Prudential Investment Portfolios 5

Acquiring Fund

Net

investment

income (loss) (a)

Net realized and

unrealized gain (loss)

on investments (b)

Net increase

(decrease) in

net assets resulting

from operations

Target Date Income

$1,770,787

PGIM Jennison Diversified Growth Fund

Class A:

TBDAX

ANNUAL SHAREHOLDER REPORT –

July

31,

2026

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Diversified Growth Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Diversified Growth Fund—Class A	$83	0.78%

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

■

Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving US Federal Reserve expectations, and Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, shaped investor sentiment.

■

Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions

came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven

by pharmaceuticals.

■

In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &

services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.

MF503EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

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

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	5.43%	9.21%	15.60%
Class A without sales charges	11.57%	10.45%	16.25%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 1000 Growth Index	8.03%	11.88%	17.46%

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

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 437,942,755
Number of fund holdings	80
Total advisory fees paid for the year	$ 1,683,546
Portfolio turnover rate for the year	112%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	26.1%
Software	12.1%
Interactive Media & Services	11.8%
Technology Hardware, Storage & Peripherals	8.1%
Pharmaceuticals	4.7%
Broadline Retail	4.7%
Financial Services	4.3%
Aerospace & Defense	3.5%
Entertainment	3.4%
Specialty Retail	3.1%
Biotechnology	2.0%
Electronic Equipment, Instruments & Components	2.0%
Machinery	2.0%
Affiliated Mutual Fund - Short-Term Investment	1.8%
Automobiles	1.4%

Industry Classification	% of Net Assets
Textiles, Apparel & Luxury Goods	1.3%
Consumer Staples Distribution & Retail	1.2%
Construction & Engineering	1.0%
Consumer Finance	0.9%
Commercial Services & Supplies	0.8%
Hotels, Restaurants & Leisure	0.7%
IT Services	0.5%
Banks	0.5%
Others*	2.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

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

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.

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Diversified Growth Fund

SHARE CLASS	A
NASDAQ	TBDAX
CUSIP	74440V104

MF503EA

PGIM Jennison Diversified Growth Fund

Class C:

TBDCX

ANNUAL SHAREHOLDER REPORT –

July

31,

2026

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Diversified Growth Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Diversified Growth Fund—Class C	$188	1.79%

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

■

Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions

came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven

by pharmaceuticals.

■

In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &

services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.

MF503EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	9.45%	9.30%	15.16%
Class C without sales charges	10.45%	9.30%	15.16%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 1000 Growth Index	8.03%	11.88%	17.46%

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

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 437,942,755
Number of fund holdings	80
Total advisory fees paid for the year	$ 1,683,546
Portfolio turnover rate for the year	112%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	26.1%
Software	12.1%
Interactive Media & Services	11.8%
Technology Hardware, Storage & Peripherals	8.1%
Pharmaceuticals	4.7%
Broadline Retail	4.7%
Financial Services	4.3%
Aerospace & Defense	3.5%
Entertainment	3.4%
Specialty Retail	3.1%
Biotechnology	2.0%
Electronic Equipment, Instruments & Components	2.0%
Machinery	2.0%
Affiliated Mutual Fund - Short-Term Investment	1.8%
Automobiles	1.4%

Industry Classification	% of Net Assets
Textiles, Apparel & Luxury Goods	1.3%
Consumer Staples Distribution & Retail	1.2%
Construction & Engineering	1.0%
Consumer Finance	0.9%
Commercial Services & Supplies	0.8%
Hotels, Restaurants & Leisure	0.7%
IT Services	0.5%
Banks	0.5%
Others*	2.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prosp

ectus,

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.

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Diversified Growth Fund

SHARE CLASS	C
NASDAQ	TBDCX
CUSIP	74440V302

MF503EC

PGIM Jennison Diversified Growth Fund

Class Z:

TBDZX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Diversified Growth Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Diversified Growth Fund—Class Z	$65	0.61%

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

■

Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions

came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven

by pharmaceuticals.

■

In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &

services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.

MF503EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: September 27, 2017 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class Z	11.71%	10.63%	16.35% (9/27/2017)
S&P 500 Index*	19.56%	12.86%	14.97%
Russell 1000 Growth Index	8.03%	11.88%	17.34%

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

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$437,942,755
Number of fund holdings	80
Total advisory fees paid for the year	$1,683,546
Portfolio turnover rate for the year	112%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	26.1%
Software	12.1%
Interactive Media & Services	11.8%
Technology Hardware, Storage & Peripherals	8.1%
Pharmaceuticals	4.7%
Broadline Retail	4.7%
Financial Services	4.3%
Aerospace & Defense	3.5%
Entertainment	3.4%
Specialty Retail	3.1%
Biotechnology	2.0%
Electronic Equipment, Instruments & Components	2.0%
Machinery	2.0%
Affiliated Mutual Fund - Short-Term Investment	1.8%
Automobiles	1.4%

Industry Classification	% of Net Assets
Textiles, Apparel & Luxury Goods	1.3%
Consumer Staples Distribution & Retail	1.2%
Construction & Engineering	1.0%
Consumer Finance	0.9%
Commercial Services & Supplies	0.8%
Hotels, Restaurants & Leisure	0.7%
IT Services	0.5%
Banks	0.5%
Others*	2.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

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

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.

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Diversified Growth Fund

SHARE CLASS	Z
NASDAQ	TBDZX
CUSIP	74440V690

MF503EZ

PGIM Jennison Diversified Growth Fund

Class R6:

TBDQX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Diversified Growth Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Diversified Growth Fund—Class R6	$47	0.44%

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

■

Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions

came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven

by pharmaceuticals.

■

In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &

services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.

MF503ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: September 27, 2017 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	11.93%	10.73%	16.41% (9/27/2017)
S&P 500 Index*	19.56%	12.86%	14.97%
Russell 1000 Growth Index	8.03%	11.88%	17.34%

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

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$437,942,755
Number of fund holdings	80
Total advisory fees paid for the year	$1,683,546
Portfolio turnover rate for the year	112%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	26.1%
Software	12.1%
Interactive Media & Services	11.8%
Technology Hardware, Storage & Peripherals	8.1%
Pharmaceuticals	4.7%
Broadline Retail	4.7%
Financial Services	4.3%
Aerospace & Defense	3.5%
Entertainment	3.4%
Specialty Retail	3.1%
Biotechnology	2.0%
Electronic Equipment, Instruments & Components	2.0%
Machinery	2.0%
Affiliated Mutual Fund - Short-Term Investment	1.8%
Automobiles	1.4%

Industry Classification	% of Net Assets
Textiles, Apparel & Luxury Goods	1.3%
Consumer Staples Distribution & Retail	1.2%
Construction & Engineering	1.0%
Consumer Finance	0.9%
Commercial Services & Supplies	0.8%
Hotels, Restaurants & Leisure	0.7%
IT Services	0.5%
Banks	0.5%
Others*	2.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

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

ADDITIONAL

INFORMATI

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.

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Diversified Growth Fund

SHARE CLASS	R6
NASDAQ	TBDQX
CUSIP	74440V716

MF503ER6

PGIM Jennison Rising Dividend Fund

Class A:

PJDAX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Rising Dividend Fund—Class A	$136	1.24%

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

■

Over the past year, equities (represented by the S&P 500 Index) delivered solid results. Dividend-paying stocks also produced solid gains for the reporting period, though they underperformed the broader U.S. equity market. In a year that had bouts of macro uncertainty and market volatility, dividend strategies benefited as investors rotated into more stable, income-generating assets amid sticky inflation, changing expectations for U.S. Federal Reserve policy, geopolitical uncertainty tied to the Middle East, and intermittent weakness in technology leadership.

■

Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and

consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&P 500 Index (the “Index”).

■

Stock selection within energy and communication services (led by interactive media & services), along with an underweight in information

technology and an overweight in utilities, detracted the most from performance relative to the Index.

MF220EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

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

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	12.17%	8.33%	11.22%
Class A without sales charges	18.70%	9.57%	11.86%
S&P 500 Index	19.56%	12.86%	15.08%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$82,710,699
Number of fund holdings	62
Total advisory fees paid for the year	$493,895
Portfolio turnover rate for the year	26%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Oil, Gas & Consumable Fuels	10.4%
Semiconductors & Semiconductor Equipment	9.8%
Banks	8.0%
Electric Utilities	5.6%
Biotechnology	4.3%
Machinery	4.3%
Pharmaceuticals	4.1%
Communications Equipment	4.0%
Capital Markets	3.8%
Multi-Utilities	3.4%
Specialty Retail	3.1%
Electrical Equipment	2.9%
Technology Hardware, Storage & Peripherals	2.8%
Building Products	2.8%
Consumer Staples Distribution & Retail	2.7%
Diversified Telecommunication Services	2.6%
Aerospace & Defense	2.6%
IT Services	2.6%
Interactive Media & Services	2.5%
Hotels, Restaurants & Leisure	2.0%
Leisure Products	1.9%

Industry Classification	% of Net Assets
Industrial Conglomerates	1.9%
Affiliated Mutual Fund - Short-Term Investment	1.7%
Financial Services	1.6%
Metals & Mining	1.4%
Insurance	1.4%
Ground Transportation	1.1%
Air Freight & Logistics	1.1%
Food Products	0.8%
Chemicals	0.7%
Personal Care Products	0.6%
Residential REITs	0.6%
Independent Power & Renewable Electricity Producers	0.5%
Others*	0.4%
	100.0%
Liabilities in excess of other assets	(0.0)%**
	100.0%

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets
**	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside

the

U.S.

To receive your fund

documents

online, go to

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

and enroll.

PGIM Jennison Rising Dividend Fund

SHARE CLASS	A
NASDAQ	PJDAX
CUSIP	74440V823

MF220EA

PGIM Jennison Rising Dividend Fund

Class C:

PJDCX

ANNUAL SHAREHOLDER

REPORT

– July 31, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Rising Dividend Fund—Class C	$217	1.99%

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

■

Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and

consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&P 500 Index (the “Index”).

■

Stock selection within energy and communication services (led by interactive media & services), along with an underweight in information

technology and an overweight in utilities, detracted the most from performance relative to the Index.

MF220EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	16.79%	8.74%	11.03%
Class C without sales charges	17.79%	8.74%	11.03%
S&P 500 Index	19.56%	12.86%	15.08%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$82,710,699
Number of fund holdings	62
Total advisory fees paid for the year	$493,895
Portfolio turnover rate for the year	26%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Oil, Gas & Consumable Fuels	10.4%
Semiconductors & Semiconductor Equipment	9.8%
Banks	8.0%
Electric Utilities	5.6%
Biotechnology	4.3%
Machinery	4.3%
Pharmaceuticals	4.1%
Communications Equipment	4.0%
Capital Markets	3.8%
Multi-Utilities	3.4%
Specialty Retail	3.1%
Electrical Equipment	2.9%
Technology Hardware, Storage & Peripherals	2.8%
Building Products	2.8%
Consumer Staples Distribution & Retail	2.7%
Diversified Telecommunication Services	2.6%
Aerospace & Defense	2.6%
IT Services	2.6%
Interactive Media & Services	2.5%
Hotels, Restaurants & Leisure	2.0%
Leisure Products	1.9%

Industry Classification	% of Net Assets
Industrial Conglomerates	1.9%
Affiliated Mutual Fund - Short-Term Investment	1.7%
Financial Services	1.6%
Metals & Mining	1.4%
Insurance	1.4%
Ground Transportation	1.1%
Air Freight & Logistics	1.1%
Food Products	0.8%
Chemicals	0.7%
Personal Care Products	0.6%
Residential REITs	0.6%
Independent Power & Renewable Electricity Producers	0.5%
Others*	0.4%
	100.0%
Liabilities in excess of other assets	(0.0)%**
	100.0%

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets
**	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Rising Dividend Fund

SHARE CLASS	C
NASDAQ	PJDCX
CUSIP	74440V815

MF220EC

PGIM Jennison Rising Dividend Fund

Class Z:

PJDZX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Rising Dividend Fund—Class Z	$108	0.99%

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

■

Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and

consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&P 500 Index (the “Index”).

■

Stock selection within energy and communication services (led by interactive media & services), along with an underweight in information

technology and an overweight in utilities, detracted the most from performance relative to the Index.

MF220EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	18.98%	9.83%	12.13%
S&P 500 Index	19.56%	12.86%	15.08%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$82,710,699
Number of fund holdings	62
Total advisory fees paid for the year	$493,895
Portfolio turnover rate for the year	26%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Oil, Gas & Consumable Fuels	10.4%
Semiconductors & Semiconductor Equipment	9.8%
Banks	8.0%
Electric Utilities	5.6%
Biotechnology	4.3%
Machinery	4.3%
Pharmaceuticals	4.1%
Communications Equipment	4.0%
Capital Markets	3.8%
Multi-Utilities	3.4%
Specialty Retail	3.1%
Electrical Equipment	2.9%
Technology Hardware, Storage & Peripherals	2.8%
Building Products	2.8%
Consumer Staples Distribution & Retail	2.7%
Diversified Telecommunication Services	2.6%
Aerospace & Defense	2.6%
IT Services	2.6%
Interactive Media & Services	2.5%
Hotels, Restaurants & Leisure	2.0%
Leisure Products	1.9%

Industry Classification	% of Net Assets
Industrial Conglomerates	1.9%
Affiliated Mutual Fund - Short-Term Investment	1.7%
Financial Services	1.6%
Metals & Mining	1.4%
Insurance	1.4%
Ground Transportation	1.1%
Air Freight & Logistics	1.1%
Food Products	0.8%
Chemicals	0.7%
Personal Care Products	0.6%
Residential REITs	0.6%
Independent Power & Renewable Electricity Producers	0.5%
Others*	0.4%
	100.0%
Liabilities in excess of other assets	(0.0)%**
	100.0%

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets
**	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Rising Dividend Fund

SHARE CLASS	Z
NASDAQ	PJDZX
CUSIP	74440V799

MF220EZ

PGIM Jennison Rising Dividend Fund

Class R6:

PJDQX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Rising Dividend Fund—Class R6	$108	0.99%

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

■

Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and

consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&P 500 Index (the “Index”).

■

Stock selection within energy and communication services (led by interactive media & services), along with an underweight in information

technology and an overweight in utilities, detracted the most from performance relative to the Index.

MF220ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: September 27, 2017 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	18.93%	9.85%	12.19% (9/27/2017)
S&P 500 Index	19.56%	12.86%	14.97%

Since Inception returns are provided for any share class with less than 10

fiscal

years of returns. Since Inception returns for the Index are measured from the closest month-end to the

class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$82,710,699
Number of fund holdings	62
Total advisory fees paid for the year	$493,895
Portfolio turnover rate for the year	26%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Industry Classification	% of Net Assets
Oil, Gas & Consumable Fuels	10.4%
Semiconductors & Semiconductor Equipment	9.8%
Banks	8.0%
Electric Utilities	5.6%
Biotechnology	4.3%
Machinery	4.3%
Pharmaceuticals	4.1%
Communications Equipment	4.0%
Capital Markets	3.8%
Multi-Utilities	3.4%
Specialty Retail	3.1%
Electrical Equipment	2.9%
Technology Hardware, Storage & Peripherals	2.8%
Building Products	2.8%
Consumer Staples Distribution & Retail	2.7%
Diversified Telecommunication Services	2.6%
Aerospace & Defense	2.6%
IT Services	2.6%
Interactive Media & Services	2.5%
Hotels, Restaurants & Leisure	2.0%
Leisure Products	1.9%

Industry Classification	% of Net Assets
Industrial Conglomerates	1.9%
Affiliated Mutual Fund - Short-Term Investment	1.7%
Financial Services	1.6%
Metals & Mining	1.4%
Insurance	1.4%
Ground Transportation	1.1%
Air Freight & Logistics	1.1%
Food Products	0.8%
Chemicals	0.7%
Personal Care Products	0.6%
Residential REITs	0.6%
Independent Power & Renewable Electricity Producers	0.5%
Others*	0.4%
	100.0%
Liabilities in excess of other assets	(0.0)%**
	100.0%

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets
**	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Rising Dividend Fund

SHARE CLASS	R6
NASDAQ	PJDQX
CUSIP	74440V682

MF220ER6

PGIM Target Date Income Fund

Class R1:

PDADX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

You can find additional information about the Fund at pgim.com/investments/target-date-prospectuses-and-fact-sheets. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R1	$71	0.68%

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

■

Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	9.14%	3.25%	4.80% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R1
NASDAQ	PDADX
CUSIP	74445D109

MF236ER1

PGIM Target Date Income Fund

Class R2:

PDAEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R2	$45	0.43%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	9.41%	3.51%	5.06% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R2
NASDAQ	PDAEX
CUSIP	74445D208

MF236ER2

PGIM Target Date Income Fund

Class R3:

PDAFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R3	$29	0.28%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	9.57%	3.67%	5.23% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R3
NASDAQ	PDAFX
CUSIP	74445D307

MF236ER3

PGIM Target Date Income Fund

Class R4:

PDAGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R4	$19	0.18%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	9.68%	3.76%	5.33% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R4
NASDAQ	PDAGX
CUSIP	74445D406

MF236ER4

PGIM Target Date Income Fund

Class R5:

PDAHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R5	$9	0.09%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	9.78%	3.87%	5.44% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R5
NASDAQ	PDAHX
CUSIP	74445D505

MF236ER5

PGIM Target Date Income Fund

Class R6:

PDAJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date Income Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	10.04%	4.02%	5.61% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date Income Custom Benchmark	9.48%	3.84%	5.56%
S&P Target Date Retirement Income Index	8.89%	4.10%	5.46%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$24,049,735
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	23.3%
Affiliated Mutual Funds - Domestic Equity	17.6%
Affiliated Mutual Funds - International Equity	12.4%
Affiliated Mutual Fund - Short-Term Investment	6.3%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date Income Fund

SHARE CLASS	R6
NASDAQ	PDAJX
CUSIP	74445D604

MF236ER6

PGIM Target Date 2020 Fund

Class R1:

PDDDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R1	$71	0.68%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2020R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	10.17%	3.93%	5.72% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

*The Fund

compares

its performance against this broad-based index in response to regulatory requirements.

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R1
NASDAQ	PDDDX
CUSIP	74445D778

MF236E2020R1

PGIM Target Date 2020 Fund

Class R2:

PDDEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R2	$45	0.43%

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

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2020R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	10.43%	4.20%	5.98% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

*The Fund

compares

its performance against this broad-based index in response to regulatory requirements.

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R2
NASDAQ	PDDEX
CUSIP	74445D760

MF236E2020R2

PGIM Target Date 2020 Fund

Class R3:

PDDFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R3	$29	0.28%

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

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2020R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	10.57%	4.34%	6.14% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R3
NASDAQ	PDDFX
CUSIP	74445D752

MF236E2020R3

PGIM Target Date 2020 Fund

Class R4:

PDDGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R4	$19	0.18%

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

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2020R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	10.76%	4.46%	6.25% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

*The Fund compares its performance against this broad-based index in response

regulatory requirements.

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R4
NASDAQ	PDDGX
CUSIP	74445D745

MF236E2020R4

PGIM Target Date 2020 Fund

Class R5:

PDDHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R5	$9	0.09%

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

■

Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent

inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic

growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and

U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2020R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	10.77%	4.55%	6.36% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

*The Fund

compares

its performance against this broad-based index in response to regulatory requirements.

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R5
NASDAQ	PDDHX
CUSIP	74445D737

MF236E2020R5

PGIM Target Date 2020 Fund

Class R6:

PDDJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2020 Fund—Class R6	$0	0.00%

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

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the

underlying

funds.

MF236E2020R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	10.98%	4.70%	6.47% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2020 Custom Benchmark	10.57%	4.52%	6.56%
S&P Target Date 2020 Index	10.60%	5.04%	6.94%

*The Fund compares its performance against this broad-based index in

response

to regulatory requirements.

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 29,126,838
Number of fund holdings	9
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	36.2%
Affiliated Exchange-Traded Funds - Fixed Income	23.1%
Affiliated Mutual Funds - Domestic Equity	21.5%
Affiliated Mutual Funds - International Equity	14.0%
Affiliated Mutual Fund - Short-Term Investment	5.2%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2020 Fund

SHARE CLASS	R6
NASDAQ	PDDJX
CUSIP	74445D729

MF236E2020R6

PGIM Target Date 2025 Fund

Class R1:

PDEDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R1	$73	0.69%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	11.09%	4.49%	6.30% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R1
NASDAQ	PDEDX
CUSIP	74445D711

MF236E2025R1

PGIM Target Date 2025 Fund

Class R2:

PDEEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R2	$47	0.44%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	11.44%	4.75%	6.57% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R2
NASDAQ	PDEEX
CUSIP	74445D695

MF236E2025R2

PGIM Target Date 2025 Fund

Class R3:

PDEFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R3	$31	0.29%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	11.59%	4.90%	6.73% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R3
NASDAQ	PDEFX
CUSIP	74445D687

MF236E2025R3

PGIM Target Date 2025 Fund

Class R4:

PDEGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R4	$20	0.19%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	11.70%	5.01%	6.83% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R4
NASDAQ	PDEGX
CUSIP	74445D679

MF236E2025R4

PGIM Target Date 2025 Fund

Class R5:

PDEHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R5	$10	0.09%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	11.79%	5.13%	6.95% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R5
NASDAQ	PDEHX
CUSIP	74445D661

MF236E2025R5

PGIM Target Date 2025 Fund

Class R6:

PDEJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2025 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2025R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	12.02%	5.27%	7.11% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2025 Custom Benchmark	11.70%	5.13%	7.24%
S&P Target Date 2025 Index	12.22%	5.66%	7.78%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$41,437,625
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	56%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Fixed Income	31.9%
Affiliated Mutual Funds - Domestic Equity	26.9%
Affiliated Exchange-Traded Funds - Fixed Income	21.2%
Affiliated Mutual Funds - International Equity	15.6%
Affiliated Mutual Fund - Short-Term Investment	4.3%
	99.9%
Other assets in excess of liabilities	0.1%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2025 Fund

SHARE CLASS	R6
NASDAQ	PDEJX
CUSIP	74445D653

MF236E2025R6

PGIM Target Date 2030 Fund

Class R1:

PDFCX

ANNUAL SHAREHOLDER REPORT –

July

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R1	$74	0.70%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	12.56%	5.20%	7.33% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R1
NASDAQ	PDFCX
CUSIP	74445D646

MF236E2030R1

PGIM Target Date 2030 Fund

Class R2:

PDFEX

ANNUAL SHAREHOLDER REPORT – July 31,

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R2	$47	0.44%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	12.80%	5.46%	7.60% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R2
NASDAQ	PDFEX
CUSIP	74445D638

MF236E2030R2

PGIM Target Date 2030 Fund

Class R3:

PDFFX

ANNUAL SHAREHOLDER REPORT – July

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R3	$31	0.29%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	12.97%	5.63%	7.75% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R3
NASDAQ	PDFFX
CUSIP	74445D620

MF236E2030R3

PGIM Target Date 2030 Fund

Class R4:

PDFGX

ANNUAL SHAREHOLDER REPORT –

July

31,

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R4	$21	0.20%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	12.99%	5.72%	7.85% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R4
NASDAQ	PDFGX
CUSIP	74445D612

MF236E2030R4

PGIM Target Date 2030 Fund

Class R5:

PDFHX

ANNUAL SHAREHOLDER REPORT – July

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R5	$11	0.10%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	13.17%	5.83%	7.97% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R5
NASDAQ	PDFHX
CUSIP	74445D596

MF236E2030R5

PGIM Target Date 2030 Fund

Class R6:

PDFJX

ANNUAL SHAREHOLDER REPORT –

July

31,

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2030 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2030R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	13.38%	5.99%	8.14% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2030 Custom Benchmark	13.14%	5.89%	8.39%
S&P Target Date 2030 Index	14.18%	6.64%	8.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$54,867,908
Number of fund holdings	10
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	33.1%
Affiliated Mutual Funds - Fixed Income	25.6%
Affiliated Exchange-Traded Funds - Fixed Income	19.1%
Affiliated Mutual Funds - International Equity	18.9%
Affiliated Mutual Fund - Short-Term Investment	3.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2030 Fund

SHARE CLASS	R6
NASDAQ	PDFJX
CUSIP	74445D588

MF236E2030R6

PGIM Target Date 2035 Fund

Class R1:

PDGCX

ANNUAL SHAREHOLDER REPORT – July 31,

2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R1	$73	0.68%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	15.10%	6.40%	8.41% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R1
NASDAQ	PDGCX
CUSIP	74445D570

MF236E2035R1

PGIM Target Date 2035 Fund

Class R2:

PDGEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R2	$46	0.43%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	15.47%	6.68%	8.68% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL

INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R2
NASDAQ	PDGEX
CUSIP	74445D562

MF236E2035R2

PGIM Target Date 2035 Fund

Class R3:

PDGFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R3	$31	0.29%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	15.59%	6.83%	8.84% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R3
NASDAQ	PDGFX
CUSIP	74445D554

MF236E2035R3

PGIM Target Date 2035 Fund

Class R4:

PDGGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R4	$19	0.18%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	15.67%	6.93%	8.96% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R4
NASDAQ	PDGGX
CUSIP	74445D547

MF236E2035R4

PGIM Target Date 2035 Fund

Class R5:

PDGHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R5	$9	0.08%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	15.86%	7.04%	9.06% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R5
NASDAQ	PDGHX
CUSIP	74445D539

MF236E2035R5

PGIM Target Date 2035 Fund

Class R6:

PDGJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2035 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2035R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	16.01%	7.21%	9.22% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2035 Custom Benchmark	15.79%	7.17%	9.67%
S&P Target Date 2035 Index	16.34%	7.71%	9.80%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$49,548,101
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	60%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	40.9%
Affiliated Mutual Funds - International Equity	23.2%
Affiliated Mutual Funds - Fixed Income	18.6%
Affiliated Exchange-Traded Funds - Fixed Income	15.0%
Affiliated Mutual Fund - Short-Term Investment	2.3%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2035 Fund

SHARE CLASS	R6
NASDAQ	PDGJX
CUSIP	74445D521

MF236E2035R6

PGIM Target Date 2040 Fund

Class R1:

PDHDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R1	$73	0.67%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	17.72%	7.47%	9.24% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R1
NASDAQ	PDHDX
CUSIP	74445D513

MF236E2040R1

PGIM Target Date 2040 Fund

Class R2:

PDHEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R2	$46	0.42%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	17.97%	7.73%	9.51% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R2
NASDAQ	PDHEX
CUSIP	74445D497

MF236E2040R2

PGIM Target Date 2040 Fund

Class R3:

PDHFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R3	$29	0.27%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	18.11%	7.90%	9.68% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R3
NASDAQ	PDHFX
CUSIP	74445D489

MF236E2040R3

PGIM Target Date 2040 Fund

Class R4:

PDHGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R4	$19	0.17%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	18.37%	8.02%	9.80% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R4
NASDAQ	PDHGX
CUSIP	74445D471

MF236E2040R4

PGIM Target Date 2040 Fund

Class R5:

PDHHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R5	$8	0.07%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	18.37%	8.12%	9.90% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R5
NASDAQ	PDHHX
CUSIP	74445D463

MF236E2040R5

PGIM Target Date 2040 Fund

Class R6

PDHJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2040 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2040R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	18.59%	8.29%	10.07% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2040 Custom Benchmark	18.43%	8.23%	10.58%
S&P Target Date 2040 Index	18.45%	8.73%	10.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$39,166,280
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	48.4%
Affiliated Mutual Funds - International Equity	27.3%
Affiliated Mutual Funds - Fixed Income	12.2%
Affiliated Exchange-Traded Funds - Fixed Income	12.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2040 Fund

SHARE CLASS	R6
NASDAQ	PDHJX
CUSIP	74445D455

MF236E2040R6

PGIM Target Date 2045 Fund

Class R1:

PDIDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R1	$72	0.66%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	19.57%	8.13%	9.79% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R1
NASDAQ	PDIDX
CUSIP	74445D448

MF236E2045R1

PGIM Target Date 2045 Fund

Class R2:

PDIEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R2	$45	0.41%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	19.87%	8.39%	10.07% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R2
NASDAQ	PDIEX
CUSIP	74445D430

MF236E2045R2

PGIM Target Date 2045 Fund

Class R3:

PDIKX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R3	$30	0.27%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	19.98%	8.55%	10.23% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R3
NASDAQ	PDIKX
CUSIP	74445D422

MF236E2045R3

PGIM Target Date 2045 Fund

Class R4:

PDIGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R4	$18	0.16%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	20.12%	8.66%	10.34% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R4
NASDAQ	PDIGX
CUSIP	74445D414

MF236E2045R4

PGIM Target Date 2045 Fund

Class R5:

PDIHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R5	$7	0.06%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	20.18%	8.76%	10.45% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R5
NASDAQ	PDIHX
CUSIP	74445D398

MF236E2045R5

PGIM Target Date 2045 Fund

Class R6:

PDIJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2045 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities,

U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2045R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	20.46%	8.93%	10.63% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2045 Custom Benchmark	20.29%	8.92%	11.17%
S&P Target Date 2045 Index	19.99%	9.45%	11.24%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$35,391,193
Number of fund holdings	11
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	50%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	53.4%
Affiliated Mutual Funds - International Equity	31.3%
Affiliated Exchange-Traded Funds - Fixed Income	8.7%
Affiliated Mutual Funds - Fixed Income	6.5%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2045 Fund

SHARE CLASS	R6
NASDAQ	PDIJX
CUSIP	74445D380

236E2045R6

PGIM Target Date 2050 Fund

Class R1:

PDJDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R1	$74	0.67%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	21.00%	8.72%	10.15% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R1
NASDAQ	PDJDX
CUSIP	74445D372

MF236E2050R1

PGIM Target Date 2050 Fund

Class R2:

PDJEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R2	$46	0.42%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	21.29%	9.00%	10.42% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

For the year ended July 31, 2026, total annual Fund operating expenses for Class R2 shares, after waivers and/or expense reimbursement, increased from 0.37% in the year ended July 31, 2025 to 0.42% primarily due to a decrease in the acquired fund fee and expense waiver.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R2
NASDAQ	PDJEX
CUSIP	74445D364

MF236E2050R2

PGIM Target Date 2050 Fund

Class R3:

PDJFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R3	$30	0.27%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	21.52%	9.16%	10.59% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R3
NASDAQ	PDJFX
CUSIP	74445D356

MF236E2050R3

PGIM Target Date 2050 Fund

Class R4:

PDJGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R4	$19	0.17%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	21.61%	9.27%	10.69% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

For the year ended July 31, 2026, total annual Fund operating expenses for Class R4 shares, after waivers and/or expense reimbursement, increased from 0.12% in the year ended July 31, 2025 to 0.17% primarily due to a decrease in the acquired fund fee and expense waiver.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R4
NASDAQ	PDJGX
CUSIP	74445D349

MF236E2050R4

PGIM Target Date 2050 Fund

Class R5:

PDJHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R5	$7	0.06%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	21.81%	9.39%	10.82% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R5
NASDAQ	PDJHX
CUSIP	74445D331

MF236E2050R5

PGIM Target Date 2050 Fund

Class R6:

PDJJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2050 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and

U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2050R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	21.97%	9.55%	11.00% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2050 Custom Benchmark	21.77%	9.56%	11.65%
S&P Target Date 2050 Index	20.61%	9.76%	11.52%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$21,239,323
Number of fund holdings	9
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	59%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	55.7%
Affiliated Mutual Funds - International Equity	34.8%
Affiliated Exchange-Traded Funds - Fixed Income	7.4%
Affiliated Mutual Funds - Fixed Income	2.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2050 Fund

SHARE CLASS	R6
NASDAQ	PDJJX
CUSIP	74445D323

MF236E2050R6

PGIM Target Date 2055 Fund

Class R1:

PDKDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R1	$72	0.65%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2055R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	21.87%	9.01%	10.46% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2055 Fund

SHARE CLASS	R1
NASDAQ	PDKDX
CUSIP	74445D315

MF236E2055R1

PGIM Target Date 2055 Fund

Class R2:

PDKEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R2	$44	0.40%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2055R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	22.17%	9.29%	10.74% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2055 Fund

SHARE CLASS	R2
NASDAQ	PDKEX
CUSIP	74445D299

MF236E2055R2

PGIM Target Date 2055 Fund

Class R3:

PDKFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R3	$28	0.25%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2055R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	22.36%	9.45%	10.90% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund

documents

online, go to

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

and enroll.

PGIM

Target

Date 2055 Fund

SHARE CLASS	R3
NASDAQ	PDKFX
CUSIP	74445D281

MF236E2055R3

PGIM Target Date 2055 Fund

Class R4:

PDKGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R4	$17	0.15%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2055R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	22.43%	9.55%	11.01% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2055 Fund

SHARE CLASS	R4
NASDAQ	PDKGX
CUSIP	74445D273

MF236E2055R4

PGIM Target Date 2055 Fund

Class R5:

PDKHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R5	$6	0.05%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underl

ng funds.

MF236E2055R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	22.55%	9.67%	11.13% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this info

ation by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2055 Fund

SHARE CLASS	R5
NASDAQ	PDKHX
CUSIP	74445D265

MF236E2055R5

PGIM Target Date 2055 Fund

Class R6:

PDKJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2055 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und

lying funds.

MF236E2055R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	22.77%	9.83%	11.29% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2055 Custom Benchmark	22.64%	9.89%	11.91%
S&P Target Date 2055 Index	21.10%	9.92%	11.67%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,799,827
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	63%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	57.0%
Affiliated Mutual Funds - International Equity	38.6%
Affiliated Exchange-Traded Funds - Fixed Income	4.3%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featu

red/e

-delivery

and enroll.

PGIM Target Date 2055 Fund

SHARE CLASS	R6
NASDAQ	PDKJX
CUSIP	74445D257

MF236E2055R6

PGIM Target Date 2060 Fund

Class R1:

PDLDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R1	$71	0.64%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde

rlyin

g funds.

MF236E2060R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	22.22%	9.11%	10.49% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by sc

nning 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.

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R1
NASDAQ	PDLDX
CUSIP	74445D240

MF236E2060R1

PGIM Target Date 2060 Fund

Class R2:

PDLEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R2	$43	0.39%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und

lying funds.

MF236E2060R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	22.54%	9.40%	10.77% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the

R 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.

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R2
NASDAQ	PDLEX
CUSIP	74445D232

MF236E2060R2

PGIM Target Date 2060 Fund

Class R3:

PDLFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R3	$27	0.24%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the u

nde

rlying funds.

MF236E2060R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	22.72%	9.57%	10.94% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

pgim.com/us/en/intermediary

/re

sources/featured/e-delivery

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R3
NASDAQ	PDLFX
CUSIP	74445D224

MF236E2060R3

PGIM Target Date 2060 Fund

Class R4:

PDLGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R4	$16	0.14%

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

■

Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent

inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic

growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde

rlyi

ng funds.

MF236E2060R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	22.85%	9.67%	11.05% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also r

uest this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R4
NASDAQ	PDLGX
CUSIP	74445D216

MF236E2060R4

PGIM Target Date 2060 Fund

Class R5:

PDLHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R5	$4	0.04%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde

rlyi

ng funds.

MF236E2060R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	22.99%	9.78%	11.16% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by sca

ing 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.

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R5
NASDAQ	PDLHX
CUSIP	74445D190

MF236E2060R5

PGIM Target Date 2060 Fund

Class R6:

PDLJX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2060 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2060 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underly

ng funds.

MF236E2060R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 13, 2016 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	23.17%	9.95%	11.33% (12/13/2016)
S&P 500 Index*	19.56%	12.86%	15.41%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.74%
PGIM Target Date 2060 Custom Benchmark	23.03%	10.01%	12.03%
S&P Target Date 2060 Index	21.04%	9.92%	11.72%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 11,418,315
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	55%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.3%
Affiliated Mutual Funds - International Equity	40.5%
Affiliated Exchange-Traded Funds - Fixed Income	3.1%
Affiliated Mutual Fund - Short-Term Investment	0.4%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

very

and enroll.

PGIM Target Date 2060 Fund

SHARE CLASS	R6
NASDAQ	PDLJX
CUSIP	74445D182

MF236E2060R6

PGIM Target Date 2065 Fund

Class R1:

PDOAX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R1	$71	0.64%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, an

U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2065R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R1	22.46%	9.23%	11.03% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scan

ing 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.

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R1
NASDAQ	PDOAX
CUSIP	74440V674

MF236E2065R1

PGIM Target Date 2065 Fund

Class R2:

PDODX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R2	$43	0.39%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und

erlyin

g funds.

MF236E2065R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	22.65%	9.43%	11.26% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/fe

atured

/e-delivery

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R2
NASDAQ	PDODX
CUSIP	74440V666

MF236E2065R2

PGIM Target Date 2065 Fund

Class R3:

PDOEX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R3	$27	0.24%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use deri

vat

ives, although derivatives are used in some of the underlying funds.

MF236E2065R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R3	22.89%	9.63%	11.45% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by

scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R3
NASDAQ	PDOEX
CUSIP	74440V658

MF236E2065R3

PGIM Target Date 2065 Fund

Class R4:

PDOFX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R4	$16	0.14%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underl

ying

funds.

MF236E2065R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	23.01%	9.77%	11.59% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scan

ing 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.

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R4
NASDAQ	PDOFX
CUSIP	74440V641

MF236E2065R4

PGIM Target Date 2065 Fund

Class R5:

PDOGX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R5	$4	0.04%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2065R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R5	23.09%	9.88%	11.70% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R5
NASDAQ	PDOGX
CUSIP	74440V633

MF236E2065R5

PGIM Target Date 2065 Fund

Class R6:

PDOHX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2065 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2065 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2065R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 16, 2019 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	23.32%	10.10%	11.90% (12/16/2019)
S&P 500 Index*	19.56%	12.86%	15.33%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	0.72%
PGIM Target Date 2065 Custom Benchmark	23.16%	10.11%	11.93%
S&P Target Date 2065+ Index	21.12%	10.09%	11.76%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$2,569,754
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	72%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.2%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2065 Fund

SHARE CLASS	R6
NASDAQ	PDOHX
CUSIP	74440V625

MF236E2065R6

PGIM Target Date 2070 Fund

Class R1:

PDALX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R1	$72	0.65%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R1	22.41%	16.93% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 100,726
Number of fund holdings	8
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R1
NASDAQ	PDALX
CUSIP	74440V617

236E2070R1

PGIM Target Date 2070 Fund

Class R2:

PDAMX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R2	$45	0.40%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R2	22.77%	17.20% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$100,726
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R2
NASDAQ	PDAMX
CUSIP	74440V591

MF236E2070R2

PGIM Target Date 2070 Fund

Class R3:

PDANX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R3	$28	0.25%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R3	23.01%	17.42% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$100,726
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R3
NASDAQ	PDANX
CUSIP	74440V583

MF236E2070R3

PGIM Target Date 2070 Fund

Class R4:

PDAOX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R4	$17	0.15%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R4	23.10%	17.54% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$100,726
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R4
NASDAQ	PDAOX
CUSIP	74440V575

MF236E2070R4

PGIM Target Date 2070 Fund

Class R5:

PDAQX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R5	$6	0.05%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R5

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R5	23.10%	17.61% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$100,726
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R5
NASDAQ	PDAQX
CUSIP	74440V567

MF236E2070R5

PGIM Target Date 2070 Fund

Class R6:

PDAUX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2070 Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Target Date 2070 Fund—Class R6	$0	0.00%

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

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance.

Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and

non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.

■

Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance.

Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap

equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.

■

The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.

MF236E2070R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/investments/target-date-prospectuses-and-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: December 10, 2024 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Since Inception (%)
Class R6	23.46%	17.83% (12/10/2024)
S&P 500 Index*	19.56%	15.28%
Bloomberg US Aggregate Bond Index*	2.71%	2.86%
PGIM Target Date 2070 Custom Benchmark	23.16%	17.85%
S&P Target Date 2065+ Index	21.12%	16.98%

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

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

Fund’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$100,726
Number of fund holdings	8
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	21%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	56.1%
Affiliated Mutual Funds - International Equity	40.8%
Affiliated Exchange-Traded Funds - Fixed Income	3.0%
Affiliated Mutual Fund - Short-Term Investment	0.3%
	100.2%
Liabilities in excess of other assets	(0.2)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/target-date-fund-documents

or by scanning the QR code below, including the Fund’s

prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

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

To receive your fund documents online, go to

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

and enroll.

PGIM Target Date 2070 Fund

SHARE CLASS	R6
NASDAQ	PDAUX
CUSIP	74440V559

MF236E2070R6

PGIM 60/40 Allocation Fund

Class R6:

PALDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM 60/40 Allocation Fund (the “Fund”) for the period of August 1, 2025 to July 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 YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM 60/40 Allocation Fund—Class R6	$1	0.01%

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

■

Despite some volatility across global markets in 2026, the past 12 months provided strong returns across U.S. equities, with the S&P 500 Index returning 19.6%, significantly outpacing the returns of bonds, with the Bloomberg US Aggregate Bond Index returning 2.7%.

■

As the Fund invests solely in U.S. large-cap equities and U.S. bonds, the largest contributor to performance was exposure to U.S. large-cap

equities, which provided a return of 19.6% during the reporting period.

■

During the period, the underlying funds—the PGIM Quant Solutions Large-Cap Core Fund and the PGIM Total Return Bond Fund—

outperformed their respective indexes by 3.2% and 0.5%, respectively.

■

The PGIM 60/40 Allocation Fund does not use derivatives. Derivatives are used in the Total Return Bond Fund, which is an underlying fund.

NS14110

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

Cumulative Performance: September 13, 2017 to July 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	14.74%	8.10%	9.64% (9/13/2017)
S&P 500 Index*	19.56%	12.86%	15.09%
Bloomberg US Aggregate Bond Index*	2.71%	-0.40%	1.47%
Custom Blended Index	12.72%	7.58%	9.73%

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

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

the class's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$157,287,891
Number of fund holdings	3
Total advisory fees paid for the year	$0
Portfolio turnover rate for the year	58%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Investment Allocation	% of Net Assets
Affiliated Mutual Funds - Domestic Equity	60.2%
Affiliated Exchange-Traded Funds - Fixed Income	39.6%
Affiliated Mutual Fund - Short-Term Investment	0.0%*
	99.8%
Other assets in excess of liabilities	0.2%
	100.0%

*	Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM 60/40 Allocation Fund

SHARE CLASS	R6
NASDAQ	PALDX
CUSIP	74440V724

NS14110

(b)

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

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, a member of the Board’s Audit Committee, is an “audit committee financial expert” and is “independent” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a)

Audit Fees

For the fiscal years ended July 31, 2026 and July 31, 2025, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $332,397 and $323,615, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended July 31, 2026 and July 31, 2025, the fees were $0 and $12,000, respectively.

(c)

Tax Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

(d)

All Other Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related project

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2)

Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended July 31, 2026	Fiscal Year Ended July 31, 2025
4(b)	Not applicable.	0%
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2026 and July 31, 2025 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

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

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

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

PGIM Jennison Diversified Growth Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 98.3%

COMMON STOCKS

Aerospace & Defense 3.5%
ATI, Inc.*		18,540	$	3,475,138
Boeing Co. (The)*		8,701		1,880,634
Carpenter Technology Corp.		6,202		3,222,931
General Electric Co.		9,067		3,264,755
Howmet Aerospace, Inc.		1,488		420,003
Woodward, Inc.		8,528		3,076,476


				15,339,937

Automobiles 1.3%
Tesla, Inc.*		19,084		5,939,132

Banks 0.4%
Bank of America Corp.		25,467		1,577,681
Citigroup, Inc.		3,221		426,621


				2,004,302

Beverages 0.1%
Coca-Cola Co. (The)		5,982		523,963

Biotechnology 2.0%
AbbVie, Inc.		1,898		476,284
Amgen, Inc.		5,106		1,966,627
Vertex Pharmaceuticals, Inc.*		13,346		6,367,377


				8,810,288

Broadline Retail 4.7%
Amazon.com, Inc.*		75,337		20,460,022

Capital Markets 0.3%
Goldman Sachs Group, Inc. (The)		401		408,370
LPL Financial Holdings, Inc.		1,296		458,395
Moody’s Corp.		897		429,107


				1,295,872

Commercial Services & Supplies 0.8%
Waste Management, Inc.		14,906		3,376,954

Communications Equipment 0.1%
Arista Networks, Inc.*		2,524		455,203

Construction & Engineering 1.0%
Comfort Systems USA, Inc.		2,338		4,044,015
Sterling Infrastructure, Inc.*		666		397,449


				4,441,464

Consumer Finance 0.9%
American Express Co.		11,801		3,968,086

Consumer Staples Distribution & Retail 1.2%
Costco Wholesale Corp.		457		435,014
Walmart, Inc.		42,455		4,720,996


				5,156,010

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Shares		Value

COMMON STOCKS (Continued)

Electrical Equipment 0.3%
GE Vernova, Inc.		650	$	643,689
Rockwell Automation, Inc.		1,256		602,980


				1,246,669

Electronic Equipment, Instruments & Components 2.0%
Amphenol Corp. (Class A Stock)		25,588		4,111,991
Keysight Technologies, Inc.*		7,783		2,483,400
TTM Technologies, Inc.*		18,102		2,089,695


				8,685,086

Energy Equipment & Services 0.4%
TechnipFMC PLC (United Kingdom)		23,811		1,706,296

Entertainment 3.3%
Live Nation Entertainment, Inc.*		2,409		419,479
Netflix, Inc.*		148,746		10,666,576
Spotify Technology SA*		6,313		3,156,121
Walt Disney Co. (The)		4,475		430,450


				14,672,626

Financial Services 4.3%
Mastercard, Inc. (Class A Stock)		7,137		4,090,215
Visa, Inc. (Class A Stock)		39,905		14,610,417


				18,700,632

Health Care Providers & Services 0.1%
Cencora, Inc.		1,395		434,319

Hotels, Restaurants & Leisure 0.7%
Churchill Downs, Inc.		16,855		1,420,877
Hilton Worldwide Holdings, Inc.		4,749		1,522,007


				2,942,884

Independent Power & Renewable Electricity Producers 0.3%
Vistra Corp.		8,595		1,273,693

Interactive Media & Services 11.9%
Alphabet, Inc. (Class A Stock)		96,246		34,276,088
Meta Platforms, Inc. (Class A Stock)		31,819		17,713,955


				51,990,043

IT Services 0.5%
Cloudflare, Inc. (Class A Stock)*		1,611		449,437
Snowflake, Inc.*		5,350		1,569,048


				2,018,485

Machinery 1.9%
Caterpillar, Inc.		10,005		8,152,174
RBC Bearings, Inc.*		734		404,662


				8,556,836

Metals & Mining 0.1%
Steel Dynamics, Inc.		1,741		437,444

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 3

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels 0.1%
Targa Resources Corp.		1,584		$ 428,266

Pharmaceuticals 4.7%
Eli Lilly & Co.		18,007		20,687,162

Real Estate Management & Development 0.1%
CBRE Group, Inc. (Class A Stock)*		3,041		446,449

Semiconductors & Semiconductor Equipment 26.2%
Advanced Micro Devices, Inc.*		35,827		17,059,026
Applied Materials, Inc.		834		423,397
Broadcom, Inc.		57,867		22,526,466
Credo Technology Group Holding Ltd.*		2,083		431,160
Lam Research Corp.		28,630		8,389,163
MACOM Technology Solutions Holdings, Inc.*		13,291		3,341,889
Micron Technology, Inc.		8,979		7,389,986
NVIDIA Corp.		230,270		46,226,702
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		22,306		9,017,201


				114,804,990

Software 12.2%
Appfolio, Inc. (Class A Stock)*		2,528		455,520
Cadence Design Systems, Inc.*		22,781		7,745,996
Crowdstrike Holdings, Inc. (Class A Stock)*		48,225		9,204,224
Datadog, Inc. (Class A Stock)*		29,757		7,973,983
Microsoft Corp.		58,075		26,988,614
Oracle Corp.		3,569		463,506
Palo Alto Networks, Inc.*		1,316		436,688


				53,268,531

Specialized REITs 0.1%
American Tower Corp.		2,600		450,736

Specialty Retail 3.1%
Burlington Stores, Inc.*		1,210		445,861
Five Below, Inc.*		3,117		676,794
O’Reilly Automotive, Inc.*		4,819		430,578
Ross Stores, Inc.		17,084		4,289,280
TJX Cos., Inc. (The)		48,304		7,600,151


				13,442,664

Technology Hardware, Storage & Peripherals 8.2%
Apple, Inc.		95,198		29,407,614
Dell Technologies, Inc. (Class C Stock)		7,973		3,232,015
Sandisk Corp.*		2,550		3,097,817


				35,737,446

Textiles, Apparel & Luxury Goods 1.3%
On Holding AG (Switzerland) (Class A Stock)*		64,842		2,349,874
Ralph Lauren Corp.		8,822		3,355,360


				5,705,234

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Shares		Value

COMMON STOCKS (Continued)

Trading Companies & Distributors 0.2%
Fastenal Co.		12,599	$	601,098
United Rentals, Inc.		386		416,595


				1,017,693


TOTAL LONG-TERM INVESTMENTS (cost $215,719,065)				430,425,417


SHORT-TERM INVESTMENT 1.8%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 3.777%) (cost $7,896,393)(wb)		7,896,393		7,896,393


TOTAL INVESTMENTS 100.1% (cost $223,615,458)				438,321,810
Liabilities in excess of other assets (0.1)%				(379,055)


NET ASSETS 100.0%				$ 437,942,755

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

*	Non-income producing security.

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	15,339,937		$—		$—
Automobiles		5,939,132		—		—
Banks		. 2,004,302		—		—
Beverages		523,963		—		—
Biotechnology		8,810,288		—		—
Broadline Retail		20,460,022		—		—
Capital Markets		1,295,872		—		—
Commercial Services & Supplies		3,376,954		—		—
Communications Equipment		455,203		—		—
Construction & Engineering		4,441,464		—		—
Consumer Finance		3,968,086		—		—
Consumer Staples Distribution & Retail		5,156,010		—		—
Electrical Equipment		1,246,669		—		—
Electronic Equipment, Instruments & Components		8,685,086		—		—
Energy Equipment & Services		1,706,296		—		—
Entertainment		14,672,626		—		—
Financial Services		18,700,632		—		—
Health Care Providers & Services		434,319		—		—
Hotels, Restaurants & Leisure		2,942,884		—		—
Independent Power & Renewable Electricity Producers		1,273,693		—		—
Interactive Media & Services		51,990,043		—		—

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 5

PGIM Jennison Diversified Growth Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
IT Services		$ 2,018,485		$—		$—
Machinery		8,556,836		—		—
Metals & Mining		437,444		—		—
Oil, Gas & Consumable Fuels		428,266		—		—
Pharmaceuticals		20,687,162		—		—
Real Estate Management & Development .		446,449		—		—
Semiconductors & Semiconductor Equipment		114,804,990		—		—
Software		53,268,531		—		—
Specialized REITs		450,736		—		—
Specialty Retail		13,442,664		—		—
Technology Hardware, Storage & Peripherals		35,737,446		—		—
Textiles, Apparel & Luxury Goods		5,705,234		—		—
Trading Companies & Distributors		1,017,693		—		—
Short-Term Investment
Affiliated Mutual Fund		7,896,393		—		—

Total		$438,321,810		$—		$—

Industry Classification:

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


Semiconductors & Semiconductor Equipment	26.2	%
Software	12.2
Interactive Media & Services	11.9
Technology Hardware, Storage & Peripherals	8.2
Pharmaceuticals	4.7
Broadline Retail	4.7
Financial Services	4.3
Aerospace & Defense	3.5
Entertainment	3.3
Specialty Retail	3.1
Biotechnology	2.0
Electronic Equipment, Instruments & Components	2.0
Machinery	1.9
Affiliated Mutual Fund	1.8
Automobiles	1.3
Textiles, Apparel & Luxury Goods	1.3
Consumer Staples Distribution & Retail	1.2
Construction & Engineering	1.0
Consumer Finance	0.9
Commercial Services & Supplies	0.8


Hotels, Restaurants & Leisure	0.7	%
IT Services	0.5
Banks	0.4
Energy Equipment & Services	0.4
Capital Markets	0.3
Independent Power & Renewable Electricity Producers	0.3
Electrical Equipment	0.3
Trading Companies & Distributors	0.2
Beverages	0.1
Communications Equipment	0.1
Specialized REITs	0.1
Real Estate Management & Development	0.1
Metals & Mining	0.1
Health Care Providers & Services	0.1
Oil, Gas & Consumable Fuels	0.1

	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Unaffiliated investments (cost $215,719,065)	$	430,425,417
Affiliated investments (cost $7,896,393)		7,896,393
Foreign currency, at value (cost $8)		8
Dividends receivable		24,913
Receivable for Fund shares sold		16,920
Tax reclaim receivable		15,644
Prepaid expenses		145


Total Assets		438,379,440


Liabilities
Management fee payable		150,428
Payable for Fund shares purchased		91,963
Distribution fee payable		81,274
Transfer agent’s fees and expenses payable		30,609
Audit fee payable		27,721
Custodian and accounting fees payable		18,554
Shareholder report fees payable		15,803
Affiliated transfer agent fee payable		11,205
Accrued expenses and other liabilities		7,955
Trustees’ fees payable		1,173


Total Liabilities		436,685


Net Assets	$	437,942,755



Net assets were comprised of:
Shares of beneficial interest, at par	$	20,074
Paid-in capital in excess of par		198,401,081
Total distributable earnings (loss)		239,521,600


Net assets, July 31, 2026	$	437,942,755

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 7

PGIM Jennison Diversified Growth Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $22,044 foreign withholding tax)	$	2,115,435
Affiliated dividend income		142,044
Affiliated income from securities lending, net		1,296

Total income		2,258,775


Expenses
Management fee		1,888,181
Distribution fee(a)		1,126,503
Transfer agent’s fees and expenses (including affiliated expense of $117,556)(a)		421,154
Custodian and accounting fees		57,636
Registration fees(a)		52,124
Professional fees		36,518
Shareholders’ reports		32,722
Audit fee		27,722
Trustees’ fees		14,980
Miscellaneous		24,835

Total expenses		3,682,375
Less: Fee waiver and/or expense reimbursement(a)		(204,635	)
Distribution fee waiver(a)		(177,972	)

Net expenses		3,299,768

Net investment income (loss)		(1,040,993	)

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $621)		31,129,241
Foreign currency transactions		(1,885	)

		31,127,356


Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(206))		17,109,717
Foreign currencies		(49	)

		17,109,668


Net gain (loss) on investment and foreign currency transactions		48,237,024


Net Increase (Decrease) In Net Assets Resulting From Operations	$	47,196,031

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


	Class A			Class C		Class Z		Class R6
Distribution fee		1,067,830			58,673		—		—
Transfer agent’s fees and expenses		314,578			10,387		95,324		865
Registration fees		16,729			9,860		15,900		9,635
Fee waiver and/or expense reimbursement		(161,026	)		(2,654)		(29,059)		(11,896)
Distribution fee waiver		(177,972	)		—		—		—

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 9

PGIM Jennison Diversified Growth Fund

Statements of Changes in Net Assets


	Year Ended July 31,
	2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,040,993	)	$	(886,810	)
Net realized gain (loss) on investment and foreign currency transactions		31,127,356			20,641,824
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		17,109,668			48,986,883

Net increase (decrease) in net assets resulting from operations		47,196,031			68,741,897

Dividends and Distributions
Distributions from distributable earnings
Class A		(16,280,438	)		(38,290,414	)
Class C		(436,263	)		(1,024,198	)
Class Z		(2,645,942	)		(1,208,628	)
Class R6		(137,228	)		(294,436	)

		(19,499,871	)		(40,817,676	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		28,894,467			51,700,000
Net asset value of shares issued in reinvestment of dividends and distributions		19,265,530			40,364,544
Cost of shares purchased		(50,565,286	)		(46,056,849	)

Net increase (decrease) in net assets from Fund share transactions		(2,405,289	)		46,007,695

Total increase (decrease)		25,290,871			73,931,916

Net Assets:
Beginning of year		412,651,884			338,719,968

End of year	$	437,942,755		$	412,651,884

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund

Financial Highlights



Class A Shares
	Year Ended July 31,

	2026				2025				2024				2023				2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$20.58				$19.31				$15.19				$12.87				$19.58
Income (loss) from investment operations:
Net investment income (loss)			(0.05	)			(0.05	)			(0.08	)			(0.05	)			(0.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.39				3.71				4.20				2.37				(2.57	)
Total from investment operations			2.34				3.66				4.12				2.32				(2.66	)
Less Dividends and Distributions:
Distributions from net realized gains			(0.99	)			(2.39	)			-				-				(4.05	)
Total dividends and distributions			(0.99	)			(2.39	)			-				-				(4.05	)
Net asset value, end of year			$21.93				$20.58				$19.31				$15.19				$12.87
Total Return^(b):			11.57	%			20.08	%			27.12	%			18.03	%			(18.23	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$	353,881			$	350,528			$	318,526			$	269,722			$	248,177
Average net assets (000)		$	355,943			$	327,078			$	291,082			$	232,502			$	298,732
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.78	%			0.89	%			1.14	%			1.21	%			1.15	%
Expenses before waivers and/or expense reimbursement			0.88	%			0.95	%			1.19	%			1.26	%			1.20	%
Net investment income (loss)			(0.26	)%			(0.25	)%			(0.45	)%			(0.38	)%			(0.56	)%
Portfolio turnover rate^(d)			112	%			122	%			147	%			156	%			148	%

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

(b)

Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 11

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)



Class C Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.77			$12.92			$10.27			$8.80			$14.73
Income (loss) from investment operations:
Net investment income (loss)		(0.16	)		(0.16	)		(0.18	)		(0.13	)		(0.18	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.46			2.40			2.83			1.60			(1.70	)
Total from investment operations		1.30			2.24			2.65			1.47			(1.88	)
Less Dividends and Distributions:
Distributions from net realized gains		(0.99	)		(2.39	)		-			-			(4.05	)
Total dividends and distributions		(0.99	)		(2.39	)		-			-			(4.05	)
Net asset value, end of year		$13.08			$12.77			$12.92			$10.27			$8.80
Total Return^(b):		10.45	%		18.89	%		25.80	%		16.70	%		(19.09	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$5,636			$5,673			$6,250			$5,009			$4,492
Average net assets (000)		$5,867			$5,729			$5,566			$4,246			$6,338
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.79	%		1.89	%		2.22	%		2.37	%		2.16	%
Expenses before waivers and/or expense reimbursement		1.84	%		1.90	%		2.22	%		2.37	%		2.16	%
Net investment income (loss)		(1.26	)%		(1.25	)%		(1.53	)%		(1.54	)%		(1.57	)%
Portfolio turnover rate^(d)		112	%		122	%		147	%		156	%		148	%

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

(b)

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

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)



Class Z Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$20.93			$19.57			$15.37			$12.99			$19.71
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.01	)		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.44			3.76			4.26			2.40			(2.61	)
Total from investment operations		2.42			3.75			4.20			2.38			(2.67	)
Less Dividends and Distributions:
Distributions from net realized gains		(0.99	)		(2.39	)		-			-			(4.05	)
Total dividends and distributions		(0.99	)		(2.39	)		-			-			(4.05	)
Net asset value, end of year		$22.36			$20.93			$19.57			$15.37			$12.99
Total Return^(b):		11.71	%		20.29	%		27.33	%		18.32	%		(18.16	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$75,108			$53,668			$11,515			$6,901			$6,305
Average net assets (000)		$64,234			$18,098			$9,677			$4,952			$8,098
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.61	%		0.69	%		1.00	%		1.00	%		0.96	%
Expenses before waivers and/or expense reimbursement		0.66	%		0.70	%		1.04	%		1.08	%		0.96	%
Net investment income (loss)		(0.09	)%		(0.07	)%		(0.32	)%		(0.17	)%		(0.36	)%
Portfolio turnover rate^(d)		112	%		122	%		147	%		156	%		148	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 13

PGIM Jennison Diversified Growth Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$20.98			$19.57			$15.37			$12.99			$19.70
Income (loss) from investment operations:
Net investment income (loss)		0.02	^(b)		0.02	^(b)		(0.06	)		(0.02	)		(0.05	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.44			3.78			4.26			2.40			(2.61	)
Total from investment operations		2.46			3.80			4.20			2.38			(2.66	)
Less Dividends and Distributions:
Distributions from net realized gains		(0.99	)		(2.39	)		-			-			(4.05	)
Total dividends and distributions		(0.99	)		(2.39	)		-			-			(4.05	)
Net asset value, end of year		$22.45			$20.98			$19.57			$15.37			$12.99
Total Return^(c):		11.93	%		20.56	%		27.33	%		18.32	%		(18.12	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$3,317			$2,783			$2,429			$1,008			$876
Average net assets (000)		$3,087			$2,523			$1,606			$722			$664
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.44	%		0.52	%		1.00	%		1.00	%		0.96	%
Expenses before waivers and/or expense reimbursement		0.83	%		0.88	%		1.35	%		1.68	%		1.81	%
Net investment income (loss)		0.09	%		0.12	%		(0.33	)%		(0.19	)%		(0.34	)%
Portfolio turnover rate^(e)		112	%		122	%		147	%		156	%		148	%

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

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

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 98.4%

COMMON STOCKS

Aerospace & Defense 2.6%
General Electric Co.		4,792	$	1,725,455
Northrop Grumman Corp.		760		412,285


				2,137,740

Air Freight & Logistics 1.1%
C.H. Robinson Worldwide, Inc.		6,039		892,141

Banks 8.0%
Bank of America Corp.		14,752		913,886
Citigroup, Inc.		11,287		1,494,963
JPMorgan Chase & Co.		7,135		2,510,022
PNC Financial Services Group, Inc. (The)		6,630		1,656,638


				6,575,509

Biotechnology 4.3%
AbbVie, Inc.		11,092		2,783,426
Amgen, Inc.		2,104		810,377


				3,593,803

Building Products 2.8%
Johnson Controls International PLC		15,778		2,314,002

Capital Markets 3.8%
Goldman Sachs Group, Inc. (The)		2,579		2,626,402
Morgan Stanley		2,305		485,018


				3,111,420

Chemicals 0.7%
Air Products & Chemicals, Inc.		1,993		587,716

Communications Equipment 4.0%
Cisco Systems, Inc.		28,178		3,268,366

Consumer Staples Distribution & Retail 2.7%
Walmart, Inc.		19,841		2,206,319

Diversified Telecommunication Services 2.6%
AT&T, Inc.		54,941		1,277,378
Verizon Communications, Inc.		19,361		906,289


				2,183,667

Electric Utilities 5.6%
Constellation Energy Corp.		2,627		690,244
Entergy Corp.		21,090		2,269,706
NextEra Energy, Inc.		9,752		847,644
PPL Corp.		23,156		815,323


				4,622,917

Electrical Equipment 2.9%
GE Vernova, Inc.		2,382		2,358,871

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 15

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Shares		Value

COMMON STOCKS (Continued)

Financial Services 1.6%
Apollo Global Management, Inc.		4,430	$	556,364
Mastercard, Inc. (Class A Stock)		1,360		779,416


				1,335,780

Food Products 0.8%
Hershey Co. (The)		3,780		661,689

Ground Transportation 1.1%
Union Pacific Corp.		3,161		923,423

Hotels, Restaurants & Leisure 2.0%
McDonald’s Corp.		1,243		336,406
Starbucks Corp.		12,685		1,335,096


				1,671,502

Independent Power & Renewable Electricity Producers 0.6%
Vistra Corp.		3,059		453,313

Industrial Conglomerates 1.9%
3M Co.		8,853		1,560,607

Insurance 1.4%
Chubb Ltd.		2,178		763,781
Marsh & McLennan Cos., Inc.		2,123		402,712


				1,166,493

Interactive Media & Services 2.5%
Alphabet, Inc. (Class A Stock)		5,875		2,092,264

IT Services 2.6%
International Business Machines Corp.		9,541		2,133,845

Leisure Products 1.9%
Hasbro, Inc.		16,950		1,592,283

Machinery 4.3%
Caterpillar, Inc.		2,659		2,166,580
Parker-Hannifin Corp.		1,456		1,421,827


				3,588,407

Metals & Mining 1.5%
Anglo American PLC (South Africa), ADR		47,804		1,197,490

Multi-Utilities 3.4%
CenterPoint Energy, Inc.		26,812		1,127,177
NiSource, Inc.		38,729		1,720,729


				2,847,906

Oil, Gas & Consumable Fuels 10.3%
Cameco Corp. (Canada)		9,480		818,882
Cheniere Energy, Inc.		6,551		1,726,647
Chevron Corp.		6,622		1,303,408
EQT Corp.		17,371		925,701
Shell PLC, ADR		14,613		1,344,104

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2026



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)
TotalEnergies SE (France)		12,593	$	1,106,421
Williams Cos., Inc. (The)		18,018		1,289,008


				8,514,171

Personal Care Products 0.6%
Unilever PLC (United Kingdom), ADR		8,165		517,743

Pharmaceuticals 4.1%
AstraZeneca PLC (United Kingdom)		9,135		1,549,661
Eli Lilly & Co.		1,606		1,845,037


				3,394,698

Residential REITs 0.6%
Mid-America Apartment Communities, Inc.		3,691		488,467

Semiconductors & Semiconductor Equipment 9.8%
Analog Devices, Inc.		4,503		1,654,447
Applied Materials, Inc.		1,469		745,767
Broadcom, Inc.		2,820		1,097,770
NVIDIA Corp.		7,929		1,591,747
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		4,027		1,627,915
Texas Instruments, Inc.		5,079		1,400,483


				8,118,129

Software 0.4%
Microsoft Corp.		778		361,552

Specialty Retail 3.1%
Ross Stores, Inc.		5,569		1,398,209
TJX Cos., Inc. (The)		7,374		1,160,225


				2,558,434

Technology Hardware, Storage & Peripherals 2.8%
Apple, Inc.		7,542		2,329,799


TOTAL LONG-TERM INVESTMENTS (cost $50,562,517)				81,360,466


SHORT-TERM INVESTMENT 1.6%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 3.777%) (cost $1,365,058)(wb)		1,365,058		1,365,058


TOTAL INVESTMENTS 100.0% (cost $51,927,575)				82,725,524
Liabilities in excess of other assets (0.0)%				(14,825	)


NET ASSETS 100.0%				$ 82,710,699

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

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 17

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 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 July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$ 2,137,740		$—		$—
Air Freight & Logistics		892,141		—		—
Banks		6,575,509		—		—
Biotechnology		3,593,803		—		—
Building Products		2,314,002		—		—
Capital Markets		3,111,420		—		—
Chemicals		587,716		—		—
Communications Equipment		3,268,366		—		—
Consumer Staples Distribution & Retail		2,206,319		—		—
Diversified Telecommunication Services		2,183,667		—		—
Electric Utilities		4,622,917		—		—
Electrical Equipment		2,358,871		—		—
Financial Services		1,335,780		—		—
Food Products		661,689		—		—
Ground Transportation		923,423		—		—
Hotels, Restaurants & Leisure		1,671,502		—		—
Independent Power & Renewable Electricity Producers		453,313		—		—
Industrial Conglomerates		1,560,607		—		—
Insurance		1,166,493		—		—
Interactive Media & Services		2,092,264		—		—
IT Services		2,133,845		—		—
Leisure Products		1,592,283		—		—
Machinery		3,588,407		—		—
Metals & Mining		1,197,490		—		—
Multi-Utilities		2,847,906		—		—
Oil, Gas & Consumable Fuels		8,514,171		—		—
Personal Care Products		517,743		—		—
Pharmaceuticals		3,394,698		—		—
Residential REITs		488,467		—		—
Semiconductors & Semiconductor Equipment		8,118,129		—		—
Software		361,552		—		—
Specialty Retail		2,558,434		—		—
Technology Hardware, Storage & Peripherals		2,329,799		—		—
Short-Term Investment
Affiliated Mutual Fund		1,365,058		—		—

Total		$82,725,524		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Oil, Gas & Consumable Fuels	10.3	%
Semiconductors & Semiconductor Equipment	9.8
Banks	8.0
Electric Utilities	5.6
Biotechnology	4.3
Machinery	4.3
Pharmaceuticals	4.1
Communications Equipment	4.0


Capital Markets	3.8	%
Multi-Utilities	3.4
Specialty Retail	3.1
Electrical Equipment	2.9
Technology Hardware, Storage & Peripherals	2.8
Building Products	2.8
Consumer Staples Distribution & Retail	2.7
Diversified Telecommunication Services	2.6

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Schedule of Investments (continued)

as of July 31, 2026

Investment Allocation (continued):


Aerospace & Defense	2.6	%
IT Services	2.6
Interactive Media & Services	2.5
Hotels, Restaurants & Leisure	2.0
Leisure Products	1.9
Industrial Conglomerates	1.9
Financial Services	1.6
Affiliated Mutual Fund	1.6
Metals & Mining	1.5
Insurance	1.4
Ground Transportation	1.1
Air Freight & Logistics	1.1
Food Products	0.8


Chemicals	0.7	%
Personal Care Products	0.6
Residential REITs	0.6
Independent Power & Renewable Electricity Producers	0.6
Software	0.4

	100.0
Liabilities in excess of other assets	(0.0	)*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 19

PGIM Jennison Rising Dividend Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets

Investments at value:
Unaffiliated investments (cost $50,562,517)	$	81,360,466
Affiliated investments (cost $1,365,058)		1,365,058
Dividends receivable		94,101
Tax reclaim receivable		33,267
Receivable for Fund shares sold		8,562
Prepaid expenses		77

Total Assets		82,861,531


Liabilities
Management fee payable		48,285
Distribution fee payable		28,156
Audit fee payable		27,721
Custodian and accounting fees payable		12,254
Shareholders’ reports payable		11,539
Transfer agent fee payable		6,799
Payable for Fund shares purchased		5,125
Accrued expenses and other liabilities		4,663
Professional fees payable		4,357
Affiliated transfer agent fee payable		1,065
Trustees’ fees payable		868

Total Liabilities		150,832


Net Assets	$	82,710,699



Net assets were comprised of:
Shares of beneficial interest, at par	$	4,049
Paid-in capital in excess of par		49,512,586
Total distributable earnings (loss)		33,194,064


Net assets, July 31, 2026	$	82,710,699

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $15,770 foreign withholding tax)	$	1,390,843
Affiliated dividend income		39,175
Income from securities lending, net (including affiliated income of $5,966)		6,785

Total income		1,436,803


Expenses
Management fee		600,925
Distribution fee(a)		346,607
Transfer agent’s fees and expenses (including affiliated expense of $12,174)(a)		83,108
Registration fees(a)		42,983
Custodian and accounting fees		35,909
Professional fees		33,866
Audit fee		27,722
Shareholders’ reports		17,872
Trustees’ fees		10,550
Miscellaneous		21,749

Total expenses		1,221,291
Less: Fee waiver and/or expense reimbursement(a)		(107,030	)
Distribution fee waiver(a)		(23,294	)

Net expenses		1,090,967

Net investment income (loss)		345,836

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $628)		3,283,008
Foreign currency transactions		111

		3,283,119


Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6))		9,396,161
Foreign currencies		(109	)

		9,396,052


Net gain (loss) on investment and foreign currency transactions		12,679,171


Net Increase (Decrease) In Net Assets Resulting From Operations	$	13,025,007

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


	Class A		Class C		Class Z		Class R6
Distribution fee		139,767		206,840		—		—
Transfer agent’s fees and expenses		41,514		25,940		14,839		815
Registration fees		15,162		9,079		12,456		6,286
Fee waiver and/or expense reimbursement		(45,381)		(30,156)		(24,578)		(6,915)
Distribution fee waiver		(23,294)		—		—		—

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	345,836		$	433,620
Net realized gain (loss) on investment and foreign currency transactions		3,283,119			5,755,755
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		9,396,052			2,151,588

Net increase (decrease) in net assets resulting from operations		13,025,007			8,340,963


Dividends and Distributions
Distributions from distributable earnings
Class A		(2,651,142	)		(5,779,649	)
Class C		(1,103,526	)		(2,705,475	)
Class Z		(530,161	)		(1,316,709	)
Class R6		(48,980	)		(188,588	)

		(4,333,809	)		(9,990,421	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		13,507,759			18,015,477
Net asset value of shares issued in reinvestment of dividends and distributions		4,323,036			9,970,486
Cost of shares purchased		(15,088,847	)		(15,854,427	)

Net increase (decrease) in net assets from Fund share transactions		2,741,948			12,131,536

Total increase (decrease)		11,433,146			10,482,078

Net Assets:
Beginning of year		71,277,553			60,795,475

End of year	$	82,710,699		$	71,277,553

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 23

PGIM Jennison Rising Dividend Fund

Financial Highlights



Class A Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):		$18.33			$19.01			$16.04			$16.12			$18.00
Net Asset Value, Beginning of Year
Income (loss) from investment operations:		0.12			0.15			0.14			0.16			0.12
Net investment income (loss)		3.19			2.09			3.02			(0.08	)		(0.53	)^(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.31			2.24			3.16			0.08			(0.41	)
Total from investment operations
Less Dividends and Distributions:		(0.12	)		(0.14	)		(0.19	)		(0.16	)		(0.11	)
Dividends from net investment income		(1.02	)		(2.78	)		-			-			(1.36	)
Distributions from net realized gains		(1.14	)		(2.92	)		(0.19	)		(0.16	)		(1.47	)
Total dividends and distributions		$20.50			$18.33			$19.01			$16.04			$16.12
Net asset value, end of year		18.70	%		13.45	%		19.84	%		0.55	%		(2.69	)%
Total Return^(c):



Ratios/Supplemental Data:		$48,537			$43,538			$35,601			$28,354			$22,003
Net assets, end of year (000)		$46,589			$39,624			$30,602			$25,464			$17,151
Average net assets (000)
Ratios to average net assets^(d):		1.24	%		1.24	%		1.28	%^(e)		1.25	%^(e)		1.24	%
Expenses after waivers and/or expense reimbursement		1.39	%		1.45	%		1.54	%		1.38	%		1.63	%
Expenses before waivers and/or expense reimbursement		0.61	%		0.82	%		0.80	%		1.01	%		0.71	%
Net investment income (loss)		26	%		44	%		50	%		106	%		99	%
Portfolio turnover rate^(f)

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

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

(c)

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

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.04% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)



Class C Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$18.11			$18.83			$15.89			$15.97			$17.88
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)^(b)		0.01			-	^(c)		0.04	^(b)		(0.01	)^(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.15			2.07			3.01			(0.07	)^(d)		(0.53	)^(d)
Total from investment operations		3.12			2.08			3.01			(0.03	)		(0.54	)
Less Dividends and Distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.07	)		(0.05	)		(0.01	)
Distributions from net realized gains		(1.02	)		(2.78	)		-			-			(1.36	)
Total dividends and distributions		(1.03	)		(2.80	)		(0.07	)		(0.05	)		(1.37	)
Net asset value, end of year		$20.20			$18.11			$18.83			$15.89			$15.97
Total Return^(e):		17.79	%		12.60	%		18.91	%		(0.14	)%		(3.46	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$20,650			$20,401			$14,311			$5,374			$4,001
Average net assets (000)		$20,684			$18,378			$8,543			$4,788			$2,803
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		1.99	%		1.99	%		2.02	%^(g)		2.00	%^(g)		1.99	%
Expenses before waivers and/or expense reimbursement		2.14	%		2.18	%		2.31	%		2.24	%		2.66	%
Net investment income (loss)		(0.13	)%		0.07	%		0.02	%		0.26	%		(0.05	)%
Portfolio turnover rate^(h)		26	%		44	%		50	%		106	%		99	%

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

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

(c)	Amount rounds to zero.

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

(e)

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

(g)	Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.03% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 25

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)



Class Z Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$18.35			$19.03			$16.04			$16.13			$18.01
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.19			0.19			0.29			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.19			2.10			3.03			(0.19	)		(0.55	)^(b)
Total from investment operations		3.36			2.29			3.22			0.10			(0.37	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.19	)		(0.23	)		(0.19	)		(0.15	)
Distributions from net realized gains		(1.02	)		(2.78	)		-			-			(1.36	)
Total dividends and distributions		(1.19	)		(2.97	)		(0.23	)		(0.19	)		(1.51	)
Net asset value, end of year		$20.52			$18.35			$19.03			$16.04			$16.13
Total Return^(c):		18.98	%		13.74	%		20.18	%		0.75	%		(2.46	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$12,720			$6,436			$9,480			$13,513			$156,090
Average net assets (000)		$9,454			$8,091			$9,853			$31,371			$44,393
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.99	%		0.99	%		1.05	%^(e)		1.00	%^(e)		0.99	%
Expenses before waivers and/or expense reimbursement		1.25	%		1.30	%		1.34	%		1.08	%		1.19	%
Net investment income (loss)		0.85	%		1.06	%		1.10	%		1.84	%		1.08	%
Portfolio turnover rate^(f)		26	%		44	%		50	%		106	%		99	%

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

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

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.06% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$18.34			$19.02			$16.04			$16.12			$18.01
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.19			0.19			0.20			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.18			2.10			3.02			(0.07	)		(0.55	)^(b)
Total from investment operations		3.35			2.29			3.21			0.13			(0.38	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.19	)		(0.23	)		(0.21	)		(0.15	)
Distributions from net realized gains		(1.02	)		(2.78	)		-			-			(1.36	)
Total dividends and distributions		(1.19	)		(2.97	)		(0.23	)		(0.21	)		(1.51	)
Net asset value, end of year		$20.50			$18.34			$19.02			$16.04			$16.12
Total Return^(c):		18.93	%		13.75	%		20.13	%		0.95	%		(2.49	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$804			$902			$1,403			$138,646			$17
Average net assets (000)		$812			$1,129			$51,270			$135,960			$17
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.99	%		0.99	%		1.06	%^(e)		0.89	%		0.99	%
Expenses before waivers and/or expense reimbursement		1.84	%		1.72	%		1.10	%		0.89	%		37.99	%
Net investment income (loss)		0.87	%		1.06	%		1.15	%		1.26	%		0.97	%
Portfolio turnover rate^(f)		26	%		44	%		50	%		106	%		99	%

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

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

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.07% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 27

PGIM Target Date Income Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 93.8%

AFFILIATED EXCHANGE-TRADED FUND 23.3%

Fixed Income
PGIM Total Return Bond ETF (cost $5,782,123)		137,373	$	5,596,576


AFFILIATED MUTUAL FUNDS 70.5%

Domestic Equity 17.6%
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		73,870		3,876,717
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		32,027		360,629

				4,237,346


Fixed Income 40.5%
PGIM Core Conservative Bond Fund (Class R6)		357,167		3,021,633
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		135,649		1,201,847
PGIM TIPS Fund (Class R6)		683,308		5,527,958

				9,751,438


International Equity 12.4%
PGIM Global Real Estate Fund (Class R6)		71,731		1,666,313
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		70,122		1,313,377

				2,979,690


TOTAL AFFILIATED MUTUAL FUNDS (cost $14,536,280)				16,968,474


TOTAL LONG-TERM INVESTMENTS (cost $20,318,403)				22,565,050


SHORT-TERM INVESTMENT 6.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,508,546)		1,508,546		1,508,546


TOTAL INVESTMENTS 100.1% (cost $21,826,949)(wa)				24,073,596
Liabilities in excess of other assets (0.1)%				(23,861	)


NET ASSETS 100.0%			$	24,049,735

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	5,596,576		$—		$—
Affiliated Mutual Funds
Domestic Equity		4,237,346		—		—
Fixed Income		9,751,438		—		—

See Notes to Financial Statements.

PGIM Target Date Income Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
International Equity	$	2,979,690		$—		$—
Short-Term Investment
Affiliated Mutual Fund		1,508,546		—		—

Total	$	24,073,596		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Fixed Income	63.8	%
Domestic Equity	17.6


International Equity	12.4	%
Short-Term	6.3

	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date Income Fund 29

PGIM Target Date Income Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $21,826,949)	$	24,073,596
Receivable for investments sold		56,366
Dividends receivable		21,365
Due from Manager		13,068
Receivable for Fund shares sold		526
Prepaid expenses		79


Total Assets		24,165,000


Liabilities
Payable for investments purchased		53,739
Audit fee payable		21,038
Custodian and accounting fees payable		18,482
Shareholders’ reports fee payable		6,480
Professional fees payable		5,390
Accrued expenses and other liabilities		5,026
Transfer agent fee payable		1,512
Fund data services payable		1,402
Payable for Fund shares purchased		1,107
Trustees’ fees payable		827
Distribution fee payable		142
Affiliated transfer agent fee payable		120


Total Liabilities		115,265


Net Assets	$	24,049,735



Net assets were comprised of:
Shares of beneficial interest, at par	$	2,206
Paid-in capital in excess of par		24,010,806
Total distributable earnings (loss)		36,723


Net assets, July 31, 2026	$	24,049,735

See Notes to Financial Statements.

PGIM Target Date Income Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026



Class R1
Net asset value, offering price and redemption price per share, ($145,179 ÷ 13,347 shares of beneficial interest issued and outstanding)	$	10.88


Class R2
Net asset value, offering price and redemption price per share, ($91,526 ÷ 8,413 shares of beneficial interest issued and outstanding)	$	10.88


Class R3
Net asset value, offering price and redemption price per share, ($727,577 ÷ 66,837 shares of beneficial interest issued and outstanding)	$	10.89


Class R4
Net asset value, offering price and redemption price per share, ($50,101 ÷ 4,602 shares of beneficial interest issued and outstanding)	$	10.89


Class R5
Net asset value, offering price and redemption price per share, ($59,488 ÷ 5,465 shares of beneficial interest issued and outstanding)	$	10.89


Class R6
Net asset value, offering price and redemption price per share, ($22,975,864 ÷ 2,107,244 shares of beneficial interest issued and outstanding)	$	10.90

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 31

PGIM Target Date Income Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	1,095,274


Expenses
Distribution fee(a)		1,627
Shareholder servicing fees(a)		736
Custodian and accounting fees		58,744
Professional fees		30,867
Audit fee		21,037
Registration fees(a)		17,445
Shareholders’ reports		16,186
Trustees’ fees		9,961
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $1,488)(a)		5,662
Commitment fees		4,676
Miscellaneous		3,448

Total expenses		178,916
Less: Fee waiver and/or expense reimbursement(a)		(174,761	)

Net expenses		4,155

Net investment income (loss)		1,091,119

Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		(5,183	)

Net capital gain distributions received		285,379

Payment from Manager		16,673


		296,869


Net change in unrealized appreciation (depreciation) on investments		1,094,570


Net gain (loss) on investment transactions		1,391,439


Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,482,558

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


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Distribution fee		758		221		648		—		—		—
Shareholder servicing fees		112		—		624		—		—		—
Registration fees		2,874		2,874		2,874		2,874		2,874		3,075
Transfer agent’s fees and expenses		325		307		1,128		67		2,187		1,648
Fee waiver and/or expense reimbursement		(3,928)		(3,541)		(7,260)		(3,138)		(9,828)		(147,066)

See Notes to Financial Statements.

PGIM Target Date Income Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	1,091,119		$	773,501
Net realized gain (loss) on investment transactions		296,869			(117,856	)
Net change in unrealized appreciation (depreciation) on investments		1,094,570			962,061

Net increase (decrease) in net assets resulting from operations		2,482,558			1,617,706


Dividends and Distributions
Distributions from distributable earnings
Class R1		(6,703	)		(2,299	)
Class R2		(4,012	)		(2,263	)
Class R3		(30,057	)		(13,752	)
Class R4		(2,311	)		(1,792	)
Class R5		(54,913	)		(57,253	)
Class R6		(1,242,848	)		(976,298	)

		(1,340,844	)		(1,053,657	)

Fund share transactions
Net proceeds from shares sold		3,912,087			1,628,917
Net asset value of shares issued in reinvestment of dividends and distributions		1,340,844			1,053,657
Net asset value of shares issued in merger		—			9,918,105
Cost of shares purchased		(7,459,770	)		(5,604,374	)

Net increase (decrease) in net assets from Fund share transactions		(2,206,839	)		6,996,305

Total increase (decrease)		(1,065,125	)		7,560,354

Net Assets:
Beginning of year		25,114,860			17,554,506

End of year	$	24,049,735		$	25,114,860

See Notes to Financial Statements.

PGIM Target Date Income Fund 33

PGIM Target Date Income Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.41			$10.31			$9.92			$10.64			$12.13
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.30			0.30			0.38			0.47
Net realized and unrealized gain (loss) on investment transactions		0.55			0.32			0.42			(0.45	)		(1.08	)
Total from investment operations		0.94			0.62			0.72			(0.07	)		(0.61	)
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.32	)		(0.30	)		(0.40	)		(0.68	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.47	)		(0.52	)		(0.33	)		(0.65	)		(0.88	)
Net asset value, end of year		$10.88			$10.41			$10.31			$9.92			$10.64
Total Return^(b):		9.14	%		6.17	%		7.45	%		(0.34	)%		(5.43	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$145			$164			$28			$26			$26
Average net assets (000)		$151			$53			$26			$25			$27
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.68	%		0.66	%		0.69	%^(d)		0.76	%		0.76	%
Expenses before waivers and/or expense reimbursement		3.27	%		3.64	%		12.81	%		12.92	%		15.10	%
Net investment income (loss)		3.59	%		2.86	%		3.01	%		3.88	%		4.09	%
Portfolio turnover rate^(e)		67	%		30	%		38	%		25	%		62	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.41			$10.31			$9.92			$10.64			$12.13
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.31			0.32			0.40			0.58
Net realized and unrealized gain (loss) on investment transactions		0.55			0.33			0.43			(0.44	)		(1.16	)
Total from investment operations		0.96			0.64			0.75			(0.04	)		(0.58	)
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.34	)		(0.33	)		(0.43	)		(0.71	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.49	)		(0.54	)		(0.36	)		(0.68	)		(0.91	)
Net asset value, end of year		$10.88			$10.41			$10.31			$9.92			$10.64
Total Return^(b):		9.41	%		6.44	%		7.71	%		(0.08	)%		(5.20	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$92			$84			$31			$33			$48
Average net assets (000)		$89			$60			$31			$37			$1,373
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.43	%		0.41	%		0.44	%^(d)		0.51	%		0.51	%
Expenses before waivers and/or expense reimbursement		4.43	%		3.45	%		11.50	%		10.74	%		1.28	%
Net investment income (loss)		3.84	%		3.07	%		3.29	%		4.07	%		4.96	%
Portfolio turnover rate^(e)		67	%		30	%		38	%		25	%		62	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 35

PGIM Target Date Income Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.42			$10.31			$9.92			$10.65			$12.14
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.34	^(b)		0.34			0.42			0.47
Net realized and unrealized gain (loss) on investment transactions		0.55			0.33	^(c)		0.42			(0.46	)		(1.03	)
Total from investment operations		0.98			0.67			0.76			(0.04	)		(0.56	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.36	)		(0.34	)		(0.44	)		(0.73	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.51	)		(0.56	)		(0.37	)		(0.69	)		(0.93	)
Net asset value, end of year		$10.89			$10.42			$10.31			$9.92			$10.65
Total Return^(d):		9.57	%		6.69	%		7.87	%		(0.03	)%		(5.03	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$728			$573			$189			$169			$160
Average net assets (000)		$648			$288			$176			$157			$196
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.28	%		0.26	%		0.29	%^(f)		0.36	%		0.36	%
Expenses before waivers and/or expense reimbursement		1.40	%		1.45	%		2.91	%		2.62	%		2.49	%
Net investment income (loss)		4.00	%		3.29	%		3.41	%		4.26	%		4.19	%
Portfolio turnover rate^(g)		67	%		30	%		38	%		25	%		62	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.42			$10.31			$9.92			$10.65			$12.14
Income (loss) from investment operations:
Net investment income (loss)		0.44			0.35	^(b)		0.35			0.43			0.52
Net realized and unrealized gain (loss) on investment transactions		0.55			0.33	^(c)		0.42			(0.46	)		(1.07	)
Total from investment operations		0.99			0.68			0.77			(0.03	)		(0.55	)
Less Dividends and Distributions:
Dividends from net investment income		(0.42	)		(0.37	)		(0.35	)		(0.45	)		(0.74	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.52	)		(0.57	)		(0.38	)		(0.70	)		(0.94	)
Net asset value, end of year		$10.89			$10.42			$10.31			$9.92			$10.65
Total Return^(d):		9.68	%		6.80	%		7.97	%		0.07	%		(4.94	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$50			$46			$28			$26			$26
Average net assets (000)		$48			$38			$27			$25			$27
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.18	%		0.15	%		0.19	%^(f)		0.26	%		0.26	%
Expenses before waivers and/or expense reimbursement		6.66	%		4.08	%		12.00	%		12.18	%		14.28	%
Net investment income (loss)		4.09	%		3.44	%		3.51	%		4.38	%		4.59	%
Portfolio turnover rate^(g)		67	%		30	%		38	%		25	%		62	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 37

PGIM Target Date Income Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,


	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.42			$10.31			$9.92			$10.64			$12.14
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.37	^(b)		0.36			0.44			0.53
Net realized and unrealized gain (loss) on investment transactions		0.59			0.32	^(c)		0.42			(0.45	)		(1.08	)
Total from investment operations		1.00			0.69			0.78			(0.01	)		(0.55	)
Less Dividends and Distributions:
Dividends from net investment income		(0.43	)		(0.38	)		(0.36	)		(0.46	)		(0.75	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.53	)		(0.58	)		(0.39	)		(0.71	)		(0.95	)
Net asset value, end of year		$10.89			$10.42			$10.31			$9.92			$10.64
Total Return^(d):		9.78	%		6.92	%		8.08	%		0.27	%		(4.93	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$59			$1,384			$972			$933			$931
Average net assets (000)		$952			$1,134			$930			$899			$944
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.09	%		0.05	%		0.09	%^(f)		0.16	%		0.16	%
Expenses before waivers and/or expense reimbursement		1.12	%		0.92	%		1.37	%		1.18	%		1.05	%
Net investment income (loss)		3.89	%		3.56	%		3.61	%		4.48	%		4.67	%
Portfolio turnover rate^(g)		67	%		30	%		38	%		25	%		62	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,


	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.44			$10.33			$9.94			$10.66			$12.16
Income (loss) from investment operations:
Net investment income (loss)		0.45			0.37	^(b)		0.37			0.46	^(b)		0.55
Net realized and unrealized gain (loss) on investment transactions		0.56			0.33	^(c)		0.43			(0.45	)^(c)		(1.08	)
Total from investment operations		1.01			0.70			0.80			0.01			(0.53	)
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.39	)		(0.38	)		(0.48	)		(0.77	)
Distributions from net realized gains		(0.10	)		(0.20	)		(0.03	)		(0.25	)		(0.20	)
Total dividends and distributions		(0.55	)		(0.59	)		(0.41	)		(0.73	)		(0.97	)
Net asset value, end of year		$10.90			$10.44			$10.33			$9.94			$10.66
Total Return^(d):		10.04	%		6.96	%		8.22	%		0.43	%		(4.78	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$22,976			$22,865			$16,306			$21,305			$23,236
Average net assets (000)		$24,249			$20,087			$18,746			$21,430			$25,990
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.02	%^(f)		0.01	%^(g)		0.00	%^(g)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(h)		0.00	%^(h)		0.02	%^(f)(h)		0.01	%		0.01	%
Expenses before waivers and/or expense reimbursement		0.61	%		0.71	%		0.85	%		0.71	%		0.52	%
Net investment income (loss)		4.20	%		3.58	%		3.69	%		4.65	%		4.82	%
Portfolio turnover rate⁽ⁱ⁾		67	%		30	%		38	%		25	%		62	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

(h)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

PGIM Target Date Income Fund 39

PGIM Target Date 2020 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 94.8%

AFFILIATED EXCHANGE-TRADED FUND 23.1%
Fixed Income
PGIM Total Return Bond ETF (cost $6,958,938)		165,424	$	6,739,374


AFFILIATED MUTUAL FUNDS 71.7%
Domestic Equity 21.5%
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		108,118		5,674,027
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		51,707		582,225

				6,256,252


Fixed Income 36.2%
PGIM Core Conservative Bond Fund (Class R6)		359,986		3,045,481
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		164,251		1,455,260
PGIM TIPS Fund (Class R6)		746,805		6,041,654

				10,542,395


International Equity 14.0%
PGIM Global Real Estate Fund (Class R6)		86,857		2,017,684
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		109,608		2,052,949

				4,070,633


TOTAL AFFILIATED MUTUAL FUNDS (cost $17,272,658)				20,869,280


TOTAL LONG-TERM INVESTMENTS (cost $24,231,596)				27,608,654


SHORT-TERM INVESTMENT 5.2%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,524,229)		1,524,229		1,524,229


TOTAL INVESTMENTS 100.0% (cost $25,755,825)(wa)				29,132,883
Liabilities in excess of other assets (0.0)%				(6,045	)


NET ASSETS 100.0%			$	29,126,838

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded
Fund Fixed Income		$ 6,739,374		$—		$—
Affiliated Mutual Funds
Domestic Equity		6,256,252		—		—
Fixed Income		10,542,395		—		—

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
International Equity		$ 4,070,633		$—		$—
Short-Term Investment
Affiliated Mutual Fund		1,524,229		—		—

Total		$29,132,883		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Fixed Income	59.3	%
Domestic Equity	21.5


International Equity	14.0	%
Short-Term	5.2

	100.0
Liabilities in excess of other assets	(0.0	)*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 41

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets

Investments at value:
Affiliated investments (cost $25,755,825)	$	29,132,883
Receivable for investments sold		78,983
Dividends receivable		25,723
Due from Manager		17,213
Receivable for Fund shares sold		10
Prepaid expenses		77

Total Assets		29,254,889


Liabilities
Payable for investments purchased		72,580
Audit fee payable		21,039
Custodian and accounting fees payable		18,460
Shareholders’ reports fee payable		6,371
Professional fees payable		5,022
Accrued expenses and other liabilities		3,527
Trustees’ fees payable		824
Affiliated transfer agent fee payable		98
Distribution fee payable		95
Payable for Fund shares purchased		35

Total Liabilities		128,051


Net Assets	$	29,126,838



Net assets were comprised of:
Shares of beneficial interest, at par	$	2,657
Paid-in capital in excess of par		28,064,577
Total distributable earnings (loss)		1,059,604


Net assets, July 31, 2026	$	29,126,838

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1

Net asset value, offering price and redemption price per share, ($25,046 ÷ 2,288 shares of beneficial interest issued and outstanding)	$	10.95


Class R2

Net asset value, offering price and redemption price per share, ($121,620 ÷ 11,092 shares of beneficial interest issued and outstanding)	$	10.96


Class R3

Net asset value, offering price and redemption price per share, ($698,296 ÷ 63,523 shares of beneficial interest issued and outstanding)	$	10.99


Class R4

Net asset value, offering price and redemption price per share, ($46,907 ÷ 4,262 shares of beneficial interest issued and outstanding)	$	11.01


Class R5

Net asset value, offering price and redemption price per share, ($18,625 ÷ 1,692 shares of beneficial interest issued and outstanding)	$	11.01


Class R6

Net asset value, offering price and redemption price per share, ($28,216,344 ÷ 2,573,933 shares of beneficial interest issued and outstanding)	$	10.96

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 43

PGIM Target Date 2020 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)
Affiliated dividend income	$	1,315,458


Expenses
Distribution fee(a)		1,080
Shareholder servicing fees(a)		750
Custodian and accounting fees		58,551
Professional fees		34,893
Audit fee		21,037
Registration fees(a)		17,749
Shareholders’ reports		16,387
Trustees’ fees		10,008
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $1,194)(a)		6,360
Miscellaneous		7,964

Total expenses		183,306
Less: Fee waiver and/or expense reimbursement(a)		(179,345	)

Net expenses		3,961

Net investment income (loss)		1,311,497

Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		620,612
Net capital gain distributions received		472,161
Payment from Manager		20,561

		1,113,334


Net change in unrealized appreciation (depreciation) on investments		975,716


Net gain (loss) on investment transactions		2,089,050


Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,400,547

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


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		89			268			723			—			—			—
Shareholder servicing fees		—			—			720			30			—			—
Registration fees		2,875			3,174			2,875			2,875			2,875			3,075
Transfer agent’s fees and expenses		93			136			1,163			147			3,335			1,486
Fee waiver and/or expense reimbursement		(3,024	)		(3,646	)		(6,983	)		(3,193	)		(11,721	)		(150,778	)

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	1,311,497		$	1,212,923
Net realized gain (loss) on investment transactions		1,113,334			(31,223	)
Net change in unrealized appreciation (depreciation) on investments		975,716			1,241,754

Net increase (decrease) in net assets resulting from operations		3,400,547			2,423,454


Dividends and Distributions
Distributions from distributable earnings Class R1		(641	)		(1,557	)
Class R2		(4,234	)		(8,819	)
Class R3		(33,353	)		(89,524	)
Class R4		(1,935	)		(3,538	)
Class R5		(94,032	)		(280,411	)
Class R6		(1,436,918	)		(3,473,443	)

		(1,571,113	)		(3,857,292	)

Fund share transactions
Net proceeds from shares sold		2,386,087			3,408,724
Net asset value of shares issued in reinvestment of dividends and distributions		1,571,113			3,857,292
Cost of shares purchased		(10,428,868	)		(7,548,523	)

Net increase (decrease) in net assets from Fund share transactions		(6,471,668	)		(282,507	)

Total increase (decrease)		(4,642,234	)		(1,716,345	)

Net Assets:
Beginning of year		33,769,072			35,485,417

End of year	$	29,126,838		$	33,769,072

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 45

PGIM Target Date 2020 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.34			$10.83			$10.33			$11.12			$12.82
Income (loss) from investment operations:
Net investment income (loss)		0.37			0.30	^(b)		0.29			0.37			0.47
Net realized and unrealized gain (loss) on investment transactions		0.66			0.37	^(c)		0.54			(0.35	)		(1.08	)
Total from investment operations		1.03			0.67			0.83			0.02			(0.61	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.38	)		(0.29	)		(0.41	)		(0.72	)
Distributions from net realized gains		(0.08	)		(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.42	)		(1.16	)		(0.33	)		(0.81	)		(1.09	)
Net asset value, end of year		$10.95			$10.34			$10.83			$10.33			$11.12
Total Return^(d):		10.17	%		6.71	%		8.22	%		0.72	%		(5.37	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$25			$16			$15			$13			$13
Average net assets (000)		$18			$15			$14			$13			$14
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.68	%		0.65	%		0.69	%^(f)		0.76	%		0.76	%
Expenses before waivers and/or expense reimbursement		17.68	%		22.66	%		23.34	%		23.81	%		27.64	%
Net investment income (loss)		3.41	%		2.91	%		2.80	%		3.64	%		3.94	%
Portfolio turnover rate^(g)		58	%		35	%		43	%		24	%		45	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.36			$10.85			$10.35			$11.14			$12.83
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.33	^(b)		0.32			0.42			0.57
Net realized and unrealized gain (loss) on investment transactions		0.66			0.37	^(c)		0.54			(0.37	)		(1.14	)
Total from investment operations		1.05			0.70			0.86			0.05			(0.57	)
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.41	)		(0.32	)		(0.44	)		(0.75	)
Distributions from net realized gains		(0.08	)		(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.45	)		(1.19	)		(0.36	)		(0.84	)		(1.12	)
Net asset value, end of year		$10.96			$10.36			$10.85			$10.35			$11.14
Total Return^(d):		10.43	%		7.00	%		8.47	%		0.94	%		(5.05	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$122			$92			$75			$58			$55
Average net assets (000)		$107			$83			$68			$70			$3,140
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.43	%		0.40	%		0.43	%^(f)		0.51	%		0.51	%
Expenses before waivers and/or expense reimbursement		3.83	%		5.12	%		5.85	%		6.89	%		0.83	%
Net investment income (loss)		3.66	%		3.16	%		3.05	%		4.07	%		4.69	%
Portfolio turnover rate^(g)		58	%		35	%		43	%		24	%		45	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 47

PGIM Target Date 2020 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,


	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.38			$10.87			$10.37			$11.17			$12.86
Income (loss) from investment operations:
Net investment income (loss)		0.42			0.35	^(b)		0.33			0.43			0.52
Net realized and unrealized gain (loss) on investment transactions		0.65			0.37	^(c)		0.54			(0.37	)		(1.07	)
Total from investment operations		1.07			0.72			0.87			0.06			(0.55	)
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.43	)		(0.33	)		(0.46	)		(0.77	)
Distributions from net realized gains		(0.08	)		(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.46	)		(1.21	)		(0.37	)		(0.86	)		(1.14	)
Net asset value, end of year		$10.99			$10.38			$10.87			$10.37			$11.17
Total Return^(d):		10.57	%		7.14	%		8.61	%		1.07	%		(4.89	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$698			$746			$808			$999			$1,099
Average net assets (000)		$724			$766			$891			$1,002			$1,228
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.28	%		0.25	%		0.29	%^(f)		0.36	%		0.36	%
Expenses before waivers and/or expense reimbursement		1.24	%		1.22	%		1.17	%		0.75	%		0.65	%
Net investment income (loss)		3.86	%		3.37	%		3.22	%		4.15	%		4.37	%
Portfolio turnover rate^(g)		58	%		35	%		43	%		24	%		45	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,


	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.39			$10.89			$10.38			$11.18			$12.87
Income (loss) from investment operations:
Net investment income (loss)		0.42			0.35	^(b)		0.34			0.42			0.53
Net realized and unrealized gain (loss) on investment transactions		0.67			0.37	^(c)		0.55			(0.35	)		(1.06	)
Total from investment operations		1.09			0.72			0.89			0.07			(0.53	)
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.44	)		(0.34	)		(0.47	)		(0.79	)
Distributions from net realized gains		(0.08	)		(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.47	)		(1.22	)		(0.38	)		(0.87	)		(1.16	)
Net asset value, end of year		$11.01			$10.39			$10.89			$10.38			$11.18
Total Return^(d):		10.76	%		7.15	%		8.80	%		1.17	%		(4.79	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$47			$42			$29			$14			$14
Average net assets (000)		$45			$35			$18			$13			$14
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.18	%		0.15	%		0.17	%^(f)		0.26	%		0.26	%
Expenses before waivers and/or expense reimbursement		7.26	%		9.96	%		17.47	%		22.64	%		26.44	%
Net investment income (loss)		3.89	%		3.39	%		3.30	%		4.13	%		4.44	%
Portfolio turnover rate^(g)		58	%		35	%		43	%		24	%		45	%

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

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

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

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 49

PGIM Target Date 2020 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,


	2026			2025				2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.40			$	10.89			$10.38			$11.18			$12.88
Income (loss) from investment operations:
Net investment income (loss)		0.40				0.37			0.35			0.44			0.55
Net realized and unrealized gain (loss) on investment transactions		0.70				0.37			0.55			(0.36	)		(1.08	)
Total from investment operations		1.10				0.74			0.90			0.08			(0.53	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)			(0.45	)		(0.35	)		(0.48	)		(0.80	)
Distributions from net realized gains		(0.08	)			(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.49	)			(1.23	)		(0.39	)		(0.88	)		(1.17	)
Net asset value, end of year		$11.01			$	10.40			$10.89			$10.38			$11.18
Total Return^(b):		10.77	%			7.36	%		8.91	%		1.28	%		(4.77	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$19			$	2,749			$2,933			$2,923			$2,967
Average net assets (000)		$1,489			$	2,552			$2,866			$2,874			$3,448
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.09	%			0.05	%		0.09	%^(d)		0.16	%		0.16	%
Expenses before waivers and/or expense reimbursement		0.88	%			0.75	%		0.69	%		0.62	%		0.50	%
Net investment income (loss)		3.74	%			3.49	%		3.42	%		4.24	%		4.58	%
Portfolio turnover rate^(e)		58	%			35	%		43	%		24	%		45	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.35			$10.85			$10.35			$11.15			$12.84
Income (loss) from investment operations:
Net investment income (loss)		0.44			0.37			0.36			0.45			0.56
Net realized and unrealized gain (loss) on investment transactions		0.67			0.37			0.55			(0.35	)		(1.06	)
Total from investment operations		1.11			0.74			0.91			0.10			(0.50	)
Less Dividends and Distributions:
Dividends from net investment income		(0.42	)		(0.46	)		(0.37	)		(0.50	)		(0.82	)
Distributions from net realized gains		(0.08	)		(0.78	)		(0.04	)		(0.40	)		(0.37	)
Total dividends and distributions		(0.50	)		(1.24	)		(0.41	)		(0.90	)		(1.19	)
Net asset value, end of year		$10.96			$10.35			$10.85			$10.35			$11.15
Total Return^(b):		10.98	%		7.45	%		8.99	%		1.46	%		(4.56	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$28,216			$30,125			$31,627			$37,314			$46,728
Average net assets (000)		$29,922			$30,592			$33,316			$40,751			$54,565
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(d)		0.01	%^(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.01	%^(d)(f)		0.01	%		0.01	%
Expenses before waivers and/or expense reimbursement		0.50	%		0.48	%		0.46	%		0.37	%		0.25	%
Net investment income (loss)		4.08	%		3.58	%		3.51	%		4.43	%		4.71	%
Portfolio turnover rate^(g)		58	%		35	%		43	%		24	%		45	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

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

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

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

See Notes to Financial Statements.

PGIM Target Date 2020 Fund 51

PGIM Target Date 2025 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 95.6%

AFFILIATED EXCHANGE-TRADED FUND 21.2%
Fixed Income
PGIM Total Return Bond ETF (cost $9,077,420)		215,731	$	8,788,881


AFFILIATED MUTUAL FUNDS 74.4%
Domestic Equity 26.9%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		39,465		663,794
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		186,199		9,771,744
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		61,772		695,555


				11,131,093

Fixed Income 32.0%
PGIM Core Conservative Bond Fund (Class R6)		447,540		3,786,192
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		196,222		1,738,527
PGIM TIPS Fund (Class R6)		955,693		7,731,559


				13,256,278

International Equity 15.5%
PGIM Global Real Estate Fund (Class R6)		109,414		2,541,677
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		208,582		3,906,737


				6,448,414

TOTAL AFFILIATED MUTUAL FUNDS (cost $24,620,736)				30,835,785


TOTAL LONG-TERM INVESTMENTS (cost $33,698,156)				39,624,666


SHORT-TERM INVESTMENT 4.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,779,638)		1,779,638		1,779,638


TOTAL INVESTMENTS 99.9% (cost $35,477,794)(wa)				41,404,304
Other assets in excess of liabilities 0.1%				33,321


NET ASSETS 100.0%			$	41,437,625

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa)	Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Assets

Long-Term Investments

Affiliated Exchange-Traded Fund

Fixed Income

$ 8,788,881

$—

Affiliated Mutual Funds

Domestic Equity

11,131,093

—

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Fixed Income		$13,256,278		$—		$—
International Equity		6,448,414		—		—
Short-Term Investment
Affiliated Mutual Fund		1,779,638		—		—


Total		$41,404,304		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


Fixed Income	53.2	%
Domestic Equity	26.9


International Equity	15.5	%
Short-Term	4.3

	99.9
Other assets in excess of liabilities	0.1


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 53

PGIM Target Date 2025 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $35,477,794)	$	41,404,304
Receivable for investments sold		132,542
Receivable for Fund shares sold		101,904
Dividends receivable		33,529
Due from Manager		19,473
Prepaid expenses		82


Total Assets		41,691,834


Liabilities
Payable for investments purchased		196,414
Audit fee payable		21,037
Custodian and accounting fees payable		18,470
Accrued expenses and other liabilities		8,564
Shareholder report fees payable		7,845
Trustees’ fees payable		830
Payable for Fund shares purchased		691
Distribution fee payable		236
Affiliated transfer agent fee payable		122


Total Liabilities		254,209


Net Assets	$	41,437,625



Net assets were comprised of:
Shares of beneficial interest, at par	$	3,602
Paid-in capital in excess of par		38,877,222
Total distributable earnings (loss)		2,556,801


Net assets, July 31, 2026	$	41,437,625

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Schedule of Assets & Liabilities (continued)

as of July 31, 2026



Class R1
Net asset value, offering price and redemption price per share, ($119,812 ÷ 10,500 shares of beneficial interest issued and outstanding)	$	11.41


Class R2

Net asset value, offering price and redemption price per share, ($632,669 ÷ 55,306 shares of beneficial interest issued and outstanding)	$	11.44


Class R3
Net asset value, offering price and redemption price per share, ($610,068 ÷ 53,245 shares of beneficial interest issued and outstanding)	$	11.46


Class R4
Net asset value, offering price and redemption price per share, ($18,906 ÷ 1,650 shares of beneficial interest issued and outstanding)	$	11.46


Class R5
Net asset value, offering price and redemption price per share, ($31,752 ÷ 2,767 shares of beneficial interest issued and outstanding)	$	11.48


Class R6
Net asset value, offering price and redemption price per share, ($40,024,418 ÷ 3,478,196 shares of beneficial interest issued and outstanding)	$	11.51

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 55

PGIM Target Date 2025 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)
Affiliated dividend income	$	1,811,030


Expenses
Distribution fee(a)		2,600
Shareholder servicing fees(a)		1,077
Custodian and accounting fees		58,582
Professional fees		34,978
Audit fee		21,037
Registration fees(a)		17,748
Shareholders’ reports		15,591
Trustees’ fees		10,171
Fund data services		8,527
Commitment fees		6,584
Transfer agent’s fees and expenses (including affiliated expense of $1,478)(a)		5,633
Miscellaneous		3,054

Total expenses		185,582
Less: Fee waiver and/or expense reimbursement(a)		(179,912	)

Net expenses		5,670

Net investment income (loss)		1,805,360

Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		1,378,522

Net capital gain distributions received		800,952

Payment from Manager		27,678

		2,207,152


Net change in unrealized appreciation (depreciation) on investments		1,356,881


Net gain (loss) on investment transactions		3,564,033


Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,369,393

(a) Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		507			1,510			583			—			—			—
Shareholder servicing fees		82			418			577			—			—			—
Registration fees		2,874			2,875			2,875			2,875			3,175			3,074
Transfer agent’s fees and expenses		236			1,175			949			62			1,625			1,586
Fee waiver and/or expense reimbursement		(3,351	)		(5,396	)		(5,299	)		(2,963	)		(6,331	)		(156,572	)

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Statements of Changes in Net Assets


		Year Ended July 31,
		2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,805,360		$	1,691,818
Net realized gain (loss) on investment transactions		2,207,152			(14,487	)
Net change in unrealized appreciation (depreciation) on investments		1,356,881			1,984,174

Net increase (decrease) in net assets resulting from operations		5,369,393			3,661,505

Dividends and Distributions
Distributions from distributable earnings
Class R1		(4,452	)		(1,808	)
Class R2		(35,218	)		(28,663	)
Class R3		(28,999	)		(57,434	)
Class R4		(912	)		(1,760	)
Class R5		(54,180	)		(103,985	)
Class R6		(2,475,312	)		(5,335,780	)

		(2,599,073	)		(5,529,430	)

Fund share transactions
Net proceeds from shares sold		3,416,059			7,005,120
Net asset value of shares issued in reinvestment of dividends and distributions		2,599,073			5,529,430
Cost of shares purchased		(15,364,196	)		(10,801,293	)

Net increase (decrease) in net assets from Fund share transactions		(9,349,064	)		1,733,257

Total increase (decrease)		(6,578,744	)		(134,668	)

Net Assets:
Beginning of year		48,016,369			48,151,037

End of year	$	41,437,625		$	48,016,369

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 57

PGIM Target Date 2025 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.77			$11.23			$10.62			$11.19			$13.01
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.27			0.28			0.37			0.47
Net realized and unrealized gain (loss) on investment transactions		0.82			0.47			0.64			(0.25	)		(1.07	)
Total from investment operations		1.17			0.74			0.92			0.12			(0.60	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.43	)		(0.27	)		(0.38	)		(0.75	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.53	)		(1.20	)		(0.31	)		(0.69	)		(1.22	)
Net asset value, end of year		$11.41			$10.77			$11.23			$10.62			$11.19
Total Return^(b):		11.09	%		7.17	%		8.86	%		1.56	%		(5.37	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$120			$86			$17			$14			$14
Average net assets (000)		$102			$29			$14			$13			$14
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.69	%		0.67	%		0.68	%^(d)		0.76	%		0.76	%
Expenses before waivers and/or expense reimbursement		3.99	%		12.55	%		22.27	%		23.35	%		27.65	%
Net investment income (loss)		3.16	%		2.48	%		2.61	%		3.51	%		3.86	%
Portfolio turnover rate^(e)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.79			$11.26			$10.64			$11.22			$13.04
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.30			0.31			0.38			0.48
Net realized and unrealized gain (loss) on investment transactions		0.80			0.46			0.65			(0.24	)		(1.05	)
Total from investment operations		1.21			0.76			0.96			0.14			(0.57	)
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)		(0.46	)		(0.30	)		(0.41	)		(0.78	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.56	)		(1.23	)		(0.34	)		(0.72	)		(1.25	)
Net asset value, end of year		$11.44			$10.79			$11.26			$10.64			$11.22
Total Return^(b):		11.44	%		7.35	%		9.19	%		1.74	%		(5.12	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$633			$269			$617			$148			$106
Average net assets (000)		$604			$336			$346			$120			$92
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.44	%		0.41	%		0.41	%^(d)		0.51	%		0.51	%
Expenses before waivers and/or expense reimbursement		1.33	%		1.87	%		1.95	%		3.42	%		6.27	%
Net investment income (loss)		3.65	%		2.76	%		2.85	%		3.65	%		3.99	%
Portfolio turnover rate^(e)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 59

PGIM Target Date 2025 Fund

Financial Highlights (continued)



Class R3 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.81			$11.27			$10.65			$11.23			$13.06
Income (loss) from investment operations:
Net investment income (loss)		0.40			0.34			0.32			0.41			0.43
Net realized and unrealized gain (loss) on investment transactions		0.82			0.44			0.65			(0.25	)		(0.99	)
Total from investment operations		1.22			0.78			0.97			0.16			(0.56	)
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.47	)		(0.31	)		(0.43	)		(0.80	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.57	)		(1.24	)		(0.35	)		(0.74	)		(1.27	)
Net asset value, end of year		$11.46			$10.81			$11.27			$10.65			$11.23
Total Return^(b):		11.59	%		7.60	%		9.34	%		1.91	%		(5.04	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$610			$548			$518			$465			$449
Average net assets (000)		$583			$531			$481			$435			$663
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.29	%		0.26	%		0.28	%^(d)		0.36	%		0.36	%
Expenses before waivers and/or expense reimbursement		1.20	%		1.29	%		1.32	%		1.03	%		1.02	%
Net investment income (loss)		3.58	%		3.18	%		3.02	%		3.93	%		3.60	%
Portfolio turnover rate^(e)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Financial Highlights (continued)



Class R4 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.81			$11.28			$10.66			$11.24			$13.06
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.27			0.34			0.47			0.51
Net realized and unrealized gain (loss) on investment transactions		0.82			0.52			0.64			(0.30	)		(1.05	)
Total from investment operations		1.23			0.79			0.98			0.17			(0.54	)
Less Dividends and Distributions:
Dividends from net investment income		(0.46	)		(0.49	)		(0.32	)		(0.44	)		(0.81	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.58	)		(1.26	)		(0.36	)		(0.75	)		(1.28	)
Net asset value, end of year		$11.46			$10.81			$11.28			$10.66			$11.24
Total Return^(b):		11.70	%		7.62	%		9.44	%		2.02	%		(4.87	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$19			$17			$223			$14			$22
Average net assets (000)		$18			$44			$183			$21			$18
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.19	%		0.15	%		0.17	%^(d)		0.26	%		0.26	%
Expenses before waivers and/or expense reimbursement		16.57	%		7.98	%		2.23	%		14.42	%		21.59	%
Net investment income (loss)		3.68	%		2.43	%		3.20	%		4.49	%		4.24	%
Portfolio turnover rate^(e)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 61

PGIM Target Date 2025 Fund

Financial Highlights (continued)



Class R5 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.83			$11.28			$10.66			$11.25			$13.07
Income (loss) from investment operations:
Net investment income (loss)		0.42			0.37			0.34			0.43			0.49
Net realized and unrealized gain (loss) on investment transactions		0.82			0.45			0.65			(0.26	)		(1.02	)
Total from investment operations		1.24			0.82			0.99			0.17			(0.53	)
Less Dividends and Distributions:
Dividends from net investment income		(0.47	)		(0.50	)		(0.33	)		(0.45	)		(0.82	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.59	)		(1.27	)		(0.37	)		(0.76	)		(1.29	)
Net asset value, end of year		$11.48			$10.83			$11.28			$10.66			$11.25
Total Return^(b):		11.79	%		7.90	%		9.54	%		2.04	%		(4.77	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$32			$964			$903			$727			$606
Average net assets (000)		$675			$920			$867			$647			$425
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.09	%		0.06	%		0.08	%^(d)		0.16	%		0.16	%
Expenses before waivers and/or expense reimbursement		1.03	%		0.84	%		0.83	%		0.89	%		1.24	%
Net investment income (loss)		3.74	%		3.43	%		3.22	%		4.15	%		4.12	%
Portfolio turnover rate^(e)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund

Financial Highlights (continued)



Class R6 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.85			$11.31			$10.69			$11.27			$13.10
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.38			0.36			0.45			0.56
Net realized and unrealized gain (loss) on investment transactions		0.84			0.44			0.65			(0.26	)		(1.08	)
Total from investment operations		1.27			0.82			1.01			0.19			(0.52	)
Less Dividends and Distributions:
Dividends from net investment income		(0.49	)		(0.51	)		(0.35	)		(0.46	)		(0.84	)
Distributions from net realized gains		(0.12	)		(0.77	)		(0.04	)		(0.31	)		(0.47	)
Total dividends and distributions		(0.61	)		(1.28	)		(0.39	)		(0.77	)		(1.31	)
Net asset value, end of year		$11.51			$10.85			$11.31			$10.69			$11.27
Total Return^(b):		12.02	%		7.95	%		9.67	%		2.29	%		(4.70	)%



Ratios/Supplemental Data:
Net assets, end of year (000)	$	40,024		$	46,133		$	45,872		$	62,674		$	71,290
Average net assets (000)	$	44,881		$	47,358		$	50,631		$	64,956		$	82,904
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(d)		0.01	%^(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.01	%^(d)(f)		0.01	%		0.01	%
Expenses before waivers and/or expense reimbursement		0.35	%		0.33	%		0.33	%		0.26	%		0.19	%
Net investment income (loss)		3.86	%		3.45	%		3.35	%		4.31	%		4.62	%
Portfolio turnover rate^(g)		56	%		38	%		53	%		26	%		58	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2025 Fund 63

PGIM Target Date 2030 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 96.7%

AFFILIATED EXCHANGE-TRADED FUND 19.2%
Fixed Income
PGIM Total Return Bond ETF (cost $10,833,268)		257,567		$ 10,493,280


AFFILIATED MUTUAL FUNDS 77.5%
Domestic Equity 33.0%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		73,792		1,241,184
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		296,165		15,542,728
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		118,765		1,337,291


				18,121,203

Fixed Income 25.6%
PGIM Core Conservative Bond Fund (Class R6)		440,324		3,725,138
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		222,646		1,972,641
PGIM TIPS Fund (Class R6)		1,033,498		8,360,999


				14,058,778

International Equity 18.9%
PGIM Global Real Estate Fund (Class R6)		140,165		3,256,025
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		379,001		7,098,687


				10,354,712

TOTAL AFFILIATED MUTUAL FUNDS (cost $32,932,554)				42,534,693


TOTAL LONG-TERM INVESTMENTS (cost $43,765,822)				53,027,973


SHORT-TERM INVESTMENT 3.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,831,579)		1,831,579		1,831,579


TOTAL INVESTMENTS 100.0% (cost $45,597,401)(wa)				54,859,552
Other assets in excess of liabilities 0.0%				8,356


NET ASSETS 100.0%				$ 54,867,908

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa)	Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Assets

Long-Term Investments

Affiliated Exchange-Traded Fund

Fixed Income

$10,493,280

$—

Affiliated Mutual Funds

Domestic Equity

18,121,203

—

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Fixed Income	$	14,058,778		$—		$—
International Equity		10,354,712		—		—
Short-Term Investment
Affiliated Mutual Fund		1,831,579		—		—


Total	$	54,859,552		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


Fixed Income	44.8	%
Domestic Equity	33.0


International Equity	18.9	%
Short-Term	3.3

	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 65

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets

Investments at value:
Affiliated investments (cost $45,597,401)			$54,859,552

Receivable for investments sold			209,231
Dividends receivable			39,960
Due from Manager			22,800
Receivable for Fund shares sold			6,858
Prepaid expenses			77


Total Assets			55,138,478


Liabilities

Payable for investments purchased			199,822
Audit fee payable			21,036
Custodian and accounting fees payable			18,466
Shareholders’ reports fee payable			9,300
Payable for Fund shares purchased			8,033
Accrued expenses and other liabilities			7,416
Professional fees payable			4,897
Trustees’ fees payable			879
Distribution fee payable			564
Affiliated transfer agent fee payable			157


Total Liabilities			270,570


Net Assets			$54,867,908




Net assets were comprised of:
Shares of beneficial interest, at par			$ 4,375
Paid-in capital in excess of par			48,132,353
Total distributable earnings (loss)			6,731,180


Net assets, July 31, 2026			$54,867,908

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1

Net asset value, offering price and redemption price per share, ($274,087 ÷ 22,022 shares of beneficial interest issued and outstanding)	$	12.45


Class R2

Net asset value, offering price and redemption price per share, ($1,234,650 ÷ 98,859 shares of beneficial interest issued and outstanding)	$	12.49


Class R3

Net asset value, offering price and redemption price per share, ($2,146,243 ÷ 171,858 shares of beneficial interest issued and outstanding)	$	12.49


Class R4

Net asset value, offering price and redemption price per share, ($28,912 ÷ 2,318 shares of beneficial interest issued and outstanding)	$	12.47


Class R5

Net asset value, offering price and redemption price per share, ($811,398 ÷ 64,852 shares of beneficial interest issued and outstanding)	$	12.51


Class R6

Net asset value, offering price and redemption price per share, ($50,372,618 ÷ 4,014,621 shares of beneficial interest issued and outstanding)	$	12.55


Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 67

PGIM Target Date 2030 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	2,073,725


Expenses
Distribution fee(a)		5,797
Shareholder servicing fees(a)		2,534
Custodian and accounting fees		58,623
Professional fees		36,163
Audit fee		21,037
Registration fees(a)		19,901
Shareholders’ reports		15,879
Transfer agent’s fees and expenses (including affiliated expense of $1,977)(a)		13,044
Trustees’ fees		10,337
Fund data services		8,527
Miscellaneous		8,487

Total expenses		200,329
Less: Fee waiver and/or expense reimbursement(a)		(184,736	)

Net expenses		15,593

Net investment income (loss)		2,058,132

Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		1,200,773

Net capital gain distributions received		1,088,510

Payment from Manager		28,383


		2,317,666


Net change in unrealized appreciation (depreciation) on investments		2,837,242


Net gain (loss) on investment transactions		5,154,908


Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,213,040

(a) Class specific expenses and waivers were as follows:


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Distribution fee		1,417		2,170		2,210		—		—		—
Shareholder servicing fees		309		—		2,216		9		—		—
Registration fees		3,200		3,700		3,200		3,200		3,200		3,401
Transfer agent’s fees and expenses		654		656		3,534		139		6,003		2,058
Fee waiver and/or expense reimbursement		(4,389)		(5,109)		(10,709)		(3,369)		(14,815)		(146,345)

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Statements of Changes in Net Assets


	Year Ended July 31,
	2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,058,132		$	1,868,445
Net realized gain (loss) on investment transactions		2,317,666			494,832
Net change in unrealized appreciation (depreciation) on investments		2,837,242			2,258,412

Net increase (decrease) in net assets resulting from operations		7,213,040			4,621,689

Dividends and Distributions
Distributions from distributable earnings
Class R1		(8,534	)		(10,439	)
Class R2		(16,907)			(47,275	)
Class R3		(84,778)			(212,000	)
Class R4		(1,075)			(2,409	)
Class R5		(189,313)			(670,383	)
Class R6		(2,212,918)			(5,864,606	)

		(2,513,525)			(6,807,112	)

Fund share transactions
Net proceeds from shares sold		10,854,600			10,306,602
Net asset value of shares issued in reinvestment of dividends and distributions		2,513,488			6,807,048
Cost of shares purchased		(19,925,678)			(12,541,406	)

Net increase (decrease) in net assets from Fund share transactions		(6,557,590)			4,572,244

Total increase (decrease)		(1,858,075)			2,386,821

Net Assets:
Beginning of year		56,725,983			54,339,162


End of year	$	54,867,908		$	56,725,983

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 69

PGIM Target Date 2030 Fund

Financial Highlights



Class R1 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year	$	11.46			$11.98			$11.29			$11.92			$13.72
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.27			0.27			0.35			0.43
Net realized and unrealized gain (loss) on investment transactions		1.06			0.58			0.81			(0.09	)		(1.15	)
Total from investment operations		1.41			0.85			1.08			0.26			(0.72	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.38	)		(0.23	)		(0.40	)		(0.79	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.42	)		(1.37	)		(0.39	)		(0.89	)		(1.08	)
Net asset value, end of year	$	12.45			$11.46			$11.98			$11.29			$11.92
Total Return^(b):		12.56	%		7.70	%		9.83	%		2.88	%		(5.94	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$274			$323			$98			$69			$59
Average net assets (000)		$283			$136			$74			$62			$58
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.70	%		0.67	%		0.68	%^(d)		0.75	%		0.75	%
Expenses before waivers and/or expense reimbursement		2.25	%		3.27	%		5.54	%		5.88	%		7.42	%
Net investment income (loss)		2.89	%		2.36	%		2.39	%		3.17	%		3.37	%
Portfolio turnover rate^(e)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Financial Highlights (continued)



Class R2 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.50			$12.02			$11.32			$11.95			$13.74
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.33			0.30			0.38			0.58
Net realized and unrealized gain (loss) on investment transactions		1.11			0.55			0.82			(0.09	)		(1.26	)
Total from investment operations		1.44			0.88			1.12			0.29			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.41	)		(0.26	)		(0.43	)		(0.82	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.45	)		(1.40	)		(0.42	)		(0.92	)		(1.11	)
Net asset value, end of year		$12.49			$11.50			$12.02			$11.32			$11.95
Total Return^(b):		12.80	%		7.96	%		10.15	%		3.11	%		(5.69	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,235			$429			$390			$318			$299
Average net assets (000)		$868			$418			$344			$299			$5,088
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.44	%		0.41	%		0.42	%^(d)		0.50	%		0.49	%
Expenses before waivers and/or expense reimbursement		1.03	%		1.52	%		1.80	%		1.89	%		0.76	%
Net investment income (loss)		2.66	%		2.89	%		2.64	%		3.44	%		4.39	%
Portfolio turnover rate^(e)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 71

PGIM Target Date 2030 Fund

Financial Highlights (continued)



Class R3 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.50			$12.02			$11.32			$11.95			$13.75
Income (loss) from investment operations:
Net investment income (loss)		0.40			0.35			0.32			0.40			0.47
Net realized and unrealized gain (loss) on investment transactions		1.06			0.55			0.82			(0.09	)		(1.13	)
Total from investment operations		1.46			0.90			1.14			0.31			(0.66	)
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.43	)		(0.28	)		(0.45	)		(0.85	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.47	)		(1.42	)		(0.44	)		(0.94	)		(1.14	)
Net asset value, end of year		$12.49			$11.50			$12.02			$11.32			$11.95
Total Return^(b):		12.97	%		8.10	%		10.34	%		3.32	%		(5.55	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$2,146			$2,019			$1,846			$1,563			$1,341
Average net assets (000)		$2,210			$1,895			$1,657			$1,376			$1,397
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.29	%		0.26	%		0.28	%^(d)		0.32	%		0.35	%
Expenses before waivers and/or expense reimbursement		0.77	%		0.80	%		0.85	%		0.57	%		0.57	%
Net investment income (loss)		3.29	%		3.02	%		2.79	%		3.58	%		3.71	%
Portfolio turnover rate^(e)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Financial Highlights (continued)



Class R4 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.49			$12.00			$11.31			$11.94			$13.74
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.35			0.34			0.43			0.48
Net realized and unrealized gain (loss) on investment transactions		1.05			0.57			0.80			(0.11	)		(1.13	)
Total from investment operations		1.46			0.92			1.14			0.32			(0.65	)
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.44	)		(0.29	)		(0.46	)		(0.86	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.48	)		(1.43	)		(0.45	)		(0.95	)		(1.15	)
Net asset value, end of year		$12.47			$11.49			$12.00			$11.31			$11.94
Total Return^(b):		12.99	%		8.34	%		10.33	%		3.44	%		(5.47	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$29			$26			$33			$37			$31
Average net assets (000)		$27			$24			$35			$32			$26
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.20	%		0.16	%		0.19	%^(d)		0.25	%		0.25	%
Expenses before waivers and/or expense reimbursement		12.47	%		13.50	%		9.79	%		9.71	%		14.46	%
Net investment income (loss)		3.39	%		3.03	%		3.06	%		3.92	%		3.79	%
Portfolio turnover rate^(e)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 73

PGIM Target Date 2030 Fund

Financial Highlights (continued)



Class R5 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.52			$12.04			$11.34			$11.97			$13.77
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.38			0.34			0.42			0.51
Net realized and unrealized gain (loss) on investment transactions		1.06			0.54			0.82			(0.09	)		(1.15	)
Total from investment operations		1.49			0.92			1.16			0.33			(0.64	)
Less Dividends and Distributions:
Dividends from net investment income		(0.42	)		(0.45	)		(0.30	)		(0.47	)		(0.87	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.50	)		(1.44	)		(0.46	)		(0.96	)		(1.16	)
Net asset value, end of year		$12.51			$11.52			$12.04			$11.34			$11.97
Total Return^(b):		13.17	%		8.33	%		10.51	%		3.55	%		(5.36	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$811			$4,825			$6,067			$4,312			$3,921
Average net assets (000)		$3,352			$5,663			$5,171			$3,932			$3,888
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.10	%		0.06	%		0.07	%^(d)		0.15	%		0.15	%
Expenses before waivers and/or expense reimbursement		0.54	%		0.43	%		0.54	%		0.50	%		0.44	%
Net investment income (loss)		3.58	%		3.25	%		3.00	%		3.75	%		3.94	%
Portfolio turnover rate^(e)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund

Financial Highlights (continued)



Class R6 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.55			$12.06			$11.36			$12.00			$13.80
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.38			0.36			0.44			0.53
Net realized and unrealized gain (loss) on investment transactions		1.08			0.57			0.81			(0.10	)		(1.15	)
Total from investment operations		1.51			0.95			1.17			0.34			(0.62	)
Less Dividends and Distributions:
Dividends from net investment income		(0.43	)		(0.47	)		(0.31	)		(0.49	)		(0.89	)
Distributions from net realized gains		(0.08	)		(0.99	)		(0.16	)		(0.49	)		(0.29	)
Total dividends and distributions		(0.51	)		(1.46	)		(0.47	)		(0.98	)		(1.18	)
Net asset value, end of year		$12.55			$11.55			$12.06			$11.36			$12.00
Total Return^(b):		13.38	%		8.57	%		10.65	%		3.63	%		(5.20	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$50,373			$49,105			$45,906			$59,285			$65,639
Average net assets (000)		$51,388			$48,669			$51,567			$60,037			$73,198
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(d)		0.00	%^(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.01	%^(d)(f)		0.00	%^(g)		(0.00	)%^(g)
Expenses before waivers and/or expense reimbursement		0.28	%		0.29	%		0.30	%		0.26	%		0.20	%
Net investment income (loss)		3.57	%		3.31	%		3.14	%		3.98	%		4.14	%
Portfolio turnover rate^(h)		65	%		41	%		62	%		29	%		56	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	Amount rounds to zero.

(h)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2030 Fund 75

PGIM Target Date 2035 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 97.7%

AFFILIATED EXCHANGE-TRADED FUND 15.1%
Fixed Income
PGIM Total Return Bond ETF (cost $7,691,872)		182,970	$	7,454,198


AFFILIATED MUTUAL FUNDS 82.6%
Domestic Equity 40.8%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		96,620		1,625,150
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		321,129		16,852,860
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		156,324		1,760,209

			20,238,219


Fixed Income 18.6%
PGIM Core Conservative Bond Fund (Class R6)		294,703		2,493,189
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		172,959		1,532,416
PGIM TIPS Fund (Class R6)		641,548		5,190,121

			9,215,726


International Equity 23.2%
PGIM Global Real Estate Fund (Class R6)		126,477		2,938,052
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		75,254		1,211,583
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		391,243		7,327,979

			11,477,614


TOTAL AFFILIATED MUTUAL FUNDS (cost $30,364,865)				40,931,559


TOTAL LONG-TERM INVESTMENTS (cost $38,056,737)				48,385,757


SHORT-TERM INVESTMENT 2.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,156,121)		1,156,121		1,156,121


TOTAL INVESTMENTS 100.0% (cost $39,212,858)(wa)				49,541,878
Other assets in excess of liabilities 0.0%				6,223


NET ASSETS 100.0%			$	49,548,101

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Assets

Long-Term Investments

Affiliated Exchange-Traded Fund

Fixed Income

7,454,198

$—

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Affiliated Mutual Funds
Domestic Equity	$	20,238,219		$—		$—
Fixed Income		9,215,726		—		—
International Equity		11,477,614		—		—
Short-Term Investment
Affiliated Mutual Fund		1,156,121		—		—


Total	$	49,541,878		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	40.8	%
Fixed Income	33.7


International Equity	23.2	%
Short-Term	2.3

	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 77

PGIM Target Date 2035 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $39,212,858)			$49,541,878
Receivable for investments sold			240,453
Receivable for Fund shares sold			32,990
Dividends receivable			28,208
Due from Manager			18,742
Prepaid expenses			79


Total Assets			49,862,350


Liabilities
Payable for investments purchased			254,534
Audit fee payable			21,037
Custodian and accounting fees payable			18,472
Accrued expenses and other liabilities			9,293
Shareholders’ reports fee payable			8,777
Trustees’ fees payable			840
Payable for Fund shares purchased			795
Distribution fee payable			357
Affiliated transfer agent fee payable			144


Total Liabilities			314,249


Net Assets			$49,548,101



Net assets were comprised of:
Shares of beneficial interest, at par			$ 3,711
Paid-in capital in excess of par			39,434,864
Total distributable earnings (loss)			10,109,526


Net assets, July 31, 2026			$49,548,101

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026



Class R1
Net asset value, offering price and redemption price per share, ($516,790 ÷ 39,044 shares of beneficial interest issued and outstanding)	$	13.24


Class R2
Net asset value, offering price and redemption price per share, ($293,360 ÷ 22,097 shares of beneficial interest issued and outstanding)	$	13.28


Class R3
Net asset value, offering price and redemption price per share, ($890,246 ÷ 66,903 shares of beneficial interest issued and outstanding)	$	13.31


Class R4
Net asset value, offering price and redemption price per share, ($31,390 ÷ 2,356 shares of beneficial interest issued and outstanding)	$	13.33


Class R5
Net asset value, offering price and redemption price per share, ($232,636 ÷ 17,444 shares of beneficial interest issued and outstanding)	$	13.34


Class R6
Net asset value, offering price and redemption price per share, ($47,583,679 ÷ 3,562,854 shares of beneficial interest issued and outstanding)	$	13.36

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 79

PGIM Target Date 2035 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)
Affiliated dividend income	$	1,634,866


Expenses
Distribution fee(a)		4,325
Shareholder servicing fees(a)		1,754
Custodian and accounting fees		58,260
Professional fees		35,056
Audit fee		21,037
Registration fees(a)		19,811
Shareholders’ reports		14,766
Trustees’ fees		10,250
Transfer agent’s fees and expenses (including affiliated expense of $1,757)(a)		8,890
Fund data services		8,527
Miscellaneous		6,621

Total expenses		189,297
Less: Fee waiver and/or expense reimbursement(a)		(180,063	)

Net expenses		9,234

Net investment income (loss)		1,625,632

Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		1,272,424

Net capital gain distributions received		1,423,672

Payment from Manager		32,560

		2,728,656

Net change in unrealized appreciation (depreciation) on investments		3,401,612

Net gain (loss) on investment transactions		6,130,268

Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,755,900

(a) Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		2,412			705			1,208			—			—			—
Shareholder servicing fees		493			16			1,236			9			—			—
Registration fees		3,246			4,345			3,246			3,246			3,246			2,482
Transfer agent’s fees and expenses		885			610			2,046			140			3,164			2,045
Fee waiver and/or expense reimbursement		(5,156	)		(5,283	)		(7,839	)		(3,427	)		(9,258	)		(149,100	)

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Statements of Changes in Net Assets


	Year Ended July 31,
	2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,625,632		$	1,360,286
Net realized gain (loss) on investment transactions		2,728,656			483,723
Net change in unrealized appreciation (depreciation) on investments		3,401,612			2,382,713

Net increase (decrease) in net assets resulting from operations		7,755,900			4,226,722

Dividends and Distributions
Distributions from distributable earnings
Class R1		(15,508	)		(4,912	)
Class R2		(9,502	)		(31,089	)
Class R3		(34,507	)		(153,214	)
Class R4		(1,133	)		(2,646	)
Class R5		(83,336	)		(191,989	)
Class R6		(2,132,791	)		(4,853,093	)

		(2,276,777	)		(5,236,943	)

Fund share transactions
Net proceeds from shares sold		9,048,597			10,847,100
Net asset value of shares issued in reinvestment of dividends and distributions		2,276,777			5,236,943
Cost of shares purchased		(16,762,431	)		(7,628,803	)

Net increase (decrease) in net assets from Fund share transactions		(5,437,057	)		8,455,240

Total increase (decrease)		42,066			7,445,019

Net Assets:
Beginning of year		49,506,035			42,061,016

End of year	$	49,548,101		$	49,506,035

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 81

PGIM Target Date 2035 Fund

Financial Highlights



Class R1 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$11.91			$12.31			$11.43			$11.73			$14.14

Income (loss) from investment operations:
Net investment income (loss)		0.30			0.20			0.22			0.30			0.39
Net realized and unrealized gain (loss) on investment transactions		1.47			0.81			1.05			0.17			(1.17	)
Total from investment operations		1.77			1.01			1.27			0.47			(0.78	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.40	)		(0.25	)		(0.29	)		(0.86	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.44	)		(1.41	)		(0.39	)		(0.77	)		(1.63	)
Net asset value, end of year		$13.24			$11.91			$12.31			$11.43			$11.73
Total Return^(b):		15.10	%		8.83	%		11.41	%		4.69	%		(6.67	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$517			$440			$58			$34			$31
Average net assets (000)		$482			$110			$35			$31			$31
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.68	%		0.67	%		0.65	%		0.73	%		0.73	%
Expenses before waivers and/or expense reimbursement		1.75	%		4.03	%		9.90	%		10.74	%		13.02	%
Net investment income (loss)		2.37	%		1.65	%		1.93	%		2.77	%		3.02	%
Portfolio turnover rate^(d)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Financial Highlights (continued)



Class R2 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.94			$12.32			$11.45			$11.75			$14.15
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.26			0.23			0.24	^(b)		0.42
Net realized and unrealized gain (loss) on investment transactions		1.48			0.78			1.06			0.26	^(c)		(1.16	)
Total from investment operations		1.81			1.04			1.29			0.50			(0.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.41	)		(0.28	)		(0.32	)		(0.89	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.47	)		(1.42	)		(0.42	)		(0.80	)		(1.66	)
Net asset value, end of year		$13.28			$11.94			$12.32			$11.45			$11.75
Total Return^(d):		15.47	%		9.13	%		11.56	%		4.96	%		(6.36	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$293			$314			$883			$147			$546
Average net assets (000)		$282			$388			$462			$207			$535
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.43	%		0.40	%		0.38	%		0.48	%		0.48	%
Expenses before waivers and/or expense reimbursement		2.30	%		2.06	%		1.98	%		2.57	%		1.80	%
Net investment income (loss)		2.59	%		2.14	%		1.97	%		2.14	%		3.25	%
Portfolio turnover rate^(f)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 83

PGIM Target Date 2035 Fund

Financial Highlights (continued)



Class R3 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.97			$12.35			$11.47			$11.77			$14.18
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.32			0.29			0.34			0.30
Net realized and unrealized gain (loss) on investment transactions		1.52			0.74			1.03			0.17			(1.03	)
Total from investment operations		1.83			1.06			1.32			0.51			(0.73	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.43	)		(0.30	)		(0.33	)		(0.91	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.49	)		(1.44	)		(0.44	)		(0.81	)		(1.68	)
Net asset value, end of year		$13.31			$11.97			$12.35			$11.47			$11.77
Total Return^(b):		15.59	%		9.31	%		11.79	%		5.13	%		(6.29	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$890			$1,668			$1,275			$429			$303
Average net assets (000)		$1,208			$1,402			$883			$339			$463
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.29	%		0.26	%		0.24	%		0.33	%		0.33	%
Expenses before waivers and/or expense reimbursement		0.94	%		0.99	%		1.03	%		1.31	%		1.36	%
Net investment income (loss)		2.48	%		2.70	%		2.51	%		3.10	%		2.36	%
Portfolio turnover rate^(d)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Financial Highlights (continued)



Class R4 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.99			$12.37			$11.49			$11.79			$14.20
Income (loss) from investment operations:
Net investment income (loss)		0.37			0.33			0.29			0.36			0.46
Net realized and unrealized gain (loss) on investment transactions		1.47			0.75			1.04			0.17			(1.17	)
Total from investment operations		1.84			1.08			1.33			0.53			(0.71	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.45	)		(0.31	)		(0.35	)		(0.93	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.50	)		(1.46	)		(0.45	)		(0.83	)		(1.70	)
Net asset value, end of year		$13.33			$11.99			$12.37			$11.49			$11.79
Total Return^(b):		15.67	%		9.42	%		11.88	%		5.24	%		(6.17	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$31			$27			$22			$16			$15
Average net assets (000)		$29			$24			$17			$15			$16
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.18	%		0.16	%		0.16	%^(d)		0.23	%		0.23	%
Expenses before waivers and/or expense reimbursement		11.80	%		14.12	%		17.83	%		19.92	%		23.52	%
Net investment income (loss)		2.93	%		2.79	%		2.48	%		3.28	%		3.53	%
Portfolio turnover rate^(e)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 85

PGIM Target Date 2035 Fund

Financial Highlights (continued)



Class R5 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.99			$12.37			$11.48			$11.79			$14.20
Income (loss) from investment operations:
Net investment income (loss)		0.42			0.34			0.30			0.35			0.43
Net realized and unrealized gain (loss) on investment transactions		1.44			0.74			1.05			0.18			(1.13	)
Total from investment operations		1.86			1.08			1.35			0.53			(0.70	)
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.45	)		(0.32	)		(0.36	)		(0.94	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.51	)		(1.46	)		(0.46	)		(0.84	)		(1.71	)
Net asset value, end of year		$13.34			$11.99			$12.37			$11.48			$11.79
Total Return^(b):		15.86	%		9.44	%		12.08	%		5.26	%		(6.08	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$233			$1,798			$1,372			$866			$542
Average net assets (000)		$1,426			$1,605			$945			$658			$408
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.08	%		0.06	%		0.05	%		0.13	%		0.13	%
Expenses before waivers and/or expense reimbursement		0.73	%		0.69	%		0.91	%		0.97	%		1.35	%
Net investment income (loss)		3.33	%		2.90	%		2.61	%		3.21	%		3.38	%
Portfolio turnover rate^(d)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.01			$12.38			$11.50			$11.80			$14.21
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.36			0.32			0.39			0.49
Net realized and unrealized gain (loss) on investment transactions		1.49			0.75			1.03			0.17			(1.17	)
Total from investment operations		1.88			1.11			1.35			0.56			(0.68	)
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.47	)		(0.33	)		(0.38	)		(0.96	)
Distributions from net realized gains		(0.15	)		(1.01	)		(0.14	)		(0.48	)		(0.77	)
Total dividends and distributions		(0.53	)		(1.48	)		(0.47	)		(0.86	)		(1.73	)
Net asset value, end of year		$13.36			$12.01			$12.38			$11.50			$11.80
Total Return^(b):		16.01	%		9.68	%		12.13	%		5.52	%		(5.94	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$47,584			$45,257			$38,452			$50,643			$47,761
Average net assets (000)		$49,404			$42,018			$40,561			$46,943			$54,250
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(d)		0.00	%^(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.01	%^(d)(f)		(0.02	)%		(0.02	)%
Expenses before waivers and/or expense reimbursement		0.30	%		0.37	%		0.40	%		0.35	%		0.28	%
Net investment income (loss)		3.09	%		3.01	%		2.76	%		3.53	%		3.79	%
Portfolio turnover rate^(g)		60	%		36	%		76	%		29	%		52	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2035 Fund 87

PGIM Target Date 2040 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 12.0%
Fixed Income
PGIM Total Return Bond ETF (cost $4,848,219)		115,377		$ 4,700,459


AFFILIATED MUTUAL FUNDS 87.9%
Domestic Equity 48.4%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		101,907		1,714,074
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		291,884		15,318,051
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		170,639		1,921,397


				18,953,522

Fixed Income 12.2%
PGIM Core Conservative Bond Fund (Class R6)		151,956		1,285,547
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		132,203		1,171,316
PGIM TIPS Fund (Class R6)		284,728		2,303,446


				4,760,309

International Equity 27.3%
PGIM Global Real Estate Fund (Class R6)		86,578		2,011,212
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		109,956		1,770,291
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		369,501		6,920,759


				10,702,262

TOTAL AFFILIATED MUTUAL FUNDS (cost $24,225,209)				34,416,093


TOTAL LONG-TERM INVESTMENTS (cost $29,073,428)				39,116,552


SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $75,976)		75,976		75,976


TOTAL INVESTMENTS 100.1% (cost $29,149,404)(wa)				39,192,528
Liabilities in excess of other assets (0.1)%				(26,248)


NET ASSETS 100.0%				$ 39,166,280

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa)	Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:

Level1

Level 2

Level 3

Investments in Securities

Assets

Long-Term Investments

Affiliated Exchange-Traded Fund

Fixed Income

$ 4,700,459

$—

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Affiliated Mutual Funds
Domestic Equity		$18,953,522		$—		$—
Fixed Income		4,760,309		—		—
International Equity		10,702,262		—		—
Short-Term Investment
Affiliated Mutual Fund		75,976		—		—


Total		$39,192,528		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	48.4	%
International Equity	27.3


Fixed Income	24.2	%
Short-Term	0.2

	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 89

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets

Investments at value:
Affiliated investments (cost $29,149,404)	$	39,192,528
Receivable for investments sold		172,996
Due from Manager		18,386
Dividends receivable		17,738
Receivable for Fund shares sold		2,428
Prepaid expenses		78

Total Assets		39,404,154


Liabilities

Payable for investments purchased		174,731
Audit fee payable		21,037
Custodian and accounting fees payable		18,505
Accrued expenses and other liabilities		8,365
Shareholders’ reports fee payable		7,703
Transfer agent fee payable		5,262
Trustees’ fees payable		827
Distribution fee payable		701
Payable for Fund shares purchased		599
Affiliated transfer agent fee payable		144

Total Liabilities		237,874


Net Assets	$	39,166,280




Net assets were comprised of:
Shares of beneficial interest, at par	$	2,735
Paid-in capital in excess of par		28,580,368
Total distributable earnings (loss)		10,583,177


Net assets, July 31, 2026	$	39,166,280

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1
Net asset value, offering price and redemption price per share, ($822,700 ÷ 57,938 shares of beneficial interest issued and outstanding)	$	14.20


Class R2
Net asset value, offering price and redemption price per share, ($1,034,078 ÷ 72,608 shares of beneficial interest issued and outstanding)	$	14.24


Class R3
Net asset value, offering price and redemption price per share, ($1,572,529 ÷ 110,257 shares of beneficial interest issued and outstanding)	$	14.26


Class R4
Net asset value, offering price and redemption price per share, ($99,034 ÷ 6,933 shares of beneficial interest issued and outstanding)	$	14.29


Class R5
Net asset value, offering price and redemption price per share, ($118,330 ÷ 8,276 shares of beneficial interest issued and outstanding)	$	14.30


Class R6
Net asset value, offering price and redemption price per share, ($35,519,609 ÷ 2,479,443 shares of beneficial interest issued and outstanding)	$	14.33

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 91

PGIM Target Date 2040 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	1,238,723


Expenses
Distribution fee(a)		7,544
Shareholder servicing fees(a)		2,343

Custodian and accounting fees		58,799
Professional fees		35,173
Audit fee		21,037
Transfer agent’s fees and expenses (including affiliated expense of $1,795)(a)		20,726

Registration fees(a)		19,962
Shareholders’ reports		16,527
Trustees’ fees		10,118
Fund data services		8,527
Miscellaneous		8,085


Total expenses		208,841
Less: Fee waiver and/or expense reimbursement(a)		(191,115	)


Net expenses		17,726


Net investment income (loss)		1,220,997


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		1,770,607
Net capital gain distributions received		1,537,928
Payment from Manager		26,712

		3,335,247

Net change in unrealized appreciation (depreciation) on investments		2,528,146

Net gain (loss) on investment transactions		5,863,393


Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,084,390

(a) Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		3,744			2,364			1,436			—			—			—
Shareholder servicing fees		740			144			1,390			69			—			—
Transfer agent’s fees and expenses		1,310			956			2,215			224			13,961			2,060
Registration fees		2,875			5,387			2,875			2,875			2,875			3,075
Fee waiver and/or expense reimbursement		(6,369	)		(8,309	)		(9,247	)		(3,352	)		(33,352	)		(130,486	)

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Statements of Changes in Net Assets



	Year Ended July 31,
	2026				2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	1,220,997			$	1,152,504
Net realized gain (loss) on investment transactions			3,335,247				795,548
Net change in unrealized appreciation (depreciation) on investments			2,528,146				2,239,655


Net increase (decrease) in net assets resulting from operations			7,084,390				4,187,707

Dividends and Distributions
Distributions from distributable earnings
Class R1			(25,521	)			(10,720	)
Class R2			(36,996	)			(47,401	)
Class R3			(59,347	)			(140,980	)
Class R4			(4,219	)			(11,680	)
Class R5			(417,450	)			(1,182,285	)
Class R6			(1,568,138	)			(4,350,226	)


			(2,111,671	)			(5,743,292	)

Fund share transactions
Net proceeds from shares sold			6,563,588				7,370,134
Net asset value of shares issued in reinvestment of dividends and distributions			2,111,633				5,743,066
Cost of shares purchased			(18,442,350	)			(8,508,653	)


Net increase (decrease) in net assets from Fund share transactions			(9,767,129	)			4,604,547


Total increase (decrease)			(4,794,410	)			3,048,962

Net Assets:

Beginning of year			43,960,690				40,911,728


End of year		$	39,166,280			$	43,960,690

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 93

PGIM Target Date 2040 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.53			$13.13			$12.07			$12.34			$14.54
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.17			0.21			0.29			0.38
Net realized and unrealized gain (loss) on investment transactions		1.91			1.00			1.25			0.37			(1.26	)
Total from investment operations		2.18			1.17			1.46			0.66			(0.88	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.40	)		(0.20	)		(0.32	)		(0.91	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.51	)		(1.77	)		(0.40	)		(0.93	)		(1.32	)
Net asset value, end of year		$14.20			$12.53			$13.13			$12.07			$12.34
Total Return^(b):		17.72	%		9.73	%		12.38	%		6.22	%		(7.02	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$823			$697			$65			$52			$39
Average net assets (000)		$749			$185			$58			$44			$37
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.67	%		0.66	%		0.64	%^(d)		0.70	%		0.70	%
Expenses before waivers and/or expense reimbursement		1.52	%		2.90	%		6.51	%		7.99	%		11.02	%
Net investment income (loss)		1.97	%		1.33	%		1.70	%		2.49	%		2.81	%
Portfolio turnover rate^(e)		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.57			$13.17			$12.10			$12.36			$14.57
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.23			0.23			0.31			0.59
Net realized and unrealized gain (loss) on investment transactions		1.90			0.97			1.27			0.38			(1.45	)
Total from investment operations		2.21			1.20			1.50			0.69			(0.86	)
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.43	)		(0.23	)		(0.34	)		(0.94	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.54	)		(1.80	)		(0.43	)		(0.95	)		(1.35	)
Net asset value, end of year		$14.24			$12.57			$13.17			$12.10			$12.36
Total Return^(b):		17.97	%		9.98	%		12.70	%		6.52	%		(6.85	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,034			$847			$342			$238			$169
Average net assets (000)		$946			$558			$250			$192			$4,165
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.42	%		0.40	%		0.39	%^(d)		0.45	%		0.45	%
Expenses before waivers and/or expense reimbursement		1.30	%		1.76	%		2.69	%		2.88	%		0.83	%
Net investment income (loss)		2.32	%		1.85	%		1.90	%		2.66	%		4.25	%
Portfolio turnover rate^(e)		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 95

PGIM Target Date 2040 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.59			$13.19			$12.11			$12.38			$14.59
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.31			0.25			0.33			0.40
Net realized and unrealized gain (loss) on investment transactions		1.89			0.91			1.27			0.38			(1.23	)
Total from investment operations		2.23			1.22			1.52			0.71			(0.83	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.45	)		(0.24	)		(0.37	)		(0.97	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.56	)		(1.82	)		(0.44	)		(0.98	)		(1.38	)
Net asset value, end of year		$14.26			$12.59			$13.19			$12.11			$12.38
Total Return^(b):		18.11	%		10.15	%		12.93	%		6.67	%		(6.69	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,573			$1,255			$1,062			$722			$627
Average net assets (000)		$1,436			$1,092			$845			$641			$662
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.27	%		0.24	%		0.23	%^(d)		0.30	%		0.30	%
Expenses before waivers and/or expense reimbursement		0.91	%		1.03	%		1.12	%		0.92	%		0.95	%
Net investment income (loss)		2.50	%		2.47	%		2.01	%		2.90	%		3.00	%
Portfolio turnover rate^(e)		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.60			$13.20			$12.13			$12.40			$14.60
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.33			0.27			0.36	^(b)		0.42
Net realized and unrealized gain (loss) on investment transactions		1.90			0.90			1.26			0.36	^(c)		(1.23	)
Total from investment operations		2.26			1.23			1.53			0.72			(0.81	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.46	)		(0.26	)		(0.38	)		(0.98	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.57	)		(1.83	)		(0.46	)		(0.99	)		(1.39	)
Net asset value, end of year		$14.29			$12.60			$13.20			$12.13			$12.40
Total Return^(d):		18.37	%		10.25	%		12.93	%		6.77	%		(6.53	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$99			$93			$84			$67			$50
Average net assets (000)		$96			$88			$73			$59			$42
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.17	%		0.14	%		0.14	%(f)		0.20	%		0.20	%
Expenses before waivers and/or expense reimbursement		3.65	%		4.36	%		4.79	%		5.64	%		9.44	%
Net investment income (loss)		2.66	%		2.61	%		2.17	%		3.08	%		3.13	%
Portfolio turnover rate^(g)		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 97

PGIM Target Date 2040 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.62			$13.21			$12.14			$12.41			$14.61
Income (loss) from investment operations:
Net investment income (loss)		0.44			0.34			0.28			0.36			0.47
Net realized and unrealized gain (loss) on investment transactions		1.83			0.92			1.26			0.37			(1.27	)
Total from investment operations		2.27			1.26			1.54			0.73			(0.80	)
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.48	)		(0.27	)		(0.39	)		(0.99	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.59	)		(1.85	)		(0.47	)		(1.00	)		(1.40	)
Net asset value, end of year		$14.30			$12.62			$13.21			$12.14			$12.41
Total Return^(b):		18.37	%		10.43	%		13.03	%		6.89	%		(6.43	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$118			$9,120			$8,454			$7,404			$6,697
Average net assets (000)		$6,324			$8,718			$7,708			$6,691			$7,073
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.07	%		0.04	%		0.04	%^(d)		0.10	%		0.10	%
Expenses before waivers and/or expense reimbursement		0.60	%		0.56	%		0.61	%		0.56	%		0.46	%
Net investment income (loss)		3.30	%		2.73	%		2.29	%		3.10	%		3.43	%
Portfolio turnover rate^(e)		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.64			$13.23			$12.15			$12.42			$14.63
Income (loss) from investment operations:
Net investment income (loss)		0.37			0.35			0.31			0.39	^(b)		0.49
Net realized and unrealized gain (loss) on investment transactions		1.92			0.92			1.25			0.36	^(c)		(1.27	)
Total from investment operations		2.29			1.27			1.56			0.75			(0.78	)
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.49	)		(0.28	)		(0.41	)		(1.02	)
Distributions from net realized gains		(0.22	)		(1.37	)		(0.20	)		(0.61	)		(0.41	)
Total dividends and distributions		(0.60	)		(1.86	)		(0.48	)		(1.02	)		(1.43	)
Net asset value, end of year		$14.33			$12.64			$13.23			$12.15			$12.42
Total Return^(d):		18.59	%		10.58	%		13.25	%		7.06	%		(6.35	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$35,520			$31,949			$30,905			$37,993			$37,802
Average net assets (000)		$34,459			$31,731			$32,313			$36,923			$45,103
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(f)		0.00	%^(g)		0.00	%^(g)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(h)		0.00	%^(h)		0.01	%^(f)(h)		(0.05	)%		(0.05	)%
Expenses before waivers and/or expense reimbursement		0.38	%		0.39	%		0.42	%		0.38	%		0.27	%
Net investment income (loss)		2.72	%		2.75	%		2.52	%		3.33	%		3.58	%
Portfolio turnover rate⁽ⁱ⁾		55	%		39	%		77	%		31	%		54	%

(a)	Calculated based on average shares outstanding during the year.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(g)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(h)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(i)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2040 Fund 99

PGIM Target Date 2045 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 8.7%
Fixed Income
PGIM Total Return Bond ETF (cost $3,172,529)		75,505	$	3,076,074


AFFILIATED MUTUAL FUNDS 91.2%
Domestic Equity 53.4%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		110,106		1,851,989
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		281,081		14,751,137
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		205,481		2,313,712

				18,916,838

Fixed Income 6.5%
PGIM Core Conservative Bond Fund (Class R6)		71,197		602,328
PGIM Quant Solutions Commodity Strategies Fund (Class R6)		87,558		775,763
PGIM TIPS Fund (Class R6)		113,319		916,755

				2,294,846

International Equity 31.3%
PGIM Global Real Estate Fund (Class R6)		75,186		1,746,572
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		137,769		2,218,082
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		378,983		7,098,355

				11,063,009


TOTAL AFFILIATED MUTUAL FUNDS (cost $22,934,107)				32,274,693


TOTAL LONG-TERM INVESTMENTS (cost $26,106,636)				35,350,767


SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $79,041)		79,041		79,041


TOTAL INVESTMENTS 100.1% (cost $26,185,677)(wa)				35,429,808
Liabilities in excess of other assets (0.1)%				(38,615	)


NET ASSETS 100.0%			$	35,391,193

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Assets

Long-Term Investments

Affiliated Exchange-Traded Fund

Fixed Income

$ 3,076,074

$—

See Notes to Financial Statements.

100

PGIM Target Date 2045 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Affiliated Mutual Funds
Domestic Equity		$18,916,838		$—		$—
Fixed Income		2,294,846		—		—
International Equity		11,063,009		—		—
Short-Term Investment
Affiliated Mutual Fund		79,041		—		—

Total		$35,429,808		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	53.4	%
International Equity	31.3


Fixed Income	15.2	%
Short-Term	0.2


	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 101

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets
Investments at value:
Affiliated investments (cost $26,185,677)			$35,429,808
Receivable for investments sold			133,145
Due from Manager			18,160
Dividends receivable			11,542
Receivable for Fund shares sold			3,752
Prepaid expenses			79

Total Assets			35,596,486


Liabilities
Payable for investments purchased			147,033
Audit fee payable			21,037
Custodian and accounting fees payable			18,543
Shareholders’ reports fee payable			7,234
Professional fees payable			5,023
Accrued expenses and other liabilities			4,346
Trustees’ fees payable			827
Payable for Fund shares purchased			637
Distribution fee payable			446
Affiliated transfer agent fee payable			167

Total Liabilities			205,293


Net Assets			$35,391,193


Net assets were comprised of:
Shares of beneficial interest, at par			$ 2,447
Paid-in capital in excess of par			25,963,272
Total distributable earnings (loss)			9,425,474


Net assets, July 31, 2026			$35,391,193

See Notes to Financial Statements.

102

PGIM Target Date 2045 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026



Class R1
Net asset value, offering price and redemption price per share, ($242,314 ÷ 16,887 shares of beneficial interest issued and outstanding)	$	14.35


Class R2
Net asset value, offering price and redemption price per share, ($1,487,175 ÷ 103,506 shares of beneficial interest issued and outstanding)	$	14.37


Class R3
Net asset value, offering price and redemption price per share, ($355,502 ÷ 24,708 shares of beneficial interest issued and outstanding)	$	14.39


Class R4
Net asset value, offering price and redemption price per share, ($68,616 ÷ 4,769 shares of beneficial interest issued and outstanding)	$	14.39


Class R5
Net asset value, offering price and redemption price per share, ($173,244 ÷ 12,010 shares of beneficial interest issued and outstanding)	$	14.42


Class R6
Net asset value, offering price and redemption price per share, ($33,064,342 ÷ 2,285,592 shares of beneficial interest issued and outstanding)	$	14.47

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 103

PGIM Target Date 2045 Fund

Statement of Operations

Year Ended July 31, 2026



Net Investment Income (Loss)
Affiliated dividend income	$	853,437


Expenses
Distribution fee(a)		4,881
Shareholder servicing fees(a)		537
Custodian and accounting fees		58,853
Professional fees		35,241
Registration fees(a)		22,521
Audit fee		21,037
Shareholders’ reports		15,993
Trustees’ fees		10,010
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $1,972)(a)		7,112
Miscellaneous		7,252


Total expenses		191,964
Less: Fee waiver and/or expense reimbursement(a)		(183,141	)


Net expenses		8,823


Net investment income (loss)		844,614


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		525,389
Net capital gain distributions received		1,283,794
Payment from Manager		26,980


		1,836,163


Net change in unrealized appreciation (depreciation) on investments		3,686,694


Net gain (loss) on investment transactions		5,522,857


Net Increase (Decrease) In Net Assets Resulting From Operations	$	6,367,471

(a) Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		1,238			3,395			248			—			—			—
Shareholder servicing fees		237			26			235			39			—			—
Registration fees		2,875			5,425			2,874			2,874			2,874			5,599
Transfer agent’s fees and expenses		455			992			480			164			2,945			2,076
Fee waiver and/or expense reimbursement		(4,281	)		(10,346	)		(4,291	)		(3,258	)		(10,615	)		(150,350	)

See Notes to Financial Statements.

104

PGIM Target Date 2045 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	844,614		$	713,691
Net realized gain (loss) on investment transactions		1,836,163			703,679
Net change in unrealized appreciation (depreciation) on investments		3,686,694			1,658,045


Net increase (decrease) in net assets resulting from operations		6,367,471			3,075,415


Dividends and Distributions
Distributions from distributable earnings
Class R1		(9,656	)		(5,014	)
Class R2		(48,381	)		(66,672	)
Class R3		(10,739	)		(4,262	)
Class R4		(2,388	)		(7,245	)
Class R5		(72,294	)		(176,396	)
Class R6		(1,343,705	)		(3,526,103	)

		(1,487,163	)		(3,785,692	)

Fund share transactions
Net proceeds from shares sold		5,742,471			7,536,911
Net asset value of shares issued in reinvestment of dividends and distributions		1,487,163			3,785,298
Cost of shares purchased		(8,000,556	)		(5,869,279	)


Net increase (decrease) in net assets from Fund share transactions		(770,922	)		5,452,930


Total increase (decrease)		4,109,386			4,742,653

Net Assets:
Beginning of year		31,281,807			26,539,154


End of year	$	35,391,193		$	31,281,807

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 105

PGIM Target Date 2045 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.42			$12.98			$11.84			$11.79			$14.56
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.15			0.18			0.25			0.32
Net realized and unrealized gain (loss) on investment transactions		2.12			1.05			1.33			0.53			(1.25	)
Total from investment operations		2.39			1.20			1.51			0.78			(0.93	)
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.38	)		(0.18	)		(0.17	)		(0.90	)
Distributions from net realized gains		(0.21	)		(1.38	)		(0.19	)		(0.56	)		(0.94	)
Total dividends and distributions		(0.46	)		(1.76	)		(0.37	)		(0.73	)		(1.84	)
Net asset value, end of year		$14.35			$12.42			$12.98			$11.84			$11.79
Total Return^(b):		19.57	%		10.23	%		13.12	%		7.45	%		(7.75	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$242			$273			$19			$16			$15
Average net assets (000)		$248			$73			$17			$15			$18
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.66	%		0.64	%		0.63	%^(d)		0.68	%		0.68	%
Expenses before waivers and/or expense reimbursement		2.39	%		5.70	%		18.92	%		20.73	%		21.60	%
Net investment income (loss)		2.03	%		1.20	%		1.48	%		2.23	%		2.44	%
Portfolio turnover rate^(e)		50	%		40	%		79	%		29	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

106

PGIM Target Date 2045 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.44			$13.01			$11.86			$11.81			$14.59
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.19			0.17			0.26			0.33
Net realized and unrealized gain (loss) on investment transactions		2.15			1.04			1.38			0.55			(1.24	)
Total from investment operations		2.42			1.23			1.55			0.81			(0.91	)
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.42	)		(0.21	)		(0.20	)		(0.93	)
Distributions from net realized gains		(0.21	)		(1.38	)		(0.19	)		(0.56	)		(0.94	)
Total dividends and distributions		(0.49	)		(1.80	)		(0.40	)		(0.76	)		(1.87	)
Net asset value, end of year		$14.37			$12.44			$13.01			$11.86			$11.81
Total Return^(b):		19.87	%		10.48	%		13.47	%		7.73	%		(7.56	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,487			$1,203			$1,012			$374			$316
Average net assets (000)		$1,358			$870			$660			$326			$369
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.41	%		0.38	%		0.36	%^(d)		0.43	%		0.43	%
Expenses before waivers and/or expense reimbursement		1.17	%		1.67	%		2.03	%		2.22	%		2.07	%
Net investment income (loss)		2.02	%		1.52	%		1.36	%		2.37	%		2.53	%
Portfolio turnover rate^(e)		50	%		40	%		79	%		29	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 107

PGIM Target Date 2045 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.46			$13.02			$11.87			$11.82			$14.60
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.20			0.23			0.34			0.07
Net realized and unrealized gain (loss) on investment transactions		2.11			1.05			1.34			0.49			(0.96	)
Total from investment operations		2.44			1.25			1.57			0.83			(0.89	)
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.43	)		(0.23	)		(0.22	)		(0.95	)
Distributions from net realized gains		(0.21	)		(1.38	)		(0.19	)		(0.56	)		(0.94	)
Total dividends and distributions		(0.51	)		(1.81	)		(0.42	)		(0.78	)		(1.89	)
Net asset value, end of year		$14.39			$12.46			$13.02			$11.87			$11.82
Total Return^(b):		19.98	%		10.70	%		13.61	%		7.90	%		(7.43	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$356			$122			$31			$27			$36
Average net assets (000)		$248			$59			$28			$30			$301
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.27	%		0.24	%		0.22	%^(d)		0.28	%		0.28	%
Expenses before waivers and/or expense reimbursement		2.00	%		6.41	%		11.84	%		10.50	%		2.13	%
Net investment income (loss)		2.45	%		1.63	%		1.89	%		3.08	%		0.58	%
Portfolio turnover rate^(e)		50	%		40	%		79	%		29	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

108

PGIM Target Date 2045 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.46			$13.02			$11.87			$11.83			$14.61
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.31			0.23			0.27			0.38
Net realized and unrealized gain (loss) on investment transactions		2.14			0.96			1.35			0.56			(1.25	)
Total from investment operations		2.45			1.27			1.58			0.83			(0.87	)
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.45	)		(0.24	)		(0.23	)		(0.97	)
Distributions from net realized gains		(0.21	)		(1.38	)		(0.19	)		(0.56	)		(0.94	)
Total dividends and distributions		(0.52	)		(1.83	)		(0.43	)		(0.79	)		(1.91	)
Net asset value, end of year		$14.39			$12.46			$13.02			$11.87			$11.83
Total Return^(b):		20.12	%		10.81	%		13.73	%		7.93	%		(7.31	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$69			$57			$51			$61			$46
Average net assets (000)		$63			$55			$48			$48			$42
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.16	%		0.13	%		0.13	%^(d)		0.18	%		0.18	%
Expenses before waivers and/or expense reimbursement		5.33	%		6.82	%		7.22	%		8.10	%		9.50	%
Net investment income (loss)		2.27	%		2.47	%		1.93	%		2.38	%		2.88	%
Portfolio turnover rate^(e)		50	%		40	%		79	%		29	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 109

PGIM Target Date 2045 Fund

Financial Highlights (continued)



Class R5 Shares

	Year Ended July 31,

	2026				2025				2024				2023				2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$	12.49			$	13.05			$	11.90			$	11.85			$	14.63
Income (loss) from investment operations:
Net investment income (loss)			0.41				0.31				0.26				0.32				0.39
Net realized and unrealized gain (loss) on investment transactions			2.06				0.97				1.33				0.54				(1.25	)
Total from investment operations			2.47				1.28				1.59				0.86				(0.86	)
Less Dividends and Distributions:
Dividends from net investment income			(0.33	)			(0.46	)			(0.25	)			(0.25	)			(0.98	)
Distributions from net realized gains			(0.21	)			(1.38	)			(0.19	)			(0.56	)			(0.94	)
Total dividends and distributions			(0.54	)			(1.84	)			(0.44	)			(0.81	)			(1.92	)
Net asset value, end of year		$	14.42			$	12.49			$	13.05			$	11.90			$	11.85
Total Return^(b):			20.18	%			10.91	%			13.80	%			8.13	%			(7.20	)%

Ratios/Supplemental Data:
Net assets, end of year (000)			$173			$	1,610			$	1,248				$970				$786
Average net assets (000)		$	1,243			$	1,351			$	1,074				$812				$703
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.06	%			0.03	%			0.03	%^(d)			0.08	%			0.08	%
Expenses before waivers and/or expense reimbursement			0.91	%			0.96	%			1.07	%			1.06	%			1.11	%
Net investment income (loss)			3.07	%			2.51	%			2.13	%			2.83	%			2.96	%
Portfolio turnover rate^(e)			50	%			40	%			79	%			29	%			50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

110

PGIM Target Date 2045 Fund

Financial Highlights (continued)



Class R6 Shares

	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.52			$13.08			$11.92			$11.87			$14.66
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.32			0.28			0.34			0.42
Net realized and unrealized gain (loss) on investment transactions		2.17			0.98			1.34			0.53			(1.27	)
Total from investment operations		2.50			1.30			1.62			0.87			(0.85	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.48	)		(0.27	)		(0.26	)		(1.00	)
Distributions from net realized gains		(0.21	)		(1.38	)		(0.19	)		(0.56	)		(0.94	)
Total dividends and distributions		(0.55	)		(1.86	)		(0.46	)		(0.82	)		(1.94	)
Net asset value, end of year		$14.47			$12.52			$13.08			$11.92			$11.87
Total Return^(b):		20.46	%		11.04	%		14.01	%		8.28	%		(7.12	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$33,064			$28,017			$24,178			$32,334			$29,859
Average net assets (000)		$31,591			$25,941			$26,064			$29,647			$34,127
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.01	%^(d)		0.00	%^(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.01	%^(d)(f)		(0.07	)%		(0.07	)%
Expenses before waivers and/or expense reimbursement		0.48	%		0.57	%		0.61	%		0.53	%		0.42	%
Net investment income (loss)		2.43	%		2.56	%		2.38	%		3.02	%		3.17	%

Portfolio turnover rate^(g)		50	%		40	%		79	%		29	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2024.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2045 Fund 111

PGIM Target Date 2050 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 7.4%
Fixed Income
PGIM Total Return Bond ETF (cost $1,614,429)		38,441	$	1,566,086


AFFILIATED MUTUAL FUNDS 92.5%
Domestic Equity 55.8%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		74,119		1,246,688
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		170,567		8,951,382
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		146,191		1,646,112

				11,844,182


Fixed Income 2.0%
PGIM Quant Solutions Commodity Strategies Fund (Class R6) (cost $320,898)		47,750		423,069
International Equity 34.7%
PGIM Global Real Estate Fund (Class R6)		45,104		1,047,770
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		107,599		1,732,349
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		245,755		4,602,991

				7,383,110


TOTAL AFFILIATED MUTUAL FUNDS (cost $13,467,234)				19,650,361


TOTAL LONG-TERM INVESTMENTS (cost $15,081,663)				21,216,447


SHORT-TERM INVESTMENT 0.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $59,130)		59,130		59,130


TOTAL INVESTMENTS 100.2% (cost $15,140,793)(wa)				21,275,577
Liabilities in excess of other assets (0.2)%				(36,254	)


NET ASSETS 100.0%			$	21,239,323

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	1,566,086		$—		$—
Affiliated Mutual Funds
Domestic Equity		11,844,182		—		—
Fixed Income		423,069		—		—
International Equity		7,383,110		—		—

See Notes to Financial Statements.

112

PGIM Target Date 2050 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1			Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund		$	59,130		$—		$—


Total		$	21,275,577		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	55.8	%
International Equity	34.7


Fixed Income	9.4	%
Short-Term	0.3

	100.2
Liabilities in excess of other assets	(0.2	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 113

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities

as of July 31, 2026


Assets

Investments at value:
Affiliated investments (cost $15,140,793)			$21,275,577
Receivable for investments sold			82,471
Due from Manager			11,518
Dividends and interest receivable			5,890
Receivable for Fund shares sold			2,508
Prepaid expenses			78


Total Assets			21,378,042


Liabilities

Payable for investments purchased			80,439
Audit fee payable			21,037
Custodian and accounting fees payable			18,632
Professional fees payable			5,773
Payable for Fund shares purchased			4,539
Accrued expenses and other liabilities			3,932
Shareholders’ reports fee payable			3,010
Trustees’ fees payable			826
Distribution fee payable			377
Affiliated transfer agent fee payable			154


Total Liabilities			138,719


Net Assets			$21,239,323




Net assets were comprised of:
Shares of beneficial interest, at par			$1,414
Paid-in capital in excess of par			14,761,779
Total distributable earnings (loss)			6,476,130


Net assets, July 31, 2026			$21,239,323

See Notes to Financial Statements.

114

PGIM Target Date 2050 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1
Net asset value, offering price and redemption price per share, ($300,087 ÷ 20,192 shares of beneficial interest issued and outstanding)	$	14.86


Class R2
Net asset value, offering price and redemption price per share, ($702,470 ÷ 47,010 shares of beneficial interest issued and outstanding)	$	14.94


Class R3
Net asset value, offering price and redemption price per share, ($1,189,775 ÷ 79,654 shares of beneficial interest issued and outstanding)	$	14.94


Class R4
Net asset value, offering price and redemption price per share, ($145,449 ÷ 9,748 shares of beneficial interest issued and outstanding)	$	14.92


Class R5
Net asset value, offering price and redemption price per share, ($117,388 ÷ 7,838 shares of beneficial interest issued and outstanding)	$	14.98


Class R6
Net asset value, offering price and redemption price per share, ($18,784,154 ÷ 1,249,317 shares of beneficial interest issued and outstanding)	$	15.04

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 115

PGIM Target Date 2050 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	494,600


Expenses
Distribution fee(a)		4,319
Shareholder servicing fees(a)		1,723

Custodian and accounting fees		58,782

Professional fees		35,641

Audit fee		21,037

Registration fees(a)		17,782
Shareholders’ reports		11,222
Transfer agent’s fees and expenses (including affiliated expense of $1,882)(a)		9,962
Trustees’ fees		9,930
Fund data services		8,527
Miscellaneous		5,991

Total expenses		184,916
Less: Fee waiver and/or expense reimbursement(a)		(175,601	)

Net expenses		9,315

Net investment income (loss)		485,285

Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		525,636

Net capital gain distributions received		843,518
Payment from Manager		13,849

		1,383,003


Net change in unrealized appreciation (depreciation) on investments		2,355,507


Net gain (loss) on investment transactions		3,738,510


Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,223,795

(a) Class specific expenses and waivers were as follows:


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Distribution fee		1,544		1,564		1,211		—		—		—
Shareholder servicing fees		310		92		1,218		103		—		—
Registration fees		2,914		3,013		2,914		2,914		2,914		3,113
Transfer agent’s fees and expenses		622		1,200		1,989		284		3,976		1,891
Fee waiver and/or expense reimbursement		(5,480)		(7,551)		(12,520)		(3,996)		(18,387)		(127,667)

See Notes to Financial Statements.

116

PGIM Target Date 2050 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	485,285		$	415,797
Net realized gain (loss) on investment transactions		1,383,003			423,632
Net change in unrealized appreciation (depreciation) on investments		2,355,507			1,218,466

Net increase (decrease) in net assets resulting from operations		4,223,795			2,057,895


Dividends and Distributions
Distributions from distributable earnings
Class R1		(9,873	)		(16,936	)
Class R2		(22,609	)		(75,604	)
Class R3		(42,144	)		(4,042	)
Class R4		(5,340	)		(20,317	)
Class R5		(110,662	)		(335,350	)
Class R6		(816,658	)		(2,243,528	)


		(1,007,286	)		(2,695,777	)

Fund share transactions
Net proceeds from shares sold		5,693,942			6,145,639
Net asset value of shares issued in reinvestment of dividends and distributions		1,007,286			2,695,777
Cost of shares purchased		(8,933,342	)		(3,427,246	)


Net increase (decrease) in net assets from Fund share transactions		(2,232,114	)		5,414,170


Total increase (decrease)		984,395			4,776,288

Net Assets:

Beginning of year		20,254,928			15,478,640


End of year	$	21,239,323		$	20,254,928

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 117

PGIM Target Date 2050 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.74			$13.64			$12.38			$12.32			$14.87
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.19			0.16			0.23			0.30
Net realized and unrealized gain (loss) on investment transactions		2.41			1.10			1.51			0.71			(1.36	)
Total from investment operations		2.62			1.29			1.67			0.94			(1.06	)
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.42	)		(0.21	)		(0.15	)		(0.91	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.50	)		(2.19	)		(0.41	)		(0.88	)		(1.49	)
Net asset value, end of year		$14.86			$12.74			$13.64			$12.38			$12.32
Total Return^(b):		21.00	%		10.69	%		13.87	%		8.56	%		(8.23	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$300			$356			$97			$59			$47
Average net assets (000)		$309			$140			$69			$50			$46
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.67	%		0.63	%		0.62	%^(d)		0.68	%^(d)		0.68	%
Expenses before waivers and/or expense reimbursement		2.45	%		3.95	%		5.93	%		7.54	%		9.34	%
Net investment income (loss)		1.54	%		1.50	%		1.26	%		1.98	%		2.18	%
Portfolio turnover rate^(e)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

118

PGIM Target Date 2050 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,



	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.81			$13.70			$12.43			$12.36			$14.90
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.27			0.20			0.25			0.50
Net realized and unrealized gain (loss) on investment transactions		2.42			1.05			1.51			0.71			(1.51	)
Total from investment operations		2.67			1.32			1.71			0.96			(1.01	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.44	)		(0.24	)		(0.16	)		(0.95	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.54	)		(2.21	)		(0.44	)		(0.89	)		(1.53	)
Net asset value, end of year		$14.94			$12.81			$13.70			$12.43			$12.36
Total Return^(b):		21.29	%		10.92	%		14.17	%		8.80	%		(7.92	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$702			$532			$455			$444			$337
Average net assets (000)		$626			$494			$452			$370			$3,647
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.42	%		0.37	%		0.37	%^(d)		0.43	%^(d)		0.43	%
Expenses before waivers and/or expense reimbursement		1.63	%		1.99	%		2.60	%		2.81	%		1.15	%
Net investment income (loss)		1.77	%		2.10	%		1.56	%		2.15	%		3.51	%
Portfolio turnover rate^(e)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 119

PGIM Target Date 2050 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.80			$13.71			$12.44			$12.38			$14.93
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.07			0.21			0.28			0.06
Net realized and unrealized gain (loss) on investment transactions		2.44			1.27			1.52			0.70			(1.06	)
Total from investment operations		2.69			1.34			1.73			0.98			(1.00	)
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.48	)		(0.26	)		(0.19	)		(0.97	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.55	)		(2.25	)		(0.46	)		(0.92	)		(1.55	)
Net asset value, end of year		$14.94			$12.80			$13.71			$12.44			$12.38
Total Return^(b):		21.52	%		11.09	%		14.31	%		8.99	%		(7.83	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,190			$1,543			$25			$19			$15
Average net assets (000)		$1,211			$453			$21			$16			$81
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.27	%		0.25	%		0.22	%^(d)		0.28	%^(d)		0.27	%
Expenses before waivers and/or expense reimbursement		1.30	%		1.92	%		15.59	%		19.74	%		5.80	%
Net investment income (loss)		1.82	%		0.59	%		1.69	%		2.37	%		0.52	%
Portfolio turnover rate^(e)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

120

PGIM Target Date 2050 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.79			$13.69			$12.42			$12.36			$14.91
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.31			0.23			0.28			0.13
Net realized and unrealized gain (loss) on investment transactions		2.41			1.05			1.51			0.72			(1.12	)
Total from investment operations		2.70			1.36			1.74			1.00			(0.99	)
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.49	)		(0.27	)		(0.21	)		(0.98	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.57	)		(2.26	)		(0.47	)		(0.94	)		(1.56	)
Net asset value, end of year		$14.92			$12.79			$13.69			$12.42			$12.36
Total Return^(b):		21.61	%		11.22	%		14.45	%		9.12	%		(7.79	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$145			$120			$123			$100			$89
Average net assets (000)		$133			$127			$108			$95			$59
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.17	%		0.12	%		0.12	%^(d)		0.18	%^(d)		0.18	%
Expenses before waivers and/or expense reimbursement		3.17	%		3.68	%		3.95	%		4.14	%		7.09	%
Net investment income (loss)		2.10	%		2.42	%		1.80	%		2.43	%		0.98	%
Portfolio turnover rate^(e)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.03% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 121

PGIM Target Date 2050 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.83			$13.72			$12.45			$12.39			$14.94
Income (loss) from investment operations:
Net investment income (loss)		0.42			0.31			0.23			0.30			0.39
Net realized and unrealized gain (loss) on investment transactions		2.31			1.06			1.52			0.71			(1.36	)
Total from investment operations		2.73			1.37			1.75			1.01			(0.97	)
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.49	)		(0.28	)		(0.22	)		(1.00	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.58	)		(2.26	)		(0.48	)		(0.95	)		(1.58	)
Net asset value, end of year		$14.98			$12.83			$13.72			$12.45			$12.39
Total Return^(b):		21.81	%		11.31	%		14.52	%		9.22	%		(7.63	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$117			$2,581			$1,967			$1,446			$1,170
Average net assets (000)		$1,771			$2,214			$1,729			$1,226			$1,196
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.06	%		0.02	%		0.02	%^(d)		0.08	%^(d)		0.08	%
Expenses before waivers and/or expense reimbursement		1.10	%		1.16	%		1.37	%		1.20	%		1.03	%
Net investment income (loss)		3.10	%		2.42	%		1.86	%		2.55	%		2.87	%
Portfolio turnover rate^(e)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

122

PGIM Target Date 2050 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.88			$13.77			$12.48			$12.43			$14.98
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.32			0.29			0.33			0.41
Net realized and unrealized gain (loss) on investment transactions		2.45			1.07			1.50			0.69			(1.36	)
Total from investment operations		2.76			1.39			1.79			1.02			(0.95	)
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.51	)		(0.30	)		(0.24	)		(1.02	)
Distributions from net realized gains		(0.27	)		(1.77	)		(0.20	)		(0.73	)		(0.58	)
Total dividends and distributions		(0.60	)		(2.28	)		(0.50	)		(0.97	)		(1.60	)
Net asset value, end of year		$15.04			$12.88			$13.77			$12.48			$12.43
Total Return^(b):		21.97	%		11.43	%		14.81	%		9.29	%		(7.47	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$18,784			$15,122			$12,813			$20,189			$18,346
Average net assets (000)		$17,736			$14,004			$15,264			$18,311			$20,531
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.02	%^(d)		0.00	%^(d)(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.02	%^(d)^(f)		(0.07	)%^(d)		(0.07	)%
Expenses before waivers and/or expense reimbursement		0.72	%		0.95	%		0.94	%		0.81	%		0.58	%
Net investment income (loss)		2.20	%		2.46	%		2.32	%		2.81	%		2.98	%
Portfolio turnover rate^(g)		59	%		37	%		84	%		26	%		59	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.02% and 0.01% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2050 Fund 123

PGIM Target Date 2055 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 4.3%
Fixed Income
PGIM Total Return Bond ETF (cost $520,767)		12,395	$	504,972


AFFILIATED MUTUAL FUNDS 95.6%
Domestic Equity 57.1%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		43,691		734,880
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		94,787		4,974,400
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		91,016		1,024,839


				6,734,119


International Equity 38.5%
PGIM Global Real Estate Fund (Class R6)		25,050		581,901
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		72,691		1,170,331
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		149,334		2,797,017


				4,549,249


TOTAL AFFILIATED MUTUAL FUNDS (cost $7,891,186)				11,283,368


TOTAL LONG-TERM INVESTMENTS (cost $8,411,953)				11,788,340


SHORT-TERM INVESTMENT 0.4%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $48,977)		48,977		48,977


TOTAL INVESTMENTS 100.3% (cost $8,460,930)(wa)				11,837,317
Liabilities in excess of other assets (0.3)%				(37,490	)


NET ASSETS 100.0%			$	11,799,827

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures. The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	504,972		$—		$—
Affiliated Mutual Funds
Domestic Equity		6,734,119		—		—
International Equity		4,549,249		—		—

See Notes to Financial Statements.

124

PGIM Target Date 2055 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	48,977		$—		$—

Total	$	11,837,317		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	57.1	%
International Equity	38.5


Fixed Income	4.3	%
Short-Term	0.4

	100.3
Liabilities in excess of other assets	(0.3	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 125

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $8,460,930)	$	11,837,317
Receivable for investments sold		69,353
Due from Manager		12,082
Receivable for Fund shares sold		1,922
Dividends receivable		1,910
Prepaid expenses		77


Total Assets		11,922,661

Liabilities
Payable for investments purchased		70,885
Audit fee payable		21,037
Custodian and accounting fees payable		18,597
Professional fees payable		4,834
Shareholders’ reports fee payable		2,998
Accrued expenses and other liabilities		2,771
Trustees’ fees payable		800
Payable for Fund shares purchased		532
Distribution fee payable		232
Affiliated transfer agent fee payable		148


Total Liabilities		122,834


Net Assets	$	11,799,827



Net assets were comprised of:
Shares of beneficial interest, at par	$	851
Paid-in capital in excess of par		8,215,451
Total distributable earnings (loss)		3,583,525


Net assets, July 31, 2026	$	11,799,827

See Notes to Financial Statements.

126

PGIM Target Date 2055 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1
Net asset value, offering price and redemption price per share, ($196,673 ÷ 14,422 shares of beneficial interest issued and outstanding)	$	13.64


Class R2
Net asset value, offering price and redemption price per share, ($561,642 ÷ 40,913 shares of beneficial interest issued and outstanding)	$	13.73


Class R3
Net asset value, offering price and redemption price per share, ($319,324 ÷ 23,187 shares of beneficial interest issued and outstanding)	$	13.77


Class R4
Net asset value, offering price and redemption price per share, ($82,396 ÷ 5,972 shares of beneficial interest issued and outstanding)	$	13.80


Class R5
Net asset value, offering price and redemption price per share, ($64,730 ÷ 4,674 shares of beneficial interest issued and outstanding)	$	13.85


Class R6
Net asset value, offering price and redemption price per share, ($10,575,062 ÷ 761,777 shares of beneficial interest issued and outstanding)	$	13.88

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 127

PGIM Target Date 2055 Fund

Statement of Operations

Year Ended July 31, 2026



Net Investment Income (Loss)
Affiliated dividend income	$	263,715


Expenses
Distribution fee(a)		2,273
Shareholder servicing fees(a)		420
Custodian and accounting fees		59,137
Professional fees		34,699
Audit fee		21,037
Registration fees(a)		19,352
Shareholders’ reports		12,407
Trustees’ fees		9,690
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $1,811)(a)		5,844
Miscellaneous		5,899


Total expenses		179,285
Less: Fee waiver and/or expense reimbursement(a)		(175,243	)


Net expenses		4,042


Net investment income (loss)		259,673


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		180,475
Net capital gain distributions received		509,278
Payment from Manager		10,363


		700,116


Net change in unrealized appreciation (depreciation) on investments		1,413,467


Net gain (loss) on investment transactions		2,113,583


Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,373,256

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		917			1,124			232			—			—			—
Shareholder servicing fees		165			1			216			38			—			—
Registration fees		2,817			5,067			2,817			2,817			2,817			3,017
Transfer agent’s fees and expenses		365			977			458			200			2,015			1,829
Fee waiver and/or expense reimbursement		(5,419	)		(11,097	)		(6,081	)		(3,906	)		(14,839	)		(133,901	)

See Notes to Financial Statements.

128

PGIM Target Date 2055 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026				2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	259,673			$	208,311
Net realized gain (loss) on investment transactions			700,116				233,052
Net change in unrealized appreciation (depreciation) on investments			1,413,467				594,397


Net increase (decrease) in net assets resulting from operations			2,373,256				1,035,760


Dividends and Distributions
Distributions from distributable earnings
Class R1			(6,375	)			(2,413	)
Class R2			(15,695	)			(36,066	)
Class R3			(6,701	)			(11,336	)
Class R4			(2,896	)			(6,939	)
Class R5			(46,675	)			(103,117	)
Class R6			(479,896	)			(915,475	)


			(558,238	)			(1,075,346	)


Fund share transactions
Net proceeds from shares sold			4,917,782				3,103,007
Net asset value of shares issued in reinvestment of dividends and distributions			557,349				1,075,346
Cost of shares purchased			(5,548,536	)			(2,386,852	)


Net increase (decrease) in net assets from Fund share transactions			(73,405	)			1,791,501

Total increase (decrease)			1,741,613				1,751,915

Net Assets:

Beginning of year			10,058,214				8,306,299


End of year		$	11,799,827			$	10,058,214

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 129

PGIM Target Date 2055 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.59			$11.81			$10.65			$10.28			$14.78
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.09			0.13			0.19			0.26
Net realized and unrealized gain (loss) on investment transactions		2.29			1.09			1.33			0.68			(1.10	)
Total from investment operations		2.49			1.18			1.46			0.87			(0.84	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.26	)		(0.30	)		(0.03	)		(0.91	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.44	)		(1.40	)		(0.30	)		(0.50	)		(3.66	)
Net asset value, end of year		$13.64			$11.59			$11.81			$10.65			$10.28
Total Return^(b):		21.87	%		10.96	%		14.00	%		9.11	%		(8.47	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$197			$181			$19			$18			$17
Average net assets (000)		$183			$45			$19			$16			$18
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.65	%		0.63	%		0.65	%^(d)		0.68	%^(d)		0.67	%
Expenses before waivers and/or expense reimbursement		3.61	%		9.65	%		18.00	%		21.35	%		22.90	%
Net investment income (loss)		1.55	%		0.77	%		1.22	%		1.97	%		2.17	%
Portfolio turnover rate^(e)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

130

PGIM Target Date 2055 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.67			$11.89			$10.71			$10.31			$14.82
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.20			0.11			0.22			0.29
Net realized and unrealized gain (loss) on investment transactions		2.31			1.02			1.39			0.68			(1.11	)
Total from investment operations		2.53			1.22			1.50			0.90			(0.82	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.30	)		(0.32	)		(0.03	)		(0.94	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.47	)		(1.44	)		(0.32	)		(0.50	)		(3.69	)
Net asset value, end of year		$13.73			$11.67			$11.89			$10.71			$10.31
Total Return^(b):		22.17	%		11.23	%		14.37	%		9.38	%		(8.28	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$562			$349			$721			$253			$278
Average net assets (000)		$450			$390			$452			$229			$311
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.40	%		0.36	%		0.39	%^(d)		0.43	%^(d)		0.42	%
Expenses before waivers and/or expense reimbursement		2.87	%		3.55	%		4.07	%		4.86	%		4.25	%
Net investment income (loss)		1.70	%		1.70	%		0.99	%		2.21	%		2.40	%
Portfolio turnover rate^(e)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 131

PGIM Target Date 2055 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.70			$11.91			$10.73			$10.32			$14.82
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.23			0.17			0.16			0.02
Net realized and unrealized gain (loss) on investment transactions		2.37			1.01			1.35			0.75			(0.80	)
Total from investment operations		2.56			1.24			1.52			0.91			(0.78	)
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.31	)		(0.34	)		(0.03	)		(0.97	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.49	)		(1.45	)		(0.34	)		(0.50	)		(3.72	)
Net asset value, end of year		$13.77			$11.70			$11.91			$10.73			$10.32
Total Return^(b):		22.36	%		11.39	%		14.48	%		9.47	%		(8.03	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$319			$155			$84			$43			$15
Average net assets (000)		$232			$109			$59			$22			$166
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.25	%		0.22	%		0.25	%^(d)		0.29	%^(d)		0.25	%
Expenses before waivers and/or expense reimbursement		2.87	%		5.03	%		7.37	%		15.85	%		3.82	%
Net investment income (loss)		1.49	%		1.98	%		1.50	%		1.61	%		0.15	%
Portfolio turnover rate^(e)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

132

PGIM Target Date 2055 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.73			$11.93			$10.75			$10.33			$14.84
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.26			0.18			0.25			0.31
Net realized and unrealized gain (loss) on investment transactions		2.31			1.00			1.35			0.67			(1.09	)
Total from investment operations		2.57			1.26			1.53			0.92			(0.78	)
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.32	)		(0.35	)		(0.03	)		(0.98	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.50	)		(1.46	)		(0.35	)		(0.50	)		(3.73	)
Net asset value, end of year		$13.80			$11.73			$11.93			$10.75			$10.33
Total Return^(b):		22.43	%		11.60	%		14.59	%		9.56	%		(8.01	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$82			$67			$55			$39			$20
Average net assets (000)		$75			$60			$45			$29			$18
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.15	%		0.11	%		0.15	%^(d)		0.18	%^(d)		0.17	%
Expenses before waivers and/or expense reimbursement		5.33	%		7.25	%		8.72	%		12.52	%		22.13	%
Net investment income (loss)		2.01	%		2.26	%		1.68	%		2.48	%		2.54	%
Portfolio turnover rate^(e)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 133

PGIM Target Date 2055 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.77			$11.97			$10.78			$10.35			$14.86
Income (loss) from investment operations:
Net investment income (loss)		0.40			0.27			0.19			0.24			0.34
Net realized and unrealized gain (loss) on investment transactions		2.20			1.00			1.36			0.69			(1.11	)
Total from investment operations		2.60			1.27			1.55			0.93			(0.77	)
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.33	)		(0.36	)		(0.03	)		(0.99	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.52	)		(1.47	)		(0.36	)		(0.50	)		(3.74	)
Net asset value, end of year		$13.85			$11.77			$11.97			$10.78			$10.35
Total Return^(b):		22.55	%		11.69	%		14.75	%		9.64	%		(7.88	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$65			$1,103			$786			$565			$367
Average net assets (000)		$801			$906			$674			$447			$317
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.05	%		0.02	%		0.05	%^(d)		0.08	%^(d)		0.07	%
Expenses before waivers and/or expense reimbursement		1.90	%		2.21	%		2.77	%		2.95	%		2.87	%
Net investment income (loss)		3.19	%		2.34	%		1.76	%		2.45	%		2.79	%
Portfolio turnover rate^(e)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

134

PGIM Target Date 2055 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$11.79			$11.99			$10.80			$10.34			$14.86
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.27			0.24			0.28			0.37
Net realized and unrealized gain (loss) on investment transactions		2.34			1.02			1.32			0.68			(1.12	)
Total from investment operations		2.62			1.29			1.56			0.96			(0.75	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.35	)		(0.37	)		(0.03	)		(1.02	)
Distributions from net realized gains		(0.18	)		(1.14	)		-			(0.47	)		(2.75	)
Total dividends and distributions		(0.53	)		(1.49	)		(0.37	)		(0.50	)		(3.77	)
Net asset value, end of year		$13.88			$11.79			$11.99			$10.80			$10.34
Total Return^(b):		22.77	%		11.79	%		14.89	%		9.95	%		(7.82	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$10,575			$8,202			$6,641			$8,151			$6,382
Average net assets (000)		$10,157			$7,614			$6,770			$6,741			$8,322
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.05	%^(d)		0.00	%^(d)(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.05	%^(d)(f)		(0.07	)%^(d)		(0.08	)%
Expenses before waivers and/or expense reimbursement		1.32	%		1.79	%		2.06	%		2.12	%		1.57	%
Net investment income (loss)		2.15	%		2.32	%		2.22	%		2.76	%		3.01	%
Portfolio turnover rate^(g)		63	%		43	%		97	%		29	%		60	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.05% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2055 Fund 135

PGIM Target Date 2060 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 3.1%
Fixed Income
PGIM Total Return Bond ETF (cost $368,519)		8,777	$	357,574


AFFILIATED MUTUAL FUNDS 96.8%
Domestic Equity 56.3%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		43,771		736,226
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		88,538		4,646,455
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		92,320		1,039,519


				6,422,200


International Equity 40.5%
PGIM Global Real Estate Fund (Class R6)		24,241		563,115
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		75,101		1,209,126
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		152,474		2,855,833


				4,628,074


TOTAL AFFILIATED MUTUAL FUNDS (cost $7,854,748)				11,050,274


TOTAL LONG-TERM INVESTMENTS (cost $8,223,267)				11,407,848


SHORT-TERM INVESTMENT 0.4%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $49,504)		49,504		49,504


TOTAL INVESTMENTS 100.3% (cost $8,272,771)(wa)				11,457,352
Liabilities in excess of other assets (0.3)%				(39,037	)


NET ASSETS 100.0%			$	11,418,315

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	357,574		$—		$—
Affiliated Mutual Funds
Domestic Equity		6,422,200		—		—
International Equity		4,628,074		—		—

See Notes to Financial Statements.

136

PGIM Target Date 2060 Fund

Schedule of Investments (continued)

as of July 31, 2026


		Level 1	Level 2	Level 3

Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	49,504	$—	$—


Total	$	11,457,352	$—	$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	56.3	%
International Equity	40.5


Fixed Income	3.1	%
Short-Term	0.4

	100.3
Liabilities in excess of other assets	(0.3	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 137

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets

Investments at value:
Affiliated investments (cost $8,272,771)	$	11,457,352
Receivable for investments sold		71,636
Due from Manager		12,199
Dividends receivable		1,351
Receivable for Fund shares sold		1,007
Prepaid expenses		77


Total Assets		11,543,622

Liabilities

Payable for investments purchased		70,404
Audit fee payable		21,041
Custodian and accounting fees payable		18,599
Professional fees payable		4,923
Payable for Fund shares purchased		3,093
Accrued expenses and other liabilities		3,032
Shareholders’ reports fee payable		3,020
Trustees’ fees payable		800
Distribution fee payable		251

Affiliated transfer agent fee payable		144


Total Liabilities		125,307


Net Assets	$	11,418,315




Net assets were comprised of:
Shares of beneficial interest, at par	$	653
Paid-in capital in excess of par		8,025,871
Total distributable earnings (loss)		3,391,791


Net assets, July 31, 2026	$	11,418,315

See Notes to Financial Statements.

138

PGIM Target Date 2060 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1
Net asset value, offering price and redemption price per share, ($258,620 ÷ 14,955 shares of beneficial interest issued and outstanding)	$	17.29


Class R2
Net asset value, offering price and redemption price per share, ($518,501 ÷ 29,831 shares of beneficial interest issued and outstanding)	$	17.38


Class R3
Net asset value, offering price and redemption price per share, ($472,539 ÷ 27,148 shares of beneficial interest issued and outstanding)	$	17.41


Class R4
Net asset value, offering price and redemption price per share, ($48,675 ÷ 2,793 shares of beneficial interest issued and outstanding)	$	17.42


Class R5
Net asset value, offering price and redemption price per share, ($105,598 ÷ 6,051 shares of beneficial interest issued and outstanding)	$	17.45


Class R6
Net asset value, offering price and redemption price per share, ($10,014,382 ÷ 572,394 shares of beneficial interest issued and outstanding)	$	17.50

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 139

PGIM Target Date 2060 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	248,622


Expenses
Distribution fee(a)		2,524
Shareholder servicing fees(a)		380
Custodian and accounting fees		59,342
Professional fees		34,785
Audit fee		21,037
Registration fees(a)		18,421
Shareholders’ reports		12,377
Trustees’ fees		9,690
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $1,757)(a)		6,349
Miscellaneous		5,896


Total expenses		179,328
Less: Fee waiver and/or expense reimbursement(a)		(175,107	)


Net expenses		4,221

Net investment income (loss)		244,401


Realized And Unrealized Gain (Loss) On Affiliated Investments

Net realized gain (loss) on investment transactions		190,102

Net capital gain distributions received		482,451

Payment from Manager		10,274


		682,827


Net change in unrealized appreciation (depreciation) on investments		1,355,337


Net gain (loss) on investment transactions		2,038,164


Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,282,565

(a) Class specific expenses and waivers were as follows:


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Distribution fee		1,219		1,153		152		—		—		—
Shareholder servicing fees		224		—		136		20		—		—
Registration fees		2,817		3,917		2,817		2,817		2,817		3,236
Transfer agent’s fees and expenses		470		1,232		328		153		2,402		1,764
Fee waiver and/or expense reimbursement		(6,426)		(10,639)		(5,036)		(3,520)		(18,768)		(130,718)

See Notes to Financial Statements.

140

PGIM Target Date 2060 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026			2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	244,401		$	190,671
Net realized gain (loss) on investment transactions		682,827			311,028
Net change in unrealized appreciation (depreciation) on investments		1,355,337			539,115


Net increase (decrease) in net assets resulting from operations		2,282,565			1,040,814


Dividends and Distributions
Distributions from distributable earnings
Class R1		(8,857	)		(4,383	)
Class R2		(17,257	)		(35,233	)
Class R3		(4,426	)		(5,064	)
Class R4		(1,801	)		(3,860	)
Class R5		(65,999	)		(106,904	)
Class R6		(437,263	)		(571,300	)


		(535,603	)		(726,744	)

Fund share transactions
Net proceeds from shares sold		4,061,755			3,839,418
Net asset value of shares issued in reinvestment of dividends and distributions		535,603			726,744
Cost of shares purchased		(5,128,489	)		(3,093,104	)


Net increase (decrease) in net assets from Fund share transactions		(531,131	)		1,473,058


Total increase (decrease)		1,215,831			1,787,128

Net Assets:

Beginning of year		10,202,484			8,415,356


End of year	$	11,418,315		$	10,202,484

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 141

PGIM Target Date 2060 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.68			$14.42			$13.02			$12.82			$15.17
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.17			0.16			0.24			0.29
Net realized and unrealized gain (loss) on investment transactions		2.93			1.31			1.63			0.84			(1.46	)
Total from investment operations		3.20			1.48			1.79			1.08			(1.17	)
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.37	)		(0.22	)		(0.19	)		(0.95	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.59	)		(1.22	)		(0.39	)		(0.88	)		(1.18	)
Net asset value, end of year		$17.29			$14.68			$14.42			$13.02			$12.82
Total Return^(b):		22.22	%		10.94	%		14.12	%		9.38	%		(8.62	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$259			$257			$40			$22			$17
Average net assets (000)		$244			$81			$27			$19			$17
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.64	%		0.62	%		0.64	%^(d)		0.67	%^(d)		0.66	%
Expenses before waivers and/or expense reimbursement		3.28	%		6.44	%		13.74	%		18.47	%		23.66	%
Net investment income (loss)		1.65	%		1.15	%		1.17	%		1.98	%		2.06	%
Portfolio turnover rate^(e)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

142

PGIM Target Date 2060 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.76			$14.50			$13.09			$12.86			$15.21
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.29			0.16			0.25			0.52
Net realized and unrealized gain (loss) on investment transactions		2.98			1.23			1.68			0.87			(1.66	)
Total from investment operations		3.26			1.52			1.84			1.12			(1.14	)
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.41	)		(0.26	)		(0.20	)		(0.98	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.64	)		(1.26	)		(0.43	)		(0.89	)		(1.21	)
Net asset value, end of year		$17.38			$14.76			$14.50			$13.09			$12.86
Total Return^(b):		22.54	%		11.24	%		14.40	%		9.70	%		(8.37	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$519			$407			$553			$267			$199
Average net assets (000)		$461			$440			$382			$215			$1,330
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.39	%		0.36	%		0.38	%^(d)		0.43	%^(d)		0.41	%
Expenses before waivers and/or expense reimbursement		2.70	%		3.27	%		3.87	%		4.78	%		2.45	%
Net investment income (loss)		1.71	%		2.04	%		1.16	%		2.07	%		3.57	%
Portfolio turnover rate^(e)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 143

PGIM Target Date 2060 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.78			$14.51			$13.10			$12.89			$15.25
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.31			0.21			0.28			0.16
Net realized and unrealized gain (loss) on investment transactions		3.04			1.24			1.64			0.86			(1.28	)
Total from investment operations		3.28			1.55			1.85			1.14			(1.12	)
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.43	)		(0.27	)		(0.24	)		(1.01	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.65	)		(1.28	)		(0.44	)		(0.93	)		(1.24	)
Net asset value, end of year		$17.41			$14.78			$14.51			$13.10			$12.89
Total Return^(b):		22.72	%		11.44	%		14.55	%		9.90	%		(8.28	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$473			$84			$55			$41			$31
Average net assets (000)		$152			$61			$46			$33			$55
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.24	%		0.21	%		0.24	%^(d)		0.28	%^(d)		0.25	%
Expenses before waivers and/or expense reimbursement		3.56	%		7.34	%		8.77	%		11.21	%		8.75	%
Net investment income (loss)		1.46	%		2.17	%		1.58	%		2.26	%		1.25	%
Portfolio turnover rate^(e)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

144

PGIM Target Date 2060 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.79			$14.53			$13.11			$12.91			$15.26
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.37			0.22			0.29			0.37
Net realized and unrealized gain (loss) on investment transactions		2.98			1.19			1.66			0.85			(1.47	)
Total from investment operations		3.30			1.56			1.88			1.14			(1.10	)
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.45	)		(0.29	)		(0.25	)		(1.02	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.67	)		(1.30	)		(0.46	)		(0.94	)		(1.25	)
Net asset value, end of year		$17.42			$14.79			$14.53			$13.11			$12.91
Total Return^(b):		22.85	%		11.47	%		14.71	%		9.93	%		(8.12	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$49			$40			$42			$24			$18
Average net assets (000)		$45			$41			$32			$20			$17
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.14	%		0.11	%		0.14	%^(d)		0.18	%^(d)		0.16	%
Expenses before waivers and/or expense reimbursement		8.05	%		9.70	%		11.45	%		16.92	%		22.95	%
Net investment income (loss)		2.00	%		2.55	%		1.68	%		2.36	%		2.60	%
Portfolio turnover rate^(e)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 145

PGIM Target Date 2060 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.81			$14.54			$13.13			$12.93			$15.28
Income (loss) from investment operations:
Net investment income (loss)		0.48			0.35			0.23			0.28			0.36
Net realized and unrealized gain (loss) on investment transactions		2.85			1.23			1.65			0.88			(1.45	)
Total from investment operations		3.33			1.58			1.88			1.16			(1.09	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.46	)		(0.30	)		(0.27	)		(1.03	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.69	)		(1.31	)		(0.47	)		(0.96	)		(1.26	)
Net asset value, end of year		$17.45			$14.81			$14.54			$13.13			$12.93
Total Return^(b):		22.99	%		11.65	%		14.73	%		10.04	%		(8.01	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$106			$1,454			$1,091			$692			$442
Average net assets (000)		$1,046			$1,238			$901			$519			$333
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.04	%		0.01	%		0.04	%^(d)		0.08	%^(d)		0.06	%
Expenses before waivers and/or expense reimbursement		1.83	%		2.14	%		2.74	%		2.92	%		2.96	%
Net investment income (loss)		3.03	%		2.42	%		1.72	%		2.32	%		2.58	%
Portfolio turnover rate^(e)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.04% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

146

PGIM Target Date 2060 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$14.85			$14.58			$13.15			$12.95			$15.31
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.30			0.27			0.33			0.40
Net realized and unrealized gain (loss) on investment transactions		3.02			1.30			1.65			0.85			(1.47	)
Total from investment operations		3.36			1.60			1.92			1.18			(1.07	)
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.48	)		(0.32	)		(0.29	)		(1.06	)
Distributions from net realized gains		(0.34	)		(0.85	)		(0.17	)		(0.69	)		(0.23	)
Total dividends and distributions		(0.71	)		(1.33	)		(0.49	)		(0.98	)		(1.29	)
Net asset value, end of year		$17.50			$14.85			$14.58			$13.15			$12.95
Total Return^(b):		23.17	%		11.77	%		15.02	%		10.20	%		(7.93	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$10,014			$7,961			$6,635			$6,655			$6,246
Average net assets (000)		$9,481			$7,007			$6,030			$6,474			$6,501
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.06	%^(d)		0.00	%^(d)(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.06	%^(d)(f)		(0.08	)%^(d)		(0.09	)%
Expenses before waivers and/or expense reimbursement		1.38	%		1.84	%		2.25	%		2.18	%		1.79	%
Net investment income (loss)		2.08	%		2.12	%		2.01	%		2.68	%		2.85	%
Portfolio turnover rate^(g)		55	%		46	%		92	%		42	%		64	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.06% and 0.02% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2060 Fund 147

PGIM Target Date 2065 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 3.0%
Fixed Income
PGIM Total Return Bond ETF (cost $78,443)		1,874	$	76,347


AFFILIATED MUTUAL FUNDS 96.9%
Domestic Equity 56.1%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		9,912		166,721
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		19,808		1,039,532
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		20,914		235,489

			1,441,742


International Equity 40.8%
PGIM Global Real Estate Fund (Class R6) 5,456 126,736
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		17,032		274,211
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		34,615		648,330

			1,049,277


TOTAL AFFILIATED MUTUAL FUNDS (cost $2,080,845)				2,491,019


TOTAL LONG-TERM INVESTMENTS (cost $2,159,288)				2,567,366


SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $4,478)		4,478		4,478


TOTAL INVESTMENTS 100.1% (cost $2,163,766)(wa)				2,571,844
Liabilities in excess of other assets (0.1)%				(2,090	)


NET ASSETS 100.0%			$	2,569,754

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa)	Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

148

PGIM Target Date 2065 Fund

Schedule of Investments (continued)

as of July 31, 2026

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income		$ 76,347		$—		$—
Affiliated Mutual Funds
Domestic Equity		1,441,742		—		—
International Equity		1,049,277		—		—
Short-Term Investment
Affiliated Mutual Fund		4,478		—		—

Total		$2,571,844		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	56.1	%
International Equity	40.8


Fixed Income	3.0	%
Short-Term	0.2

	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 149

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets

Investments at value:
Affiliated investments (cost $2,163,766)	$	2,571,844
Due from Manager		46,803
Receivable for investments sold		15,640
Receivable for Fund shares sold		1,095
Dividends receivable		288
Prepaid expenses		76


Total Assets		2,635,746

Liabilities

Audit fee payable		21,038
Payable for investments purchased		17,073
Custodian and accounting fees payable		16,111
Professional fees payable		5,678
Shareholders’ reports fee payable		2,996
Accrued expenses and other liabilities		2,109
Trustees’ fees payable		800
Distribution fee payable		109

Affiliated transfer agent fee payable		78


Total Liabilities		65,992


Net Assets	$	2,569,754




Net assets were comprised of:
Shares of beneficial interest, at par	$	161
Paid-in capital in excess of par		2,120,780
Total distributable earnings (loss)		448,813


Net assets, July 31, 2026	$	2,569,754

See Notes to Financial Statements.

150

PGIM Target Date 2065 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026


Class R1

Net asset value, offering price and redemption price per share, ($20,005 ÷ 1,265 shares of beneficial interest issued and outstanding)	$	15.82

Class R2

Net asset value, offering price and redemption price per share, ($449,141 ÷ 28,295 shares of beneficial interest issued and outstanding)	$	15.87

Class R3

Net asset value, offering price and redemption price per share, ($68,969 ÷ 4,342 shares of beneficial interest issued and outstanding)	$	15.88

Class R4

Net asset value, offering price and redemption price per share, ($20,682 ÷ 1,302 shares of beneficial interest issued and outstanding)	$	15.88

Class R5

Net asset value, offering price and redemption price per share, ($41,403 ÷ 2,603 shares of beneficial interest issued and outstanding)	$	15.91

Class R6

Net asset value, offering price and redemption price per share, ($1,969,554 ÷ 123,293 shares of beneficial interest issued and outstanding)	$	15.97

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 151

PGIM Target Date 2065 Fund

Statement of Operations

Year Ended July 31, 2026



Net Investment Income (Loss)
Affiliated dividend income	$	34,737


Expenses
Distribution fee(a)		1,125
Shareholder servicing fees(a)		45
Custodian and accounting fees		56,578
Professional fees		38,827
Audit fee		21,038
Registration fees(a)		18,805
Shareholders’ reports		13,879
Trustees’ fees		9,599
Fund data services		8,527
Transfer agent’s fees and expenses (including affiliated expense of $973)(a)		2,234
Miscellaneous		5,288


Total expenses		175,945
Less: Fee waiver and/or expense reimbursement(a)		(174,125	)


Net expenses		1,820

Net investment income (loss)		32,917


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		19,404
Net capital gain distributions received		70,332
Payment from Manager		1,419


		91,155


Net change in unrealized appreciation (depreciation) on investments		238,783


Net gain (loss) on investment transactions		329,938


Net Increase (Decrease) In Net Assets Resulting From Operations	$	362,855

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		100			965			60			—			—			—
Shareholder servicing fees		4			—			41			—			—			—
Registration fees		3,052			3,545			3,051			3,051			3,054			3,052
Transfer agent’s fees and expenses		69			822			209			60			132			942
Fee waiver and/or expense reimbursement		(4,888	)		(37,294	)		(8,413	)		(4,731	)		(6,556	)		(112,243	)

See Notes to Financial Statements.

152

PGIM Target Date 2065 Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2026				2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	32,917			$	19,263
Net realized gain (loss) on investment transactions			91,155				15,553
Net change in unrealized appreciation (depreciation) on investments			238,783				75,229


Net increase (decrease) in net assets resulting from operations			362,855				110,045


Dividends and Distributions
Distributions from distributable earnings
Class R1			(424	)			(1,140	)
Class R2			(9,981	)			(16,795	)
Class R3			(1,576	)			(3,090	)
Class R4			(517	)			(1,074	)
Class R5			(1,123	)			(1,791	)
Class R6			(42,236	)			(38,867	)

			(55,857	)			(62,757	)

Fund share transactions
Net proceeds from shares sold			2,039,374				724,304
Net asset value of shares issued in reinvestment of dividends and distributions			55,389				62,757
Cost of shares purchased			(1,045,712	)			(295,983	)


Net increase (decrease) in net assets from Fund share transactions			1,049,051				491,078

Total increase (decrease)			1,356,049				538,366

Net Assets:

Beginning of year			1,213,705				675,339


End of year		$	2,569,754			$	1,213,705

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 153

PGIM Target Date 2065 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.23			$12.73			$11.32			$10.80			$12.74
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.22			0.14			0.18			0.26
Net realized and unrealized gain (loss) on investment transactions		2.74			1.12			1.45			0.78			(1.25	)
Total from investment operations		2.93			1.34			1.59			0.96			(0.99	)
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.39	)		(0.10	)		(0.16	)		(0.79	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.34	)		(0.84	)		(0.18	)		(0.44	)		(0.95	)
Net asset value, end of year		$15.82			$13.23			$12.73			$11.32			$10.80
Total Return^(b):		22.46	%		11.11	%		14.21	%		9.50	%		(8.61	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$20			$21			$16			$13			$12
Average net assets (000)		$20			$18			$13			$12			$13
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.64	%		0.60	%		0.57	%^(d)		0.87	%^(d)		0.66	%
Expenses before waivers and/or expense reimbursement		25.00	%		29.07	%		51.69	%		60.29	%		59.08	%
Net investment income (loss)		1.29	%		1.76	%		1.24	%		1.68	%		2.16	%
Portfolio turnover rate^(e)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

154

PGIM Target Date 2065 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.28			$12.75			$11.34			$10.82			$12.77
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.25			0.17			0.18			0.23
Net realized and unrealized gain (loss) on investment transactions		2.71			1.14			1.43			0.81			(1.20	)
Total from investment operations		2.97			1.39			1.60			0.99			(0.97	)
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.41	)		(0.11	)		(0.19	)		(0.82	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.38	)		(0.86	)		(0.19	)		(0.47	)		(0.98	)
Net asset value, end of year		$15.87			$13.28			$12.75			$11.34			$10.82
Total Return^(b):		22.65	%		11.45	%		14.26	%		9.77	%		(8.45	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$449			$324			$236			$114			$73
Average net assets (000)		$386			$271			$145			$89			$65
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.39	%		0.35	%		0.32	%^(d)		0.65	%^(d)		0.41	%
Expenses before waivers and/or expense reimbursement		10.05	%		18.53	%		31.06	%		36.05	%		34.43	%
Net investment income (loss)		1.74	%		1.95	%		1.42	%		1.74	%		1.97	%
Portfolio turnover rate^(e)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.62%, which were voluntarily waived by the Manager, and 0.25% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 155

PGIM Target Date 2065 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.28			$12.77			$11.35			$10.83			$12.78
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.28			0.14			0.16			0.30
Net realized and unrealized gain (loss) on investment transactions		2.73			1.12			1.50			0.85			(1.25	)
Total from investment operations		3.00			1.40			1.64			1.01			(0.95	)
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.44	)		(0.14	)		(0.21	)		(0.84	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.40	)		(0.89	)		(0.22	)		(0.49	)		(1.00	)
Net asset value, end of year		$15.88			$13.28			$12.77			$11.35			$10.83
Total Return^(b):		22.89	%		11.52	%		14.64	%		9.94	%		(8.30	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$69			$52			$45			$21			$12
Average net assets (000)		$60			$47			$31			$15			$13
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.24	%		0.20	%		0.16	%^(d)		0.53	%^(d)		0.26	%
Expenses before waivers and/or expense reimbursement		14.29	%		22.37	%		37.43	%		53.40	%		58.37	%
Net investment income (loss)		1.83	%		2.19	%		1.22	%		1.54	%		2.56	%
Portfolio turnover rate^(e)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.69%, which were voluntarily waived by the Manager, and 0.28% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

156

PGIM Target Date 2065 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31,

	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.28			$12.78			$11.36			$10.84			$12.79
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.30			0.20			0.23			0.32
Net realized and unrealized gain (loss) on investment transactions		2.72			1.11			1.46			0.79			(1.26	)
Total from investment operations		3.01			1.41			1.66			1.02			(0.94	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.46	)		(0.16	)		(0.22	)		(0.85	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.41	)		(0.91	)		(0.24	)		(0.50	)		(1.01	)
Net asset value, end of year		$15.88			$13.28			$12.78			$11.36			$10.84
Total Return^(b):		23.01	%		11.65	%		14.87	%		10.04	%		(8.21	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$21			$17			$15			$13			$12
Average net assets (000)		$19			$16			$14			$12			$13
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.14	%		0.10	%		0.07	%^(d)		0.37	%^(d)		0.16	%
Expenses before waivers and/or expense reimbursement		25.18	%		32.89	%		49.20	%		59.30	%		58.20	%
Net investment income (loss)		1.95	%		2.32	%		1.75	%		2.18	%		2.66	%
Portfolio turnover rate^(e)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 157

PGIM Target Date 2065 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.30			$12.79			$11.37			$10.85			$12.80
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.29			0.21			0.24			0.32
Net realized and unrealized gain (loss) on investment transactions		2.72			1.14			1.46			0.79			(1.24	)
Total from investment operations		3.03			1.43			1.67			1.03			(0.92	)
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.47	)		(0.17	)		(0.23	)		(0.87	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.42	)		(0.92	)		(0.25	)		(0.51	)		(1.03	)
Net asset value, end of year		$15.91			$13.30			$12.79			$11.37			$10.85
Total Return^(b):		23.09	%		11.80	%		14.98	%		10.15	%		(8.11	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$41			$36			$18			$16			$14
Average net assets (000)		$39			$28			$16			$14			$14
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.04	%		0.01	%		0.00	%^(d)(e)		0.27	%^(d)		0.06	%
Expenses before waivers and/or expense reimbursement		17.00	%		25.81	%		46.25	%		55.47	%		54.91	%
Net investment income (loss)		2.10	%		2.27	%		1.82	%		2.28	%		2.72	%
Portfolio turnover rate^(f)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.68%, which were voluntarily waived by the Manager, and 0.22% which are being excluded from the Fund’s contractual waiver for, if applicable, the years ended July 31, 2024 and 2023, respectively.

(e)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

158

PGIM Target Date 2065 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.35			$12.85			$11.38			$10.86			$12.81
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.28			0.24			0.22			0.32
Net realized and unrealized gain (loss) on investment transactions		2.79			1.17			1.48			0.82			(1.23	)
Total from investment operations		3.06			1.45			1.72			1.04			(0.91	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.50	)		(0.17	)		(0.24	)		(0.88	)
Distributions from net realized gains		(0.15	)		(0.45	)		(0.08	)		(0.28	)		(0.16	)
Total dividends and distributions		(0.44	)		(0.95	)		(0.25	)		(0.52	)		(1.04	)
Net asset value, end of year		$15.97			$13.35			$12.85			$11.38			$10.86
Total Return^(b):		23.32	%		11.93	%		15.43	%		10.32	%		(7.97	)%



Ratios/Supplemental Data:
Net assets, end of year (000)		$1,970			$764			$346			$492			$336
Average net assets (000)		$1,304			$540			$399			$368			$435
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.00	%		0.00	%		0.00	%^(d)		0.15	%^(d)(e)		0.00	%^(e)
Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the manager		0.00	%^(f)		0.00	%^(f)		0.00	%^(f)		0.15	%^(d)		(0.09	)%
Expenses before waivers and/or expense reimbursement		8.61	%		16.63	%		26.44	%		30.77	%		25.56	%
Net investment income (loss)		1.81	%		2.16	%		2.11	%		2.11	%		2.70	%
Portfolio turnover rate^(g)		72	%		47	%		112	%		45	%		67	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(d)	Includes certain non-recurring expenses of 0.66%, which were voluntarily waived by the Manager, and 0.24% which are being excluded from the Fund’s contractual waiver, if applicable, for the years ended July 31, 2024 and 2023, respectively.

(e)	As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses.

(f)	Effective for the fiscal year ended July 31, 2024, the Fund began presenting a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2065 Fund 159

PGIM Target Date 2070 Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

AFFILIATED EXCHANGE-TRADED FUND 3.0%
Fixed Income
PGIM Total Return Bond ETF (cost $3,061)		73	$	2,974


AFFILIATED MUTUAL FUNDS 96.9%
Domestic Equity 56.1%
PGIM Jennison Small-Cap Core Equity Fund (Class R6)		389		6,535
PGIM Quant Solutions Large-Cap Index Fund (Class R6)		776		40,744
PGIM Quant Solutions Mid-Cap Index Fund (Class R6)		820		9,230

			56,509


International Equity 40.8%
PGIM Global Real Estate Fund (Class R6)		214		4,968
PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)		668		10,752
PGIM Quant Solutions International Developed Markets Index Fund (Class R6)		1,357		25,412

			41,132


TOTAL AFFILIATED MUTUAL FUNDS (cost $83,633)				97,641


TOTAL LONG-TERM INVESTMENTS (cost $86,694)				100,615


SHORT-TERM INVESTMENT 0.3%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $337)		337		337


TOTAL INVESTMENTS 100.2% (cost $87,031)(wa)				100,952
Liabilities in excess of other assets (0.2)%				(226	)


NET ASSETS 100.0%			$	100,726

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of July 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	2,974		$—		$—
Affiliated Mutual Funds
Domestic Equity		56,509		—		—
International Equity		41,132		—		—

See Notes to Financial Statements.

160

PGIM Target Date 2070 Fund

Schedule of Investments (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	337		$—		$—

Total	$	100,952		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Domestic Equity	56.1	%
International Equity	40.8


Fixed Income	3.0	%
Short-Term	0.3

	100.2
Liabilities in excess of other assets	(0.2	)


	100.0	%

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 161

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $87,031)	$	100,952
Due from Manager		46,503
Receivable for investments sold		537
Dividends receivable		11
Prepaid expenses		79


Total Assets		148,082


Liabilities
Audit fee payable		21,037
Custodian and accounting fees payable		16,651
Professional fees payable		4,555
Shareholders’ reports fee payable		2,141
Accrued expenses and other liabilities		1,622
Trustees’ fees payable		801
Payable for investments purchased		518
Affiliated transfer agent fee payable		20
Distribution fee payable		11


Total Liabilities		47,356


Net Assets	$	100,726



Net assets were comprised of:
Shares of beneficial interest, at par	$	8
Paid-in capital in excess of par		84,070
Total distributable earnings (loss)		16,648


Net assets, July 31, 2026	$	100,726

See Notes to Financial Statements.

162

PGIM Target Date 2070 Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026



Class R1
Net asset value, offering price and redemption price per share, ($12,926 ÷ 1,032 shares of beneficial interest issued and outstanding)	$	12.52


Class R2
Net asset value, offering price and redemption price per share, ($19,535 ÷ 1,557 shares of beneficial interest issued and outstanding)	$	12.54


Class R3
Net asset value, offering price and redemption price per share, ($14,386 ÷ 1,146 shares of beneficial interest issued and outstanding)	$	12.56


Class R4
Net asset value, offering price and redemption price per share, ($13,032 ÷ 1,037 shares of beneficial interest issued and outstanding)	$	12.57


Class R5
Net asset value, offering price and redemption price per share, ($13,054 ÷ 1,038 shares of beneficial interest issued and outstanding)	$	12.57


Class R6
Net asset value, offering price and redemption price per share, ($27,793 ÷ 2,208 shares of beneficial interest issued and outstanding)	$	12.59

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 163

PGIM Target Date 2070 Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	1,606



Expenses
Distribution fee(a)		109
Shareholder servicing fees(a)		34
Custodian and accounting fees		55,865
Registration fees(a)		42,959
Professional fees		27,393
Audit fee		21,037
Shareholders’ reports		9,614
Trustees’ fees		9,600
Fund data services		6,123
Offering fees		1,794
Transfer agent’s fees and expenses (including affiliated expense of $270)(a)		401
Miscellaneous		6,492

Total expenses		181,421
Less: Fee waiver and/or expense reimbursement(a)		(181,229	)

Net expenses		192

Net investment income (loss)		1,414

Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		235
Net capital gain distributions received		3,266
Payment from Manager		14

		3,515

Net change in unrealized appreciation (depreciation) on investments		10,645

Net gain (loss) on investment transactions		14,160

Net Increase (Decrease) In Net Assets Resulting From Operations	$	15,574

(a) Class specific expenses and waivers were as follows:


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Distribution fee		59		38		12		—		—		—
Shareholder servicing fees		8		10		8		8		—		—
Registration fees		9,511		9,512		9,512		4,808		4,808		4,808
Transfer agent’s fees and expenses		47		79		74		58		29		114
Fee waiver and/or expense reimbursement		(31,060)		(36,752)		(31,428)		(26,487)		(26,486)		(29,016)

See Notes to Financial Statements.

164

PGIM Target Date 2070 Fund

Statements of Changes in Net Assets


	Year Ended July 31, 2026				December 10, 2024* through July 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,414			$	94
Net realized gain (loss) on investment transactions			3,515				193
Net change in unrealized appreciation (depreciation) on investments			10,645				3,276

Net increase (decrease) in net assets resulting from operations			15,574				3,563

Dividends and Distributions
Distributions from distributable earnings
Class R1			(269)				(82	)
Class R2			(359)				(83	)
Class R3			(311)				(83	)
Class R4			(322)				(83	)
Class R5			(333)				(84	)
Class R6			(406)				(85	)

			(2,000	)			(500	)

Fund share transactions
Net proceeds from shares sold			24,555				61,059
Net asset value of shares issued in reinvestment of dividends and distributions			2,000				500
Cost of shares purchased			(4,025	)			—

Net increase (decrease) in net assets from Fund share transactions			22,530				61,559

Total increase (decrease)			36,104				64,622

Net Assets:
Beginning of period			64,622				—

End of period		$	100,726			$	64,622

* Commencement of operations.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 165

PGIM Target Date 2070 Fund

Financial Highlights



Class R1 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.47			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			(0.01	)^(c)
Net realized and unrealized gain (loss) on investment transactions		2.15			0.56
Total from investment operations		2.32			0.55
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.02	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.27	)		(0.08	)
Net asset value, end of period		$12.52			$10.47
Total Return^(d):		22.41	%		5.59	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.65	%		0.62	%^(f)
Expenses before waivers and/or expense reimbursement		263.17	%		432.02	%^(f)
Net investment income (loss)		1.46	%		(0.16	)%^(f)
Portfolio turnover rate^(g)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(f)	Annualized, with the exception of certain non-recurring expenses.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

166

PGIM Target Date 2070 Fund

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.01
Net realized and unrealized gain (loss) on investment transactions		2.16			0.55
Total from investment operations		2.35			0.56
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.02	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.29	)		(0.08	)
Net asset value, end of period		$12.54			$10.48
Total Return^(c):		22.77	%		5.69	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$20			$12
Average net assets (000)		$15			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.40	%		0.37	%^(e)
Expenses before waivers and/or expense reimbursement		240.91	%		425.57	%^(e)
Net investment income (loss)		1.62	%		0.09	%^(e)
Portfolio turnover rate^(f)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized, with the exception of certain non-recurring expenses.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 167

PGIM Target Date 2070 Fund

Financial Highlights (continued)



Class R3 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.49			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.02
Net realized and unrealized gain (loss) on investment transactions		2.17			0.55
Total from investment operations		2.38			0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.02	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.31	)		(0.08	)
Net asset value, end of period		$12.56			$10.49
Total Return^(c):		23.01	%		5.80	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$14			$11
Average net assets (000)		$12			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.25	%		0.22	%^(e)
Expenses before waivers and/or expense reimbursement		259.83	%		431.41	%^(e)
Net investment income (loss)		1.83	%		0.24	%^(e)
Portfolio turnover rate^(f)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized, with the exception of certain non-recurring expenses.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

168

PGIM Target Date 2070 Fund

Financial Highlights (continued)



Class R4 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.50			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.02
Net realized and unrealized gain (loss) on investment transactions		2.16			0.56
Total from investment operations		2.39			0.58
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.02	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.32	)		(0.08	)
Net asset value, end of period		$12.57			$10.50
Total Return^(c):		23.10	%		5.90	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.15	%		0.12	%^(e)
Expenses before waivers and/or expense reimbursement		222.72	%		331.40	%^(e)
Net investment income (loss)		1.96	%		0.35	%^(e)
Portfolio turnover rate^(f)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized, with the exception of certain non-recurring expenses.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 169

PGIM Target Date 2070 Fund

Financial Highlights (continued)



Class R5 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.51			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.03
Net realized and unrealized gain (loss) on investment transactions		2.15			0.56
Total from investment operations		2.39			0.59
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.02	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.33	)		(0.08	)
Net asset value, end of period		$12.57			$10.51
Total Return^(c):		23.10	%		6.01	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.05	%		0.02	%^(e)
Expenses before waivers and/or expense reimbursement		222.35	%		331.89	%^(e)
Net investment income (loss)		2.06	%		0.45	%^(e)
Portfolio turnover rate^(f)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized, with the exception of certain non-recurring expenses.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

170

PGIM Target Date 2070 Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31, 2026			December 10, 2024^(a) through July 31, 2025
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$10.51			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.03
Net realized and unrealized gain (loss) on investment transactions		2.18			0.57
Total from investment operations		2.43			0.60
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.03	)
Distributions from net realized gains		(0.06	)		(0.06	)
Total dividends and distributions		(0.35	)		(0.09	)
Net asset value, end of period		$12.59			$10.51
Total Return^(c):		23.46	%		6.02	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$28			$11
Average net assets (000)		$14			$10
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.00	%^(e)		0.00	%^(e)(f)
Expenses before waivers and/or expense reimbursement		206.17	%		331.79	%^(f)
Net investment income (loss)		2.10	%		0.46	%^(f)
Portfolio turnover rate^(g)		21	%		12	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(f)	Annualized, with the exception of certain non-recurring expenses.

(g)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Target Date 2070 Fund 171

PGIM 60/40 Allocation Fund

Schedule of Investments

as of July 31, 2026



Description	Shares		Value

LONG-TERM INVESTMENTS 99.8%

AFFILIATED EXCHANGE-TRADED FUND 39.6%

Fixed Income
PGIM Total Return Bond ETF (cost $64,251,426)		1,529,417	$	62,308,449


AFFILIATED MUTUAL FUND 60.2%

Domestic Equity
PGIM Quant Solutions Large-Cap Core Fund (Class R6) (cost $62,099,475)		3,673,145		94,620,226


TOTAL LONG-TERM INVESTMENTS (cost $126,350,901)				156,928,675


SHORT-TERM INVESTMENT 0.0%

AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $593)		593		593


TOTAL INVESTMENTS 99.8% (cost $126,351,494)(wa)				156,929,268
Other assets in excess of liabilities 0.2%				358,623


NET ASSETS 100.0%			$	157,287,891

See the Glossary for a list of the abbreviation(s) used in the annual report.

(wa) Represents investments in Funds affiliated with the Manager.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Affiliated Exchange-Traded Fund
Fixed Income	$	62,308,449		$—		$—
Affiliated Mutual Fund
Domestic Equity		94,620,226		—		—
Short-Term Investment
Affiliated Mutual Fund		593		—		—

Total	$	156,929,268		$—		$—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2026 were as follows:


Dpomestic Equity			60.2	%

See Notes to Financial Statements.

172

PGIM 60/40 Allocation Fund

Statement of Assets & Liabilities

as of July 31, 2026



Assets
Investments at value:
Affiliated investments (cost $126,351,494)	$	156,929,268
Receivable for investments sold		1,091,717
Dividends receivable		235,813
Due from Manager		10,652
Receivable for Fund shares sold		3,045
Prepaid expenses		80


Total Assets		158,270,575


Liabilities
Payable for investments purchased		869,269
Payable to custodian		40,215
Accrued expenses and other liabilities		26,463
Audit fee payable		24,510
Payable for Fund shares purchased		21,292
Trustees’ fees payable		930
Affiliated transfer agent fee payable		5


Total Liabilities		982,684


Net Assets	$	157,287,891



Net assets were comprised of:
Shares of beneficial interest, at par	$	10,460
Paid-in capital in excess of par		126,810,725
Total distributable earnings (loss)		30,466,706


Net assets, July 31, 2026	$	157,287,891


Class R6
Net asset value, offering price and redemption price per share, ($157,287,891 ÷ 10,459,594 shares of beneficial interest issued and outstanding)	$	15.04

See Notes to Financial Statements.

174

PGIM 60/40 Allocation Fund

Statement of Operations

Year Ended July 31, 2026


Net Investment Income (Loss)

Affiliated dividend income	$	3,400,195



Expenses Management fee		28,177
Custodian and accounting fees		38,900
Professional fees		35,438
Audit fee		24,509
Shareholders’ reports		12,100
Trustees’ fees		11,350
Commitment fees		4,635
Transfer agent’s fees and expenses (including affiliated expense of $64)		114
Miscellaneous		5,713

Total expenses		160,936
Less: Fee waiver and/or expense reimbursement		(140,636	)

Net expenses		20,300

Net investment income (loss)		3,379,895

Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		988,115
Net capital gain distributions received		7,633,261

		8,621,376

Net change in unrealized appreciation (depreciation) on investments		7,142,112

Net gain (loss) on investment transactions		15,763,488

Net Increase (Decrease) In Net Assets Resulting From Operations	$	19,143,383

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 175

PGIM 60/40 Allocation Fund

Statements of Changes in Net Assets


	Year Ended July 31,
	2026			2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,379,895		$	2,760,582
Net realized gain (loss) on investment transactions		8,621,376			3,784,659
Net change in unrealized appreciation (depreciation) on investments		7,142,112			4,158,989

Net increase (decrease) in net assets resulting from operations		19,143,383			10,704,230

Dividends and Distributions
Distributions from distributable earnings
Class R6		(6,882,369)			(8,535,684	)

Fund share transactions
Net proceeds from shares sold (2,354,970 and 1,429,486 shares, respectively)		33,871,033			19,178,109
Net asset value of shares issued in reinvestment of dividends and distributions (489,848 and 650,586 shares, respectively)		6,882,369			8,535,684
Cost of shares purchased (1,287,434 and 1,425,929 shares, respectively)		(18,738,295	)		(19,110,836	)

Net increase (decrease) in net assets from Fund share transactions		22,015,107			8,602,957

Total increase (decrease)		34,276,121			10,771,503

Net Assets:
Beginning of year		123,011,770			112,240,267

End of year	$	157,287,891		$	123,011,770

See Notes to Financial Statements.

176

PGIM 60/40 Allocation Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.82			$13.61			$11.91			$11.89			$13.59
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.33			0.35			0.35			0.25
Net realized and unrealized gain (loss) on investment transactions		1.63			0.94			1.71			0.32	(b)		(1.04	)
Total from investment operations		1.98			1.27			2.06			0.67			(0.79	)
Less Dividends and Distributions:
Dividends from net investment income		(0.48	)		(0.77	)		(0.34	)		(0.30	)		(0.85	)
Distributions from net realized gains		(0.28	)		(0.29	)		(0.02	)		(0.35	)		(0.06	)
Total dividends and distributions		(0.76	)		(1.06	)		(0.36	)		(0.65	)		(0.91	)
Net asset value, end of year		$15.04			$13.82			$13.61			$11.91			$11.89
Total Return^(c):		14.74	%		9.77	%		17.67	%		6.35	%		(6.34	)%



Ratios/Supplemental Data:
Net assets, end of year (000)	$	157,288		$	123,012		$	112,240		$	92,768		$	82,535
Average net assets (000)	$	140,887		$	112,873		$	100,762		$	84,138		$	82,858
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.01	%		0.03	%		0.04	%		0.04	%^(e)		0.03	%
Expenses before waivers and/or expense reimbursement		0.11	%		0.14	%		0.16	%		0.19	%		0.17	%
Net investment income (loss)		2.40	%		2.45	%		2.83	%		3.17	%		1.97	%
Portfolio turnover rate^(f)		58	%		27	%		18	%		21	%		20	%

(a)	Calculated based on average shares outstanding during the year.

(b)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, respectively which are being excluded from the Fund’s contractual waiver, if applicable, for the year ended July 31, 2023.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 177

Notes to Financial Statements

1.	Organization

Prudential Investment Portfolios 5 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate to the series of the RIC listed below (each a “Fund” and collectively the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:




Fund		Investment Objective


PGIM Jennison Diversified Growth Fund (“Jennison Diversified Growth”)		Long-term capital appreciation.

PGIM Jennison Rising Dividend Fund (“Jennison Rising Dividend”)		Capital appreciation and income.

PGIM Target Date Income Fund (“Target Date Income”)		To seek a balance between growth and conservation of capital. Each Fund seeks to achieve its objective by investing in a portfolio of other mutual funds within the PGIM fund family (each, an “Underlying Fund”).

PGIM Target Date 2020 Fund (“Target Date 2020”)

PGIM Target Date 2025 Fund (“Target Date 2025”)

PGIM Target Date 2030 Fund (“Target Date 2030”)

PGIM Target Date 2035 Fund (“Target Date 2035”)

PGIM Target Date 2040 Fund (“Target Date 2040”)

PGIM Target Date 2045 Fund (“Target Date 2045”)

PGIM Target Date 2050 Fund (“Target Date 2050”)

PGIM Target Date 2055 Fund (“Target Date 2055”)

PGIM Target Date 2060 Fund (“Target Date 2060”)

PGIM Target Date 2065 Fund (“Target Date 2065”)

PGIM Target Date 2070 Fund (“Target Date 2070”)

(collectively, the “PGIM Target Date Funds” or “Target Date Funds”)

PGIM 60/40 Allocation Fund (“60/40 Allocation”)		To seek a balance between growth and conservation of capital. Each Fund seeks to achieve its objective by investing in a portfolio of other mutual funds within the PGIM fund family (each, an “Underlying Fund”).

2.	Accounting Policies

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

178

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds’ financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance. The officers of the Fund, as listed in the Fund’s Statement of Additional Information, act as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Funds’ valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments”, the “Investment Manager” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments.

Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds (“ETFs”) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchanged-traded funds (“ETFs”)) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

179

Notes to Financial Statements (continued)

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 Funds’ 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.

180

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
Each Fund other than Jennison Rising Dividend and Target Date Income:
Net Investment Income		Annually
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

Jennison Rising Dividend and Target Date Income:
Net Investment Income		Quarterly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3.	Agreements

The RIC, on behalf of each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser’s performance of such services, and for rendering administrative services with respect to each Fund.

The Manager has entered into subadvisory agreements with the subadvisers listed below (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of subadvisers.



Fund		Subadviser(s)
Jennison Diversified Growth		Jennison Associates LLC (“Jennison”)(a wholly-owned subsidiary of PGIM, Inc.)
Jennison Rising Dividend		Jennison
Target Date Funds		PGIM DC Solutions LLC (“PGIM DC Solutions”)(a wholly-owned subsidiary of PGIM, Inc.)
60/40 Allocation		PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”)(a wholly-owned subsidiary of PGIM, Inc.)

181

Notes to Financial Statements (continued)

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2026, the contractual and effective management fee rates were as follows:



Fund	Contractual Management Fee	Effective Management Fee, before any waiver and/or expense reimbursements
Jennison Diversified Growth	0.44% of average daily net assets up to $1 billion;	0.44%
	0.42% of average daily net assets from $1 billion to
	$3 billion;
	0.40% of average daily net assets from $3 billion to
	$5 billion;
	0.39% of average daily net assets from $5 billion to
	$10 billion;
	0.38% of average daily net assets over $10 billion.
Jennison Rising Dividend	0.775% of average daily net assets up to $1 billion;	0.78
	0.755% of average daily net assets from $1 billion to
	$3 billion;
	0.735% of average daily net assets from $3 billion to
	$5 billion;
	0.715% of average daily net assets from $5 billion to
	$10 billion;
	0.705% of average daily net assets over $10 billion
Target Date Funds	0.00% of the Fund’s average daily net assets	0.00
60/40 Allocation	0.02% of the Fund’s average daily net assets	0.02

For the Target Date Funds and 60/40 Allocation, the Manager has contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements as indicated in the table below. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. With respect to the Target Date Funds, this waiver has no express termination date and may not be terminated by PGIM Investments without prior approval of the Funds’ Board of Trustees. With respect to 60/40 Allocation, this waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees.

For Jennison Diversified Growth and Jennison Rising Dividend, the Manager has contractually agreed, through November 30, 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 Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. 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: The expense limitations attributable to each class are as follows:



Fund		Expense Limitations
Jennison Diversified Growth - Class A		—%
Jennison Diversified Growth - Class C		—
Jennison Diversified Growth - Class Z		1.00
Jennison Diversified Growth - Class R6		0.44
Jennison Rising Dividend - Class A		1.24
Jennison Rising Dividend - Class C		1.99
Jennison Rising Dividend - Class Z		0.99
Jennison Rising Dividend - Class R6		0.99
Target Date Funds - Class R1		1.00

182



Fund		Expense Limitations
Target Date Funds - Class R2		0.75%
Target Date Funds - Class R3		0.60
Target Date Funds - Class R4		0.50
Target Date Funds - Class R5		0.40
Target Date Funds - Class R6		0.25
60/40 Allocation - Class R6		0.40

The RIC, on behalf of each Fund, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z, Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 of the Funds, as applicable. Jennison Diversified Growth, Jennison Rising Dividend and the Target Date Funds compensate PIMS for distributing and servicing Class A, Class C, Class R1, Class R2 and Class R3 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 November 30, 2027, to limit such fees on certain classes based on daily average net assets. The distribution fees are accrued daily and payable monthly.

The Target Date Funds have adopted a Shareholder Services Plan with respect to Class R1, Class R2, Class R3 and Class R4 shares. Under the terms of the Shareholder Services Plan, each Fund’s Class R1, Class R2, Class R3 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, for services rendered to the shareholders of such Class R1, Class R2, Class R3 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Funds’ annual gross and net distribution rates and maximum shareholder servicing fee, where applicable, are as follows:

Fund

Gross
Distribution Fee

Net
Distribution Fee

Shareholder
Service Fee

Jennison Diversified Growth - Class A

0.30%

0.25%

N/A%

Jennison Diversified Growth - Class C

1.00

N/A

Jennison Diversified Growth - Class Z

N/A

Jennison Diversified Growth - Class R6

N/A

Jennison Rising Dividend - Class A

0.30

0.25

N/A

Jennison Rising Dividend - Class C

1.00

N/A

Jennison Rising Dividend - Class Z

N/A

Jennison Rising Dividend - Class R6

N/A

Target Date Funds - Class R1

0.50

0.10

Target Date Funds - Class R2

0.25

0.10

Target Date Funds - Class R3

0.10

Target Date Funds - Class R4

N/A

0.10

Target Date Funds - Class R5

N/A

Target Date Funds - Class R6

N/A

60/40 Allocation - Class R6

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 July 31, 2026, brokerage commissions recaptured under these agreements was as follows:



Fund		Amount
Jennison Rising Dividend		$1,188

For the year ended July 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
Jennison Diversified Growth - Class A	$	69,779	$	—
Jennison Diversified Growth - Class C		—		262
Jennison Rising Dividend - Class A		77,307		1,125

183

Notes to Financial Statements (continued)



Fund	FESL		CDSC
Jennison Rising Dividend - Class C	$	—	$	3,003

PGIM Investments, PIMS, PGIM DC Solutions, PGIM Quantitative Solutions, Jennison and PMFS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

PMFS serves as each Fund’s transfer agent and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”),a series of Prudential Investment Portfolios 2, and the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund, the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund, the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2026, no Rule 17a-7 transactions were entered into by the Funds.

5.	Investments in Affiliated Issuers

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2026, were as follows:



Fund	Cost of Purchases		Proceeds from Sales
Jennison Diversified Growth		$479,247,288		$505,791,843
Jennison Rising Dividend		19,814,815		21,322,085
Target Date Income		16,233,102		17,963,650
Target Date 2020		17,653,934		23,012,546
Target Date 2025		24,855,818		33,053,785
Target Date 2030		36,216,299		40,775,213
Target Date 2035		30,458,704		34,224,268
Target Date 2040		23,820,758		32,044,261
Target Date 2045		17,395,013		17,513,173
Target Date 2050		12,722,862		14,626,167
Target Date 2055		7,596,557		7,452,264
Target Date 2060		6,218,658		6,550,512
Target Date 2065		2,390,152		1,293,702
Target Date 2070		41,777		16,612
60/40 Allocation		107,916,453		82,031,428

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended July 31, 2026, is presented as follows:

184

Jennison Diversified Growth:



Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year		Shares, End of Year		Income			Capital Gain Distributions

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 3.777%)^(wb)
$1,169,792	$46,680,794	$39,954,193	$ —	$ —		$7,896,393		7,896,393		$142,044			$—

PGIM Institutional Money Market Fund (7-day effective yield 3.854%)^(b)(wb)
2,062,494	26,805,824	28,868,733	(206)	621		—		—		1,296	⁽¹⁾		—
$3,232,286	$73,486,618	$68,822,926	$(206)	$621		$7,896,393				$143,340			$—

Jennison Rising Dividend:



Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year		Shares, End of Year		Income			Capital Gain Distributions

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 3.777%)^(wb)
$1,111,138	$15,930,256	$15,676,336	$—	$ —		$1,365,058		1,365,058		$39,175			$—

PGIM Institutional Money Market Fund (7-day effective yield 3.854%)^(b)(wb)
7,760,526	28,271,825	36,032,973	(6)	628		—		—		5,966	⁽¹⁾		—
$8,871,664	$44,202,081	$51,709,309	$ (6)	$628		$1,365,058				$45,141			$—

185

Notes to Financial Statements (continued)

Target Date Income:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$ 7,315,111		$ 1,513,212		$ (185,547	)		$ (19,776	)		$ 5,596,576		137,373		$ 160,113		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
4,348,422		1,102,622		2,398,035		102,574			(133,950	)		3,021,633		357,167		158,476		—

PGIM Global Real Estate Fund (Class R6)
1,740,670		539,056		914,477		218,145			82,919			1,666,313		71,731		52,265		—

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
1,484,587		732,972		1,409,068		281,045			112,311			1,201,847		135,649		114,688		—

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
1,145,797		635,364		726,784		208,320			50,680			1,313,377		70,122		39,611		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
4,013,583		1,486,429		2,045,354		224,505			197,554			3,876,717		73,870		47,758		277,557

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
348,410		138,946		189,467		49,677			13,063			360,629		32,027		4,332		7,822

PGIM TIPS Fund (Class R6)
5,777,517		1,819,505		1,872,912		40,159			(236,311	)		5,527,958		683,308		349,159		—

PGIM Total Return Bond Fund (Class R6)
4,347,225		2,463,097		6,894,341		155,692			(71,673	)		—		—		95,523		—
$23,206,211		$8,917,991		$16,450,438		$1,280,117			$ 14,593			$16,968,474				$ 861,812		$285,379
$23,206,211		$16,233,102		$17,963,650		$1,094,570			$ (5,183	)		$22,565,050				$1,021,925		$285,379

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
1,953,435		4,542,095		4,986,984		—			—			1,508,546		1,508,546		73,349		—
$25,159,646		$20,775,197		$22,950,634		$1,094,570			$ (5,183	)		$24,073,596				$1,095,274		$285,379

186

Target Date 2020:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$ 8,776,282		$ 1,795,741		$ (219,564)			$ (21,603)			$ 6,739,374		165,424		$ 186,680		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
4,747,376		758,978		2,437,800		91,721			(114,794	)		3,045,481		359,986		162,541		—

PGIM Global Real Estate Fund (Class R6)
2,341,554		477,513		1,163,071		241,826			119,862			2,017,684		86,857		66,077		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
468,297		42,971		548,820		(150,303	)		187,855			—		—		—		14,107

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
1,997,087		757,265		1,758,445		334,187			125,166			1,455,260		164,251		155,681		—

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
2,077,432		759,237		1,197,953		266,259			147,974			2,052,949		109,608		72,475		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
6,411,372		1,731,197		3,055,153		136,550			450,061			5,674,027		108,118		76,989		447,436

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
468,684		324,759		307,409		78,337			17,854			582,225		51,707		5,880		10,618

PGIM TIPS Fund (Class R6)
7,096,051		1,480,854		2,330,901		50,069			(254,419	)		6,041,654		746,805		385,001		—

PGIM Total Return Bond Fund (Class R6)
5,763,085		2,544,878		8,417,253		146,634			(37,344	)		—		—		124,065		—
$31,370,938		$ 8,877,652		$21,216,805		$1,195,280			$ 642,215			$20,869,280				$1,048,709		$472,161
$31,370,938		$17,653,934		$23,012,546		$ 975,716			$ 620,612			$27,608,654				$1,235,389		$472,161

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
2,410,349		1,423,447		2,309,567		—			—			1,524,229		1,524,229		80,069		—
$33,781,287		$19,077,381		$25,322,113		$ 975,716			$ 620,612			$29,132,883				$1,315,458		$472,161

187

Notes to Financial Statements (continued)

Target Date 2025:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$11,737,924		$ 2,626,456		$ (288,539)			$ (34,048)			$ 8,788,881		215,731		$ 252,260		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
6,028,761		1,009,905		3,222,877		(16,478	)		(13,119	)		3,786,192		447,540		208,001		—

PGIM Global Real Estate Fund (Class R6)
2,854,659		687,479		1,466,015		299,005			166,549			2,541,677		109,414		83,637		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
856,373		198,209		566,643		76,432			99,423			663,794		39,465		—		25,830

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
2,840,488		1,091,526		2,771,707		382,828			195,392			1,738,527		196,222		221,711		—

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
3,812,613		1,649,491		2,347,837		529,235			263,235			3,906,737		208,582		133,186		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
10,798,747		3,171,761		5,264,951		348,673			717,514			9,771,744		186,199		129,841		754,600

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
904,692		188,249		522,574		61,913			63,275			695,555		61,772		11,366		20,522

PGIM TIPS Fund (Class R6)
9,131,554		2,048,758		3,184,308		(71,902	)		(192,543	)		7,731,559		955,693		503,282		—

PGIM Total Return Bond Fund (Class R6)
7,859,343		3,072,516		11,080,417		35,714			112,844			—		—		170,008		—
$45,087,230		$13,117,894		$30,427,329		$1,645,420			$1,412,570			$30,835,785				$1,461,032		$800,952
$45,087,230		$24,855,818		$33,053,785		$1,356,881			$1,378,522			$39,624,666				$1,713,292		$800,952

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
2,942,116		1,685,773		2,848,251		—			—			1,779,638		1,779,638		97,738		—
$48,029,346		$26,541,591		$35,902,036		$1,356,881			$1,378,522			$41,404,304				$1,811,030		$800,952

188

Target Date 2030:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$13,972,379		$ 3,097,859		$ (339,988)			$ (41,252)			$10,493,280		257,567		$ 291,034		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
5,415,165		1,465,907		3,119,351		(37,206	)		623			3,725,138		440,324		192,536		—

PGIM Global Real Estate Fund (Class R6)
3,373,894		1,043,709		1,725,511		425,522			138,411			3,256,025		140,165		101,015		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
1,237,062		474,036		760,662		202,793			87,955			1,241,184		73,792		—		37,690

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
3,357,191		1,520,572		3,523,388		423,631			194,635			1,972,641		222,646		264,692		—

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
5,632,609		3,944,420		3,776,349		1,107,586			190,421			7,098,687		379,001		198,782		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
14,464,500		6,871,444		7,378,958		1,146,241			439,501			15,542,728		296,165		175,707		1,021,157

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
1,294,348		513,372		691,749		180,191			41,129			1,337,291		118,765		16,428		29,663

PGIM TIPS Fund (Class R6)
9,656,329		3,220,411		4,222,420		(221,921	)		(71,400	)		8,360,999		1,033,498		534,363		—

PGIM Total Return Bond Fund (Class R6)
9,117,774		3,190,049		12,478,966		(49,607	)		220,750			—		—		196,702		—
$53,548,872		$22,243,920		$37,677,354		$3,177,230			$1,242,025			$42,534,693				$1,680,225		$1,088,510
$53,548,872		$36,216,299		$40,775,213		$2,837,242			$1,200,773			$53,027,973				$1,971,259		$1,088,510

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
3,184,029		4,841,452		6,193,902		—			—			1,831,579		1,831,579		102,466		—
$56,732,901		$41,057,751		$46,969,115		$2,837,242			$1,200,773			$54,859,552				$2,073,725		$1,088,510

189

Notes to Financial Statements (continued)

Target Date 2035:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —	$	10,119,805	$	2,390,540	$	(237,674	)	$	(37,393	)	$	7,454,198		182,970		$ 209,500	$	—

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
3,484,550		1,124,103		2,088,651		(30,470	)		3,657			2,493,189		294,703		129,142		—

PGIM Global Real Estate Fund (Class R6)
2,946,502		982,269		1,502,002		411,349			99,934			2,938,052		126,477		91,727		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
1,620,528		594,088		974,067		289,559			95,042			1,625,150		96,620		—		50,257

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
2,443,290		1,227,755		2,633,966		326,188			169,149			1,532,416		172,959		196,137		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)
1,187,160		709,072		920,210		95,160			140,401			1,211,583		75,254		35,250		167,987

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
5,902,870		3,723,898		3,651,776		1,231,279			121,708			7,327,979		391,243		212,071		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
16,198,585		6,356,514		7,471,936		1,291,913			477,784			16,852,860		321,129		200,312		1,164,155

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
1,769,296		585,805		889,541		241,707			52,942			1,760,209		156,324		22,858		41,273

PGIM TIPS Fund (Class R6)
5,952,625		2,274,544		2,852,935		(146,291	)		(37,822	)		5,190,121		641,548		337,330		—

PGIM Total Return Bond Fund (Class R6)
5,971,879		2,760,851		8,848,644		(71,108	)		187,022			—		—		133,592		—
$47,477,285		$20,338,899	$	31,833,728	$	3,639,286		$	1,309,817			$40,931,559				$1,358,419	$	1,423,672
$47,477,285		$30,458,704	$	34,224,268	$	3,401,612		$	1,272,424			$48,385,757				$1,567,919	$	1,423,672

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
2,038,814		4,605,957		5,488,650		—			—			1,156,121		1,156,121		66,947		—
$49,516,099		$35,064,661	$	39,712,918	$	3,401,612		$	1,272,424			$49,541,878				$1,634,866		$1,423,672

190

Target Date 2040:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$ 7,085,074		$ 2,207,118		$ (147,760)			$ (29,737)			$ 4,700,459		115,377		$ 131,356		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
2,211,900		615,023		1,533,270		(14,780	)		6,674			1,285,547		151,956		74,082		—

PGIM Global Real Estate Fund (Class R6)
2,181,902		764,482		1,284,700		259,014			90,514			2,011,212		86,578		63,883		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
1,963,655		622,659		1,277,972		276,344			129,388			1,714,074		101,907		—		60,737

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
2,171,057		965,184		2,360,763		235,494			160,344			1,171,316		132,203		173,793		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)
1,934,108		1,018,401		1,511,854		85,737			243,899			1,770,291		109,956		57,100		272,120

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
6,731,586		3,087,917		4,227,163		980,627			347,792			6,920,759		369,501		240,469		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
16,155,828		6,138,609		8,334,403		715,783			642,234			15,318,051		291,884		198,638		1,154,417

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
2,183,638		609,345		1,190,625		249,308			69,731			1,921,397		170,639		28,053		50,654

PGIM TIPS Fund (Class R6)
3,306,176		1,094,891		2,015,805		(61,740	)		(20,076	)		2,303,446		284,728		159,412		—

PGIM Total Return Bond Fund (Class R6)
4,201,452		1,819,173		6,100,588		(49,881	)		129,844			—		—		92,522		—
$43,041,302		$16,735,684		$29,837,143		$2,675,906			$1,800,344			$34,416,093				$1,087,952		$1,537,928
$43,041,302		$23,820,758		$32,044,261		$2,528,146			$1,770,607			$39,116,552				$1,219,308		$1,537,928

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
942,653		2,849,090		3,715,767		—			—			75,976		75,976		19,415		—
$43,983,955		$26,669,848		$35,760,028		$2,528,146			$1,770,607			$39,192,528				$1,238,723		$1,537,928

191

Notes to Financial Statements (continued)

Target Date 2045:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$ 3,997,553		$ 815,134		$ (96,455)			$ (9,890)			$ 3,076,074		75,505		$ 81,218		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
944,738		313,051		651,583		(9,447	)		5,569			602,328		71,197		32,330		—

PGIM Global Real Estate Fund (Class R6)
1,553,597		569,738		655,797		247,539			31,495			1,746,572		75,186		50,558		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
1,615,693		679,454		847,825		362,649			42,018			1,851,989		110,106		—		52,293

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
1,236,813		674,301		1,359,239		150,490			73,398			775,763		87,558		103,569		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)
1,877,692		1,208,564		1,257,202		254,610			134,418			2,218,082		137,769		58,185		277,289

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
5,695,568		2,614,686		2,472,989		1,198,399			62,691			7,098,355		378,983		213,527		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
12,065,832		5,631,999		4,332,646		1,318,912			67,040			14,751,137		281,081		155,721		905,003

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
2,021,252		750,270		817,120		324,682			34,628			2,313,712		205,481		27,253		49,209

PGIM TIPS Fund (Class R6)
1,412,211		507,107		968,763		(26,423	)		(7,377	)		916,755		113,319		66,189		—

PGIM Total Return Bond Fund (Class R6)
2,833,448		448,290		3,334,875		(38,262	)		91,399			—		—		62,687		—
$31,256,844		$13,397,460		$16,698,039		$3,783,149			$535,279			$32,274,693				$770,019		$1,283,794
$31,256,844		$17,395,013		$17,513,173		$3,686,694			$525,389			$35,350,767				$851,237		$1,283,794

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
50,553		2,668,828		2,640,340		—			—			79,041		79,041		2,200		—
$31,307,397		$20,063,841		$20,153,513		$3,686,694			$525,389			$35,429,808				$853,437		$1,283,794

192

Target Date 2050:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions



Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$ 2,257,410		$ 635,247		$ (48,343)			$ (7,734)		$1,566,086		38,441		$ 42,712	$	—

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
408,054		85,426		499,837		(4,540	)		10,897		—		—		7,386		—

PGIM Global Real Estate Fund (Class R6)
1,006,421		457,087		593,252		147,238			30,276		1,047,770		45,104		30,980		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
1,107,032		637,499		772,632		243,562			31,227		1,246,688		74,119		—		33,965

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
801,168		465,253		977,643		81,369			52,922		423,069		47,750		63,586		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)
1,520,568		1,151,647		1,268,291		195,613			132,812		1,732,349		107,599		44,657		212,816

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
4,193,713		1,921,697		2,385,720		777,095			96,206		4,602,991		245,755		149,027		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
7,877,814		4,436,813		4,214,497		756,543			94,709		8,951,382		170,567		96,359		560,012

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
1,591,394		677,595		888,917		231,748			34,292		1,646,112		146,191		20,338		36,725

PGIM TIPS Fund (Class R6)
406,631		91,321		497,384		(1,238	)		670		—		—		8,416		—

PGIM Total Return Bond Fund (Class R6)
1,325,814		541,114		1,892,747		(23,540)			49,359		—		—		29,128		—
$20,238,609		$10,465,452		$13,990,920		$2,403,850			$533,370		$19,650,361				$449,877		$843,518
$20,238,609		$12,722,862		$14,626,167		$2,355,507			$525,636		$21,216,447				$492,589		$843,518

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
41,306		2,978,594		2,960,770		—			—		59,130		59,130		2,011		—
$20,279,915		$15,701,456		$17,586,937		$2,355,507			$525,636		$21,275,577				$494,600		$843,518

193

Notes to Financial Statements (continued)

Target Date 2055:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —	$	707,196	$	183,828	$	(15,795	)	$	(2,601	)	$	504,972		12,395	$	13,777	$	—

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Core Conservative Bond Fund (Class R6)
101,356		36,856		139,674		(98	)		1,560			—		—		1,969		—

PGIM Global Real Estate Fund (Class R6)
499,972		316,848		328,440		82,630			10,891			581,901		25,050		17,412		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)
629,946		377,398		434,445		144,677			17,304			734,880		43,691		—		21,884

PGIM Quant Solutions Commodity Strategies Fund (Class R6)
298,505		132,629		433,961		(10,364	)		13,191			—		—		26,836		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)
906,463		828,156		774,221		152,041			57,892			1,170,331		72,691		30,163		143,747

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)
2,353,789		1,433,829		1,508,663		479,576			38,486			2,797,017		149,334		94,761		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)
3,984,128		3,036,417		2,500,191		443,515			10,531			4,974,400		94,787		55,213		320,886

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)
870,634		521,567		530,358		146,266			16,730			1,024,839		91,016		12,605		22,761

PGIM Total Return Bond Fund (Class R6)
405,312		205,661		618,483		(8,981	)		16,491			—		—		9,514		—
$10,050,105		$6,889,361		$7,268,436		$1,429,262			$183,076			$11,283,368				$248,473		$509,278
$10,050,105		$7,596,557		$7,452,264		$1,413,467			$180,475			$11,788,340				$262,250		$509,278

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
31,576		1,956,309		1,938,908		—			—			48,977		48,977		1,465		—
$10,081,681		$9,552,866		$9,391,172		$1,413,467			$180,475			$11,837,317				$263,715		$509,278

194

Target Date 2060:



Value, Beginning of Year	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)				Realized Gain (Loss)				Value, End of Year			Shares, End of Year		Income			Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$	520,301		$	149,706		$	(10,945	)		$	(2,076	)		$	357,574		8,777		$	9,617		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Global Real Estate Fund (Class R6)

507,228			259,102			293,505			78,308				11,982				563,115		24,241			16,538		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)

649,234			326,419			395,578			144,034				12,117				736,226		43,771			—		21,004

PGIM Quant Solutions Commodity Strategies Fund (Class R6)

302,839			88,850			395,105			(10,355	)			13,771				—		—			25,346		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)

970,707			769,573			745,579			143,450				70,975				1,209,126		75,101			30,087		143,385

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)

2,489,559			1,257,601			1,410,629			481,421				37,881				2,855,833		152,474			93,362		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)

3,939,618			2,454,943			2,156,021			394,229				13,686				4,646,455		88,538			50,857		295,563

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)

923,885			447,429			491,183			143,393				15,995				1,039,519		92,320			12,460		22,499

PGIM Total Return Bond Fund (Class R6)
411,193			94,440			513,206			(8,198	)			15,771				—		—			8,944		—
$10,194,263		$	5,698,357		$	6,400,806			$1,366,282			$	192,178			$	11,050,274					$237,594		$482,451
$10,194,263		$	6,218,658		$	6,550,512			$1,355,337			$	190,102			$	11,407,848					$247,211		$482,451

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
31,536			1,375,603			1,357,635			—				—				49,504		49,504			1,411		—
$10,225,799		$	7,594,261		$	7,908,147			$1,355,337			$	190,102			$	11,457,352					$248,622		$482,451

195

Notes to Financial Statements (continued)

Target Date 2065:



Value, Beginning of Year		Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)				Realized Gain (Loss)				Value, End of Year			Shares, End of Year		Income			Capital Gain Distributions

	Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

	PGIM Total Return Bond ETF
	$ —		$	108,513		$	29,792		$	(2,096	)			$ (278)			$	76,347		1,874		$	1,646		$ —

	Long-Term Investments - Affiliated Mutual Funds:^(wa)

	PGIM Global Real Estate Fund (Class R6)

	60,339			112,314			61,005			13,348				1,740				126,736		5,456			2,723		—

	PGIM Jennison Small-Cap Core Equity Fund (Class R6)

	78,439			143,847			81,154			23,299				2,290				166,721		9,912			—		2,994

	PGIM Quant Solutions Commodity Strategies Fund (Class R6)

	24,016			16,311			40,485			(826	)			984				—		—			2,372		—

	PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)

	127,630			262,796			150,839			28,111				6,513				274,211		17,032			4,667		22,241

	PGIM Quant Solutions International Developed Markets Index Fund (Class R6)

	298,572			563,028			298,596			80,712				4,614				648,330		34,615			13,208		—

	PGIM Quant Solutions Large-Cap Index Fund (Class R6)

	472,310			946,304			451,563			72,822				(341	)			1,039,532		19,808			7,192		41,801

	PGIM Quant Solutions Mid-Cap Index Fund (Class R6)

	114,736			202,297			108,112			24,014				2,554				235,489		20,914			1,825		3,296

	PGIM Total Return Bond Fund (Class R6)
	36,687			34,742			72,156			(601	)			1,328				—		—			933		—
	$1,212,729			$2,281,639			$1,263,910			$240,879				$19,682				$2,491,019					$32,920		$70,332
	$1,212,729			$2,390,152			$1,293,702			$238,783				$19,404				$2,567,366					$34,566		$70,332

	Short-Term Investments - Affiliated Mutual Fund:^(wa)

	PGIM Core Ultra Short Bond Fund
	2,486			366,655			364,663			—				—				4,478		4,478			171		—
	$1,215,215		$	2,756,807		$	1,658,365			$238,783			$	19,404			$	2,571,844					$34,737		$70,332

196

Target Date 2070:



Value, Beginning of Year	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)			Realized Gain (Loss)				Value, End of Year			Shares, End of Year		Income		Capital Gain Distributions

Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

PGIM Total Return Bond ETF
$ —		$	3,188		$	126		$ (87)				$ (1)			$	2,974		73		$ 65		$ —

Long-Term Investments - Affiliated Mutual Funds:^(wa)

PGIM Global Real Estate Fund (Class R6)

3,213			1,941			800		592				22				4,968		214		117		—

PGIM Jennison Small-Cap Core Equity Fund (Class R6)

4,176			2,297			1,031		1,154				(61	)			6,535		389		—		139

PGIM Quant Solutions Commodity Strategies Fund (Class R6)

1,279			229			1,520		(7	)			19				—		—		110		—

PGIM Quant Solutions Emerging Markets Equity Fund (Class R6)

6,795			5,187			2,582		1,178				174				10,752		668		216		1,033

PGIM Quant Solutions International Developed Markets Index Fund (Class R6)

15,897			8,688			2,834		3,603				58				25,412		1,357		609		—

PGIM Quant Solutions Large-Cap Index Fund (Class R6)

25,148			16,626			4,135		3,120				(15	)			40,744		776		334		1,941

PGIM Quant Solutions Mid-Cap Index Fund (Class R6)

6,109			3,350			1,323		1,084				10				9,230		820		85		153

PGIM Total Return Bond Fund (Class R6)
1,953			271			2,261		8				29				—		—		44		—
$64,570		$	38,589		$	16,486		$10,732			$	236			$	97,641				$1,515		$3,266
$64,570		$	41,777		$	16,612		$10,645			$	235			$	100,615				$1,580		$3,266

Short-Term Investments - Affiliated Mutual Fund:^(wa)

PGIM Core Ultra Short Bond Fund
117			137,647			137,427		—				—				337		337		26		—
$64,687		$	179,424		$	154,039		$10,645			$	235			$	100,952				$1,606		$3,266

197

Notes to Financial Statements (continued)

60/40 Allocation:



Value, Beginning of Year		Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)				Realized Gain (Loss)			Value, End of Year			Shares, End of Year		Income			Capital Gain Distributions

	Long-Term Investments - Affiliated Exchange-Traded Fund:^(wa)

	PGIM Total Return Bond ETF
	$ —		$	70,856,670		$	6,511,467		$	(1,942,977	)			$ (93,777)		$	62,308,449		1,529,417		$	1,557,738		$ —

	Long-Term Investments - Affiliated Mutual Funds:^(wa)

	PGIM Quant Solutions Large-Cap Core Fund (Class R6)

	73,680,971			30,316,447			18,619,833			8,889,901				352,740			94,620,226		3,673,145			748,765		7,633,261

	PGIM Total Return Bond Fund (Class R6)
	49,232,452			6,743,336			56,900,128			195,188				729,152			—		—			1,085,782		—
	$122,913,423			$ 37,059,783			$75,519,961			$ 9,085,089				$1,081,892			$ 94,620,226					$1,834,547		$7,633,261
	$122,913,423			$107,916,453			$82,031,428			$ 7,142,112				$ 988,115			$156,928,675					$3,392,285		$7,633,261

	Short-Term Investments - Affiliated Mutual Fund:^(wa)

	PGIM Core Ultra Short Bond Fund
	123,025			10,902,446			11,024,878			—				—			593		593			7,910		—
	$123,036,448		$	118,818,899		$	93,056,306			$ 7,142,112			$	988,115		$	156,929,268					$3,400,195		$7,633,261

(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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended July 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
Jennison Diversified Growth	$	1,044,824	$	18,455,047	$—	$	19,499,871
Jennison Rising Dividend		390,827		3,942,982	—		4,333,809
Target Date Income		1,185,609		155,235	—		1,340,844
Target Date 2020		1,461,474		109,639	—		1,571,113
Target Date 2025		2,221,369		377,704	—		2,599,073
Target Date 2030		2,218,606		294,919	—		2,513,525
Target Date 2035		1,703,308		573,469	—		2,276,777
Target Date 2040		1,506,413		605,258	—		2,111,671
Target Date 2045		1,125,721		361,442	—		1,487,163
Target Date 2050		716,671		290,615	—		1,007,286
Target Date 2055		420,166		138,072	—		558,238
Target Date 2060		408,906		126,697	—		535,603
Target Date 2065		43,972		11,885	—		55,857
Target Date 2070		1,960		40	—		2,000
60/40 Allocation		4,401,117		2,481,252	—		6,882,369

For the year or period ended July 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
Jennison Diversified Growth	$	2,916,849	$37,900,827	$—		$40,817,676

198



Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
Jennison Rising Dividend	$	399,551	$	9,590,870	$—		$ 9,990,421
Target Date Income		940,189		113,468	—		1,053,657
Target Date 2020		1,727,218		2,130,074	—		3,857,292
Target Date 2025		2,640,621		2,888,809	—		5,529,430
Target Date 2030		2,833,558		3,973,554	—		6,807,112
Target Date 2035		1,988,156		3,248,787	—		5,236,943
Target Date 2040		1,929,138		3,814,153	—		5,743,291
Target Date 2045		1,279,757		2,505,935	—		3,785,692
Target Date 2050		808,484		1,887,293	—		2,695,777
Target Date 2055		339,881		735,465	—		1,075,346
Target Date 2060		270,261		456,483	—		726,744
Target Date 2065		41,058		21,699	—		62,757
Target Date 2070		253		247	—		500
60/40 Allocation		6,425,500		2,110,184	—		8,535,684

For the year ended July 31, 2026, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:



Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
Jennison Diversified Growth		$ 563,108		$25,510,371
Jennison Rising Dividend		23,486		2,837,743
Target Date Income		265,563		—
Target Date 2020		614,849		—
Target Date 2025		556,269		—
Target Date 2030		1,148,315		—
Target Date 2035		1,029,349		931,742
Target Date 2040		355,281		1,767,995
Target Date 2045		506,734		977,778
Target Date 2050		328,477		694,974
Target Date 2055		203,447		423,499
Target Date 2060		183,687		412,314
Target Date 2065		27,795		56,762
Target Date 2070		82		3,054
60/40 Allocation		2,105,351		1,224,843

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of July 31, 2026 were as follows:



Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation

Jennison Diversified Growth		$224,873,784		$220,588,711		$(7,140,685)		$213,448,026

Jennison Rising Dividend		52,391,982		31,561,042		(1,227,500)		30,333,542

Target Date Income		23,616,937		2,714,407		(2,257,748)		456,659

Target Date 2020		28,139,318		3,857,970		(2,864,405)		993,565

Target Date 2025		39,363,604		6,522,821		(4,482,121)		2,040,700

Target Date 2030		48,802,797		9,887,345		(3,830,590)		6,056,755

Target Date 2035		41,393,443		10,729,489		(2,581,054)		8,148,435

Target Date 2040		30,732,626		10,258,110		(1,798,208)		8,459,902

Target Date 2045		27,488,846		9,365,675		(1,424,713)		7,940,962

Target Date 2050		15,822,898		6,183,127		(730,448)		5,452,679

Target Date 2055		8,880,738		3,392,182		(435,603)		2,956,579

Target Date 2060		8,661,562		3,195,526		(399,736)		2,795,790

Target Date 2065		2,207,588		410,175		(45,919)		364,256

Target Date 2070		87,440		14,008		(496)		13,512

60/40 Allocation		129,792,756		32,520,752		(5,384,240)		27,136,512

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales.

199

Notes to Financial Statements (continued)

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2026 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.



Fund	Capital Loss Carryforward		Capital Loss Carryforward Utilized
Jennison Diversified Growth		$ —		$—
Jennison Rising Dividend		—		—
Target Date Income		—		—
Target Date 2020		549,000		—
Target Date 2025		40,000		—
Target Date 2030		—		—
Target Date 2035		—		—
Target Date 2040		—		—
Target Date 2045		—		—
Target Date 2050		—		—
Target Date 2055		—		—
Target Date 2060		—		—
Target Date 2065		—		—
Target Date 2070		—		—
60/40 Allocation		—		—
The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (July 31, 2027).

Fund	Qualified Late-Year Losses		Post-October Capital Losses
Jennison Diversified Growth		$—		$ —
Jennison Rising Dividend		—		—
Target Date Income		—		(685,000	)
Target Date 2020		—		—
Target Date 2025		—		—
Target Date 2030		—		(474,000	)
Target Date 2035		—		—
Target Date 2040		—		—
Target Date 2045		—		—
Target Date 2050		—		—
Target Date 2055		—		—
Target Date 2060		—		—
Target Date 2065		—		—
Target Date 2070		—		—
60/40 Allocation		—		—

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2026 are subject to such review.

7.	Capital and Ownership

The RIC is authorized to issue an unlimited number of shares of beneficial interest of the Funds, at $0.001 par value per share. Jennison Diversified Growth and Jennison Rising Dividend offer Class A, Class C, Class Z and Class R6 shares. The Target Date Funds offer Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. The 60/40 Allocation currently offers Class R6 shares.

With respect to Jennison Diversified Growth and Jennison Rising Dividend, Class A shares are sold with a maximum FESL of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

200

Under certain circumstances, an exchange may be made from specified share classes of each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

As of July 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:



Fund	Number of Shares		Percentage of Outstanding Shares
Jennison Diversified Growth–Class R6		1,707		1.2	%
Jennison Rising Dividend–Class R6		1,349		3.4
Target Date Income–Class R1		4,392		32.9
Target Date Income–Class R2		4,497		53.5
Target Date Income–Class R3		1,550		2.3
Target Date Income–Class R4		4,602		100.0
Target Date Income–Class R5		4,650		85.1
Target Date 2020–Class R1		1,561		68.2
Target Date 2020–Class R2		94		0.8
Target Date 2020–Class R3		479		0.8
Target Date 2020–Class R4		1,629		38.2
Target Date 2020–Class R5		1,644		97.2
Target Date 2025–Class R1		1,579		15.0
Target Date 2025–Class R3		462		0.9
Target Date 2025–Class R4		1,650		100.0
Target Date 2025–Class R5		1,663		60.1
Target Date 2030–Class R1		1,588		7.2
Target Date 2030–Class R3		84		0.1
Target Date 2030–Class R4		1,660		71.6
Target Date 2030–Class R5		86		0.1
Target Date 2035–Class R1		1,644		4.2
Target Date 2035–Class R3		80		0.1
Target Date 2035–Class R4		1,714		72.8
Target Date 2035–Class R5		1,728		9.9
Target Date 2040–Class R1		1,650		2.8
Target Date 2040–Class R3		76		0.1
Target Date 2040–Class R4		1,722		24.8
Target Date 2040–Class R5		76		0.9
Target Date 2045–Class R1		1,714		10.1
Target Date 2045–Class R3		76		0.3
Target Date 2045–Class R4		1,793		37.6
Target Date 2045–Class R5		77		0.6
Target Date 2050–Class R1		1,708		8.5
Target Date 2050–Class R3		1,050		1.3
Target Date 2050–Class R4		1,782		18.3
Target Date 2050–Class R5		1,795		22.9
Target Date 2055–Class R1		1,911		13.3
Target Date 2055–Class R3		1,135		4.9
Target Date 2055–Class R4		1,982		33.2
Target Date 2055–Class R5		1,995		42.7
Target Date 2060–Class R1		1,512		10.1
Target Date 2060–Class R3		63		0.2
Target Date 2060–Class R4		1,575		56.4
Target Date 2060–Class R5		1,588		26.2
Target Date 2065–Class R1		1,265		100.0
Target Date 2065–Class R2		63		0.2
Target Date 2065–Class R3		1,292		29.8
Target Date 2065–Class R4		1,302		100.0
Target Date 2065–Class R5		1,309		50.3
Target Date 2065–Class R6		1,319		1.1
Target Date 2070–Class R1		1,032		100.0
Target Date 2070–Class R2		1,035		66.5
Target Date 2070–Class R3		1,036		90.4
Target Date 2070–Class R4		1,037		100.0
Target Date 2070–Class R5		1,038		100.0

201

Notes to Financial Statements (continued)



Fund	Number of Shares		Percentage of Outstanding Shares
Target Date 2070–Class R6		1,040		47.1	%
60/40 Allocation–Class R6		1,506		0.1

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:



Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
Jennison Diversified Growth		—		—	%
Jennison Rising Dividend		—		—
Target Date Income		—		—
Target Date 2020		—		—
Target Date 2025		—		—
Target Date 2030		—		—
Target Date 2035		—		—
Target Date 2040		—		—
Target Date 2045		—		—
Target Date 2050		—		—
Target Date 2055		—		—
Target Date 2060		—		—
Target Date 2065		—		—
Target Date 2070		1		77.5
60/40 Allocation		—		—
Unaffiliated:
Jennison Diversified Growth		4		37.2
Jennison Rising Dividend		4		83.1
Target Date Income		3		90.9
Target Date 2020		1		88.4
Target Date 2025		2		87.7
Target Date 2030		1		76.4
Target Date 2035		2		79.0
Target Date 2040		4		82.7
Target Date 2045		3		82.5
Target Date 2050		4		83.7
Target Date 2055		5		83.7
Target Date 2060		6		87.8
Target Date 2065		3		77.9
Target Date 2070		2		14.6
60/40 Allocation		1		99.9

Transactions in shares of beneficial interest were as follows:

Jennison Diversified Growth:



Share Class	Shares			Amount

Class A

Year ended July 31, 2026:
Shares sold		257,921		$	5,484,603
Shares issued in reinvestment of dividends and distributions		760,174			16,047,281
Shares purchased		(1,806,812	)		(38,461,907	)
Net increase (decrease) in shares outstanding before conversion		(788,717	)		(16,930,023	)
Shares issued upon conversion from other share class(es)		35,005			748,496
Shares purchased upon conversion into other share class(es)		(139,816	)		(2,975,602	)
Net increase (decrease) in shares outstanding		(893,528	)	$	(19,157,129	)

202

Jennison Diversified Growth (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2025:
Shares sold		610,261		$	11,847,585
Shares issued in reinvestment of dividends and distributions		2,002,097			37,839,629
Shares purchased		(1,982,127	)		(38,202,455	)
Net increase (decrease) in shares outstanding before conversion		630,231			11,484,759
Shares issued upon conversion from other share class(es)		32,645			635,802
Shares purchased upon conversion into other share class(es)		(128,675	)		(2,427,188	)
Net increase (decrease) in shares outstanding		534,201		$	9,693,373

Class C
Year ended July 31, 2026:
Shares sold		79,904		$	1,037,008
Shares issued in reinvestment of dividends and distributions		34,363			435,374
Shares purchased		(68,596	)		(883,193	)
Net increase (decrease) in shares outstanding before conversion		45,671			589,189
Shares purchased upon conversion into other share class(es)		(58,930	)		(759,160	)
Net increase (decrease) in shares outstanding		(13,259	)	$	(169,971	)

Year ended July 31, 2025:
Shares sold		61,883		$	754,398
Shares issued in reinvestment of dividends and distributions		86,598			1,021,851
Shares purchased		(135,309	)		(1,660,027	)
Net increase (decrease) in shares outstanding before conversion		13,172			116,222
Shares purchased upon conversion into other share class(es)		(52,740	)		(659,614	)
Net increase (decrease) in shares outstanding		(39,568	)	$	(543,392	)

Class Z
Year ended July 31, 2026:
Shares sold		1,025,339		$	21,702,938
Shares issued in reinvestment of dividends and distributions		123,053			2,645,647
Shares purchased		(482,973	)		(10,569,127	)
Net increase (decrease) in shares outstanding before conversion		665,419			13,779,458
Shares issued upon conversion from other share class(es)		129,971			2,817,559
Net increase (decrease) in shares outstanding		795,390		$	16,597,017

Year ended July 31, 2025:
Shares sold		2,066,942		$	38,496,920
Shares issued in reinvestment of dividends and distributions		62,949			1,208,628
Shares purchased		(276,478	)		(5,394,720	)
Net increase (decrease) in shares outstanding before conversion		1,853,413			34,310,828
Shares issued upon conversion from other share class(es)		122,637			2,351,338
Net increase (decrease) in shares outstanding		1,976,050		$	36,662,166

Class R6
Year ended July 31, 2026:
Shares sold		30,569		$	669,918
Shares issued in reinvestment of dividends and distributions		6,362			137,228
Shares purchased		(29,725	)		(651,059	)
Net increase (decrease) in shares outstanding before conversion		7,206			156,087
Shares issued upon conversion from other share class(es)		7,848			168,707
Net increase (decrease) in shares outstanding		15,054		$	324,794

Year ended July 31, 2025:
Shares sold		30,072		$	601,097
Shares issued in reinvestment of dividends and distributions		15,319			294,436
Shares purchased		(42,014	)		(799,647	)
Net increase (decrease) in shares outstanding before conversion		3,377			95,886
Shares issued upon conversion from other share class(es)		5,212			99,662
Net increase (decrease) in shares outstanding		8,589		$	195,548

203

Notes to Financial Statements (continued)

Jennison Rising Dividend:



Share Class	Shares			Amount

Class A

Year ended July 31, 2026:
Shares sold		275,195		$	5,330,058
Shares issued in reinvestment of dividends and distributions		141,824			2,640,486
Shares purchased		(422,121	)		(8,222,500	)
Net increase (decrease) in shares outstanding before conversion		(5,102	)		(251,956	)
Shares issued upon conversion from other share class(es)		16,136			312,378
Shares purchased upon conversion into other share class(es)		(18,070	)		(342,939	)
Net increase (decrease) in shares outstanding		(7,036	)	$	(282,517	)

Year ended July 31, 2025:
Shares sold		556,467		$	10,129,150
Shares issued in reinvestment of dividends and distributions		346,333			5,761,887
Shares purchased		(400,305	)		(7,233,361	)
Net increase (decrease) in shares outstanding before conversion		502,495			8,657,676
Shares issued upon conversion from other share class(es)		9,567			169,714
Shares purchased upon conversion into other share class(es)		(9,880	)		(174,949	)
Net increase (decrease) in shares outstanding		502,182		$	8,652,441

Class C

Year ended July 31, 2026:
Shares sold		92,429		$	1,766,685
Shares issued in reinvestment of dividends and distributions		60,193			1,103,526
Shares purchased		(238,622	)		(4,569,555	)
Net increase (decrease) in shares outstanding before conversion		(86,000	)		(1,699,344	)
Shares purchased upon conversion into other share class(es)		(18,242	)		(349,858	)
Net increase (decrease) in shares outstanding		(104,242	)	$	(2,049,202	)

Year ended July 31, 2025:
Shares sold		371,639		$	6,899,317
Shares issued in reinvestment of dividends and distributions		164,848			2,705,475
Shares purchased		(156,484	)		(2,734,096	)
Net increase (decrease) in shares outstanding before conversion		380,003			6,870,696
Shares purchased upon conversion into other share class(es)		(13,645	)		(241,383	)
Net increase (decrease) in shares outstanding		366,358		$	6,629,313

Class Z

Year ended July 31, 2026:
Shares sold		326,589		$	6,400,461
Shares issued in reinvestment of dividends and distributions		28,389			530,044
Shares purchased		(105,922	)		(2,052,398	)
Net increase (decrease) in shares outstanding before conversion		249,056			4,878,107
Shares issued upon conversion from other share class(es)		20,781			397,086
Shares purchased upon conversion into other share class(es)		(657	)		(12,458	)
Net increase (decrease) in shares outstanding		269,180		$	5,262,735

Year ended July 31, 2025:
Shares sold		53,268		$	968,226
Shares issued in reinvestment of dividends and distributions		79,023			1,315,844
Shares purchased		(293,575	)		(5,224,490	)
Net increase (decrease) in shares outstanding before conversion		(161,284	)		(2,940,420	)

204

Jennison Rising Dividend (cont’d.):



Share Class	Shares			Amount
Shares issued upon conversion from other share class(es)		13,800		$	246,618
Net increase (decrease) in shares outstanding		(147,484	)	$	(2,693,802	)

Class R6
Year ended July 31, 2026:
Shares sold		535		$	10,555
Shares issued in reinvestment of dividends and distributions		2,628			48,980
Shares purchased		(12,944	)		(244,394	)
Net increase (decrease) in shares outstanding before conversion		(9,781	)		(184,859	)
Shares purchased upon conversion into other share class(es)		(205	)		(4,209	)
Net increase (decrease) in shares outstanding		(9,986	)	$	(189,068	)

Year ended July 31, 2025:
Shares sold		995		$	18,784
Shares issued in reinvestment of dividends and distributions		11,254			187,280
Shares purchased		(36,823	)		(662,480	)
Net increase (decrease) in shares outstanding		(24,574	)	$	(456,416	)
Target Date Income:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		1,091		$	11,715
Shares issued in reinvestment of dividends and distributions		630			6,703
Shares purchased		(4,086	)		(43,650	)
Net increase (decrease) in shares outstanding		(2,365	)	$	(25,232	)

Year ended July 31, 2025:
Shares sold		12,879		$	133,160
Shares issued in reinvestment of dividends and distributions		225			2,299
Shares issued in merger		1,412			14,163
Shares purchased		(1,538	)		(15,983	)
Net increase (decrease) in shares outstanding		12,978		$	133,639

Class R2
Year ended July 31, 2026:
Shares sold		10		$	102
Shares issued in reinvestment of dividends and distributions		376			4,012
Shares purchased		(5	)		(55	)
Net increase (decrease) in shares outstanding		381		$	4,059

Year ended July 31, 2025:
Shares sold		21		$	227
Shares issued in reinvestment of dividends and distributions		222			2,263
Shares issued in merger		4,892			49,062
Shares purchased		(144	)		(1,504	)
Net increase (decrease) in shares outstanding		4,991		$	50,048

Class R3
Year ended July 31, 2026:
Shares sold		9,164		$	98,843
Shares issued in reinvestment of dividends and distributions		2,818			30,057
Shares purchased		(139	)		(1,480	)
Net increase (decrease) in shares outstanding		11,843		$	127,420

Year ended July 31, 2025:
Shares sold		33,936		$	345,950
Shares issued in reinvestment of dividends and distributions		1,348			13,752

205

Notes to Financial Statements (continued)

Target Date Income (cont’d.):



Share Class	Shares			Amount
Shares issued in merger		1,458		$	14,626
Shares purchased		(36	)		(364	)
Net increase (decrease) in shares outstanding		36,706		$	373,964

Class R4
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		217		$	2,311
Net increase (decrease) in shares outstanding		217		$	2,311

Year ended July 31, 2025:
Shares issued in reinvestment of dividends and distributions		176		$	1,792
Shares issued in merger		1,469			14,732
Net increase (decrease) in shares outstanding		1,645		$	16,524

Class R5
Year ended July 31, 2026:
Shares sold		3,055		$	31,865
Shares issued in reinvestment of dividends and distributions		5,182			54,913
Shares purchased		(135,615	)		(1,435,029	)
Net increase (decrease) in shares outstanding		(127,378	)	$	(1,348,251	)

Year ended July 31, 2025:
Shares sold		13,218		$	136,396
Shares issued in reinvestment of dividends and distributions		5,629			57,253
Shares issued in merger		28,756			289,031
Shares purchased		(9,038	)		(93,562	)
Net increase (decrease) in shares outstanding		38,565		$	389,118

Class R6
Year ended July 31, 2026:
Shares sold		350,014		$	3,769,562
Shares issued in reinvestment of dividends and distributions		116,528			1,242,848
Shares purchased		(550,462	)		(5,979,556	)
Net increase (decrease) in shares outstanding		(83,920	)	$	(967,146	)

Year ended July 31, 2025:
Shares sold		98,267		$	1,013,184
Shares issued in reinvestment of dividends and distributions		95,773			976,298
Shares issued in merger		949,850			9,536,491
Shares purchased		(531,389	)		(5,492,961	)
Net increase (decrease) in shares outstanding		612,501		$	6,033,012
Target Date 2020:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		730		$	7,985
Shares issued in reinvestment of dividends and distributions		61			641
Shares purchased		(3	)		(35	)
Net increase (decrease) in shares outstanding		788		$	8,591

Year ended July 31, 2025:

206

Target Date 2020 (cont’d.):



Share Class	Shares			Amount
Shares issued in reinvestment of dividends and distributions		158		$	1,557
Net increase (decrease) in shares outstanding		158		$	1,557

Class R2
Year ended July 31, 2026:
Shares sold		2,089		$	22,394
Shares issued in reinvestment of dividends and distributions		405			4,234
Shares purchased		(309	)		(3,304	)
Net increase (decrease) in shares outstanding		2,185		$	23,324

Year ended July 31, 2025:
Shares sold		2,426		$	25,277
Shares issued in reinvestment of dividends and distributions		894			8,819
Shares purchased		(1,278	)		(12,968	)
Net increase (decrease) in shares outstanding		2,042		$	21,128

Class R3
Year ended July 31, 2026:
Shares sold		479		$	4,985
Shares issued in reinvestment of dividends and distributions		3,183			33,353
Shares purchased		(11,950	)		(125,592	)
Net increase (decrease) in shares outstanding		(8,288	)	$	(87,254	)

Year ended July 31, 2025:
Shares issued in reinvestment of dividends and distributions		9,061		$	89,524
Shares purchased		(11,542	)		(113,344	)
Net increase (decrease) in shares outstanding		(2,481	)	$	(23,820	)

Class R4
Year ended July 31, 2026:
Shares sold		7		$	68
Shares issued in reinvestment of dividends and distributions		184			1,935
Shares purchased		(6	)		(60	)
Net increase (decrease) in shares outstanding		185		$	1,943

Year ended July 31, 2025:
Shares sold		1,089		$	11,260
Shares issued in reinvestment of dividends and distributions		358			3,538
Shares purchased		(4	)		(48	)
Net increase (decrease) in shares outstanding		1,443		$	14,750

Class R5
Year ended July 31, 2026:
Shares sold		3,915		$	42,391
Shares issued in reinvestment of dividends and distributions		8,973			94,032
Shares purchased		(275,607	)		(2,923,009	)
Net increase (decrease) in shares outstanding		(262,719	)	$	(2,786,586	)

Year ended July 31, 2025:
Shares sold		49,695		$	515,545
Shares issued in reinvestment of dividends and distributions		28,382			280,411
Shares purchased		(83,005	)		(877,310	)
Net increase (decrease) in shares outstanding		(4,928	)	$	(81,354	)

Class R6
Year ended July 31, 2026:
Shares sold		213,139		$	2,308,264
Shares issued in reinvestment of dividends and distributions		137,768			1,436,918
Shares purchased		(686,752	)		(7,376,868	)
Net increase (decrease) in shares outstanding		(335,845	)	$	(3,631,686	)

207

Notes to Financial Statements (continued)

Target Date 2020 (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2025:
Shares sold		279,453		$	2,856,642
Shares issued in reinvestment of dividends and distributions		353,351			3,473,443
Shares purchased		(637,831	)		(6,544,853	)
Net increase (decrease) in shares outstanding		(5,027	)	$	(214,768	)

Target Date 2025:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		2,675		$	29,896
Shares issued in reinvestment of dividends and distributions		410			4,452
Shares purchased		(538	)		(6,034	)
Net increase (decrease) in shares outstanding		2,547		$	28,314

Year ended July 31, 2025:
Shares sold		6,802		$	72,281
Shares issued in reinvestment of dividends and distributions		176			1,808
Shares purchased		(567	)		(6,418	)
Net increase (decrease) in shares outstanding		6,411		$	67,671

Class R2
Year ended July 31, 2026:
Shares sold		40,311		$	447,974
Shares issued in reinvestment of dividends and distributions		3,240			35,218
Shares purchased		(13,169	)		(143,088	)
Net increase (decrease) in shares outstanding		30,382		$	340,104

Year ended July 31, 2025:
Shares sold		8,216		$	90,620
Shares issued in reinvestment of dividends and distributions		2,794			28,663
Shares purchased		(40,939	)		(471,923	)
Net increase (decrease) in shares outstanding		(29,929	)	$	(352,640	)

Class R3
Year ended July 31, 2026:
Shares sold		869		$	9,626
Shares issued in reinvestment of dividends and distributions		2,665			28,999
Shares purchased		(961	)		(10,488	)
Net increase (decrease) in shares outstanding		2,573		$	28,137

Year ended July 31, 2025:
Shares sold		905		$	9,829
Shares issued in reinvestment of dividends and distributions		5,598			57,434
Shares purchased		(1,807	)		(19,076	)
Net increase (decrease) in shares outstanding		4,696		$	48,187

Class R4
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		84		$	912
Net increase (decrease) in shares outstanding		84		$	912

208

Target Date 2025 (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2025:
Shares sold		8		$	133
Shares issued in reinvestment of dividends and distributions		172			1,760
Shares purchased		(18,400	)		(213,255	)
Net increase (decrease) in shares outstanding		(18,220	)	$	(211,362	)

Class R5
Year ended July 31, 2026:
Shares sold		13,908		$	154,136
Shares issued in reinvestment of dividends and distributions		4,980			54,180
Shares purchased		(105,191	)		(1,147,549	)
Net increase (decrease) in shares outstanding		(86,303	)	$	(939,233	)

Year ended July 31, 2025:
Shares sold		26,427		$	285,574
Shares issued in reinvestment of dividends and distributions		10,125			103,985
Shares purchased		(27,493	)		(295,105	)
Net increase (decrease) in shares outstanding		9,059		$	94,454

Class R6
Year ended July 31, 2026:
Shares sold		247,670		$	2,774,427
Shares issued in reinvestment of dividends and distributions		227,093			2,475,312
Shares purchased		(1,246,733	)		(14,057,037	)
Net increase (decrease) in shares outstanding		(771,970	)	$	(8,807,298	)

Year ended July 31, 2025:
Shares sold		587,882		$	6,546,683
Shares issued in reinvestment of dividends and distributions		519,045			5,335,780
Shares purchased		(911,579	)		(9,795,516	)
Net increase (decrease) in shares outstanding		195,348		$	2,086,947

Target Date 2030:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		2,820		$	33,793
Shares issued in reinvestment of dividends and distributions		726			8,534
Shares purchased		(9,686	)		(115,715	)
Net increase (decrease) in shares outstanding		(6,140	)	$	(73,388	)

Year ended July 31, 2025:
Shares sold		21,941		$	248,466
Shares issued in reinvestment of dividends and distributions		959			10,439
Shares purchased		(2,907	)		(35,616	)
Net increase (decrease) in shares outstanding		19,993		$	223,289

Class R2
Year ended July 31, 2026:
Shares sold		70,139		$	835,007
Shares issued in reinvestment of dividends and distributions		1,436			16,907
Shares purchased		(10,039	)		(117,660	)
Net increase (decrease) in shares outstanding		61,536		$	734,254

Year ended July 31, 2025:
Shares sold		3,120		$	36,232
Shares issued in reinvestment of dividends and distributions		4,333			47,275

209

Notes to Financial Statements (continued)


Target Date 2030 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(2,567	)	$	(29,276	)
Net increase (decrease) in shares outstanding		4,886		$	54,231

Class R3
Year ended July 31, 2026:
Shares sold		17,805		$	214,391
Shares issued in reinvestment of dividends and distributions		7,209			84,778
Shares purchased		(28,708	)		(354,783	)
Net increase (decrease) in shares outstanding		(3,694	)	$	(55,614	)

Year ended July 31, 2025:
Shares sold		15,008		$	172,523
Shares issued in reinvestment of dividends and distributions		19,450			212,000
Shares purchased		(12,573	)		(150,807	)
Net increase (decrease) in shares outstanding		21,885		$	233,716

Class R4
Year ended July 31, 2026:
Shares sold		1		$	20
Shares issued in reinvestment of dividends and distributions		92			1,075
Shares purchased		(1	)		(17	)
Net increase (decrease) in shares outstanding		92		$	1,078

Year ended July 31, 2025:
Shares sold		395		$	4,427
Shares issued in reinvestment of dividends and distributions		221			2,409
Shares purchased		(1,101	)		(13,313	)
Net increase (decrease) in shares outstanding		(485	)	$	(6,477	)

Class R5
Year ended July 31, 2026:
Shares sold		29,106		$	345,691
Shares issued in reinvestment of dividends and distributions		16,081			189,276
Shares purchased		(399,084	)		(4,692,883	)
Net increase (decrease) in shares outstanding		(353,897	)	$	(4,157,916	)

Year ended July 31, 2025:
Shares sold		44,996		$	512,767
Shares issued in reinvestment of dividends and distributions		61,441			670,319
Shares purchased		(191,777	)		(2,210,289	)
Net increase (decrease) in shares outstanding		(85,340	)	$	(1,027,203	)

Class R6
Year ended July 31, 2026:
Shares sold		781,735		$	9,425,698
Shares issued in reinvestment of dividends and distributions		187,695			2,212,918
Shares purchased		(1,205,835	)		(14,644,620	)
Net increase (decrease) in shares outstanding		(236,405	)	$	(3,006,004	)

Year ended July 31, 2025:
Shares sold		792,588		$	9,332,187
Shares issued in reinvestment of dividends and distributions		536,560			5,864,606

210


Target Date 2030 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(883,363	)	$	(10,102,105	)
Net increase (decrease) in shares outstanding		445,785		$	5,094,688

Target Date 2035:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		14,041		$	172,208
Shares issued in reinvestment of dividends and distributions		1,257			15,508
Shares purchased		(13,243	)		(164,882	)
Net increase (decrease) in shares outstanding		2,055		$	22,834

Year ended July 31, 2025:
Shares sold		33,366		$	387,764
Shares issued in reinvestment of dividends and distributions		436			4,912
Shares purchased		(1,534	)		(19,442	)
Net increase (decrease) in shares outstanding		32,268		$	373,234

Class R2
Year ended July 31, 2026:
Shares sold		2,588		$	32,730
Shares issued in reinvestment of dividends and distributions		769			9,502
Shares purchased		(7,579	)		(94,080	)
Net increase (decrease) in shares outstanding		(4,222	)	$	(51,848	)

Year ended July 31, 2025:
Shares sold		5,894		$	70,942
Shares issued in reinvestment of dividends and distributions		2,756			31,089
Shares purchased		(53,949	)		(686,507	)
Net increase (decrease) in shares outstanding		(45,299	)	$	(584,476	)

Class R3
Year ended July 31, 2026:
Shares sold		10,906		$	138,482
Shares issued in reinvestment of dividends and distributions		2,787			34,507
Shares purchased		(86,157	)		(1,101,250	)
Net increase (decrease) in shares outstanding		(72,464	)	$	(928,261	)

Year ended July 31, 2025:
Shares sold		23,587		$	277,093
Shares issued in reinvestment of dividends and distributions		13,571			153,214
Shares purchased		(992	)		(11,887	)
Net increase (decrease) in shares outstanding		36,166		$	418,420

Class R4
Year ended July 31, 2026:
Shares sold		2		$	20
Shares issued in reinvestment of dividends and distributions		91			1,133
Shares purchased		(1	)		(17	)
Net increase (decrease) in shares outstanding		92		$	1,136

Year ended July 31, 2025:
Shares sold		254		$	2,934
Shares issued in reinvestment of dividends and distributions		234			2,646

211

Notes to Financial Statements (continued)


Target Date 2035 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(1	)	$	(14	)
Net increase (decrease) in shares outstanding		487		$	5,566

Class R5
Year ended July 31, 2026:
Shares sold		37,388		$	466,716
Shares issued in reinvestment of dividends and distributions		6,726			83,336
Shares purchased		(176,607	)		(2,176,341	)
Net increase (decrease) in shares outstanding		(132,493	)	$	(1,626,289	)

Year ended July 31, 2025:
Shares sold		43,359		$	524,447
Shares issued in reinvestment of dividends and distributions		16,990			191,989
Shares purchased		(21,323	)		(241,280	)
Net increase (decrease) in shares outstanding		39,026		$	475,156

Class R6
Year ended July 31, 2026:
Shares sold		645,619		$	8,238,441
Shares issued in reinvestment of dividends and distributions		172,138			2,132,791
Shares purchased		(1,023,121	)		(13,225,861	)
Net increase (decrease) in shares outstanding		(205,364	)	$	(2,854,629	)

Year ended July 31, 2025:
Shares sold		791,331		$	9,583,920
Shares issued in reinvestment of dividends and distributions		429,098			4,853,093
Shares purchased		(557,820	)		(6,669,673	)
Net increase (decrease) in shares outstanding		662,609		$	7,767,340

Target Date 2040:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		9,434		$	126,191
Shares issued in reinvestment of dividends and distributions		1,953			25,521
Shares purchased		(9,060	)		(120,498	)
Net increase (decrease) in shares outstanding		2,327		$	31,214

Year ended July 31, 2025:
Shares sold		52,438		$	639,413
Shares issued in reinvestment of dividends and distributions		909			10,720
Shares purchased		(2,650	)		(32,837	)
Net increase (decrease) in shares outstanding		50,697		$	617,296

Class R2
Year ended July 31, 2026:
Shares sold		3,880		$	52,168
Shares issued in reinvestment of dividends and distributions		2,826			36,996
Shares purchased		(1,450	)		(19,249	)
Net increase (decrease) in shares outstanding		5,256		$	69,915

Year ended July 31, 2025:
Shares sold		44,069		$	537,769

212


Target Date 2040 (cont’d.):

Share Class	Shares			Amount
Shares issued in reinvestment of dividends and distributions		4,015		$	47,401
Shares purchased		(6,694	)		(82,177	)
Net increase (decrease) in shares outstanding		41,390		$	502,993

Class R3
Year ended July 31, 2026:
Shares sold		10,064		$	135,754
Shares issued in reinvestment of dividends and distributions		4,530			59,347
Shares purchased		(4,077	)		(54,608	)
Net increase (decrease) in shares outstanding		10,517		$	140,493

Year ended July 31, 2025:
Shares sold		11,617		$	145,803
Shares issued in reinvestment of dividends and distributions		11,937			140,980
Shares purchased		(4,323	)		(59,916	)
Net increase (decrease) in shares outstanding		19,231		$	226,867

Class R4
Year ended July 31, 2026:
Shares sold		13		$	186
Shares issued in reinvestment of dividends and distributions		322			4,219
Shares purchased		(765	)		(10,126)
Net increase (decrease) in shares outstanding		(430	)	$	(5,721	)

Year ended July 31, 2025:
Shares sold		14		$	169
Shares issued in reinvestment of dividends and distributions		988			11,680
Shares purchased		(12	)		(158	)
Net increase (decrease) in shares outstanding		990		$	11,691

Class R5
Year ended July 31, 2026:
Shares sold		31,936		$	420,966
Shares issued in reinvestment of dividends and distributions		31,815			417,412
Shares purchased		(778,413	)		(10,148,479)
Net increase (decrease) in shares outstanding		(714,662	)	$	(9,310,101	)

Year ended July 31, 2025:
Shares sold		47,765		$	601,464
Shares issued in reinvestment of dividends and distributions		99,920			1,182,059
Shares purchased		(64,633	)		(799,061	)
Net increase (decrease) in shares outstanding		83,052		$	984,462

Class R6
Year ended July 31, 2026:
Shares sold		427,393		$	5,828,323
Shares issued in reinvestment of dividends and distributions		119,432			1,568,138
Shares purchased		(595,556	)		(8,089,390)
Net increase (decrease) in shares outstanding		(48,731	)	$	(692,929	)

Year ended July 31, 2025:
Shares sold		427,936		$	5,445,516
Shares issued in reinvestment of dividends and distributions		367,418			4,350,226

213

Notes to Financial Statements (continued)


Target Date 2040 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(602,780	)	$	(7,534,504	)
Net increase (decrease) in shares outstanding		192,574		$	2,261,238

Target Date 2045:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		2,965		$	40,317
Shares issued in reinvestment of dividends and distributions		739			9,656
Shares purchased		(8,794	)		(116,836	)
Net increase (decrease) in shares outstanding		(5,090	)	$	(66,863	)

Year ended July 31, 2025:
Shares sold		20,766		$	251,332
Shares issued in reinvestment of dividends and distributions		433			5,014
Shares purchased		(698	)		(8,604	)
Net increase (decrease) in shares outstanding		20,501		$	247,742

Class R2
Year ended July 31, 2026:
Shares sold		5,458		$	73,115
Shares issued in reinvestment of dividends and distributions		3,705			48,381
Shares purchased		(2,332	)		(32,281)
Net increase (decrease) in shares outstanding		6,831		$	89,215

Year ended July 31, 2025:
Shares sold		61,532		$	742,626
Shares issued in reinvestment of dividends and distributions		5,728			66,278
Shares purchased		(48,427	)		(647,352	)
Net increase (decrease) in shares outstanding		18,833		$	161,552

Class R3
Year ended July 31, 2026:
Shares sold		17,029		$	228,628
Shares issued in reinvestment of dividends and distributions		822			10,739
Shares purchased		(2,917	)		(38,273)
Net increase (decrease) in shares outstanding		14,934		$	201,094

Year ended July 31, 2025:
Shares sold		7,065		$	82,688
Shares issued in reinvestment of dividends and distributions		368			4,262
Shares purchased		(8	)		(98	)
Net increase (decrease) in shares outstanding		7,425		$	86,852

Class R4
Year ended July 31, 2026:
Shares sold		60		$	808
Shares issued in reinvestment of dividends and distributions		183			2,388
Shares purchased		(23	)		(310)
Net increase (decrease) in shares outstanding		220		$	2,886

Year ended July 31, 2025:
Shares sold		1,589		$	21,493

214


Target Date 2045 (cont’d.):

Share Class	Shares			Amount
Shares issued in reinvestment of dividends and distributions		626		$	7,245
Shares purchased		(1,567	)		(21,186	)
Net increase (decrease) in shares outstanding		648		$	7,552

Class R5
Year ended July 31, 2026:
Shares sold		23,338		$	308,271
Shares issued in reinvestment of dividends and distributions		5,523			72,294
Shares purchased		(145,833	)		(1,898,759	)
Net increase (decrease) in shares outstanding		(116,972	)	$	(1,518,194	)

Year ended July 31, 2025:
Shares sold		28,978		$	359,626
Shares issued in reinvestment of dividends and distributions		15,220			176,396
Shares purchased		(10,851	)		(143,404	)
Net increase (decrease) in shares outstanding		33,347		$	392,618

Class R6
Year ended July 31, 2026:
Shares sold		376,968		$	5,091,332
Shares issued in reinvestment of dividends and distributions		102,495			1,343,705
Shares purchased		(431,719	)		(5,914,097)
Net increase (decrease) in shares outstanding		47,744		$	520,940

Year ended July 31, 2025:
Shares sold		479,191		$	6,079,146
Shares issued in reinvestment of dividends and distributions		303,713			3,526,103
Shares purchased		(393,940	)		(5,048,635	)
Net increase (decrease) in shares outstanding		388,964		$	4,556,614

Target Date 2050:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		4,007		$	55,571
Shares issued in reinvestment of dividends and distributions		735			9,873
Shares purchased		(12,497	)		(169,690)
Net increase (decrease) in shares outstanding		(7,755	)	$	(104,246	)

Year ended July 31, 2025:
Shares sold		26,395		$	330,295
Shares issued in reinvestment of dividends and distributions		1,432			16,936
Shares purchased		(6,971	)		(91,556	)
Net increase (decrease) in shares outstanding		20,856		$	255,675

Class R2
Year ended July 31, 2026:
Shares sold		6,896		$	95,730
Shares issued in reinvestment of dividends and distributions		1,676			22,609
Shares purchased		(3,128	)		(44,628)
Net increase (decrease) in shares outstanding		5,444		$	73,711

Year ended July 31, 2025:
Shares sold		7,665		$	99,455
Shares issued in reinvestment of dividends and distributions		6,364			75,604

215

Notes to Financial Statements (continued)


Target Date 2050 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(5,655	)	$	(74,113	)
Net increase (decrease) in shares outstanding		8,374		$	100,946

Class R3
Year ended July 31, 2026:
Shares sold		792		$	11,040
Shares issued in reinvestment of dividends and distributions		3,129			42,144
Shares purchased		(44,863	)		(607,069)
Net increase (decrease) in shares outstanding		(40,942	)	$	(553,885	)

Year ended July 31, 2025:
Shares sold		119,540		$	1,357,413
Shares issued in reinvestment of dividends and distributions		341			4,042
Shares purchased		(1,092	)		(13,697	)
Net increase (decrease) in shares outstanding		118,789		$	1,347,758

Class R4
Year ended July 31, 2026:
Shares sold		19		$	273
Shares issued in reinvestment of dividends and distributions		397			5,340
Shares purchased		(17	)		(234)
Net increase (decrease) in shares outstanding		399		$	5,379

Year ended July 31, 2025:
Shares sold		171		$	2,181
Shares issued in reinvestment of dividends and distributions		1,716			20,317
Shares purchased		(1,490	)		(18,704	)
Net increase (decrease) in shares outstanding		397		$	3,794

Class R5
Year ended July 31, 2026:
Shares sold		25,065		$	345,403
Shares issued in reinvestment of dividends and distributions		8,203			110,662
Shares purchased		(226,591	)		(3,046,817)
Net increase (decrease) in shares outstanding		(193,323	)	$	(2,590,752	)

Year ended July 31, 2025:
Shares sold		57,344		$	697,442
Shares issued in reinvestment of dividends and distributions		28,228			335,350
Shares purchased		(27,753	)		(359,546	)
Net increase (decrease) in shares outstanding		57,819		$	673,246

Class R6
Year ended July 31, 2026:
Shares sold		372,208		$	5,185,925
Shares issued in reinvestment of dividends and distributions		60,359			816,658
Shares purchased		(357,290	)		(5,064,904)
Net increase (decrease) in shares outstanding		75,277		$	937,679

Year ended July 31, 2025:
Shares sold		276,151		$	3,658,853
Shares issued in reinvestment of dividends and distributions		188,373			2,243,528

216


Target Date 2050 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(221,231	)	$	(2,869,630	)
Net increase (decrease) in shares outstanding		243,293		$	3,032,751

Target Date 2055:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		2,721		$	35,570
Shares issued in reinvestment of dividends and distributions		518			6,375
Shares purchased		(4,454	)		(56,103)
Net increase (decrease) in shares outstanding		(1,215	)	$	(14,158	)

Year ended July 31, 2025:
Shares sold		14,437		$	162,631
Shares issued in reinvestment of dividends and distributions		225			2,413
Shares purchased		(657	)		(7,651	)
Net increase (decrease) in shares outstanding		14,005		$	157,393

Class R2
Year ended July 31, 2026:
Shares sold		13,613		$	172,037
Shares issued in reinvestment of dividends and distributions		1,197			14,806
Shares purchased		(3,822	)		(48,706)
Net increase (decrease) in shares outstanding		10,988		$	138,137

Year ended July 31, 2025:
Shares sold		3,081		$	35,449
Shares issued in reinvestment of dividends and distributions		3,343			36,066
Shares purchased		(37,174	)		(457,688	)
Net increase (decrease) in shares outstanding		(30,750	)	$	(386,173	)

Class R3
Year ended July 31, 2026:
Shares sold		10,090		$	128,939
Shares issued in reinvestment of dividends and distributions		540			6,701
Shares purchased		(650	)		(8,289)
Net increase (decrease) in shares outstanding		9,980		$	127,351

Year ended July 31, 2025:
Shares sold		5,174		$	57,961
Shares issued in reinvestment of dividends and distributions		1,049			11,336
Shares purchased		(70	)		(860	)
Net increase (decrease) in shares outstanding		6,153		$	68,437

Class R4
Year ended July 31, 2026:
Shares sold		10		$	123
Shares issued in reinvestment of dividends and distributions		233			2,896
Shares purchased		(8	)		(108)
Net increase (decrease) in shares outstanding		235		$	2,911

Year ended July 31, 2025:
Shares sold		493		$	5,607
Shares issued in reinvestment of dividends and distributions		641			6,939

217

Notes to Financial Statements (continued)


Target Date 2055 (cont’d.):

Share Class	Shares			Amount
Shares purchased		(8	)	$	(93)
Net increase (decrease) in shares outstanding		1,126		$	12,453

Class R5
Year ended July 31, 2026:
Shares sold		19,180		$	241,120
Shares issued in reinvestment of dividends and distributions		3,749			46,675
Shares purchased		(112,036	)		(1,389,628)
Net increase (decrease) in shares outstanding		(89,107	)	$	(1,101,833	)

Year ended July 31, 2025:
Shares sold		23,710		$	273,126
Shares issued in reinvestment of dividends and distributions		9,504			103,117
Shares purchased		(5,091	)		(60,230	)
Net increase (decrease) in shares outstanding		28,123		$	316,013

Class R6
Year ended July 31, 2026:
Shares sold		339,166		$	4,339,993
Shares issued in reinvestment of dividends and distributions		38,484			479,896
Shares purchased		(311,413	)		(4,045,702)
Net increase (decrease) in shares outstanding		66,237		$	774,187

Year ended July 31, 2025:
Shares sold		216,806		$	2,568,233
Shares issued in reinvestment of dividends and distributions		84,220			915,475
Shares purchased		(159,390	)		(1,860,330	)
Net increase (decrease) in shares outstanding		141,636		$	1,623,378

Target Date 2060:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		2,735		$	44,097
Shares issued in reinvestment of dividends and distributions		569			8,857
Shares purchased		(5,838	)		(91,184)
Net increase (decrease) in shares outstanding		(2,534	)	$	(38,230	)

Year ended July 31, 2025:
Shares sold		15,729		$	225,337
Shares issued in reinvestment of dividends and distributions		323			4,383
Shares purchased		(1,320	)		(19,176	)
Net increase (decrease) in shares outstanding		14,732		$	210,544

Class R2
Year ended July 31, 2026:
Shares sold		3,076		$	49,913
Shares issued in reinvestment of dividends and distributions		1,104			17,257
Shares purchased		(1,923	)		(30,802)
Net increase (decrease) in shares outstanding		2,257		$	36,368

Year ended July 31, 2025:
Shares sold		5,117		$	73,240

218


Target Date 2060 (cont’d.):

Share Class	Shares			Amount
Shares issued in reinvestment of dividends and distributions		2,587		$	35,233
Shares purchased		(18,284	)		(267,476	)
Net increase (decrease) in shares outstanding		(10,580	)	$	(159,003	)

Class R3
Year ended July 31, 2026:
Shares sold		21,232		$	364,305
Shares issued in reinvestment of dividends and distributions		283			4,426
Shares purchased		(28	)		(477)
Net increase (decrease) in shares outstanding		21,487		$	368,254

Year ended July 31, 2025:
Shares sold		1,535		$	22,536
Shares issued in reinvestment of dividends and distributions		371			5,064
Shares purchased		(56	)		(838	)
Net increase (decrease) in shares outstanding		1,850		$	26,762

Class R4
Year ended July 31, 2026:
Shares sold		3		$	50
Shares issued in reinvestment of dividends and distributions		115			1,801
Shares purchased		(18	)		(281)
Net increase (decrease) in shares outstanding		100		$	1,570

Year ended July 31, 2025:
Shares sold		215		$	3,054
Shares issued in reinvestment of dividends and distributions		283			3,860
Shares purchased		(693	)		(9,694	)
Net increase (decrease) in shares outstanding		(195	)	$	(2,780	)

Class R5
Year ended July 31, 2026:
Shares sold		14,547		$	228,429
Shares issued in reinvestment of dividends and distributions		4,214			65,999
Shares purchased		(110,875	)		(1,727,083)
Net increase (decrease) in shares outstanding		(92,114	)	$	(1,432,655	)

Year ended July 31, 2025:
Shares sold		27,472		$	393,430
Shares issued in reinvestment of dividends and distributions		7,832			106,904
Shares purchased		(12,127	)		(171,544	)
Net increase (decrease) in shares outstanding		23,177		$	328,790

Class R6
Year ended July 31, 2026:
Shares sold		208,028		$	3,374,961
Shares issued in reinvestment of dividends and distributions		27,887			437,263
Shares purchased		(199,698	)		(3,278,662)
Net increase (decrease) in shares outstanding		36,217		$	533,562

Year ended July 31, 2025:
Shares sold		215,407		$	3,121,821
Shares issued in reinvestment of dividends and distributions		41,792			571,300

219

Notes to Financial Statements (continued)



Share Class	Shares			Amount
Shares purchased		(176,217	)	$	(2,624,376	)
Net increase (decrease) in shares outstanding		80,982		$	1,068,745

Target Date 2065:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares sold		86		$	1,189
Shares issued in reinvestment of dividends and distributions		30			424
Shares purchased		(462	)		(6,467)
Net increase (decrease) in shares outstanding		(346	)	$	(4,854	)

Year ended July 31, 2025:
Shares sold		295		$	3,725
Shares issued in reinvestment of dividends and distributions		93			1,140
Shares purchased		(3	)		(33	)
Net increase (decrease) in shares outstanding		385		$	4,832

Class R2
Year ended July 31, 2026:
Shares sold		6,152		$	90,762
Shares issued in reinvestment of dividends and distributions		667			9,513
Shares purchased		(2,896	)		(41,881)
Net increase (decrease) in shares outstanding		3,923		$	58,394

Year ended July 31, 2025:
Shares sold		5,040		$	63,849
Shares issued in reinvestment of dividends and distributions		1,371			16,795
Shares purchased		(560	)		(7,460	)
Net increase (decrease) in shares outstanding		5,851		$	73,184

Class R3
Year ended July 31, 2026:
Shares sold		317		$	4,837
Shares issued in reinvestment of dividends and distributions		110			1,576
Shares purchased		(18	)		(259)
Net increase (decrease) in shares outstanding		409		$	6,154

Year ended July 31, 2025:
Shares sold		208		$	2,500
Shares issued in reinvestment of dividends and distributions		252			3,090
Shares purchased		(14	)		(182	)
Net increase (decrease) in shares outstanding		446		$	5,408

Class R4
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		36		$	517
Net increase (decrease) in shares outstanding		36		$	517

Year ended July 31, 2025:

220


Target Date 2065 (cont’d.):

Share Class	Shares			Amount
Shares issued in reinvestment of dividends and distributions		88		$	1,074
Net increase (decrease) in shares outstanding		88		$	1,074

Class R5
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		79		$	1,123
Shares purchased		(149	)		(2,143)
Net increase (decrease) in shares outstanding		(70	)	$	(1,020)

Year ended July 31, 2025:
Shares sold		1,120		$	14,100
Shares issued in reinvestment of dividends and distributions		146			1,791
Net increase (decrease) in shares outstanding		1,266		$	15,891

Class R6
Year ended July 31, 2026:
Shares sold		130,218		$	1,942,586
Shares issued in reinvestment of dividends and distributions		2,951			42,236
Shares purchased		(67,111	)		(994,962)
Net increase (decrease) in shares outstanding		66,058		$	989,860

Year ended July 31, 2025:
Shares sold		49,604		$	640,130
Shares issued in reinvestment of dividends and distributions		3,163			38,867
Shares purchased		(22,461	)		(288,308	)
Net increase (decrease) in shares outstanding		30,306		$	390,689

Target Date 2070:

Share Class	Shares			Amount

Class R1
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		24		$	269
Net increase (decrease) in shares outstanding		24		$	269

Period ended July 31, 2025*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		8			82
Net increase (decrease) in shares outstanding		1,008		$	10,082

Class R2
Year ended July 31, 2026:
Shares sold		410		$	4,808
Shares issued in reinvestment of dividends and distributions		32			359
Net increase (decrease) in shares outstanding		442		$	5,167

Period ended July 31, 2025*:
Shares sold		1,106		$	11,059
Shares issued in reinvestment of dividends and distributions		9			83
Net increase (decrease) in shares outstanding		1,115		$	11,142

Class R3
Year ended July 31, 2026:
Shares sold		112		$	1,381
Shares issued in reinvestment of dividends and distributions		28			311
Shares purchased		(3	)		(34	)
Net increase (decrease) in shares outstanding		137		$	1,658

221

Notes to Financial Statements (continued)

Target Date 2070 (cont’d.):



Share Class	Shares			Amount

Period ended July 31, 2025*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		9			83
Net increase (decrease) in shares outstanding		1,009		$	10,083

Class R4
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		28		$	322
Net increase (decrease) in shares outstanding		28		$	322

Period ended July 31, 2025*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		9			83
Net increase (decrease) in shares outstanding		1,009		$	10,083

Class R5
Year ended July 31, 2026:
Shares issued in reinvestment of dividends and distributions		29		$	333
Net increase (decrease) in shares outstanding		29		$	333

Period ended July 31, 2025*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		9			84
Net increase (decrease) in shares outstanding		1,009		$	10,084

Class R6
Year ended July 31, 2026:
Shares sold		1,497		$	18,366
Shares issued in reinvestment of dividends and distributions		36			406
Shares purchased		(334	)		(3,991	)
Net increase (decrease) in shares outstanding		1,199		$	14,781

Period ended July 31, 2025*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		9			85
Net increase (decrease) in shares outstanding		1,009		$	10,085

* Commencement of operations was December 10, 2024.

8.	Borrowings

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.



	Current SCA	Prior SCA
Term of Commitment	9/26/2025 - 9/24/2026	9/27/2024 - 9/25/2025
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

222

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 utilized the SCA during the year ended July 31, 2026. The average balance outstanding is for the number of days the Funds utilized the SCA.



Fund	Average Balance Outstanding			Weighted Average Interest Rates		Number of Days Outstanding		Maximum Balance Outstanding			Balance Outstanding at July 31, 2026
Jennison Rising Dividend		$	155,000		4.78%		1		$	155,000		$—
Target Date Income			360,250		4.74		4			395,000		—
Target Date 2020			524,000		4.74		4			582,000		—
Target Date 2025			1,042,250		4.74		4			1,341,000		—
Target Date 2030			887,250		4.74		4			971,000		—
Target Date 2035			571,400		4.73		5			793,000		—
Target Date 2040			407,000		4.75		4			1,055,000		—
Target Date 2045			106,000		4.74		3			106,000		—
Target Date 2050			134,000		4.75		1			134,000		—
60/40 Allocation			342,333		4.75		3			521,000		—

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

Diversified
Growth

Jennison

Rising
Dividend

Target
Date
Income

Target
Date
2020

Target
Date
2025

Target
Date
2030

Target
Date
2035

Target
Date
2040

Affiliated Funds

–

Asset Allocation

–

Asset Class Variation

–

Credit

–

Derivatives

–

Dividend

–

Economic and Market Events

Emerging Markets

–

Equity and Equity-Related Securities

Exchange-Traded Funds (“ETFs”)

—

Fixed Income

–

Foreign Securities

–

Fund of Funds

–

Fund Rebalancing

–

Growth Style

–

Increase in Expenses

Index Tracking

–

Interest Rate

–

Investment Style

–

Junk Bonds

–

Large Capitalization Company

–

Large Shareholder and Large Scale Redemption

Liquidity

–

Management

Market

Market Capitalization

–

Market Disruption and Geopolitical

New Fund

–

Portfolio Turnover

Sector Exposure

–

223

Notes to Financial Statements (continued)

Risks

Jennison

Diversified
Growth

Jennison

Rising
Dividend

Target
Date
Income

Target
Date
2020

Target
Date
2025

Target
Date
2030

Target
Date
2035

Target
Date
2040

Target Date/ Income

–

Risks

Target

Date

2045

Target

Date

2050

Target

Date

2055

Target

Date

2060

Target

Date

2065

Target

Date

2070

60/40
Allocation

Affiliated Funds

Asset Allocation

Asset Class Variation

Credit

Derivatives

–

Dividend

–

Economic and Market Events

Emerging Markets

–

Equity and Equity-Related Securities

Exchange-Traded Funds (“ETFs”)

Fixed Income

Foreign Securities

–

Fund of Funds

Fund Rebalancing

Growth Style

–

Increase in Expenses

Index Tracking

–

Interest Rate

Investment Style

Junk Bonds

–

Large Capitalization Company

–

Large Shareholder and Large Scale Redemption

Liquidity

–

Management

Market

Market Capitalization

–

Market Disruption and Geopolitical

New Fund

–

Portfolio Turnover

–

Sector Exposure

–

Target Date/ Income

–

Affiliated Funds Risk: The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadviser are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.

Asset Allocation Risk: The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

Asset Class Variation Risk: The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund’s assets invested in various Underlying Funds, the

224

Fund’s actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager’s evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders.

Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.

Dividend Risk: There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. A sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Equity and Equity-Related Securities Risks: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Exchange-Traded Funds (“ETFs”): Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage

225

Notes to Financial Statements (continued)

commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.

Fixed Income Risk: As with credit risk, market risk and interest rate risk, an Underlying Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.

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.

Fund of Funds Risk: The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

Fund Rebalancing Risk: Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund’s allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund’s expenses or result in the Underlying Fund’s becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund’s performance and thus the Fund’s performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund’s investments in the event of significant market or other events that may require more rapid action.

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the 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.

226

Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.

Index Tracking Risk: While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund’s holdings may fall sharply. This is referred to as “extension risk.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Investment Style Risk: Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, an Underlying Fund may underperform other funds that use different investment styles.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Liquidity Risk: An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Risk: Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.

227

Notes to Financial Statements (continued)

Market Capitalization Risk: Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, 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 risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military powers.

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.

New Fund Risk: The Fund recently commenced operations. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

Portfolio Turnover Risk: The Fund does not intend to re-allocate assets among the Underlying Funds frequently in response to day-to-day changes in markets. Historically, however, certain Underlying Funds have actively and frequently traded their portfolio securities. High portfolio turnover results in higher transaction costs and can affect an Underlying Fund’s, and, therefore, the Fund’s performance and can have adverse tax consequences.

Sector Exposure Risk: Issuers 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.

Target Date/ Income Risk: The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds.

228

10.	Reorganization

On September 11, 2024, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM Target Date 2015 Fund (“Target Date 2015” or “Merged Fund”) for shares of Target Date Income (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Fund, respectively. The reorganization took place at the close of business on January 3, 2025.

On the reorganization date, the Merged Fund had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:



Merged Fund	Total Investment Value		Total Investment Cost
Target Date 2015		$9,917,131		$9,944,860

The purpose of the transaction was to combine two funds with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 3, 2025:



Merged Fund			Class		Shares
Target Date 2015				R1			1,426
				R2			4,936
				R3			1,471
				R4			1,484
				R5			29,059
				R6			959,512


Acquiring Fund	Class		Shares		Value
Target Date Income		R1		1,412		$	14,163
		R2		4,892			49,062
		R3		1,458			14,626
		R4		1,469			14,732
		R5		28,756			289,031
		R6		949,850			9,536,491

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:



Merged Fund	Class		Unrealized Depreciation on Investments				Net Assets
Target Date 2015		R1		$	(40	)		$	14,163
		R2			(137	)			49,062
		R3			(41	)			14,626
		R4			(41	)			14,732
		R5			(808	)			289,031
		R6			(26,662	)			9,536,491



Acquiring Fund	Class		Net Assets
Target Date Income		R1		$	28,619
		R2			30,466
		R3			190,747
		R4			28,653
		R5			939,146
		R6			14,671,840

Assuming the acquisition had been completed on August 1, 2024, the Acquiring Fund’s unaudited pro forma results of operations for the year ended July 31, 2025 would have been as follows:

229

Notes to Financial Statements (continued)

(a)	Net investment income (loss) as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net investment income from the Merged Fund pre-merger as follows: Target Date 2015 $217,391.

(b)	Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (Year ended July 31, 2025) of the Acquiring Fund, plus net realized and unrealized loss on investments from the Merged Fund pre-merger as follows: Target Date 2015 $(64,310).

Since both the Merged Fund and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment funds had been managed as a single integrated fund since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Fund that have been included in the Acquiring Fund’s Statement of Operations since January 3, 2025.

11.	Recent Accounting Pronouncement and Regulatory Developments

In September 2026, the FASB issued Accounting Standards Update (ASU) 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. The ASU requires investment companies to incorporate contractual sale restrictions into the fair value measurement of affected equity securities and disclose the amount of any related valuation discount. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Management is currently evaluating the impact of adopting this guidance on its financial statements.

12.	Subsequent Event

Each Fund’s management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of July 31, 2026.

230

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 5 and Shareholders of PGIM Jennison Diversified Growth Fund, PGIM Jennison Rising Dividend Fund, PGIM Target Date Income Fund, PGIM Target Date 2020 Fund, PGIM Target Date 2025 Fund, PGIM Target Date 2030 Fund, PGIM Target Date 2035 Fund, PGIM Target Date 2040 Fund, PGIM Target Date 2045 Fund, PGIM Target Date 2050 Fund, PGIM Target Date 2055 Fund, PGIM Target Date 2060 Fund, PGIM Target Date 2065 Fund, PGIM Target Date 2070 Fund and PGIM 60/40 Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting Prudential Investment Portfolios 5, hereafter collectively referred to as the “Funds”) as of July 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2026, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PGIM Jennison Diversified Growth Fund ⁽¹⁾

PGIM Jennison Rising Dividend Fund ⁽¹⁾

PGIM Target Date Income Fund ⁽¹⁾

PGIM Target Date 2020 Fund ⁽¹⁾

PGIM Target Date 2025 Fund ⁽¹⁾

PGIM Target Date 2030 Fund ⁽¹⁾

PGIM Target Date 2035 Fund ⁽¹⁾

PGIM Target Date 2040 Fund ⁽¹⁾

PGIM Target Date 2045 Fund ⁽¹⁾

PGIM Target Date 2050 Fund ⁽¹⁾

PGIM Target Date 2055 Fund ⁽¹⁾

PGIM Target Date 2060 Fund ⁽¹⁾

PGIM Target Date 2065 Fund ⁽¹⁾

PGIM Target Date 2070 Fund ⁽²⁾

PGIM 60/40 Allocation Fund ⁽¹⁾

(1) Statement of operations for the year ended July 31, 2026, statement of changes in net assets for the years ended July 31, 2026 and 2025, and the financial highlights for each of the five years in the period ended July 31, 2026

(2) Statement of operations for the year ended July 31, 2026 and statement of changes in net assets and the financial highlights for the year ended July 31, 2026 and the period December 10, 2024 (commencement of operations) through July 31, 2025

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used

231

Approval of Advisory Agreements

PGIM Jennison Diversified Growth Fund

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Jennison Diversified Growth Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the

¹	PGIM Jennison Diversified Growth Fund is a series of Prudential Investment Portfolios 5.

PGIM Jennison Diversified Growth Fund

Approval of Advisory Agreements (continued)

subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of Jennison as well as PGIM Investments’ recommendation, based on its review of Jennison, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments during the year ended December 31, 2025 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its

Visit our website at pgim.com/investments

reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025.

PGIM Jennison Diversified Growth Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2^nd Quartile	1^st Quartile	2^nd Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that while the Fund underperformed its benchmark index over all periods, it had strong performance against peers.

•

The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.00% for Class Z shares and 0.44% for Class R6 shares through November 30, 2026.

•

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Diversified Growth Fund

Approval of Advisory Agreements

PGIM Jennison Rising Dividend Fund

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Jennison Rising Dividend Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1, and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

Several of the material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality and Extent of Services

¹	PGIM Jennison Rising Dividend Fund is a series of Prudential Investment Portfolios 5.

Visit our website at pgim.com/investments

of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as compliance with the Fund’s investment restrictions, policies and procedures. The Board considered PGIM Investments’ evaluation of Jennison, as well as PGIM Investments’ recommendation, based on its review of Jennison, to renew the subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2025 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

PGIM Jennison Rising Dividend Fund

Approval of Advisory Agreements (continued)

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2025. The Board considered that the Fund commenced operations on March 5, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2025. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^st Quartile	1^st Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 3^rd Quartile

•

The Board noted that the Fund outperformed its benchmark index over the one-year period, showing improved performance despite -underperforming over the other periods.

•

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.24% for Class A shares, 1.99% for Class C shares, 0.99% for Class R6 shares, and 0.99% for Class Z shares through November 30, 2026.

•

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

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Approval of Advisory Agreements

PGIM Target Date Funds

The Funds’ Boards of Trustees

The Boards of Trustees (the “Board”) of the PGIM Target Date Funds (each, a “Fund, and collectively, the “Funds”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Funds, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM DC Solutions LLC (“PGIM DC Solutions”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM DC Solutions. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve an agreement with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM DC Solutions, which serves as each Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments and PGIM DC Solutions. The Board noted that PGIM DC Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM

Each of the PGIM Target Date Funds is a series of Prudential Investment Portfolios 5. The PGIM Target Date Funds are: PGIM Target Date Income Fund, PGIM Target Date 2020 Fund, PGIM Target Date 2025 Fund, PGIM Target Date 2030 Fund, PGIM Target Date 2035 Fund, PGIM Target Date 2040 Fund, PGIM Target Date 2045 Fund, PGIM Target Date 2050 Fund, PGIM Target Date 2055 Fund, PGIM Target Date 2060 Fund, and PGIM Target Date 2065 Fund. The Board did not consider or renew the management or subadvisory agreements at the Board Meeting with respect to PGIM Target Date 2070 Fund because that fund recently commenced operations and the sole shareholder of the fund and the Board had previously approved the management and subadvisory agreements for an initial period of two years.

PGIM Target Date Funds

Approval of Advisory Agreements (continued)

Investments’ role as administrator for the Funds’ liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM DC Solutions, including investment research and security selection, as well as adherence to each Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of each Fund and PGIM DC Solutions, and also considered the qualifications, backgrounds and responsibilities of the PGIM DC Solutions portfolio managers who are responsible for the day-to-day management of each Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM DC Solutions’ organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM DC Solutions. The Board also noted that it received favorable compliance reports from the Funds’ Chief Compliance Officer (“CCO”) as to each of PGIM Investments and PGIM DC Solutions.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to each Fund by PGIM DC Solutions, and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments and PGIM DC Solutions under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of each Fund, the management fees of the Funds compared to similarly managed funds and PGIM Investments’ investment in each Fund. The Board noted that economies of scale can be shared with each Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

Other Benefits to PGIM Investments and PGIM DC Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM DC Solutions and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Funds. The Board concluded that the potential benefits to be derived by PGIM DC Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM DC Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

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Performance of the Funds / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year and the three-year periods ended December 31, 2025. The Board considered that each Fund commenced operations on December 13, 2016 and that longer-term performance was not yet available.

The Board also considered each Fund’s actual management fee, as well as each Fund’s net total expense ratio, for the fiscal year ended July 31, 2025. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, for each Fund were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed each Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding each Fund’s performance, fees and overall expenses. For each Fund, the table sets forth net performance comparisons (which reflect the impact on performance of any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of fund expenses, or any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

PGIM Target Date Income Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Fund outperformed its benchmark index over all periods.

•

The Board also considered that, as of March 31, 2026, the Fund outperformed its benchmark index for the year-to-date, one-, three-and five-year periods and ranked in the first quartile of its peer group for the year-to-date and five-year periods.

•

The Board noted that in December 2023, the Fund changed its name, made certain strategy changes and changed components of its custom benchmark. Therefore, the Board noted that the Fund’s performance history prior to this date does not represent the Fund as it is managed today.

•

The Board and PGIM Investments agreed to retain the contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.00% for Class R1 shares, 0.75% for Class R2 shares, 0.60% for Class R3 shares, 0.50% for Class R4 shares, 0.40% for Class R5 shares, and 0.25% for Class R6 shares.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2020 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4^th Quartile	4^th Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

PGIM Target Date Funds

Approval of Advisory Agreements (continued)

•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed its benchmark index over the one-year period.

•

The Board considered PGIM Investments’ assertion that benchmark-relative performance comparisons are more appropriate when evaluating the Fund’s performance given that the Fund is managed to a blended benchmark, which is aligned to its Glidepath return.

•

The Board noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund’s performance history prior to this date does not represent the Fund as it is managed today.

•

The Board considered that over the last 10 years the PGIM Target Date Fund suite has, on average, outperformed their respective benchmarks over a one- and/or three- year basis approximately 75% of the time.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2025 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4th Quartile	4th Quartile	1st Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed over the one-year period.

•

The Board also noted that in December 2023, the Fund changed its name, increased its passive allocation, reduced its weighted average acquired fund fees and expenses for equity funds, and changed components of its custom benchmark and considered that the Fund’s performance history prior to this date does not represent the Fund as it is managed today.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2030 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

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•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed its benchmark index over the one-year period.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2035 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed its benchmark index over the one-year period.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2040 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	4^th Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

PGIM Target Date Funds

Approval of Advisory Agreements (continued)

•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed its benchmark index over the one-year period.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2045 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	4^th Quartile	2^nd Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the five-year period and underperformed its benchmark index over the one- and three-year period.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to renew the agreements. The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2050 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	4^th Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Fund outperformed its benchmark index over the five-year period and underperformed its benchmark index over the one- and three-year periods.

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•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2055 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the five-year period and underperformed its benchmark index over the other periods.

•

The Board also noted that in December 2023, the Fund changed its name, made certain strategy changes, and changed components of its custom benchmark. Therefore, the Board noted that the Fund’s performance history prior to this date does not represent the Fund as it is managed today.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2060 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2^nd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the five-year period and underperformed its benchmark index over the other periods.

PGIM Target Date Funds

Approval of Advisory Agreements (continued)

•

The Board noted that in December 2023, the Fund changed its name, made certain strategy changes, and changed components of its custom benchmark. Therefore, the Board noted that the Fund’s performance history prior to this date does not represent the Fund as it is managed today.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2065 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	3^rd Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 2^nd Quartile

•

The Board noted that the Fund outperformed its benchmark index over the five- year period and underperformed its benchmark index over the other periods.

•

In addition, PGIM Investments is obligated to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Target Date 2070 Fund



Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3^rd Quartile	N/A	N/A	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund underperformed its benchmark index over the one-year period.

•

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Approval of Advisory Agreements

PGIM 60/40 Allocation Fund

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM 60/40 Allocation Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM Quantitative Solutions. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM

¹	PGIM 60/40 Allocation Fund is a series of Prudential Investment Portfolios 5.

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Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of PGIM Quantitative Solutions’ portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Quantitative Solutions’ organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and PGIM Quantitative Solutions.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Quantitative Solutions, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct or indirect costs, and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2025 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of reducing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

Other Benefits to PGIM Investments and PGIM Quantitative Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments

PGIM 60/40 Allocation Fund

Approval of Advisory Agreements (continued)

included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year and the three-year periods ended December 31, 2025. The Board considered that the Fund commenced operations on September 13, 2017 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended July 31, 2025. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.



Net Performance	1 Year	3 Years	5 Years	10Years
Net Performance	3^rd Quartile	1^st Quartile	1^st Quartile	N/A
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods and underperformed its benchmark index over the one-year period.

•

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.40% for Class R6 shares through November 30, 2026.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•The

Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

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Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1)

Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(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.

(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.


Investment Company Act file number:		811-09439

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 5

Address of principal executive offices:		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French

		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		7/31/2026

Date of reporting period:		7/31/2026


Glossary		1
PGIM Jennison Diversified Growth Fund		2
PGIM Jennison Rising Dividend Fund		15
PGIM Target Date Income Fund		28
PGIM Target Date 2020 Fund		40
PGIM Target Date 2025 Fund		52
PGIM Target Date 2030 Fund		64
PGIM Target Date 2035 Fund		76
PGIM Target Date 2040 Fund		88
PGIM Target Date 2045 Fund		100
PGIM Target Date 2050 Fund		112
PGIM Target Date 2055 Fund		124
PGIM Target Date 2060 Fund		136
PGIM Target Date 2065 Fund		148
PGIM Target Date 2070 Fund		160
PGIM 60/40 Allocation Fund		172
Notes to Financial Statements		178

Other Information - Form N-CSR Items 8-11



Class A
Net asset value and redemption price per share, ($353,881,141 ÷ 16,135,408 shares of beneficial interest issued and outstanding)	$	21.93
Maximum sales charge (5.50% of offering price)		1.28


Maximum offering price to public	$	23.21


Class C
Net asset value, offering price and redemption price per share, ($5,636,435 ÷ 430,881 shares of beneficial interest issued and outstanding)	$	13.08


Class Z
Net asset value, offering price and redemption price per share, ($75,108,494 ÷ 3,359,807 shares of beneficial interest issued and outstanding)	$	22.36


Class R6
Net asset value, offering price and redemption price per share, ($3,316,685 ÷ 147,734 shares of beneficial interest issued and outstanding)	$	22.45


Class A

Net asset value, offering price and redemption price per share, ($48,536,559 ÷ 2,367,712 shares of beneficial interest issued and outstanding)	$	20.50
Maximum sales charge (5.50% of offering price)		1.19


Maximum offering price to public	$	21.69


Class C

Net asset value, offering price and redemption price per share, ($20,650,028 ÷ 1,022,128 shares of beneficial interest issued and outstanding)	$	20.20


Class Z

Net asset value, offering price and redemption price per share, ($12,719,813 ÷ 619,977 shares of beneficial interest issued and outstanding)	$	20.52


Class R6

Net asset value, offering price and redemption price per share, ($804,299 ÷ 39,225 shares of beneficial interest issued and outstanding)	$	20.50


Fixed Income	39.6	%
Short-Term	0.0	*

	99.8
Other assets in excess of liabilities	0.2


	100.0	%


Registrant:		Prudential Investment Portfolios 5

By:		/s/ Andrew R. French
		Andrew R. French Secretary

Date:		September 24, 2026


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		September 24, 2026

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		September 24, 2026