Prudential Investment Portfolios 9 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-09101

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 9

Address of principal executive offices:		Gateway Center 3,
		100 Mulberry Street,
		Newark, New Jersey 07102

Name and address of agent for service:		Deborah A. Docs
		Gateway Center 3,
		100 Mulberry Street,
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		10/31/2012

Date of reporting period:		4/30/2012

Item 1 – Reports to Stockholders

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL INTERNATIONAL REAL ESTATE FUND

SEMIANNUAL REPORT ^· APRIL 30, 2012

Fund Type

Sector Stock

Objective

To seek capital appreciation and income

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

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of April 30, 2012, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Prudential Investments, Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

June 15, 2012

Dear Shareholder:

After an extraordinary career at Prudential, Judy Rice retired at the end of 2011 as President of Prudential Investments and President and Trustee of the Prudential International Real Estate Fund (the Fund). While she will remain as Chairman of Prudential Investments until the end of 2012, I was named to succeed her as President of Prudential Investments and President and Trustee of the Fund effective January 1, 2012. I previously served as Executive Vice President of Retail Mutual Fund Distribution for Prudential Investments for the past six years.

Since this is my first letter to shareholders, I would like to recognize Judy for the significant contributions she made in building the Prudential Investments fund family and her unflagging commitment to helping investors like you meet the challenges of a rapidly changing investment environment. My goal is to build on Judy’s accomplishments, with a particular focus on delivering the solutions you need to address your financial goals.

I hope you find the semiannual report for the Fund informative. We recognize that ongoing market volatility may make it a difficult time to be an investor. We continue to believe a prudent response to uncertainty is to maintain a diversified portfolio, including stock and bond mutual funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial professional can help you create a diversified investment plan that reflects your personal investor profile and risk tolerance. Keep in mind that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets. We encourage you to call your financial professional before making any investment decision.

Prudential Investments provides a wide range of mutual funds to choose from that can help you make progress toward your financial goals. Our funds offer the experience, resources, and professional discipline of Prudential Financial’s affiliated asset managers. Thank you for choosing the Prudential Investments family of mutual funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential International Real Estate Fund


Prudential International Real Estate Fund			1

Your Fund’s Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. Class A shares have a maximum initial sales charge of 5.50%. Gross operating expenses: Class A, 2.81%; Class B, 3.62%; Class C, 3.55%; Class Z, 2.57%. Net operating expenses: Class A, 1.60%; Class B, 2.35%; Class C, 1.60%; Class Z, 1.35%, after contractual reduction through 2/28/2013.

Cumulative Total Returns (Without Sales Charges) as of 4/30/12

Six Months

One Year

Since Inception

Class A

5.24

–7.89

–3.29

Class B

5.00

–9.13

–4.77

Class C

5.24

–8.72

–4.34

Class Z

5.57

–8.19

–3.51

FTSE EPRA/NAREIT Developed ex-U.S. Net Index

6.17

–6.53

–1.61

Lipper Equity International Real Estate Funds Average

8.40

–8.28

–3.30

Average Annual Total Returns (With Sales Charges) as of 3/31/12

One Year

Since Inception

Class A

–10.29

–7.50

Class B

–10.90

–7.32

Class C

–6.93

–4.15

Class Z

–5.39

–3.49

FTSE EPRA/NAREIT Developed ex-U.S. Net Index

–4.05

–2.66

Lipper Equity International Real Estate Funds Average

–5.19

–3.69

Source: Prudential Investments LLC and Lipper Inc. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, total returns would be lower.

Inception date: 12/21/10

The average annual total returns take into account applicable sales charges. Class A, Class B, and Class C shares are subject to an annual distribution and service (12b-1) fee of up to 0.30%, 1.00%, and 1.00%, respectively. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. All investors who purchase Class A shares in the amount of $1 million or more and sell these shares within 12 months of purchase are not subject to a front-end sales charge but are subject to a contingent deferred sales charge (CDSC) of 1%. Class B and Class C shares


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are subject to a maximum CDSC of 5% and 1%, respectively. Class Z shares are not subject to a 12b-1 fee or a sales charge. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

Benchmark Definitions

FTSE EPRA/NAREIT Developed ex-U.S. Net Index

The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/NAREIT) Developed ex-U.S. Net Total Return Index is an unmanaged index that tracks the performance of listed REITs and real estate companies globally, excluding the U.S.

Lipper Equity International Real Estate Funds Average

Funds in the Lipper Equity International Real Estate Funds Average invest at least 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the U.S. or whose securities are principally traded outside of the U.S.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/12
Westfield Group, REIT, Retail REITs	5.6	%
Sun Hung Kai Properties Ltd., Diversified Real Estate Activities	4.8
Mitsui Fudosan Co. Ltd., Diversified Real Estate Activities	4.2
Mitsubishi Estate Co. Ltd., Diversified Real Estate Activities	4.1
Unibail-Rodamco, REIT, Retail REITs	3.8

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


Five Largest Industries expressed as a percentage of net assets as of 4/30/12
Diversified Real Estate Activities	27.9	%
Retail REITs	23.5
Diversified REITs	11.7
Real Estate Operating Companies	11.3
Office REITs	4.9

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


Prudential International Real Estate Fund			3

Fees and Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested on November 1, 2011, at the beginning of the period, and held through the six-month period ended April 30, 2012. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and


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expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Prudential International Real Estate Fund		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,052.40		1.60	%	$	8.16
	Hypothetical	$	1,000.00	$	1,016.91		1.60	%	$	8.02

Class B	Actual	$	1,000.00	$	1,050.00		2.35	%	$	11.98
	Hypothetical	$	1,000.00	$	1,013.18		2.35	%	$	11.76

Class C	Actual	$	1,000.00	$	1,052.40		1.60	%	$	8.16
	Hypothetical	$	1,000.00	$	1,016.91		1.60	%	$	8.02

Class Z	Actual	$	1,000.00	$	1,055.70		1.35	%	$	6.90
	Hypothetical	$	1,000.00	$	1,018.15		1.35	%	$	6.77

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2012, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2012 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.


Prudential International Real Estate Fund			5

Portfolio of Investments

as of April 30, 2012 (Unaudited)


Shares	Description	Value (Note 1)

LONG-TERM INVESTMENTS 94.7%
COMMON STOCKS 94.6%

Australia 14.9%
84,500	CFS Retail Property Trust, REIT	$	169,486
35,200	Charter Hall Retail, REIT		121,399
195,800	Dexus Property Group, REIT		190,753
53,500	FKP Property Group		28,151
57,240	Goodman Group, REIT		214,708
72,600	GPT Group, REIT		247,361
54,075	Investa Office Fund, REIT		153,817
68,100	Stockland, REIT		219,966
83,600	Westfield Group, REIT		804,868

			2,150,509

Belgium 0.4%
515	Cofinimmo, REIT		62,206

Brazil 1.8%
6,073	BR Malls Participacoes SA		75,062
20,064	Brookfield Incorporacoes SA		52,946
3,162	Multiplan Empreendimentos Imobiliarios SA		74,482
22,105	PDG Realty SA Empreendimentos e Participacoes(a)		51,953

			254,443

Canada 9.6%
5,441	Boardwalk Real Estate Investment Trust, REIT		323,921
15,581	Brookfield Office Properties, Inc.		282,172
11,300	Canadian Apartment Properties, REIT		265,728
15,800	Chartwell Seniors Housing Real Estate Investment Trust, REIT		149,067
13,400	RioCan Real Estate Investment Trust, REIT		368,149

			1,389,037

Finland 1.2%
21,519	Citycon Oyj		71,212
26,207	Sponda Oyj		105,111

			176,323

France 6.4%
386	Fonciere des Regions, REIT		29,916
739	ICADE, REIT(a)		62,342
8,677	Klepierre, REIT		274,738
95	Societe de la Tour Eiffel, REIT		4,948

See Notes to Financial Statements.


Prudential International Real Estate Fund			7

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

COMMON STOCKS (Continued)

France (cont’d.)
2,955	Unibail-Rodamco, REIT	$	552,307

			924,251

Germany 1.3%
5,315	DIC Asset AG		49,494
3,304	GSW Immobilien AG(a)		109,972
5,186	Prime Office REIT-AG, REIT(a)		27,980

			187,446

Hong Kong 18.7%
155,000	China Overseas Land & Investment Ltd.		336,025
75,000	Hang Lung Properties Ltd.		277,432
34,000	Henderson Land Development Co. Ltd.		193,694
17,000	Hysan Development Co. Ltd.		77,017
8,500	Kerry Properties Ltd.		38,837
67,000	Link (The), REIT		278,927
212,000	New World China Land Ltd.		65,305
102,000	New World Development Co. Ltd.		127,128
82,400	Sino Land Co. Ltd.		142,314
58,000	Sun Hung Kai Properties Ltd.		699,709
65,000	Wharf Holdings Ltd. (The)		387,890
23,000	Wheelock & Co. Ltd.		77,668

			2,701,946

Italy 0.5%
132,700	Beni Stabili SpA, REIT		73,599

Japan 16.0%
5,200	AEON Mall Co. Ltd.		115,997
100	Daito Trust Construction Co. Ltd.		9,031
5,000	Daiwa House Industry Co. Ltd.		64,755
7	Frontier Real Estate Investment Corp., REIT		59,356
33,000	Mitsubishi Estate Co. Ltd.		588,577
33,000	Mitsui Fudosan Co. Ltd.		610,484
8	Nippon Accommodations Fund, Inc., REIT		53,006
22	Nippon Building Fund, Inc., REIT		209,694
9,900	Nomura Real Estate Holdings, Inc.		174,465
31	NTT Urban Development Corp.		23,957
17,000	Sumitomo Realty & Development Co. Ltd.		409,669

			2,318,991

See Notes to Financial Statements.


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Shares	Description	Value (Note 1)

COMMON STOCKS (Continued)

Netherlands 3.6%
1,940	Corio NV, REIT	$	86,823
4,854	Eurocommercial Properties NV, REIT		170,140
2,009	VastNed Retail NV, REIT		98,714
2,317	Wereldhave NV, REIT		163,011

			518,688

Norway 0.7%
71,891	Norwegian Property ASA		106,776

Singapore 8.9%
65,000	Ascendas Real Estate Investment Trust, REIT		109,253
34,000	Cache Logistics Trust, REIT		28,436
58,000	Capitaland Ltd.		137,794
43,000	CapitaMall Trust, REIT		62,545
21,000	CDL Hospitality Trusts, REIT		32,073
24,000	City Developments Ltd.		196,655
58,000	Global Logistic Properties Ltd.(a)		96,549
55,000	Hongkong Land Holdings Ltd.		341,550
167,250	K-REIT Asia, REIT		135,152
31,000	Keppel Land Ltd.		79,410
55,000	Mapletree Commercial Trust, REIT		40,444
38,880	Mapletree Industrial Trust, REIT		35,503

			1,295,364

Sweden 0.5%
20,831	Klovern AB		72,832

United Kingdom 10.1%
12,017	Atrium European Real Estate Ltd.		58,537
11,433	Big Yellow Group PLC, REIT		54,996
35,950	British Land Co. PLC, REIT		285,532
2,797	Derwent London PLC, REIT		79,074
7,674	Great Portland Estates PLC, REIT		44,847
51,476	Hammerson PLC, REIT		348,865
33,717	Land Securities Group PLC, REIT		398,084
54,831	SEGRO PLC, REIT		196,747

			1,466,682

	TOTAL COMMON STOCKS (cost $13,793,950)		13,699,093

See Notes to Financial Statements.


Prudential International Real Estate Fund			9

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

PREFERRED STOCK 0.1%

Sweden 0.1%
495	Klovern AB (PRFC) (cost $10,736)	$	10,181

	TOTAL LONG-TERM INVESTMENTS (cost $13,804,686)		13,709,274

SHORT-TERM INVESTMENT 5.1%

AFFILIATED MONEY MARKET MUTUAL FUND
745,072	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $745,072)(b)		745,072

	TOTAL INVESTMENTS 99.8% (cost $14,549,758; Note 5)		14,454,346
	Other assets in excess of liabilities 0.2%		26,181

	NET ASSETS 100%	$	14,480,527

The following abbreviations are used in the Portfolio descriptions:

PRFC—Preference Shares

REIT—Real Estate Investment Trust

(a)	Non-income producing security.

(b)	Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

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—quoted prices generally for securities actively traded on a regulated securities exchange and for open-end mutual funds which trade at daily net

asset value.

Level 2—other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, foreign currency exchange rates, and amortized cost) generally for debt securities, swaps, forward foreign currency contracts and for foreign stocks priced using vendor modeling tools.

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

See Notes to Financial Statements.


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The following is a summary of the inputs used as of April 30, 2012 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks:
Australia	$	2,150,509	$	—	$	—
Belgium		62,206		—		—
Brazil		254,443		—		—
Canada		1,389,037		—		—
Finland		176,323		—		—
France		924,251		—		—
Germany		187,446		—		—
Hong Kong		2,701,946		—		—
Italy		73,599		—		—
Japan		2,318,991		—		—
Netherlands		518,688		—		—
Norway		106,776		—		—
Singapore		1,295,364		—		—
Sweden		72,832		—		—
United Kingdom		1,466,682		—		—
Preferred Stock—Sweden		10,181		—		—
Affiliated Money Market Mutual Fund		745,072		—		—

Total	$	14,454,346	$	—	$	—

Fair Value of Level 2 investments at 10/31/11 was $11,890,569 which was a result of valuing investments using third party vendor modeling tools. An amount of $11,431,681 was transferred from Level 2 into Level 1 at 4/30/12 as a result of using quoted prices for such foreign securities.

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period.

See Notes to Financial Statements.


Prudential International Real Estate Fund			11

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2012 were as follows:


Diversified Real Estate Activities	27.9	%
Retail REITs	23.5
Diversified REITs	11.7
Real Estate Operating Companies	11.3
Affiliated Money Market Mutual Fund	5.1
Office REITs	4.9
Real Estate Development	4.5
Residential REITs	4.4
Industrial REITs	4.1	%
Specialized REITs	1.6
Homebuilding	0.8

	99.8
Other assets in excess of liabilities	0.2

	100.0	%

The Fund invested in various derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments were equity contracts risk and foreign exchange risk.

The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

The Fund did not hold any derivative instruments as of April 30, 2012, accordingly, no derivative positions were presented in the Statements of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2012 are as follows:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights		Forward Currency Contracts			Total
Foreign exchange contracts	$	—	$	(2	)	$	(2	)
Equity contracts		3,519		—			3,519

Total	$	3,519	$	(2	)	$	3,517


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights
Equity contracts	$	(5,799	)

See Notes to Financial Statements.


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Financial Statements

(Unaudited)


APRIL 30, 2012		SEMIANNUAL REPORT

Prudential International Real Estate Fund

Statement of Assets and Liabilities

as of April 30, 2012 (Unaudited)


Assets
Investments at value:
Unaffiliated Investments (cost $13,804,686)	$	13,709,274
Affiliated Investments (cost $745,072)		745,072
Cash		3,917
Dividends receivable		88,087
Receivable for investments sold		11,624
Tax reclaim receivable		6,338
Due from manager		4,647
Prepaid expenses		138

Total assets		14,569,097


Liabilities
Accrued expenses		37,775
Payable for investments purchased		26,563
Payable to custody		24,103
Affiliated transfer agent fee payable		75
Distribution fee payable		54

Total liabilities		88,570


Net Assets	$	14,480,527


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,561
Paid-in capital in excess of par		15,244,298

		15,245,859
Undistributed net investment income		23,361
Accumulated net realized loss on investment and foreign currency transactions		(694,062	)
Net unrealized depreciation on investments and foreign currencies		(94,631	)

Net Assets, April 30, 2012	$	14,480,527

See Notes to Financial Statements.


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Class A:
Net asset value and redemption price per share ($198,645 ÷ 21,291 shares of beneficial interest issued and outstanding)	$	9.33
Maximum sales charge (5.50% of offering price)		0.54

Maximum offering price to public	$	9.87


Class B:
Net asset value, offering price and redemption price per share ($18,976 ÷ 2,046 shares of beneficial interest issued and outstanding)	$	9.27


Class C:
Net asset value, offering price and redemption price per share ($16,062 ÷ 1,734 shares of beneficial interest issued and outstanding)	$	9.26


Class Z:
Net asset value, offering price and redemption price per share ($14,246,844 ÷ 1,535,606 shares of beneficial interest issued and outstanding)	$	9.28

See Notes to Financial Statements.


Prudential International Real Estate Fund			15

Statement of Operations

Six Months Ended April 30, 2012 (Unaudited)


Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $23,372)	$	277,031
Affiliated dividend income		348

Total income		277,379


Expenses
Management fee		64,500
Distribution fee—Class A		258
Distribution fee—Class B		51
Distribution fee—Class C		36
Custodian’s fees and expenses		28,000
Registration fees		20,000
Audit fee		16,000
Reports to shareholders		12,000
Legal fees and expenses		9,000
Trustees’ fees		5,000
Transfer agent’s fees and expenses (including affiliated expense of $200) (Note 3)		400
Loan interest expense (Note 7)		61
Miscellaneous		10,740

Total expenses		166,046
Expense reimbursement (Note 2)		(78,564	)

Net expenses		87,482

Net investment income		189,897


Realized And Unrealized Gain (Loss) On Investments And Foreign Currencies
Net realized loss on:
Investment transactions		(412,812	)
Foreign currency transactions		(1,453	)

		(414,265	)

Net change in unrealized appreciation (depreciation) on:
Investments		997,854
Foreign currencies		1,396

		999,250

Net gain on investments and foreign currencies		584,985

Net Increase In Net Assets Resulting From Operations	$	774,882

See Notes to Financial Statements.


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Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2012			December 21, 2010* through October 31, 2011
Increase (Decrease) In Net Assets
Operations
Net investment income	$	189,897		$	230,131
Net realized loss on investment and foreign currency transactions		(414,265	)		(272,599	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		999,250			(1,093,881	)

Net increase (decrease) in net assets resulting from operations		774,882			(1,136,349	)


Dividends (Note 1)
Dividends from net investment income
Class A		(4,411	)		—
Class B		(105	)		—
Class C		(955	)		—
Class Z		(420,230	)		—

		(425,701	)		—


Fund share transactions (Note 6)
Net proceeds from shares sold		2,465,084			17,868,451
Net asset value of shares issued in reinvestment of dividends		425,701			—
Cost of shares reacquired		(2,840,953	)		(2,650,588	)

Net increase in net assets from Fund share transactions		49,832			15,217,863

Total increase		399,013			14,081,514

Net Assets
Beginning of period		14,081,514			—

End of period(a)	$	14,480,527		$	14,081,514

(a) Includes undistributed net investment income of:	$	23,361		$	259,165

*	Commencement of operations.

See Notes to Financial Statements.


Prudential International Real Estate Fund			17

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (“1940 Act”), as an open-end, management investment company. The Trust currently consists of three portfolios: Prudential International Real Estate Fund, Prudential Large-Cap Core Equity Fund and Prudential Absolute Return Bond Fund. These financial statements relate only to Prudential International Real Estate Fund (the “Fund”). The financial statements of the other portfolios are not presented herein. The Trust was organized as a Delaware business trust on September 18, 1998. The Fund commenced investment operations on December 21, 2010. The Fund is non-diversified and its investment objective is to seek capital appreciation and income.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of these financial statements.

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via NASDAQ are valued at the NASDAQ official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadviser, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. 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


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size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser 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 mutual funds to calculate their adjusted net asset values.

Investments in open-end, non exchange-traded mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation.

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

(i) market value of investment securities, other assets and liabilities-at the current daily rates of exchange.

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the fiscal period, the Fund does not 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 portfolio securities held at the end of the fiscal period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the fiscal period. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions. Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from holdings of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period-end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other


Prudential International Real Estate Fund			19

Notes to Financial Statements

(Unaudited) continued

factors, the possibility of political or economic instability, or the level of governmental supervision and regulation of foreign securities markets.

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on foreign currencies. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain or loss, if any, is included in net realized gain (loss) on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A master netting agreement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

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


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management. Net investment income or loss (other than distribution fees, which are charged directly to the respective class) and unrealized and realized gains or 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.

The Fund invests in real estate investment trusts (“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 is recorded accordingly. These estimates are adjusted when the actual source of distributions is disclosed by the REITs.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of net realized capital and currency gains, if any, annually.

Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par as appropriate.

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

Withholding taxes on foreign dividends are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI manages the investment operations of the Fund, administers the Fund’s affairs and supervises the Subadviser’s performance of all investment advisory services. PI has entered into a subadvisory agreement with Prudential Real Estate Investors (“PREI”), which is a business unit of Prudential Investment Management, Inc. (“PIM”). The subadvisory agreement provides that PREI will furnish investment advisory services in


Prudential International Real Estate Fund			21

Notes to Financial Statements

(Unaudited) continued

connection with the management of the Fund. In connection therewith, PREI is obligated to keep certain books and records of the Fund. Pursuant to the advisory agreement, PI pays for the services of PREI, the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of 1.00% of the Fund’s average daily net assets.

PI has contractually agreed though February 28, 2013 to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses, such as taxes, interest and brokerage commissions) of each class of shares to 1.35% of the Fund’s average daily net assets.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, B, C and Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, B and C shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1%, and 1% of the average daily net assets of the Class A, B, and C shares, respectively. PIMS has contractually agreed through February 28, 2013 to limit such fees to .25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it has received $621 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2012. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2012, there were no contingent deferred sales charges imposed.

PI, PIM and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).


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Note 3. Other Transactions with Affiliates

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

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2. The Core Fund is a money market mutual fund registered under the 1940 Act, as amended, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as affiliated dividend income.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended April 30, 2012, were $1,895,268 and $2,624,046, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2012 were as follows:


Tax Basis	Appreciation	Depreciation	Net Unrealized Depreciation
$14,734,663	$600,526	$(880,843)	$(280,317)

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales as of the most recent fiscal year end.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2011 of approximately $190,000 which expires in 2019. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such carryforward. Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), the Fund is permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. However, any post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to the taxable years beginning prior to the effective date


Prudential International Real Estate Fund			23

Notes to Financial Statements

(Unaudited) continued

of the Act may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Management has analyzed the Fund’s tax positions and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period.

Note 6. Capital

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are sold subject to a maximum front-end sales charge of up to 5.50%. Investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge, but are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months after purchase. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of April 30, 2012, Prudential owned 206 Class A shares, 103 Class C shares and 1,039,874 Class Z shares of the Fund.


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Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended April 30, 2012:
Shares sold		5,658		$	51,637
Shares issued in reinvestment of dividends and distributions		560			4,411
Shares reacquired		(73,410	)		(656,946	)

Net increase (decrease) in shares outstanding		(67,192	)	$	(600,898	)

Period December 21, 2010* through October 31, 2011:
Shares sold		144,845		$	1,498,855
Shares reacquired		(56,362	)		(570,029	)

Net increase (decrease) in shares outstanding		88,483		$	928,826

Class B
Six months ended April 30, 2012:
Shares sold		1,646		$	14,686
Shares issued in reinvestment of dividends and distributions		13			105
Shares reacquired		(103	)		(954	)

Net increase (decrease) in shares outstanding		1,556		$	13,837

Period December 21, 2010* through October 31, 2011:
Shares sold		864		$	8,834
Shares reacquired		(374	)		(3,533	)

Net increase (decrease) in shares outstanding		490		$	5,301

Class C
Six months ended April 30, 2012:
Shares sold		12,477		$	115,011
Shares issued in reinvestment of dividends and distributions		122			955
Shares reacquired		(14,206	)		(128,361	)

Net increase (decrease) in shares outstanding		(1,607	)	$	(12,395	)

Period December 21, 2010* through October 31, 2011:
Shares sold		3,341		$	32,762
Shares reacquired		—			—

Net increase (decrease) in shares outstanding		3,341		$	32,762

*	Commencement of operations.


Prudential International Real Estate Fund			25

Notes to Financial Statements

(Unaudited) continued


Class Z	Shares			Amount
Six months ended April 30, 2012:
Shares sold		267,450		$	2,283,750
Shares issued in reinvestment of dividends and distributions		53,669			420,230
Shares reacquired		(231,677	)		(2,054,692	)

Net increase (decrease) in shares outstanding		89,442		$	649,288

Period December 21, 2010* through October 31, 2011:
Shares sold		1,655,059		$	16,328,000
Shares reacquired		(208,895	)		(2,077,026	)

Net increase (decrease) in shares outstanding		1,446,164		$	14,250,974

*	Commencement of operations.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period December 16, 2011 through December 14, 2012. The Funds pay an annualized commitment fee of .08% of the unused portion of the SCA. Prior to December 16, 2011, the Funds had another SCA of a $750 million commitment with an annualized commitment fee of .10% of the unused portion. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended April 30, 2012. The average daily balance for the 5 days the Fund had debt outstanding during the period was $290,200 at a weighted average interest rate of approximately 1.50%.

Note 8. New Accounting Pronouncements

In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective control for Repurchase Agreements.” The objective of ASU No. 2011-03 is to improve the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity.


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Under previous guidance, whether or not to account for a transaction as a sale was based on, in part, if the entity maintained effective control over the transferred financial assets. ASU No. 2011-03 removes the transferor’s ability criterion from the effective control assessment. This guidance is effective prospectively for interim and annual reporting periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-03 and its impact on the financial statements has not yet been determined.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU No. 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU No. 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements has not yet been determined.


Prudential International Real Estate Fund			27

Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30,			December 21, 2010(e) through October 31,
	2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.20			$10.00
Income (loss) from investment operations:
Net investment income		.11			.07
Net realized and unrealized gain (loss) on investments		.31			(.87	)
Total from investment operations		.42			(.80	)
Less Dividends and Distributions:
Dividends from net investment income		(.29	)		-
Total dividends and distributions		(.29	)		-
Net asset value, end of period		$9.33			$9.20
Total Return(a):		5.12%			(8.00)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$199			$814
Average net assets (000)		$208			$353
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees(c)		1.60%	(f)(h)		1.60%	(f)(h)
Expenses, excluding distribution and service (12b-1) fees		1.35%	(f)(h)		1.35%	(f)(h)
Net investment income		2.53%	(f)(h)		.89%	(f)(h)
Portfolio turnover rate		15%	(g)		30%	(g)

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

(b) Calculations are based on the average daily number of shares outstanding.

(c) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .25% of the average daily net assets of the Class A shares.

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

(e) Commencement of operations.

(f) Annualized.

(g) Not annualized.

(h) Net of expense reimbursement. If the investment manager had not reimbursed expenses, the expense ratios both including and excluding distribution and service (12b-1) fees and the net investment income (loss) ratio would have been 2.76%, 2.51%, and 1.37%, respectively, for the six months ended April 30, 2012 and 3.80%, 3.55% and (1.31)%, respectively, for the period ended October 31, 2011.

See Notes to Financial Statements.


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Class B Shares
	Six Months Ended April 30,			December 21, 2010(d) through October 31,
	2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.08			$10.00
Income (loss) from investment operations:
Net investment income		.11			.11
Net realized and unrealized gain (loss) on investments		.29			(1.03	)
Total from investment operations		.40			(.92	)
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		-
Total dividends and distributions		(.21	)		-
Net asset value, end of period		$9.27			$9.08
Total Return(a):		4.88%			(9.20)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$19			$4
Average net assets (000)		$10			$5
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		2.35%	(e)(f)		2.35%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		1.35%	(e)(f)		1.35%	(e)(f)
Net investment income		2.39%	(e)(f)		1.29%	(e)(f)
Portfolio turnover rate		15%	(g)		30%	(g)

(b) Calculations are based on the average daily number of shares outstanding.

(d) Commencement of operations.

(e) Annualized.

(f) Net of expense reimbursement. If the investment manager had not reimbursed expenses, the expense ratios both including and excluding distribution and service (12b-1) fees and the net investment income (loss) ratio would have been 3.62%, 2.62%, and 1.12%, respectively, for the six months ended April 30, 2012 and 4.55%, 3.55%, and (.91)%, respectively, for the period ended October 31, 2011.

(g) Not annualized.

See Notes to Financial Statements.


Prudential International Real Estate Fund			29

Financial Highlights

(Unaudited) continued


Class C Shares
	Six Months Ended April 30,			December 21, 2010(d) through October 31,
	2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.10			$10.00
Income (loss) from investment operations:
Net investment income		.11			.14
Net realized and unrealized gain (loss) on investments		.31			(1.04	)
Total from investment operations		.42			(.90	)
Less Dividends and Distributions:
Dividends from net investment income		(.26	)		-
Total dividends and distributions		(.26	)		-
Net asset value, end of period		$9.26			$9.10
Total Return(a):		5.12%			(9.00)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$16			$30
Average net assets (000)		$29			$23
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.60%	(e)(f)		1.96%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		1.35%	(e)(f)		1.35%	(e)(f)
Net investment income		2.61%	(e)(f)		1.68%	(e)(f)
Portfolio turnover rate		15%	(g)		30%	(g)

(b) Calculations are based on the average daily number of shares outstanding.

(d) Commencement of operations.

(e) Annualized.

(f) Net of expense reimbursement. If the investment manager had not reimbursed expenses, the expense ratios both including and excluding distribution and service (12b-1) fees and the net investment income (loss) ratio would have been 2.80%, 2.55%, and 1.41%, respectively, for the six months ended April 30, 2012, and 4.16%, 3.55%, and (.52)%, respectively, for the period ended October 31, 2011.

(g) Not annualized.

See Notes to Financial Statements.


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Class Z Shares
	Six Months Ended April 30,			December 21, 2010(d) through October 31,
	2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.15			$10.00
Income (loss) from investment operations:
Net investment income		.13			.18
Net realized and unrealized gain (loss) on investments		.31			(1.03	)
Total from investment operations		.44			(.85	)
Less Dividends and Distributions:
Dividends from net investment income		(.31	)		-
Total dividends and distributions		(.31	)		-
Net asset value, end of period		$9.28			$9.15
Total Return(a):		5.45%			(8.50)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14,247			$13,233
Average net assets (000)		$12,724			$12,252
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.35%	(e)(f)		1.35%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		1.35%	(e)(f)		1.35%	(e)(f)
Net investment income		2.95%	(e)(f)		2.15%	(e)(f)
Portfolio turnover rate		15%	(g)		30%	(g)

(a) 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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Calculations are based on the average daily number of shares outstanding.

(d) Commencement of operations.

(e) Annualized.

(f) Net of expense reimbursement. If the investment manager had not reimbursed expenses, the expense ratios both including and excluding distribution and service (12b-1) fees and the net investment income (loss) ratio would have been 2.57%, 2.57%, and 1.73%, respectively, for the six months ended April 30, 2012 and 3.55%, 3.55%, and (.05)%, respectively, for the period ended October 31, 2011.

(g) Not annualized.

See Notes to Financial Statements.


Prudential International Real Estate Fund			31

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Michael S. Hyland • Douglas H. McCorkindale • Stephen P. Munn • Stuart S. Parker • Richard A. Redeker • Robin B. Smith • Stephen G. Stoneburn

OFFICERS

Stuart S. Parker, President • Judy A. Rice, Vice President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT SUBADVISER	Prudential Real Estate Investors	7 Giralda Farms Madison, NJ 07940

DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to www.prudentialfunds.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential International Real Estate Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month.

Mutual Funds:


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

LOGO

PRUDENTIAL INTERNATIONAL REAL ESTATE FUND


SHARE CLASS	A	B	C	Z
NASDAQ	PUEAX	PUEBX	PUECX	PUEZX
CUSIP	74441J803	74441J886	74441J878	74441J860

MF210E2 0226465-00001-00

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL LARGE-CAP CORE EQUITY FUND

SEMIANNUAL REPORT ^· APRIL 30, 2012

Fund Type

Large Cap Stock

Objective

Long-term after-tax growth of capital

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

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of April 30, 2012, were not audited and, accordingly, no auditor’s opinion is expressed on them.

June 15, 2012

Dear Shareholder:

After an extraordinary career at Prudential, Judy Rice retired at the end of 2011 as President of Prudential Investments and President and Trustee of the Prudential Large-Cap Core Equity Fund (the Fund). While she will remain as Chairman of Prudential Investments until the end of 2012, I was named to succeed her as President of Prudential Investments and President and Trustee of the Fund effective January 1, 2012. I previously served as Executive Vice President of Retail Mutual Fund Distribution for Prudential Investments for the past six years.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Large-Cap Core Equity Fund


Prudential Large-Cap Core Equity Fund			1

Your Fund’s Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. Class A and Class L shares have a maximum initial sales charge of 5.50% and 5.75%, respectively. Gross operating expenses: Class A, 1.48%; Class B, 2.18%; Class C, 2.18%; Class L, 1.68%; Class X, 1.43%; Class Z, 1.18%. Net operating expenses: Class A, 1.20%; Class B, 1.95%; Class C, 1.95%; Class L, 1.45%; Class X, 1.20%; Class Z, 0.95%, after contractual reduction of management fees and/or distribution fees for Class A through 2/28/2013.


Cumulative Total Returns (Without Sales Charges) as of 4/30/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class A		13.41	%		4.25	%		–2.51	%		49.09	%	—
Class B		12.88			3.38			–6.03			38.19		—
Class C		12.87			3.46			–5.96			38.30		—
Class L		13.26			4.02			–3.54			N/A		3.49% (3/19/07)
Class X		13.28			4.19			–1.91			N/A		5.18 (3/19/07)
Class Z		13.44			4.41			–1.33			52.71		—
S&P 500 Index		12.76			4.73			5.13			58.34		—
Lipper Large-Cap Core Funds Average		11.62			2.22			2.24			49.97		—

Average Annual Total Returns (With Sales Charges) as of 3/31/12
				One Year			Five Years			Ten Years			Since Inception
Class A					2.42	%		–0.52	%		3.10	%	—
Class B					2.54			–0.31			2.91		—
Class C					6.51			–0.11			2.91		—
Class L					1.91			–0.79			N/A		–0.27% (3/19/07)
Class X					2.38			0.18			N/A		0.88 (3/19/07)
Class Z					8.56			0.86			3.94		—
S&P 500 Index					8.51			2.01			4.12		—
Lipper Large-Cap Core Funds Average					5.99			1.35			3.66		—


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Inception returns are provided for any share class with less than 10 calendar years of returns.

The average annual total returns take into account applicable sales charges. Class A and Class L shares are subject to a maximum front-end sales charge of 5.50% and 5.75%, respectively, and a 12b-1 fee of 0.30% and 0.50%, respectively, annually. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively, for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales charge, but are subject to a CDSC of 1% for shares sold within 12 months from the date of purchase, and an annual 12b-1 fee of 1%. Class X shares are subject to a CDSC of 6%, which decreases by 1% annually to 4% in the third and fourth years, by 1% annually to 2% in the sixth and seventh years, and to 1% in the eighth year, and a 12b-1 fee of 1% annually. Class X shares will automatically convert to Class A shares approximately ten years after purchase. Class L and Class X shares are not offered to new purchasers and are available only through exchanges from the same share class of certain other Prudential Investments mutual funds. Class Z shares are not subject to a sales charge or 12b-1 fees. The returns in the tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Manager of the Fund has contractually agreed through February 28, 2013, to cap the Fund’s annual operating expenses at 0.95% (exclusive of 12b-1 fees and certain other expenses).

The Distributor of the Fund has contractually agreed through February 28, 2013 to limit the Fund’s Class A distribution and service (12b-1) fees to 0.25% of the Fund’s Class A average daily net assets.

Benchmark Definitions

S&P 500 Index

The S&P 500 Index is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how U.S. stock prices have performed. S&P 500 Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 9.78% for Class L and Class X. S&P 500 Index Closest Month-End to Inception average annual total return as of 3/31/12 is 2.01% for Class L and Class X.

Lipper Large-Cap Core Funds Average

The Lipper Large-Cap Core Funds Average (Lipper Average) represents returns based on an average return of all funds in the Lipper Large-Cap Core Funds category for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have wide latitude in the companies in which they invest. These funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share-growth value compared with the S&P 500 Index. Lipper Average Closest Month-End to Inception


Prudential Large-Cap Core Equity Fund			3

Your Fund’s Performance (continued)

cumulative total return as of 4/30/12 is 6.47% for Class L and Class X. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 1.35% for Class L and Class X.


Five Largest Holdings expressed as a percentage of net assets as of 4/30/12
Apple, Inc., Computers & Peripherals	5.0	%
Exxon Mobil Corp., Oil, Gas & Consumable Fuels	3.9
Chevron Corp., Oil, Gas & Consumable Fuels	2.3
Pfizer, Inc., Pharmaceuticals	2.0
Wells Fargo & Co., Commercial Banks	2.0

Excludes securities purchased with cash received as a result of securities on loan.

Holdings are subject to change.


Five Largest Sectors expressed as a percentage of net assets as of 4/30/12
Information Technology	21.3	%
Financials	13.1
Healthcare	12.6
Energy	12.0
Consumer Discretionary	11.4

Industry weightings are subject to change.


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Fees and Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Prudential Large-Cap Core Equity Fund			5

Fees and Expenses (continued)


Prudential Large-Cap Core Equity Fund		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,134.10		1.20	%	$	6.37
	Hypothetical	$	1,000.00	$	1,018.90		1.20	%	$	6.02

Class B	Actual	$	1,000.00	$	1,128.80		1.95	%	$	10.32
	Hypothetical	$	1,000.00	$	1,015.17		1.95	%	$	9.77

Class C	Actual	$	1,000.00	$	1,128.70		1.95	%	$	10.32
	Hypothetical	$	1,000.00	$	1,015.17		1.95	%	$	9.77

Class L	Actual	$	1,000.00	$	1,132.60		1.45	%	$	7.69
	Hypothetical	$	1,000.00	$	1,017.65		1.45	%	$	7.27

Class X	Actual	$	1,000.00	$	1,132.80		1.20	%	$	6.36
	Hypothetical	$	1,000.00	$	1,018.90		1.20	%	$	6.02

Class Z	Actual	$	1,000.00	$	1,134.40		0.95	%	$	5.04
	Hypothetical	$	1,000.00	$	1,020.14		0.95	%	$	4.77


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Portfolio of Investments

as of April 30, 2012 (Unaudited)


Shares	Description	Value (Note 1)

LONG-TERM INVESTMENTS 98.5%
COMMON STOCKS
CONSUMER DISCRETIONARY 11.4%

Auto Components
2,000	Cooper Tire & Rubber Co.	$	29,900

Automobiles 0.5%
31,600	Ford Motor Co.(a)		356,448
6,500	Thor Industries, Inc.(a)		219,895

			576,343

Distributors 0.3%
5,600	Genuine Parts Co.(a)		362,768

Diversified Consumer Services
1,000	Capella Education Co.*		32,710

Hotels, Restaurants & Leisure 1.7%
900	Choice Hotels International, Inc.		33,858
17,100	McDonald’s Corp.		1,666,395
3,100	Panera Bread Co. (Class A Stock)*		489,552

			2,189,805

Household Durables 1.0%
800	Blyth, Inc.		70,376
2,000	Harman International Industries, Inc.		99,160
2,400	Tempur-Pedic International, Inc.*		141,216
3,600	Tupperware Brands Corp.		224,244
11,100	Whirlpool Corp.		710,622

			1,245,618

Internet & Catalog Retail
200	Amazon.com, Inc.*		46,380

Leisure Equipment & Products 1.0%
1,600	Arctic Cat, Inc.*		70,784
12,000	Polaris Industries, Inc.(a)		953,280
5,100	Sturm, Ruger & Co., Inc.(a)		291,057

			1,315,121

Media 2.3%
13,700	Comcast Corp. (Class A Stock)		415,521

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			7

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

CONSUMER DISCRETIONARY (Continued)

Media (cont’d.)
69,900	News Corp. (Class A Stock)	$	1,370,040
6,000	Time Warner, Inc.(a)		224,760
18,400	Viacom, Inc. (Class B Stock)		853,576
3,560	Walt Disney Co. (The)		153,471

			3,017,368

Multiline Retail 1.3%
5,100	Dollar Tree, Inc.*		518,466
12,700	Macy’s, Inc.		520,954
10,600	Target Corp.		614,164

			1,653,584

Specialty Retail 2.4%
5,000	Ascena Retail Group, Inc.*		102,400
13,600	Home Depot, Inc. (The)		704,344
18,000	Ross Stores, Inc.		1,108,620
29,000	TJX Cos., Inc.		1,209,590

			3,124,954

Textiles, Apparel & Luxury Goods 0.9%
15,100	Coach, Inc.		1,104,716
1,100	True Religion Apparel, Inc.*		29,876

			1,134,592
CONSUMER STAPLES 9.3%

Beverages 1.3%
17,200	Coca-Cola Co. (The)		1,312,704
5,994	PepsiCo, Inc.(a)		395,604

			1,708,308

Food & Staples Retailing 3.0%
30,500	CVS Caremark Corp.		1,360,910
40,100	Kroger Co. (The)		933,127
3,500	Roundy’s, Inc.*		43,330
26,870	Wal-Mart Stores, Inc.		1,582,912

			3,920,279

Food Products 1.3%
2,638	Archer-Daniels-Midland Co.		81,329

See Notes to Financial Statements.


8		Visit our website at www.prudentialfunds.com


Shares	Description	Value (Note 1)

CONSUMER STAPLES (Continued)

Food Products (cont’d.)
6,300	Bunge Ltd.	$	406,350
8,300	Corn Products International, Inc.		473,598
2,100	Dean Foods Co.*(a)		25,788
36,700	Tyson Foods, Inc. (Class A Stock)		669,775

			1,656,840

Household Products 0.9%
18,364	Procter & Gamble Co. (The)		1,168,685

Personal Products 0.5%
7,900	Herbalife Ltd.		555,528

Tobacco 2.3%
42,700	Altria Group, Inc.		1,375,367
2,300	Lorillard, Inc.		311,167
9,100	Philip Morris International, Inc.		814,541
12,100	Reynolds American, Inc.		494,043

			2,995,118
ENERGY 12.0%

Energy Equipment & Services 1.4%
9,300	Halliburton Co.		318,246
11,300	Helmerich & Payne, Inc.(a)		580,707
5,600	National Oilwell Varco, Inc.		424,256
4,700	Schlumberger Ltd.		348,458
6,500	Superior Energy Services, Inc.*		174,980

			1,846,647

Oil, Gas & Consumable Fuels 10.6%
27,584	Chevron Corp.		2,939,351
24,700	ConocoPhillips		1,769,261
2,900	Energy XXI Bermuda Ltd.*(a)		109,272
2,300	EOG Resources, Inc.		252,563
58,274	Exxon Mobil Corp.		5,031,377
14,000	Hess Corp.		729,960
30,500	Marathon Oil Corp.		894,870
18,450	Marathon Petroleum Corp.		767,705
2,800	Murphy Oil Corp.		153,916
10,300	Occidental Petroleum Corp.		939,566
5,800	Valero Energy Corp.		143,260

			13,731,101

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			9

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

FINANCIALS 13.1%

Capital Markets 2.4%
4,000	Franklin Resources, Inc.	$	502,040
10,800	Goldman Sachs Group, Inc. (The)		1,243,620
7,900	Raymond James Financial, Inc.		289,298
5,000	State Street Corp.		231,100
13,100	T Rowe Price Group, Inc.		826,807

			3,092,865

Commercial Banks 3.0%
12,300	BB&T Corp.(a)		394,092
21,600	KeyCorp		173,664
59,200	Regions Financial Corp.		399,008
13,691	US Bancorp		440,439
76,664	Wells Fargo & Co.		2,562,878

			3,970,081

Consumer Finance 1.3%
27,500	Discover Financial Services		932,250
14,000	Nelnet, Inc. (Class A Stock)		361,480
28,000	SLM Corp.		415,240

			1,708,970

Diversified Financial Services 2.0%
57,068	Bank of America Corp.		462,821
8,870	Citigroup, Inc.		293,065
42,700	JPMorgan Chase & Co.		1,835,246

			2,591,132

Insurance 2.1%
6,500	ACE Ltd.		493,805
12,600	Assurant, Inc.		508,284
9,500	Berkshire Hathaway, Inc. (Class B Stock)*		764,275
8,000	MetLife, Inc.		288,240
2,200	Symetra Financial Corp.		26,752
24,400	Unum Group		579,256
900	Validus Holdings Ltd.		29,250

			2,689,862

Real Estate Investment Trusts 2.0%
21,000	American Capital Agency Corp.		656,040

See Notes to Financial Statements.


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Shares	Description	Value (Note 1)

FINANCIALS (Continued)

Real Estate Investment Trusts (cont’d.)
3,500	Camden Property Trust	$	236,845
2,500	Corporate Office Properties Trust		58,875
5,700	Franklin Street Properties Corp.		57,399
6,900	Hospitality Properties Trust		190,302
18,000	Inland Real Estate Corp.(a)		154,800
2,500	PennyMac Mortgage Investment Trust		50,725
6,300	Simon Property Group, Inc.		980,280
20,300	Winthrop Realty Trust		216,601

			2,601,867

Real Estate Management & Development 0.3%
4,400	Jones Lang LaSalle, Inc.		351,736
HEALTHCARE 12.6%

Biotechnology 2.5%
17,600	Amgen, Inc.		1,251,536
6,600	Biogen Idec, Inc.*		884,466
14,700	Celgene Corp.*		1,071,924

			3,207,926

Healthcare Equipment & Supplies 1.1%
21,700	Covidien PLC		1,198,491
500	Intuitive Surgical, Inc.*		289,100

			1,487,591

Healthcare Providers & Services 3.2%
23,200	Aetna, Inc.		1,021,728
16,800	Coventry Health Care, Inc.		503,832
4,200	Humana, Inc.		338,856
22,200	UnitedHealth Group, Inc.		1,246,530
14,600	WellPoint, Inc.		990,172

			4,101,118

Life Sciences Tools & Services 0.6%
13,800	Thermo Fisher Scientific, Inc.		767,970

Pharmaceuticals 5.2%
20,400	Abbott Laboratories		1,266,024
10,900	Eli Lilly & Co.		451,151
18,099	Johnson & Johnson		1,178,064

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			11

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

HEALTHCARE (Continued)

Pharmaceuticals (cont’d.)
30,300	Merck & Co., Inc.	$	1,188,972
114,634	Pfizer, Inc.		2,628,557

			6,712,768
INDUSTRIALS 9.8%

Aerospace & Defense 2.4%
1,700	Alliant Techsystems, Inc.		90,610
14,500	General Dynamics Corp.		978,750
6,800	Honeywell International, Inc.		412,488
8,700	L-3 Communications Holdings, Inc.		639,798
6,200	Northrop Grumman Corp.(a)		392,336
1,200	TransDigm Group, Inc.*		151,344
5,500	United Technologies Corp.		449,020

			3,114,346

Air Freight & Logistics 1.0%
7,500	FedEx Corp.		661,800
8,800	United Parcel Service, Inc. (Class B Stock)		687,632

			1,349,432

Commercial Services & Supplies 0.1%
5,400	Copart, Inc.*		142,614

Electrical Equipment 0.6%
1,600	Acuity Brands, Inc.		88,912
3,000	AMETEK, Inc.		150,990
2,500	Emerson Electric Co.		131,350
1,200	Generac Holdings, Inc.*		28,896
4,000	Rockwell Automation, Inc.		309,360

			709,508

Industrial Conglomerates 1.6%
102,000	General Electric Co.		1,997,160

Machinery 2.2%
4,700	AGCO Corp.*		218,879
7,300	Cummins, Inc.		845,559
14,800	Deere & Co.		1,218,928
1,000	Eaton Corp.		48,180
800	NACCO Industries, Inc. (Class A Stock)		90,776

See Notes to Financial Statements.


12		Visit our website at www.prudentialfunds.com


Shares	Description	Value (Note 1)

INDUSTRIALS (Continued)

Machinery (cont’d.)
9,100	Oshkosh Corp.*(a)	$	207,753
800	Parker Hannifin Corp.		70,152
2,300	Toro Co. (The)		164,358

			2,864,585

Road & Rail 1.5%
8,300	Norfolk Southern Corp.		605,319
12,200	Union Pacific Corp.		1,371,768

			1,977,087

Trading Companies & Distributors 0.4%
1,700	Applied Industrial Technologies, Inc.		66,810
1,800	MSC Industrial Direct Co., Inc. (Class A Stock)		132,678
1,600	W.W. Grainger, Inc.		332,512

			532,000
INFORMATION TECHNOLOGY 21.3%

Communications Equipment 3.5%
84,150	Cisco Systems, Inc.		1,695,622
2,900	F5 Networks, Inc.*		388,397
11,900	Motorola Solutions, Inc.		607,257
2,900	Netgear, Inc.*		111,650
27,400	QUALCOMM, Inc.		1,749,216

			4,552,142

Computers & Peripherals 7.0%
10,990	Apple, Inc.*		6,420,798
60,500	Dell, Inc.*		990,385
45,900	EMC Corp.*		1,294,839
10,125	Hewlett-Packard Co.		250,695
1,600	Western Digital Corp.*		62,096

			9,018,813

Internet Software & Services 1.2%
23,300	Akamai Technologies, Inc.*		759,580
1,400	Google, Inc. (Class A Stock)*(a)		847,322

			1,606,902

IT Services 3.9%
3,700	Fiserv, Inc.*		260,073

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			13

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)

INFORMATION TECHNOLOGY (Continued)

IT Services (cont’d.)
8,570	International Business Machines Corp.	$	1,774,676
3,200	Mastercard, Inc. (Class A Stock)		1,447,264
12,800	Visa, Inc. (Class A Stock)		1,574,144

			5,056,157

Semiconductors & Semiconductor Equipment 1.7%
75,700	Intel Corp.		2,149,880

Software 4.0%
16,200	CA, Inc.(a)		428,004
18,400	Intuit, Inc.		1,066,648
56,500	Microsoft Corp.		1,809,130
65,600	Oracle Corp.		1,927,984

			5,231,766
MATERIALS 4.6%

Chemicals 2.0%
1,200	A. Schulman, Inc.		29,532
3,000	CF Industries Holdings, Inc.		579,180
9,700	Eastman Chemical Co.		523,509
2,700	Koppers Holdings, Inc.		104,976
3,400	Kronos Worldwide, Inc.(a)		80,716
800	LSB Industries, Inc.*		27,136
4,700	LyondellBasell Industries NV (Class A Stock)		196,366
4,000	Mosaic Co. (The)		211,280
6,100	PPG Industries, Inc.		641,964
2,100	Rockwood Holdings, Inc.*		116,214
700	Valspar Corp.		35,805

			2,546,678

Containers & Packaging 0.4%
19,300	Owens-Illinois, Inc.*		448,725

Metals & Mining 2.2%
8,200	Alcoa, Inc.		79,786
5,200	Coeur d’Alene Mines Corp.*		112,060
14,300	Commercial Metals Co.		211,354
26,900	Freeport-McMoRan Copper & Gold, Inc.		1,030,270
8,000	Reliance Steel & Aluminum Co.		447,120
18,800	Southern Copper Corp.(a)		618,144

See Notes to Financial Statements.


14		Visit our website at www.prudentialfunds.com


Shares	Description	Value (Note 1)

MATERIALS (Continued)

Metals & Mining (cont’d.)
28,200	Steel Dynamics, Inc.	$	360,114

			2,858,848

Paper & Forest Products
800	Schweitzer-Mauduit International, Inc.		54,256
TELECOMMUNICATION SERVICES 2.4%

Diversified Telecommunication Services
39,468	AT&T, Inc.		1,298,892
45,800	Verizon Communications, Inc.		1,849,404

			3,148,296
UTILITIES 2.0%

Electric Utilities 1.3%
21,700	American Electric Power Co., Inc.		842,828
1,500	El Paso Electric Co.		45,960
3,300	Entergy Corp.		216,348
20,400	PPL Corp.		557,940

			1,663,076

Multi-Utilities 0.5%
2,200	Ameren Corp.		72,138
18,900	Public Service Enterprise Group, Inc.		588,735

			660,873

Water Utilities 0.2%
7,500	American Water Works Co., Inc.		256,800

	Total long-term investments (cost $92,960,199)		127,535,479


Principal Amount (000)
SHORT-TERM INVESTMENTS 6.6%

United States Government Security 0.3%
$ 400	United States Treasury Bill, 0.025%, 06/28/12 (cost $399,984)(b)(c)		399,952

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			15

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Shares	Description	Value (Note 1)
SHORT-TERM INVESTMENTS (Continued)

Affiliated Money Market Mutual Fund 6.3%
8,144,183	Prudential Investment Portfolios - 2 Prudential Core Taxable Money Market Fund (cost $8,144,183; includes $6,542,070 of cash collateral received for securities on loan) (Note 3)(d)(e)	$	8,144,183

	Total short-term investments (cost $8,544,167)		8,544,135

	Total Investments 105.1% (cost $101,504,366; Note 5)		136,079,614
	Liabilities in excess of other assets(f) (5.1%)		(6,560,057	)

	Net Assets 100.0%	$	129,519,557

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $6,341,871; cash collateral of $6,542,070 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b)	Rate quoted represents yield-to-maturity as of purchase date.

(c)	Represents security, or a portion thereof, segregated as collateral for futures contracts.

(d)	Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

(e)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

(f)	Includes net unrealized appreciation on the following derivative contracts held at reporting period end:

Open future contracts outstanding at April 30, 2012:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2012		Unrealized Appreciation
		Long Positions:
	29	E-mini S&P 500 Futures		Jun. 2012	$	1,987,615	$	2,020,720	$	33,105

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—quoted prices generally for securities actively traded on a regulated securities exchange and for open-end mutual funds which trade at daily net asset value.

See Notes to Financial Statements.


16		Visit our website at www.prudentialfunds.com

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

The following is a summary of the inputs used as of April 30, 2012 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	127,535,479	$	—	$	—
Affiliated Money Market Mutual Fund		8,144,183		—		—
United States Government Security		—		399,952		—
Other Financial Instruments*
Futures		33,105		—		—

Total	$	135,712,767	$	399,952	$	—

*	Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are recorded at the unrealized appreciation/depreciation on the instrument.

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2012 were as follows:


Information Technology	21.3	%
Financials	13.1
Healthcare	12.6
Energy	12.0
Consumer Discretionary	11.4
Industrials	9.8
Consumer Staples	9.3
Affiliated Money Market Mutual Fund (including 5.1% of collateral received for securities on loan)	6.3
Materials	4.6	%
Telecommunication Services	2.4
Utilities	2.0
United States Government Security	0.3

	105.1
Liabilities in excess of other assets	(5.1	)

	100.0	%

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			17

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2012 as presented in the Statement of Assets and Liabilities:

Derivatives not designated
as hedging instruments,
carried at fair value

Asset Derivatives

Liability Derivatives

Balance
Sheet Location

Fair
Value

Balance
Sheet Location

Fair
Value

Equity contracts

—

Due to broker—variation margin

33,105

*	Includes cumulative appreciation/depreciation on futures contracts as reported in Portfolio of Investments. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2012 are as follows:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Futures
Equity contracts	$	200,587


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Futures
Equity contracts	$	(42,675	)

For the six months ended April 30, 2012, the Fund’s average value at trade date for futures long position was $1,698,641.

See Notes to Financial Statements.


18		Visit our website at www.prudentialfunds.com

Financial Statements

(Unaudited)


APRIL 30, 2012		SEMIANNUAL REPORT

Prudential Large-Cap Core Equity Fund

Statement of Assets and Liabilities

as of April 30, 2012 (Unaudited)


Assets
Investments at value, including securities on loan of $6,341,871:
Unaffiliated Investments (cost $93,360,183)	$	127,935,431
Affiliated Investments (cost $8,144,183)		8,144,183
Receivable for Fund shares sold		165,653
Dividends and interest receivable		110,819
Prepaid expenses		660

Total assets		136,356,746


Liabilities
Payable to broker for collateral for securities on loan		6,542,070
Accrued expenses		108,731
Payable for Fund shares reacquired		83,197
Management fee payable		46,543
Distribution fee payable		35,899
Affiliated transfer agent fee payable		13,644
Due to broker—variation margin		7,105

Total liabilities		6,837,189


Net Assets	$	129,519,557


Net assets were comprised of:
Shares of beneficial interest, at par	$	10,527
Paid-in capital in excess of par		91,682,321

		91,692,848
Undistributed net investment income		203,582
Accumulated net realized gain on investment and financial futures transactions		3,014,774
Net unrealized appreciation on investments		34,608,353

Net assets, April 30, 2012	$	129,519,557

See Notes to Financial Statements.


20		Visit our website at www.prudentialfunds.com


Class A
Net asset value and redemption price per share ($66,507,394 ÷ 5,365,459 shares of beneficial interest issued and outstanding)	$	12.40
Maximum sales charge (5.50% of offering price)		.72

Maximum offering price to public	$	13.12


Class B
Net asset value, offering price and redemption price per share ($3,630,323 ÷ 309,976 shares of beneficial interest issued and outstanding)	$	11.71


Class C
Net asset value, offering price and redemption price per share ($21,211,426 ÷ 1,809,696 shares of beneficial interest issued and outstanding)	$	11.72


Class L
Net asset value, offering price and redemption price per share ($4,097,945 ÷ 330,828 shares of beneficial interest issued and outstanding)	$	12.39


Class X
Net asset value, offering price and redemption price per share ($622,195 ÷ 52,050 shares of beneficial interest issued and outstanding)	$	11.95


Class Z
Net asset value, offering price and redemption price per share ($33,450,274 ÷ 2,658,680 shares of beneficial interest issued and outstanding)	$	12.58

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			21

Statement of Operations

Six Months Ended April 30, 2012 (Unaudited)


Net Investment Income
Income
Unaffiliated dividends (net of foreign withholding taxes of $13,001)	$	1,280,115
Affiliated income from securities loaned, net		4,145
Affiliated dividend income		849
Interest		104

Total income		1,285,213


Expenses
Management fee		407,039
Distribution fee—Class A		79,165
Distribution fee—Class B		18,958
Distribution fee—Class C		103,257
Distribution fee—Class L		9,884
Distribution fee—Class M		1,551
Distribution fee—Class X		931
Transfer agent’s fees and expenses (including affiliated expense of $26,300) (Note 3)		171,000
Registration fees		53,000
Custodian’s fees and expenses		43,000
Reports to shareholders		22,000
Audit fee		11,000
Legal fees and expenses		11,000
Trustees’ fees		7,000
Insurance		1,000
Loan interest expense (Note 7)		165
Miscellaneous		9,600

Total expenses		949,550
Less: Management fee waiver (Note 2)		(141,266	)

Net expenses		808,284

Net investment income		476,929


Realized And Unrealized Gain (Loss) On Investments
Net realized gain on:
Investment transactions		3,132,189
Financial futures transactions		200,587

		3,332,776

Net change in unrealized appreciation (depreciation) on:
Investments		11,982,191
Financial futures contracts		(42,675	)

		11,939,516

Net gain on investments		15,272,292

Net Increase In Net Assets Resulting From Operations	$	15,749,221

See Notes to Financial Statements.


22		Visit our website at www.prudentialfunds.com

Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2012			Year Ended October 31, 2011
Increase (Decrease) In Net Assets
Operations
Net investment income	$	476,929		$	1,044,368
Net realized gain on investment transactions		3,332,776			49,321,321
Net change in unrealized appreciation (depreciation) on investments		11,939,516			(22,522,002	)

Net increase in net assets resulting from operations		15,749,221			27,843,687


Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(595,220	)		(107,588	)
Class B		(12,057	)		—
Class C		(62,241	)		—
Class L		(28,457	)		—
Class M		(1,808	)		—
Class X		(8,207	)		(2,994	)
Class Z		(395,158	)		(638,260	)

		(1,103,148	)		(748,842	)

Distributions from net realized gains
Class A		(4,106,809	)		—
Class B		(280,388	)		—
Class C		(1,447,462	)		—
Class L		(255,983	)		—
Class M		(42,040	)		—
Class X		(54,719	)		—
Class Z		(2,115,448	)		—

		(8,302,849	)		—


Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		2,897,844			116,185,903
Net asset value of shares issued in reinvestment of dividends and distributions		9,057,480			192,729
Cost of shares reacquired		(13,252,269	)		(262,798,860	)

Net decrease in net assets from Fund share transactions		(1,296,945	)		(146,420,228	)


Capital Contributions (Note 2)
Class X		34			247

Total increase (decrease)		5,046,313			(119,325,136	)

Net Assets:
Beginning of period		124,473,244			243,798,380

End of period(a)	$	129,519,557		$	124,473,244

(a) Includes undistributed net investment income of:	$	203,582		$	829,801
	��

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			23

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of three funds: Prudential Large-Cap Core Equity Fund (the “Fund”), Prudential International Real Estate Fund and Prudential Absolute Return Bond Fund. These financial statements relate to Prudential Large-Cap Core Equity Fund, a diversified fund. The financial statements of the Prudential International Real Estate Fund and Prudential Absolute Return Bond Fund are not presented herein. The Trust was organized as a business trust in Delaware on September 18, 1998. The Fund commenced investment operations on March 3, 1999.

The Fund’s investment objective is to seek long-term after-tax growth of capital.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via NASDAQ are valued at the NASDAQ official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadvisers, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the last sale price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Prices may be obtained


24		Visit our website at www.prudentialfunds.com

from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Funds’ normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair valuation 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 issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser 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 mutual funds to calculate their net asset values.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short-term debt securities of sufficient credit quality, which mature in sixty days or less, are valued at amortized cost, which approximates fair value. The amortized cost method includes valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term debt securities, which mature in more than sixty days, are valued at fair value.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is 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. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities using the collateral in the open market. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.


Prudential Large-Cap Core Equity Fund			25

Notes to Financial Statements

(Unaudited) continued

Subsequent payments, known as “variation margin”, are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures transactions.

The Fund invests in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in value of equities. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. Financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

With exchange-traded futures, there is a minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange traded futures and guarantees the futures contracts against default.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on an identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an accrual basis. Expenses are recorded on the accrual basis. Net investment income or loss (other than distribution fees which are charged directly to the respective class) and unrealized and realized gains or 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.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of net realized capital gains, if any, annually. Dividends and


26		Visit our website at www.prudentialfunds.com

distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time related income is earned.

Note 2. Agreements

The Trust has a management agreement for the Fund with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Quantitative Management Associates LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. PI pays for the services of QMA, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of .65% of the Fund’s average daily net assets up to and including $500 million and .60% of the Fund’s average daily net assets in excess of $500 million. The effective management fee rate was .65% for the six months ended April 30, 2012.

Effective July 1, 2011, PI has contractually agreed through February 28, 2013 to waive a portion of the Fund’s management fees so that the Fund’s annual operating expenses (exclusive of distribution and service (12b-1) fees, and certain other expenses such as taxes, interest, and brokerage commissions) do not exceed ..95% of the Fund’s average daily net assets.


Prudential Large-Cap Core Equity Fund			27

Notes to Financial Statements

(Unaudited) continued

The Fund has distribution agreements with Prudential Investment Management Services LLC (“PIMS”) and Prudential Annuities Distributors, Inc. (“PAD”). PIMS and PAD are both affiliates of PI and indirect, wholly-owned subsidiaries of Prudential. PIMS serves as the distributor of the Fund’s Class A, Class B, Class C, and Class Z shares. PIMS, together with PAD, serves as co-distributor of the Fund’s Class L, Class M, and Class X shares.

The Fund has adopted a separate Distribution and Service plan (each a “Plan” and collectively the “Plans”) for the Class A, Class B, Class C, Class L, Class M, and Class X shares of the Fund in accordance with Rule 12b-1 of the 1940 Act, as amended. No distribution or service fees are paid to PIMS as distributor for the Fund’s Class Z shares.

Under the Plans, the Fund compensates PIMS and PAD a distribution and service fee at the annual rate of .30%, 1.00%, 1.00%, .50%, 1.00%, and 1.00% of the average daily net assets of the Class A, B, C, L, M, and X shares, respectively. Through February 28, 2013, PIMS has contractually agreed to limit such fees to .25% of the average daily net assets of the Class A shares.

Management has received the maximum allowable amount of sales charges for Class X in accordance with regulatory limits. As such, any contingent deferred sales charges received by the manager are contributed back into the Fund and included in the Statement of Changes in Net Assets and Financial Highlights as a contribution to capital.

During the year ended October 31, 2008, management determined that Class X shareholders had been charged sales charges in excess of regulatory limits. The manager has paid this class for the overcharge which is reflected in the Financial Highlights for the years ended October 31, 2008 and October 31, 2007.

PIMS has advised the Fund that it received $8,642 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2012. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2012, it received $143, $2,884, and $75 in contingent deferred sales charges imposed upon certain redemptions by Class A, B, and C, shareholders, respectively.


28		Visit our website at www.prudentialfunds.com

PI, QMA, PAD and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

Note 3. Other Transactions with Affiliates

Prudential Investment Management, Inc., (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. For the six months ended April 30, 2012, PIM has been compensated in the amount of approximately $1,200 for these services.

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a series of the Prudential Investment Portfolios 2 registered under the 1940 Act, as amended, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as affiliated dividend income.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended April 30, 2012, were $50,835,215 and $61,964,477, respectively.

Note 5. Distributions and Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2012 were as follows:

Tax Basis of
Investments

Appreciation

Depreciation

Net
Unrealized

Appreciation

$101,755,117

$34,703,253

$(378,756)

$34,324,497

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales for the most recent reporting period end.

The Fund utilized capital loss carryforward to offset net taxable capital gains realized in the year ended October 31, 2011 of approximately $40,440,000.


Prudential Large-Cap Core Equity Fund			29

Notes to Financial Statements

(Unaudited) continued

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class L, Class M, Class X and Class Z shares. Class A and Class L shares are sold with a front-end sales charge of up to 5.50% and 5.75%, respectively. Purchases of $1 million or more are subject to a contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of their purchase. The Class A shares CDSC is waived for purchases by certain retirement and/or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares approximately seven years after purchase. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months of purchase. Class L shares are closed to most new purchases (with the exception of reinvested dividends and purchases by certain college savings plans). Class L shares are only exchangeable with Class L shares offered by the other Prudential Investments Funds. Class M shares automatically convert to Class A shares approximately eight years after purchase. As of April 13, 2012, the last conversion of Class M shares to Class A shares was completed. There are no Class M shares outstanding and Class M shares are no longer being offered for sale. Class X shares are closed to new purchases. Class X shares will automatically convert to Class A shares approximately ten years after purchase. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for a sale to a limited group of investors.

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

The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value.


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Transactions in shares of common stock were as follows:


Class A	Shares			Amount
Six months ended April 30, 2012:
Shares sold		128,721		$	1,508,207
Shares issued in reinvestment of dividends and distributions		412,009			4,499,141
Shares reacquired		(548,822	)		(6,404,751	)

Net increase (decrease) in shares outstanding before conversion		(8,092	)		(397,403	)
Shares issued upon conversion from Class B, M and X		143,774			1,681,293
Shares reacquired upon conversion into Class Z		(1,994	)		(24,219	)

Net increase (decrease) in shares outstanding		133,688		$	1,259,671

Year ended October 31, 2011:
Shares sold		226,434		$	2,718,176
Shares issued in reinvestment of dividends		8,951			102,580
Shares reacquired		(1,129,537	)		(13,433,437	)

Net increase (decrease) in shares outstanding before conversion		(894,152	)		(10,612,681	)
Shares issued upon conversion from Class B, M, X and Z		333,907			3,979,299
Shares reacquired upon conversion into Class Z		(64,388	)		(789,446	)

Net increase (decrease) in shares outstanding		(624,633	)	$	(7,422,828	)

Class B
Six months ended April 30, 2012:
Shares sold		20,102		$	222,436
Shares issued in reinvestment of dividends and distributions		26,934			278,772
Shares reacquired		(31,750	)		(354,482	)

Net increase (decrease) in shares outstanding before conversion		15,286			146,726
Shares reacquired upon conversion into Class A		(65,797	)		(726,395	)

Net increase (decrease) in shares outstanding		(50,511	)	$	(579,669	)

Year ended October 31, 2011:
Shares sold		36,242		$	410,489
Shares reacquired		(73,858	)		(828,131	)

Net increase (decrease) in shares outstanding before conversion		(37,616	)		(417,642	)
Shares reacquired upon conversion into Class A		(109,632	)		(1,218,226	)

Net increase (decrease) in shares outstanding		(147,248	)	$	(1,635,868	)


Prudential Large-Cap Core Equity Fund			31

Notes to Financial Statements

(Unaudited) continued


Class C	Shares			Amount
Six months ended April 30, 2012:
Shares sold		41,908		$	460,743
Shares issued in reinvestment of dividends and distributions		138,334			1,433,143
Shares reacquired		(210,854	)		(2,321,110	)

Net increase (decrease) in shares outstanding before conversion		(30,612	)		(427,224	)
Shares reacquired upon conversion into Class Z		(1,083	)		(12,512	)

Net increase (decrease) in shares outstanding		(31,695	)	$	(439,736	)

Year ended October 31, 2011:
Shares sold		39,452		$	443,412
Shares reacquired		(344,619	)		(3,901,637	)

Net increase (decrease) in shares outstanding before conversion		(305,167	)		(3,458,225	)
Shares reacquired upon conversion into Class Z		(1,009	)		(11,062	)

Net increase (decrease) in shares outstanding		(306,176	)	$	(3,469,287	)

Class L
Six months ended April 30, 2012:
Shares sold		61		$	728
Shares issued in reinvestment of dividends and distributions		25,537			278,864
Shares reacquired		(20,118	)		(238,826	)

Net increase (decrease) in shares outstanding		5,480		$	40,766

Year ended October 31, 2011:
Shares sold		660		$	7,600
Shares reacquired		(59,311	)		(703,599	)

Net increase (decrease) in shares outstanding		(58,651	)	$	(695,999	)
		��
Class M
Period ended April 13, 2012*:
Shares sold		14		$	154
Shares issued in reinvestment of dividends and distributions		3,887			40,276
Shares reacquired		(2,084	)		(22,170	)

Net increase (decrease) in shares outstanding before conversion		1,817			18,260
Shares reacquired upon conversion into Class A		(67,391	)		(744,750	)

Net increase (decrease) in shares outstanding		(65,574	)	$	(726,490	)

Year ended October 31, 2011:
Shares sold		3,295		$	37,625
Shares reacquired		(135,762	)		(1,581,318	)

Net increase (decrease) in shares outstanding before conversion		(132,467	)		(1,543,693	)
Shares reacquired upon conversion into Class A		(193,614	)		(2,207,754	)

Net increase (decrease) in shares outstanding		(326,081	)	$	(3,751,447	)


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Class X	Shares			Amount
Six months ended April 30, 2012:
Shares sold		64		$	738
Shares issued in reinvestment of dividends and distributions		5,974			62,910
Shares reacquired		(8,711	)		(99,709	)

Net increase (decrease) in shares outstanding before conversion		(2,673	)		(36,061	)
Shares reacquired upon conversion into Class A		(18,328	)		(210,148	)

Net increase (decrease) in shares outstanding		(21,001	)	$	(246,209	)

Year ended October 31, 2011:
Shares sold		137		$	1,592
Shares issued in reinvestment of dividends		270			2,994
Shares reacquired		(15,943	)		(182,574	)

Net increase (decrease) in shares outstanding before conversion		(15,536	)		(177,988	)
Shares reacquired upon conversion into Class A		(42,317	)		(496,947	)

Net increase (decrease) in shares outstanding		(57,853	)	$	(674,935	)

Class Z
Six months ended April 30, 2012:
Shares sold		57,733		$	704,838
Shares issued in reinvestment of dividends and distributions		222,617			2,464,374
Shares reacquired		(320,115	)		(3,811,221	)

Net increase (decrease) in shares outstanding before conversion		(39,765	)		(642,009	)
Shares issued upon conversion from Class A and C		2,975			36,731

Net increase (decrease) in shares outstanding		(36,790	)	$	(605,278	)

Year ended October 31, 2011:
Shares sold		9,171,981		$	112,567,009
Shares issued in reinvestment of dividends		7,501			87,155
Shares reacquired		(19,225,188	)		(242,168,164	)

Net increase (decrease) in shares outstanding before conversion		(10,045,706	)		(129,514,000	)
Shares issued upon conversion from Class A and C		64,428			800,508
Shares reacquired upon conversion into Class A		(4,881	)		(56,372	)

Net increase (decrease) in shares outstanding		(9,986,159	)	$	(128,769,864	)

*	As of April 13, 2012, the last conversion of Class M shares to Class A shares was completed. There are no Class M shares outstanding and Class M shares are no longer being offered for sale.

Note 7. Borrowings


Prudential Large-Cap Core Equity Fund			33

Notes to Financial Statements

(Unaudited) continued

annualized commitment fee of 0.08% of the unused portion of the SCA. Prior to December 16, 2011, the Funds had another Syndicated Credit Agreement of a $750 million commitment with an annualized commitment fee of 0.10% of the unused portion. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended April 30, 2012. The average daily balance for the 19 days the Fund had loans outstanding during the period was approximately $204,000, borrowed at a weighted average interest rate of 1.53%. At April 30, 2012, the Fund did not have an outstanding loan amount.

Note 8. New Accounting Pronouncements

In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. The objective of ASU No. 2011-03 is to improve the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. Under previous guidance, whether or not to account for a transaction as a sale was based on, in part, if the entity maintained effective control over the transferred financial assets. ASU No. 2011-03 removes the transferor’s ability criterion from the effective control assessment. This guidance is effective prospectively for interim and annual reporting periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-03 and its impact on the financial statements has not yet been determined.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU No. 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU No. 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements has not yet been determined.


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Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2012(a)			2011(a)			2010(a)			2009(a)			2008(a)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.84			$11.01			$9.71			$9.32			$14.85			$13.01
Income (loss) from investment operations:
Net investment income		.05			.05			.05			.09			.12			.09
Net realized and unrealized gain (loss) on investment transactions		1.41			.80			1.30			.40			(5.54	)		1.82
Total from investment operations		1.46			.85			1.35			.49			(5.42	)		1.91
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.02	)		(.05	)		(.10	)		(.11	)		(.07	)
Distributions from net realized gains		(.79	)		-			-			-			-	��		-
Total dividends and distributions		(.90	)		(.02	)		(.05	)		(.10	)		(.11	)		(.07	)
Net asset value, end of period		$12.40			$11.84			$11.01			$9.71			$9.32			$14.85
Total Return(b):		13.41%			7.71%			13.92%			5.40%			(36.75)%			14.72%

Ratios/Supplemental Data:
Net assets, end of period (000)		$66,507			$61,961			$64,473			$62,739			$68,021			$109,231
Average net assets (000)		$63,655			$65,724			$64,562			$58,578			$93,917			$95,001
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.20%	(d)(e)(f)		1.55%	(d)(e)		1.48%			1.55%			1.34%			1.16%
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(f)		1.27%	(d)		1.18%			1.25%			1.06%			.91%
Net investment income		.85%	(d)(f)		.43%	(d)		.45%			1.10%			.94%			.67%
Portfolio turnover rate		41%	(g)		121%			116%			116%			96%			90%

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

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

(d) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratios would have been 1.43%, 1.18%, and .62%, respectively, for the six months ended April 30, 2012 and 1.67%, 1.39% and .31%, respectively, for the year ended October 31, 2011.

(e) Effective July 1, 2011, the distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .25% of the average daily net assets of the Class A shares through February 28, 2013.

(f) Annualized.

(g) Not Annualized.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			35

Financial Highlights

(Unaudited) continued


Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2012(a)			2011(a)			2010(a)			2009(a)			2008(a)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.20			$10.47			$9.26			$8.87			$14.14			$12.42
Income (loss) from investment operations:
Net investment income (loss)		.01			(.03	)		(.02	)		.04			.03			.01
Net realized and unrealized gain (loss) on investment transactions		1.32			.76			1.23			.37			(5.29	)		1.71
Total from investment operations		1.33			.73			1.21			.41			(5.26	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		-			-			(.02	)		(.01	)		-
Distributions from net realized gains		(.79	)		-			-			-			-			-
Total dividends and distributions		(.82	)		-			-			(.02	)		(.01	)		-
Net asset value, end of period		$11.71			$11.20			$10.47			$9.26			$8.87			$14.14
Total Return(b):		12.88%			6.97%			13.07%			4.67%			(37.22)%			13.85%

Ratios/Supplemental Data:
Net assets, end of period (000)		$3,630			$4,038			$5,317			$6,555			$9,269			$24,883
Average net assets (000)		$3,811			$4,886			$5,904			$6,912			$16,689			$28,960
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.95%	(d)(e)		2.27%	(d)		2.18%			2.25%			2.06%			1.91%
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(e)		1.27%	(d)		1.18%			1.25%			1.06%			.91%
Net investment income (loss)		.13%	(d)(e)		(.28)%	(d)		(.22)%			.48%			.25%			(.03)%
Portfolio turnover rate		41%	(f)		121%			116%			116%			96%			90%

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

(d) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income (loss) ratios would have been 2.18%, 1.18%, and (.10)%, respectively, for the six months ended April 30, 2012 and 2.38%, 1.38% and (.39)%, respectively, for the year ended October 31, 2011.

(e) Annualized.

(f) Not Annualized.

See Notes to Financial Statements.


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Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2012(a)			2011(a)			2010(a)			2009(a)			2008(a)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.21			$10.48			$9.26			$8.87			$14.14			$12.42
Income (loss) from investment operations:
Net investment income (loss)		.01			(.03	)		(.02	)		.04			.03			(.01	)
Net realized and unrealized gain (loss) on investment transactions		1.32			.76			1.24			.37			(5.29	)		1.73
Total from investment operations		1.33			.73			1.22			.41			(5.26	)		1.72
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		-			-			(.02	)		(.01	)		-
Distributions from net realized gains		(.79	)		-			-			-			-			-
Total dividends and distributions		(.82	)		-			-			(.02	)		(.01	)		-
Net asset value, end of period		$11.72			$11.21			$10.48			$9.26			$8.87			$14.14
Total Return(b):		12.87%			6.97%			13.17%			4.67%			(37.22)%			13.85%

Ratios/Supplemental Data:
Net assets, end of period (000)		$21,211			$20,636			$22,496			$24,601			$30,243			$57,391
Average net assets (000)		$20,756			$22,444			$23,934			$24,715			$45,712			$50,597
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.95%	(d)(e)		2.27%	(d)		2.18%			2.25%			2.06%			1.91%
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(e)		1.27%	(d)		1.18%			1.25%			1.06%			.91%
Net investment income (loss)		.10%	(d)(e)		(.28)%	(d)		(.24)%			.44%			.23%			(.08)%
Portfolio turnover rate		41%	(f)		121%			116%			116%			96%			90%

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

(d) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment loss ratios would have been 2.18%, 1.18%, and (.13)%, respectively, for the six months ended April 30, 2012 and 2.39%, 1.39% and (.40)%, respectively, for the year ended October 31, 2011.

(e) Annualized.

(f) Not Annualized.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			37

Financial Highlights

(Unaudited) continued


Class L Shares
	Six Months Ended April 30,			Year Ended October 31,												March 16, 2007(a) through October 31,
	2012(e)			2011(e)			2010(e)			2009(e)			2008(e)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.82			$11.00			$9.70			$9.30			$14.83			$13.16
Income (loss) from investment operations:
Net investment income		.04			.03			.03			.08			.09			.03
Net realized and unrealized gain (loss) on investment transactions		1.41			.79			1.30			.39			(5.54	)		1.64
Total from investment operations		1.45			.82			1.33			.47			(5.45	)		1.67
Less Dividends and Distributions:
Dividends from net investment income		(.09	)		-			(.03	)		(.07	)		(.08	)		-
Distributions from net realized gains		(.79	)		-			-			-			-			-
Total dividends and distributions		(.88	)		-			(.03	)		(.07	)		(.08	)		-
Net asset value, end of period		$12.39			$11.82			$11.00			$9.70			$9.30			$14.83
Total Return(b):		13.26%			7.45%			13.74%			5.21%			(36.94)%			12.69%

Ratios/Supplemental Data:
Net assets, end of period (000)		$4,098			$3,847			$4,222			$4,860			$6,113			$12,962
Average net assets (000)		$3,974			$4,181			$4,625			$4,965			$9,856			$8,583
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.45%	(d)(f)		1.77%	(f)		1.68%			1.75%			1.56%			1.41%	(d)
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(f)		1.27%	(f)		1.18%			1.25%			1.06%			.91%	(d)
Net investment income		.60%	(d)(f)		.22%	(f)		.27%			.94%			.73%			.31%	(d)
Portfolio turnover rate		41%	(g)		121%			116%			116%			96%			90%	(g)

(a) Commencement of offering.

(d) Annualized.

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

(f) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratios would have been 1.68%, 1.18%, and .37%, respectively, for the six months ended April 30, 2012 and 1.89%, 1.39% and .10%, respectively, for the year ended October 31, 2011.

(g) Not Annualized.

See Notes to Financial Statements.


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Class M Shares
	Period Ended April 13,			Year Ended October 31,													March 16, 2007(a) through October 31,
	2012(e)(h)			2011(e)			��	2010(e)			2009(e)			2008(e)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.21			$10.48				$9.26			$8.87			$14.14			$12.59
Income (loss) from investment operations:
Net investment income (loss)		.02			(.03	)			(.02	)		.04			.03			(.02	)
Net realized and unrealized gain (loss) on investment transactions		1.15			.76				1.24			.37			(5.29	)		1.57
Total from investment operations		1.17			.73				1.22			.41			(5.26	)		1.55
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		-				-			(.02	)		(.01	)		-
Distributions from net realized gains		(.79	)		-				-			-			-			-
Total dividends and distributions		(.82	)		-				-			(.02	)		(.01	)		-
Net asset value, end of period		$11.56			$11.21				$10.48			$9.26			$8.87			$14.14
Total Return(b):		11.33%			6.97%				13.17%			4.67%			(37.22)%			12.31%

Ratios/Supplemental Data:
Net assets, end of period (000)		$33			$735				$4,103			$8,052			$15,423			$42,909
Average net assets (000)		$344			$2,311				$5,918			$10,385			$29,289			$29,146
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.95%	(d)(f)		2.30%	(f)			2.18%			2.25%			2.06%			1.91%	(d)
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(f)		1.30%	(f)			1.18%			1.25%			1.06%			.91%	(d)
Net investment income (loss)		.41%	(d)(f)		(.27)%	(f)			(.15)%			.55%			.24%			(.19)%	(d)
Portfolio turnover rate		41%	(g)(i)		121%				116%			116%			96%			90%	(g)

(a) Commencement of offering.

(d) Annualized.

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

(f) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income (loss) ratios would have been 2.18%, 1.18%, and .18%, respectively, for the period ended April 13, 2012 and 2.36%, 1.36% and (.33)%, respectively, for the year ended October 31, 2011.

(g) Not Annualized.

(h) As of April 13, 2012, the last conversion of Class M shares to Class A shares was completed. There are no Class M shares outstanding and Class M shares are no longer being offered for sale.

(i) Calculated as of April 30, 2012.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			39

Financial Highlights

(Unaudited) continued


Class X Shares
	Six Months Ended April 30,			Year Ended October 31,												March 16, 2007(a) through October 31,
	2012(f)			2011(f)			2010(f)			2009(f)			2008(f)			2007(d)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$11.46			$10.65			$9.40			$8.97			$14.16			$12.60
Income (loss) from investment operations:
Net investment income		.05			.05			.06			.12			.13			.04
Net realized and unrealized gain (loss) on investment transactions		1.35			.78			1.24			.40			(5.28	)		1.56
Total from investment operations		1.40			.83			1.30			.52			(5.15	)		1.60
Less Dividends and Distributions:
Dividends from net investment income		(.12	)		(.02	)		(.05	)		(.10	)		(.06	)		(.07	)
Distributions from net realized gains		(.79	)		-			-			-			-			-
Total dividends and distributions		(.91	)		(.02	)		(.05	)		(.10	)		(.06	)		(.07	)
Capital Contributions (Note 2)		-	(h)		-	(h)		-	(h)		.01			.02			.03
Net asset value, end of period		$11.95			$11.46			$10.65			$9.40			$8.97			$14.16
Total Return(b):		13.28%			7.84%			13.91%			6.00%			(36.25)%			12.93%	(g)

Ratios/Supplemental Data:
Net assets, end of period (000)		$622			$837			$1,394			$2,096			$2,767			$6,283
Average net assets (000)		$748			$1,137			$1,689			$2,245			$4,698			$3,939
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.20%	(e)(i)		1.53%	(i)		1.43%			1.50%			1.38%			1.29%	(e)
Expenses, excluding distribution and service (12b-1) fees		.95%	(e)(i)		1.28%	(i)		1.18%			1.25%			1.06%			.91%	(e)
Net investment income		.89%	(e)(i)		.46%	(i)		.56%			1.46%			1.08%			.42%	(e)
Portfolio turnover rate		41%	(j)		121%			116%			116%			96%			90%	(j)

(a) Commencement of offering.

(d) Certain information has been adjusted to reflect a manager payment for sales charges incurred by shareholders in excess of regulatory limits.

(e) Annualized.

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

(g) Total return has been adjusted to reflect the manager payment for sales charges in excess of regulatory limits.

(h) Less than $.005 per share.

(i) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratios would have been 1.43%, 1.18%, and .66%, respectively, for the six months ended April 30, 2012 and 1.63%, 1.38% and .36%, respectively, for the year ended October 31, 2011.

(j)	Not Annualized.

See Notes to Financial Statements.


40		Visit our website at www.prudentialfunds.com


Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2012(a)			2011(a)			2010(a)			2009(a)			2008(a)			2007
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$12.03			$11.18			$9.87			$9.47			$15.09			$13.21
Income (loss) from investment operations:
Net investment income		.07			.07			.08			.08			.15			.13
Net realized and unrealized gain (loss) on investment transactions		1.42			.83			1.30			.45			(5.63	)		1.85
Total from investment operations		1.49			.90			1.38			.53			(5.48	)		1.98
Less Dividends and Distributions:
Dividends from net investment income		(.15	)		(.05	)		(.07	)		(.13	)		(.14	)		(.10	)
Distributions from net realized gains		(.79	)		-			-			-			-			-
Total dividends and distributions		(.94	)		(.05	)		(.07	)		(.13	)		(.14	)		(.10	)
Net asset value, end of period		$12.58			$12.03			$11.18			$9.87			$9.47			$15.09
Total Return(b):		13.44%			8.04%			14.09%			5.83%			(36.64)%			15.06%

Ratios/Supplemental Data:
Net assets, end of period (000)		$33,450			$32,419			$141,793			$202,941			$36,602			$23,950
Average net assets (000)		$32,623			$144,295			$145,193			$90,113			$20,386			$21,053
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		.95%	(d)(e)		1.42%	(d)		1.18%			1.25%			1.06%			.91%
Expenses, excluding distribution and service (12b-1) fees		.95%	(d)(e)		1.42%	(d)		1.18%			1.25%			1.06%			.91%
Net investment income		1.11%	(d)(e)		.58%	(d)		.76%			.96%			1.25%			.93%
Portfolio turnover rate		41%	(f)		121%			116%			116%			96%			90%

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

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

(d) Net of management fee waiver. If the investment manager had not waived expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratios would have been 1.18%, 1.18%, and .88%, respectively, for the six months ended April 30, 2012 and 1.44%, 1.44% and .56%, respectively, for the year ended October 31, 2011.

(e) Annualized.

(f) Not Annualized.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			41

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.prudentialfunds.com

PROXY VOTING

TRUSTEES

OFFICERS

Stuart S. Parker, President • Judy A. Rice, Vice President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary •
Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT SUBADVISER	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Large-Cap Core Equity Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

Mutual Funds:


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

LOGO

PRUDENTIAL LARGE-CAP CORE EQUITY FUND

SHARE CLASS

NASDAQ

PTMAX

PTMBX

PTMCX

N/A

PTEZX

CUSIP

74441J100

74441J209

74441J308

74441J506

74441J704

74441J407

MF187E2 0226460-00001-00

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL ABSOLUTE RETURN BOND FUND

SEMIANNUAL REPORT ^· APRIL 30, 2012

Fund Type

Absolute Return Bond

Objective

To seek positive returns over the long term, regardless of market conditions

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

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of April 30, 2012, were not audited and, accordingly, no auditor’s opinion is expressed on them.

June 15, 2012

Dear Shareholder:

After an extraordinary career at Prudential, Judy Rice retired at the end of 2011 as President of Prudential Investments and President and Trustee of the Prudential Absolute Return Bond Fund (the Fund). While she will remain as Chairman of Prudential Investments until the end of 2012, I was named to succeed her as President of Prudential Investments and President and Trustee of the Fund effective January 1, 2012. I previously served as Executive Vice President of Retail Mutual Fund Distribution for Prudential Investments for the past six years.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Absolute Return Bond Fund


Prudential Absolute Return Bond Fund			1

Your Fund’s Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. Class A shares have a maximum initial sales charge of 4.50%. Gross operating expenses: Class A, 2.05%; Class C, 2.75%; Class Q, 1.74%; Class Z, 1.75%. Net operating expenses: Class A, 1.19%; Class C, 1.94%; Class Q, 0.93%; Class Z, 0.94%, after contractual reduction through 2/28/2013.


Cumulative Total Returns (Without Sales Charges) as of 4/30/12
	Six Months			One Year			Since Inception
Class A		2.38	%		0.61	%		1.09	%
Class C		2.07			–0.23			0.30
Class Q		2.69			0.82			1.56
Class Z		2.57			0.65			1.41
BofAML USD LIBOR 3-Month CM Index		0.25			0.36			0.39
Lipper Absolute Return Funds Average		1.16			–3.01			–1.94

Average Annual Total Returns (With Sales Charges) as of 3/31/12
				One Year			Since Inception
Class A					–3.60	%		–3.57	%
Class C					–0.75			0.23
Class Q					1.40			1.39
Class Z					1.26			1.25
BofAML USD LIBOR 3-Month CM Index					0.35			0.35
Lipper Absolute Return Funds Average					–1.71			–1.71

Inception date: 3/30/11

The average annual total returns take into account applicable sales charges. Class A shares are subject to a maximum front-end sales charge of 4.50%, and an annual 12b-1 fee of up to 0.30%. Investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class C shares are not subject to a front-end sales charge, but are subject to a CDSC of 1% for shares sold within 12 months from the date of


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purchase, and an annual 12b-1 fee of 1%. Class Q and Class Z shares are not subject to a sales charge or 12b-1 fees. The returns in the tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

Benchmark Definitions

BofAML USD LIBOR 3-Month CM Index

The BofA Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity (CM) Index is an unmanaged index which tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

Lipper Absolute Return Funds Average

Funds in the Lipper Absolute Return Funds Average aim for positive returns in all market conditions. The funds are not benchmarked against a traditional long-only market index but rather have the aim of outperforming a cash or risk-free benchmark.


Distributions and Yields as of 4/30/12
	Total Distributions Paid for Six Months		30-Day SEC Yield
Class A	$	0.18		2.33	%
Class C		0.14		1.87
Class Q		0.20		2.63
Class Z		0.19		2.89


Five Largest Holdings expressed as a percentage of net assets as of 4/30/12
U.S. Treasury Note, 4.25%, 9/30/2012	5.4	%
Trimaran CLO Ltd. (Cayman Islands), Ser. 2006-2A, Class A1L, 144A	2.3
Grosvenor Place CLO BV (Netherlands), Ser. I-X, Class A1, RegS	1.6
LCM LP (Cayman Islands), Ser. 2010-8A, Class A, 144A	1.3
LCM LP (Cayman Islands), Ser. 2005-3A, Class A, 144A	1.3

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


Prudential Absolute Return Bond Fund			3

Your Fund’s Performance (continued)


Credit Quality* expressed as a percentage of net assets as of 4/30/12
U.S. Government & Agency	6.7	%
Aaa	32.6
Aa	3.6
A	9.6
Baa	19.8
Ba	15.3
B	11.0
Not Rated	3.5
Total Investments	102.1
Liabilities in excess of other assets	–2.1
Net Assets	100.0	%

*Source: Moody’s rating, defaulting to S&P when not rated by Moody’s.

Credit Quality is subject to change.


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Fees and Expenses (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Prudential Absolute Return Bond Fund			5

Fees and Expenses (continued)

expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Prudential Absolute Return Bond Fund		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,023.80		1.19	%	$	5.99
	Hypothetical	$	1,000.00	$	1,018.95		1.19	%	$	5.97

Class C	Actual	$	1,000.00	$	1,020.70		1.94	%	$	9.75
	Hypothetical	$	1,000.00	$	1,015.22		1.94	%	$	9.72

Class Q	Actual	$	1,000.00	$	1,026.90		0.93	%	$	4.69
	Hypothetical	$	1,000.00	$	1,020.24		0.93	%	$	4.67

Class Z	Actual	$	1,000.00	$	1,025.70		0.94	%	$	4.73
	Hypothetical	$	1,000.00	$	1,020.19		0.94	%	$	4.72


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Portfolio of Investments

as of April 30, 2012 (Unaudited)


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

LONG-TERM INVESTMENTS 99.2%
ASSET-BACKED SECURITIES 23.6%

Collateralized Loan Obligations, Debt Obligations and Other Asset-Backed Securities 15.0%
Apidos CDO (Cayman Islands), Ser. 2006-4A, Class A1, 144A(a)	Aaa	0.716%		10/27/18	$	500	$	476,818
Ser. 2011-8A, Class A1, 144A(a)	Aaa	1.966		10/17/21		250		248,305
Fuel Trust, Sec’d. Notes, 144A	Baa2	4.207		04/15/16		200		208,843
Grosvenor Place CLO BV (Netherlands), Ser. I-X, Class A1, RegS(a)	Aaa	0.991		07/20/21	EUR	494		615,631
Gulf Stream Sextant CLO Ltd. (Cayman Islands), Ser. 2006-1A, Class A1A, 144A(a)	Aaa	0.723		08/21/20		243		236,665
Hewett’s Island CDO Ltd. (Cayman Islands), Ser. 2004-1A, Class A1, 144A(a)	Aaa	0.814		12/15/16		162		160,479
LCM LP (Cayman Islands),
Ser. 2005-3A, Class A, 144A(a)	Aaa	0.748		06/01/17		500		486,759
Ser. 2010-8A, Class A, 144A(a)	AAA(b)	2.067		01/14/21		500		503,368
Lightpoint CLO Ltd. (Cayman Islands), Ser. 2005-3A, Class A1A, 144A(a)	Aaa	0.734		09/15/17		407		394,545
Monument Park CDO Ltd. (Cayman Islands), Ser. 2004-1A, Class A1, 144A(a)	Aaa	1.016		01/20/16		170		168,214
Mountain Capital CLO Ltd. (Cayman Islands), Ser. 2004-3A, Class A2L, 144A(a)	Aaa	1.303		02/15/16		200		193,651
Ser. 2005-4A, Class A1L, 144A(a)	Aaa	0.724		03/15/18		494		478,055
Primus CLO Ltd. (Cayman Islands), Ser. 2006-1A, Class A1A, 144A(a)	Aaa	0.702		01/15/19		203		198,089

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			7

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations, Debt Obligations and Other Asset-Backed Securities (cont’d.)
Rosedale CLO Ltd. (Cayman Islands), Ser. I-A, Class A1S, 144A(a)	Aaa	0.716%		07/24/21	$	198	$	191,854
Stanfield Vantage CLO Ltd. (Cayman Islands), Ser. 2005-1A, Class A1, 144A(a)	Aaa	0.774		03/21/17		235		229,299
Trimaran CLO Ltd. (Cayman Islands), Ser. 2006-2A, Class A1L, 144A(a)	Aaa	0.797		11/01/18		900		872,088

								5,662,663

Residential Mortgage-Backed Securities 8.6%
Argent Securities, Inc., Ser. 2003-W5, Class M1(a)	Baa1	0.939		10/25/33		159		122,383
Bear Stearns Asset Backed Securities Trust, Ser. 2003-3, Class A2(a)	A3	0.829		06/25/43		248		215,807
Chase Funding Mortgage Loan Asset-Backed Certificates, Ser. 2002-3, Class 2A1(a)	A1	0.879		08/25/32		316		231,805
Citigroup Mortgage Loan Trust, Inc., Ser. 2005-OPT1, Class M1(a)	Aa3	0.659		02/25/35		317		257,005
Countrywide Asset-Backed Certificates, Ser. 2004-1, Class M1(a)	Ba1	0.989		03/25/34		390		301,601
Credit-Based Asset Servicing and Securitization LLC, Ser. 2003-CB3, Class AF1	A2	3.379		12/25/32		301		252,206
Ser. 2003-CB5, Class M1(a)	Ba1	1.259		11/25/33		344		277,373
Finance America Mortgage Loan Trust, Ser. 2003-1, Class M1(a)	Ba1	1.289		09/25/33		370		295,210
HSBC Home Equity Loan Trust, Ser. 2006-2, Class A2(a)	Aaa	0.420		03/20/36		237		218,641
Ser. 2007-3, Class A4(a)	Aa2	1.740		11/20/36		250		203,051

See Notes to Financial Statements.


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Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Residential Mortgage-Backed Securities (cont’d.)
Morgan Stanley ABS Capital I, Ser. 2004-WMC1, Class M1(a)	Ba1	1.169%		06/25/34	$	298	$	236,063
Residential Asset Securities Corp., Ser. 2005-KS8, Class M1(a)	Baa3	0.649		08/25/35		300		264,259
Specialty Underwriting & Residential Finance, Ser. 2003-BC4, Class M1(a)	Ba3	1.139		11/25/34		274		212,036
Structured Asset Securities Corp., Ser. 2005-WF4, Class M1(a)	Baa3	0.639		11/25/35		250		176,078

								3,263,518

TOTAL ASSET-BACKED SECURITIES (cost $8,961,279)								8,926,181


BANK LOANS(a) 6.3%

Automotive 0.7%
Chrysler LLC	Ba2	5.220		05/24/17		83		84,282
Delphi Corp.	Baa2	3.500		03/31/17		163		163,042

								247,324

Banking 0.3%
JBS USA LLC	Ba3	4.250		05/25/18		99		99,002

Capital Goods 0.7%
Dealer Computer Services, Inc.	Ba2	3.750		04/21/18		82		82,306
Hertz Corp.	Ba1	1.000		03/12/18		100		97,000
Terex Corp.	Ba2	5.500		04/28/17		100		100,246

								279,552

Chemicals 0.5%
Ashland, Inc.	Baa3	3.750		08/23/18		99		99,551
Houghton International, Inc.	B1	6.750		01/29/16		99		99,243

								198,794

Consumer 0.2%
Visant Corp.	Ba3	5.250		12/22/16		94		92,866

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			9

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

BANK LOANS(a) (Continued)

Electric 0.3%
AES Corp.	Ba1	4.250%		06/01/18	$	99	$	99,268
Texas Competitive Electric Holdings Co. LLC	B2	4.741		10/10/17		48		26,570

								125,838

Foods 0.4%
OSI Restaurant Partners, Inc.	B3	0.294		06/14/13		45		44,466
OSI Restaurant Partners, Inc.	B3	2.563		06/14/14		103		101,474

								145,940

Gaming 0.3%
Scientific Games Corp.	Ba1	2.995		06/30/15		100		99,500

Healthcare & Pharmaceutical 1.5%
Drumm Investors LLC	B1	4.023		05/04/18		99		93,464
HCA, Inc.	Ba3	3.720		03/31/17		200		196,778
HCR HealthCare LLC	Ba3	5.000		04/06/18		99		97,391
PTS Acquisition Corp.	Ba3	4.474		09/15/16		49		49,388
RPI Finance Trust	Baa2	4.000		05/09/18		149		148,884

								585,905

Metals 0.3%
Schaeffler AG	B1	6.000		01/27/17		100		100,417

Real Estate Investment Trusts 0.3%
C.B. Richard Ellis Services, Inc.	Ba1	3.740		09/04/19		99		98,630

Technology 0.8%
CDW LLC	B1	4.000		07/15/17		87		85,387
First Data Corp.	B1	4.240		03/26/18		141		128,171
Sensata Technologies BV	Ba3	4.000		05/12/18		99		99,249

								312,807

TOTAL BANK LOANS (cost $2,411,743)								2,386,575


COMMERCIAL MORTGAGE-BACKED SECURITIES 20.5%
Banc of America Commercial Mortgage, Inc., Ser. 2006-1, Class A2(a)	Aaa	5.334		09/10/45		50		50,361

See Notes to Financial Statements.


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Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Ser. 2006-6, Class A2	Aaa	5.309%		10/10/45	$	376	$	377,837
Ser. 2007-1, Class A3	Aaa	5.449		01/15/49		272		287,904
Banc of America Merrill Lynch Commercial Mortgage, Inc., Ser. 2007-1, Class AAB	Aaa	5.422		01/15/49		38		40,180
Ser. 2007-2, Class A3(a)	AAA(b)	5.791		04/10/49		200		221,217
Ser. 2007-5, Class A3	AAA(b)	5.620		02/10/51		30		31,741
Bear Stearns Commercial Mortgage Securities, Ser. 2005-PWR7, Class A2	Aaa	4.945		02/11/41		195		195,145
Ser. 2006-PW11, Class A4(a)	AAA(b)	5.620		03/11/39		200		224,535
Ser. 2006-PW14, Class A2	AAA(b)	5.123		12/11/38		48		48,257
Ser. 2007-PW17, Class A3	AAA(b)	5.736		06/11/50		280		290,452
Ser. 2007-T26, Class A2	AAA(b)	5.330		01/12/45		29		29,464
Citigroup/Deutsche Bank Commercial Mortgage Trust, Ser. 2006-CD2, Class A2	Aaa	5.408		01/15/46		134		133,979
Ser. 2006-CD3, Class A5	Aaa	5.617		10/15/48		20		22,599
Ser. 2007-CD4, Class A2B	Aaa	5.205		12/11/49		52		52,914
Ser. 2007-CD4, Class A3	Aaa	5.293		12/11/49		200		211,418
Credit Suisse Mortgage Capital Certificates, Ser. 2006-C1, Class AM(a)	AA-(b)	5.596		02/15/39		20		21,699
Ser. 2007-C3, Class A2(a)	Aaa	5.867		06/15/39		77		77,411
Ser. 2007-C4, Class A3(a)	Aaa	5.967		09/15/39		200		209,931
FHLMC Multifamily Structured Pass Through Certificates, I/O, Ser. K501, Class X1A(a)	Aaa	1.758		08/25/16		400		23,101
Ser. K704, Class X1(a)	NR	2.165		08/25/18		300		31,568
GE Capital Commercial Mortgage Corp., Ser. 2007-C1, Class AAB	Aaa	5.477		12/10/49		153		159,526
GMAC Commercial Mortgage Securities, Inc., Ser. 2006-C1, Class A4(a)	AAA(b)	5.238		11/10/45		30		32,571
Greenwich Capital Commercial Funding Corp., Ser. 2005-GG3, Class A3	Aaa	4.569		08/10/42		200		204,250
Ser. 2005-GG5, Class AAB(a)	Aaa	5.190		04/10/37		158		166,753
Ser. 2007-GG9, Class A2	Aaa	5.381		03/10/39		343		347,131
Ser. 2007-GG11, Class A3	AAA(b)	5.716		12/10/49		200		208,846

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			11

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
GS Mortgage Securities Corp. II, Ser. 2006-GG6, Class A2(a)	AAA(b)	5.506%		04/10/38	$	66	$	66,637
Ser. 2006-GG8, Class A2	Aaa	5.479		11/10/39		63		63,661
Ser. 2006-GG8, Class A3	Aaa	5.542		11/10/39		200		206,665
JPMorgan Chase Commercial Mortgage Securities Corp., Ser. 2004-CBX, Class AJ(a)	Aa1	4.951		01/12/37		200		202,712
Ser. 2005-CB13, Class A3A1(a)	Aaa	5.461		01/12/43		47		47,805
Ser. 2005-LDP4, Class AM(a)	Aa2	4.999		10/15/42		200		213,298
Ser. 2006-LDP6, Class ASB(a)	Aaa	5.490		04/15/43		140		147,568
Ser. 2007-LD11, Class A3(a)	Aaa	6.003		06/15/49		218		230,857
Ser. 2007-LD12, Class A2	Aaa	5.827		02/15/51		374		377,938
LB Commercial Conduit Mortgage Trust, Ser. 2007-C3, Class A3(a)	Aaa	6.101		07/15/44		172		185,091
LB-UBS Commercial Mortgage Trust, Ser. 2005-C3, Class A3	Aaa	4.647		07/15/30		63		62,951
Ser. 2006-C3, Class A4(a)	Aaa	5.661		03/15/39		200		224,103
Ser. 2006-C6, Class A2	Aaa	5.262		09/15/39		4		3,926
Ser. 2006-C7, Class A2	AAA(b)	5.300		11/15/38		159		159,376
Ser. 2007-C2, Class A2	AAA(b)	5.303		02/15/40		70		70,043
Merrill Lynch Mortgage Trust, Ser. 2006-C1, Class AM(a)	A(b)	5.848		05/12/39		30		31,985
Ser. 2007-C1, Class A3(a)	A+(b)	6.032		06/12/50		445		462,205
Merrill Lynch/Countrywide Commercial Mortgage Trust, Ser. 2006-1, Class AM(a)	A(b)	5.656		02/12/39		20		21,282
Ser. 2006-2, Class AM(a)	Aa2	6.102		06/12/46		100		106,395
Ser. 2006-4, Class A2(a)	Aaa	5.112		12/12/49		49		48,653
Morgan Stanley Capital I, Ser. 2004-IQ8, Class A4	AAA(b)	4.900		06/15/40		41		41,237
Ser. 2006-HQ9, Class A2	AAA(b)	5.618		07/12/44		93		92,602
Ser. 2007-HQ11, Class A2	Aaa	5.359		02/12/44		88		87,907
Ser. 2007-HQ11, Class A31	Aaa	5.439		02/12/44		160		169,242
Ser. 2007-IQ14, Class AAB(a)	Aaa	5.654		04/15/49		200		214,570
Wachovia Bank Commercial Mortgage Trust, Ser. 2004-C10, Class A4	Aaa	4.748		02/15/41		22		22,820
Ser. 2007-C30, Class A3	Aaa	5.246		12/15/43		149		151,122
Ser. 2007-C33, Class A2(a)	Aaa	6.053		02/15/51		179		179,615

See Notes to Financial Statements.


12		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Ser. 2007-C33, Class A4(a)	Aaa	6.098%		02/15/51	$	160	$	179,169

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $7,723,047)								7,772,225


CORPORATE BONDS 35.9%

Aerospace & Defense 0.7%
Alliant Techsystems, Inc., Gtd. Notes	Ba3	6.750		04/01/16		100		102,375
BE Aerospace, Inc., Sr. Unsec’d. Notes	Ba2	8.500		07/01/18		85		94,138
Moog, Inc., Sr. Sub. Notes	Ba3	7.250		06/15/18		75		79,875

								276,388

Airlines 0.7%
Continental Airlines 2007-1 Class A Pass-Through Trust, Pass-thru Certs., Ser. 071A	Baa1	5.983		04/19/22		109		118,600
Delta Air Lines 2011-1 Class A Pass-Through Trust, Pass-thru Certs., Ser. A	Baa2	5.300		04/15/19		121		127,827

								246,427

Automotive 0.1%
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN	Baa1	2.700		03/15/17		25		24,998

Banking 6.3%
Abbey National Treasury Services PLC (United Kingdom), Gtd. Notes.	A1	2.875		04/25/14		50		49,256
American Express Co., Sr. Unsec’d. Notes	A3	8.125		05/20/19		130		172,181
Bank of America Corp., Sr. Unsec’d. Notes	Baa1	5.875		01/05/21		130		136,006
Capital One Financial Corp., Sub. Notes	Baa2	6.150		09/01/16		110		121,601

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			13

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Banking (cont’d.)
Citigroup, Inc., Sr. Unsec’d. Notes	A3	6.125%		05/15/18	$	130	$	144,302
Sub. Notes	Baa1	5.000		09/15/14		100		103,416
Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes	A1	5.125		01/15/15		100		105,180
Sr. Unsec’d. Notes	A1	5.750		01/24/22		100		104,419
Sub. Notes	A2	5.625		01/15/17		130		135,950
HSBC Bank PLC (United Kingdom), Sr. Notes, 144A	Aa2	3.500		06/28/15		120		125,217
JPMorgan Chase & Co., Jr. Sub. Notes, Ser. 1(a)	Baa1	7.900		04/29/49		130		142,433
Sr. Unsec’d. Notes	Aa3	3.150		07/05/16		15		15,546
Sr. Unsec’d. Notes	Aa3	6.000		01/15/18		130		150,206
Lloyds TSB Bank PLC (United Kingdom), Gtd. Notes., 144A, MTN	A1	5.800		01/13/20		100		103,660
Morgan Stanley, Sr. Unsec’d. Notes, MTN	A2	5.625		09/23/19		130		128,448
PNC Funding Corp., Gtd. Notes.	A3	2.700		09/19/16		50		52,039
Royal Bank of Scotland PLC (The) (United Kingdom), Gtd. Notes.	A2	4.875		03/16/15		100		103,919
Santander Holdings USA, Inc., Sr. Unsec’d. Notes	Baa1	4.625		04/19/16		35		34,879
Shinhan Bank (South Korea), Sr. Notes, RegS	A1	4.125		10/04/16		200		208,526
US Bancorp, Jr. Sub. Notes	A2	3.442		02/01/16		130		134,863
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN	A2	2.100		05/08/17		100		99,920

								2,371,967

Cable 2.9%
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A	Ba3	6.750		11/15/21		50		51,875
Sr. Unsec’d. Notes	Ba3	8.500		04/15/14		250		275,625
Sr. Unsec’d. Notes	Ba3	8.625		02/15/19		35		39,725

See Notes to Financial Statements.


14		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Cable (cont’d.)
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Gtd. Notes	Baa2	3.500%		03/01/16	$	130	$	137,242
Dish DBS Corp., Gtd. Notes	Ba2	6.625		10/01/14		200		217,000
UPC Holding BV (Netherlands), Sec’d. Notes, 144A	B2	9.875		04/15/18		150		165,750
Videotron Ltee (Canada), Gtd. Notes	Ba1	9.125		04/15/18		200		221,000

								1,108,217

Capital Goods 1.1%
Actuant Corp., Gtd. Notes, 144A	Ba2	5.625		06/15/22		75		76,969
Case New Holland, Inc., Gtd. Notes	Ba2	7.750		09/01/13		100		106,750
ERAC USA Finance LLC, Gtd. Notes, 144A (original cost $44,987; purchased 03/12/12)(c)(d)	Baa1	2.750		03/15/17		45		45,283
Hertz Holdings Netherlands BV (Netherlands), Sr. Sec’d. Notes, RegS	B1	8.500		07/31/15	EUR	100		142,959
Xylem, Inc., Sr. Unsec’d. Notes, 144A	Baa2	4.875		10/01/21		50		54,445

								426,406

Chemicals 0.4%
Dow Chemical Co. (The), Sr. Unsec’d. Notes	Baa3	5.900		02/15/15		120		134,870

Consumer 0.4%
Sealy Mattress Co., Sr. Sec’d. Notes, 144A	Ba3	10.875		04/15/16		128		138,881

Electric 0.9%
DTE Energy Co., Sr. Unsec’d. Notes(a)	Baa2	1.180		06/03/13		50		50,209
EDP Finance BV (Netherlands), Sr. Unsec’d. Notes, 144A	Ba1	5.375		11/02/12		100		100,250

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			15

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Electric (cont’d.)
Entergy Corp., Sr. Unsec’d. Notes	Baa3	4.700%		01/15/17	$	75	$	78,663
Progress Energy, Inc., Sr. Unsec’d. Notes	Baa2	3.150		04/01/22		75		74,902
Southwestern Electric Power Co., Sr. Unsec’d. Notes	Baa3	3.550		02/15/22		20		20,139

								324,163

Energy - Other 2.1%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes	Baa3	6.375		09/15/17		100		118,841
Cameron International Corp., Sr. Unsec’d. Notes(a)	Baa1	1.414		06/02/14		125		125,184
Forest Oil Corp., Gtd. Notes	B1	8.500		02/15/14		200		215,001
Nabors Industries, Inc., Gtd. Notes	Baa2	6.150		02/15/18		80		93,233
Noble Holding International Ltd. (Cayman Islands), Gtd. Notes	Baa1	2.500		03/15/17		25		25,366
Phillips 66, Gtd. Notes, 144A	Baa1	2.950		05/01/17		25		25,653
Transocean, Inc. (Cayman Islands), Gtd. Notes	Baa3	5.050		12/15/16		75		81,441
Weatherford International Ltd. (Bermuda), Gtd. Notes	Baa2	5.150		03/15/13		100		103,516

								788,235

Foods 1.6%
ARAMARK Corp., Gtd. Notes	B3	8.500		02/01/15		200		205,002
Dole Food Co., Inc., Sec’d. Notes	B2	13.875		03/15/14		100		114,250
Molson Coors Brewing Co., Gtd. Notes	Baa2	2.000		05/01/17		50		50,164
Smithfield Foods, Inc., Sr. Sec’d. Notes	Ba2	10.000		07/15/14		100		117,000
Stater Bros. Holdings, Inc., Gtd. Notes	B2	7.750		04/15/15		125		127,813

								614,229

See Notes to Financial Statements.


16		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Gaming 1.8%
Marina District Finance Co., Inc., Sr. Sec’d. Notes	B2	9.875%		08/15/18	$	100	$	96,000
MGM Resorts International, Sr. Sec’d. Notes	Ba2	11.125		11/15/17		200		226,500
Sr. Sec’d. Notes	Ba2	13.000		11/15/13		100		116,000
Sugarhouse HSP Gaming Prop. Mezz. LP/Sugarhouse
HSP Gaming Finance Corp., Sec’d. Notes, 144A	B2	8.625		04/15/16		100		106,375
Yonkers Racing Corp., Sec’d. Notes, 144A (original cost $139,688; purchased 04/12/11)(c)(d)	B1	11.375		07/15/16		125		134,531

								679,406

Healthcare & Pharmaceutical 1.0%
Express Scripts Holding Co., Gtd. Notes, 144A	Baa3	2.100		02/12/15		50		50,746
HCA, Inc., Sr. Unsec’d. Notes	B3	7.190		11/15/15		100		103,250
Sr. Unsec’d. Notes, MTN	B3	9.000		12/15/14		200		220,000

								373,996

Insurance 2.3%
Aetna, Inc., Sr. Unsec’d. Notes	Baa1	6.000		06/15/16		50		58,120
Allied World Assurance Co. Holdings Ltd. (Bermuda), Gtd. Notes	Baa1	7.500		08/01/16		100		115,510
American International Group, Inc., Sr. Unsec’d. Notes	Baa1	6.400		12/15/20		130		149,326
AON Corp., Sr. Unsec’d. Notes	Baa2	3.125		05/27/16		110		113,802
Hartford Financial Services Group, Inc., Sr. Unsec’d. Notes	Baa3	5.125		04/15/22		25		25,251
Liberty Mutual Group, Inc., Sr. Unsec’d. Notes, 144A	Baa2	6.700		08/15/16		115		127,912
Lincoln National Corp., Sr. Unsec’d. Notes	Baa2	4.200		03/15/22		70		70,195

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			17

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Insurance (cont’d.)
Markel Corp., Sr. Unsec’d. Notes	Baa2	7.125%		09/30/19	$	130	$	150,270
WR Berkley Corp., Sr. Unsec’d. Notes	Baa2	4.625		03/15/22		75		76,245

								886,631

Lodging 0.7%
Marriott International, Inc., Sr. Unsec’d. Notes	Baa2	3.000		03/01/19		115		114,329
Wyndham Worldwide Corp., Sr. Unsec’d. Notes	Baa3	4.250		03/01/22		25		25,147
Sr. Unsec’d. Notes	Baa3	5.750		02/01/18		120		133,201

								272,677

Media & Entertainment 1.3%
Lamar Media Corp., Gtd. Notes	Ba3	9.750		04/01/14		175		197,969
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes	B2	11.625		02/01/14		250		289,375

								487,344

Metals 3.2%
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes	Baa3	4.500		02/25/17		75		75,509
Sr. Unsec’d. Notes	Baa3	9.850		06/01/19		50		60,435
Arch Western Finance LLC, Sr. Sec’d. Notes	B1	6.750		07/01/13		25		25,000
Berau Capital Resources Pte. Ltd. (Singapore), Gtd. Notes, RegS	B1	12.500		07/08/15		200		223,500
Bumi Capital Pte. Ltd. (Singapore), Sr. Sec’d. Notes, RegS	Ba3	12.000		11/10/16		100		110,000
Century Aluminum Co., Sec’d. Notes	B(b)	8.000		05/15/14		125		127,501
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes	Baa3	2.150		03/01/17		50		49,520
Indo Integrated Energy II BV, (Netherlands), Sr. Sec’d. Notes, RegS	B1	9.750		11/05/16		100		109,500

See Notes to Financial Statements.


18		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Metals (cont’d.)
Peabody Energy Corp., Gtd. Notes, 144A	Ba1	6.000%		11/15/18	$	100	$	101,500
Steel Dynamics, Inc., Gtd. Notes	Ba2	6.750		04/01/15		150		152,625
Teck Resources Ltd. (Canada), Gtd. Notes	Baa2	3.000		03/01/19		125		124,844
Xstrata Finance Canada Ltd (Canada), Gtd. Notes, 144A	Baa2	2.850		11/10/14		50		51,185

								1,211,119

Non-Captive Finance 1.5%
CIT Group, Inc., Gtd. Notes, 144A	B1	7.000		05/02/17		100		100,250
General Electric Capital Corp., Unsec’d. Notes, MTN	A1	2.300		04/27/17		100		100,136
International Lease Finance Corp., Sr. Unsec’d. Notes	B1	5.750		05/15/16		25		25,429
Sr. Unsec’d. Notes	B1	6.250		05/15/19		25		25,247
Sr. Unsec’d. Notes	B1	8.625		09/15/15		90		99,675
SLM Corp., Sr. Unsec’d. Notes, MTN	Ba1	8.000		03/25/20		100		106,250
Springleaf Finance Corp., Sr. Unsec’d. Notes, Ser. H, MTN	B3	5.375		10/01/12		100		98,500

								555,487

Paper 1.0%
Georgia-Pacific LLC, Gtd. Notes, 144A (original cost $35,100; purchased 04/20/11)(c)(d)	Baa3	5.400		11/01/20		35		39,891
Graphic Packaging International, Inc., Gtd. Notes	B2	9.500		06/15/17		150		166,500
International Paper Co., Sr. Unsec’d. Notes	Baa3	9.375		05/15/19		100		133,648
Rock-Tenn Co., Unsec’d. Notes, 144A	Ba1	4.450		03/01/19		35		35,637

								375,676

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			19

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Pipelines & Other 0.1%
Sempra Energy, Sr. Unsec’d. Notes	Baa1	2.300%		04/01/17	$	50	$	51,286

Real Estate Investment Trusts 0.7%
Mack-Cali Realty LP, Sr. Unsec’d. Notes	Baa2	4.600		06/15/13		130		133,330
Realty Income Corp., Sr. Unsec’d. Notes	Baa1	5.500		11/15/15		50		54,409
Simon Property Group LP, Sr. Unsec’d. Notes	A3	6.125		05/30/18		60		70,848

								258,587

Retailers 0.4%
AutoZone, Inc., Sr. Unsec’d. Notes	Baa2	3.700		04/15/22		50		50,880
Macy’s Retail Holdings, Inc., Gtd. Notes	Baa3	5.900		12/01/16		100		114,800

								165,680

Technology 1.8%
Arrow Electronics, Inc., Sr. Unsec’d. Notes	Baa3	3.375		11/01/15		50		51,832
Fiserv, Inc., Gtd. Notes	Baa2	3.125		06/15/16		35		36,210
NXP BV/NXP Funding LLC (Netherlands), Sr. Sec’d. Notes, Ser. EXcH(a)	B3	3.217		10/15/13		75		75,000
Seagate Technology International (Cayman Islands), Sec’d. Notes, 144A	Baa3	10.000		05/01/14		100		112,750
STATS ChipPAC Ltd. (Singapore), Gtd. Notes, 144A	Ba1	7.500		08/12/15		100		107,500
SunGard Data Systems, Inc., Sr. Sec’d. Notes	B3	4.875		01/15/14		100		101,875
Unisys Corp., Sr. Sec’d. Notes, 144A	Ba1	12.750		10/15/14		100		110,875
Xerox Corp., Sr. Unsec’d. Notes(a)	Baa2	1.318		05/16/14		100		99,491

								695,533

See Notes to Financial Statements.


20		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

CORPORATE BONDS (Continued)

Telecommunications 2.2%
Digicel Ltd. (Bermuda), Sr. Unsec’d. Notes, 144A	B1	12.000%		04/01/14	$	100	$	111,250
Eileme 2 AB (Sweden), Gtd. Notes, 144A	B3	11.625		01/31/20		200		206,000
Embarq Corp., Sr. Unsec’d. Notes (original cost $135,646; purchased 05/04/11 - 05/11/11)(c)(d)	Baa3	7.082		06/01/16		120		136,389
Nextel Communications, Inc., Gtd. Notes, Ser. E	B+(b)	6.875		10/31/13		60		60,000
Telefonica Emisiones SAU (Spain), Gtd. Notes	Baa1	3.992		02/16/16		120		116,024
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Ireland), Sr. Unsec’d. Notes, 144A(c)	Ba3	9.125		04/30/18		200		219,999

								849,662

Tobacco 0.7%
Altria Group, Inc., Gtd. Notes	Baa1	9.950		11/10/38		60		94,786
Lorillard Tobacco Co., Gtd. Notes	Baa2	3.500		08/04/16		15		15,718
Reynolds American, Inc., Gtd. Notes	Baa3	6.750		06/15/17		115		137,960

								248,464

TOTAL CORPORATE BONDS (cost $13,346,251)								13,566,329


MUNICIPAL BOND 0.3%
State of Illinois, GO (cost $125,530)	A2	3.321		01/01/13		125		127,108


NON-CORPORATE FOREIGN AGENCIES 3.3%
Corp. Andina de Fomento (Supranational), Sr. Unsec’d. Notes	A1	3.750		01/15/16		70		73,171
Export-Import Bank of Korea (South Korea), Sr. Unsec’d. Notes	A1	4.125		09/09/15		100		105,314

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			21

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

NON-CORPORATE FOREIGN AGENCIES (Continued)
Gazprom OAO Via Gazprom International (Luxembourg), Sr. Unsec’d. Notes, 144A	BBB+(b)	7.201%		02/01/20	$	58	$	63,984
KazMunaygas National Co. (Kazakhstan), Sr. Unsec’d. Notes, 144A, MTN	Baa3	8.375		07/02/13		100		105,874
Korea Hydro & Nuclear Power Co. Ltd. (South Korea), Sr. Unsec’d. Notes, 144A	A1	6.250		06/17/14		100		107,998
Majapahit Holding BV (Netherlands), Gtd. Notes, 144A	Baa3	7.750		10/17/16		200		229,500
National Agricultural Cooperative Federation (South Korea), Sr. Unsec’d. Notes, 144A, MTN	A1	3.500		02/08/17		200		201,207
Petroleos Mexicanos (Mexico), Gtd. Notes, 144A	Baa1	4.875		01/24/22		50		53,306
Petroleos de Venezuela SA (Venezuela), Sr. Unsec’d. Notes, Ser. 2014	NR	4.900		10/28/14		200		182,500
VTB Bank OJSC Via VTB Capital SA (Luxembourg), Sr. Unsec’d. Notes, 144A(c)	Baa1	6.875		05/29/18		100		105,521

TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $1,197,433)								1,228,375

SOVEREIGNS 2.6%
Belgium Government International Bond (Belgium), Sr. Unsec’d. Notes, Ser. E, MTN	NR	2.750		03/05/15		45		45,607
Brazilian Government International Bond (Brazil), Sr. Unsec’d. Notes	Baa2	4.875		01/22/21		175		200,900
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, 144A	Baa3	3.750		04/25/22		200		197,000
Sr. Unsec’d. Notes, RegS	Baa3	6.750		03/10/14		200		214,500
Ireland Government Bond (Ireland), Bonds	Ba1	4.500		04/18/20	EUR	45		51,341

See Notes to Financial Statements.


22		Visit our website at www.prudentialfunds.com


Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)

SOVEREIGNS (Continued)
Italy Buoni Poliennali del Tesoro (Italy), Bonds	A3	4.750%		05/01/17	EUR	75	$	99,843
Mexican Bonos (Mexico), Bonds, Ser. M 30	Baa1	10.000		11/20/36	MXN	1,000		99,204
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes	Baa3	7.500		10/14/14	EUR	40		59,699

TOTAL SOVEREIGNS (cost $958,131)								968,094


U.S. TREASURY OBLIGATIONS 6.7%
U.S. Treasury Note		0.375		04/15/15		250		249,981
U.S. Treasury Note(e)		2.000		02/15/22		250		251,874
U.S. Treasury Note		4.250		09/30/12		2,000		2,034,061

TOTAL U.S. TREASURY OBLIGATIONS (cost $2,532,731)								2,535,916

TOTAL LONG-TERM INVESTMENTS (cost $37,256,145)								37,510,803


					Shares
SHORT-TERM INVESTMENTS 2.9%

AFFILIATED MONEY MARKET MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund(f) (cost $1,098,976)						1,098,976		1,098,976

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			23

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Description	Contracts		Value (Note 1)

OPTIONS PURCHASED*

Put Options
10 Year U.S. Treasury Notes, expiring 05/25/12, Strike Price $130.500 (cost $2,531)		7	$	1,094

TOTAL SHORT-TERM INVESTMENTS (cost $1,101,507)				1,100,070

TOTAL INVESTMENTS 102.1% (cost $38,357,652; Note 5)				38,610,873
Liabilities in excess of other assets(g) (2.1)%				(780,876	)

NET ASSETS 100.0%			$	37,829,997

The	following abbreviations are used in the portfolio descriptions:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

RegS—Regulation S. Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

ABS—Asset-Based Security

AUD—Australian Dollar

BBR—New Zealand Bank Bill Rate

BRL—Brazilian Real

CAD—Canadian Dollar

CDO—Collateralized Debt Obligation

CLO—Collateralized Loan Obligation

CLP—Chilean Peso

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

CPI—Consumer Price Index

CZK—Czech Koruna

EUR—Euro

FHLMC—Federal Home Loan Mortgage Corp.

GBP—British Pound

GO—General Obligation

HUF—Hungarian Forint

INR—Indian Rupee

I/O—Interest Only

JPY—Japanese Yen

See Notes to Financial Statements.


24		Visit our website at www.prudentialfunds.com

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MTN—Medium Term Note

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NR—Not Rated by Moody’s or Standard & Poor’s

NSA—Non-Seasonally Adjusted

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

SEK—Swedish Krona

THB—Thai Baht

TRY—Turkish Lira

ZAR—South African Rand

†	The ratings reflected are as of April 30, 2012. Ratings of certain bonds may have changed subsequent to that date.

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

*	Non-income producing security.

(a)	Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2012.

(b)	Standard & Poor’s Rating.

(c)	Indicates a security that has been deemed illiquid.

(d)	Indicates a restricted security; the aggregate original cost of such securities is $355,421. The aggregate value of $356,094 is approximately 0.9% of net assets.

(e)	Represents security, or a portion thereof, segregated as collateral for futures contracts.

(f)	Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			25

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

(g)	Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Open futures contracts outstanding at April 30, 2012:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
		Long Positions:
	3	2 Year U.S. Treasury Notes		Jun. 2012	$	661,601	$	661,641	$	40
	54	5 Year U.S. Treasury Notes		Jun. 2012		6,681,356		6,685,031		3,675
	1	Australia 10 Year Bond		Jun. 2012		123,086		124,846		1,760

										5,475

		Short Positions:
	4	10 Year U.S. Treasury Notes		Jun. 2012		527,241		529,125		(1,884	)
	4	U.S. Long Bond		Jun. 2012		567,491		571,500		(4,009	)
	4	U.S. Ultra Bond		Jun. 2012		630,616		631,250		(634	)

										(6,527	)

									$	(1,052	)

Forward foreign currency exchange contracts outstanding at April 30, 2012:


Purchase Contracts	Counterparty	Notional Amount			Value at Settlement Date Payable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Australian Dollar
Expiring 05/23/12	Morgan Stanley		AUD	72,433	$	74,700	$	75,269	$	569
Expiring 05/23/12	Morgan Stanley		AUD	70,737		73,300		73,507		207
Expiring 05/23/12	Morgan Stanley		AUD	68,745		72,200		71,438		(762	)
Expiring 05/23/12	UBS AG		AUD	52,718		54,700		54,782		82
Brazilian Real
Expiring 07/11/12	UBS AG		BRL	160,060		85,603		82,811		(2,792	)
British Pound
Expiring 05/25/12	JPMorgan Chase Securities		GBP	34,944		55,275		56,701		1,426
Expiring 05/25/12	JPMorgan Chase Securities		GBP	23,205		37,700		37,653		(47	)
Expiring 05/25/12	Morgan Stanley		GBP	45,973		73,300		74,597		1,297
Expiring 05/25/12	Morgan Stanley		GBP	45,624		72,400		74,030		1,630
Expiring 05/25/12	Morgan Stanley		GBP	34,494		55,400		55,970		570

See Notes to Financial Statements.


26		Visit our website at www.prudentialfunds.com


Purchase Contracts	Counterparty	Notional Amount			Value at Settlement Date Payable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Canadian Dollar
Expiring 05/22/12	Citibank NA		CAD	206,232	$	207,597	$	208,668	$	1,071
Expiring 05/22/12	Citibank NA		CAD	109,230		110,000		110,520		520
Expiring 05/22/12	JPMorgan Chase Securities		CAD	35,760		36,200		36,182		(18	)
Expiring 05/22/12	Morgan Stanley		CAD	72,994		73,300		73,856		556
Expiring 05/22/12	Morgan Stanley		CAD	54,879		55,400		55,527		127
Chilean Peso
Expiring 07/12/12	JPMorgan Chase Securities		CLP	43,783,080		88,576		89,458		882
Chinese Yuan Renminbi
Expiring 08/02/12	Morgan Stanley		CNY	1,112,831		175,900		175,977		77
Expiring 08/02/12	Morgan Stanley		CNY	107,604		16,978		17,016		38
Expiring 08/02/12	UBS AG		CNY	2,291,628		361,000		362,384		1,384
Expiring 08/02/12	UBS AG		CNY	2,194,275		344,200		346,990		2,790
Expiring 08/02/12	UBS AG		CNY	556,345		87,900		87,976		76
Expiring 10/29/12	Morgan Stanley		CNY	330,588		52,300		52,223		(77	)
Expiring 03/20/13	UBS AG		CNY	1,161,014		183,400		183,189		(211	)
Colombian Peso
Expiring 05/16/12	Citibank NA		COP	131,123,190		73,100		74,228		1,128
Czech Koruna
Expiring 05/24/12	Citibank NA		CZK	1,049,555		56,000		55,691		(309	)
Expiring 05/24/12	Citibank NA		CZK	670,035		36,300		35,553		(747	)
Expiring 05/24/12	JPMorgan Chase Securities		CZK	2,312,393		125,225		122,700		(2,525	)
Expiring 05/24/12	JPMorgan Chase Securities		CZK	1,379,947		73,300		73,222		(78	)
Euro
Expiring 05/25/12	Citibank NA		EUR	27,414		36,300		36,292		(8	)
Hungarian Forint
Expiring 05/24/12	Citibank NA		HUF	8,313,080		37,200		38,223		1,023
Expiring 05/24/12	Citibank NA		HUF	8,181,812		37,700		37,620		(80	)
Expiring 05/24/12	Citibank NA		HUF	4,093,624		18,700		18,822		122
Indian Rupee
Expiring 01/07/13	Citibank NA		INR	2,893,376		54,300		52,451		(1,849	)
Expiring 01/07/13	Citibank NA		INR	1,919,181		36,300		34,791		(1,509	)
Expiring 01/07/13	UBS AG		INR	4,688,100		90,000		84,986		(5,014	)
Expiring 01/07/13	UBS AG		INR	3,885,402		72,300		70,435		(1,865	)
Expiring 01/07/13	UBS AG		INR	3,134,016		57,600		56,814		(786	)
Japanese Yen
Expiring 05/25/12	Morgan Stanley		JPY	4,452,948		55,000		55,786		786
Expiring 05/25/12	UBS AG		JPY	3,013,327		37,700		37,751		51

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			27

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Purchase Contracts	Counterparty	Notional Amount			Value at Settlement Date Payable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Malaysian Ringgit
Expiring 06/27/12	UBS AG		MYR	229,698	$	75,200	$	75,587	$	387
Expiring 06/27/12	UBS AG		MYR	114,477		37,700		37,671		(29	)
Mexican Peso
Expiring 05/22/12	Citibank NA		MXN	965,274		73,300		73,937		637
Expiring 05/22/12	Citibank NA		MXN	726,801		55,400		55,671		271
Expiring 05/22/12	Citibank NA		MXN	693,059		54,400		53,086		(1,314	)
Expiring 05/22/12	JPMorgan Chase Securities		MXN	2,268,702		178,137		173,776		(4,361	)
Expiring 05/22/12	JPMorgan Chase Securities		MXN	492,603		37,700		37,732		32
New Zealand Dollar
Expiring 05/23/12	Citibank NA		NZD	89,045		72,900		72,692		(208	)
Expiring 05/23/12	Citibank NA		NZD	66,849		55,300		54,572		(728	)
Expiring 05/23/12	Citibank NA		NZD	54,086		44,597		44,153		(444	)
Expiring 05/23/12	Morgan Stanley		NZD	1,723		1,400		1,406		6
Expiring 05/23/12	UBS AG		NZD	88,852		73,300		72,534		(766	)
Expiring 05/23/12	UBS AG		NZD	67,278		55,000		54,923		(77	)
Norwegian Krone
Expiring 05/24/12	Citibank NA		NOK	416,176		72,900		72,649		(251	)
Expiring 05/24/12	Citibank NA		NOK	415,426		72,600		72,518		(82	)
Expiring 05/24/12	Citibank NA		NOK	312,318		54,200		54,520		320
Expiring 05/24/12	Citibank NA		NOK	209,364		36,200		36,547		347
Expiring 05/24/12	Morgan Stanley		NOK	469,669		81,452		81,987		535
Peruvian Nuevo Sol
Expiring 06/06/12	Citibank NA		PEN	199,054		75,200		75,369		169
Philippine Peso
Expiring 10/03/12	UBS AG		PHP	2,360,600		55,000		55,282		282
Expiring 10/03/12	UBS AG		PHP	1,600,931		37,700		37,492		(208	)
Polish Zloty
Expiring 05/24/12	Citibank NA		PLN	272,115		86,364		86,064		(300	)
Expiring 05/24/12	Citibank NA		PLN	176,287		55,400		55,756		356
Expiring 05/24/12	Citibank NA		PLN	174,592		55,000		55,220		220
Expiring 05/24/12	Citibank NA		PLN	169,577		54,300		53,634		(666	)
Russian Ruble
Expiring 06/14/12	Citibank NA		RUB	2,145,206		72,200		72,498		298
Expiring 06/14/12	Citibank NA		RUB	2,140,369		72,200		72,335		135
Expiring 06/14/12	Citibank NA		RUB	1,664,082		56,400		56,238		(162	)
Expiring 06/14/12	Citibank NA		RUB	1,063,862		36,300		35,954		(346	)

See Notes to Financial Statements.


28		Visit our website at www.prudentialfunds.com


Purchase Contracts	Counterparty	Notional Amount			Value at Settlement Date Payable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Singapore Dollar
Expiring 05/23/12	Citibank NA		SGD	133,338	$	106,227	$	107,750	$	1,523
Expiring 05/23/12	JPMorgan Chase Securities		SGD	113,657		90,600		91,846		1,246
Expiring 05/23/12	JPMorgan Chase Securities		SGD	91,722		73,300		74,120		820
Expiring 05/23/12	JPMorgan Chase Securities		SGD	90,837		72,200		73,405		1,205
Expiring 05/23/12	JPMorgan Chase Securities		SGD	68,157		54,300		55,077		777
Expiring 05/23/12	JPMorgan Chase Securities		SGD	45,922		36,700		37,110		410
South African Rand
Expiring 05/31/12	Citibank NA		ZAR	1,248,688		160,744		159,865		(879	)
Expiring 05/31/12	Citibank NA		ZAR	586,353		73,300		75,069		1,769
Expiring 05/31/12	Citibank NA		ZAR	557,487		72,600		71,373		(1,227	)
Expiring 05/31/12	JPMorgan Chase Securities		ZAR	582,403		74,700		74,563		(137	)
Expiring 05/31/12	JPMorgan Chase Securities		ZAR	580,958		73,800		74,378		578
Swedish Krona
Expiring 05/24/12	Citibank NA		SEK	486,621		72,200		72,326		126
Expiring 05/24/12	Citibank NA		SEK	485,177		72,500		72,111		(389	)
Expiring 05/24/12	Citibank NA		SEK	372,735		55,400		55,399		(1	)
Expiring 05/24/12	Citibank NA		SEK	244,545		36,200		36,346		146
Expiring 05/24/12	Morgan Stanley		SEK	313,685		46,473		46,622		149
Thai Baht
Expiring 07/18/12	UBS AG		THB	9,017,308		290,319		291,752		1,433
Expiring 07/18/12	UBS AG		THB	1,706,613		55,300		55,217		(83	)
Expiring 07/18/12	UBS AG		THB	1,702,855		55,000		55,095		95
Expiring 07/18/12	UBS AG		THB	1,162,668		37,700		37,618		(82	)
Turkish Lira
Expiring 05/31/12	Citibank NA		TRY	132,504		72,500		74,895		2,395
Expiring 05/31/12	Citibank NA		TRY	131,735		72,600		74,460		1,860
Expiring 05/31/12	Citibank NA		TRY	100,014		55,300		56,531		1,231
Expiring 05/31/12	JPMorgan Chase Securities		TRY	98,471		54,400		55,659		1,259

					$	6,996,467	$	7,002,479	$	6,012


Sale Contracts	Counterparty	Notional Amount			Value at Settlement Date Receivable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Australian Dollar
Expiring 05/23/12	Citibank NA		AUD	53,877	$	55,000	$	55,987	$	(987	)
Expiring 05/23/12	Morgan Stanley		AUD	69,624		72,500		72,351		149
Expiring 05/23/12	Morgan Stanley		AUD	68,854		70,700		71,551		(851	)

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			29

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Sale Contracts	Counterparty	Notional Amount			Value at Settlement Date Receivable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
Brazilian Real
Expiring 07/11/12	Citibank NA		BRL	160,060	$	83,473	$	82,811	$	662
British Pound
Expiring 05/25/12	Citibank NA		GBP	35,364		55,986		57,382		(1,396	)
Canadian Dollar
Expiring 05/22/12	Citibank NA		CAD	121,364		120,900		122,797		(1,897	)
Expiring 05/22/12	Citibank NA		CAD	116,224		116,000		117,597		(1,597	)
Chinese Yuan Renminbi
Expiring 08/02/12	Morgan Stanley		CNY	1,502,974		236,950		237,671		(721	)
Expiring 08/02/12	Morgan Stanley		CNY	661,652		104,700		104,630		70
Expiring 08/02/12	Morgan Stanley		CNY	457,271		72,600		72,310		290
Expiring 08/02/12	Morgan Stanley		CNY	455,256		72,000		71,991		9
Expiring 08/02/12	Morgan Stanley		CNY	333,779		52,300		52,782		(482	)
Expiring 08/02/12	UBS AG		CNY	1,503,211		236,950		237,709		(759	)
Expiring 08/02/12	UBS AG		CNY	560,640		87,600		88,656		(1,056	)
Expiring 08/02/12	UBS AG		CNY	453,365		72,100		71,692		408
Expiring 08/02/12	UBS AG		CNY	334,537		53,300		52,902		398
Expiring 10/29/12	Morgan Stanley		CNY	330,588		52,115		52,223		(108	)
Czech Koruna
Expiring 05/24/12	JPMorgan Chase Securities		CZK	1,253,992		66,000		66,539		(539	)
Expiring 05/24/12	UBS AG		CZK	1,704,522		91,200		90,445		755
Expiring 05/24/12	UBS AG		CZK	1,421,010		74,300		75,401		(1,101	)
Euro
Expiring 05/25/12	Citibank NA		EUR	623,757		822,994		825,747		(2,753	)
Expiring 05/25/12	Citibank NA		EUR	27,493		36,200		36,396		(196	)
Expiring 05/25/12	JPMorgan Chase Securities		EUR	76,298		99,785		101,005		(1,220	)
Indian Rupee
Expiring 01/07/13	Citibank NA		INR	2,918,100		54,800		52,899		1,901
Expiring 01/07/13	UBS AG		INR	5,279,593		100,900		95,709		5,191
Expiring 01/07/13	UBS AG		INR	4,688,100		88,388		84,986		3,402
Expiring 01/07/13	UBS AG		INR	3,634,282		69,148		65,882		3,266
Japanese Yen
Expiring 05/25/12	JPMorgan Chase Securities		JPY	4,451,155		55,000		55,764		(764	)
Mexican Peso
Expiring 05/22/12	Citibank NA		MXN	1,197,790		91,700		91,747		(47	)
Expiring 05/22/12	Citibank NA		MXN	980,076		73,800		75,071		(1,271	)
Expiring 05/22/12	JPMorgan Chase Securities		MXN	1,888,071		142,900		144,621		(1,721	)
Expiring 05/22/12	JPMorgan Chase Securities		MXN	1,315,551		99,690		100,768		(1,078	)

See Notes to Financial Statements.


30		Visit our website at www.prudentialfunds.com


Sale Contracts	Counterparty	Notional Amount			Value at Settlement Date Receivable		Value at April 30, 2012		Unrealized Appreciation/ (Depreciation)
New Zealand Dollar
Expiring 05/23/12	Citibank NA		NZD	53,465	$	43,500	$	43,646	$	(146	)
Expiring 05/23/12	UBS AG		NZD	64,344		52,100		52,527		(427	)
Norwegian Krone
Expiring 05/24/12	Citibank NA		NOK	418,010		72,500		72,969		(469	)
Expiring 05/24/12	Citibank NA		NOK	319,137		55,000		55,710		(710	)
Polish Zloty
Expiring 05/24/12	Citibank NA		PLN	172,150		54,300		54,447		(147	)
Russian Ruble
Expiring 06/14/12	Citibank NA		RUB	5,349,438		178,404		180,786		(2,382	)
South African Rand
Expiring 05/31/12	Citibank NA		ZAR	1,421,712		175,900		182,017		(6,117	)
Expiring 05/31/12	Citibank NA		ZAR	422,188		54,400		54,051		349
Swedish Krona
Expiring 05/24/12	Citibank NA		SEK	372,051		55,000		55,297		(297	)
Expiring 05/24/12	UBS AG		SEK	509,425		75,500		75,715		(215	)
Thai Baht
Expiring 05/31/12	UBS AG		THB	4,101,316		133,400		133,081		319
Expiring 05/31/12	UBS AG		THB	2,780,054		90,200		90,208		(8	)
Expiring 05/31/12	UBS AG		THB	2,124,542		68,600		68,938		(338	)
Expiring 07/18/12	UBS AG		THB	1,622,452		52,000		52,494		(494	)
Turkish Lira
Expiring 05/31/12	UBS AG		TRY	98,834		54,700		55,864		(1,164	)

					$	4,797,483	$	4,813,772	$	(16,289	)

									$	(10,277	)

Inflation swap agreement outstanding at April 30, 2012:


Notional Amount (000)#		Termination Date		Fixed Rate		Description	Fair Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Counterparty
	Over-the-counter swap agreement:
$	90		02/22/22		2.655%	U.S. CPI Urban Consumers NSA(1)	$	576	$	—	$	576	Barclays Bank PLC

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

#	Notional amount is shown in U.S. dollars unless otherwise stated.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			31

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

Interest rate swap agreements outstanding at April 30, 2012:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Counterparty
	Over-the-counter swap agreements:
$	10,000		07/22/13		0.647%	3 month LIBOR(1)	$	(34,729	)	$	—	$	(34,729	)	Morgan Stanley Capital Services
	4,000		07/28/13		0.625%	3 month LIBOR(2)		12,781			—		12,781		Citibank NA
	3,950		09/06/13		0.518%	3 month LIBOR(2)		271			—		271		Barclays Bank PLC
	2,450		09/21/13		0.493%	3 month LIBOR(1)		1,113			—		1,113		Barclays Bank PLC
	1,400		09/26/13		0.524%	3 month LIBOR(1)		(167	)		—		(167	)	Barclays Bank PLC
	1,750		10/04/13		0.559%	3 month LIBOR(2)		1,018			—		1,018		Barclays Bank PLC
	1,000		05/10/14		1.288%	3 month LIBOR(1)		(20,056	)		—		(20,056	)	Citibank NA
	1,000		05/13/14		1.258%	3 month LIBOR(1)		(19,248	)		—		(19,248	)	Citibank NA
	600		07/01/14		1.095%	3 month LIBOR(1)		(8,805	)		—		(8,805	)	Barclays Bank PLC
	900		08/05/14		0.821%	3 month LIBOR(1)		(5,865	)		—		(5,865	)	Barclays Bank PLC
	2,000		09/26/14		0.640%	3 month LIBOR(1)		(2,966	)		—		(2,966	)	Barclays Bank PLC
	1,050		11/09/14		0.710%	3 month LIBOR(1)		(5,404	)		—		(5,404	)	Citibank NA
	1,300		12/31/15		1.705%	3 month LIBOR(2)		49,613			—		49,613		Barclays Bank PLC
	2,000		04/08/16		2.520%	3 month LIBOR(1)		(131,380	)		—		(131,380	)	Citibank NA
	2,000		04/27/16		2.313%	3 month LIBOR(1)		(114,225	)		—		(114,225	)	Citibank NA
	1,000		05/18/16		2.040%	3 month LIBOR(1)		(54,516	)		—		(54,516	)	Citibank NA
	2,000		06/30/16		1.821%	3 month LIBOR(1)		(86,165	)		—		(86,165	)	Citibank NA
	2,350		08/15/16		1.220%	3 month LIBOR(2)		31,796			—		31,796		Barclays Bank PLC
	2,055		08/31/16		0.977%	3 month LIBOR(1)		(907	)		—		(907	)	Citibank NA
	2,015		08/31/16		0.975%	3 month LIBOR(1)		(789	)		—		(789	)	Barclays Bank PLC
	1,030		08/31/16		0.973%	3 month LIBOR(1)		(298	)		—		(298	)	Citibank NA
	1,030		08/31/16		0.977%	3 month LIBOR(1)		(482	)		—		(482	)	Citibank NA
	645		08/31/16		0.975%	3 month LIBOR(1)		(236	)		—		(236	)	JPMorgan Chase Bank
	645		08/31/16		0.978%	3 month LIBOR(1)		(328	)		—		(328	)	JPMorgan Chase Bank
	3,200		09/06/16		1.165%	3 month LIBOR(1)		(32,571	)		—		(32,571	)	Barclays Bank PLC
	500		09/16/16		1.205%	3 month LIBOR(1)		(5,779	)		—		(5,779	)	Barclays Bank PLC
	1,000		09/19/16		1.245%	3 month LIBOR(1)		(13,207	)		—		(13,207	)	Barclays Bank PLC
	3,000		09/26/16		1.113%	3 month LIBOR(2)		21,129			—		21,129		Barclays Bank PLC
	1,400		09/27/16		1.115%	3 month LIBOR(2)		10,589			—		10,589		Barclays Bank PLC
	470		12/22/16		1.265%	3 month LIBOR(1)		(7,125	)		—		(7,125	)	Citibank NA
	470		01/09/17		1.255%	3 month LIBOR(2)		5,910			—		5,910		Citibank NA
	350		01/17/17		1.128%	3 month LIBOR(1)		(2,610	)		—		(2,610	)	Citibank NA
	350		01/17/17		1.151%	3 month LIBOR(1)		(3,017	)		—		(3,017	)	Citibank NA
	570		01/30/17		1.065%	3 month LIBOR(1)		(2,248	)		—		(2,248	)	Citibank NA
	300		02/07/17		0.968%	3 month LIBOR(1)		771			—		771		Citibank NA
	2,000		08/30/18		1.867%	3 month LIBOR(2)		60,889			—		60,889		Barclays Bank PLC

See Notes to Financial Statements.


32		Visit our website at www.prudentialfunds.com


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Counterparty
$	300		09/21/18		1.670%	3 month LIBOR(1)	$	(4,939	)	$	—	$	(4,939	)	Goldman Sachs International
	1,400		09/26/18		1.555%	3 month LIBOR(1)		(12,587	)		—		(12,587	)	Barclays Bank PLC
	750		09/27/18		1.538%	3 month LIBOR(1)		(5,892	)		—		(5,892	)	Barclays Bank PLC
	300		11/04/18		1.766%	3 month LIBOR(1)		(8,237	)		—		(8,237	)	Barclays Bank PLC
	400		11/09/18		1.720%	3 month LIBOR(2)		9,614			—		9,614		Citibank NA
	1,000		04/19/21		3.514%	3 month LIBOR(1)		(138,108	)		—		(138,108	)	Citibank NA
	600		05/24/21		3.247%	3 month LIBOR(1)		(76,656	)		—		(76,656	)	Citibank NA
	1,000		06/30/21		3.078%	3 month LIBOR(1)		(109,724	)		—		(109,724	)	Citibank NA
	400		08/10/21		2.568%	3 month LIBOR(1)		(23,933	)		—		(23,933	)	Barclays Bank PLC
	700		09/08/21		2.150%	3 month LIBOR(2)		14,341			—		14,341		Citibank NA
	500		09/21/21		2.160%	3 month LIBOR(2)		10,154			—		10,154		Barclays Bank PLC
	200		09/22/21		2.180%	3 month LIBOR(2)		4,402			—		4,402		Citibank NA
	300		10/06/21		2.049%	3 month LIBOR(1)		(2,832	)		—		(2,832	)	Citibank NA
	140		10/06/21		2.033%	3 month LIBOR(2)		1,120			—		1,120		Citibank NA
	250		10/07/21		2.108%	3 month LIBOR(1)		(3,657	)		—		(3,657	)	Citibank NA
	200		10/07/21		2.083%	3 month LIBOR(1)		(2,482	)		—		(2,482	)	Citibank NA
	200		10/20/21		2.308%	3 month LIBOR(2)		6,287			—		6,287		Citibank NA
	100		11/10/21		2.180%	3 month LIBOR(2)		2,822			—		2,822		Citibank NA
	230		11/23/21		2.148%	3 month LIBOR(1)		(5,561	)		—		(5,561	)	Citibank NA
	250		01/06/22		2.086%	3 month LIBOR(2)		3,780			—		3,780		Citibank NA
	350		01/11/22		2.113%	3 month LIBOR(2)		6,009			—		6,009		Citibank NA
	150		01/11/22		2.070%	3 month LIBOR(2)		1,981			—		1,981		Citibank NA
	150		01/17/22		2.010%	3 month LIBOR(1)		(1,085	)		—		(1,085	)	Citibank NA
	300		01/30/22		2.060%	3 month LIBOR(2)		3,295			—		3,295		Citibank NA
	120		01/30/22		2.082%	3 month LIBOR(1)		(1,561	)		—		(1,561	)	Citibank NA
	300		02/03/22		1.946%	3 month LIBOR(1)		383			—		383		Citibank NA
	200		02/06/22		1.916%	3 month LIBOR(2)		(867	)		—		(867	)	Citibank NA
	255		02/07/22		2.056%	3 month LIBOR(1)		(2,220	)		—		(2,220	)	Citibank NA
	225		02/07/22		2.049%	3 month LIBOR(1)		(1,803	)		—		(1,803	)	Citibank NA
	240		02/10/22		2.097%	3 month LIBOR(1)		(2,952	)		—		(2,952	)	Morgan Stanley Capital Services
	255		02/14/22		2.063%	3 month LIBOR(2)		2,235			—		2,235		Citibank NA
	375		04/12/22		2.111%	3 month LIBOR(2)		3,395			—		3,395		Citibank NA
	240		04/12/22		2.111%	3 month LIBOR(2)		2,172			—		2,172		Morgan Stanley Capital Services
	150		12/16/41		2.672%	3 month LIBOR(2)		(2,672	)		—		(2,672	)	Citibank NA
	100		12/22/41		2.570%	3 month LIBOR(2)		(3,976	)		—		(3,976	)	Citibank NA
	150		01/11/42		2.739%	3 month LIBOR(1)		800			—		800		Citibank NA
	150		01/17/42		2.674%	3 month LIBOR(2)		(2,901	)		—		(2,901	)	Citibank NA

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			33

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Counterparty
$	100		01/20/42		2.678%	3 month LIBOR(1)	$	1,870		$	—	$	1,870		Citibank NA
	100		01/26/42		2.843%	3 month LIBOR(1)		(1,570	)		—		(1,570	)	Citibank NA
	150		01/30/42		2.815%	3 month LIBOR(2)		1,451			—		1,451		Citibank NA
	120		02/02/42		2.696%	3 month LIBOR(2)		(2,034	)		—		(2,034	)	Citibank NA
	100		02/03/42		2.678%	3 month LIBOR(1)		2,084			—		2,084		Citibank NA
	100		02/06/42		2.730%	3 month LIBOR(1)		1,011			—		1,011		Citibank NA
	120		02/09/42		2.815%	3 month LIBOR(2)		909			—		909		Citibank NA
	130		02/16/42		2.766%	3 month LIBOR(2)		(405	)		—		(405	)	Citibank NA
	170		02/21/42		2.800%	3 month LIBOR(2)		616			—		616		Citibank NA
CAD	400		02/22/17		1.708%	3 month Canadian Banker’s Acceptance(2)		(3,966	)		—		(3,966	)	Citibank NA
MXN	4,200		07/05/13		5.480%	28 day Mexican Interbank Rate(2)		2,857			—		2,857		Barclays Bank PLC
MXN	2,900		12/15/16		5.750%	28 day Mexican Interbank Rate(2)		3,166			—		3,166		Barclays Bank PLC
MXN	1,500		02/18/22		6.600%	28 day Mexican Interbank Rate(2)		1,875			—		1,875		Barclays Bank PLC
MXN	1,600		04/15/22		6.380%	28 day Mexican Interbank Rate(2)		(376	)		—		(376	)	JPMorgan Chase Bank
NZD	130		03/26/17		3.810%	3 month BBR(2)		2,148			—		2,148		HSBC Bank USA NA
ZAR	1,800		04/11/17		6.890%	3 month JIBAR(2)		1,242			—		1,242		Citibank NA

							$	(688,220	)	$	—	$	(688,220	)

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

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

#	Notional amount is shown in U.S. dollars unless otherwise stated.

See Notes to Financial Statements.


34		Visit our website at www.prudentialfunds.com

Credit default swap agreements outstanding at April 30, 2012:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(2)			Upfront Premiums Paid/ (Received)			Unrealized Appreciation	Counterparty
Over-the-counter credit default swaps on credit indices—Sell Protection(1):
CDX.NA.HY.17.V4		12/20/16		5.000%	$	970	$	(15,411	)	$	(22,364	)	$6,953	Citibank NA


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2012(4)			Fair Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation	Counterparty
Over-the-counter credit default swaps on sovereign issues—Sell Protection(1):
French Republic		03/20/13		0.250	%	$	200		0.922	%	$	(1,138	)	$	(2,137	)	$ 999	Morgan Stanley Capital Services
Kingdom of Netherlands		03/20/13		0.250			200		0.561			(497	)		(840	)	343	Morgan Stanley Capital Services
Republic of Austria		03/20/13		1.000			200		0.732			711			(902	)	1,613	Morgan Stanley Capital Services

											$	(924	)	$	(3,879	)	$2,955

The Fund entered into credit default swaps as the protection seller on credit indices and sovereign issues to take an active short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness.

(1)

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

(2)

The fair value of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			35

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

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

(4)

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

#	Notional amount is shown in U.S. dollars unless otherwise stated.

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—quoted prices generally for securities actively traded on a regulated securities exchange and for open-end mutual funds which trade at daily net asset value.

Level 2—other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, foreign currency exchange rates and amortized cost) generally for debt securities, swaps, forward foreign currency contracts and for foreign stocks priced using vendor modeling tools.

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

The following is a summary of the inputs used as of April 30, 2012 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
CLO’s, CDO’s and Other Asset-Backed Securities	$	—	$	5,662,663	$	—
Residential Mortgage-Backed Securities		—		3,263,518		—
Bank Loans		—		2,188,330		198,245
Commercial Mortgage-Backed Securities		—		7,772,225		—
Corporate Bonds		—		13,566,329		—
Municipal Bond		—		127,108		—
Non-Corporate Foreign Agencies		—		1,228,375		—
Sovereigns		—		968,094		—

See Notes to Financial Statements.


36		Visit our website at www.prudentialfunds.com


	Level 1			Level 2			Level 3
U.S. Treasury Obligations	$	—		$	2,535,916		$	—
Affiliated Money Market Mutual Fund		1,098,976			—			—
Options Purchased		1,094			—			—
Other Financial Instruments*
Futures Contracts		(1,052	)		—			—
Forward Foreign Currency Contracts		—			(10,277	)		—
Inflation Swap Agreement		—			576			—
Interest Rate Swap Agreements		—			(688,220	)		—
Credit Default Swap Agreements		—			9,908			—

Total	$	1,099,018		$	36,624,545		$	198,245

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


	CLO’s, CDO’s and Other Asset-Backed Securities			Bank Loans
Balance as of 10/31/11	$	544,648		$	362,075
Realized gain (loss)		—			1,119
Change in unrealized appreciation (depreciation)**		—			2,059
Purchases		—			—
Sales		—			(76,750	)
Accrued discount/premium		—			—
Transfers into Level 3		—			99,249
Transfers out of Level 3		(544,648	)		(189,507	)

Balance as of 04/30/12	$	—		$	198,245

*	Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are recorded at the unrealized appreciation/depreciation on the instrument.

**	Of which, $2,247 was included in Net Assets relating to securities held at the reporting period end.

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. At the reporting period end, 1 CDO, 1 CLO and 2 Bank Loans transferred out of Level 3 as a result of being valued by an independent pricing source and 1 bank loan transferred into Level 3 as of a result of using single broker quote.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			37

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2012 were as follows:


Commercial Mortgage-Backed Securities	20.5	%
Collateralized Loan Obligations, CDO’s and Other Asset-Backed Securities	15.0
Residential Mortgage-Backed Securities	8.6
U.S. Treasury Obligations	6.7
Banking	6.6
Metals	3.5
Non-Corporate Foreign Agencies	3.3
Affiliated Money Market Mutual Fund	2.9
Cable	2.9
Sovereigns	2.6
Technology	2.6
Healthcare & Pharmaceutical	2.5
Insurance	2.3
Telecommunications	2.2
Energy—Other	2.1
Gaming	2.1
Foods	2.0
Capital Goods	1.8
Non-Captive Finance	1.5
Media & Entertainment	1.3	%
Electric	1.2
Paper	1.0
Real Estate Investment Trusts	1.0
Chemicals	0.9
Automotive	0.8
Aerospace & Defense	0.7
Airlines	0.7
Lodging	0.7
Tobacco	0.7
Consumer	0.6
Retailers	0.4
Municipal Bond	0.3
Pipelines & Other	0.1

	102.1
Liabilities in excess of other assets	(2.1	)

	100.0	%

See Notes to Financial Statements.


38		Visit our website at www.prudentialfunds.com

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk, and interest rate risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2012 as presented in the Statement of Assets and Liabilities:


Derivatives not designated as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Credit contracts	Unrealized appreciation on swap agreements	$	9,908		—	$	—
Credit contracts	Premiums paid for swap agreements		—		Premiums received for swap agreements		26,243
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		54,598		Unrealized depreciation on forward foreign currency contracts		64,875
Interest rate contracts	Due to broker—variation margin		5,475	*	Due to broker—variation margin		6,527	*
Interest rate contracts	Unaffiliated investments		1,094		—		—
Interest rate contracts	Unrealized appreciation on swap agreements		288,475		Unrealized depreciation on swap agreements		976,119

Total		$	359,550			$	1,073,764

*	Includes cumulative appreciation/depreciation on futures contracts as reported in Portfolio of Investments. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			39

Portfolio of Investments

as of April 30, 2012 (Unaudited) continued

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2012 are as follows:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Options Purchased			Futures			Forward Currency Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	40,285		$	40,285
Foreign exchange contracts		1,664			—			(142,565	)		—			(140,901	)
Interest rate contracts		62,340			(63,649	)		—			(40,723	)		(42,032	)

	$	64,004		$	(63,649	)	$	(142,565	)	$	(438	)	$	(142,648	)


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Options Purchased			Futures			Forward Currency Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	9,908		$	9,908
Foreign exchange contracts		—			—			(44,942	)		—			(44,942	)
Interest rate contracts		(1,437	)		(1,052	)		—			(133,379	)		(135,868	)

	$	(1,437	)	$	(1,052	)	$	(44,942	)	$	(123,471	)	$	(170,902	)

As of April 30, 2012, the Fund’s volume of derivatives activities is as follows:


Options Purchased (Cost)		Futures Long Positions (Value at Trade Date)		Futures Short Positions (Value at Trade Date)		Forward Currency Contracts— Purchased (Value at Settlement Date Payable)		Forward Currency Contracts— Sold (Value at Settlement Date Receivable)		Inflation Swap (Notional Amount in USD (000))		Interest Rate Swaps (Notional Amount in USD (000))		Credit Default Swaps (Notional Amount in USD (000))
$	963	$	3,313,409	$	575,116	$	8,321,471	$	5,167,215	$	30	$	86,343	$	968

See Notes to Financial Statements.


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Financial Statements

(Unaudited)


APRIL 30, 2012		SEMIANNUAL REPORT

Prudential Absolute Return Bond Fund

Statement of Assets and Liabilities

as of April 30, 2012 (Unaudited)


Assets
Investments at value:
Unaffiliated Investments (cost $37,258,676)	$	37,511,897
Affiliated Investments (cost $1,098,976)		1,098,976
Cash		501,002
Foreign currency, at value (cost $5,357)		5,387
Receivable for investments sold		693,207
Dividends and interest receivable		298,674
Unrealized appreciation on swap agreements		298,383
Receivable for Fund shares sold		63,282
Unrealized appreciation on forward foreign currency contracts		54,598
Due from advisor		2,986
Prepaid expenses		221

Total assets		40,528,613


Liabilities
Payable for investments purchased		1,485,151
Unrealized depreciation on swap agreements		976,119
Accrued expenses		114,462
Unrealized depreciation on forward foreign currency contracts		64,875
Premiums received for swap agreements		26,243
Payable for Fund shares reacquired		22,405
Distribution fee payable		4,438
Dividends payable		4,223
Affiliated transfer agent fee payable		448
Due to broker—variation margin		252

Total liabilities		2,698,616


Net Assets	$	37,829,997


Net assets were comprised of:
Shares of beneficial interest, at par	$	3,862
Paid-in capital in excess of par		38,476,200

		38,480,062
Distributions in excess of net investment income		(96,928	)
Accumulated net realized loss on investment and foreign currency transactions		(117,352	)
Net unrealized depreciation on investments and foreign currencies		(435,785	)

Net assets, April 30, 2012	$	37,829,997

See Notes to Financial Statements.


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Class A
Net asset value and redemption price per share
($4,768,449 ÷ 488,245 shares of beneficial interest issued and outstanding)	$	9.77
Maximum sales charge (4.50% of offering price)		0.46

Maximum offering price to public	$	10.23


Class C
Net asset value, offering price and redemption price per share
($4,484,737 ÷ 458,038 shares of beneficial interest issued and outstanding)	$	9.79


Class Q
Net asset value, offering price and redemption price per share
($1,015 ÷ 103.7 shares of beneficial interest issued and outstanding)	$	9.79


Class Z
Net asset value, offering price and redemption price per share
($28,575,796 ÷ 2,915,424 shares of beneficial interest issued and outstanding)	$	9.80

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			43

Statement of Operations

Six Months Ended April 30, 2012 (Unaudited)


Net Investment Income
Income
Unaffiliated interest income (net of foreign withholding taxes of $689)	$	752,522
Affiliated dividend income		1,900

Total income		754,422


Expenses
Management fee		143,222
Distribution fee—Class A		4,265
Distribution fee—Class C		20,881
Custodian’s fees and expenses		69,000
Registration fees		35,000
Audit fee		29,000
Reports to shareholders		13,000
Legal fees and expenses		9,000
Trustees’ fees		5,000
Transfer agent’s fees and expenses (including affiliated expense of $1,200) (Note 3)		2,000
Miscellaneous		8,032

Total expenses		338,400
Expense reimbursement (Note 2)		(144,412	)

Net expenses		193,988

Net investment income		560,434


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		72,667
Foreign currency transactions		(125,830	)
Financial futures transactions		(63,649	)
Swap agreement transactions		(438	)

		(117,250	)

Net change in unrealized appreciation (depreciation) on:
Investments		643,023
Foreign currencies		(44,599	)
Financial futures contracts		(1,052	)
Swap agreements		(123,471	)

		473,901

Net gain on investment and foreign currency transactions		356,651

Net Increase In Net Assets Resulting From Operations	$	917,085

See Notes to Financial Statements.


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Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2012			March 30, 2011* through October 31, 2011
Increase (Decrease) In Net Assets
Operations
Net investment income	$	560,434		$	498,892
Net realized loss on investment and foreign currency transactions		(117,250	)		(26,575	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		473,901			(909,686	)

Net increase (decrease) in net assets resulting from operations		917,085			(437,369	)


Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(54,280	)		(36,420	)
Class C		(49,674	)		(26,946	)
Class Q		(18	)		(16	)
Class Z		(475,310	)		(407,867	)

		(579,282	)		(471,249	)

Distributions from net realized gains
Class A		(7,914	)		—
Class C		(10,670	)		—
Class Q		(2	)		—
Class Z		(73,142	)		—

		(91,728	)		—


Fund share transactions (Note 6)
Net proceeds from shares sold		5,168,331			39,453,377
Net asset value of shares issued in reinvestment of dividends and distributions		645,058			457,824
Cost of shares reacquired		(3,160,826	)		(4,071,224	)

Net increase in net assets from Fund share transactions		2,652,563			35,839,977

Total increase		2,898,638			34,931,359

Net Assets:
Beginning of period		34,931,359			—

End of period	$	37,829,997		$	34,931,359

*	Commencement of investment operations.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			45

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of three funds: Prudential Large-Cap Core Equity Fund, Prudential International Real Estate Fund and Prudential Absolute Return Bond Fund (the “Fund”). These financial statements relate to Prudential Absolute Return Bond Fund, a diversified fund. The financial statements of the Prudential Large-Cap Core Equity Fund and Prudential International Real Estate Fund are not presented herein. The Trust was organized as a business trust in Delaware on September 18, 1998. The Fund commenced investment operations on March 30, 2011.

The Fund’s investment objective is to seek positive returns over the long term, regardless of market conditions.

Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via NASDAQ are valued at the NASDAQ official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadvisers, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or


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securities with similar characteristics. Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair valuation 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 issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser 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 mutual funds to calculate their net asset values.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short-term debt securities of sufficient credit quality, which mature in sixty days or less, are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term debt securities, which mature in more than sixty days, are valued at fair value.

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

(i) market value of investment securities, other assets and liabilities-at the current rates of exchange;

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

The Fund does not 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 securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. Accordingly, realized foreign currency gains or losses are included in the reported net


Prudential Absolute Return Bond Fund			47

Notes to Financial Statements

(Unaudited) continued

realized gains or losses on investment transactions. Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade and settlement date on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on financial futures transactions. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

The Fund invests in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets.

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate between two parties. The Fund enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current forward exchange rates and any


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unrealized gain or loss is included in net unrealized appreciation or depreciation on foreign currencies. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain or loss, if any, is included in net realized gain (loss) on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. Such credit risk may be mitigated by entering into a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there are no assurances that such mitigating factors are easily enforceable.

Options: The Fund purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates with respect to securities which the Fund currently owns or intends to purchase. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. The Fund, as writer of an option, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Over-the-counter options involve the risk of the potential inability of the counterparties to meet the terms of their contracts.

With exchange-traded futures and options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all


Prudential Absolute Return Bond Fund			49

Notes to Financial Statements

(Unaudited) continued

exchange traded futures and options and guarantees the futures and options contracts against default.

Swap Agreements: The Fund entered into credit default, inflation and interest rate swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the over-the-counter market and may be executed either directly with counterparty (“OTC Traded”) or through a central clearing facility, such as a registered commodities exchange (“Exchange Traded”). Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the statements of assets and liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

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

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund purchased credit default swaps to provide a measure of protection against defaults of the issuers. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the notional value of a credit default swap agreement. Such credit risk may be mitigated by entering into a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there are no assurances that such mitigating factors are easily enforceable.

As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection an agreed upon payment throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively


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increase investment risk to its portfolio because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Portfolio of Investments, if applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credits spreads and increasing market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation Swaps: The Fund entered into inflation swap agreements to provide a measure of protection against the effect of inflation on yield. Inflation swap agreements involve two parties exchanging cash flows at a later date at rates related to inflation indices.

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


Prudential Absolute Return Bond Fund			51

Notes to Financial Statements

(Unaudited) continued

contract’s remaining life. Such credit risk may be mitigated by entering into a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there are no assurances that such mitigating factors are easily enforceable.

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

As of April 30, 2012, the Fund has not met conditions under such agreements, which give the counterparty the right to call for an early termination.

Forward currency contracts, financial futures contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

Concentration of Risk: The ability of issuers of debt securities (other than those issued or guaranteed by the U.S. Government) held by the Fund to meet their obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of governmental supervision and regulation of foreign securities markets.


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Restricted Securities: The Fund may hold up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions on sales of portfolio securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis which may require the use of certain estimates by management. Net investment income or loss (other than distribution fees which are charged to the respective class), and unrealized and realized gains or 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.

Dividends and Distributions: The Fund declares dividends of net investment income daily and payment is made monthly. Distributions of net realized capital and currency gains, if any, are made annually. Dividends and distributions are recorded on the ex-dividend date. Dividends and distributions are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. Permanent book/tax differences relating to income and gains are reclassified amongst distribution in excess of net investment income, accumulated net realized gain or loss and paid-in-capital in excess of par, as appropriate.

Taxes: For federal income tax purposes it is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign interest are recorded, net of reclaimable amounts, at the time the related income is earned.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s


Prudential Absolute Return Bond Fund			53

Notes to Financial Statements

(Unaudited) continued

performance of such services. PI has entered into a subadvisory agreement with Prudential Investment Management, Inc. (“PIM”). The subadvisory agreement provides that PIM will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PIM is obligated to keep certain books and records of the Fund. PI pays for the services of PIM, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of .80% of the average daily net assets.

Effective January 26, 2012 PI has contractually agreed to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses such as taxes, interest and brokerage commissions) of each class of shares to .85% of the Fund’s average daily net assets until February 28, 2013. Prior to this agreement, PI contractually agreed to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses such as taxes, interest and brokerage commissions) of each class of shares to 1.05% of the Fund’s average daily net assets.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) who acts as the distributor of the Class A, Class C, Class Q and Class Z shares. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to plans of distribution (the “Class A and C Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

Pursuant to the Class A and C Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed to limit such expenses to .25% of the average daily net assets of the Class A shares through February 28, 2013.

PIMS has advised the Fund that it received $19,596 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2012. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs. PIMS has


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advised the Fund that for the six months ended April 30, 2012, it has received $923, in contingent deferred sales charges imposed upon certain redemptions by Class C shareholders, respectively.

PI and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

Note 3. Other Transactions with Affiliates

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a series of the Prudential Investment Portfolios 2 registered under the 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as affiliated dividend income.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2012, were $18,638,419 and $18,336,647, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2012 were as follows:


Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$38,529,976	$397,825	$(316,928)	$80,897

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of amortization of premiums.

Management has analyzed the Fund’s tax positions and has concluded no provision for income tax is required in the Fund’s financial statements for the current reporting period.


Prudential Absolute Return Bond Fund			55

Notes to Financial Statements

(Unaudited) continued

Note 6. Capital

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are sold with a front-end sales charge of up to 4.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class C shares are sold with a contingent deferred sales charge of 1% on shares redeemed during the first 12 months after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Q and Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

Under certain limited circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund.

At April 30, 2012, Prudential Financial, Inc. through its affiliates owned 103 Class A shares, 102 Class C shares, 103.7 Class Q shares and 2,586,960 Class Z shares of the Fund.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value.

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended April 30, 2012:
Shares sold		257,277		$	2,497,288
Shares issued in reinvestment of dividends and distributions		5,597			54,224
Shares reacquired		(53,372	)		(516,710	)

Net increase (decrease) in shares outstanding		209,502		$	2,034,802

Period ended October 31, 2011*:
Shares sold		512,866		$	5,075,110
Shares issued in reinvestment of dividends		3,438			33,502
Shares reacquired		(237,561	)		(2,329,557	)

Net increase (decrease) in shares outstanding		278,743		$	2,779,055


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Class C	Shares			Amount
Six months ended April 30, 2012:
Shares sold		107,327		$	1,043,792
Shares issued in reinvestment of dividends and distributions		5,521			53,501
Shares reacquired		(68,943	)		(671,720	)

Net increase (decrease) in shares outstanding		43,905		$	425,573

Period ended October 31, 2011*:
Shares sold		427,911		$	4,243,233
Shares issued in reinvestment of dividends		2,487			24,212
Shares reacquired		(16,265	)		(158,670	)

Net increase (decrease) in shares outstanding		414,133		$	4,108,775

Class Q
Six months ended April 30, 2012:
Shares issued in reinvestment of dividends		2.1		$	20

Net increase (decrease) in shares outstanding and distributions		2.1		$	20

Period ended October 31, 2011*:
Shares sold		100.0		$	1,000
Shares issued in reinvestment of dividends		1.6			16

Net increase (decrease) in shares outstanding		101.6		$	1,016

Class Z
Six months ended April 30, 2012:
Shares sold		167,576		$	1,627,251
Shares issued in reinvestment of dividends and distributions		55,350			537,313
Shares reacquired		(202,125	)		(1,972,396	)

Net increase (decrease) in shares outstanding		20,801		$	192,168

Period ended October 31, 2011*:
Shares sold		3,017,842		$	30,134,034
Shares issued in reinvestment of dividends		40,769			400,094
Shares reacquired		(163,988	)		(1,582,997	)

Net increase (decrease) in shares outstanding		2,894,623		$	28,951,131

*	Commenced operations on March 30, 2011.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period December 16, 2011 through December 14, 2012. The Funds pay an annualized commitment fee of 0.08% of the unused portion of the SCA. Prior to


Prudential Absolute Return Bond Fund			57

Notes to Financial Statements

(Unaudited) continued

December 16, 2011, the Funds had another Syndicated Credit Agreement of a $750 million commitment with an annualized commitment fee of 0.10% of the unused portion. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended April 30, 2012.

Note 8. New Accounting Pronouncements

In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements.” The objective of ASU No. 2011-03 is to improve the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. Under previous guidance, whether or not to account for a transaction as a sale was based on, in part, if the entity maintained effective control over the transferred financial assets. ASU No. 2011-03 removes the transferor’s ability criterion from the effective control assessment. This guidance is effective prospectively for interim and annual reporting periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-03 and its impact on the financial statements has not been determined.


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Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30, 2012(h)			March 30, 2011(a) through October 31, 2011(h)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.72			$10.00
Income (loss) from investment operations:
Net investment income		.14			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09			(.31	)
Total from investment operations		.23			(.13	)
Less Dividends and Distributions:
Dividends from net investment income		(.15	)		(.15	)
Distributions from net realized gains		(.03	)		-
Total dividends and distributions		(.18	)		(.15	)
Net asset value, end of period		$9.77			$9.72
Total Return(b):		2.38%			(1.27)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$4,768			$2,709
Average net assets (000)		$3,426			$2,240
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)		1.19%	(e)(f)		1.30%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		.94%	(e)(f)		1.05%	(e)(f)
Net investment income		3.03%	(e)(f)		2.90%	(e)(f)
Portfolio turnover rate		53%	(g)		112%	(g)

(a) Commencement of operations.

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

(d) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .25% of the average daily net assets of the Class A shares.

(e) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and services (12b-1) fees and net investment income ratios would be 2.00%, 1.75% and 2.22%, respectively, for the six months ended April 30, 2012, and 2.65%, 2.40% and 1.55%, respectively, for the period ended October 31, 2011.

(f) Annualized.

(g) Not annualized.

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

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			59

Financial Highlights

(Unaudited) continued


Class C Shares
	Six Months Ended April 30, 2012(g)			March 30, 2011(a) through October 31, 2011(g)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.11			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09			(.30	)
Total from investment operations		.20			(.17	)
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.10	)
Distributions from net realized gains		(.03	)		-
Total dividends and distributions		(.14	)		(.10	)
Net asset value, end of period		$9.79			$9.73
Total Return(b):		2.07%			(1.74)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$4,485			$4,030
Average net assets (000)		$4,199			$2,254
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.94%	(d)(e)		2.05%	(d)(e)
Expenses, excluding distribution and service (12b-1) fees		.94%	(d)(e)		1.05%	(d)(e)
Net investment income		2.27%	(d)(e)		2.17%	(d)(e)
Portfolio turnover rate		53%	(f)		112%	(f)

(a) Commencement of operations.

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

(d) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and services (12b-1) fees and net investment income ratios would be 2.75%, 1.75% and 1.46%, respectively, for the six months ended April 30, 2012, and 3.39%, 2.39% and .83%, respectively, for the period ended October 31, 2011.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.


60		Visit our website at www.prudentialfunds.com


Class Q Shares
	Six Months Ended April 30, 2012(g)			March 30, 2011(a) through October 31, 2011(g)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.17			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09			(.27	)
Total from investment operations		.26			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.17	)		(.16	)
Distributions from net realized gains		(.03	)		-
Total dividends and distributions		(.20	)		(.16	)
Net asset value, end of period		$9.79			$9.73
Total Return(b):		2.69%			(1.09)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1			$1
Average net assets (000)		$1			$1
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		.93%	(d)(e)		1.05%	(d)(e)
Expenses, excluding distribution and service (12b-1) fees		.93%	(d)(e)		1.05%	(d)(e)
Net investment income		3.44%	(d)(e)		2.74%	(d)(e)
Portfolio turnover rate		53%	(f)		112%	(f)

(a) Commencement of operations.

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

(d) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and services (12b-1) fees and net investment income ratios would be 1.74%, 1.74% and 2.63%, respectively, for the six months ended April 30, 2012, and 2.45%, 2.45% and 1.34%, respectively, for the period ended October 31, 2011.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			61

Financial Highlights

(Unaudited) continued


Class Z Shares
	Six Months Ended April 30, 2012(g)			March 30, 2011(a) through October 31, 2011(g)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$9.74			$10.00
Income (loss) from investment operations:
Net investment income		.16			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.09			(.27	)
Total from investment operations		.25			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		(.15	)
Distributions from net realized gains		(.03	)		-
Total dividends and distributions		(.19	)		(.15	)
Net asset value, end of period		$9.80			$9.74
Total Return(b):		2.57%			(1.14)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$28,576			$28,192
Average net assets (000)		$28,372			$27,018
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		.94%	(d)(e)		1.05%	(d)(e)
Expenses, excluding distribution and service (12b-1) fees		.94%	(d)(e)		1.05%	(d)(e)
Net investment income		3.27%	(d)(e)		2.70%	(d)(e)
Portfolio turnover rate		53%	(f)		112%	(f)

(a) Commencement of operations.

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

(d) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and services (12b-1) fees and net investment income ratios would be 1.75%, 1.75% and 2.46%, respectively, for the six months ended April 30, 2012, and 2.48%, 2.48% and 1.26%, respectively, for the period ended October 30, 2011.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.


62		Visit our website at www.prudentialfunds.com

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.prudentialfunds.com

PROXY VOTING

TRUSTEES

OFFICERS


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT SUBADVISER	Prudential Investment Management, Inc.	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Absolute Return Bond Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

Mutual Funds:


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

LOGO

PRUDENTIAL ABSOLUTE RETURN BOND FUND


SHARE CLASS	A	C	Q	Z
NASDAQ	PADAX	PADCX	PADQX	PADZX
CUSIP	74441J852	74441J845	74441J837	74441J829

MF213E2 0226466-00001-00

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

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

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

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

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – 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 that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

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

(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3)

Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		Prudential Investment Portfolios 9

By:		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date:		June 21, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		June 21, 2012

By:		/s/ Grace C. Torres
		Grace C. Torres
		Treasurer and Principal Financial Officer

Date:		June 21, 2012

Prudential Investment Portfolios 9 N-CSRSCertified semi-annual shareholder report (management investment company)