp; **Industrial Conglomerates 2.4%** |  |  |
| &nbsp;&nbsp; 3M Co. | 48235 | 7005169 |
| &nbsp;&nbsp; **Insurance 2.8%** |  |  |
| &nbsp;&nbsp; MetLife, Inc. | 113784 | 8046804 |
| &nbsp;&nbsp; **Interactive Media & Services 6.0%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 47654 | 13703384 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 6583 | 3766332 |
|  |  | 17469716 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery 4.8%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 7925 | $5614546 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 9480 | 8486875 |
|  |  | 14101421 |
| &nbsp;&nbsp; **Multi-Utilities 8.0%** |  |  |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 216692 | 9352427 |
| &nbsp;&nbsp; NiSource, Inc. | 300475 | 14020163 |
|  |  | 23372590 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 10.4%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 20667 | 5864468 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 79215 | 13439617 |
| &nbsp;&nbsp; Shell PLC, ADR | 119184 | 11084112 |
|  |  | 30388197 |
| &nbsp;&nbsp; **Pharmaceuticals 6.3%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 36857 | 7268938 |
| &nbsp;&nbsp; Eli Lilly & Co. | 7924 | 7288257 |
| &nbsp;&nbsp; Roche Holding AG, ADR | 76566 | 3806096 |
|  |  | 18363291 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 10.8%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 42228 | 8590442 |
| &nbsp;&nbsp; Applied Materials, Inc. | 21888 | 7481099 |
| &nbsp;&nbsp; Broadcom, Inc. | 17857 | 5526920 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 29047 | 9816434 |
|  |  | 31414895 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 1.7%** |  |  |
| &nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 30923 | 5075392 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $193,779,773) |  | 284411143 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<br> (cost $7,831,183)(wb) | 7831183 | 7831183 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $201,610,956) |  | 292242326 |
|  Other assets in excess of liabilities 0.0% |  | 90165 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292332491 |

---

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

\* Non-income producing security.

(wb) Represents an investment in a Fund affiliated with the Manager.

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 3

------

PGIM Jennison Focused Value Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

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

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

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

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

The following is a summary of the inputs used as of March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $8584626 | $7332817 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 6857427 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 34131186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 6235003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 10312906 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 7975379 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 6236638 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 3347036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 13156529 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 8398294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 6268088 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 10337739 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 7005169 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8046804 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 17469716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 14101421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 23372590 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 30388197 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 18363291 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 31414895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 5075392 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 7831183 |  |  |
|  **Total** | $**276511215** | $**15731111** | **$—** |

---

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 11.7 |
|  Semiconductors & Semiconductor Equipment | 10.8 |
|  Oil, Gas & Consumable Fuels | 10.4 |
|  Multi-Utilities | 8.0 |
|  Pharmaceuticals | 6.3 |
|  Interactive Media & Services | 6.0 |
|  Aerospace & Defense | 5.5 |
|  Machinery | 4.8 |
|  Consumer Staples Distribution & Retail | 4.5 |
|  Household Durables | 3.5 |
|  Broadline Retail | 3.5 |
|  Electrical Equipment | 2.9 |
|  Insurance | 2.8 |
|  Building Products | 2.7 |
|  Affiliated Mutual Fund | 2.7 |
|  Industrial Conglomerates | 2.4 |

---

---

| | |
|:---|:---|
|  Automobiles | 2.4% |
|  Ground Transportation | 2.1 |
|  Capital Markets | 2.1 |
|  Biotechnology | 2.1 |
|  Technology Hardware, Storage & Peripherals | 1.7 |
|  Chemicals | 1.1 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Statement of Assets & Liabilities (unaudited)

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $193,779,773) | $284411143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,831,183) | 7831183 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 313121 |
| &nbsp;&nbsp; Dividends receivable | 176196 |
| &nbsp;&nbsp; Tax reclaim receivable | 13238 |
| &nbsp;&nbsp; Prepaid expenses | 1135 |
| &nbsp;&nbsp; **Total Assets** | 292746016 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 146818 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 127172 |
| &nbsp;&nbsp; Distribution fee payable | 52339 |
| &nbsp;&nbsp; Transfer agent's fees and expenses payable | 23834 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 14394 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 14015 |
| &nbsp;&nbsp; Audit fee payable | 13181 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 11450 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 10322 |
| &nbsp;&nbsp; **Total Liabilities** | 413525 |
| &nbsp;&nbsp; **Net Assets** | $292332491 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $13187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 186188643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 106130661 |
| &nbsp;&nbsp; **Net assets, March 31, 2026** | $292332491 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 5

------

PGIM Jennison Focused Value Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($193,035,711 ÷ 8,878,446 shares of common stock issued and outstanding) | $21.74 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.27 |
| &nbsp;&nbsp; Maximum offering price to public | $23.01 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,981,166 ÷ 214,211 shares of common stock issued and outstanding) | $13.92 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($280,482 ÷ 16,925 shares of common stock issued and outstanding) | $16.57 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($86,271,299 ÷ 3,661,301 shares of common stock issued and outstanding) | $23.56 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($9,763,833 ÷ 416,040 shares of common stock issued and outstanding) | $23.47 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Statement of Operations (unaudited)

Six Months Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $33,755 foreign withholding tax) | $2323417 |
| &nbsp;&nbsp; Affiliated dividend income | 86482 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 11407 |
| &nbsp;&nbsp; **Total income** | 2421306 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 874410 |
| &nbsp;&nbsp; Distribution fee(a) | 310314 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $27,035)(a) | 135973 |
| &nbsp;&nbsp; Registration fees(a) | 38925 |
| &nbsp;&nbsp; Custodian and accounting fees | 25336 |
| &nbsp;&nbsp; Shareholders' reports | 17213 |
| &nbsp;&nbsp; Professional fees | 16641 |
| &nbsp;&nbsp; Audit fee | 13679 |
| &nbsp;&nbsp; Directors' fees | 6524 |
| &nbsp;&nbsp; Miscellaneous | 13588 |
| &nbsp;&nbsp; **Total expenses** | 1452603 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (14709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (343) |
| &nbsp;&nbsp; **Net expenses** | 1437551 |
| &nbsp;&nbsp; Net investment income (loss) | 983755 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(18)) | 20889984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9481) |
|  | 20880503 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(501)) | (3556986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (76) |
|  | (3557062) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 17323441 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $18307196 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 294243 | 15041 | 1030 |  |  |
|  Transfer agent's fees and expenses | 103106 | 2996 | 489 | 29053 | 329 |
|  Registration fees | 7923 | 5867 | 2753 | 16391 | 5991 |
|  Fee waiver and/or expense reimbursement |  |  | (2738) | (9487) | (2484) |
|  Distribution fee waiver |  |  | (343) |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 7

------

PGIM Jennison Focused Value Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **March 31, 2026**  | **Year Ended**<br> **September 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $983755 | $2430251 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 20880503 | 16918369 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (3557062) | 12710841 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 18307196 | 32059461 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (16827276) | (15429968) |
| &nbsp;&nbsp; Class C | (372314) | (331862) |
| &nbsp;&nbsp; Class R | (29156) | (25134) |
| &nbsp;&nbsp; Class Z | (6692503) | (3399903) |
| &nbsp;&nbsp; Class R6 | (728153) | (531906) |
|  | (24649402) | (19718773) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;21688487 | 73179043 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 24449188 | &nbsp;&nbsp;&nbsp;&nbsp;19505539 |
| &nbsp;&nbsp; Cost of shares purchased | (33262589) | (52044896) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 12875086 | 40639686 |
| &nbsp;&nbsp; Total increase (decrease) | 6532880 | 52980374 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 285799611 | 232819237 |
| &nbsp;&nbsp; End of period | $292332491 | $285799611 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $22.31 | $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) | 0.07 | 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 | 1.36 | 2.45 | 5.60 | 2.62 | (2.50) | 4.39 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 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 | (0.18) | (0.20) | (0.17) | (0.16) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.00) | (1.84) | (1.70) | (0.54) | (0.85) | (0.14) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $21.74 | $22.31 | $21.52 | $17.42 | $15.18 | $18.37 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.47% | 13.00% | 35.78% | 18.51% | (13.63)% | 32.13% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $193036 | $192972 | $183532 | $151116 | $140226 | $179848 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $196701 | $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 | 1.08 %<sup>(d)</sup> | 1.10% | 1.12% | 1.17% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.08 %<sup>(d)</sup> | 1.10% | 1.12% | 1.17% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.59 %<sup>(d)</sup> | 0.86% | 1.04% | 0.92% | 0.88% | 0.53% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 17% | 55% | 42% | 37% | 31% | 32% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 9

------

PGIM Jennison Focused Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $14.92 | $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> | (0.04)<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 | 0.91 | 1.65 | 3.96 | 1.92 | (1.83) | 3.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.87 | 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) | (0.05) | (-)<sup>(c)</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.87) | (1.69) | (1.58) | (0.43) | (0.75) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.92 | $14.92 | $15.00 | $12.65 | $11.18 | $13.78 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 5.88% | 11.70% | 34.14% | 17.26% | (14.57)% | 31.06% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2981 | $2974 | $3169 | $3110 | $3449 | $5279 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3016 | $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 | 2.25 %<sup>(f)</sup> | 2.24% | 2.37% | 2.27% | 2.12% | 2.03% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.25 %<sup>(f)</sup> | 2.24% | 2.37% | 2.27% | 2.12% | 2.03% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.59)%<sup>(f)</sup> | (0.27)% | (0.21)% | (0.17)% | (0.14)% | (0.39)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 17% | 55% | 42% | 37% | 31% | 32% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) Amount rounds to zero.

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

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

(f) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $17.45 | $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) | 0.01 | 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 | 1.06 | 1.93 | 4.52 | 2.15 | (2.06) | 3.68 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.07 | 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 | (0.13) | (0.15) | (0.13) | (0.11) | (0.05) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.95) | (1.79) | (1.66) | (0.49) | (0.80) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.57 | $17.45 | $17.24 | $14.28 | $12.54 | $15.33 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.19% | 12.53% | 35.31% | 18.03% | (13.99)% | 31.64% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $280 | $260 | $241 | $233 | $431 | $487 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $275 | $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 %<sup>(d)</sup> | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.78 %<sup>(d)</sup> | 4.02% | 4.11% | 3.21% | 2.72% | 2.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 %<sup>(d)</sup> | 0.43% | 0.64% | 0.60% | 0.49% | 0.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 17% | 55% | 42% | 37% | 31% | 32% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 11

------

PGIM Jennison Focused Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $24.05 | $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) | 0.11 | 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 | 1.47 | 2.63 | 5.99 | 2.78 | (2.65) | 4.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.58 | 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 | (0.25) | (0.26) | (0.24) | (0.21) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.07) | (1.90) | (1.77) | (0.59) | (0.90) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $23.56 | $24.05 | $23.05 | $18.54 | $16.11 | $19.44 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.64% | 13.40% | 36.34% | 18.97% | (13.39)% | 32.52% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $86271 | $81039 | $39789 | $23203 | $23080 | $30080 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $83401 | $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 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.77 %<sup>(d)</sup> | 0.82% | 0.87% | 0.86% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.91 %<sup>(d)</sup> | 1.21% | 1.40% | 1.33% | 1.17% | 0.82% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 17% | 55% | 42% | 37% | 31% | 32% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Focused Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $23.97 | $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) | 0.11 | 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 | 1.46 | 2.63 | 5.97 | 2.78 | (2.66) | 4.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.57 | 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 | (0.25) | (0.26) | (0.24) | (0.21) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.82) | (1.64) | (1.53) | (0.38) | (0.75) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.07) | (1.90) | (1.77) | (0.59) | (0.90) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $23.47 | $23.97 | $22.97 | $18.49 | $16.06 | $19.39 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 6.63% | 13.45% | 36.28% | 19.03% | (13.43)% | 32.54% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $9764 | $8554 | $6089 | $3392 | $4902 | $2878 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8902 | $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 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81 %<sup>(d)</sup> | 0.81% | 1.04% | 0.90% | 1.00% | 0.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.91 %<sup>(d)</sup> | 1.21% | 1.38% | 1.35% | 1.20% | 0.80% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 17% | 55% | 42% | 37% | 31% | 32% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Value Fund 13

------

PGIM Jennison Growth Fund

Schedule of Investments (unaudited)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.3%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 4.9%** |  |  |
| &nbsp;&nbsp; Axon Enterprise, Inc.\*(a) | 79695 | $33845670 |
| &nbsp;&nbsp; Boeing Co. (The)\* | 774273 | 154103555 |
| &nbsp;&nbsp; General Electric Co. | 657708 | 186637799 |
|  |  | 374587024 |
| &nbsp;&nbsp; **Automobiles 3.7%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 757877 | 281740775 |
| &nbsp;&nbsp; **Biotechnology 1.1%** |  |  |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 186437 | 83251578 |
| &nbsp;&nbsp; **Broadline Retail 8.3%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 2826094 | 588590597 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 21345 | 36905932 |
|  |  | 625496529 |
| &nbsp;&nbsp; **Capital Markets 1.2%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 104069 | 88041333 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 4.1%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 139612 | 139113585 |
| &nbsp;&nbsp; Walmart, Inc. | 1398470 | 173801852 |
|  |  | 312915437 |
| &nbsp;&nbsp; **Electric Utilities 1.6%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp.(a) | 441630 | 123325178 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.2%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 708164 | 89476521 |
| &nbsp;&nbsp; **Entertainment 4.8%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 1737411 | 167052068 |
| &nbsp;&nbsp; Spotify Technology SA\* | 224497 | 108860840 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 943306 | 90915832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366828740 |
| &nbsp;&nbsp; **Financial Services 4.3%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 389798 | 194766469 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 440706 | 133198981 |
|  |  | 327965450 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 2.3%** |  |  |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 1044356 | 83632028 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 191627 | 88338131 |
|  |  | 171970159 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.6%** |  |  |
| &nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 309469 | 39079745 |
| &nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 270087 | 82128055 |
|  |  | 121207800 |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services 11.8%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 911833 | $262206697 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 1039087 | 298072497 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 577731 | 330537237 |
|  |  | 890816431 |
| &nbsp;&nbsp; **IT Services 2.9%** |  |  |
| &nbsp;&nbsp; Cloudflare, Inc. (Class A Stock)\* | 236960 | 48894326 |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 865661 | 102684708 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 437853 | 66036990 |
|  |  | 217616024 |
| &nbsp;&nbsp; **Pharmaceuticals 4.8%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 351962 | 323724089 |
| &nbsp;&nbsp; Merck & Co., Inc. | 338297 | 40693746 |
|  |  | 364417835 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 21.3%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 640657 | 130328853 |
| &nbsp;&nbsp; Broadcom, Inc. | 1384386 | 428481311 |
| &nbsp;&nbsp; KLA Corp. | 38449 | 56612692 |
| &nbsp;&nbsp; NVIDIA Corp. | 4380044 | 763879674 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 519578 | 175591385 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 295853 | 57436901 |
|  |  | 1612330816 |
| &nbsp;&nbsp; **Software 11.5%** |  |  |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\*(a) | 155047 | 61708706 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 355920 | 98899490 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 222930 | 87034101 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 501431 | 59193930 |
| &nbsp;&nbsp; Microsoft Corp. | 1090648 | 403725170 |
| &nbsp;&nbsp; Oracle Corp. | 445281 | 65505288 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 637491 | 93252184 |
|  |  | 869318869 |
| &nbsp;&nbsp; **Specialty Retail 1.6%** |  |  |
| &nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 835688 | 77142359 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 261892 | 41824153 |
|  |  | 118966512 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 6.3%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 1864366 | 473157447 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,073,678,481) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513430458 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wb) | 51169222 | 51169222 |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 15

------

PGIM Jennison Growth Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS (Continued)** |  |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<br>(cost $89,109,618; includes $88,898,575 of cash collateral for securities on loan)(b)(wb) | 89185088 | $89122658 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $140,278,840) |  | 140291880 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.2%**<br> (cost $3,213,957,321) |  | 7653722338 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.2)% |  | (88640450) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565081888 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 $87,315,702; cash collateral of $88,898,575 (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 March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $374587024 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 281740775 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 83251578 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 625496529 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 88041333 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 312915437 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 123325178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 89476521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 366828740 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 327965450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 171970159 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 121207800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 890816431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 217616024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 364417835 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1612330816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 869318869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 118966512 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 473157447 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 140291880 |  |  |
|  **Total** | $**7653722338** | **$—** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Schedule of Investments (unaudited) (continued)

as of March 31, 2026

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 21.3 |
|  Interactive Media & Services | 11.8 |
|  Software | 11.5 |
|  Broadline Retail | 8.3 |
|  Technology Hardware, Storage & Peripherals | 6.3 |
|  Aerospace & Defense | 4.9 |
|  Entertainment | 4.8 |
|  Pharmaceuticals | 4.8 |
|  Financial Services | 4.3 |
|  Consumer Staples Distribution & Retail | 4.1 |
|  Automobiles | 3.7 |
|  IT Services | 2.9 |
|  Health Care Equipment & Supplies | 2.3 |
|  Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan) | 1.9 |

---

---

| | |
|:---|:---|
|  Electric Utilities | 1.6% |
|  Hotels, Restaurants & Leisure | 1.6 |
|  Specialty Retail | 1.6 |
|  Electronic Equipment, Instruments & Components | 1.2 |
|  Capital Markets | 1.2 |
|  Biotechnology | 1.1 |
|  | 101.2 |
|  Liabilities in excess of other assets | (1.2) |
|  | 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** |
| &nbsp;&nbsp; Securities on Loan | $87315702 | $(87315702) | $— |

---

(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 17

------

PGIM Jennison Growth Fund

Statement of Assets & Liabilities (unaudited)

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $87,315,702: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,073,678,481) | $7513430458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $140,278,840) | 140291880 |
| &nbsp;&nbsp; Foreign currency, at value (cost $1,338) | 1340 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 14475617 |
| &nbsp;&nbsp; Dividends receivable | 1595401 |
| &nbsp;&nbsp; Tax reclaim receivable | 719166 |
| &nbsp;&nbsp; Prepaid expenses | 35989 |
| &nbsp;&nbsp; **Total Assets** | 7670549851 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 88898575 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 10590331 |
| &nbsp;&nbsp; Management fee payable | 3725484 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 1559983 |
| &nbsp;&nbsp; Distribution fee payable | 636294 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 57296 |
| &nbsp;&nbsp; **Total Liabilities** | 105467963 |
| &nbsp;&nbsp; **Net Assets** | $7565081888 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2914242316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4650712344 |
| &nbsp;&nbsp; **Net assets, March 31, 2026** | $7565081888 |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share,<br> ($1,753,239,657 ÷ 32,747,314 shares of common stock issued and outstanding) | $53.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $56.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($86,800,014 ÷ 2,951,434 shares of common stock issued and outstanding) | $29.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($220,494,309 ÷ 5,604,840 shares of common stock issued and outstanding) | $39.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,812,825,981 ÷ 59,734,597 shares of common stock issued and outstanding) | $63.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,267,524 ÷ 103,017 shares of common stock issued and outstanding) | $60.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,505,659 ÷ 326,848 shares of common stock issued and outstanding) | $62.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,664,948,744 ÷ 25,759,679 shares of common stock issued and outstanding) | $64.63 |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 19

------

PGIM Jennison Growth Fund

Statement of Operations (unaudited)

Six Months Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $312,422 foreign withholding tax) | $16247349 |
| &nbsp;&nbsp; Affiliated dividend income | 723870 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 74298 |
| &nbsp;&nbsp; **Total income** | 17045517 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 23978185 |
| &nbsp;&nbsp; Distribution fee(a) | 4453636 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 14814 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $141,923)(a) | 3746962 |
| &nbsp;&nbsp; Custodian and accounting fees | 220732 |
| &nbsp;&nbsp; Shareholders' reports | 118990 |
| &nbsp;&nbsp; Registration fees(a) | 70014 |
| &nbsp;&nbsp; Directors' fees | 60357 |
| &nbsp;&nbsp; Professional fees | 41775 |
| &nbsp;&nbsp; Audit fee | 13952 |
| &nbsp;&nbsp; Miscellaneous | 147298 |
| &nbsp;&nbsp; **Total expenses** | 32866715 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (5545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (299096) |
| &nbsp;&nbsp; **Net expenses** | 32562074 |
| &nbsp;&nbsp; Net investment income (loss) | (15516557) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(13026)) | 368259426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 54131 |
|  | 368313557 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $5,821) | (1212589922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (44430) |
|  | (1212634352) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (844320795) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(859837352) |

---

(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 | 3018227 | 529095 | 897288 |  | 9026 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  Shareholder servicing fees |  |  |  |  | 3611 | 11203 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  Transfer agent's fees and expenses | 891288 | 53679 | 153197 | 2620229 | 6450 | 17926 | 4193 |
|  Registration fees | 23907 | 7567 | 5146 | 16567 | 4084 | &nbsp;&nbsp;&nbsp;&nbsp;3302 | 9441 |
|  Fee waiver and/or expense reimbursement |  |  |  |  | (4142) | (1403) | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  Distribution fee waiver |  |  | (299096) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **March 31, 2026**  | **Year Ended**<br> **September 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(15516557) | $(25379669) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 368313557 | 902962942 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (1212634352) | 761047231 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (859837352) | 1638630504 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (247857684) | (226807953) |
| &nbsp;&nbsp; Class C | (22052053) | (20724672) |
| &nbsp;&nbsp; Class R | (38268285) | (36977176) |
| &nbsp;&nbsp; Class Z | (457016487) | (420063365) |
| &nbsp;&nbsp; Class R2 | (832216) | (427020) |
| &nbsp;&nbsp; Class R4 | (2353347) | (2265696) |
| &nbsp;&nbsp; Class R6 | (194638390) | (186312124) |
|  | (963018462) | (893578006) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 604026308 | 1621706192 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 923093505 | 831019798 |
| &nbsp;&nbsp; Cost of shares purchased | (1151353883) | (2771695315) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 375765930 | (318969325) |
| &nbsp;&nbsp; Total increase (decrease) | (1447089884) | 426083173 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 9012171772 | 8586088599 |
| &nbsp;&nbsp; End of period | $7565081888 | $9012171772 |

---

See Notes to Financial Statements.

PGIM Jennison Growth Fund 21

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $67.57 | $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) | (0.17) | (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 | (5.78) | 12.61 | 19.23 | 11.08 | (18.61) | 13.46 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (5.95) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $53.54 | $67.57 | $62.60 | $47.30 | $37.36 | $64.97 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.28)% | 20.73% | 42.25% | 29.95% | (34.17)% | 24.17% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1753240 | $2157305 | $1970456 | $1484563 | $1277205 | $2112035 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2017679 | $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 | 0.96 %<sup>(d)</sup> | 0.97% | 0.97% | 1.01% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.96 %<sup>(d)</sup> | 0.97% | 0.97% | 1.01% | 0.99% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.57)%<sup>(d)</sup> | (0.50)% | (0.40)% | (0.34)% | (0.53)% | (0.65)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $40.81 | $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) | (0.23) | (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 | (3.09) | 7.91 | 12.70 | 7.56 | (12.75) | 10.05 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.32) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.41 | $40.81 | $40.69 | $32.10 | $25.84 | $47.75 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.62)% | 19.86% | 41.28% | 29.04% | (34.61)% | 23.33% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $86800 | $116866 | $116699 | $99389 | $96604 | $175778 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $106110 | $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 %<sup>(d)</sup> | 1.69% | 1.68% | 1.71% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.69 %<sup>(d)</sup> | 1.69% | 1.68% | 1.71% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.29)%<sup>(d)</sup> | (1.22)% | (1.12)% | (1.03)% | (1.22)% | (1.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 23

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $51.80 | $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) | (0.19) | (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 | (4.19) | 9.84 | 15.35 | 8.98 | (15.10) | 11.40 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (4.38) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $39.34 | $51.80 | $49.64 | $38.27 | $30.48 | $54.62 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.39)% | 20.45% | 41.93% | 29.65% | (34.30)% | 23.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $220494 | $250709 | $257434 | $229496 | $214699 | $340339 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $239934 | $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 | 1.21 %<sup>(d)</sup> | 1.20% | 1.20% | 1.22% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.46 %<sup>(d)</sup> | 1.45% | 1.45% | 1.47% | 1.46% | 1.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.81)%<sup>(d)</sup> | (0.73)% | (0.64)% | (0.54)% | (0.75)% | (0.88)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $78.94 | $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) | (0.11) | (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 | (6.92) | 14.59 | 21.98 | 12.54 | (21.01) | 14.84 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (7.03) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $63.83 | $78.94 | $71.84 | $53.65 | $42.12 | $71.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.16)% | 21.05% | 42.66% | 30.35% | (33.95)% | 24.51% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3812826 | $4552827 | $4100691 | $2937775 | $2511302 | $4578256 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4329749 | $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 | 0.70 %<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.70 %<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.30)%<sup>(d)</sup> | (0.23)% | (0.13)% | (0.02)% | (0.23)% | (0.36)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 25

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R2 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $75.76 | $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) | (0.24) | (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 | (6.60) | 14.08 | 21.34 | 12.18 | (20.57) | 14.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (6.84) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $60.84 | $75.76 | $69.47 | $52.18 | $41.16 | $70.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.35)% | 20.57% | 42.05% | 29.86% | (34.23)% | 24.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6268 | $7848 | $3173 | $1267 | $4516 | $6175 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7241 | $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 %<sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.21 %<sup>(d)</sup> | 1.18% | 1.40% | 1.34% | 1.21% | 1.24% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.70)%<sup>(d)</sup> | (0.66)% | (0.55)% | (0.37)% | (0.63)% | (0.78)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R4 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $77.78 | $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) | (0.16) | (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 | (6.80) | 14.40 | 21.73 | 12.43 | (20.86) | 14.79 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (6.96) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $62.74 | $77.78 | $70.98 | $53.13 | $41.78 | $71.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (10.23)% | 20.87% | 42.42% | 30.16% | (34.07)% | 24.30% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $20506 | $22940 | $22035 | $15780 | $16676 | $27267 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $22468 | $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 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.86 %<sup>(d)</sup> | 0.86% | 0.86% | 0.87% | 0.88% | 0.85% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.45)%<sup>(d)</sup> | (0.39)% | (0.29)% | (0.17)% | (0.39)% | (0.52)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Growth Fund 27

------

PGIM Jennison Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $79.79 | $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) | (0.06) | (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 | (7.02) | 14.74 | 22.15 | 12.62 | (21.14) | 14.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (7.08) | 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 | (8.08) | (7.33) | (3.70) | (1.00) | (8.73) | (5.31) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $64.63 | $79.79 | $72.46 | $54.02 | $42.36 | $72.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (10.11)% | 21.20% | 42.84% | 30.49% | (33.88)% | 24.64% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1664949 | $1903677 | $2115601 | $1511727 | $977130 | $1223868 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1870113 | $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 | 0.58 %<sup>(e)</sup> | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.58 %<sup>(e)</sup> | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.18)%<sup>(e)</sup> | (0.11)% | (0.01)% | 0.09% | (0.10)% | (0.26)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 12% | 34% | 37% | 37% | 35% | 46% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

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

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

(e) Annualized.

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

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**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.

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
|  PGIM Jennison Focused Value Fund | To achieve long-term growth of capital |
|  ("Jennison Focused Value") |  |
|  PGIM Jennison Growth Fund | To achieve long-term growth of capital |
|  ("Jennison Growth") |  |

---

**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 period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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.

------

Notes to Financial Statements (unaudited) (continued)

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 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 Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities in the open market using the collateral.

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

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

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

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

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

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; 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.

------

Notes to Financial Statements (unaudited) (continued)

*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 March 31, 2026, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Jennison 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; 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.

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:

---

| | | | |
|:---|:---|:---|:---|
| **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 March 31, 2026, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| &nbsp;&nbsp; Jennison Focused Value | $1568 |
| &nbsp;&nbsp; Jennison Growth | 50131 |

---

For the reporting period ended March 31, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Jennison Focused Value - Class A | $26968 | $170 |
| &nbsp;&nbsp; Jennison Focused Value - Class C |  | 904 |
| &nbsp;&nbsp; Jennison Growth - Class A | 399744 | 7257 |
| &nbsp;&nbsp; Jennison Growth - Class C |  | 3663 |

---

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

------

Notes to Financial Statements (unaudited) (continued)

Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Affiliated income from securities lending, net", respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2026, 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 reporting period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
| &nbsp;&nbsp; Jennison Focused Value | $49234788 | $67073277 |
| &nbsp;&nbsp; Jennison Growth | 992064374 | 1629388413 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended March 31, 2026, is presented as follows:

#### Jennison Focused Value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> |  |  |
| $1255810 | $43233553 | $36658180 | $— | $— | $7831183 | 7831183 | $86482 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)(b)(wb) |  |  |
| 17416199 | 14497979 | 31913659 | (501) | (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11407<sup>(1)</sup> |  |
| $18672009 | $57731532 | $68571839 | $(501) | $(18) | $7831183 |  | $97889 | $— |
| <br> **Jennison Growth:**<br>|  |  |  |  |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized**<br> **Gain (Loss)** | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> |  |
| $2934562 | $999529721 | $951295061 | $— | $— | $51169222 | 51169222 | $723870 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> |  |
| 52476868 | 1190232600 | 1153579605 | 5821 | (13026) | 89122658 | 89185088 | 74298<sup>(1)</sup> |  |
| $55411430 | $2189762321 | $2104874666 | $5821 | $(13026) | $140291880 |  | $798168 | $— |

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

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

(wb) Represents an investment in a Fund affiliated with the Manager.

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

------

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of March 31, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net** <br> **Unrealized** <br> **Appreciation**  |
| Jennison Focused Value | $202523956 | $91793290 | $(2074920) | $89718370 |
| Jennison Growth | 3286014359 | 4563233818 | (195525839) | 4367707979 |

---

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

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**  |
| &nbsp;&nbsp; Jennison Focused Value | $— | $— |
| &nbsp;&nbsp; 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** |
| &nbsp;&nbsp; Jennison Focused Value - Class A | 100000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class B | 2000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class C | 25000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class R | 200000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class Z | 325000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class T | 50000000 |
| &nbsp;&nbsp; Jennison Focused Value - Class R6 | 320000000 |
| &nbsp;&nbsp; Jennison Growth - Class A | 125000000 |
| &nbsp;&nbsp; Jennison Growth - Class B | 2000000 |
| &nbsp;&nbsp; Jennison Growth - Class C | 25000000 |
| &nbsp;&nbsp; Jennison Growth - Class R | 220000000 |
| &nbsp;&nbsp; Jennison Growth - Class Z | 825000000 |
| &nbsp;&nbsp; Jennison Growth - Class T | 50000000 |
| &nbsp;&nbsp; Jennison Growth - Class R2 | 125000000 |
| &nbsp;&nbsp; Jennison Growth - Class R4 | 250000000 |
| &nbsp;&nbsp; Jennison Growth - Class R6 | 275000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding.

As of March 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as

------

Notes to Financial Statements (unaudited) (continued)

follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Jennison Focused Value–Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | 0.4% |
| &nbsp;&nbsp; Jennison Focused Value–Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 0.1 |
| &nbsp;&nbsp; Jennison Growth–Class Z | 35324 | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Value |  | —% |
| &nbsp;&nbsp; Jennison Growth |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Value | 5 | 62.3 |
| &nbsp;&nbsp; Jennison Growth | 7 | 67.7 |

---

------

Transactions in shares of common stock were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 150144 | $3291593 |
|  Shares issued in reinvestment of dividends and distributions | 770765 | 16633112 |
|  Shares purchased | (673044) | (15008878) |
|  Net increase (decrease) in shares outstanding before conversion | 247865 | 4915827 |
|  Shares issued upon conversion from other share class(es) | 6721 | 146232 |
|  Shares purchased upon conversion into other share class(es) | (24036) | (536397) |
|  Net increase (decrease) in shares outstanding | 230550 | $4525662 |
|  **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 |
|  **Class C** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 27011 | $401159 |
|  Shares issued in reinvestment of dividends and distributions | 26863 | 372314 |
|  Shares purchased | (28129) | (409083) |
|  Net increase (decrease) in shares outstanding before conversion | 25745 | 364390 |
|  Shares purchased upon conversion into other share class(es) | (10837) | (152666) |
|  Net increase (decrease) in shares outstanding | 14908 | $211724 |
|  **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) |
|  **Class R** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 316 | $5341 |
|  Shares issued in reinvestment of dividends and distributions | 1714 | 28233 |
|  Shares purchased | (20) | (349) |
|  Net increase (decrease) in shares outstanding | 2010 | $33225 |
|  **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 |
|  **Class Z** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 658394 | $15759576 |
|  Shares issued in reinvestment of dividends and distributions | 286152 | 6687376 |
|  Shares purchased | (670946) | (16189611) |
|  Net increase (decrease) in shares outstanding before conversion | 273600 | 6257341 |
|  Shares issued upon conversion from other share class(es) | 19275 | 466523 |
|  Shares purchased upon conversion into other share class(es) | (613) | (14784) |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Jennison Focused Value (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  Net increase (decrease) in shares outstanding | 292262 | $6709080 |
|  **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 |
|  **Class R6** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 93079 | $2230818 |
|  Shares issued in reinvestment of dividends and distributions | 31292 | 728153 |
|  Shares purchased | (69131) | (1654668) |
|  Net increase (decrease) in shares outstanding before conversion | 55240 | 1304303 |
|  Shares issued upon conversion from other share class(es) | 3859 | 91092 |
|  Net increase (decrease) in shares outstanding | 59099 | $1395395 |
|  **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 |

---

------

#### Jennison Growth:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 634227 | $38875122 |
|  Shares issued in reinvestment of dividends and distributions | 3926051 | 239724662 |
|  Shares purchased | (3734149) | (232992928) |
|  Net increase (decrease) in shares outstanding before conversion | 826129 | 45606856 |
|  Shares issued upon conversion from other share class(es) | 194776 | 11883481 |
|  Shares purchased upon conversion into other share class(es) | (199611) | (12532624) |
|  Net increase (decrease) in shares outstanding | 821294 | $44957713 |
|  **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 |
|  **Class C** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 145248 | $5056122 |
|  Shares issued in reinvestment of dividends and distributions | 649086 | 21822279 |
|  Shares purchased | (402251) | (13786875) |
|  Net increase (decrease) in shares outstanding before conversion | 392083 | 13091526 |
|  Shares purchased upon conversion into other share class(es) | (304614) | (10451367) |
|  Net increase (decrease) in shares outstanding | 87469 | $2640159 |
|  **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 |
|  **Class R** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 340637 | $13479043 |
|  Shares issued in reinvestment of dividends and distributions | 851775 | 38244691 |
|  Shares purchased | (426598) | (19227326) |
|  Net increase (decrease) in shares outstanding before conversion | 765814 | 32496408 |
|  Shares purchased upon conversion into other share class(es) | (714) | (29959) |
|  Net increase (decrease) in shares outstanding | 765100 | $32466449 |
|  **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) |
|  **Class Z** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 4938991 | $355866635 |
|  Shares issued in reinvestment of dividends and distributions | 5899458 | 429126548 |
|  Shares purchased | (8884249) | (643846917) |
|  Net increase (decrease) in shares outstanding before conversion | 1954200 | 141146266 |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Jennison Growth (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  Shares issued upon conversion from other share class(es) | 151577 | $11232585 |
|  Shares purchased upon conversion into other share class(es) | (43531) | (3164357) |
|  Net increase (decrease) in shares outstanding | 2062246 | $149214494 |
|  **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 |
|  **Class R2** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 10762 | $712450 |
|  Shares issued in reinvestment of dividends and distributions | 11988 | 832216 |
|  Shares purchased | (23325) | (1601942) |
|  Net increase (decrease) in shares outstanding | (575) | $(57276) |
|  **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 |
|  **Class R4** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 15247 | $1076889 |
|  Shares issued in reinvestment of dividends and distributions | 32900 | 2353347 |
|  Shares purchased | (16214) | (1175874) |
|  Net increase (decrease) in shares outstanding | 31933 | $2254362 |
|  **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) |
|  **Class R6** |  |  |
|  **Six months ended March 31, 2026:** |  |  |
|  Shares sold | 2561125 | $188960047 |
|  Shares issued in reinvestment of dividends and distributions | 2593912 | 190989762 |
|  Shares purchased | (3294530) | (238722021) |
|  Net increase (decrease) in shares outstanding before conversion | 1860507 | 141227788 |
|  Shares issued upon conversion from other share class(es) | 41827 | 3093118 |
|  Shares purchased upon conversion into other share class(es) | (422) | (30877) |
|  Net increase (decrease) in shares outstanding | 1901912 | $144290029 |
|  **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) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5338261) | $(375327399) |

---

**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 SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/26/2025 - 9/24/2026 |
| &nbsp;&nbsp; **Total Commitment** | &nbsp;&nbsp;&nbsp;&nbsp; $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

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

The Funds indicated below utilized the SCA during the reporting period ended March 31, 2026. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number**<br> **of Days<br> Outstanding**  | **Maximum<br>Balance<br> Outstanding** | **Balance<br>Outstanding at<br>March 31, 2026** |
|  Jennison Focused Value | $1164500 | 5.38% | 2 | $2043000 | $— |
|  Jennison Growth | 14194600 | 4.79 | 15 | 40665000 |  |

---

**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** |
|  Economic and Market Events | X | X |
|  Equity and Equity-Related Securities | X | X |
|  Foreign Securities | X | X |
|  Growth Style |  | X |
|  Increase in Expenses | X | X |
|  Large Capitalization Company | X | X |
|  Large Shareholder and Large Scale Redemption | X | X |
|  Management | X | X |
|  Market Capitalization | X | X |
|  Market Disruption and Geopolitical | X | X |
|  Market | X | X |
|  Sector Exposure | X | X |
|  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.

------

Notes to Financial Statements (unaudited) (continued)

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

------

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

*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** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2026.

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

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

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

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

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d125822dex99cert.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.](d125822dex99906cert.htm)

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#### 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.

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| | |
|:---|:---|
| Registrant: | <u>The Prudential Investment Portfolios, Inc.</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | May 19, 2026 |

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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.

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| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | May 19, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | May 19, 2026 |

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## Ex-99.Cert

Item 19

**The Prudential Investment Portfolios, Inc.** 

Semi-Annual period ending 3/31/26

File No. 811-07343

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 19, 2026 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

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Item 19

**The Prudential Investment Portfolios, Inc.**

Semi-Annual period ending 3/31/26

File No. 811-07343

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 19, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

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## 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.

---

| | |
|:---|:---|
| May 19, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| May 19, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

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*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.*