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:		10/31/2014

Date of reporting period:		4/30/2014

Item 1 – Reports to Stockholders

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL INTERNATIONAL REAL ESTATE FUND

SEMIANNUAL REPORT ^· APRIL 30, 2014

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, 2014, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). Prudential Real Estate Investors, also known as PREI^®, is a unit of Prudential Investment Management, Inc. (PIM), a registered investment adviser. PIMS and PIM are Prudential Financial companies. ^© 2014 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

June 16, 2014

Dear Shareholder:

We hope you find the semiannual report for the Prudential International Real Estate Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2014.

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 of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers* that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential International Real Estate Fund

*Most of Prudential Investments’ equity funds are advised by Jennison Associates LLC, Quantitative Management Associates LLC (QMA), or Prudential Real Estate Investors. Prudential Investments’ fixed income and money market funds are advised by Prudential Investment Management, Inc. (PIM) through its Prudential Fixed Income unit. Jennison Associates, QMA, and PIM are registered investment advisers and Prudential Financial companies. Prudential Real Estate Investors is a unit of PIM.


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.


Cumulative Total Returns (Without Sales Charges) as of 4/30/14
	Six Months			One Year			Since Inception
Class A		–1.32	%		–7.56	%	18.00% (12/21/10)
Class B		–1.72			–8.24		14.54 (12/21/10)
Class C		–1.33			–7.53		16.87 (12/21/10)
Class Z		–1.16			–7.27		18.41 (12/21/10)
FTSE EPRA/NAREIT Developed ex-U.S. Net Index		–0.31			–4.86		24.99
MSCI EAFE ND Index		4.44			13.35		29.23
Lipper Equity International Real Estate Funds Average		–0.16			–4.85		22.27

Average Annual Total Returns (With Sales Charges) as of 3/31/14
				One Year			Since Inception
Class A					–8.98	%	2.50% (12/21/10)
Class B					–9.05		2.80 (12/21/10)
Class C					–4.56		3.98 (12/21/10)
Class Z					–3.36		4.40 (12/21/10)
FTSE EPRA/NAREIT Developed ex-U.S. Net Index					–0.63		6.20
MSCI EAFE ND Index					17.54		7.73
Lipper Equity International Real Estate Funds Average					–1.38		5.25

Source: Prudential Investments LLC and Lipper Inc.

Inception Date: 12/21/10


2		Visit our website at www.prudentialfunds.com

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. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.


	Class A	Class B	Class C	Class Z
Maximum initial sales charge	5.5% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5/6) 0% (Yr. 7)	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	1%	None

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.

Morgan Stanley Capital International Europe, Australasia, and Far East Net Dividend Index

The Morgan Stanley Capital International Europe, Australasia, and Far East Net Dividend Index (MSCI EAFE ND Index) is an unmanaged, weighted index of performance that reflects stock price movements of developed-country markets in Europe, Australasia, and the Far East. The Net Dividend (ND) version of the MSCI EAFE Index reflects the impact of the maximum withholding taxes on reinvested dividends.

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.


Prudential International Real Estate Fund			3

Your Fund’s Performance (continued)


Five Largest Holdings expressed as a percentage of net assets as of 4/30/14
Sun Hung Kai Properties Ltd., Diversified Real Estate Activities	6.5	%
Mitsui Fudosan Co. Ltd., Diversified Real Estate Activities	6.2
Mitsubishi Estate Co. Ltd., Diversified Real Estate Activities	5.9
Unibail-Rodamco SE, REIT, Retail REITs	5.8
Westfield Group, REIT, Retail REITs	4.6

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


Five Largest Industries expressed as a percentage of net assets as of 4/30/14
Diversified Real Estate Activities	30.5	%
Retail REITs	23.3
Diversified REITs	16.4
Real Estate Operating Companies	11.0
Industrial REITs	6.9

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


4		Visit our website at www.prudentialfunds.com

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, 2013, at the beginning of the period, and held through the six-month period ended April 30, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

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 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.

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 International Real Estate Fund			5

Fees and Expenses (continued)

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.

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, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	986.80		1.60	%	$	7.88
	Hypothetical	$	1,000.00	$	1,016.86		1.60	%	$	8.00

Class B	Actual	$	1,000.00	$	982.80		2.35	%	$	11.55
	Hypothetical	$	1,000.00	$	1,013.14		2.35	%	$	11.73

Class C	Actual	$	1,000.00	$	986.70		1.60	%	$	7.88
	Hypothetical	$	1,000.00	$	1,016.86		1.60	%	$	8.00

Class Z	Actual	$	1,000.00	$	988.40		1.35	%	$	6.66
	Hypothetical	$	1,000.00	$	1,018.10		1.35	%	$	6.76

*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 181 days in the six-month period ended April 30, 2014, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2014 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


6		Visit our website at www.prudentialfunds.com

The Fund’s annualized expense ratios for the period ended April 30, 2014, are as follows:


Class	Gross Operating Expenses			Net Operating Expenses
A		2.45	%		1.60	%
B		3.13			2.35
C		2.40			1.60
Z		2.14			1.35

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.


Prudential International Real Estate Fund			7

Portfolio of Investments

as of April 30, 2014 (Unaudited)


Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS 99.4%

COMMON STOCKS 99.3%

Australia 13.0%
13,725	Australand Property Group, REIT	$	54,700
102,600	CFS Retail Property Trust Group, REIT		192,088
20,550	Charter Hall Retail, REIT		73,872
237,950	Dexus Property Group, REIT		251,732
54,425	Federation Centres Ltd., REIT		126,335
65,990	Goodman Group, REIT		306,519
88,225	GPT Group, REIT		321,961
51,250	Investa Office Fund, REIT		159,555
166,850	Mirvac Group, REIT		272,274
41,375	Stockland, REIT		149,990
101,650	Westfield Group, REIT		1,037,260

			2,946,286

Austria 0.8%
9,742	CA Immobilien Anlagen AG*		185,704

Brazil 0.5%
6,073	BR Malls Participacoes SA		52,511
3,162	Multiplan Empreendimentos Imobiliarios SA		70,281

			122,792

Canada 8.0%
11,327	Boardwalk Real Estate Investment Trust, REIT		638,458
238	Brookfield Canada Office Properties, REIT		5,832
18,109	Canadian Apartment Properties, REIT		347,459
26,062	Chartwell Retirement Residences, REIT		248,006
22,654	RioCan Real Estate Investment Trust, REIT		562,811

			1,802,566

Finland 0.6%
25,807	Sponda Oyj		133,075

France 9.2%
2,686	Fonciere des Regions, REIT		272,829
1,862	ICADE, REIT		189,976
6,706	Klepierre, REIT		307,677
4,822	Unibail-Rodamco SE, REIT		1,303,117

			2,073,599

See Notes to Financial Statements.


Prudential International Real Estate Fund			9

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)

Germany 3.3%
10,863	Alstria Office REIT-AG, REIT	$	149,879
9,700	Deutsche Wohnen AG*		203,205
8,414	GAGFAH SA*		133,077
3,241	LEG Immobilien AG		216,270
9,410	Prime Office AG*		38,577

			741,008

Hong Kong 16.0%
42,000	Hang Lung Properties Ltd.		125,271
51,900	Henderson Land Development Co. Ltd.		310,230
42,000	Hongkong Land Holdings Ltd.		294,000
22,000	Hysan Development Co. Ltd.		94,355
55,000	Link REIT (The), REIT		273,831
200,400	Sino Land Co. Ltd.		300,498
117,000	Sun Hung Kai Properties Ltd.		1,476,312
31,000	Swire Properties Ltd.		93,358
92,000	Wharf Holdings Ltd. (The)		645,850

			3,613,705

Ireland 0.1%
16,863	Green REIT PLC*, REIT		28,074

Japan 24.0%
31	Activia Properties, Inc., REIT		260,297
5,550	AEON Mall Co. Ltd.		132,322
29	AEON REIT Investment Corp., REIT		36,847
6,000	Daiwa House Industry Co. Ltd.		101,374
9	Daiwa House REIT Investment Corp., REIT		36,676
64	GLP J-REIT, REIT		63,169
25	Hulic Reit, Inc., REIT*		34,895
2	Industrial & Infrastructure Fund Investment Corp., REIT		16,761
14	Japan Excellent, Inc., REIT		18,592
50	Japan Logistics Fund, Inc., REIT		112,843
80	Japan Retail Fund Investment Corp., REIT		160,905
59,000	Mitsubishi Estate Co. Ltd.		1,338,734
47,000	Mitsui Fudosan Co. Ltd.		1,391,281
34	Nippon Building Fund, Inc., REIT		188,512
41	Nippon Prologis REIT, Inc., REIT		86,829
4,900	Nomura Real Estate Holdings, Inc.		91,553
4,000	NTT Urban Development Corp.		35,182

See Notes to Financial Statements.


10


Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)

Japan (cont’d)
22,000	Sumitomo Realty & Development Co. Ltd.	$	853,586
28,000	Tokyo Tatemono Co. Ltd.		223,294
14,000	Tokyu Fudosan Holdings Corp.		101,779
93	United Urban Investment Corp., REIT		140,360

			5,425,791

Netherlands 2.0%
2,361	Corio NV, REIT		110,631
3,659	Eurocommercial Properties NV		167,983
2,050	Wereldhave NV, REIT		172,386

			451,000

Norway 0.5%
86,591	Norwegian Property ASA*		109,981

Singapore 7.8%
165,000	Ascendas Real Estate Investment Trust, REIT		302,010
172,000	Cache Logistics Trust, REIT		158,002
102,000	CapitaLand Ltd.		261,046
99,000	CapitaMall Trust, REIT		157,810
68,000	CapitaRetail China Trust, REIT		80,400
142,250	Keppel REIT, REIT		137,496
255,000	Mapletree Commercial Trust, REIT		257,933
177,880	Mapletree Industrial Trust, REIT		204,690
159,000	Suntec Real Estate Investment Trust, REIT		217,935

			1,777,322

Sweden 1.6%
3,230	Atrium Ljungberg AB (Class B Stock)		51,315
12,265	Fabege AB		172,298
9,800	Hufvudstaden AB (Class A Stock)		143,674

			367,287

Switzerland 1.0%
2,301	PSP Swiss Property AG*		221,161

United Kingdom 10.9%
15,617	Atrium European Real Estate Ltd.*		89,915
13,833	Big Yellow Group PLC, REIT		120,240
51,450	British Land Co. PLC, REIT		601,085

See Notes to Financial Statements.


Prudential International Real Estate Fund			11

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)

United Kingdom (cont’d)
23,574	Great Portland Estates PLC, REIT	$	249,950
42,885	Hammerson PLC, REIT		413,885
39,167	Land Securities Group PLC, REIT		703,599
49,831	SEGRO PLC, REIT		294,924

			2,473,598

	TOTAL COMMON STOCKS (cost $19,447,413)		22,472,949

PREFERRED STOCK 0.1%

Sweden
495	Klovern AB (PRFC) (cost $10,737)		12,103


Units
WARRANTS*

Hong Kong
9,750	Sun Hung Kai Properties Ltd., expiring 04/22/16 (cost $0)		6,565

	TOTAL LONG-TERM INVESTMENTS (cost $19,458,150)		22,491,617


SHORT-TERM INVESTMENT 0.3%
Shares

AFFILIATED MONEY MARKET MUTUAL FUND
60,876	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $60,876) (Note 3)(a)		60,876

	TOTAL INVESTMENTS 99.7% (cost $19,519,026; Note 5)		22,552,493
	Other assets in excess of liabilities 0.3%		68,547

	NET ASSETS 100.0%	$	22,621,040

The following abbreviations are used in the portfolio descriptions:

PRFC—Preference Shares

REIT—Real Estate Investment Trust

*	Non-income producing security.

(a)	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.


12

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 in active markets for identical securities.

Level 2—other significant observable inputs including, but not limited to, quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates, and amortized cost.

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, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	2,946,286	$	—
Austria		—		185,704		—
Brazil		122,792		—		—
Canada		1,802,566		—		—
Finland		—		133,075		—
France		—		2,073,599		—
Germany		391,661		349,347		—
Hong Kong		294,000		3,319,705		—
Ireland		28,074		—		—
Japan		71,742		5,354,049		—
Netherlands		—		451,000		—
Norway		109,981		—		—
Singapore		—		1,777,322		—
Sweden		51,315		315,972		—
Switzerland		—		221,161		—
United Kingdom		89,915		2,383,683		—
Preferred Stock
Sweden		—		12,103		—
Warrants
Hong Kong		6,565		—		—
Affiliated Money Market Mutual Fund		60,876		—		—

Total	$	3,029,487	$	19,523,006	$	—

See Notes to Financial Statements.


Prudential International Real Estate Fund			13

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Fair Value of Level 2 investments at October 31, 2013 was $18,828,553. Such fair values are used to reflect the impact of significant market movements between the time at which the Fund normally values its securities and the earlier closing of foreign markets. An amount of $227,345 was transferred from Level 1 into Level 2 at April 30, 2014 as a result of fair valuing such foreign securities using third party vendor modeling tools.

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

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2014 was as follows:


Diversified Real Estate Activities	30.5	%
Retail REITs	23.3
Diversified REITs	16.4
Real Estate Operating Companies	11.0
Industrial REITs	6.9
Residential REITs	4.4
Office REITs	4.0
Real Estate Development	1.3
Health Care REITs	1.1	%
Specialized REITs	0.5
Affiliated Money Market Mutual Fund	0.3

	99.7
Other assets in excess of liabilities	0.3

	100.0	%

The Fund invested in various 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, 2014 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for
as hedging instruments,
carried at fair value

Asset Derivatives

Liability Derivatives

Balance
Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Equity contracts

Unaffiliated investments

6,565

—

See Notes to Financial Statements.


14

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2014 are as follows:


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Warrants(1)
Equity contracts	$	6,565

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

See Notes to Financial Statements.


Prudential International Real Estate Fund			15

Statement of Assets & Liabilities

as of April 30, 2014 (Unaudited)


Assets
Investments at value:
Unaffiliated investments (cost $19,458,150)	$	22,491,617
Affiliated investments (cost $60,876)		60,876
Dividends receivable		75,862
Receivable for Fund shares sold		44,481
Tax reclaim receivable		15,486
Prepaid expenses		260

Total assets		22,688,582


Liabilities
Accrued expenses		28,953
Payable for investments purchased		23,775
Payable for Fund shares reacquired		10,263
Management fee payable		3,678
Distribution fee payable		616
Affiliated transfer agent fee payable		257

Total liabilities		67,542


Net Assets	$	22,621,040


Net assets were comprised of:
Shares of beneficial interest, at par	$	2,043
Paid-in capital in excess of par		21,285,305

		21,287,348
Distributions in excess of net investment income		(513,854	)
Accumulated net realized loss on investment and foreign currency transactions		(1,187,087	)
Net unrealized appreciation on investments and foreign currencies		3,034,633

Net Assets, April 30, 2014	$	22,621,040

See Notes to Financial Statements.


16

Statement of Assets and Liabilities

as of April 30, 2014 (Unaudited)


Class A
Net asset value and redemption price per share ($2,315,827 ÷ 219,701 shares of common stock issued and outstanding)	$	10.54
Maximum sales charge (5.50% of offering price)		0.61

Maximum offering price to public	$	11.15


Class B
Net asset value, offering price and redemption price per share ($106,066 ÷ 10,131 shares of common stock issued and outstanding)	$	10.47


Class C
Net asset value, offering price and redemption price per share ($318,185 ÷ 30,394 shares of common stock issued and outstanding)	$	10.47


Class Z
Net asset value, offering price and redemption price per share ($19,880,962 ÷ 1,895,686 shares of common stock issued and outstanding)	$	10.49

See Notes to Financial Statements.


Prudential International Real Estate Fund			17

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)


Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding tax of $32,948)	$	334,076
Affiliated dividend income		451

Total income		334,527


Expenses
Management fee		108,575
Distribution fee—Class A		2,685
Distribution fee—Class B		607
Distribution fee—Class C		321
Custodian’s fees and expenses		42,000
Registration fees		23,000
Audit fees		15,000
Reports to shareholders		13,000
Legal fees and expenses		10,000
Directors’ fees		6,000
Transfer agent’s fees and expenses (including affiliated expense of $700)		2,000
Loan interest expense		112
Miscellaneous		12,780

Total expenses		236,080
Less: Management fee waiver		(85,777	)
Less: Distribution fee waiver—Class A		(448	)

Net expenses		149,855

Net investment income		184,672


Realized And Unrealized Gain (Loss) On Investment And Foreign Currencies
Net realized gain (loss) on:
Investment transactions		(427,368	)
Foreign currency transactions		9,767

		(417,601	)

Net change in unrealized appreciation (depreciation) on:
Investments		(18,442	)
Foreign currencies		770

		(17,672	)

Net loss on investment transactions and foreign currencies		(435,273	)

Net Decrease In Net Assets Resulting From Operations	$	(250,601	)

See Notes to Financial Statements.


18

Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2014			Year Ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income	$	184,672		$	343,357
Net realized gain (loss) on investment and foreign currency transactions		(417,601	)		332,466
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(17,672	)		1,560,908

Net increase (decrease) in net assets resulting from operations		(250,601	)		2,236,731


Dividends (Note 1)
Dividends from net investment income
Class A		(33,232	)		(26,219	)
Class B		(2,496	)		(6,041	)
Class C		(6,466	)		(5,237	)
Class Z		(550,941	)		(972,177	)

		(593,135	)		(1,009,674	)


Fund share transactions (Note 6)
Net proceeds from shares sold		4,798,312			7,891,720
Net asset value of shares issued in reinvestment of dividends		589,125			1,007,331
Cost of shares reacquired		(4,073,959	)		(7,502,053	)

Net increase in net assets from Fund share transactions		1,313,478			1,396,998

Total increase		469,742			2,624,055

Net Assets:
Beginning of period		22,151,298			19,527,243

End of period	$	22,621,040		$	22,151,298

See Notes to Financial Statements.


Prudential International Real Estate Fund			19

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 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 Fund’s 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 Fund in the preparation of the financial statements.

Security Valuation: The Fund holds securities and other assets that are fair valued at the close of each day the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the table following the Portfolio of Investments.


20

price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy except for exchange-traded and cleared swaps which are classified as Level 2 in the fair value hierarchy, as the prices marked at the official settle are not public.

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and asked prices, or at the last bid price in the absence of an asked price. These securities are classified as Level 2 in the fair value hierarchy, as the inputs are observable and considered to be significant to the valuation.

Common stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable and considered to be significant to the valuation. Securities not valued using such model prices are valued in accordance with exchange-traded common stocks discussed above.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after evaluating observable inputs including, but not limited to yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations, and reported trades. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Over-the-counter derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that significant unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.


Prudential International Real Estate Fund			21

Notes to Financial Statements

(Unaudited) continued

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

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 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 long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, these 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 sales and maturities of short-term securities and forward currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign


22

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.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management, that may differ from actual.

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 year 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.


Prudential International Real Estate Fund			23

Notes to Financial Statements

(Unaudited) continued

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 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 through February 28, 2014 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


24

February 28, 2014 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 $5,418 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2014. 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, 2014, it received $2,002 in contingent deferred sales charges imposed upon redemptions by certain Class B shareholders.

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

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 portfolio of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, 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, 2014, were $6,846,366 and $5,424,252, 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, 2014 were as follows:


Tax Basis	$	20,230,280

Appreciation		2,660,496
Depreciation		(338,283	)

Net Unrealized Appreciation	$	2,322,213


Prudential International Real Estate Fund			25

Notes to Financial Statements

(Unaudited) continued

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

Under the Regulated Investment Company Modernization Act of 2010 (“the Act”), the Fund is permitted to carryforward capital losses incurred in the fiscal year ended October 31, 2012 and October 31, 2013 (“post-enactment losses”) for an unlimited period. 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 taxable years ending before October 31, 2012 (“pre-enactment losses”) 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. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses. As of October 31, 2013, the pre and post-enactment losses were approximately:


Post-Enactment Losses:	$	465,000

Pre-Enactment Losses:
Expiring 2019	$	190,000

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 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. 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


26

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.

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.

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

As of April 30, 2014, Prudential owned 109 Class B shares, 112 Class C shares and 1,128,819 Class Z shares of the Fund.

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended April 30, 2014:
Shares sold		143,765		$	1,493,313
Shares issued in reinvestment of dividends and distributions		3,003			30,600
Shares reacquired		(13,596	)		(140,873	)

Net increase (decrease) in shares outstanding		133,172		$	1,383,040

Year ended October 31, 2013:
Shares sold		86,235		$	931,453
Shares issued in reinvestment of dividends and distributions		2,345			24,409
Shares reacquired		(37,815	)		(407,984	)

Net increase (decrease) in shares outstanding before conversion		50,765			547,878
Shares issued, upon conversion from Class B		2,266			24,319

Net increase (decrease) in shares outstanding		53,031		$	572,197

Class B
Six months ended April 30, 2014:
Shares sold		1,928		$	19,629
Shares issued in reinvestment of dividends and distributions		219			2,223
Shares reacquired		(5,293	)		(53,441	)

Net increase (decrease) in shares outstanding		(3,146	)	$	(31,589	)

Year ended October 31, 2013:
Shares sold		36,956		$	400,282
Shares issued in reinvestment of dividends and distributions		588			6,090
Shares reacquired		(38,294	)		(393,337	)

Net increase (decrease) in shares outstanding before conversion		(750	)		13,035
Shares reacquired upon conversion into Class A		(2,284	)		(24,319	)

Net increase (decrease) in shares outstanding		(3,034	)	$	(11,284	)


Prudential International Real Estate Fund			27

Notes to Financial Statements

(Unaudited) continued


Class C	Shares			Amount
Six months ended April 30, 2014:
Shares sold		12,039		$	125,911
Shares issued in reinvestment of dividends and distributions		611			6,182
Shares reacquired		(1,618	)		(16,229	)

Net increase (decrease) in shares outstanding		11,032		$	115,864

Year ended October 31, 2013:
Shares sold		48,152		$	508,320
Shares issued in reinvestment of dividends and distributions		451			4,655
Shares reacquired		(31,207	)		(333,279	)

Net increase (decrease) in shares outstanding		17,396		$	179,696

Class Z
Six months ended April 30, 2014:
Shares sold		308,903		$	3,159,459
Shares issued in reinvestment of dividends and distributions		54,306			550,120
Shares reacquired		(376,241	)		(3,863,416	)

Net increase (decrease) in shares outstanding		(13,032	)	$	(153,837	)

Year ended October 31, 2013:
Shares sold		569,729		$	6,051,665
Shares issued in reinvestment of dividends and distributions		93,930			972,177
Shares reacquired		(601,785	)		(6,367,453	)

Net increase (decrease) in shares outstanding		61,874		$	656,389

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 November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of .08% of the unused portion of the SCA. Prior to November 5, 2013, the Funds had another SCA with substantially similar terms. 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 borrowed $2,878,000 for one day at an interest rate of 1.40% pursuant to the SCA during the six months ended April 30, 2014.


28

Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,						December 21, 2010(d) through October 31,
	2014(b)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$10.96			$10.33			$9.20			$10.00
Income (loss) from investment operations:
Net investment income		.07			.14			.19			.07
Net realized and unrealized gain (loss) on investments		(.22	)		1.04			1.23			(.87	)
Total from investment operations		(.15	)		1.18			1.42			(.80	)
Less Dividends:
Dividends from net investment income		(.27	)		(.55	)		(.29	)		-
Net Asset Value, end of period		$10.54			$10.96			$10.33			$9.20
Total Return(a):		(1.32)%			11.67%			16.39%			(8.00)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,316			$948			$346			$814
Average net assets (000)		$1,805			$589			$228			$353
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.60%	(e)		1.60%			1.60%			1.60%	(e)
Expenses before waivers and/or expense reimbursement		2.45%	(e)		2.42%			2.93%			3.85%	(e)
Net investment income		1.43%	(e)		1.33%			2.00%			.89%	(e)
Portfolio turnover rate		25%	(f)		37%			21%			30%	(f)

(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.

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


Prudential International Real Estate Fund			29

Financial Highlights

(Unaudited) continued


Class B Shares
	Six Months Ended April 30,			Year Ended October 31,						December 21, 2010(d) through October 31,
	2014(b)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$10.85			$10.22			$9.08			$10.00
Income (loss) from investment operations:
Net investment income		.04			.06			.08			.11
Net realized and unrealized gain (loss) on investments		(.23	)		1.04			1.27			(1.03	)
Total from investment operations		(.19	)		1.10			1.35			(.92	)
Less Dividends:
Dividends from net investment income		(.19	)		(.47	)		(.21	)		-
Net Asset Value, end of period		$10.47			$10.85			$10.22			$9.08
Total Return(a):		(1.72)%			11.01%			15.63%			(9.20)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$106			$144			$167			$4
Average net assets (000)		$122			$275			$52			$5
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.35%	(e)		2.35%			2.35%			2.35%	(e)
Expenses before waivers and/or expense reimbursement		3.13%	(e)		3.05%			3.74%			4.55%	(e)
Net investment income		.72%	(e)		.61%			.87%			1.29%	(e)
Portfolio turnover rate		25%	(f)		37%			21%			30%	(f)

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


30


Class C Shares
	Six Months Ended April 30,			Year Ended October 31,						December 21, 2010(d) through October 31,
	2014(b)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$10.89			$10.25			$9.10			$10.00
Income (loss) from investment operations:
Net investment income		.08			.16			.21			.14
Net realized and unrealized gain (loss) on investments		(.23	)		1.03			1.20			(1.04	)
Total from investment operations		(.15	)		1.19			1.41			(.90	)
Less Dividends:
Dividends from net investment income		(.27	)		(.55	)		(.26	)		-
Net Asset Value, end of period		$10.47			$10.89			$10.25			$9.10
Total Return(a):		(1.33)%			11.86%			16.36%			(9.00)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$318			$211			$20			$30
Average net assets (000)		$259			$222			$23			$23
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.60%	(e)		1.60%			1.60%			1.96%	(e)
Expenses before waivers and/or expense reimbursement		2.40%	(e)		2.31%			2.86%			4.16%	(e)
Net investment income		1.48%	(e)		1.45%			2.31%			1.68%	(e)
Portfolio turnover rate		25%	(f)		37%			21%			30%	(f)

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


Prudential International Real Estate Fund			31

Financial Highlights

(Unaudited) continued


Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,						December 21, 2010(d) through October 31,
	2014(b)			2013(b)			2012(b)			2011(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$10.92			$10.28			$9.15			$10.00
Income (loss) from investment operations:
Net investment income		.09			.17			.22			.18
Net realized and unrealized gain (loss) on investments		(.23	)		1.04			1.22			(1.03	)
Total from investment operations		(.14	)		1.21			1.44			(.85	)
Less Dividends:
Dividends from net investment income		(.29	)		(.57	)		(.31	)		-
Net Asset Value, end of period		$10.49			$10.92			$10.28			$9.15
Total Return(a):		(1.16)%			12.08%			16.82%			(8.50)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$19,881			$20,848			$18,994			$13,233
Average net assets (000)		$19,709			$20,388			$14,068			$12,252
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.35%			1.35%	(e)
Expenses before waivers and/or expense reimbursement		2.14%	(e)		2.08%			2.65%			3.55%	(e)
Net investment income		1.73%	(e)		1.62%			2.39%			2.15%	(e)
Portfolio turnover rate		25%	(f)		37%			21%			30%	(f)

(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) Not annualized.

See Notes to Financial Statements.


32

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 Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer and Chief Compliance Officer • Deborah A. Docs, Secretary • 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 • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, 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 0263036-00001-00

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL LARGE-CAP CORE EQUITY FUND

SEMIANNUAL REPORT ^· APRIL 30, 2014

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, 2014, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company. Quantitative Management Associates, LLC (QMA) is a wholly owned subsidiary of Prudential Investment Management, Inc. (PIM). QMA and PIM are registered investment advisers and Prudential Financial companies. ^© 2014 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

June 16, 2014

Dear Shareholder:

We hope you find the semiannual report for the Prudential Large-Cap Core Equity Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2014.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Large-Cap Core Equity Fund


Prudential Large-Cap Core Equity Fund			1

Your Fund’s Performance (Unaudited)


Cumulative Total Returns (Without Sales Charges) as of 4/30/14
	Six Months			One Year			Five Years			Ten Years
Class A		9.38	%		20.72	%		131.76	%		96.22	%
Class B		8.96			19.86			123.51			82.14
Class C		8.94			19.84			123.60			82.22
Class Z		9.47			21.04			134.75			100.94
S&P 500 Index		8.35			20.42			139.88			109.22
Lipper Large-Cap Core Funds Average		7.47			19.31			126.58			101.20

Average Annual Total Returns (With Sales Charges) as of 3/31/14
				One Year			Five Years			Ten Years
Class A					15.38	%		18.78	%		6.13	%
Class B					16.11			19.16			5.93
Class C					20.17			19.26			5.95
Class Z					22.38			20.46			6.99
S&P 500 Index					21.84			21.14			7.41
Lipper Large-Cap Core Funds Average					21.16			19.74			6.93

Source: Prudential Investments LLC and Lipper Inc.


2		Visit our website at www.prudentialfunds.com


	Class A	Class B	Class C	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5) 1% (Yr. 6) 0% (Yr. 7)	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	1%	None

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.

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.


Prudential Large-Cap Core Equity Fund			3

Your Fund’s Performance (continued)


Five Largest Holdings expressed as a percentage of net assets as of 4/30/14
Apple, Inc., Technology Hardware, Storage & Peripherals	3.4	%
Exxon Mobil Corp., Oil, Gas & Consumable Fuels	3.1
Wells Fargo & Co., Banks	2.1
Pfizer, Inc., Pharmaceuticals	1.9
JPMorgan Chase & Co., Banks	1.8

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

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


Five Largest Sectors expressed as a percentage of net assets as of 4/30/14
Information Technology	19.8	%
Financials	14.5
Health Care	14.4
Energy	12.0
Industrials	12.0

Industry weightings are subject to change.


4		Visit our website at www.prudentialfunds.com

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, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,093.80		1.20	%	$	6.23
	Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01

Class B	Actual	$	1,000.00	$	1,089.60		1.95	%	$	10.10
	Hypothetical	$	1,000.00	$	1,015.12		1.95	%	$	9.74

Class C	Actual	$	1,000.00	$	1,089.40		1.95	%	$	10.10
	Hypothetical	$	1,000.00	$	1,015.12		1.95	%	$	9.74

Class Z	Actual	$	1,000.00	$	1,094.70		0.95	%	$	4.93
	Hypothetical	$	1,000.00	$	1,020.08		0.95	%	$	4.76


6		Visit our website at www.prudentialfunds.com

The Fund’s annualized expense ratios for the period ended April 30, 2014, are as follows:


Class	Gross Operating Expenses			Net Operating Expenses
A		1.25	%		1.20	%
B		1.95			1.95
C		1.95			1.95
Z		0.95			0.95


Prudential Large-Cap Core Equity Fund			7

Portfolio of Investments

as of April 30, 2014 (Unaudited)


Shares	Description	Value (Note 1)

LONG-TERM INVESTMENTS 98.7%

COMMON STOCKS

CONSUMER DISCRETIONARY 10.6%

Auto Components 0.2%
6,200	Johnson Controls, Inc.	$	279,868

Hotels, Restaurants & Leisure 1.4%
3,800	Jack in the Box, Inc.*		203,452
1,700	Marriott Vacations Worldwide Corp.*		92,616
15,500	McDonald’s Corp.		1,571,390
1,400	Ruth’s Hospitality Group, Inc.		17,626
4,200	Sonic Corp.*		79,968
4,500	Wyndham Worldwide Corp.		321,030

			2,286,082

Household Durables 0.8%
800	NACCO Industries, Inc. (Class A Stock)		42,872
8,200	Whirlpool Corp.		1,257,716

			1,300,588

Internet & Catalog Retail 0.2%
700	Amazon.com, Inc.*		212,891
800	HSN, Inc.		46,432

			259,323

Leisure Products 0.6%
8,000	Polaris Industries, Inc.		1,074,640

Media 2.9%
15,600	Comcast Corp. (Class A Stock)		807,456
3,300	DIRECTV*		256,080
5,900	Time Warner, Inc.		392,114
51,100	Twenty-First Century Fox, Inc. (Class A Stock)		1,636,222
15,500	Viacom, Inc. (Class B Stock)		1,317,190
3,460	Walt Disney Co. (The)		274,516

			4,683,578

Multiline Retail 0.6%
17,400	Macy’s, Inc.		999,282

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			9

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)

CONSUMER DISCRETIONARY (Continued)

Specialty Retail 2.6%
6,400	Aaron’s, Inc.	$	188,608
34,200	Best Buy Co., Inc.		886,806
5,500	Foot Locker, Inc.		255,915
1,100	Gap, Inc. (The)		43,230
3,300	Home Depot, Inc. (The)		262,383
2,100	Murphy USA, Inc.*		89,250
15,300	Ross Stores, Inc.		1,041,624
24,900	TJX Cos., Inc. (The)		1,448,682

			4,216,498

Textiles, Apparel & Luxury Goods 1.3%
14,900	Coach, Inc.(a)		665,285
12,000	Michael Kors Holdings Ltd.*		1,094,400
6,000	NIKE, Inc. (Class B Stock)		437,700

			2,197,385

CONSUMER STAPLES 8.6%

Beverages 1.5%
33,100	Coca-Cola Co. (The)		1,350,149
13,094	PepsiCo, Inc.		1,124,643

			2,474,792

Food & Staples Retailing 2.9%
27,300	CVS Caremark Corp.		1,985,256
15,000	Kroger Co. (The)		690,600
26,470	Wal-Mart Stores, Inc.		2,109,924

			4,785,780

Food Products 1.7%
23,938	Archer-Daniels-Midland Co.		1,046,809
1,000	Cal-Maine Foods, Inc.		59,630
3,600	ConAgra Foods, Inc.		109,836
6,700	Pilgrim’s Pride Corp.*(a)		146,462
28,400	Tyson Foods, Inc. (Class A Stock)		1,191,948
9,000	WhiteWave Foods Co. (The) (Class A Stock)*		249,210

			2,803,895

See Notes to Financial Statements.


10


Shares	Description	Value (Note 1)

CONSUMER STAPLES (Continued)

Household Products 1.6%
11,100	Kimberly-Clark Corp.	$	1,245,975
15,964	Procter & Gamble Co. (The)		1,317,828

			2,563,803

Personal Products 0.4%
21,000	Avon Products, Inc.		320,880
3,100	Nu Skin Enterprises, Inc. (Class A Stock)		269,700

			590,580

Tobacco 0.5%
9,000	Philip Morris International, Inc.		768,870
2,000	Reynolds American, Inc.		112,860

			881,730

ENERGY 12.0%

Energy Equipment & Services 2.0%
18,000	Helix Energy Solutions Group, Inc.*(a)		432,720
1,200	Helmerich & Payne, Inc.		130,380
6,700	National Oilwell Varco, Inc.		526,151
23,900	Noble Corp. PLC		736,359
13,200	Schlumberger Ltd.		1,340,460
1,600	Unit Corp.*		105,520

			3,271,590

Oil, Gas & Consumable Fuels 10.0%
10,800	Apache Corp.		937,440
21,584	Chevron Corp.		2,709,224
12,800	ConocoPhillips		951,168
6,400	EOG Resources, Inc.		627,200
2,100	EQT Corp.		228,879
50,274	Exxon Mobil Corp.		5,148,560
28,300	Marathon Oil Corp.		1,023,045
14,450	Marathon Petroleum Corp.		1,343,128
1,400	Occidental Petroleum Corp.		134,050
17,250	Phillips 66		1,435,545
9,800	Tesoro Corp.		551,642
21,600	Valero Energy Corp.		1,234,872

			16,324,753

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			11

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)

FINANCIALS 14.5%

Banks 6.1%
52,168	Bank of America Corp.	$	789,823
26,070	Citigroup, Inc.		1,249,014
900	First NBC Bank Holding Co.*		27,990
30,700	First Niagara Financial Group, Inc.		273,844
54,000	JPMorgan Chase & Co.		3,022,920
4,200	Popular, Inc. (Puerto Rico)*		129,780
58,300	Regions Financial Corp.		591,162
8,391	U.S. Bancorp		342,185
70,164	Wells Fargo & Co.		3,482,941

			9,909,659

Capital Markets 2.5%
4,800	BlackRock, Inc.		1,444,800
10,500	Goldman Sachs Group, Inc. (The)		1,678,110
4,600	Morgan Stanley		142,278
1,300	Raymond James Financial, Inc.		64,610
4,500	SEI Investments Co.		145,710
7,400	State Street Corp.		477,744
2,700	Waddell & Reed Financial, Inc. (Class A Stock)		182,115

			4,135,367

Consumer Finance 1.2%
25,000	Discover Financial Services		1,397,500
12,600	Nelnet, Inc. (Class A Stock)		532,476

			1,929,976

Diversified Financial Services 0.7%
9,400	Berkshire Hathaway, Inc. (Class B Stock)*		1,211,190

Insurance 3.0%
11,400	Aflac, Inc.		715,008
5,300	American Financial Group, Inc.		309,679
28,400	MetLife, Inc.		1,486,740
2,200	Symetra Financial Corp.		45,452
10,000	Travelers Cos., Inc. (The)		905,800
24,000	Unum Group		797,280
18,400	XL Group PLC (Ireland)		576,840

			4,836,799

See Notes to Financial Statements.


12


Shares	Description	Value (Note 1)

FINANCIALS (Continued)

Real Estate Investment Trusts (REITs) 0.7%
44,100	Annaly Capital Management, Inc.	$	509,355
12,000	Chambers Street Properties		93,480
9,000	Franklin Street Properties Corp.		109,620
13,700	Hospitality Properties Trust		411,685
2,400	RLJ Lodging Trust		64,008
2,400	Winthrop Realty Trust		33,360

			1,221,508

Real Estate Management & Development 0.3%
3,500	Jones Lang LaSalle, Inc.		405,615

HEALTH CARE 14.4%

Biotechnology 3.3%
2,000	Alexion Pharmaceuticals, Inc.*		316,400
16,400	Amgen, Inc.		1,832,700
5,700	Biogen Idec, Inc.*		1,636,584
11,000	Celgene Corp.*		1,617,110
700	Gilead Sciences, Inc.*		54,943

			5,457,737

Health Care Equipment & Supplies 2.1%
36,200	Abbott Laboratories		1,402,388
17,600	Boston Scientific Corp.*		221,936
10,100	CareFusion Corp.*		394,506
19,300	Covidien PLC		1,375,125

			3,393,955

Health Care Providers & Services 3.3%
17,300	Aetna, Inc.		1,236,085
5,500	Cigna Corp.		440,220
15,800	Express Scripts Holding Co.*		1,051,964
21,300	UnitedHealth Group, Inc.		1,598,352
10,400	WellPoint, Inc.		1,047,072

			5,373,693

Life Sciences Tools & Services 0.8%
11,500	Thermo Fisher Scientific, Inc.		1,311,000

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			13

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)

HEALTH CARE (Continued)

Pharmaceuticals 4.9%
1,200	AbbVie, Inc.	$	62,496
9,600	Allergan, Inc.		1,592,064
6,300	Eli Lilly & Co.		372,330
1,200	Jazz Pharmaceuticals PLC*		161,880
19,099	Johnson & Johnson		1,934,538
12,300	Merck & Co., Inc.		720,288
99,134	Pfizer, Inc.		3,100,911
1,200	Salix Pharmaceuticals Ltd.*(a)		132,000

			8,076,507

INDUSTRIALS 12.0%

Aerospace & Defense 3.6%
3,700	Alliant Techsystems, Inc.		533,614
200	Boeing Co. (The)		25,804
13,900	General Dynamics Corp.		1,521,355
1,000	Huntington Ingalls Industries, Inc.		103,000
2,500	L-3 Communications Holdings, Inc.		288,425
5,300	Lockheed Martin Corp.		869,942
10,400	Northrop Grumman Corp.		1,263,704
13,000	Raytheon Co.		1,241,240

			5,847,084

Airlines 0.3%
400	Alaska Air Group, Inc.		37,632
1,800	Copa Holdings SA (Panama) (Class A Stock)		243,504
3,400	Spirit Airlines, Inc.*		193,256

			474,392

Building Products 0.4%
4,800	A.O. Smith Corp.		224,448
2,700	Allegion PLC		133,245
3,100	Lennox International, Inc.		259,873

			617,566

Commercial Services & Supplies
700	UniFirst Corp.		67,368

Construction & Engineering 0.1%
3,700	AECOM Technology Corp.*		119,954

See Notes to Financial Statements.


14


Shares	Description	Value (Note 1)

INDUSTRIALS (Continued)

Construction & Engineering (cont’d.)
1,400	Quanta Services, Inc.*	$	49,392

			169,346

Electrical Equipment 1.1%
1,000	AMETEK, Inc.		52,720
19,400	Emerson Electric Co.		1,322,692
800	EnerSys, Inc.		54,064
2,800	Rockwell Automation, Inc.		333,704

			1,763,180

Industrial Conglomerates 1.4%
89,600	General Electric Co.		2,409,344

Machinery 3.1%
14,200	Deere & Co.		1,325,428
1,000	Hyster-Yale Materials Handling, Inc.		96,390
2,100	IDEX Corp.		156,597
13,800	Illinois Tool Works, Inc.		1,176,174
2,600	Lincoln Electric Holdings, Inc.		173,706
19,400	Oshkosh Corp.		1,076,894
6,400	Parker Hannifin Corp.		812,032
1,800	SPX Corp.		183,312
700	Toro Co. (The)		44,478

			5,045,011

Professional Services 0.2%
3,500	Manpowergroup, Inc.		284,690

Road & Rail 1.7%
700	AMERCO		175,077
19,900	CSX Corp.		561,578
10,600	Union Pacific Corp.		2,018,558

			2,755,213

Trading Companies & Distributors 0.1%
600	DXP Enterprises, Inc.*		67,926
2,300	MRC Global, Inc.*		67,137

			135,063

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			15

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)

INFORMATION TECHNOLOGY 19.8%

Communications Equipment 2.6%
85,650	Cisco Systems, Inc.	$	1,979,372
1,300	Harris Corp.		95,576
27,200	QUALCOMM, Inc.		2,140,912

			4,215,860

Electronic Equipment, Instruments & Components 0.1%
5,400	Ingram Micro, Inc. (Class A Stock)*		145,584

Internet Software & Services 4.1%
20,700	Akamai Technologies, Inc.*		1,098,549
22,200	Facebook, Inc. (Class A Stock)*		1,327,116
3,270	Google, Inc. (Class A Stock)*		1,749,058
2,970	Google, Inc. (Class C Stock)*		1,564,180
26,500	Yahoo!, Inc.*		952,675

			6,691,578

IT Services 3.0%
600	DST Systems, Inc.		55,314
7,470	International Business Machines Corp.		1,467,631
23,900	MasterCard, Inc. (Class A Stock)		1,757,845
1,000	Syntel, Inc.*		80,320
7,400	Visa, Inc. (Class A Stock)		1,499,314

			4,860,424

Semiconductors & Semiconductor Equipment 0.9%
24,900	Intel Corp.		664,581
45,700	Marvell Technology Group Ltd.		724,802
2,300	Skyworks Solutions, Inc.*		94,415

			1,483,798

Software 4.0%
12,100	Intuit, Inc.		916,575
6,800	Manhattan Associates, Inc.*		214,404
58,300	Microsoft Corp.		2,355,320
62,600	Oracle Corp.		2,559,088
25,700	Symantec Corp.		521,196

			6,566,583

See Notes to Financial Statements.


16


Shares	Description	Value (Note 1)

INFORMATION TECHNOLOGY (Continued)

Technology Hardware, Storage & Peripherals 5.1%
9,360	Apple, Inc.	$	5,523,242
44,900	EMC Corp.		1,158,420
53,700	Hewlett-Packard Co.		1,775,322

			8,456,984

MATERIALS 3.8%

Chemicals 3.0%
900	A. Schulman, Inc.		32,328
25,800	Dow Chemical Co. (The)		1,287,420
6,200	Eastman Chemical Co.		540,454
15,600	LyondellBasell Industries NV (Class A Stock)		1,443,000
3,200	PPG Industries, Inc.		619,584
13,400	Westlake Chemical Corp.		954,080

			4,876,866

Metals & Mining 0.8%
72,900	Alcoa, Inc.		981,963
1,500	Compass Minerals International, Inc.		137,400
10,600	Globe Specialty Metals, Inc.		205,428
2,200	Worthington Industries, Inc.		80,960

			1,405,751

TELECOMMUNICATION SERVICES 1.3%

Diversified Telecommunication Services 1.3%
27,268	AT&T, Inc.		973,468
4,800	Inteliquent, Inc.		65,472
1,000	Intelsat SA*		18,180
24,000	Verizon Communications, Inc.		1,121,520

			2,178,640

UTILITIES 1.7%

Electric Utilities 0.4%
10,000	Entergy Corp.		725,000

Gas Utilities 0.8%
17,500	AGL Resources, Inc.		945,000
4,000	New Jersey Resources Corp.		198,920
3,700	UGI Corp.		172,753

			1,316,673

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			17

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Shares	Description	Value (Note 1)
UTILITIES (Continued)

Independent Power & Renewable Electricity Producers 0.3%
32,800	AES Corp.	$	473,960

Multi-Utilities 0.2%
6,900	Public Service Enterprise Group, Inc.		282,693

	TOTAL LONG-TERM INVESTMENTS (cost $99,754,362)		161,505,824


SHORT-TERM INVESTMENTS 2.3%

AFFILIATED MONEY MARKET MUTUAL FUND 2.2%
3,486,193	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $3,486,193; includes $1,415,437 of cash collateral for securities on loan) (Note 3)(b)(c)		3,486,193


Principal Amount (000)#
U.S. TREASURY OBLIGATION 0.1%
200	U.S. Treasury Bill, 0.050%, 06/19/14 (cost $199,986)(d)(e)		199,997

	TOTAL SHORT-TERM INVESTMENTS (cost $3,686,179)		3,686,190

	TOTAL INVESTMENTS 101.0% (cost $103,440,541; Note 5)		165,192,014
	Liabilities in excess of other assets(f) (1.0)%		(1,589,636	)

	NET ASSETS 100.0%	$	163,602,378

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

*	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 $1,364,022; cash collateral of $1,415,437 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

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

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

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

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

See Notes to Financial Statements.


18

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

Futures contracts outstanding at April 30, 2014:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2014		Unrealized Appreciation(1)
		Long Position:
	24	S&P 500 E-Mini		Jun. 2014	$	2,208,083	$	2,253,480	$	45,397

(1)	A U.S. Treasury security with a market value of $199,997 has been segregated with Goldman Sachs & Co. to cover requirements for open contracts at April 30, 2014.

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 in active markets for identical securities.

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, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Consumer Discretionary	$	17,297,244	$	—	$	—
Consumer Staples		14,100,580		—		—
Energy		19,596,343		—		—
Financials		23,650,114		—		—
Health Care		23,612,892		—		—
Industrials		19,568,257		—		—
Information Technology		32,420,811		—		—
Materials		6,282,617		—		—
Telecommunication Services		2,178,640		—		—
Utilities		2,798,326		—		—

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			19

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


	Level 1		Level 2		Level 3
Affiliated Money Market Mutual Fund	$	3,486,193	$	—	$	—
U.S. Treasury Obligation		—		199,997		—
Other Financial Instruments*
Futures Contracts		45,397		—		—

Total	$	165,037,414	$	199,997	$	—

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

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2014 was as follows:


Information Technology	19.8	%
Financials	14.5
Health Care	14.4
Energy	12.0
Industrials	12.0
Consumer Discretionary	10.6
Consumer Staples	8.6
Materials	3.8
Affiliated Money Market Mutual Fund (including 0.9% of collateral for securities on loan)	2.2
Utilities	1.7	%
Telecommunication Services	1.3
U.S. Treasury Obligation	0.1

	101.0
Liabilities in excess of other assets	(1.0	)

	100.0	%

The Fund invested in various derivative instruments during the reporting period. The primary types 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.

See Notes to Financial Statements.


20

Fair values of derivative instruments as of April 30, 2014 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for
as hedging instruments,
carried at fair value

Asset Derivatives

Liability Derivatives

Balance
Sheet Location

Fair
Value

Balance
Sheet Location

Fair
Value

Equity contracts

Due from broker—variation margin

45,397

—

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2014 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	Futures
Equity contracts	$	218,256


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	191

For the six months ended April 30, 2014, the Fund’s average value at trade date for futures long positions was $1,786,904.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			21

Statement of Assets & Liabilities

as of April 30, 2014 (Unaudited)


Assets
Investments at value, including securities on loan of $1,364,022:
Unaffiliated investments (cost $99,954,348)	$	161,705,821
Affiliated investments (cost $3,486,193)		3,486,193
Dividends receivable		127,451
Receivable for Fund shares sold		71,134
Due from broker—variation margin		7,345
Prepaid expenses		561

Total assets		165,398,505


Liabilities
Payable to broker for collateral for securities on loan		1,415,437
Payable for Fund shares reacquired		129,295
Accrued expenses		103,728
Management fee payable		87,469
Distribution fee payable		49,778
Affiliated transfer agent fee payable		10,420

Total liabilities		1,796,127


Net Assets	$	163,602,378


Net assets were comprised of:
Shares of beneficial interest, at par	$	10,805
Paid-in capital in excess of par		94,871,631

		94,882,436
Undistributed net investment income		205,757
Accumulated net realized gain on investment transactions		6,717,315
Net unrealized appreciation on investments		61,796,870

Net assets, April 30, 2014	$	163,602,378

See Notes to Financial Statements.


22


Class A
Net asset value and redemption price per share ($85,754,444 ÷ 5,595,442 shares of beneficial interest issued and outstanding)	$	15.33
Maximum sales charge (5.50% of offering price)		0.89

Maximum offering price to public	$	16.22


Class B
Net asset value, offering price and redemption price per share
($3,144,897 ÷ 219,209 shares of beneficial interest issued and outstanding)	$	14.35


Class C
Net asset value, offering price and redemption price per share
($36,214,566 ÷ 2,521,891 shares of beneficial interest issued and outstanding)	$	14.36


Class Z
Net asset value, offering price and redemption price per share
($38,488,471 ÷ 2,468,385 shares of beneficial interest issued and outstanding)	$	15.59

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			23

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)


Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $1,481)	$	1,495,122
Affiliated income from securities loaned, net		2,018
Affiliated dividend income		1,296
Interest income		45

Total income		1,498,481


Expenses
Management fee		514,403
Distribution fee—Class A		126,098
Distribution fee—Class B		16,108
Distribution fee—Class C		173,046
Distribution fee—Class X		84
Transfer agent’s fees and expenses (including affiliated expense of $13,200)		103,000
Registration fees		39,000
Custodian’s fees and expenses		36,000
Shareholders’ reports		24,000
Audit fee		11,000
Legal fees and expenses		11,000
Trustees’ fees		6,000
Insurance		1,000
Miscellaneous		7,743

Total expenses		1,068,482
Less: Management fee waiver		(1,206	)
Distribution fee waiver—Class A		(21,016	)

Net expenses		1,046,260

Net investment income		452,221


Realized And Unrealized Gain On Investments
Net realized gain on:
Investment transactions		6,654,079
Futures transactions		218,256

		6,872,335

Net change in unrealized appreciation (depreciation) on:
Investments		6,763,516
Futures		191

		6,763,707

Net gain on investment transactions		13,636,042

Net Increase In Net Assets Resulting From Operations	$	14,088,263

See Notes to Financial Statements.


24

Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2014			Year Ended October 31, 2013
Increase (Decrease) In Net Assets
Operations
Net investment income	$	452,221		$	1,284,866
Net realized gain on investment transactions		6,872,335			11,245,174
Net change in unrealized appreciation (depreciation) on investments		6,763,707			19,819,499

Net increase in net assets resulting from operations		14,088,263			32,349,539


Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(667,029	)		(726,945	)
Class B		(6,073	)		(12,154	)
Class C		(58,426	)		(79,585	)
Class X		(940	)		(4,390	)
Class Z		(360,553	)		(434,622	)

		(1,093,021	)		(1,257,696	)

Distributions from net realized gains
Class A		(5,970,175	)		(2,653,620	)
Class B		(255,432	)		(122,170	)
Class C		(2,553,398	)		(806,651	)
Class X		(8,284	)		(15,871	)
Class Z		(2,511,745	)		(1,288,999	)

		(11,299,034	)		(4,887,311	)


Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		8,534,736			19,935,052
Net asset value of shares issued in reinvestment of dividends and distributions		12,044,835			6,008,550
Cost of shares reacquired		(10,639,922	)		(28,841,167	)

Net increase (decrease) in net assets from Fund share transactions		9,939,649			(2,897,565	)

Total increase		11,635,857			23,306,967

Net Assets:
Beginning of period		151,966,521			128,659,554

End of period(a)	$	163,602,378		$	151,966,521

(a) Includes undistributed net investment income of:	$	205,757		$	846,557

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			25

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 (“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 Fund’s investment objective is long-term after-tax growth of capital.

Note 1. Accounting Policies

The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Common stocks, exchange-traded funds, and derivative instruments that are traded on a national securities exchange are valued at the last sale price as of the close of


26

trading on the applicable exchange. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy except for exchange-traded and cleared swaps which are classified as Level 2 in the fair value hierarchy, as the prices marked at the official settle are not public.


Prudential Large-Cap Core Equity Fund			27

Notes to Financial Statements

(Unaudited) continued

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.

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 Fund may also use futures to gain additional market exposure. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. With exchange-traded futures contracts, 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.


28

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The right to set-off exists when all the conditions are met such that each of the parties owes the other a determinable amount, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off, and the right of set-off is enforceable by law. During the reporting period, no instances occurred where the right to set-off existed and management has not elected to offset.

Financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

Securities Lending: The Fund may lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in a highly liquid short-term money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. 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 in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, and any interest on the investment of 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.

REITs: 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.


Prudential Large-Cap Core Equity Fund			29

Notes to Financial Statements

(Unaudited) continued

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment transactions are calculated on an identified cost basis. Dividend income is recorded on the ex-dividend date. 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, which may require the use of estimates by management that may differ from actual.

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


30

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, 2014.

Effective July 1, 2011, PI has contractually agreed through February 28, 2015 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.

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. 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 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, 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%, 1%, and 1% of the average daily net assets of the Class A, B, C, and X shares, respectively. Through February 28, 2015, 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


Prudential Large-Cap Core Equity Fund			31

Notes to Financial Statements

(Unaudited) continued

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.

PIMS has advised the Fund that it received $25,631 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2014.

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, 2014, it received $3,670 and $302 in contingent deferred sales charges imposed upon certain redemptions by Class B, and C, shareholders, respectively.

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, 2014, PIM has been compensated in the amount of approximately $609 for these services.

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a portfolio 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.


32

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended April 30, 2014, were $75,348,515 and $79,239,421, respectively.

Note 5. Tax Information

The United States federal income tax basis of investments and net unrealized appreciation as of April 30, 2014 were as follows:


Tax Basis	$	103,530,197

Appreciation		61,734,172
Depreciation		(72,355	)

Net Unrealized Appreciation	$	61,661,817

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

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class X and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. 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 X shares will automatically convert to Class A shares approximately ten years after purchase. As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale. 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.


Prudential Large-Cap Core Equity Fund			33

Notes to Financial Statements

(Unaudited) continued

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.

Transactions in shares of common stock were as follows:


Class A	Shares			Amount
Six months ended April 30, 2014:
Shares sold		168,975		$	2,546,134
Shares issued in reinvestment of dividends and distributions		448,762			6,439,721
Shares reacquired		(400,955	)		(6,021,138	)

Net increase (decrease) in shares outstanding before conversion		216,782			2,964,717
Shares issued upon conversion from Class B and Class X		34,214			508,406
Shares reacquired upon conversion into Class Z		(9,659	)		(146,865	)

Net increase (decrease) in shares outstanding		241,337		$	3,326,258

Year ended October 31, 2013:
Shares sold		364,797		$	4,938,234
Shares issued in reinvestment of dividends and distributions		269,781			3,291,313
Shares reacquired		(892,566	)		(12,198,754	)

Net increase (decrease) in shares outstanding before conversion		(257,988	)		(3,969,207	)
Shares issued upon conversion from Class B, Class X and Class Z		75,436			1,018,722
Shares reacquired upon conversion into Class Z		(10,617	)		(148,013	)

Net increase (decrease) in shares outstanding		(193,169	)	$	(3,098,498	)


34


Class B	Shares			Amount
Six months ended April 30, 2014:
Shares sold		18,147		$	255,874
Shares issued in reinvestment of dividends and distributions		18,185			244,954
Shares reacquired		(20,906	)		(293,882	)

Net increase (decrease) in shares outstanding before conversion		15,426			206,946
Shares reacquired upon conversion into Class A		(25,406	)		(352,701	)

Net increase (decrease) in shares outstanding		(9,980	)	$	(145,755	)

Year ended October 31, 2013:
Shares sold		52,733		$	696,257
Shares issued in reinvestment of dividends and distributions		11,253			129,638
Shares reacquired		(36,694	)		(473,332	)

Net increase (decrease) in shares outstanding before conversion		27,292			352,563
Shares reacquired upon conversion into Class A		(51,453	)		(656,954	)

Net increase (decrease) in shares outstanding		(24,161	)	$	(304,391	)

Class C
Six months ended April 30, 2014:
Shares sold		222,936		$	3,118,830
Shares issued in reinvestment of dividends and distributions		188,664			2,543,190
Shares reacquired		(135,994	)		(1,919,164	)

Net increase (decrease) in shares outstanding		275,606		$	3,742,856

Year ended October 31, 2013:
Shares sold		682,397		$	9,223,964
Shares issued in reinvestment of dividends and distributions		74,688			861,139
Shares reacquired		(190,238	)		(2,426,384	)

Net increase (decrease) in shares outstanding before conversion		566,847			7,658,719
Shares reacquired upon conversion into Class Z		(2,851	)		(39,228	)

Net increase (decrease) in shares outstanding		563,996		$	7,619,491

Class X
Period ended April 11, 2014*:
Shares issued in reinvestment of dividends and distributions		625		$	8,598
Shares reacquired		(332	)		(4,699	)

Net increase (decrease) in shares outstanding before conversion		293			3,899
Shares reacquired upon conversion into Class A		(10,821	)		(155,705	)

Net increase (decrease) in shares outstanding		(10,528	)	$	(151,806	)

Year ended October 31, 2013:
Shares sold		246		$	3,019
Shares issued in reinvestment of dividends and distributions		1,726			20,261
Shares reacquired		(2,587	)		(33,991	)

Net increase (decrease) in shares outstanding before conversion		(615	)		(10,711	)
Shares reacquired upon conversion into Class A		(27,195	)		(351,590	)

Net increase (decrease) in shares outstanding		(27,810	)	$	(362,301	)


Prudential Large-Cap Core Equity Fund			35

Notes to Financial Statements

(Unaudited) continued


Class Z	Shares			Amount
Six months ended April 30, 2014:
Shares sold		174,217		$	2,613,898
Shares issued in reinvestment of dividends and distributions		192,486			2,808,372
Shares reacquired		(157,213	)		(2,401,039	)

Net increase (decrease) in shares outstanding before conversion		209,490			3,021,231
Shares issued upon conversion from Class A		9,496			146,865

Net increase (decrease) in shares outstanding		218,986		$	3,168,096

Year ended October 31, 2013:
Shares sold		372,381		$	5,073,578
Shares issued in reinvestment of dividends and distributions		137,819			1,706,199
Shares reacquired		(949,135	)		(13,708,706	)

Net increase (decrease) in shares outstanding before conversion		(438,935	)		(6,928,929	)
Shares issued upon conversion from Class A and Class C		13,084			187,241
Shares reacquired upon conversion into Class A		(768	)		(10,178	)

Net increase (decrease) in shares outstanding		(426,619	)	$	(6,751,866	)

*	As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale.

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 November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 5, 2013, the Funds had another SCA with substantially similar terms. 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, 2014.


36

Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2014			2013			2012			2011			2010			2009
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$15.23			$12.70			$11.84			$11.01			$9.71			$9.32
Income (loss) from investment operations:
Net investment income		.05			.14			.11			.05			.05			.09
Net realized and unrealized gain (loss) on investment transactions		1.30			3.01			1.65			.80			1.30			.40
Total from investment operations		1.35			3.15			1.76			.85			1.35			.49
Less Dividends and Distributions:
Dividends from net investment income		(.13	)		(.13	)		(.11	)		(.02	)		(.05	)		(.10	)
Distributions from net realized gains		(1.12	)		(.49	)		(.79	)		-			-			-
Total dividends and distributions		(1.25	)		(.62	)		(.90	)		(.02	)		(.05	)		(.10	)
Net asset value, end of period		$15.33			$15.23			$12.70			$11.84			$11.01			$9.71
Total Return(b):		9.38%			26.00%			16.16%			7.71%			13.92%			5.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$85,754			$81,558			$70,475			$61,961			$64,473			$62,739
Average net assets (000)		$84,762			$76,459			$65,277			$65,724			$64,562			$58,578
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.20%	(d)		1.20%			1.20%			1.55%			1.48%			1.55%
Expenses before waivers and/or expense reimbursement		1.25%	(d)		1.30%			1.40%			1.69%			1.48%			1.55%
Net investment income		.69%	(d)		.99%			.95%			.43%			.45%			1.10%
Portfolio turnover rate		48%	(e)		94%			89%			121%			116%			116%

(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 one full year are not annualized.

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			37

Financial Highlights

(Unaudited) continued


Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2014			2013			2012			2011			2010			2009
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.29			$11.96			$11.20			$10.47			$9.26			$8.87
Income (loss) from investment operations:
Net investment income (loss)		-	(f)		.03			.03			(.03	)		(.02	)		.04
Net realized and unrealized gain (loss) on investment transactions		1.21			2.84			1.55			.76			1.23			.37
Total from investment operations		1.21			2.87			1.58			.73			1.21			.41
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		(.05	)		(.03	)		-			-			(.02	)
Distributions from net realized gains		(1.12	)		(.49	)		(.79	)		-			-			-
Total dividends and distributions		(1.15	)		(.54	)		(.82	)		-			-			(.02	)
Net asset value, end of period		$14.35			$14.29			$11.96			$11.20			$10.47			$9.26
Total Return(b):		8.96%			25.02%			15.29%			6.97%			13.07%			4.67%

Ratios/Supplemental Data:
Net assets, end of period (000)		$3,145			$3,275			$3,029			$4,038			$5,317			$6,555
Average net assets (000)		$3,248			$3,085			$3,496			$4,886			$5,904			$6,912
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.95%	(d)		1.95%			1.95%			2.27%			2.18%			2.25%
Expenses before waivers and/or expense reimbursement		1.95%	(d)		2.00%			2.11%			2.38%			2.18%			2.25%
Net investment income (loss)		(.04)%	(d)		.25%			.22%			(.28)%			(.22)%			.48%
Portfolio turnover rate		48%	(e)		94%			89%			121%			116%			116%

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

(d) Annualized.

(e) Not annualized.

(f) Less than $.005 per share.

See Notes to Financial Statements.


38


Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2014			2013			2012			2011			2010			2009
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.30			$11.97			$11.21			$10.48			$9.26			$8.87
Income (loss) from investment operations:
Net investment income (loss)		-	(f)		.03			.02			(.03	)		(.02	)		.04
Net realized and unrealized gain (loss) on investment transactions		1.21			2.84			1.56			.76			1.24			.37
Total from investment operations		1.21			2.87			1.58			.73			1.22			.41
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		(.05	)		(.03	)		-			-			(.02	)
Distributions from net realized gains		(1.12	)		(.49	)		(.79	)		-			-			-
Total dividends and distributions		(1.15	)		(.54	)		(.82	)		-			-			(.02	)
Net asset value, end of period		$14.36			$14.30			$11.97			$11.21			$10.48			$9.26
Total Return(b):		8.94%			24.99%			15.28%			6.97%			13.17%			4.67%

Ratios/Supplemental Data:
Net assets, end of period (000)		$36,215			$32,128			$20,134			$20,636			$22,496			$24,601
Average net assets (000)		$34,896			$23,702			$20,445			$22,444			$23,934			$24,715
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.95%	(d)		1.95%			1.95%			2.27%			2.18%			2.25%
Expenses before waivers and/or expense reimbursement		1.95%	(d)		2.00%			2.10%			2.39%			2.18%			2.25%
Net investment income (loss)		(.06)%	(d)		.20%			.20%			(.28)%			(.24)%			.44%
Portfolio turnover rate		48%	(e)		94%			89%			121%			116%			116%

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

(d) Annualized.

(e) Not annualized.

(f) Less than $.005 per share.

See Notes to Financial Statements.


Prudential Large-Cap Core Equity Fund			39

Financial Highlights

(Unaudited) continued


Class X Shares
	Period Ended April 11,			Year Ended October 31,
	2014(g)			2013			2012			2011			2010			2009
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.66			$12.25			$11.46			$10.65			$9.40			$8.97
Income (loss) from investment operations:
Net investment income		.06			.15			.11			.05			.06			.12
Net realized and unrealized gain (loss) on investment transactions		.69			2.88			1.59			.78			1.24			.40
Total from investment operations		.75			3.03			1.70			.83			1.30			.52
Less Dividends and Distributions:
Dividends from net investment income		(.13	)		(.13	)		(.12	)		(.02	)		(.05	)		(.10	)
Distributions from net realized gains		(1.12	)		(.49	)		(.79	)		-			-			-
Total dividends and distributions		(1.25	)		(.62	)		(.91	)		(.02	)		(.05	)		(.10	)
Capital Contributions (Note 2)		-			-			-	(d)		-	(d)		-	(d)		.01
Net asset value, end of period		$14.16			$14.66			$12.25			$11.46			$10.65			$9.40
Total Return(b):		4.98%			25.99%			16.12%			7.84%			13.91%			6.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$19			$154			$470			$837			$1,394			$2,096
Average net assets (000)		$75			$284			$632			$1,137			$1,689			$2,245
Ratios to average net assets(c):
Expenses after waivers and/or expenses reimbursement		1.19%	(e)		1.20%			1.20%			1.53%			1.43%			1.50%
Expenses before waivers and/or expenses reimbursement		1.19%	(e)		1.25%			1.37%			1.63%			2.18%			1.50%
Net investment income		.95%	(e)		1.14%			.97%			.46%			.56%			1.46%
Portfolio turnover rate		48%	(f)(h)		94%			89%			121%			116%			116%

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

(g) As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale.

(h) Calculated as of April 30, 2014.

See Notes to Financial Statements.


40


Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2014			2013			2012			2011			2010			2009
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$15.49			$12.91			$12.03			$11.18			$9.87			$9.47
Income (loss) from investment operations:
Net investment income		.07			.17			.15			.07			.08			.08
Net realized and unrealized gain (loss) on investment transactions		1.31			3.06			1.67			.83			1.30			.45
Total from investment operations		1.38			3.23			1.82			.90			1.38			.53
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		(.16	)		(.15	)		(.05	)		(.07	)		(.13	)
Distributions from net realized gains		(1.12	)		(.49	)		(.79	)		-			-			-
Total dividends and distributions		(1.28	)		(.65	)		(.94	)		(.05	)		(.07	)		(.13	)
Net asset value, end of period		$15.59			$15.49			$12.91			$12.03			$11.18			$9.87
Total Return(b):		9.47%			26.28%			16.41%			8.04%			14.09%			5.83%

Ratios/Supplemental Data:
Net assets, end of period (000)		$38,488			$34,851			$34,551			$32,419			$141,793			$202,941
Average net assets (000)		$36,615			$37,799			$32,953			$144,295			$145,193			$90,113
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.95%	(d)		.95%			.95%			1.42%			1.18%			1.25%
Expenses before waivers and/or expense reimbursement		.95%	(d)		1.00%			1.10%			1.44%			1.18%			1.25%
Net investment income		.94%	(d)		1.25%			1.21%			.58%			.76%			.96%
Portfolio turnover rate		48%	(e)		94%			89%			121%			116%			116%

(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 returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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 • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer and Chief Compliance Officer • Deborah A. Docs, Secretary • 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 • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, 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	A	B	C	Z
NASDAQ	PTMAX	PTMBX	PTMCX	PTEZX
CUSIP	74441J100	74441J209	74441J308	74441J407

MF187E2 0263032-00001-00

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL ABSOLUTE RETURN BOND FUND

SEMIANNUAL REPORT ^· APRIL 30, 2014

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, 2014, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). Prudential Fixed Income is a unit of Prudential Investment Management, Inc. (PIM), a registered investment adviser. PIMS and PIM are Prudential Financial companies. ^© 2014 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

June 16, 2014

Dear Shareholder:

We hope you find the semiannual report for the Prudential Absolute Return Bond Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2014.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Absolute Return Bond Fund


Prudential Absolute Return Bond Fund			1

Your Fund’s Performance (Unaudited)


Cumulative Total Returns (Without Sales Charges) as of 4/30/14
	Six Months			One Year			Since Inception
Class A		1.83	%		1.35	%		8.03	%
Class C		1.34			0.48			5.57
Class Q		1.97			1.48			9.13
Class Z		1.84			1.49			8.88
BofA ML USD LIBOR 3-Month CM Index		0.12			0.27			1.08
Lipper Alternative Credit Focus Funds Average		2.12			0.58			10.62

Average Annual Total Returns (With Sales Charges) as of 3/31/14
				One Year			Since Inception
Class A					–2.71	%		0.95	%
Class C					0.21			1.78
Class Q					2.10			2.84
Class Z					2.12			2.80
BofA ML USD LIBOR 3-Month CM Index					0.27			0.35
Lipper Alternative Credit Focus Funds Average					1.13			3.22

Source: Prudential Investments LLC and Lipper Inc.

Inception Date: 3/30/11


2		Visit our website at www.prudentialfunds.com


	Class A	Class C	Class Q	Class Z
Maximum initial sales charge	4.5% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	None	None

Benchmark Definitions

BofA ML USD LIBOR 3-Month CM Index

The BofA Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity (CM) Index is an unmanaged index that 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 Alternative Credit Focus Funds Average

Funds in the Lipper Alternative Credit Focus Funds Average are funds that, by prospectus language, invest in a wide range of credit-structured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modeling trying to benefit from any changes in credit quality, credit spreads, and market liquidity.


Distributions and Yields as of 4/30/14
	Total Distributions Paid for Six Months		30-Day SEC Yield
Class A	$	0.15		2.11	%
Class C		0.11		1.45
Class Q		0.16		2.49
Class Z		0.16		2.45


Prudential Absolute Return Bond Fund			3

Your Fund’s Performance (continued)


Five Largest Holdings expressed as a percentage of net assets as of 4/30/14
U.S. Treasury Notes, 1.625%, 04/30/2019	1.1	%
Ireland Government Bond (Ireland), Bonds, 4.400%, 06/18/2019	0.7
Carlyle Daytona CLO Ltd.(Cayman Islands), Series 2007-1A, Class A1L, 144A, 0.478%, 04/27/2021	0.7
Verizon Communications, Inc., Sr. Unsec’d. Notes, 6.550%, 09/15/2043	0.6
Magnetite VI Ltd.(Cayman Islands), Series 2012-6A, Class A, 144A, 1.733%, 09/15/2023	0.6

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


Credit Quality* expressed as a percentage of net assets as of 4/30/14
U.S. Government & Agency	2.2	%
Aaa	19.5
Aa	7.2
A	9.1
Baa	27.1
Ba	16.8
B	13.7
Caa	1.4
Not Rated**	4.3
Total Investments	101.3
Liabilities in excess of other assets	–1.3
Net Assets	100.0	%

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

**Approximately 3.2% of Not Rated is invested in affiliated money market mutual fund.

Credit Quality is subject to change.


4		Visit our website at www.prudentialfunds.com

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.

Actual Expenses

Hypothetical Example for Comparison Purposes


Prudential Absolute Return Bond Fund			5

Fees and Expenses (continued)


Prudential Absolute Return Bond Fund		Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A	Actual	$	1,000.00	$	1,018.30		1.15	%	$	5.75
	Hypothetical	$	1,000.00	$	1,019.09		1.15	%	$	5.76

Class C	Actual	$	1,000.00	$	1,013.40		1.90	%	$	9.49
	Hypothetical	$	1,000.00	$	1,015.37		1.90	%	$	9.49

Class Q	Actual	$	1,000.00	$	1,019.70		0.86	%	$	4.31
	Hypothetical	$	1,000.00	$	1,020.53		0.86	%	$	4.31

Class Z	Actual	$	1,000.00	$	1,018.40		0.90	%	$	4.50
	Hypothetical	$	1,000.00	$	1,020.33		0.90	%	$	4.51


6		Visit our website at www.prudentialfunds.com

The Fund’s annualized expense ratios for the period ended April 30, 2014, are as follows:


Class	Gross Operating Expenses			Net Operating Expenses
A		1.26	%		1.15	%
C		1.96			1.90
Q		0.86			0.86
Z		0.96			0.90


Prudential Absolute Return Bond Fund			7

Portfolio of Investments

as of April 30, 2014 (Unaudited)

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

LONG-TERM INVESTMENTS 97.9%

ASSET-BACKED SECURITIES 19.4%

Collateralized Debt Obligations 0.1%

Landmark VIII CDO Ltd. (Cayman Islands), Series 2006-8A, Class A2, 144A

0.558%(a)

10/19/20

2,500

2,446,204

Collateralized Loan Obligations 10.0%

ACAS CLO Ltd. (Cayman Islands),

Series 2013-1A, Class A, 144A

1.417(a)

04/20/25

6,050

5,972,509

Series 2013-1A, Class B2, 144A

3.360

04/20/25

700

686,943

Anchorage Capital CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A

1.417(a)

07/13/25

8,600

8,490,297

Ares XVI CLO Ltd. (Cayman Islands), Series 2011-16A, Class AR, 144A

1.216(a)

05/17/21

4,783

4,780,483

Atrium IV, Series 2005-4A, Class A1A, 144A

0.485(a)

06/08/19

1,037

1,032,501

Babson CLO Ltd. (Cayman Islands),

Series 2013-IA, Class A, 144A

1.328(a)

04/20/25

5,700

5,608,128

Series 2013-IIA, Class A2, 144A

2.029(a)

01/18/25

8,300

7,977,235

Ballyrock CLO LLC (Cayman Islands), Series 2013-1A, Class A, 144A

1.415(a)

05/20/25

9,800

9,672,625

Battalion CLO IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A

1.628(a)

10/22/25

5,450

5,428,348

Benefit Street Partners CLO II Ltd. (Cayman Islands),

Series 2013-IIA, Class A1, 144A

1.427(a)

07/15/24

11,200

11,059,942

Series 2013-IIA, Class A2B, 144A

3.339

07/15/24

10,000

9,802,472

Blue Hill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A

1.707(a)

01/15/26

6,300

6,297,816

BMI CLO I (Cayman Islands), Series 2013-1AR, Class A1R, 144A

1.175(a)

08/01/21

8,389

8,331,468

Brookside Mill CLO Ltd. (Cayman Islands),

Series 2013-1A, Class A1, 144A

1.376(a)

04/17/25

10,300

10,155,884

Series 2013-1A, Class B2, 144A

3.020

04/17/25

6,200

5,974,893

Carlyle Daytona CLO Ltd. (Cayman Islands), Series 2007-1A, Class A1L, 144A

0.478(a)

04/27/21

14,407

14,137,639

Carlyle Global Market Strategies CLO (Cayman Islands),

Series 2012-4A, Class A, 144A

1.618(a)

01/20/25

2,500

2,488,969

Series 2012-4A, Class B1, 144A

2.478(a)

01/20/25

3,500

3,447,450

Series 2013-1A, Class A1, 144A

1.536(a)

02/14/25

9,700

9,626,815

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			9

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Cavalry CLO II (Cayman Islands),

Series 2013-2A, Class B1, 144A

2.226%(a)

01/17/24

4,000

3,909,971

Series 2013-2A, Class A, 144A

1.576(a)

01/17/24

4,200

4,175,929

Fraser Sullivan CLO Ltd. (Cayman Islands), Series 2006-1A, Class B, 144A

0.703(a)

03/15/20

500

491,025

Grosvenor Place CLO I BV (Netherlands), Series I-X, Class A1, RegS

0.577(a)

07/20/21

EUR

58,531

Gulf Stream - Sextant CLO Ltd. (Cayman Islands), Series 2006-1A, Class A1A, 144A

0.464(a)

08/21/20

29,869

ING Investment Management CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A

1.367(a)

04/15/24

4,100

4,027,755

ING Investment Management CLO Ltd.,

Series 2013-2A, Class A1, 144A

1.379(a)

04/25/25

2,400

2,358,421

Series 2013-2A, Class A2B, 144A

3.070

04/25/25

2,000

1,921,266

Lafayette CLO I Ltd. (Cayman Islands), Series 2012-1A, Class A, 144A

1.635(a)

09/06/22

93,679

LightPoint Pan-European CLO PLC (Ireland), Series 2006-1A, Class A, 144A

0.595(a)

01/31/22

EUR

497

679,340

Magnetite VI Ltd. (Cayman Islands), Series 2012-6A, Class A, 144A

1.733(a)

09/15/23

12,900

12,893,351

Marine Park CLO Ltd. (Cayman Islands), Series 2012-1A, Class A1A, 144A

1.706(a)

05/18/23

500

499,225

Mayport CLO Ltd. (Cayman Islands), Series 2006-1A, Class A1L, 144A

0.486(a)

02/22/20

2,967

2,956,095

Mountain Capital CLO IV Ltd. (Cayman Islands), Series 2005-4A, Class A1L, 144A

0.483(a)

03/15/18

36,571

Mountain View CLO III Ltd., Series 2007-3A, Class A1, 144A

0.444(a)

04/16/21

1,982

1,967,235

Ocean Trails CLO IV (Cayman Islands), Series 2013-4A, Class A, 144A

1.537(a)

08/13/25

9,900

9,817,627

OCP CLO Ltd. (Cayman Islands),

Series 2012-2A, Class A2, 144A

1.716(a)

11/22/23

1,700

1,698,413

Series 2012-2A, Class B, 144A

2.436(a)

11/22/23

700

689,202

Shackleton CLO Ltd. (Cayman Islands), Series 2013-3A, Class B2, 144A

3.440

04/15/25

2,800

2,760,380

Sheridan Square CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A

1.277(a)

04/15/25

10,400

10,178,979

Sound Point CLO Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A

2.928(a)

10/20/23

550

546,281

See Notes to Financial Statements.


10

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2013-2A, Class A1, 144A

1.687%(a)

01/18/26

4,750

4,741,430

Trimaran CLO VI Ltd. (Cayman Islands), Series 2006-2A, Class A1L, 144A

0.488(a)

11/01/18

208

207,004

Tyron Park CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A

1.347(a)

07/15/25

12,500

12,300,336

210,010,332

Non-Residential Mortgage-Backed Securities 1.3%

Chase Issuance Trust, Series 2007-C1, Class C1

0.612(a)

04/15/19

1,000

990,481

Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2

0.622(a)

03/24/17

4,800

4,797,994

GEMC Ltd. (Cayman Islands), Series 2005-8A, Class A3, 144A

1.148(a)

06/23/17

3,500

3,361,327

Octagon Investment Partners XVI Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A

1.346(a)

07/17/25

8,000

7,825,225

OHA Intrepid Leveraged Loan Fund Ltd. (Cayman Islands), Series 2011-1AR, Class AR, 144A

1.148(a)

04/20/21

5,615

5,575,779

OZLM Funding IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A

1.378(a)

07/22/25

4,200

4,138,236

Sierra Timeshare Receivables Funding LLC, Series 2012-3A, Class A, 144A

1.870

08/20/29

442

446,055

Slater Mill Loan Fund LP (Cayman Islands), Series 2012-1A, Class B, 144A

2.886(a)

08/17/22

250

246,946

SVO VOI Mortgage LLC, Series 2012-AA, Class A, 144A

2.000

09/20/29

616

618,831

28,000,874

Residential Mortgage-Backed Securities 8.0%

Accredited Mortgage Loan Trust,

Series 2004-3, Class 2A2

1.352(a)

10/25/34

5,522

5,486,811

Series 2004-3, Class 2A5

1.232(a)

10/25/34

2,701

2,583,840

Series 2005-3, Class M1

0.604(a)

09/25/35

2,000

1,936,748

ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1, Class M1

1.052(a)

09/25/33

719

669,215

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			11

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Residential Mortgage-Backed Securities (cont’d.)

Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2004-4, Class A1

0.512%(a)

10/25/34

3,006

2,939,848

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,

Series 2003-1, Class M1

1.502(a)

02/25/33

2,671

2,519,698

Series 2005-R10, Class A2C

0.482(a)

01/25/36

564

552,526

Amortizing Residential Collateral Trust, Series 2002-BC8, Class A3

1.152(a)

11/25/32

1,214

1,173,546

Argent Securities, Inc.,

Series 2003-W5, Class M1

1.202(a)

10/25/33

92,200

Series 2003-W7, Class A2

0.932(a)

03/25/34

1,535

1,419,287

Series 2003-W7, Class M1

1.187(a)

03/25/34

2,010

1,898,880

Argent Securities, Inc. Asset-Backed Pass-Through Certificates,

Series 2003-W8, Class M1

1.202(a)

12/25/33

1,236

1,187,625

Series 2003-W9, Class M1

1.187(a)

01/25/34

1,597

1,529,893

Series 2004-W6, Class AF

3.623

05/25/34

335

339,798

Series 2004-W6, Class AV5

0.552(a)

05/25/34

587

545,445

Asset Backed Funding Certificates, Series 2004-OPT5, Class A1

0.852(a)

06/25/34

1,049

975,319

Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A

0.842(a)

04/25/34

5,024

4,751,144

Asset-Backed Securities Corp. Home Equity Loan Trust,

Series 2003-HE6, Class A2

0.832(a)

11/25/33

1,758

1,627,279

Series 2004-HE6, Class A2

0.512(a)

09/25/34

1,775

1,716,298

Series 2005-HE1, Class M1

0.902(a)

03/25/35

7,134

6,819,899

Bear Stearns Asset-Backed Securities I Trust,

Series 2004-FR2, Class M2

1.172(a)

06/25/34

1,100

981,714

Series 2004-HE11, Class M2

1.727(a)

12/25/34

3,000

2,809,860

Bear Stearns Asset-Backed Securities Trust,

Series 2002-2, Class A1

0.812(a)

10/25/32

1,423

1,347,441

Series 2003-3, Class A2

0.742(a)

06/25/43

223

219,804

Series 2003-HE1, Class M1

1.247(a)

01/25/34

806

744,373

Chase Funding Trust,

Series 2002-3, Class 2A1

0.792(a)

08/25/32

261

237,398

Series 2003-4, Class 1A5

5.416

05/25/33

1,449

1,514,551

See Notes to Financial Statements.


12

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Residential Mortgage-Backed Securities (cont’d.)

Citigroup Mortgage Loan Trust, Inc.,

Series 2005-OPT1, Class M1

0.782 % (a)

02/25/35

317

302,724

Series 2005-WF1, Class A5

5.010(a)

11/25/34

655

672,363

Countrywide Asset-Backed Certificates,

Series 2003-BC4, Class M1

1.202(a)

07/25/33

515

483,945

Series 2004-1, Class M1

0.902(a)

03/25/34

375

356,508

Series 2004-BC4, Class M1

1.202(a)

11/25/34

1,440

1,336,818

Credit-Based Asset Servicing and Securitization LLC,

Series 2003-CB3, Class AF1

3.379

12/25/32

253

245,049

Series 2003-CB5, Class M1

1.172(a)

11/25/33

255

241,241

Series 2004-CB1, Class AF1

4.520

10/25/32

1,974

1,893,324

EquiFirst Mortgage Loan Trust, Series 2005-1, Class M2

0.602(a)

04/25/35

1,531

1,412,083

Finance America Mortgage Loan Trust,

Series 2003-1, Class M1

1.202(a)

09/25/33

281

263,573

Series 2004-2, Class M1

0.977(a)

08/25/34

8,574

7,814,909

First Franklin Mortgage Loan Trust,

Series 2004-FF5, Class A2

0.912(a)

08/25/34

2,002

1,809,922

Series 2005-FF3, Class M3

0.872(a)

04/25/35

6,500

6,229,191

Fremont Home Loan Trust, Series 2004-4, Class M1

0.947(a)

03/25/35

2,512

2,324,696

GSAMP Trust,

Series 2003-HE2, Class A1A, 144A

0.752(a)

08/25/33

1,257

1,144,148

Series 2004-AR1, Class A2B

1.352(a)

06/25/34

1,422

1,386,985

Home Equity Asset Trust,

Series 2003-6, Class M1

1.202(a)

02/25/34

1,889

1,776,055

Series 2004-3, Class M1

1.007(a)

08/25/34

1,959

1,832,973

Series 2004-7, Class A2

0.992(a)

01/25/35

1,050

987,475

HSBC Home Equity Loan Trust,

Series 2005-1, Class A

0.442(a)

01/20/34

3,096

3,080,241

Series 2006-1, Class A1

0.312(a)

01/20/36

290

288,072

Series 2006-1, Class M1

0.432(a)

01/20/36

1,087

1,081,620

Series 2006-2, Class A2

0.332(a)

03/20/36

395

391,568

Series 2007-3, Class A4

1.652(a)

11/20/36

1,020

1,026,657

Long Beach Mortgage Loan Trust,

Series 2003-4, Class AV1

0.772(a)

08/25/33

687

632,503

Series 2004-2, Class A1

0.592(a)

06/25/34

985

916,540

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			13

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Description

Interest
Rate

Maturity
Date

Principal
Amount (000)#

Value (Note 1)

ASSET-BACKED SECURITIES (Continued)

Residential Mortgage-Backed Securities (cont’d.)

Mastr Asset-Backed Securities Trust,

Series 2003-OPT1, Class M2

2.927 % (a)

12/25/32

4,171

4,045,097

Series 2003-WMC2, Class M2

2.627(a)

08/25/33

1,750

1,706,020

Series 2005-NC1, Class M1

0.872(a)

12/25/34

8,068

7,500,126

Morgan Stanley ABS Capital I, Inc. Trust,

Series 2003-HE3, Class M1

1.172(a)

10/25/33

6,757

6,266,360

Series 2003-NC6, Class M1

1.352(a)

06/25/33

976

940,719

Series 2003-NC8, Class M1

1.202(a)

09/25/33

1,064

1,002,761

Series 2003-NC10, Class M1

1.172(a)

10/25/33

1,578

1,479,936

Series 2004-HE3, Class M1

1.007(a)

03/25/34

1,031

955,004

Series 2004-HE4, Class M1

1.052(a)

05/25/34

3,014

2,817,509

Series 2004-HE5, Class M1

1.097(a)

06/25/34

1,488

1,388,414

Series 2004-NC3, Class M1

0.947(a)

03/25/34

3,777

3,566,555

Series 2004-NC5, Class M1

1.052(a)

05/25/34

463

418,998

Series 2004-NC6, Class M1

1.052(a)

07/25/34

2,877

2,698,362

Series 2004-OP1, Class M1

1.022(a)

11/25/34

1,941

1,723,581

Series 2004-WMC1, Class M1

1.082(a)

06/25/34

231

214,743

Morgan Stanley Home Equity Loan Trust, Series 2006-1, Class A2C

0.482(a)

12/25/35

406

380,473

New Century Home Equity Loan Trust, Series 2005-3, Class M2

0.642(a)

07/25/35

1,500

1,422,630

Option One Mortgage Loan Trust,

Series 2003-4, Class A2

0.792(a)

07/25/33

1,001

925,081

Series 2004-1, Class M1

1.052(a)

01/25/34

2,526

2,349,709

Series 2005-1, Class A4

0.952(a)

02/25/35

864

843,615

Series 2005-3, Class M1

0.622(a)

08/25/35

2,000

1,891,532

Park Place Securities, Inc.,

Series 2005-WCW1, Class M1

0.602(a)

09/25/35

2,500

2,390,865

RAMP Trust,

Series 2005-EFC2, Class M3

0.642(a)

07/25/35

3,509

3,363,843

Series 2005-EFC3, Class M3

0.642(a)

08/25/35

1,500

1,419,114

RASC Trust,

Series 2005-KS3, Class M4

0.857(a)

04/25/35

2,000

1,916,914

Series 2005-KS8, Class M1

0.562(a)

08/25/35

226

224,179

Saxon Asset Securities Trust,

Series 2005-3, Class M1

0.612(a)

11/25/35

1,600

1,563,230

Securitized Asset-Backed Receivables LLC Trust,

Series 2004-NC1, Class M1

0.932(a)

02/25/34

2,088

1,922,040

Series 2004-OP1, Class M1

0.917(a)

02/25/34

612

563,372

See Notes to Financial Statements.


14


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)

Residential Mortgage-Backed Securities (cont’d.)
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC4, Class M1	1.052 % (a)		11/25/34		2,760	$	2,542,397
Series 2004-BC3, Class M1	1.082(a)		07/25/35		2,604		2,458,893
Series 2004-BC4, Class A2C	1.132(a)		10/25/35		1,734		1,633,191
Structured Asset Investment Loan Trust,
Series 2003-BC10, Class A4	1.152(a)		10/25/33		2,806		2,641,471
Series 2004-1, Class A3	0.952(a)		02/25/34		4,656		4,379,813
Series 2004-8, Class A8	1.152(a)		09/25/34		2,123		2,077,810
Series 2005-4, Class M2	0.812(a)		05/25/35		4,000		3,827,260
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF4, Class M1	0.552(a)		11/25/35		250		238,556
WMC Mortgage Loan Trust, Series 1999-A, Class M2	2.402(a)		10/15/29		402		357,885

							166,609,681

TOTAL ASSET-BACKED SECURITIES (cost $406,897,117)							407,067,091


BANK LOANS(a) 4.8%

Aerospace & Defense
Wesco Aircraft Hardware Corp.	2.410		12/07/17		899		896,394

Airlines 0.1%
United Airlines	4.000		04/01/19		1,312		1,312,406

Automotive 0.2%
Allison Transmission, Inc.	2.910		08/07/17		322		321,940
Chrysler Group LLC	3.250		12/31/18		2,499		2,475,884
Chrysler Group LLC	3.500		05/24/17		81		80,964
Schaeffler AG (Germany)	4.250		01/27/17		100		100,107
Tank & Rast GmbH (Germany)	3.813		12/10/18	EUR	1,000		1,390,816

							4,369,711

Banking 0.3%
AA Group (United Kingdom)	3.488		07/31/18	GBP	1,938		3,260,552
Kasima LLC	3.250		05/17/21		2,600		2,580,500

							5,841,052

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			15

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)

Brokerage 0.1%
LPL Holdings, Inc.	3.250 %		03/29/19		1,489	$	1,473,835

Cable 0.3%
Cequel Communication LLC	3.500		02/14/19		242		240,344
CSC Holdings LLC	2.734		04/17/20		3,945		3,876,967
Virgin Media Investment Holdings Ltd. (United Kingdom)	3.500		06/07/20		1,500		1,486,875

							5,604,186

Capital Goods 0.5%
ADS Waste Holdings, Inc.	3.750		10/09/19		1,489		1,475,977
Allflex Holdings III, Inc. (original cost $995,000; purchased 06/07/13)(b)(c)	4.250		07/17/20		995		994,378
OGF SA	4.244		10/30/20	EUR	3,000		4,195,859
RAC PLC (original cost $505,875; purchased 03/06/14)(b)(c)	5.316		10/29/19	GBP	300		509,472
RBS Global, Inc./Rexnord LLC	4.000		08/21/20		3,483		3,468,716

							10,644,402

Chemicals 0.5%
CeramTec GmbH (Germany)	4.750		08/30/20	EUR	1,700		2,370,283
Macdermid, Inc.	4.000		06/08/20		993		987,786
OXEA Finance & Cy SCA (Luxembourg)	4.500		01/15/20	EUR	1,326		1,837,787
W.R. Grace & Co.	1.000		02/03/21		1,134		1,125,137
W.R. Grace & Co.	3.000		02/03/21		3,176		3,150,383

							9,471,376

Consumer 0.3%
Pilot Travel Centers LLC	3.750		03/30/18		246		246,137
Revlon Consumer Products Corp.	4.000		10/08/19		1,835		1,831,386
Seaworld Parks & Entertainment, Inc.	3.000		05/14/20		2,356		2,301,405
Spectrum Brands, Inc.	3.000		09/04/17		2,406		2,403,673

							6,782,601

Electric 0.1%
Calpine Construction Finance Co. LP	3.000		05/04/20		521		506,896
Calpine Corp.	4.000		04/01/18		56		52,870

See Notes to Financial Statements.


16


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)

Electric (cont’d.)
Calpine Corp.	4.000 %		10/09/19		493	$	492,500
NRG Energy, Inc.,	2.750		07/01/18		1,725		1,704,091

							2,756,357

Food & Beverage 0.3%
Birds Eye Iglo Group Ltd.	5.269		01/31/18	EUR	375		522,450
Darling International, Inc.	3.250		01/06/21		1,500		1,493,438
Dunkin Brands, Inc.	3.250		02/08/21		1,235		1,221,873
H.J. Heinz Co.	3.250		06/07/19		1,985		1,984,007
Pinnacle Foods Finance LLC	3.250		04/29/20		1,895		1,877,278

							7,099,046

Gaming 0.1%
Boyd Gaming Corp.	4.000		08/14/20		834		832,268
CCM Merger, Inc.	5.000		03/01/17		364		363,381
MGM Resorts International	2.985		12/20/17		1,481		1,478,473

							2,674,122

Healthcare & Pharmaceutical 0.6%
Alere, Inc.	3.150		06/30/16		45		44,663
Alere, Inc.	4.250		06/30/17		63		62,204
Catalent Pharma Solutions, Inc.	3.734		09/15/16		838		837,392
Community Health Systems, Inc.	2.981		01/25/19		5,000		4,975,000
Community Health Systems, Inc.	3.469		01/25/17		136		136,048
Community Health Systems, Inc.	4.250		01/27/21		363		363,646
DaVita, Inc.	2.738		11/01/17		1,641		1,639,395
DaVita, Inc.	4.000		11/01/19		101		100,850
Grifols SA	3.236		02/26/21		2,750		2,732,813
HCA, Inc.	2.900		03/31/17		199		198,716
Hologic, Inc.	2.150		08/01/17		228		227,626
Quintiles Transnational Corp.	3.750		06/08/18		982		978,063
RPI Financial TR	3.250		05/09/18		388		387,745
Universal Health Services, Inc.	1.661		08/15/16		481		480,648

							13,164,809

Lodging 0.1%
Hilton Worldwide Finance LLC	3.500		10/26/20		1,145		1,139,967

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			17

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)

Media & Entertainment 0.1%
Entravision Communications Corp.	3.500 %		05/29/20		968	$	948,967
Nielsen Finance LLC	2.984		05/01/16		338		337,927

							1,286,894

Non-Captive Finance 0.3%
RBS WorldPay, Inc. (United Kingdom)	4.500		11/29/19		3,483		3,491,206
RBS WorldPay, Inc. (United Kingdom)	5.750		11/29/19	GBP	1,500		2,548,703

							6,039,909

Pipelines & Other 0.1%
Ruby Western Pipeline Holdings LLC	3.500		03/27/20		2,053		2,044,833

Retailers
Alliance Boots Ltd. (United Kingdom)	3.962		07/09/17	GBP	325		548,727

Technology 0.8%
Avago Technologies Finance Pte Ltd. (Indonesia)	3.750		05/31/21		6,000		6,013,128
CDW Corp.	3.250		04/29/20		1,238		1,222,550
First Data Corp	4.231		09/24/18		225		224,578
First Data Corp.	4.234		03/26/18		141		140,525
Freescale Semiconductor, Inc.	5.000		02/28/20		99		98,754
Interactive Data Corp.	3.750		02/12/18		2,927		2,921,243
NXP BV (Netherlands)	3.250		01/10/20		423		419,175
SunGard Data Systems, Inc.	4.000		03/06/20		1,308		1,306,556
Syniverse Holdings, Inc.	4.000		04/23/19		970		968,007
TransUnion LLC/TransUnion Financing Corp.	4.000		04/09/21		3,800		3,779,815

							17,094,331

Telecommunications
Level 3 Finance, Inc.	4.000		01/15/20		1,000		998,000

TOTAL BANK LOANS (cost $100,258,825)							101,242,958


COMMERCIAL MORTGAGE-BACKED SECURITIES 13.9%
Banc of America Commercial Mortgage Trust,
Series 2006-3, Class A4	5.889(a)		07/10/44		688		745,565
Series 2006-6, Class A2	5.309		10/10/45		39		38,998
Series 2006-6, Class A4	5.356		10/10/45		2,988		3,174,421
Series 2007-1, Class A3	5.449		01/15/49		27		26,787

See Notes to Financial Statements.


18


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Series 2007-1, Class A4	5.451 %		01/15/49		2,000	$	2,151,312
Series 2007-1, Class AAB	5.422		01/15/49		20		19,708
Series 2007-2, Class A1A	5.731(a)		04/10/49		2,075		2,274,974
Series 2007-2, Class A3	5.755(a)		04/10/49		200		204,747
Series 2007-2, Class A4	5.782(a)		04/10/49		5,000		5,516,530
Series 2007-5, Class A1A	5.361		02/10/51		2,094		2,304,285
Series 2007-5, Class A3	5.620		02/10/51		2		1,818
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-2, Class AM	4.913(a)		07/10/43		50		52,107
Bear Stearns Commercial Mortgage Securities, Series 2007-PWR17, Class A3	5.736		06/11/50		165		172,495
CD Commercial Mortgage Trust,
Series 2006-CD3, Class A5	5.617		10/15/48		20		21,620
Series 2007-CD4, Class A3	5.293		12/11/49		174		177,382
Series 2007-CD4, Class A4	5.322		12/11/49		6,325		6,915,085
Citigroup Commercial Mortgage Trust,
Series 2007-C6, Class A4	5.893(a)		12/10/49		1,210		1,345,291
Series 2008-C7, Class A4	6.341(a)		12/10/49		4,000		4,496,656
Series 2013-GC11, Class A3	2.815		04/10/46		200		191,715
Cobalt CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4	5.223		08/15/48		7,211		7,722,676
COMM Mortgage Trust,
Series 2012-CR1, Class A3	3.391		05/15/45		15		15,197
Series 2012-CR5, Class A3	2.540		12/10/45		1,000		945,949
Series 2013-CR7, Class A3	2.929		03/10/46		265		256,351
Series 2013-CR9, Class A3	4.022		07/10/45		7,200		7,528,529
Series 2013-CR10, Class A3	3.923		08/10/46		3,500		3,631,726
Series 2013-CR11, Class A3	3.983		10/10/46		5,300		5,513,791
Series 2013-CR12, Class A2	2.904		10/10/46		10,200		10,522,412
Series 2014-UBS2, Class XB, 144A, IO	0.208(a)		03/10/47		171,811		2,295,567
Commercial Mortgage Trust,
Series 2005-GG3, Class A3	4.569		08/10/42		24		23,639
Series 2005-GG3, Class A4	4.799(a)		08/10/42		1,570		1,592,482
Series 2005-GG3, Class AJ	4.859(a)		08/10/42		1,200		1,227,359
Series 2005-GG5, Class A5	5.224(a)		04/10/37		5,000		5,218,395
Series 2005-GG5, Class AAB	5.190(a)		04/10/37		48		48,886
Series 2007-GG9, Class A2	5.381		03/10/39		210		214,021
Series 2007-GG11, Class A3	5.716		12/10/49		30		30,478
Credit Suisse Commercial Mortgage Trust,
Series 2006-C1, Class AM	5.644(a)		02/15/39		1,014		1,087,816
Series 2006-C3, Class A1A	5.982(a)		06/15/38		849		913,031

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			19

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Series 2006-C5, Class A3	5.311 %		12/15/39		2,600	$	2,816,034
Series 2007-C4, Class A3	6.053(a)		09/15/39		248		249,341
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-C2, Class A4	4.832		04/15/37		3,337		3,428,060
Series 2005-C6, Class AM	5.230(a)		12/15/40		100		106,231
Federal National Mortgage Association, Series 2012-M8, Class X1, IO	2.327(a)		12/25/19		49,381		3,781,783
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO	1.365(a)		04/25/20		5,327		285,260
Series K008, Class X1, IO	1.818(a)		06/25/20		23,100		1,799,201
Series K010, Class X1, IO	0.532(a)		10/25/20		23,328		380,218
Series K018, Class X1, IO	1.597(a)		01/25/22		16,772		1,457,251
Series K020, Class X1, IO	1.607(a)		05/25/22		21,691		2,018,727
Series K021, Class X1, IO	1.644(a)		06/25/22		4,467		432,988
Series K025, Class X1, IO	1.027(a)		10/25/22		21,806		1,311,385
Series K036, Class X1, IO	0.802(a)		10/25/23		41,101		2,456,080
Series K501, Class X1A, IO	1.863(a)		08/25/16		378		9,838
Series K710, Class X1, IO	1.912(a)		05/25/19		495		37,836
Series K711, Class X1, IO	1.831(a)		07/25/19		3,979		297,056
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4	5.489(a)		11/10/45		4,000		4,216,784
GE Commercial Mortgage Corp., Series 2007-C1, Class AAB	5.477		12/10/49		77		79,257
GMAC Commercial Mortgage Securities, Inc., Series 2005-C1, Class AM	4.754		05/10/43		425		439,886
GS Mortgage Securities Corp. II,
Series 2013-GC10, Class XB, IO, 144A	0.648(a)		02/10/46		103,126		4,158,350
Series 2014-GC10, Class XB, IO	0.337(a)		04/10/47		28,307		1,004,658
GS Mortgage Securities Trust,
Series 2006-GG6, Class A2	5.506(a)		04/10/38		1		947
Series 2006-GG8, Class A3	5.542		11/10/39		64		64,628
Series 2013-GC12, Class A3	2.860		06/10/46		4,000		3,838,532
Series 2013-GC12, Class XB, IO	0.685(a)		06/10/46		37,400		1,644,216
Series 2013-GC14, Class A4	3.955		08/10/46		6,700		6,978,566
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class A3	3.272		07/15/45		4,413		4,515,417
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 2012-LC9, Class A3	2.475		12/15/47		1,000		992,810

See Notes to Financial Statements.


20


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Series 2012-LC9, Class A4	2.611 %		12/15/47		1,700	$	1,610,835
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2004-CBX, Class AJ	4.951(a)		01/12/37		200		202,562
Series 2005-CB13, Class A3A1	5.420(a)		01/12/43		24		24,841
Series 2005-LDP2, Class AM	4.780		07/15/42		1,746		1,811,450
Series 2005-LDP3, Class A4B	4.996(a)		08/15/42		180		188,989
Series 2005-LDP4, Class AM	4.999(a)		10/15/42		750		788,925
Series 2005-LDP5, Class A3	5.434(a)		12/15/44		646		652,700
Series 2006-LDP6, Class ASB	5.490(a)		04/15/43		58		58,751
Series 2007-CB20, Class A4	5.794(a)		02/12/51		60		66,880
Series 2007-LD11, Class A2	5.974(a)		06/15/49		298		298,238
Series 2007-LD11, Class A3	5.989(a)		06/15/49		218		222,404
Series 2007-LD11, Class A4	5.989(a)		06/15/49		1,109		1,224,475
Series 2007-LD12, Class A3	6.135(a)		02/15/51		910		912,276
Series 2007-LD12, Class A4	5.882(a)		02/15/51		4,000		4,454,204
Series 2011-C3, Class A2, 144A	3.673		02/15/46		363		380,870
Series 2012-C8, Class A2	1.797		10/15/45		2,000		2,011,780
Series 2012-CBX, Class A3	3.139		06/15/45		55		56,556
Series 2013-C13, Class A3	3.525		01/15/46		4,630		4,801,412
Series 2013-FL3, Class XCP, IO, 144A	1.661(a)		04/15/28		192,000		429,696
Series 2013-LC11, Class A3	2.592		04/15/46		5,000		4,940,245
Series 2013-LC11, Class A4	2.694		04/15/46		6,350		6,005,665
Series 2013-LC11, Class XB, IO	0.728(a)		04/15/46		34,956		1,540,767
Series 2014-FL4, Class XCP, IO, 144A	0.784(a)		12/15/15		628,621		2,215,135
LB-UBS Commercial Mortgage Trust,
Series 2004-C6, Class A6	5.020(a)		08/15/29		8		8,040
Series 2005-C7, Class AM	5.263(a)		11/15/40		70		74,379
Series 2006-C7, Class A2	5.300		11/15/38		141		145,632
Merrill Lynch Mortgage Trust,
Series 2005-LC1, Class AM	5.488(a)		01/12/44		102		108,785
Series 2006-C1, Class AM	5.863(a)		05/12/39		30		32,540
Series 2007-C1, Class A3	6.032(a)		06/12/50		678		695,779
ML-CFC Commercial Mortgage Trust,
Series 2006-1, Class AM	5.702(a)		02/12/39		5,160		5,564,869
Series 2006-2, Class AM	6.073(a)		06/12/46		100		109,308
Series 2006-3, Class A4	5.414(a)		07/12/46		4,289		4,642,269
Series 2006-4, Class A2	5.112		12/12/49		16		15,980
Series 2006-4, Class A2FL	0.273(a)		12/12/49		7		7,015
Series 2007-5, Class A4	5.378		08/12/48		9,877		10,671,255
Series 2007-7, Class A4	5.810(a)		06/12/50		5,053		5,584,252

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			21

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class XB, IO, 144A	0.393 % (a)		08/15/45		65,968	$	1,326,682
Series 2013-C7, Class A3	2.655		02/15/46		3,000		2,847,618
Series 2013-C8, Class A3	2.863		12/15/48		4,000		3,855,824
Series 2013-C8, Class XB, IO, 144A	0.497(a)		12/15/48		68,276		2,403,377
Series 2013-C10, Class A3	4.103(a)		07/15/46		10,000		10,457,720
Series 2013-C11, Class A3	3.960		08/15/46		8,400		8,738,797
Morgan Stanley Capital I Trust,
Series 2005-IQ10, Class A4B	5.284(a)		09/15/42		1,000		1,053,109
Series 2006-HQ9, Class AM	5.773(a)		07/12/44		200		218,671
Series 2007-HQ11, Class A4	5.447(a)		02/12/44		4,100		4,494,264
Series 2007-HQ11, Class A31	5.439		02/12/44		36		36,399
Series 2007-HQ12, Class A2FX	5.777(a)		04/12/49		30		31,469
Series 2007-HQ12, Class A3	5.777(a)		04/12/49		2,380		2,466,749
Series 2007-IQ13, Class A1A	5.312		03/15/44		242		265,167
Series 2007-IQ14, Class AAB	5.654(a)		04/15/49		207		214,763
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C4, Class A3	2.533		12/10/45		2,800		2,742,597
Series 2012-C4, Class A4	2.792		12/10/45		1,500		1,443,439
Series 2013-C6, Class A3	2.971		04/10/46		2,900		2,809,656
Series 2013-C6, Class XB, IO, 144A	0.500(a)		04/10/46		140,883		4,538,828
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3	3.595		01/10/45		1,135		1,170,397
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C16, Class AJ	4.896(a)		10/15/41		1,800		1,837,982
Series 2005-C16, Class AJ	5.224(a)		03/15/42		1,368		1,412,435
Series 2005-C20, Class AMFX	5.179(a)		07/15/42		167		175,309
Series 2005-C21, Class AM	5.414(a)		10/15/44		321		340,425
Series 2005-C22, Class A4	5.457(a)		12/15/44		3,975		4,197,342
Series 2006-C23, Class A5	5.416(a)		01/15/45		3,000		3,214,650
Series 2006-C25, Class A5	5.908(a)		05/15/43		4,000		4,353,800
Series 2006-C27, Class A3	5.765(a)		07/15/45		7,876		8,415,508
Series 2006-C28, Class A4	5.572		10/15/48		4,705		5,099,131
Series 2007-C31, Class A4	5.509		04/15/47		2,500		2,714,292
Series 2007-C31, Class A5	5.500		04/15/47		3,415		3,766,745
Series 2007-C32, Class A1A	5.934(a)		06/15/49		2,623		2,914,004
Series 2007-C33, Class A4	6.132(a)		02/15/51		250		274,533
Series 2007-C34, Class A1A	5.608(a)		05/15/46		5,807		6,463,920

See Notes to Financial Statements.


22


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A3	3.986 %		07/15/46		5,000	$	5,195,980

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $296,806,042)							291,472,482


CORPORATE BONDS 42.1%

Aerospace & Defense 0.2%
B/E Aerospace, Inc., Sr. Unsec’d. Notes	5.250		04/01/22		100		103,500
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A	7.500		03/15/18		2,200		2,508,000
Precision Castparts Corp., Sr. Unsec’d. Notes	2.500		01/15/23		490		464,216
Textron, Inc., Sr. Unsec’d. Notes	4.625		09/21/16		500		537,961

							3,613,677

Airlines 0.4%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates, 144A	4.000		07/15/25		3,493		3,518,938
Continental Airlines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates	5.983		04/19/22		101		114,909
Series 2012-2, Class A, Pass-Through Certificates	4.000		10/29/24		121		123,592
Delta Air Lines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates	6.821		08/10/22		937		1,103,165
Series 2011-1, Class A, Pass-Through Certificates	5.300		04/15/19		94		103,449
United Airlines Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates	4.300		02/15/27		2,450		2,523,500

							7,487,553

Automotive 1.6%
Chrysler Group LLC/CG Co-Issuer Inc.,
Sec’d. Notes	8.000		06/15/19		1,500		1,642,500
Sec’d. Notes, 144A	8.250		06/15/21		2,800		3,146,500
Cummins, Inc., Sr. Unsec’d. Notes	4.875		10/01/43		175		190,919

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			23

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Automotive (cont’d.)
Daimler Finance North America LLC,
Gtd. Notes, 144A	2.375 %		08/01/18		625	$	634,454
Gtd. Notes, 144A	2.950		01/11/17		750		781,036
Dana Holding Corp.,
Sr. Unsec’d. Notes	5.375		09/15/21		750		774,375
Sr. Unsec’d. Notes	6.500		02/15/19		1,713		1,820,063
Sr. Unsec’d. Notes	6.750		02/15/21		3,000		3,251,250
Ford Motor Co., Sr. Unsec’d. Notes(d)	4.750		01/15/43		150		148,121
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.375		01/16/18		650		659,318
Sr. Unsec’d. Notes	3.000		06/12/17		410		427,640
Sr. Unsec’d. Notes	4.207		04/15/16		200		212,047
Sr. Unsec’d. Notes(d)	4.250		02/03/17		6,470		6,960,374
General Motors Co.,
Sr. Unsec’d. Notes, 144A	4.875		10/02/23		2,000		2,067,500
Sr. Unsec’d. Notes, 144A	6.250		10/02/43		2,230		2,441,850
General Motors Financial Co., Inc.,
Gtd. Notes	2.750		05/15/16		1,575		1,598,625
Gtd. Notes	3.250		05/15/18		575		580,750
Gtd. Notes	4.250		05/15/23		575		564,219
Harley-Davidson Financial Services, Inc., Gtd. Notes, MTN, 144A	2.700		03/15/17		25		25,870
Johnson Controls, Inc., Sr. Unsec’d. Notes	4.250		03/01/21		3,090		3,323,085
Lear Corp., Gtd. Notes	8.125		03/15/20		976		1,063,840
Tenedora Nemak SA de CV (Mexico), Sr. Unsec’d. Notes, 144A	5.500		02/28/23		1,000		1,012,500

							33,326,836

Banking 9.3%
American Express Co.,
Sr. Unsec’d. Notes(e)	2.650		12/02/22		3,099		2,974,789
Sr. Unsec’d. Notes	7.000		03/19/18		165		196,603
Banco de Credito del Peru (Peru), Sr. Unsec’d. Notes, 144A	4.250		04/01/23		263		255,439
Bank of America Corp.,
Jr. Sub. Notes	8.000(a)		12/29/49		3,190		3,612,675
Jr. Sub. Notes	8.125(a)		12/29/49		1,000		1,135,500
Sr. Notes, MTN	4.000		04/01/24		2,200		2,211,084
Sr. Unsec’d. Notes	4.100		07/24/23		3,450		3,524,924

See Notes to Financial Statements.


24


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Banking (cont’d.)
Sr. Unsec’d. Notes	5.625 %		10/14/16		160	$	176,461
Sr. Unsec’d. Notes	5.700		01/24/22		2,945		3,371,704
Sr. Unsec’d. Notes	5.875		01/05/21		450		521,798
Sr. Unsec’d. Notes	6.000		09/01/17		500		567,351
Sr. Unsec’d. Notes(d)	7.625		06/01/19		490		604,694
Sr. Unsec’d. Notes, MTN	3.300		01/11/23		9,525		9,245,479
Sr. Unsec’d. Notes, MTN	5.000		01/21/44		280		289,669
Sr. Unsec’d. Notes, MTN	5.875		02/07/42		385		450,667
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan), Sr. Unsec’d. Notes, 144A	3.750		03/10/24		3,225		3,265,306
BB&T Corp., Sr. Unsec’d. Notes, MTN	1.600		08/15/17		25		25,114
Branch Banking & Trust Co.,
Sr. Unsec’d. Notes	2.850		04/01/21		5,425		5,423,351
Sub. Notes	0.553(a)		09/13/16		1,500		1,494,531
Capital One Bank USA NA, Sub. Notes(d)	3.375		02/15/23		1,720		1,698,976
Capital One Financial Corp.,
Sr. Unsec’d. Notes	3.500		06/15/23		330		328,266
Sr. Unsec’d. Notes	3.750		04/24/24		4,125		4,132,553
Sr. Unsec’d. Notes	4.750		07/15/21		300		331,125
Sub. Notes	6.150		09/01/16		110		122,355
Citigroup, Inc.,
Sr. Unsec’d. Notes	3.375		03/01/23		7,400		7,215,910
Sr. Unsec’d. Notes	3.875		10/25/23		2,350		2,349,474
Sr. Unsec’d. Notes	4.500		01/14/22		1,525		1,630,416
Sr. Unsec’d. Notes	6.125		05/15/18		330		380,066
Sr. Unsec’d. Notes	8.125		07/15/39		1,455		2,135,007
Sr. Unsec’d. Notes	8.500		05/22/19		350		445,924
Sub. Notes	3.500		05/15/23		2,500		2,384,517
Sub. Notes	4.050		07/30/22		550		555,826
Sub. Notes	4.875		05/07/15		250		259,878
Sub. Notes	5.000		09/15/14		100		101,604
Sub. Notes	6.675		09/13/43		1,000		1,198,267
Discover Bank,
Sr. Unsec’d. Notes	2.000		02/21/18		1,200		1,200,830
Sr. Unsec’d. Notes	4.200		08/08/23		5,500		5,714,654
Sub. Notes	7.000		04/15/20		800		957,107
Fifth Third Bancorp, Sub. Notes	4.300		01/16/24		4,975		5,113,678
Fifth Third Bank,
Sr. Unsec’d. Notes(d)(e)	1.450		02/28/18		2,275		2,246,537

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			25

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Banking (cont’d.)
Sr. Unsec’d. Notes	2.375 %		04/25/19		1,075	$	1,078,682
Goldman Sachs Group Inc. (The),
Sr. Unsec’d. Notes, MTN	4.000		03/03/24		1,875		1,881,321
Sr. Unsec’d. Notes(e)	3.625		01/22/23		6,000		5,949,846
Sr. Unsec’d. Notes	5.125		01/15/15		100		103,117
Sr. Unsec’d. Notes	5.250		07/27/21		1,840		2,043,004
Sr. Unsec’d. Notes	5.750		01/24/22		4,590		5,237,149
Sr. Unsec’d. Notes	6.250		02/01/41		600		716,840
Sr. Unsec’d. Notes, MTN	6.000		06/15/20		4,450		5,144,320
Sub. Notes	5.625		01/15/17		130		143,294
HSBC Bank PLC (United Kingdom), Sr. Notes, 144A	3.500		06/28/15		120		124,115
HSBC Holding PLC (United Kingdom) Sr. Unsec’d. Notes	4.000		03/30/22		1,600		1,682,123
Sub. Notes	6.500		05/02/36		610		732,082
Huntington Bancshares, Inc., Sr. Unsec’d. Notes	2.600		08/02/18		2,350		2,370,271
ING Bank NV (Netherlands), Unsec’d. Notes, 144A	2.000		09/25/15		300		304,927
Intesa Sanpaolo SpA (Italy), Bank Gtd. Notes	3.125		01/15/16		475		488,762
JPMorgan Chase & Co.,
Jr. Sub. Notes	5.150(a)		12/31/49		3,725		3,524,781
Jr. Sub. Notes	7.900(a)		04/29/49		130		146,900
Sr. Unsec’d. Notes	3.150		07/05/16		15		15,683
Sr. Unsec’d. Notes(e)	3.200		01/25/23		9,500		9,267,668
Sr. Unsec’d. Notes(e)	3.250		09/23/22		2,115		2,089,760
Sr. Unsec’d. Notes	4.500		01/24/22		720		779,050
Sr. Unsec’d. Notes	5.400		01/06/42		600		671,553
Sr. Unsec’d. Notes	6.000		01/15/18		130		149,022
Sub. Notes	3.375		05/01/23		1,925		1,842,246
KeyBank NA, Sr. Unsec’d. Notes	1.650		02/01/18		700		697,455
Lloyds Bank PLC (United Kingdom),
Bank Gtd. Notes	6.375		01/21/21		4,570		5,501,709
Bank Gtd. Notes, MTN, 144A	5.800		01/13/20		100		115,611
Lloyds TSB Bank PLC (United Kingdom), Bank Gtd. Notes	2.300		11/27/18		1,100		1,107,571
Mizuho Bank Ltd. (Japan), Gtd. Notes, 144A	1.850		03/21/18		675		668,128
Morgan Stanley,
Jr. Sub. Notes	5.450(a)		12/31/49		1,925		1,941,844
Notes, MTN	6.625		04/01/18		100		116,673

See Notes to Financial Statements.


26


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Banking (cont’d.)
Sr. Unsec’d. Notes(d)	3.750 %		02/25/23		7,150	$	7,156,242
Sr. Unsec’d. Notes	6.375		07/24/42		700		860,530
Sr. Unsec’d. Notes, MTN	2.125		04/25/18		2,880		2,887,027
Sr. Unsec’d. Notes, MTN	4.100		01/26/15		130		133,246
Sr. Unsec’d. Notes, MTN	5.500		07/28/21		1,900		2,150,160
Sr. Unsec’d. Notes, MTN	5.625		09/23/19		680		775,333
Sr. Unsec’d. Notes, MTN	5.750		10/18/16		365		404,100
Sr. Unsec’d. Notes, MTN	6.250		08/28/17		1,930		2,208,146
Sub. Notes, MTN	4.100		05/22/23		815		809,647
Sub. Notes, MTN	4.875		11/01/22		930		981,384
Sub. Notes, MTN	5.000		11/24/25		2,075		2,152,885
Nordea Bank AB (Sweden),
Sr. Unsec’d. Notes, 144A	1.625		05/15/18		4,125		4,078,264
Sr. Unsec’d. Notes, 144A(d)	3.125		03/20/17		200		210,348
Northern Trust Corp., Sub. Notes	3.950		10/30/25		4,375		4,436,530
People’s United Financial, Inc., Sr. Unsec’d. Notes	3.650		12/06/22		325		321,737
PNC Bank NA,
Sub. Notes(d)	2.950		01/30/23		900		870,396
Sub. Notes	3.800		07/25/23		2,425		2,466,645
Sub. Notes	4.200		11/01/25		2,125		2,209,558
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes	2.854(f)		11/09/22		125		120,192
Sub. Notes	3.900		04/29/24		1,910		1,913,480
PNC Funding Corp., Bank Gtd. Notes	2.700		09/19/16		50		51,967
Royal Bank of Scotland Group PLC (The) (United Kingdom),
Bank Gtd. Notes	4.875		03/16/15		100		103,495
Bank Gtd. Notes	6.125		01/11/21		350		410,734
Sr. Unsec’d. Notes	2.550		09/18/15		50		51,066
Santander Holdings USA, Inc.,
Sr. Unsec’d. Notes	3.000		09/24/15		75		77,145
Sr. Unsec’d. Notes	4.625		04/19/16		870		930,599
State Street Corp., Sr. Unsec’d. Notes	3.700		11/20/23		3,850		3,922,076
Sumitomo Mitsui Banking Corp. (Japan),
Bank Gtd. Notes	2.450		01/10/19		1,925		1,947,925
Bank Gtd. Notes	3.000		01/18/23		800		775,002
SunTrust Bank, Sr. Unsec’d. Notes	2.750		05/01/23		1,225		1,156,685
SunTrust Banks, Inc., Sr. Unsec’d. Notes	2.350		11/01/18		2,000		2,010,992

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			27

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Banking (cont’d.)
US Bancorp,
Jr. Sub. Notes	3.442 %		02/01/16		130	$	135,416
Sub. Notes, MTN	2.950		07/15/22		25		24,205
Wells Fargo & Co.,
Sr. Unsec’d. Notes	0.428(a)		10/28/15		200		200,007
Sr. Unsec’d. Notes, MTN	2.100		05/08/17		100		102,521
Sr. Unsec’d. Notes, MTN	3.000		01/22/21		3,700		3,739,427
Sr. Unsec’d. Notes, MTN	3.500		03/08/22		930		954,536
Sr. Unsec’d. Notes, MTN	4.600		04/01/21		250		276,950
Sub. Notes	4.125		08/15/23		2,900		2,957,559
Sub. Notes	5.606		01/15/44		1,460		1,627,412

							195,087,185

Brokerage
Jefferies Group LLC, Sr. Unsec’d. Notes	6.500		01/20/43		175		187,628
Nomura Holdings, Inc. (Japan), Sr. Unsec’d. Notes, MTN	2.000		09/13/16		540		547,123

							734,751

Building Materials & Construction 1.1%
Building Materials Corp. of America,
Sr. Notes, 144A (original cost $1,090,000; purchased 12/06/13)(b)(c)	6.750		05/01/21		1,000		1,082,500
Sr. Notes, 144A (original cost $2,360,680; purchased 09/28/12 - 05/09/13)(b)(c)	6.875		08/15/18		2,176		2,271,200
Cemex Espana Luxembourg (Mexico),
Sr. Sec’d. Notes, 144A	9.250		05/12/20		4,410		4,795,875
Sr. Sec’d. Notes, RegS	9.250		05/12/20		625		679,687
Sr. Sec’d. Notes, RegS	9.875		04/30/19		770		880,880
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A	9.875		04/30/19		2,300		2,631,200
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A	6.500		12/10/19		2,000		2,100,000
CeramTec Group GmbH (Germany), Gtd. Notes, 144A	8.250		08/15/21	EUR	500		761,307
HD Supply, Inc., Sr. Sec’d. Notes	8.125		04/15/19		2,228		2,467,510
KB Home, Gtd. Notes	7.500		09/15/22		675		739,125
Mohawk Industries, Inc., Sr. Unsec’d. Notes	3.850		02/01/23		209		207,433

See Notes to Financial Statements.


28


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Building Materials & Construction (cont’d.)
Odebrecht Finance Ltd. (Brazil),
Gtd. Notes, 144A	5.125 %		06/26/22		600	$	612,000
Gtd. Notes, 144A	7.125		06/26/42		220		223,850
Owens Corning, Inc., Gtd. Notes	4.200		12/15/22		125		124,658
Standard Pacific Corp., Gtd. Notes	8.375		05/15/18		3,178		3,750,040

							23,327,265

Cable 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Gtd. Notes	5.750		01/15/24		2,000		2,017,500
Gtd. Notes	7.250		10/30/17		2,000		2,117,500
Comcast Corp., Gtd. Notes	6.500		01/15/17		100		114,285
CSC Holdings LLC,
Sr. Unsec’d. Notes	7.875		02/15/18		2,040		2,361,300
Sr. Unsec’d. Notes	8.625		02/15/19		35		41,738
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Gtd. Notes	3.500		03/01/16		130		135,929
DISH DBS Corp.,
Gtd. Notes	4.250		04/01/18		1,500		1,567,500
Gtd. Notes	6.625		10/01/14		200		204,750
NET Servicos de Comunicacao SA (Brazil), Gtd. Notes	7.500		01/27/20		2,207		2,383,560
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany),
Sr. Sec’d. Notes, 144A	5.500		09/15/22	EUR	160		237,514
Sr. Sec’d. Notes, MTN, 144A	5.125		01/21/23	EUR	620		908,324
UPCB Finance III Ltd. (Netherlands), Sr. Sec’d. Notes, 144A	6.625		07/01/20		150		160,125
Videotron Ltd. (Canada),
Gtd. Notes	5.000		07/15/22		4,500		4,533,750
Gtd. Notes	9.125		04/15/18		71		73,485
Gtd. Notes, 144A	5.375		06/15/24		2,400		2,418,000
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A	6.000		04/15/21	GBP	800		1,418,248

							20,693,508

Capital Goods 1.9%
Actuant Corp., Gtd. Notes(d)	5.625		06/15/22		3,075		3,244,125

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			29

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Capital Goods (cont’d.)
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A	6.500 %		07/15/22		1,925	$	2,088,625
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(d)	8.250		01/15/19		1,259		1,340,835
Caterpillar Financial Services Corp., Sr. Unsec’d. Notes, MTN	1.250		11/06/17		325		324,628
CNH Capital LLC, Gtd. Notes	3.875		11/01/15		500		512,500
Columbus Mckinnon Corp., Gtd. Notes	7.875		02/01/19		2,000		2,150,000
Deere & Co., Sr. Unsec’d. Notes	2.600		06/08/22		50		48,475
ERAC USA Finance LLC,
Gtd. Notes, 144A (original cost $44,987; purchased 03/12/12)(b)(c)	2.750		03/15/17		45		46,411
Gtd. Notes, 144A (original cost $131,355; purchased 05/30/13)(b)(c)	6.700		06/01/34		110		134,298
Gtd. Notes, 144A (original cost $2,232,116; purchased 05/14/13)(b)(c)	7.000		10/15/37		1,725		2,232,128
General Electric Co.,
Sr. Unsec’d. Notes	4.125		10/09/42		50		48,887
Sr. Unsec’d. Notes	4.500		03/11/44		75		77,240
Griffon Corp., Gtd. Notes, 144A	5.250		03/01/22		6,450		6,369,375
Hertz Corp. (The), Gtd. Notes	6.750		04/15/19		3,125		3,351,562
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A (original cost $24,990; purchased 07/10/12)(b)(c)	2.500		07/11/14		25		25,081
Sr. Unsec’d. Notes, 144A (original cost $274,593; purchased 09/24/12)(b)(c)	2.500		03/15/16		275		282,749
Sr. Unsec’d. Notes, 144A (original cost $449,024; purchased 01/14/13)(b)(c)	2.875		07/17/18		450		457,929
Unsec’d. Notes, 144A (original cost $24,976; purchased 05/08/12)(b)(c)	3.125		05/11/15		25		25,570
Pentair Finance SA,
Gtd. Notes	1.350		12/01/15		325		327,541

See Notes to Financial Statements.


30


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Capital Goods (cont’d.)
Gtd. Notes	1.875 %		09/15/17		50	$	50,475
Roper Industries, Inc., Sr. Unsec’d. Notes	1.850		11/15/17		175		175,874
SPX Corp., Gtd. Notes(d)	6.875		09/01/17		1,000		1,135,000
Terex Corp.,
Gtd. Notes	6.000		05/15/21		5,050		5,403,500
Gtd. Notes(d)	6.500		04/01/20		1,005		1,090,425
United Rentals North America, Inc.,
Gtd. Notes	7.625		04/15/22		3,869		4,352,625
Gtd. Notes(d)	8.375		09/15/20		1,000		1,108,750
Sr. Unsec’d. Notes	8.250		02/01/21		550		615,312
United Technologies Corp.,
Sr. Unsec’d. Notes	1.800		06/01/17		50		50,897
Sr. Unsec’d. Notes	4.500		06/01/42		140		145,686
Votorantim Cimentos SA (Brazil),
Gtd. Notes, RegS	7.250		04/05/41		300		307,125
Gtd. Notes, RegS	7.250		04/05/41		700		716,625
Xylem, Inc.,
Sr. Unsec’d. Notes	3.550		09/20/16		1,635		1,724,359
Sr. Unsec’d. Notes	4.875		10/01/21		50		53,447

							40,018,059

Chemicals 1.6%
Agrium, Inc. (Canada),
Sr. Unsec’d. Notes	4.900		06/01/43		2,020		2,025,955
Sr. Unsec’d. Notes	6.125		01/15/41		170		197,981
Ashland, Inc.,
Gtd. Notes	4.750		08/15/22		700		691,250
Sr. Unsec’d. Notes(d)	3.875		04/15/18		4,624		4,751,160
Celanese US Holdings LLC, Gtd. Notes	6.625		10/15/18		610		642,025
CF Industries, Inc.,
Gtd. Notes	4.950		06/01/43		1,765		1,764,749
Gtd. Notes	5.375		03/15/44		1,300		1,364,553
Gtd. Notes	6.875		05/01/18		160		188,210
Gtd. Notes	7.125		05/01/20		125		150,634
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	3.000		11/15/22		1,550		1,491,309
Sr. Unsec’d. Notes	4.250		11/15/20		3,150		3,368,210
Sr. Unsec’d. Notes	5.250		11/15/41		125		133,058
Sr. Unsec’d. Notes	9.400		05/15/39		120		193,435

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			31

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Chemicals (cont’d.)
Eastman Chemical Co., Sr. Unsec’d. Notes	3.600 %		08/15/22		500	$	503,897
Ecolab, Inc., Sr. Unsec’d. Notes	1.450		12/08/17		600		598,879
Huntsman International LLC, Gtd. Notes	8.625		03/15/20		1,500		1,642,500
Koppers, Inc., Gtd. Notes	7.875		12/01/19		1,600		1,710,000
LYB International Finance BV (Netherlands),
Gtd. Notes	4.875		03/15/44		375		384,788
Gtd. Notes	5.250		07/15/43		415		449,585
LyondellBasell Industries NV, Sr. Unsec’d. Notes	6.000		11/15/21		700		826,204
Mexichem SAB de CV (Mexico),
Gtd. Notes, 144A(d)	4.875		09/19/22		1,465		1,477,819
Gtd. Notes, RegS	4.875		09/19/22		950		958,312
Mosaic Co. (The),
Sr. Unsec’d. Notes	5.450		11/15/33		710		777,487
Sr. Unsec’d. Notes	5.625		11/15/43		2,335		2,577,950
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes	8.625		11/01/19		2,118		2,279,497
Phosagro OAO via Phosagro Bond Funding Ltd. (Russia), Gtd. Notes, 144A	4.204		02/13/18		930		874,200
Rhodia SA (France), Sr. Unsec’d. Notes, 144A	6.875		09/15/20		1,000		1,114,328
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes	1.350		12/15/17		350		349,710
Sibur Securities Ltd. (Russia), Gtd. Notes, 144A	3.914		01/31/18		425		372,938

							33,860,623

Consumer 1.2%
ADT Corp. (The), Sr. Unsec’d. Notes	2.250		07/15/17		50		49,500
First Quality Finance Co., Inc., Sr. Unsec’d. Notes, 144A(d)	4.625		05/15/21		5,400		5,103,000
Jarden Corp., Gtd. Notes	6.125		11/15/22		500		536,250
Newell Rubbermaid, Inc., Sr. Unsec’d. Notes	2.050		12/01/17		375		376,369
PVH Corp., Sr. Unsec’d. Notes	4.500		12/15/22		2,200		2,164,250
QVC, Inc.,
Sr. Sec’d. Notes	4.375		03/15/23		2,000		1,985,012
Sr. Sec’d. Notes	5.125		07/02/22		1,800		1,886,308
Sr. Sec’d. Notes, 144A	7.500		10/01/19		525		556,227
Scotts Miracle-Gro Co. (The), Gtd. Notes	6.625		12/15/20		3,500		3,788,750
Service Corp. International,
Sr. Unsec’d. Notes	4.500		11/15/20		2,135		2,092,300
Sr. Unsec’d. Notes	7.000		05/15/19		4,500		4,803,300
West Corp., Gtd. Notes	8.625		10/01/18		1,898		2,026,115

							25,367,381

See Notes to Financial Statements.


32


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Electric 1.2%
AES Corp., Sr. Unsec’d. Notes	8.000 %		10/15/17		1,655	$	1,965,312
Alabama Power Co., Sr. Unsec’d. Notes	3.850		12/01/42		275		257,730
American Electric Power Co., Inc., Sr. Unsec’d. Notes	2.950		12/15/22		550		531,737
Calpine Corp.,
Sr. Sec’d. Notes, 144A	7.500		02/15/21		1,324		1,446,470
Sr. Sec’d. Notes, 144A	7.875		07/31/20		1,786		1,957,902
Connecticut Light & Power Co. (The), First Ref. Mtge.	2.500		01/15/23		375		355,268
Covanta Holding Corp., Sr. Unsec’d. Notes	7.250		12/01/20		3,100		3,398,375
DPL, Inc., Sr. Unsec’d. Notes(d)	7.250		10/15/21		1,500		1,608,750
Duke Energy Carolinas LLC, First Ref. Mtge.	4.000		09/30/42		50		48,263
Duke Energy Corp., Sr. Unsec’d. Notes	1.625		08/15/17		225		227,023
Entergy Arkansas, Inc., First Mtge.	3.050		06/01/23		450		440,276
Entergy Corp., Sr. Unsec’d. Notes	4.700		01/15/17		75		80,379
FirstEnergy Corp., Sr. Unsec’d. Notes	2.750		03/15/18		950		956,208
NextEra Energy Capital Holdings, Inc., Gtd. Notes	3.625		06/15/23		1,575		1,532,840
NRG Energy, Inc.,
Gtd. Notes(d)	7.625		01/15/18		4,406		4,989,795
Gtd. Notes, 144A(d)	6.250		05/01/24		4,000		4,015,000
Progress Energy, Inc., Sr. Unsec’d. Notes	3.150		04/01/22		75		74,595
Public Service Electric & Gas Co., Sec’d. Notes, MTN	3.650		09/01/42		200		181,850
South Carolina Electric & Gas Co., First Mtge.	4.350		02/01/42		130		131,872
Techem Energy Metering Service GmbH & Co. KG (Germany), Gtd. Notes, MTN, 144A	7.875		10/01/20	EUR	125		194,844
Techem GmbH (Germany), Sr. Sec’d. Notes, MTN, 144A	6.125		10/01/19	EUR	200		302,153
Westar Energy, Inc., First Mtge.	4.100		04/01/43		325		316,884

							25,013,526

Energy - Integrated 0.7%
BP Capital Markets PLC (United Kingdom), Gtd. Notes	1.846		05/05/17		150		152,876
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes	4.450		09/15/42		1,070		1,036,308
Pacific Rubiales Energy Corp. (Colombia),
Gtd. Notes, 144A	5.375		01/26/19		1,540		1,582,350
Gtd. Notes, 144A	7.250		12/12/21		3,750		4,096,875

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			33

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Energy - Integrated (cont’d.)
Reliance Holding USA, Inc. (India), Gtd. Notes, 144A	5.400 %		02/14/22		2,250	$	2,351,756
Rosneft Finance SA (Russia), Gtd. Notes, MTN, 144A	6.625		03/20/17		180		186,525
Sasol Financing International PLC (South Africa), Gtd. Notes	4.500		11/14/22		4,600		4,519,500

							13,926,190

Energy - Other 1.2%
Afren PLC (United Kingdom), Sr. Sec’d. Notes, RegS	10.250		04/08/19		900		1,019,250
Anadarko Petroleum Corp.,
Sr. Unsec’d. Notes	6.375		09/15/17		4,460		5,153,521
Sr. Unsec’d. Notes	6.450		09/15/36		750		926,709
Cameron International Corp.,
Sr. Unsec’d. Notes	1.166(a)		06/02/14		125		125,071
Sr. Unsec’d. Notes	3.600		04/30/22		450		451,288
Sr. Unsec’d. Notes	4.500		06/01/21		340		365,591
Sr. Unsec’d. Notes	5.950		06/01/41		100		113,027
Continental Resources, Inc., Gtd. Notes	5.000		09/15/22		2,240		2,368,800
Denbury Resources, Inc., Gtd. Notes	5.500		05/01/22		2,000		2,022,500
Devon Energy Corp., Sr. Unsec’d. Notes	1.875		05/15/17		75		76,213
Halliburton Co., Sr. Unsec’d. Notes	4.750		08/01/43		3,100		3,301,739
Nabors Industries, Inc.,
Gtd. Notes	4.625		09/15/21		240		251,850
Gtd. Notes	6.150		02/15/18		80		90,427
Noble Energy, Inc.,
Sr. Unsec’d. Notes	4.150		12/15/21		500		533,670
Sr. Unsec’d. Notes	5.250		11/15/43		395		429,446
Sr. Unsec’d. Notes	6.000		03/01/41		1,390		1,637,510
Noble Holding International Ltd., Gtd. Notes	2.500		03/15/17		25		25,518
Phillips 66, Gtd. Notes	2.950		05/01/17		25		26,150
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	3.950		07/15/22		2,536		2,614,938
Sr. Unsec’d. Notes	7.500		01/15/20		610		747,275
Plains Exploration & Production Co., Gtd. Notes	6.500		11/15/20		600		662,250
Schlumberger Norge AS, Gtd. Notes, 144A	1.250		08/01/17		1,200		1,192,670
Transocean, Inc., Gtd. Notes	2.500		10/15/17		150		152,566
Weatherford International Ltd., Gtd. Notes	6.750		09/15/40		1,125		1,358,701

							25,646,680

See Notes to Financial Statements.


34


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Food & Beverage 1.7%
Anheuser-Busch InBev Finance, Inc. (Belgium), Gtd. Notes	4.000 %		01/17/43		600	$	570,390
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	2.500		07/15/22		200		189,728
Gtd. Notes	8.200		01/15/39		250		383,957
ARAMARK Corp., Gtd. Notes	5.750		03/15/20		1,600		1,678,000
Bertin SA/Bertin Finance Ltd. (Brazil), Gtd. Notes, 144A	10.250		10/05/16		3,380		3,806,725
BFF International Ltd. (Brazil), Gtd. Notes, RegS	7.250		01/28/20		525		601,125
BRF SA (Brazil), Sr. Unsec’d. Notes, 144A	3.950		05/22/23		525		481,687
Coca-Cola Icecek A/S (Turkey), Sr. Unsec’d. Notes, 144A	4.750		10/01/18		950		998,792
ConAgra Foods, Inc., Sr. Unsec’d. Notes	2.100		03/15/18		225		225,325
Constellation Brands, Inc.,
Gtd. Notes	6.000		05/01/22		450		499,500
Gtd. Notes	7.250		09/01/16		550		618,750
Cott Beverages, Inc., Gtd. Notes	8.125		09/01/18		7,057		7,462,777
Embotelladora Andina SA (Chile), Sr. Unsec’d. Notes, 144A	5.000		10/01/23		1,050		1,114,866
JBS Finance II Ltd. (Brazil), Gtd. Notes, 144A (original cost $1,505,000; purchased 04/01/14)(c)	8.250		01/29/18		1,400		1,498,000
Kraft Foods Group, Inc.,
Sr. Unsec’d. Notes	2.250		06/05/17		50		51,257
Sr. Unsec’d. Notes	6.125		08/23/18		160		187,198
Sr. Unsec’d. Notes	6.500		02/09/40		1,020		1,288,793
Minerva Luxembourg SA (Brazil), Gtd. Notes, 144A	12.250		02/10/22		250		283,750
Molson Coors Brewing Co., Gtd. Notes	2.000		05/01/17		50		50,767
Sigma Alimentos SA de CV (Mexico), Gtd. Notes, RegS	5.625		04/14/18		2,000		2,197,500
Smithfield Foods, Inc., Sr. Unsec’d. Notes, 144A	5.875		08/01/21		2,400		2,523,000
Stater Brothers Holdings, Inc.,
Gtd. Notes	7.375		11/15/18		1,006		1,065,354
Gtd. Notes	7.750		04/15/15		125		125,563
Tops Holding Corp./Tops Markets LLC, Sr. Sec’d Notes	8.875		12/15/17		7,155		7,798,950
Tyson Foods, Inc., Gtd. Notes	6.600		04/01/16		340		374,018

							36,075,772

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			35

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Gaming 0.2%
Marina District Finance Co., Inc., Sr. Sec’d. Notes	9.875 %		08/15/18		100	$	106,500
MGM Resorts International,
Gtd. Notes	6.625		12/15/21		1,000		1,100,300
Gtd. Notes(d)	7.625		01/15/17		500		568,750
Pinnacle Entertainment, Inc., Gtd. Notes	8.750		05/15/20		1,400		1,530,200

							3,305,750

Healthcare & Pharmaceutical 2.1%
Actavis, Inc.,
Sr. Unsec’d. Notes	1.875		10/01/17		1,850		1,865,956
Sr. Unsec’d. Notes	4.625		10/01/42		75		72,965
Amgen, Inc.,
Sr. Unsec’d. Notes	2.125		05/15/17		125		128,076
Sr. Unsec’d. Notes(d)	5.375		05/15/43		610		665,115
AstraZeneca PLC (United Kingdom), Sr. Unsec’d. Notes	4.000		09/18/42		130		123,012
Celgene Corp., Sr. Unsec’d. Notes	1.900		08/15/17		50		50,712
CHS/Community Health Systems, Inc.,
Gtd. Notes	8.000		11/15/19		2,300		2,515,625
Sr. Sec’d. Notes(d)	5.125		08/15/18		150		157,688
ConvaTec Finance International SA (Luxembourg), Sr. Unsec’d. Notes, PIK, 144A	8.250		01/15/19		3,024		3,092,040
Express Scripts Holding Co., Gtd. Notes	2.100		02/12/15		50		50,575
Gilead Sciences, Inc., Sr. Unsec’d. Notes	5.650		12/01/41		145		170,925
GlaxoSmithKline Capital, Inc., Gtd. Notes(e)	6.375		05/15/38		730		942,418
HCA, Inc.,
Gtd. Notes	5.875		05/01/23		2,000		2,035,000
Gtd. Notes	8.000		10/01/18		4,500		5,338,125
Sr. Sec’d. Notes	4.750		05/01/23		3,400		3,340,500
Sr. Sec’d. Notes(d)	5.875		03/15/22		3,425		3,673,312
Sr. Unsec’d. Notes	7.190		11/15/15		100		108,000
Sr. Unsec’d. Notes, MTN	9.000		12/15/14		200		208,750
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes	3.750		08/23/22		25		25,038
Medco Health Solutions, Inc., Gtd. Notes	7.125		03/15/18		1,000		1,185,776
Merck & Co, Inc., Sr. Unsec’d. Notes	4.150		05/18/43		2,650		2,601,362
Mylan, Inc.,
Gtd. Notes	2.600		06/24/18		1,200		1,214,078
Gtd. Notes, 144A	6.000		11/15/18		550		578,782

See Notes to Financial Statements.


36


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Healthcare & Pharmaceutical (cont’d.)
Pfizer, Inc., Sr. Unsec’d. Notes(e)	4.300 %		06/15/43		2,350	$	2,311,281
Roche Holdings, Inc. (Switzerland), Gtd. Notes, 144A	7.000		03/01/39		550		769,803
Sanofi (France), Sr. Unsec’d. Notes	1.250		04/10/18		925		911,297
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	4.375		10/01/21		2,750		2,636,563
Sr. Sec’d. Notes	6.250		11/01/18		600		660,300
Sr. Unsec’d. Notes	8.125		04/01/22		1,700		1,887,000
Valeant Pharmaceuticals International,
Gtd. Notes, 144A	6.750		08/15/18		3,570		3,864,525
Gtd. Notes, 144A(d)	6.875		12/01/18		500		527,500
Zoetis, Inc., Sr. Unsec’d. Notes(d)	4.700		02/01/43		975		987,065

							44,699,164

Healthcare Insurance 0.3%
Aetna, Inc.,
Sr. Unsec’d. Notes	2.750		11/15/22		450		432,130
Sr. Unsec’d. Notes	4.125		11/15/42		325		307,989
Sr. Unsec’d. Notes	4.500		05/15/42		530		533,278
Cigna Corp., Sr. Unsec’d. Notes	5.375		02/15/42		350		390,093
Coventry Health Care, Inc., Sr. Unsec’d. Notes	5.950		03/15/17		320		361,232
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes(d)	3.950		10/15/42		175		162,002
Sr. Unsec’d. Notes	4.375		03/15/42		1,055		1,043,935
WellPoint, Inc.,
Sr. Unsec’d. Notes	4.650		01/15/43		400		403,738
Sr. Unsec’d. Notes	5.100		01/15/44		1,925		2,053,665

							5,688,062

Insurance 1.6%
Allied World Assurance Co. Ltd., Gtd. Notes	7.500		08/01/16		100		113,329
Allstate Corp. (The), Sr. Unsec’d. Notes	4.500		06/15/43		175		178,700
American International Group, Inc.,
Sr. Unsec’d. Notes	6.400		12/15/20		4,490		5,419,879
Sr. Unsec’d. Notes, MTN	5.450		05/18/17		2,190		2,449,710
Aon Corp. (United Kingdom), Gtd. Notes	3.125		05/27/16		110		114,577
Axis Capital Holdings Ltd., Sr. Unsec’d. Notes	5.750		12/01/14		500		515,009
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes(d)(e)	4.500		02/11/43		740		744,643

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			37

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Insurance (cont’d.)
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes	4.300 %		04/15/43		1,062	$	1,021,031
Sr. Unsec’d. Notes	5.125		04/15/22		205		230,228
Sr. Unsec’d. Notes	5.950		10/15/36		215		253,322
Sr. Unsec’d. Notes	6.100		10/01/41		280		342,491
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	4.250		06/15/23		1,975		2,027,859
Gtd. Notes, 144A	4.950		05/01/22		75		80,907
Gtd. Notes, 144A	6.500		05/01/42		1,530		1,860,336
Sr. Unsec’d. Notes, 144A	6.700		08/15/16		115		128,895
Lincoln National Corp.,
Sr. Unsec’d. Notes	4.200		03/15/22		70		73,893
Sr. Unsec’d. Notes	6.300		10/09/37		175		215,056
Sr. Unsec’d. Notes	7.000		06/15/40		3,290		4,420,704
Markel Corp.,
Sr. Unsec’d. Notes	4.900		07/01/22		2,020		2,188,074
Sr. Unsec’d. Notes	5.000		03/30/43		125		127,487
Sr. Unsec’d. Notes	7.125		09/30/19		630		759,848
Massachusetts Mutual Life Insurance Co., Sub. Notes, 144A	5.375		12/01/41		320		355,796
MetLife, Inc.,
Sr. Unsec’d. Notes	3.048		12/15/22		225		221,301
Sr. Unsec’d. Notes(d)	4.125		08/13/42		140		133,784
Sr. Unsec’d. Notes	4.368		09/15/23		2,025		2,175,214
Sr. Unsec’d. Notes	4.875		11/13/43		540		572,835
Metropolitan Life Global Funding I, Sec’d. Notes, 144A	1.500		01/10/18		725		717,777
Nippon Life Insurance Co. (Japan), Sub. Notes, 144A	5.000(a)		10/18/42		200		211,000
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A	6.063		03/30/40		200		243,990
Principal Financial Group, Inc., Gtd. Notes	4.350		05/15/43		975		937,559
Swiss Re Treasury US Corp., Gtd. Notes, 144A	4.250		12/06/42		795		756,958
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A	6.850		12/16/39		640		848,220
W.R. Berkley Corp.,
Sr. Unsec’d. Notes	4.625		03/15/22		1,435		1,514,968
Sr. Unsec’d. Notes	5.375		09/15/20		1,500		1,651,834

							33,607,214

See Notes to Financial Statements.


38


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Lodging 0.3%
Carnival Corp.,
Gtd. Notes	1.200 %		02/05/16		950	$	955,624
Gtd. Notes	1.875		12/15/17		425		426,499
Marriott International, Inc.,
Sr. Unsec’d. Notes	3.000		03/01/19		115		117,918
Sr. Unsec’d. Notes	3.250		09/15/22		75		73,448
Starwood Hotels & Resorts Worldwide, Inc.,
Sr. Unsec’d. Notes	6.750		05/15/18		150		176,417
Sr. Unsec’d. Notes	7.150		12/01/19		550		654,471
Wyndham Worldwide Corp.,
Sr. Unsec’d. Notes	2.500		03/01/18		275		277,444
Sr. Unsec’d. Notes	2.950		03/01/17		3,820		3,956,225
Sr. Unsec’d. Notes	4.250		03/01/22		475		482,759

							7,120,805

Media & Entertainment 2.6%
21st Century Fox America, Inc.,
Gtd. Notes	6.150		03/01/37		1,150		1,361,876
Gtd. Notes	6.150		02/15/41		1,550		1,868,533
Gtd. Notes	8.000		10/17/16		100		116,240
AMC Entertainment, Inc., Gtd. Notes	9.750		12/01/20		3,450		3,967,500
AMC Networks, Inc.,
Gtd. Notes	4.750		12/15/22		1,270		1,266,825
Gtd. Notes	7.750		07/15/21		7,212		8,077,440
CBS Corp.,
Gtd. Notes (original cost $49,429; purchased 06/11/12)(b)(c)	1.950		07/01/17		50		50,840
Gtd. Notes (original cost $366,580; purchased 01/02/13)(b)(c)	4.850		07/01/42		350		345,704
Gtd. Notes (original cost $295,244; purchased 08/29/12)(b)(c)	8.875		05/15/19		220		283,699
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes	9.125		08/01/18		4,153		4,412,562
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes	6.500		11/15/22		135		143,775
Gtd. Notes	6.500		11/15/22		365		390,550
Griffey Intermediate, Inc./Griffey Finance Sub LLC, Sr. Notes, 144A(d)	7.000		10/15/20		2,270		2,031,650

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			39

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Media & Entertainment (cont’d.)
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A	5.500 %		08/01/23		2,000	$	1,957,500
Liberty Interactive LLC, Sr. Unsec’d. Notes	8.250		02/01/30		2,500		2,737,500
LIN Television Corp., Gtd. Notes	8.375		04/15/18		675		712,125
Myriad International Holdings BV (South Africa),
Gtd. Notes, 144A	6.000		07/18/20		2,325		2,540,063
Gtd. Notes, 144A	6.375		07/28/17		750		829,688
Nielsen Finance LLC / Nielsen Finance Co. (Netherlands),
Gtd. Notes, 144A	5.000		04/15/22		1,250		1,253,125
Gtd. Notes	7.750		10/15/18		3,500		3,723,125
SSI Investments II Ltd./SSI Co.-Issuer LLC, Gtd. Notes	11.125		06/01/18		6,500		6,890,000
Starz LLC/Starz Finance Corp., Gtd. Notes	5.000		09/15/19		2,525		2,616,531
Telesat Canada/Telesat LLC (Canada), Gtd. Notes, 144A	6.000		05/15/17		2,400		2,481,000
Time Warner, Inc., Gtd. Notes	6.200		03/15/40		1,750		2,081,193
Vail Resorts, Inc., Gtd. Notes	6.500		05/01/19		950		999,875
Viacom, Inc.,
Sr. Unsec’d. Notes (original cost $358,712; purchased 02/11/14)(b)(c)	4.875		06/15/43		380		374,417
Sr. Unsec’d. Notes (original cost $250,635; purchased 01/02/13)(b)(c)	4.500		02/27/42		250		235,223
Sr. Unsec’d. Notes (original cost $799,792; purchased 08/12/13)(b)(c)	5.850		09/01/43		805		904,727
Sr. Unsec’d. Notes (original cost $117,747; purchased 07/17/12)(b)(c)	6.250		04/30/16		100		110,679

							54,763,965

Metals 1.2%
ArcelorMittal (Luxembourg),
Sr. Unsec’d. Notes	4.250		08/05/15		475		488,063
Sr. Unsec’d. Notes	6.125		06/01/18		500		548,125
Berau Capital Resources (Singapore), Sr. Sec’d. Notes, RegS	12.500		07/08/15		1,900		1,971,250

See Notes to Financial Statements.


40


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Metals (cont’d.)
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes	5.000 %		09/30/43		1,700	$	1,837,572
Eldorado Gold Corp. (Canada), Sr. Unsec’d. Notes, 144A(d)	6.125		12/15/20		2,375		2,380,937
First Quantum Minerals Ltd. (Canada),
Gtd. Notes, 144A	6.750		02/15/20		891		899,910
Gtd. Notes, 144A	7.000		02/15/21		891		903,251
FMG Resources (August 2006) Pty Ltd. (Australia), Gtd. Notes, 144A(d)	6.000		04/01/17		5,700		5,999,250
Freeport-McMoRan Copper & Gold, Inc., Sr. Unsec’d. Notes	2.150		03/01/17		50		50,751
GrafTech International Ltd., Gtd. Notes	6.375		11/15/20		3,000		3,067,500
Peabody Energy Corp.,
Gtd. Notes(d)	6.000		11/15/18		100		106,250
Gtd. Notes(d)	6.250		11/15/21		400		406,000
PT Adaro Indonesia (Indonesia), Gtd. Notes, RegS	7.625		10/22/19		2,030		2,136,575
Southern Copper Corp.,
Sr. Unsec’d. Notes	6.750		04/16/40		375		398,872
Sr. Unsec’d. Notes	7.500		07/27/35		800		909,314
Teck Resources Ltd. (Canada),
Gtd. Notes	2.500		02/01/18		100		101,031
Gtd. Notes	3.000		03/01/19		125		125,971
Vedanta Resources PLC (India), Sr. Unsec’d. Notes, 144A	6.000		01/31/19		1,000		996,250
Xstrata Finance Canada Ltd. (Canada),
Gtd. Notes, 144A	2.050		10/23/15		1,675		1,695,624
Gtd. Notes, 144A	2.700		10/25/17		350		355,190
Gtd. Notes, 144A	2.850		11/10/14		50		50,413

							25,428,099

Non-Captive Finance 0.8%
CIT Group, Inc.,
Sr. Unsec’d. Notes	3.875		02/19/19		2,800		2,831,500
Sr. Unsec’d. Notes	5.000		05/15/17		3,000		3,206,250
Sr. Unsec’d. Notes	5.250		03/15/18		4,700		5,040,750
General Electric Capital Corp.,
Sr. Unsec’d. Notes, MTN	2.300		04/27/17		100		103,138
Sr. Unsec’d. Notes, MTN	3.100		01/09/23		295		291,939
Sr. Unsec’d. Notes, MTN	5.875		01/14/38		550		658,493

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			41

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Non-Captive Finance (cont’d.)
Sr. Unsec’d. Notes, MTN(e)	6.875 %		01/10/39		1,085	$	1,454,573
Sub. Notes	5.300		02/11/21		450		509,177
International Lease Finance Corp.,
Sr. Unsec’d. Notes	5.750		05/15/16		25		26,906
Sr. Unsec’d. Notes	6.250		05/15/19		25		27,594
Sr. Unsec’d. Notes	8.625		09/15/15		90		98,775
NYSE Euronext, Gtd. Notes	2.000		10/05/17		475		482,982
Schahin II Finance Co. SPV Ltd. (Brazil), Sr. Sec’d. Notes, 144A	5.875		09/25/22		1,114		1,047,536
SLM Corp., Sr. Unsec’d. Notes, MTN	3.875		09/10/15		300		309,000

							16,088,613

Packaging 0.2%
Ball Corp., Gtd. Notes	4.000		11/15/23		500		463,750
Crown Americas LLC/Crown Americas Capital Corp. IV, Gtd. Notes	4.500		01/15/23		525		501,375
Owens-Brockway Glass Container, Inc., Gtd. Notes	7.375		05/15/16		900		996,750
Sealed Air Corp., Gtd. Notes, 144A	8.375		09/15/21		2,550		2,938,875

							4,900,750

Paper 0.3%
Georgia-Pacific LLC,
Gtd. Notes, 144A (original cost $35,100; purchased 04/20/11)(b)(c)	5.400		11/01/20		35		39,852
Sr. Unsec’d. Notes (original cost $544,908; purchased 12/20/12)(b)(c)	7.375		12/01/25		400		510,448
International Paper Co.,
Sr. Unsec’d. Notes	6.000		11/15/41		610		714,950
Sr. Unsec’d. Notes	9.375		05/15/19		100		131,788
Rock-Tenn Co.,
Gtd. Notes	4.450		03/01/19		35		37,651
Gtd. Notes	4.900		03/01/22		1,190		1,285,516
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A	4.875		09/15/18		3,647		3,847,585

							6,567,790

See Notes to Financial Statements.


42


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Pipelines & Other 1.3%
AGL Capital Corp., Gtd. Notes	4.400 %		06/01/43		1,375	$	1,377,034
Buckeye Partners LP, Sr. Unsec’d. Notes	4.150		07/01/23		2,685		2,717,373
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes	5.850		01/15/41		700		845,843
DCP Midstream LLC,
Sr. Unsec’d. Notes	8.125		08/16/30		3,350		4,351,268
Sr. Unsec’d. Notes, 144A	5.350		03/15/20		1,270		1,373,842
DCP Midstream Operating LP,
Gtd. Notes	2.500		12/01/17		225		230,239
Gtd. Notes	3.250		10/01/15		2,000		2,062,120
Dominion Gas Holdings LLC, Sr. Unsec’d. Notes, 144A	4.800		11/01/43		125		130,031
El Paso Pipeline Partners Operating Co. LLC, Gtd. Notes	6.500		04/01/20		750		872,087
Enterprise Products Operating LLC, Gtd. Notes	3.350		03/15/23		2,100		2,068,603
Kinder Morgan Energy Partners LP,
Sr. Unsec’d. Notes	3.450		02/15/23		200		191,662
Sr. Unsec’d. Notes	5.000		08/15/42		650		632,616
Sr. Unsec’d. Notes(d)	5.500		03/01/44		595		621,587
Sr. Unsec’d. Notes	7.300		08/15/33		175		217,154
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes	4.200		12/01/42		125		115,212
Sr. Unsec’d. Notes	4.250		02/01/21		1,950		2,104,105
Sr. Unsec’d. Notes	5.150		10/15/43		1,350		1,449,849
NiSource Finance Corp., Gtd. Notes	4.800		02/15/44		450		442,217
ONEOK Partners LP,
Gtd. Notes	2.000		10/01/17		800		806,750
Gtd. Notes	6.200		09/15/43		2,175		2,562,835
Sempra Energy, Sr. Unsec’d. Notes	2.300		04/01/17		50		51,329
Sunoco Logistics Partners Operations LP, Gtd. Notes(d)	4.950		01/15/43		140		137,035
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes	6.125		10/15/21		1,700		1,797,750
Western Gas Partners LP, Sr. Unsec’d. Notes	4.000		07/01/22		75		76,111

							27,234,652

Railroads 0.4%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes	4.375		09/01/42		180		174,705

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			43

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Railroads (cont’d.)
CSX Corp.,
Sr. Unsec’d. Notes	4.100 %		03/15/44		705	$	659,919
Sr. Unsec’d. Notes	7.375		02/01/19		4,000		4,898,096
Norfolk Southern Railway Co., Sr. Unsec’d. Notes	9.750		06/15/20		1,300		1,763,930
Union Pacific Corp.,
Sr. Unsec’d. Notes	4.300		06/15/42		600		595,071
Sr. Unsec’d. Notes	6.250		05/01/34		207		251,312

							8,343,033

Real Estate Investment Trusts 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., Gtd. Notes	7.750		02/15/19		600		643,500
Digital Realty Trust LP, Gtd. Notes(d)	4.500		07/15/15		1,300		1,343,686
Felcor Lodging LP,
Sr. Sec’d. Notes	5.625		03/01/23		1,050		1,063,125
Sr. Sec’d. Notes	10.000		10/01/14		66		68,063
Mack-Cali Realty LP, Sr. Unsec’d. Notes	2.500		12/15/17		100		101,137
Omega Healthcare Investors, Inc., Gtd. Notes	7.500		02/15/20		500		540,000
Realty Income Corp.,
Sr. Unsec’d. Notes	2.000		01/31/18		200		198,140
Sr. Unsec’d. Notes	5.500		11/15/15		50		53,380
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes	5.375		06/01/23		1,965		2,014,125
Simon Property Group LP,
Sr. Unsec’d. Notes	6.125		05/30/18		60		69,809
Sr. Unsec’d. Notes, 144A	1.500		02/01/18		700		691,666
Ventas Realty LP/Ventas Capital Corp., Gtd. Notes	2.000		02/15/18		150		150,635

							6,937,266

Retailers 0.9%
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A(d)	9.000		03/15/19		475		494,000
CVS Caremark Corp.,
Sr. Unsec’d. Notes(d)	5.300		12/05/43		475		532,062
Sr. Unsec’d. Notes	5.750		05/15/41		700		831,021
Dufry Finance SCA (Switzerland), Gtd. Notes, 144A	5.500		10/15/20		3,450		3,567,921
Home Depot, Inc. (The), Sr. Unsec’d. Notes	4.200		04/01/43		700		682,719

See Notes to Financial Statements.


44


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Retailers (cont’d.)
Limited Brands, Inc., Gtd. Notes	5.625 %		02/15/22		7,975	$	8,383,719
Lowe’s Cos., Inc., Sr. Unsec’d. Notes	5.000		09/15/43		900		976,764
Macy’s Retail Holdings, Inc.,
Gtd. Notes	3.875		01/15/22		125		129,812
Gtd. Notes	4.300		02/15/43		755		704,117
Gtd. Notes	5.900		12/01/16		43		47,689
Picard Groupe SA (France), Sr. Sec’d. Notes, 144A	4.548(a)		08/01/19	EUR	1,650		2,329,137
Walgreen Co., Sr. Unsec’d. Notes	1.800		09/15/17		150		151,599

							18,830,560

Technology 2.9%
Arrow Electronics, Inc.,
Sr. Unsec’d. Notes	3.000		03/01/18		1,400		1,435,602
Sr. Unsec’d. Notes	3.375		11/01/15		50		51,729
Avaya, Inc., Sec’d. Notes, 144A(d)	10.500		03/01/21		600		546,000
Brightstar Corp., Sr. Unsec’d. Notes, 144A (original cost $6,420,585; purchased 07/26/13 - 12/06/13)(b)(c)	7.250		08/01/18		6,350		6,969,125
CDW LLC/CDW Finance Corp.,
Gtd. Notes	8.500		04/01/19		6,500		7,109,375
Gtd. Notes	12.535		10/12/17		386		403,370
Sr. Sec’d. Notes	8.000		12/15/18		1,000		1,073,750
Ceridian Corp.,
Gtd. Notes (original cost $1,036,250; purchased 03/14/13)(b)(c)	11.250		11/15/15		1,000		1,012,500
Sr. Sec’d. Notes, 144A (original cost $1,177,500; purchased 05/01/13)(b)(c)	8.875		07/15/19		1,000		1,138,750
CommScope, Inc., Gtd. Notes, 144A	8.250		01/15/19		3,999		4,328,917
Fidelity National Information Services, Inc., Gtd. Notes	7.875		07/15/20		1,400		1,498,787
First Data Corp.,
Gtd. Notes	10.625		06/15/21		2,400		2,721,000
Gtd. Notes	12.625		01/15/21		700		840,000
Sr. Sec’d. Notes, 144A	7.375		06/15/19		2,000		2,145,000
Fiserv, Inc.,
Gtd. Notes	3.125		10/01/15		1,059		1,092,461

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			45

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Technology (cont’d.)
Gtd. Notes	3.125 %		06/15/16		2,645	$	2,755,418
Interactive Data Corp., Gtd. Notes	10.250		08/01/18		2,800		3,015,250
Jabil Circuit, Inc.,
Sr. Unsec’d. Notes	4.700		09/15/22		1,045		1,037,163
Sr. Unsec’d. Notes	5.625		12/15/20		6,400		6,768,000
NCR Corp.,
Sr. Unsec’d. Notes, 144A	5.875		12/15/21		625		662,500
Sr. Unsec’d. Notes, 144A(d)	6.375		12/15/23		2,100		2,247,000
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A	3.750		06/01/18		4,150		4,144,813
Gtd. Notes, 144A	5.750		02/15/21		1,500		1,586,250
Seagate HDD Cayman, Gtd. Notes, 144A	3.750		11/15/18		1,250		1,293,750
TransUnion LLC/TransUnion Financing Corp., Gtd. Notes	11.375		06/15/18		1,150		1,229,695
Tyco Electronics Group SA (Switzerland), Gtd. Notes	6.550		10/01/17		2,750		3,185,509
Xerox Corp.,
Sr. Unsec’d. Notes	1.056(a)		05/16/14		100		100,020
Sr. Unsec’d. Notes	4.250		02/15/15		440		452,796

							60,844,530

Telecommunications 3.1%
AT&T, Inc., Sr. Unsec’d. Notes	5.550		08/15/41		670		715,053
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A	5.125		03/11/23		2,225		2,176,050
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes	5.950		01/15/18		170		194,473
Sr. Unsec’d. Notes	9.625		12/15/30		340		536,320
CenturyLink, Inc., Sr. Unsec’d. Notes	5.150		06/15/17		2,035		2,200,344
Crown Castle International Corp., Sr. Unsec’d. Notes	4.875		04/15/22		3,325		3,374,875
Digicel Group Ltd. (Bermuda),
Sr. Unsec’d. Notes, 144A	8.250		09/01/17		1,000		1,037,550
Sr. Unsec’d. Notes, 144A	8.250		09/30/20		275		292,875
Eileme 2 AB (Poland), Sr. Sec’d. Notes, RegS	11.750		01/31/20	EUR	350		585,114
Embarq Corp.,
Sr. Unsec’d. Notes (original cost $135,646; purchased 05/04/11-5/11/11)(b)(c)	7.082		06/01/16		120		133,619

See Notes to Financial Statements.


46


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Telecommunications (cont’d.)
Sr. Unsec’d. Notes (original cost $265,017; purchased 08/17/12-10/17/12)(b)(c)	7.995 %		06/01/36		240	$	256,466
Indosat Palapa Co. BV (Indonesia), Gtd. Notes, RegS	7.375		07/29/20		3,000		3,240,000
Qwest Corp., Sr. Unsec’d. Notes	7.500		10/01/14		40		41,029
SBA Telecommunications, Inc., Gtd. Notes	8.250		08/15/19		3,000		3,168,000
SoftBank Corp. (Japan), Gtd. Notes, 144A(d)	4.500		04/15/20		5,900		5,914,750
Sprint Capital Corp., Gtd. Notes(d)	6.900		05/01/19		4,100		4,499,750
Sprint Communications, Inc.,
Gtd. Notes, 144A	9.000		11/15/18		5,000		6,093,750
Sr. Unsec’d. Notes	6.000		12/01/16		1,900		2,080,500
Sr. Unsec’d. Notes	9.125		03/01/17		1,500		1,775,625
Sprint Corp., Gtd. Notes, 144A	7.125		06/15/24		1,250		1,312,500
T-Mobile USA, Inc., Gtd. Notes	6.464		04/28/19		3,850		4,081,000
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS	4.625		04/03/18		1,300		1,278,875
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	6.400		09/15/33		3,325		4,009,255
Sr. Unsec’d. Notes	6.550		09/15/43		10,900		13,445,085
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia), Sr. Unsec’d. Notes, 144A	9.125		04/30/18		1,300		1,392,625

							63,835,483

Tobacco 0.5%
Altria Group, Inc.,
Gtd. Notes	4.000		01/31/24		1,550		1,578,909
Gtd. Notes	9.950		11/10/38		314		512,403
Imperial Tobacco Finance PLC (United Kingdom), Gtd. Notes, 144A	2.050		02/11/18		925		922,697
Lorillard Tobacco Co.,
Gtd. Notes	2.300		08/21/17		475		484,801
Gtd. Notes	3.500		08/04/16		235		247,761
Gtd. Notes	3.750		05/20/23		2,850		2,740,229
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	2.500		08/22/22		200		190,459
Sr. Unsec’d. Notes	4.875		11/15/43		2,550		2,713,728

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			47

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)

Tobacco (cont’d.)
Reynolds American, Inc.,
Gtd. Notes	3.250 %		11/01/22		400	$	381,705
Gtd. Notes	6.750		06/15/17		115		132,585

							9,905,277

TOTAL CORPORATE BONDS (cost $870,602,917)							882,280,019


MORTGAGE-BACKED SECURITIES 0.2%
Chase Mortgage Finance Trust, Series 2007-A1, Class 1A3	2.641(a)		02/25/37		489		492,190
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1	2.736(a)		07/25/35		530		538,063
Structured Asset Securities Corp., Series 2003-37A, Class 3A7	2.486(a)		12/25/33		1,778		1,765,809
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-30, Class 2A1	5.112(a)		10/25/33		911		968,154
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-EE, Class 2A1	2.613(a)		12/25/34		453		462,510

TOTAL MORTGAGE-BACKED SECURITIES (cost $4,217,702)							4,226,726


MUNICIPAL BONDS 1.3%

California 0.1%
Bay Area Toll Authority, BABs, Revenue Bonds	6.263		04/01/49		550		722,722
Los Angeles Department of Water & Power, BABs, Revenue Bonds	6.574		07/01/45		585		787,217
University of California, BABs, Revenue Bonds	5.770		05/15/43		390		466,963

							1,976,902

Colorado 0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010B	5.844		11/01/50		1,190		1,495,652

Illinois
Chicago O’Hare International Airport, BABs, Revenue Bonds	6.395		01/01/40		360		438,106

See Notes to Financial Statements.


48


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)

New Jersey
Rutgers State University, BABs, Revenue Bonds	5.665 %		05/01/40		200	$	238,612

New York 0.5%
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes	4.125		07/01/52		75		67,986
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds	5.882		06/15/44		400		498,392
New York City Water & Sewer System, Revenue Bonds, Series EE	5.000		06/15/47		5,975		6,404,184
Port Authority of New York & New Jersey, Revenue Bonds	4.458		10/01/62		100		96,779
Utility Debt Securitization Authority, Revenue Bonds, Series TE	5.000		12/15/41		2,400		2,658,816

							9,726,157

Ohio 0.2%
Ohio State Turnpike Commission, BABs, Revenue Bonds, Series A-1	5.000		02/15/48		4,050		4,293,445
Ohio State University, Taxable, Revenue Bonds, Series A	4.800		06/01/2111		180		178,886

							4,472,331

Pennsylvania 0.1%
Pennsylvania Turnpike Commission, Revenue Bonds, Series C	5.000		12/01/43		1,550		1,649,494

Puerto Rico 0.3%
Commonwealth of Puerto Rico, Series A, GO	8.000		07/01/35		2,705		2,502,179
Government Development Bank (Puerto Rico), Taxable, Revenue Bonds, Series A	3.448		02/01/15		4,000		3,900,000

							6,402,179

Texas
City Public Service Board of San Antonio, BABs, Taxable, Revenue Bonds	4.427		02/01/42		120		123,319

TOTAL MUNICIPAL BONDS (cost $25,984,536)							26,522,752

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			49

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
NON-CORPORATE FOREIGN AGENCIES 2.0%
Autonomous Community of Madrid (Spain),
Sr. Unsec’d. Notes	4.110 %		06/23/16	EUR	400	$	587,458
Sr. Unsec’d. Notes	4.622		06/23/15	EUR	400		577,137
Sr. Unsec’d. Notes	4.750		03/26/15	EUR	100		143,299
CNOOC Finance 2013 Ltd. (China), Gtd. Notes	3.000		05/09/23		3,315		3,040,747
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A	4.875		01/15/24		1,350		1,385,437
Comunidad De Madrid, Sr. Unsec’d. Notes	5.650		03/11/16	EUR	454		678,544
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A	5.375		11/04/16		2,440		2,562,000
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A	6.510		03/07/22		2,200		2,178,000
Sr. Unsec’d. Notes, 144A	9.250		04/23/19		1,950		2,237,625
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, MTN, 144A	5.750		04/30/43		1,175		1,063,457
Sr. Unsec’d. Notes, MTN, 144A	9.125		07/02/18		1,680		2,007,600
Sr. Unsec’d. Notes, MTN, 144A	11.750		01/23/15		410		438,602
Korea Development Bank (The) (South Korea),
Sr. Unsec’d. Notes	3.000		09/14/22		2,700		2,635,829
Sr. Unsec’d. Notes	3.500		08/22/17		500		525,798
Sr. Unsec’d Notes	8.350		06/18/15	TRY	3,000		1,369,312
Korea Hydro & Nuclear Power Co. Ltd. (South Korea), Sr. Unsec’d. Notes, 144A	3.000		09/19/22		950		917,256
Majapahit Holding BV (Indonesia),
Gtd. Notes, 144A	7.750		10/17/16		200		225,000
Gtd. Notes, RegS	7.250		06/28/17		1,500		1,693,125
Gtd. Notes, RegS	7.750		10/17/16		3,203		3,603,375
MFB Magyar Fejlesztesi Bank Zrt (Hungary), Gov’t. Gtd. Notes, 144A	6.250		10/21/20		1,055		1,134,125
Perusahaan Listrik Negara PT (Indonesia), Sr. Unsec’d. Notes, RegS	5.500		11/22/21		540		548,775
Petroleos Mexicanos (Mexico),
Gtd. Notes	3.500		01/30/23		750		710,625
Gtd. Notes	4.875		01/24/22		250		262,438
Gtd. Notes	5.500		06/27/44		2,190		2,146,200
Gtd. Notes	6.500		06/02/41		1,000		1,110,000
Power Sector Assets & Liabilities Management Corp. (Philippines), Gov’t. Gtd. Notes, RegS	7.390		12/02/24		2,200		2,785,750
Russian Agricultural Bank OJSC Via RSHB Capital SA (Russia),
Sr. Unsec’d. Notes, 144A	6.299		05/15/17		325		320,937

See Notes to Financial Statements.


50


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
NON-CORPORATE FOREIGN AGENCIES (Continued)
Sr. Unsec’d. Notes, 144A	7.750 %		05/29/18		1,485	$	1,507,275
State Bank of India (India), Sr. Unsec’d. Notes, MTN, RegS	4.500		11/30/15	EUR	950		1,367,892
VTB Bank OJSC Via VTB Capital SA (Russia), Sr. Unsec’d. Notes, 144A	6.875		05/29/18		1,425		1,425,000

TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $42,713,032)							41,188,618


SOVEREIGN BONDS 12.0%
Bank of England Note (United Kingdom), Sr. Unsec’d. Notes, 144A	0.500		03/21/16		1,000		1,001,080
Brazilian Government International Bond (Brazil), Unsec’d. Notes	11.000		06/26/17	EUR	6,100		10,822,253
Bulgaria Government International Bond (Bulgaria),
Sr. Unsec’d. Notes, RegS	4.250		07/09/17	EUR	3,500		5,275,735
Sr. Unsec’d. Notes, RegS	8.250		01/15/15		2,500		2,623,750
China Government Bond (China),
Sr. Unsec’d. Notes	2.380		07/19/14	CNY	2,940		469,772
Sr. Unsec’d. Notes, RegS	0.600		08/18/14	CNY	3,000		477,274
Sr. Unsec’d. Notes, RegS	2.560		06/29/17	CNY	7,000		1,113,933
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes	3.750		01/15/16		70		73,143
Czech Republic International (Czech Republic), Sr. Unsec’d. Notes, MTN, RegS	5.000		06/11/18	EUR	1,000		1,623,890
Denmark Government International Bond (Denmark),
Sr. Unsec’d. Notes, 144A	0.625		05/22/15		500		502,030
Sr. Unsec’d. Notes, RegS	0.625		05/22/15		200		200,796
Eurasian Development Bank (Supranational Bank), Sr. Unsec’d. Notes, 144A	5.000		09/26/20		2,325		2,290,125
Finland Government International Bond (Finland), Sr. Unsec’d. Notes, RegS	1.125		05/02/17		1,000		1,004,750
Hellenic Republic Government Bond (Greece),
Sr. Unsec’d. Notes, Series 9RG	5.800		07/14/15	JPY	101,800		985,788
Unsec’d. Notes, RegS	4.750		04/17/19	EUR	4,700		6,475,372
Series PSI, Bonds, RegS	2.000(f)		02/24/23	EUR	3,350		3,730,863

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			51

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes	5.800 %		07/14/15	JPY	304,100	$	2,944,774
Sr. Unsec’d. Notes, Series 12RG	5.250(b)		02/01/16	JPY	100,000		958,576
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes	4.000		03/25/19		1,940		1,959,400
Sr. Unsec’d. Notes	4.125		02/19/18		3,490		3,594,700
Sr. Unsec’d. Notes(d)	6.375		03/29/21		1,200		1,335,000
Sr. Unsec’d. Notes, RegS	6.000		01/11/19	EUR	545		853,113
Sr. Unsec’d. Notes, MTN	4.000		05/20/16	CHF	700		822,009
Iceland Government International Bond (Iceland),
Unsec’d. Notes, 144A	4.875		06/16/16		500		525,000
Unsec’d. Notes, RegS	4.875		06/16/16		1,400		1,470,000
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes, RegS	5.875		03/13/20		4,030		4,412,850
Sr. Unsec’d. Notes, RegS	6.875		03/09/17		506		571,780
Sr. Unsec’d. Notes, RegS	6.875		01/17/18		2,250		2,559,375
Ireland Government Bond (Ireland),
Bonds	4.400		06/18/19	EUR	9,515		15,184,662
Bonds	4.500		04/18/20	EUR	1,160		1,860,731
Bonds	5.900		10/18/19	EUR	1,000		1,709,906
Israel Government International Bond (Israel), Sr. Unsec’d. Notes, MTN	3.750		10/12/15	EUR	1,000		1,445,339
Italy Buoni Poliennali del Tesoro (Italy),
Bonds	4.750		05/01/17	EUR	1,425		2,182,713
Bonds	5.500		11/01/22	EUR	800		1,331,387
Bonds	6.500		11/01/27	EUR	1,610		2,947,587
Bonds	7.250		11/01/26	EUR	400		771,698
Italy Government International Bond (Italy),
Sr. Unsec’d. Notes	4.500		01/21/15		1,000		1,028,020
Sr. Unsec’d. Notes	5.250		09/20/16		1,500		1,633,815
Sr. Unsec’d. Notes	6.875		09/27/23		500		617,687
Sr. Unsec’d. Notes, RegS	3.450		03/24/17	JPY	190,000		1,943,973
Sr. Unsec’d. Notes, RegS	4.500		06/08/15	JPY	415,000		4,213,170
Sr. Unsec’d. Notes, RegS	5.500		12/15/14	JPY	427,000		4,295,014
Sr. Unsec’d. Notes, MTN, RegS	2.500		03/02/15	CHF	1,000		1,150,437
Sr. Unsec’d. Notes, MTN, RegS	5.750		07/25/16	EUR	1,200		1,831,245
Sr. Unsec’d. Notes, MTN, RegS	6.000		08/04/28	GBP	400		750,267
Sr. Unsec’d. Notes, RegS	3.700		11/14/16	JPY	30,000		310,644

See Notes to Financial Statements.


52


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Kingdom of Belgium (Belgium),
Notes, 144A	8.875 %		12/01/24		1,000	$	1,365,127
Notes, MTN	5.000		04/24/18	GBP	1,000		1,862,801
Sr. Unsec’d. Notes, MTN, RegS	2.750		03/05/15		570		581,406
Sr. Unsec’d. Notes, MTN, RegS	2.875		09/15/14		417		420,831
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes, RegS	6.750		01/15/15		2,000		2,078,600
Malaysia Sukuk Global Bhd (Malaysia), Sr. Unsec’d. Notes, RegS	3.928		06/04/15		1,700		1,749,300
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes	2.750		04/22/23	EUR	5,070		7,069,021
Sr. Unsec’d. Notes, MTN	4.250		07/14/17	EUR	3,200		4,875,028
Sr. Unsec’d. Notes, MTN	4.750		03/08/44		3,000		2,895,000
Sr. Unsec’d. Notes, MTN	11.000		05/08/17	ITL	1,095,000		1,004,254
Netherlands Government Bond (Netherlands), Sr. Unsec’d. Notes, RegS	1.000		02/24/17		1,000		1,002,628
Panama Government International Bond (Panama), Sr. Unsec’d. Notes	5.200		01/30/20		2,165		2,400,444
Peru Enhanced Pass-Through Finance Ltd. (Peru), Pass-Through Certificates, RegS	1.643(g)		05/31/18		484		452,532
Perusahaan Penerbit SBSN Indonesia (Indonesia), Sr. Unsec’d. Notes, RegS	4.000		11/21/18		3,321		3,404,025
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes	7.350		07/21/25		1,000		1,310,000
Sr. Unsec’d. Notes	9.875		02/06/15		1,069		1,146,502
Sr. Unsec’d. Notes, RegS	7.500		10/14/14	EUR	3,959		5,649,759
Sr. Unsec’d. Notes, RegS	9.910		05/05/15	PEN	980		370,728
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes	6.250		03/15/16	EUR	5,360		8,078,668
Sr. Unsec’d. Notes	7.750		01/14/31		1,500		2,062,500
Poland Government International Bond (Poland),
Sr. Unsec’d. Notes, RegS	1.050		11/08/17	JPY	200,000		1,989,002
Sr. Unsec’d. Notes, RegS	2.340		11/13/14	JPY	100,000		988,531
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, MTN, RegS	3.500		03/25/15		9,355		9,530,406
Portugal Obrigacoes do Tesouro OT (Portugal),
Sr. Unsec’d. Notes, RegS	3.850		04/15/21	EUR	120		174,685
Sr. Unsec’d. Notes, RegS	4.450		06/15/18	EUR	700		1,055,497

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			53

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Sr. Unsec’d. Notes, RegS	4.750 %		06/14/19	EUR	6,070	$	9,298,679
Sr. Unsec’d. Notes, RegS	4.800		06/15/20	EUR	850		1,307,979
Sr. Unsec’d. Notes, RegS	4.950		10/25/23	EUR	500		769,892
Sr. Unsec’d. Notes, RegS	6.400		02/15/16	EUR	600		908,574
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A	5.750		01/20/42		1,500		1,653,750
Republic of Armenia, Sr. Unsec’d. Notes, 144A	6.000		09/30/20		3,550		3,634,312
Republic of Brazil (Brazil),
Sr. Unsec’d. Notes	4.875		01/22/21		2,575		2,781,000
Sr. Unsec’d. Notes	5.625		01/07/41		700		726,250
Sr. Unsec’d. Notes	7.125		01/20/37		650		796,250
Sr. Unsec’d. Notes	8.250		01/20/34		1,130		1,525,500
Republic of Columbia (Colombia), Sr. Unsec’d. Notes	7.375		09/18/37		1,115		1,457,862
Republic of Latvia (Latvia), Sr. Unsec’d. Notes, RegS	5.250		02/22/17		2,300		2,495,500
Republic of Serbia (Serbia), Sr. Unsec’d. Notes, RegS	6.750(f)		11/01/24		4,258		4,310,919
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, RegS	5.000		03/18/15	EUR	3,400		4,874,057
Sr. Unsec’d. Notes, MTN, 144A	4.875		01/22/24		620		651,000
Slovakia Government Bond (Slovak Republic), Sr. Unsec’d. Notes, RegS	4.625		01/19/17	EUR	1,000		1,538,291
Slovakia Government International Bond (Slovak Republic),
Sr. Unsec’d. Notes, 144A	4.375		05/21/22		500		527,235
Sr. Unsec’d. Notes, RegS	4.375		05/21/22		2,800		2,952,516
Slovenia Government Bond (Slovenia), Sr. Unsec’d. Notes, RegS	4.375		02/06/19	EUR	1,200		1,813,651
Slovenia Government International Bond (Slovenia),
Bonds, 144A	4.125		02/18/19		1,000		1,030,000
Bonds, 144A	5.850		05/10/23		3,000		3,262,500
Sr. Unsec’d. Notes, 144A(d)	4.750		05/10/18		2,500		2,646,875
Sr. Unsec’d. Notes, RegS	4.750		05/10/18		2,400		2,541,000
South Africa Government International Bond (South Africa), Unsec’d. Notes, MTN	4.500		04/05/16	EUR	1,500		2,203,281
Spain Government Bond (Spain), Bonds	5.850		01/31/22	EUR	6,665		11,375,994

See Notes to Financial Statements.


54


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Spain Government International Bond (Spain), Sr. Unsec’d. Notes, MTN, 144A	4.000 %		03/06/18		8,500	$	9,080,380
Sweden Government International Bond (Sweden), Sr. Unsec’d. Notes, RegS	1.000		06/03/14		700		700,490
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes	5.125		05/18/20	EUR	1,850		2,807,082
Sr. Unsec’d. Notes	5.875		04/02/19	EUR	900		1,404,689
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes	6.875		01/19/16	EUR	100		150,805

TOTAL SOVEREIGN BONDS (cost $238,150,455)							250,629,014


U.S. GOVERNMENT AGENCY OBLIGATIONS
Federal Home Loan Mortgage Corp.(h)	1.750		05/30/19		140		139,744
Federal Home Loan Mortgage Corp.(h)	2.375		01/13/22		560		551,529

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $681,914)							691,273


U.S. TREASURY OBLIGATIONS 2.2%
U.S. Treasury Bonds(h)	3.750		11/15/43		3,830		4,041,248
U.S. Treasury Notes(e)	1.625		03/31/19		4,440		4,432,021
U.S. Treasury Notes	1.625		04/30/19		22,420		22,360,453
U.S. Treasury Notes(e)(h)	2.375		02/28/15		9,400		9,577,716
U.S. Treasury Notes(e)(h)	2.750		02/15/24		5,028		5,071,995

TOTAL U.S. TREASURY OBLIGATIONS (cost $45,360,517)							45,483,433

TOTAL LONG-TERM INVESTMENTS (cost $2,031,673,057)							2,050,804,366


				Shares
SHORT-TERM INVESTMENTS 3.4%

AFFILIATED MONEY MARKET MUTUAL FUND 3.2%
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $67,668,400; includes $48,248,012 of cash collateral for securities on loan)(i)					67,668,400		67,668,400

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			55

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Description	Counterparty	Notional Amount (000)#		Value (Note 1)
*OPTIONS PURCHASED 0.2%**

Call Options
Receive a fixed rate of 3.20% and pay a floating rate based on 3 month LIBOR, expiring 09/12/14	Citigroup Global Markets		24,320	$	788,520
Receive a fixed rate of 3.20% and pay a floating rate based on 3 month LIBOR, expiring 09/12/14	Citigroup Global Markets		40,530		1,314,092
Receive a fixed rate of 3.20% and pay a floating rate based on 3 month LIBOR, expiring 09/18/14	Citigroup Global Markets		40,530		1,306,378

TOTAL OPTIONS PURCHASED (cost $2,940,506)					3,408,990

TOTAL SHORT-TERM INVESTMENTS (cost $70,608,906)					71,077,390

TOTAL INVESTMENTS 101.3% (cost $2,102,281,963; Note 5)					2,121,881,756
Liabilities in excess of other assets(j) (1.3)%					(26,919,453	)

NET ASSETS 100.0%				$	2,094,962,303

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-Backed Security

AUD—Australian Dollar

BABs—Build America Bonds

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

bps—Basis Points

BRL—Brazilian Real

BUBOR—Budapest Interbank Offered Rate

BZDIOVER—Brazil Cetip Interbank Deposit Overnight Rate

CAD—Canadian Dollar

CDO—Collateralized Debt Obligation

CDX—Credit Derivative Index

CHF—Swiss Franc

See Notes to Financial Statements.


56

CLICP—Chilean Indice Camara Promedio

CLO—Collateralized Loan Obligation

CLP—Chilean Peso

CMBS—Collateralized Mortgage-Backed Security

CNH—Chinese Renminbi

CNY—Chinese Yuan

COLIBOR—Columbia Interbank Offered Rate

COP—Colombian Peso

CZK—Czech Republic Koruna

DKK—Danish Krone

EUR—Euro

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

GBP—British Pound

GO—General Obligation

HUF—Hungarian Forint

ILS—Israeli New Shekel

INR—Indian Rupee

IO—Interest Only

ITL—Italian Lira

JIBAR—Johannesburg Interbank Agreed Rate

JPY—Japanese Yen

KRW—South Korean Won

LIBOR—London Interbank Offered Rate

MosPrime—Moscow Prime Offered Rate

MTN—Medium Term Note

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

OIS—Overnight Index Swap

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RON—Romanian Leu

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TELBOR—Tel Aviv Interbank Offered Rate

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

WIBOR—Warsaw Interbank Offered Rate

ZAR—South African Rand

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			57

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

#	Principal or notional 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, 2014.

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

(c)	Indicates a restricted security; the aggregate original cost of the restricted securities is $21,491,741. The aggregate value of $21,925,765, is approximately 1.0% of net assets.

(d)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $47,127,070; cash collateral of $48,248,012 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(e)	Represents security, or a portion thereof, segregated as collateral for swap agreements.

(f)	Represents step coupon bond. Rate shown reflects the rate in effect at April 30, 2014.

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

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

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

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

Futures contracts outstanding at April 30, 2014:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2014		Unrealized Appreciation (Depreciation)(1)
		Long Position:
	1,850	5 Year U.S. Treasury Notes		Jun. 2014	$	220,043,697	$	220,988,281	$	944,584
		Short Positions:
	638	2 Year U.S. Treasury Notes		Jun. 2014		140,017,492		140,280,250		(262,758	)
	285	2 Year U.S. Treasury Notes		Sep. 2014		62,467,503		62,490,703		(23,200	)
	1,019	10 Year U.S. Treasury Notes		Jun. 2014		126,534,557		126,785,890		(251,333	)
	38	Euro-Bond		Jun. 2014		7,488,339		7,620,033		(131,694	)
	395	U.S. Long Bond		Jun. 2014		52,663,470		53,300,312		(636,842	)
	156	U.S. Ultra Bond		Jun. 2014		22,889,705		22,975,875		(86,170	)

										(1,391,997	)

									$	(447,413	)

(1)	Cash of $1,050,000 and Federal Home Loan Mortgage Corp. and U.S. Treasury Notes with a market value of $2,160,635 have been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts as of April 30, 2014.

See Notes to Financial Statements.


58

Forward foreign currency exchange contracts outstanding at April 30, 2014:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 07/15/14	Barclays Capital Group	AUD	10,675	$	9,974,060	$	9,863,458	$	(110,602	)
Expiring 07/15/14	Citigroup Global Markets	AUD	5,600		5,203,579		5,174,331		(29,248	)
Expiring 07/15/14	Goldman Sachs & Co.	AUD	4,480		4,172,000		4,139,373		(32,627	)
Brazilian Real,
Expiring 05/09/14	Goldman Sachs & Co.	BRL	3,585		1,584,171		1,603,255		19,084
Expiring 07/01/14	Citigroup Global Markets	BRL	7,095		3,128,300		3,122,852		(5,448	)
British Pound,
Expiring 07/28/14	Citigroup Global Markets	GBP	6,352		10,661,613		10,716,708		55,095
Expiring 07/28/14	Credit Suisse First Boston Corp.	GBP	8,525		14,326,925		14,383,386		56,461
Canadian Dollar,
Expiring 07/15/14	JPMorgan Chase	CAD	6,911		6,254,900		6,294,032		39,132
Expiring 07/15/14	Toronto Dominion	CAD	13,567		12,255,312		12,355,188		99,876
Chilean Peso,
Expiring 05/30/14	Citigroup Global Markets	CLP	3,438,985		6,252,700		6,072,780		(179,920	)
Chinese Renminbi
Expiring 07/14/14	UBS Securities	CNH	29,296		4,707,073		4,664,505		(42,568	)
Expiring 07/14/14	Citigroup Global Markets	CNH	9,424		1,514,181		1,500,464		(13,717	)
Expiring 07/14/14	Deutsche Bank AG	CNH	25,393		4,079,970		4,043,008		(36,962	)
Expiring 07/14/14	Goldman Sachs & Co.	CNH	102,390		16,452,218		16,302,649		(149,569	)
Expiring 07/14/14	Hong Kong & Shanghai Bank	CNH	24,328		3,909,382		3,873,530		(35,852	)
Expiring 07/14/14	JPMorgan Chase	CNH	74,401		11,954,227		11,846,120		(108,107	)
Colombian Peso,
Expiring 07/08/14	Citigroup Global Markets	COP	12,231,339		6,224,600		6,272,891		48,291
Euro,
Expiring 07/28/14	Barclays Capital Group	EUR	1,054		1,460,500		1,461,820		1,320
Expiring 07/28/14	Citigroup Global Markets	EUR	657		907,477		911,046		3,569
Expiring 07/28/14	Citigroup Global Markets	EUR	827		1,145,450		1,147,398		1,948
Expiring 07/28/14	Citigroup Global Markets	EUR	906		1,251,600		1,256,638		5,038
Expiring 07/28/14	Citigroup Global Markets	EUR	1,319		1,823,476		1,829,306		5,830
Expiring 07/28/14	Goldman Sachs & Co.	EUR	12,789		17,737,500		17,739,143		1,643
Expiring 07/28/14	Goldman Sachs & Co.	EUR	15,248		21,068,800		21,150,354		81,554
Hungarian Forint,
Expiring 07/24/14	JPMorgan Chase	HUF	4,758,797		21,303,595		21,425,641		122,046
Indian Rupee,
Expiring 11/03/14	UBS Securities	INR	260,627		4,170,700		4,153,823		(16,877	)

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			59

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Japanese Yen,
Expiring 07/28/14	Credit Suisse First Boston Corp.	JPY	2,640,823	$	25,821,566	$	25,845,039	$	23,473
Malaysian Ringgit,
Expiring 07/10/14	UBS Securities	MYR	20,259		6,252,700		6,170,756		(81,944	)
Expiring 07/10/14	UBS Securities	MYR	20,354		6,224,600		6,199,904		(24,696	)
Mexican Peso,
Expiring 07/22/14	JPMorgan Chase	MXN	320,848		24,311,259		24,356,252		44,993
New Taiwanese Dollar,
Expiring 05/27/14	UBS Securities	TWD	94,200		3,128,000		3,121,589		(6,411	)
Expiring 05/27/14	UBS Securities	TWD	308,781		10,233,004		10,232,377		(627	)
Expiring 05/27/14	UBS Securities	TWD	311,975		10,328,600		10,338,236		9,636
New Zealand Dollar,
Expiring 07/15/14	Credit Suisse First Boston Corp.	NZD	7,319		6,260,300		6,268,794		8,494
Expiring 07/15/14	JPMorgan Chase	NZD	9,137		7,867,311		7,826,328		(40,983	)
Expiring 10/23/14	Goldman Sachs & Co.	NZD	8,019		6,464,300		6,804,058		339,758
Norwegian Krone,
Expiring 07/24/14	Deutsche Bank AG	NOK	116,240		19,365,918		19,486,218		120,300
Peruvian Nuevo Sol,
Expiring 07/11/14	JPMorgan Chase	PEN	24,990		8,894,134		8,815,565		(78,569	)
Philippine Peso,
Expiring 06/09/14	UBS Securities	PHP	278,169		6,267,900		6,235,422		(32,478	)
Expiring 09/17/14	UBS Securities	PHP	176,128		3,928,800		3,937,393		8,593
Expiring 09/17/14	UBS Securities	PHP	176,957		3,937,200		3,955,934		18,734
Polish Zloty,
Expiring 07/24/14	Barclays Capital Group	PLN	26,506		8,686,561		8,706,376		19,815
Romanian Leu,
Expiring 07/24/14	Hong Kong & Shanghai Bank	RON	30,138		9,264,719		9,374,768		110,049
Russian Ruble,
Expiring 07/17/14	Goldman Sachs & Co.	RUB	10,464		286,522		287,549		1,027
Singapore Dollar,
Expiring 07/17/14	Deutsche Bank AG	SGD	33,256		26,541,093		26,526,612		(14,481	)
South African Rand,
Expiring 07/25/14	JPMorgan Chase	ZAR	114,724		10,660,100		10,750,294		90,194
South Korean Won,
Expiring 07/10/14	Citigroup Global Markets	KRW	6,421,018		6,044,904		6,190,510		145,606
Expiring 07/10/14	UBS Securities	KRW	3,228,096		3,128,000		3,112,211		(15,789	)

See Notes to Financial Statements.


60


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Swedish Krona,
Expiring 07/24/14	Bank of America	SEK	4,127	$	626,740	$	633,749	$	7,009
Expiring 07/24/14	Citigroup Global Markets	SEK	13,741		2,086,000		2,110,294		24,294
Expiring 07/24/14	Citigroup Global Markets	SEK	27,478		4,172,000		4,219,940		47,940
Expiring 07/24/14	Citigroup Global Markets	SEK	40,932		6,259,500		6,286,236		26,736
Expiring 07/24/14	Deutsche Bank AG	SEK	94,897		14,393,500		14,573,890		180,390
Expiring 07/24/14	Goldman Sachs & Co.	SEK	41,174		6,254,900		6,323,431		68,531
Swiss Franc,
Expiring 07/24/14	Credit Suisse First Boston Corp.	CHF	7,341		8,342,200		8,347,075		4,875
Expiring 07/24/14	Credit Suisse First Boston Corp.	CHF	12,709		14,379,948		14,450,530		70,582
Expiring 07/24/14	Goldman Sachs & Co.	CHF	5,513		6,254,900		6,268,732		13,832
Thai Baht,
Expiring 11/18/14	Barclays Capital Group	THB	167,794		5,114,900		5,140,868		25,968
Turkish Lira,
Expiring 07/25/14	Deutsche Bank AG	TRY	13,672		6,254,900		6,328,896		73,996
Expiring 07/25/14	Goldman Sachs & Co.	TRY	6,825		3,128,300		3,159,546		31,246

				$	484,689,588	$	485,689,071	$	999,483


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 07/15/14	Goldman Sachs & Co.	AUD	21,005	$	19,399,900	$	19,407,822	$	(7,922	)
Expiring 07/15/14	JPMorgan Chase	AUD	6,789		6,254,900		6,273,300		(18,400	)
Expiring 07/15/14	JPMorgan Chase	AUD	6,781		6,260,300		6,265,719		(5,419	)
British Pound,
Expiring 07/28/14	Citigroup Global Markets	GBP	4,815		8,070,054		8,124,090		(54,036	)
Canadian Dollar,
Expiring 07/15/14	Goldman Sachs & Co.	CAD	8,995		8,135,500		8,191,428		(55,928	)
Expiring 07/15/14	JPMorgan Chase	CAD	4,611		4,172,000		4,198,770		(26,770	)
Chinese Renminbi
Expiring 06/26/14	Barclays Capital Group	CNH	38,459		6,178,000		6,127,873		50,127
Expiring 07/14/14	Barclays Capital Group	CNH	39,154		6,242,658		6,234,112		8,546
Expiring 07/14/14	Barclays Capital Group	CNH	19,627		3,128,000		3,125,044		2,956
Expiring 07/14/14	Citigroup Global Markets	CNH	98,199		15,641,600		15,635,255		6,345

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			61

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Czech Koruna,
Expiring 07/24/14	JPMorgan Chase	CZK	102,501	$	5,156,380	$	5,182,143	$	(25,763	)
Danish Krone,
Expiring 07/24/14	Hong Kong & Shanghai Bank	DKK	26,279		4,876,521		4,886,502		(9,981	)
Euro,
Expiring 07/28/14	Bank of America	EUR	71		98,055		98,646		(591	)
Expiring 07/28/14	BNP Paribas	EUR	24,068		33,274,340		33,384,909		(110,569	)
Expiring 07/28/14	Citigroup Global Markets	EUR	24,068		33,274,903		33,384,907		(110,004	)
Expiring 07/28/14	Credit Suisse First Boston Corp.	EUR	24,068		33,277,118		33,384,907		(107,789	)
Expiring 07/28/14	Deutsche Bank AG	EUR	24,068		33,274,446		33,384,907		(110,461	)
Hungarian Forint,
Expiring 07/24/14	Citigroup Global Markets	HUF	468,106		2,085,000		2,107,567		(22,567	)
Expiring 07/24/14	Deutsche Bank AG	HUF	1,878,821		8,342,200		8,459,059		(116,859	)
Japanese Yen,
Expiring 07/28/14	Hong Kong & Shanghai Bank	JPY	8,636,398		84,298,659		84,522,143		(223,484	)
Mexican Peso,
Expiring 07/25/14	Deutsche Bank AG	MXN	41,356		3,128,300		3,138,727		(10,427	)
New Taiwanese Dollar,
Expiring 05/27/14	Barclays Capital Group	TWD	150,527		4,972,000		4,988,172		(16,172	)
Expiring 05/27/14	BNP Paribas	TWD	46,122		1,515,183		1,528,396		(13,213	)
Expiring 05/27/14	Hong Kong & Shanghai Bank	TWD	204,552		6,759,802		6,778,429		(18,627	)
Expiring 05/27/14	UBS Securities	TWD	219,555		7,152,800		7,275,617		(122,817	)
New Zealand Dollar,
Expiring 07/15/14	Goldman Sachs & Co.	NZD	16,880		14,393,500		14,458,566		(65,066	)
Expiring 07/15/14	Goldman Sachs & Co.	NZD	7,379		6,259,500		6,320,336		(60,836	)
Norwegian Krone,
Expiring 07/24/14	JPMorgan Chase	NOK	49,818		8,284,441		8,351,468		(67,027	)
Philippine Peso,
Expiring 06/09/14	UBS Securities	PHP	183,958		4,080,700		4,123,586		(42,886	)
Expiring 06/09/14	UBS Securities	PHP	168,729		3,708,319		3,782,204		(73,885	)
Russian Ruble,
Expiring 07/17/14	Citigroup Global Markets	RUB	228,523		6,254,900		6,279,894		(24,994	)
Expiring 07/17/14	Citigroup Global Markets	RUB	115,222		3,128,300		3,166,333		(38,033	)
Singapore Dollar,
Expiring 07/17/14	Citigroup Global Markets	SGD	7,870		6,254,900		6,277,351		(22,451	)

See Notes to Financial Statements.


62


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
South African Rand,
Expiring 07/25/14	Deutsche Bank AG	ZAR	22,423	$	2,086,000	$	2,101,142	$	(15,142	)
Swedish Krona,
Expiring 07/24/14	Barclays Capital Group	SEK	140,053		21,252,192		21,508,899		(256,707	)
Swiss Franc,
Expiring 07/24/14	Goldman Sachs & Co.	CHF	7,189		8,135,500		8,173,841		(38,341	)
Thai Baht,
Expiring 11/18/14	Credit Suisse First Boston Corp.	THB	167,951		4,951,000		5,145,662		(194,662	)
Turkish Lira,
Expiring 07/25/14	Hong Kong & Shanghai Bank	TRY	128,690		59,124,133		59,573,170		(449,037	)

				$	492,882,004	$	495,350,896	$	(2,468,892	)

								$	(1,469,409	)

Cross currency exchange contracts outstanding at April 30, 2014:

Settlement

Type

Notional
Amount
(000)

In Exchange
For (000)

Unrealized
Appreciation
(Depreciation)

Counterparty

07/15/14

Buy

CAD

6,864

EUR 4,526

(26,966

)

Bank of America

07/24/14

Buy

HUF

934,173

EUR 3,018

20,088

Citigroup Global Markets

07/25/14

Buy

TRY

9,039

EUR 3,018

(1,452

)

Goldman Sachs & Co.

07/25/14

Buy

ZAR

44,619

EUR 3,018

(4,790

)

Deutsche Bank AG

(13,120

)

Forward rate agreements outstanding at April 30, 2014:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation			Counterparty
	CHF 440,000		07/30/14		(0.023%)	3 Month CHF LIBOR(1)	$	(45,169	)	$	—	$	(45,169	)	Credit Suisse First Boston Corp.

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

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

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			63

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Currency swap agreements outstanding at April 30, 2014:


Notional Amount (000)#	Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Over-the-counter swap agreements:
7,932	3 Month LIBOR	EUR	5,980	3 Month EURIBOR minus 26.25 bps	Barclays Capital Group		01/25/15		$(347,317)			$ —		$(347,317)
2,243	3 Month LIBOR	EUR	1,700	3 Month EURIBOR minus 28.25 bps	Barclays Capital Group		01/04/16		(104,452	)		—		(104,452	)
364	3 Month LIBOR	EUR	280	3 Month EURIBOR minus 30.50 bps	Barclays Capital Group		12/04/14		(24,012	)		—		(24,012	)
196	3 Month LIBOR	EUR	150	3 Month EURIBOR minus 31.70 bps	Barclays Capital Group		12/14/15		(11,412	)		—		(11,412	)
1,817	3 Month LIBOR	GBP	1,200	3 Month GBP LIBOR minus 14.25 bps	Barclays Capital Group		04/05/18		(197,854	)		—		(197,854	)
602	3 Month LIBOR	JPY	60,000	3 Month JPY LIBOR minus 54.00 bps	Barclays Capital Group		10/12/16		20,293			—		20,293
6,619	3 Month LIBOR	EUR	4,975	3 Month EURIBOR minus 26.00 bps	Citigroup Global Markets		01/25/15		(269,233	)		—		(269,233	)
1,079	3 Month LIBOR	EUR	820	3 Month EURIBOR minus 30.00 bps	Citigroup Global Markets		12/18/15		(52,937	)		—		(52,937	)
254	3 Month LIBOR	EUR	200	3 Month EURIBOR minus 31.25 bps	Citigroup Global Markets		11/15/15		(22,250	)		—		(22,250	)
1,077	3 Month LIBOR	JPY	100,000	3 Month JPY LIBOR minus 28.00 bps	Citigroup Global Markets		10/05/14		100,158			—		100,158
1,622	3 Month LIBOR	JPY	158,135	3 Month JPY LIBOR minus 32.75 bps	Citigroup Global Markets		05/02/15		78,465			—		78,465
2,013	3 Month LIBOR	JPY	200,000	3 Month JPY LIBOR minus 53.25 bps	Citigroup Global Markets		04/24/17		71,387			—		71,387
6,211	3 Month LIBOR	EUR	4,700	3 Month EURIBOR minus 29.75 bps	Deutsche Bank AG		12/31/15		(277,631	)		—		(277,631	)
1,492	3 Month LIBOR	JPY	150,000	3 Month JPY LIBOR minus 19.50 bps	Hong Kong & Shanghai Bank		07/22/14		25,816			—		25,816
1,070	3 Month LIBOR	CHF	1,000	3 Month CHF LIBOR minus 29.00 bps	Hong Kong & Shanghai Bank		04/24/15		(63,794	)		—		(63,794	)
800	3 Month CHF LIBOR minus 13.30 bps	CHF	700	3 Month LIBOR	Hong Kong & Shanghai Bank		03/21/16		6,493			—		6,493
1,800	3 Month LIBOR	EUR	1,350	3 Month EURIBOR minus 25.75 bps	Hong Kong & Shanghai Bank		01/17/15		(69,901	)		—		(69,901	)
3,211	3 Month LIBOR	EUR	2,420	3 Month EURIBOR minus 26.00 bps	Hong Kong & Shanghai Bank		01/25/15		(139,442	)		—		(139,442	)
2,618	3 Month LIBOR	EUR	2,000	3 Month EURIBOR minus 26.00 bps	Hong Kong & Shanghai Bank		04/16/15		(149,241	)		—		(149,241	)
724	3 Month LIBOR	EUR	550	3 Month EURIBOR minus 30.25 bps	Hong Kong & Shanghai Bank		12/19/15		(35,187	)		—		(35,187	)

See Notes to Financial Statements.


64


Notional Amount (000)#	Fund Receives			Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Over-the-counter swap agreements (cont’d.):
1,686		3 Month LIBOR		EUR	1,290	3 Month EURIBOR minus 30.50 bps	Hong Kong & Shanghai Bank		12/17/15	$	(84,837	)	$	—		$	(84,837	)
2,656		3 Month LIBOR		GBP	1,745	3 Month GBP LIBOR minus 9.50 bps	Hong Kong & Shanghai Bank		06/04/18		(280,274	)		—			(280,274	)
1,305		3 Month LIBOR		EUR	1,000	3 Month EURIBOR minus 25.25 bps	JPMorgan Chase		04/11/15		(79,034	)		—			(79,034	)
1,246		3 Month LIBOR		EUR	950	3 Month EURIBOR minus 28.375 bps	JPMorgan Chase		10/19/14		(69,845	)		—			(69,845	)
127		3 Month LIBOR		EUR	100	3 Month EURIBOR minus 31.25 bps	JPMorgan Chase		11/15/14		(11,379	)		—			(11,379	)
1,061		3 Month LIBOR		JPY	105,000	3 Month JPY LIBOR minus 37.00 bps	JPMorgan Chase		04/11/15		36,175			—			36,175
43		3 Month LIBOR plus 208 bps		EUR	35	4.250%	Citigroup Global Markets		07/14/17		(10,412	)		(4,000	)		(6,412	)
79		3 Month LIBOR plus 220 bps		EUR	65	4.250%	Citigroup Global Markets		07/14/17		(19,269	)		(6,770	)		(12,499	)
257		3 Month LIBOR plus 313 bps		JPY	20,000	4.500%	Citigroup Global Markets		06/08/15		53,893			(11,240	)		65,133
256		3 Month LIBOR plus 333 bps		JPY	20,000	4.500%	Citigroup Global Markets		06/08/15		58,058			(10,063	)		68,121
121		3 Month LIBOR plus 412 bps		EUR	100	4.500%	Citigroup Global Markets		11/30/15		(20,439	)		(1,140	)		(19,299	)
123		3 Month LIBOR plus 398 bps		EUR	100	4.500%	JPMorgan Chase		11/30/15		(19,346	)		(2,121	)		(17,225	)
64		3 Month LIBOR plus 432 bps		JPY	5,000	3.450%	Citigroup Global Markets		03/24/17		18,493			311			18,182
TRY 10,920		7.70	%		5,672	3 Month LIBOR	Barclays Capital Group		07/22/18		(501,258	)		—			(501,258	)
TRY 11,530		7.71	%		5,996	3 Month LIBOR	Barclays Capital Group		07/23/18		(534,377	)		—			(534,377	)
TRY 40,000		8.68	%		19,498	3 Month LIBOR	Hong Kong & Shanghai Bank		09/05/15		357,004			—			357,004
TRY 59,000		8.69	%		28,393	3 Month LIBOR	Hong Kong & Shanghai Bank		09/09/15		873,556			—			873,556

										$	(1,695,342	)	$	(35,023	)	$	(1,660,319	)

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

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			65

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

Interest rate swap agreements outstanding at April 30, 2014:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2014			Unrealized Appreciation (Depreciation)
	Exchange-traded swap agreements:
	100		02/11/15		0.267%	3 Month LIBOR(1)	$	150	$	23		$	(127	)
NZD	70,260		09/01/15		3.858%	3 Month NZD LIBOR(2)		172		(36,633	)		(36,805	)
EUR	52,000		09/11/15		0.565%	6 Month EURIBOR(1)		380		(159,602	)		(159,982	)
MXN	15,000		12/02/15		5.080%	28 Day Mexican Interbank Rate(2)		17		17,567			17,550
ZAR	117,200		02/24/16		7.200%	3 Month JIBAR(2)		14		82,510			82,496
ZAR	234,400		03/04/16		7.200%	3 Month JIBAR(2)		53		163,477			163,424
	12,000		09/10/17		0.845%	3 Month LIBOR(2)		—		117,503			117,503
	155,315		08/31/18		1.625%	3 Month LIBOR(2)		84,795		(277,585	)		(362,380	)
PLN	9,000		09/02/18		4.020%	6 Month WIBOR(2)		59		72,903			72,844
PLN	85,000		09/03/18		3.985%	6 Month WIBOR(2)		165		649,185			649,020
HUF	3,190,000		11/18/18		4.340%	6 Month BUBOR(2)		66		376,323			376,257
MXN	200,000		04/18/19		5.480%	28 Day Mexican Interbank Rate(2)		80		19,775			19,695
	136,750		09/24/20		2.301%	3 Month LIBOR(2)		971		1,249,849			1,248,878
	419,400		02/15/21		2.375%	3 Month LIBOR(2)		361,771		(2,162,746	)		(2,524,517	)
MXN	2,900		05/25/22		6.370%	28 Day Mexican Interbank Rate(2)		12		1,097			1,085
	7,000		12/12/22		1.675%	3 Month LIBOR(2)		—		499,502			499,502
	24,000		04/03/23		2.015%	3 Month LIBOR(2)		—		1,178,914			1,178,914
	62,775		08/07/23		4.248%	3 Month LIBOR(2)		432		1,259,192			1,258,760
	27,465		08/08/23		4.283%	3 Month LIBOR(2)		274		591,684			591,410
	27,465		08/09/23		4.231%	3 Month LIBOR(2)		274		529,902			529,628
NZD	9,130		08/19/23		4.850%	3 Month NZD LIBOR(2)		180		(8,175	)		(8,355	)
EUR	10,800		08/26/23		2.216%	3 Month EURIBOR(1)		316		(788,432	)		(788,748	)
HUF	683,800		09/02/23		6.085%	6 Month BUBOR(2)		25		344,682			344,657
HUF	50,000		09/03/23		5.940%	6 Month BUBOR(2)		2		22,699			22,697
	101,900		09/24/23		2.903%	3 Month LIBOR(1)		965		(1,957,669	)		(1,958,634	)
ZAR	11,500		10/22/23		7.625%	3 Month JIBAR(2)		25		(47,636	)		(47,661	)
ZAR	88,600		11/14/23		8.190%	3 Month JIBAR(2)		84		(54,298	)		(54,382	)
AUD	6,500		03/07/29		4.743%	6 Month BBSW(2)		189		111,745			111,556
GBP	8,540		03/06/34		3.963%	6 Month GBP LIBOR(1)		354		(116,324	)		(116,678	)
	17,000		08/15/39		2.980%	3 Month LIBOR(2)		—		1,302,072			1,302,072
	1,300		12/12/42		2.590%	3 Month LIBOR(2)		23		212,735			212,712

							$	451,848	$	3,194,239		$	2,742,391

See Notes to Financial Statements.


66


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements:
	3,800		08/24/14		0.475%	3 Month LIBOR(1)	$	(4,527	)	$	—	$	(4,527	)	Citigroup Global Markets
	9,700		12/03/14		0.376%	3 Month LIBOR(1)		(19,226	)		—		(19,226	)	Citigroup Global Markets
	8,000		01/03/15		0.385%	3 Month LIBOR(1)		(16,571	)		—		(16,571	)	Citigroup Global Markets
EUR	13,000		05/22/15		0.238%	3 Month EURIBOR(1)		(25,808	)		—		(25,808	)	Barclays Capital Group
	5,000		08/24/15		0.573%	3 Month LIBOR(1)		(20,262	)		—		(20,262	)	Citigroup Global Markets
	13,000		12/03/15		0.450%	3 Month LIBOR(1)		(32,645	)		—		(32,645	)	Citigroup Global Markets
	3,985		12/03/15		0.450%	3 Month LIBOR(1)		(10,007	)		—		(10,007	)	Citigroup Global Markets
	2,000		04/08/16		2.520%	3 Month LIBOR(1)		(80,545	)		—		(80,545	)	Citigroup Global Markets
	2,000		04/27/16		2.313%	3 Month LIBOR(1)		(71,549	)		—		(71,549	)	Citigroup Global Markets
	1,000		05/18/16		2.040%	3 Month LIBOR(1)		(39,275	)		—		(39,275	)	Citigroup Global Markets
	2,000		06/30/16		1.821%	3 Month LIBOR(1)		(64,618	)		—		(64,618	)	Citigroup Global Markets
	2,070		08/31/16		0.934%	3 Month LIBOR(2)		15,059			—		15,059		Credit Suisse First Boston Corp.
BRL	2,166		01/01/17		—	1 Day BZDIOVER(2)		(103,290	)		—		(103,290	)	Citigroup Global Markets
BRL	1,026		01/01/17		—	1 Day BZDIOVER(2)		(32,417	)		—		(32,417	)	Barclays Capital Group
BRL	73,728		01/01/17		—	1 Day BZDIOVER(2)		(1,133,126	)		—		(1,133,126	)	Hong Kong & Shanghai Bank
	24,900		02/28/17		0.687%	3 Month LIBOR(1)		130,746			—		130,746		Credit Suisse First Boston Corp.
NZD	130		03/26/17		3.810%	3 Month BBR(2)		(1,076	)		—		(1,076	)	Hong Kong & Shanghai Bank
	2,500		08/24/17		0.944%	3 Month LIBOR(1)		10,656			—		10,656		Citigroup Global Markets
	125,750		11/30/17		1.170%	3 Month LIBOR(1)		(299,649	)		—		(299,649	)	Credit Suisse First Boston Corp.
	5,000		12/03/17		0.759%	3 Month LIBOR(1)		70,845			—		70,845		Citigroup Global Markets

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			67

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements (cont’d.):
	19,100		01/02/18		0.839%	3 Month LIBOR(1)	$	250,289		$	—	$	250,289		Citigroup Global Markets
	3,500		01/07/18		0.863%	3 Month LIBOR(2)		(43,590	)		—		(43,590	)	Barclays Capital Group
	290		04/18/18		0.985%	6 Month LIBOR(1)		5,496			—		5,496		Barclays Capital Group
	3,000		04/22/18		0.865%	3 Month LIBOR(1)		61,070			—		61,070		JPMorgan Chase
EUR	6,700		05/22/18		0.649%	3 Month EURIBOR(1)		(68,641	)		—		(68,641	)	Barclays Capital Group
MXN	143,100		06/20/18		6.020%	28 Day Mexican Interbank Rate(2)		380,388			—		380,388		Credit Suisse First Boston Corp.
ZAR	119,800		06/25/18		7.420%	3 Month JIBAR(2)		987			—		987		Barclays Capital Group
PLN	56,900		06/28/18		3.736%	6 Month WIBOR(2)		680,189			—		680,189		Citigroup Global Markets
NZD	3,380		08/12/18		4.143%	3 Month BBR(2)		(22,808	)		—		(22,808	)	Citigroup Global Markets
NZD	2,540		08/13/18		4.160%	3 Month BBR(2)		(15,604	)		—		(15,604	)	Citigroup Global Markets
NZD	2,540		08/13/18		4.218%	3 Month BBR(2)		(10,451	)		—		(10,451	)	Barclays Capital Group
	300		09/21/18		1.670%	3 Month LIBOR(1)		(2,052	)		—		(2,052	)	Goldman Sachs & Co.
MXN	173,100		11/09/18		5.410%	28 Day Mexican Interbank Rate(2)		80,334			—		80,334		Deutsche Bank AG
COP	4,480,000		11/19/18		5.380%	1 Day COLIBOR OIS(2)		28,740			—		28,740		Hong Kong & Shanghai Bank
ILS	94,400		11/20/18		2.163%	3 Month TELBOR(2)		598,198			—		598,198		Barclays Capital Group
COP	4,480,000		11/20/18		5.290%	1 Day COLIBOR OIS(2)		19,602			—		19,602		Deutsche Bank AG
	11,110		08/15/19		1.231%	3 Month LIBOR(1)		329,199			—		329,199		Credit Suisse First Boston Corp.
	6,620		11/15/19		1.334%	3 Month LIBOR(1)		171,402			—		171,402		Citigroup Global Markets

See Notes to Financial Statements.


68


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements (cont’d.):
	23,800		01/24/20		1.348%	3 Month LIBOR(1)	$	743,211		$	—	$	743,211		Credit Suisse First Boston Corp.
	50,000		02/25/20		1.478%	3 Month LIBOR(1)		1,361,450			—		1,361,450		Bank of America
	112,850		05/15/20		1.762%	3 Month LIBOR(1)		1,078,630			—		1,078,630		Citigroup Global Markets
BRL	20,873		01/01/21		—	1 Day BZDIOVER(2)		154,569			—		154,569		Deutsche Bank AG
	2,000		04/05/21		1.619%	3 Month LIBOR(1)		83,280			—		83,280		Citigroup Global Markets
	1,000		04/19/21		3.514%	3 Month LIBOR(1)		(83,047	)		—		(83,047	)	Citigroup Global Markets
	1,000		06/30/21		3.078%	3 Month LIBOR(1)		(61,882	)		—		(61,882	)	Citigroup Global Markets
	700		09/08/21		2.150%	3 Month LIBOR(2)		(7,866	)		—		(7,866	)	Citigroup Global Markets
	2,000		01/13/22		1.781%	3 Month LIBOR(1)		81,355			—		81,355		Barclays Capital Group
	2,400		08/24/22		1.855%	3 Month LIBOR(1)		116,202			—		116,202		Citigroup Global Markets
NZD	230		09/25/22		3.790%	3 Month BBR(2)		(13,583	)		—		(13,583	)	Citigroup Global Markets
	15,900		12/03/22		1.661%	3 Month LIBOR(1)		1,041,176			—		1,041,176		Citigroup Global Markets
	3,000		01/02/23		1.773%	3 Month LIBOR(1)		176,647			—		176,647		Citigroup Global Markets
	1,400		02/08/23		2.050%	3 Month LIBOR(1)		55,649			—		55,649		JPMorgan Chase
MXN	164,100		04/28/23		5.100%	28 Day Mexican Interbank Rate(2)		(1,246,016	)		—		(1,246,016	)	Barclays Capital Group
RUB	150,000		05/17/23		7.250%	3 Month MosPrime(2)		(345,765	)		—		(345,765	)	Credit Suisse First Boston Corp.
	2,600		05/20/23		1.997%	3 Month LIBOR(1)		115,205			—		115,205		Credit Suisse First Boston Corp.
RUB	150,000		05/20/23		7.250%	3 Month MosPrime(2)		(346,331	)		—		(346,331	)	Credit Suisse First Boston Corp.
NZD	3,435		08/12/23		4.648%	3 Month BBR(2)		(32,879	)		—		(32,879	)	Citigroup Global Markets
NZD	2,495		08/13/23		4.668%	3 Month BBR(2)		(20,645	)		—		(20,645	)	Citigroup Global Markets
NZD	2,495		08/13/23		4.730%	3 Month BBR(2)		(10,337	)		—		(10,337	)	Barclays Capital Group

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			69

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements (cont’d.):
MXN	98,000		10/20/23		6.540%	28 Day Mexican Interbank Rate(2)	$	20,318		$	—	$	20,318		Deutsche Bank AG
MXN	6,100		10/20/23		6.550%	28 Day Mexican Interbank Rate(2)		1,627			—		1,627		Citigroup Global Markets
CLP	910,000		02/27/24		5.240%	6 Month CLICP(2)		30,501			—		30,501		Barclays Capital Group
	2,500		12/03/27		2.170%	3 Month LIBOR(1)		241,276			—		241,276		Citigroup Global Markets
EUR	360		12/13/27		2.065%	3 Month EURIBOR(1)		(4,029	)		—		(4,029	)	Barclays Capital Group
	460		12/13/27		2.200%	3 Month LIBOR(2)		(43,147	)		—		(43,147	)	Barclays Capital Group
AUD	360		12/19/32		4.423%	6 Month BBSW(2)		(5,677	)		—		(5,677	)	Barclays Capital Group
AUD	450		12/20/32		4.420%	6 Month BBSW(2)		(7,757	)		—		(7,757	)	Citigroup Global Markets
	500		01/07/33		2.676%	3 Month LIBOR(1)		41,386			—		41,386		Citigroup Global Markets
	5,000		01/24/33		2.650%	3 Month LIBOR(1)		440,721			—		440,721		Barclays Capital Group
ZAR	20,000		09/03/33		8.970%	3 Month JIBAR(2)		80,619			—		80,619		Hong Kong & Shanghai Bank
	31,925		08/15/39		3.154%	3 Month LIBOR(1)		1,262,251			—		1,262,251		Citigroup Global Markets
	130		02/16/42		2.766%	3 Month LIBOR(2)		(15,635	)		—		(15,635	)	Citigroup Global Markets
	170		02/21/42		2.800%	3 Month LIBOR(2)		(19,421	)		—		(19,421	)	Citigroup Global Markets
	700		08/24/42		2.620%	3 Month LIBOR(1)		105,732			—		105,732		Citigroup Global Markets
	4,765		10/11/42		2.708%	3 Month LIBOR(1)		656,551			—		656,551		Bank of Nova Scotia
	1,400		12/03/42		2.561%	3 Month LIBOR(1)		220,853			—		220,853		Citigroup Global Markets
	2,800		01/02/43		2.715%	3 Month LIBOR(1)		363,578			—		363,578		Citigroup Global Markets
	2,000		01/24/43		2.831%	3 Month LIBOR(1)		217,767			—		217,767		Barclays Capital Group

							$	7,142,000		$	—	$	7,142,000

See Notes to Financial Statements.


70

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

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

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

Credit default swap agreements outstanding at April 30, 2014:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2014			Unrealized Depreciation
Exchange-traded credit default swaps on credit indices—Buy Protection(1)
CDX.NA.IG.22.V1		06/20/19		1.000%		70,000	$	(1,070,178	)	$	(1,233,026	)	$	(162,848	)


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at April 30, 2014(4)		Unrealized Depreciation
Exchange-traded credit default swaps on credit indices—Sell Protection(2)
CDX.NA.HY.17.V5		12/20/16		5.000%		76,800	$	6,187,227	$	5,348,045	$	(839,182	)
CDX.NA.HY.18.V2		06/20/17		5.000%		14,850		1,365,592		1,168,389		(197,203	)

							$	7,552,819	$	6,516,434	$	(1,036,385	)


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)			Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on credit indices—Sell Protection(2):
CDX.NA.HY.17.V5		12/20/16		5.000%		3,360	$	251,553	$	140,933		$	110,620	Credit Suisse First Boston Corp.
CDX.NA.HY.17.V5		12/20/16		5.000%		6,240		467,170		285,133			182,037	Deutsche Bank AG
CDX.NA.HY.17.V5		12/20/16		5.000%		8,880		664,820		383,567			281,253	Deutsche Bank AG
CDX.NA.HY.17.V5		12/20/16		5.000%		5,520		413,266		241,883			171,383	Deutsche Bank AG
CDX.NA.HY.18.V2		06/20/17		5.000%		990		83,025		(77,275	)		160,300	Citigroup Global Markets
CDX.NA.HY.18.V2		06/20/17		5.000%		2,970		249,074		(79,612	)		328,686	Citigroup Global Markets
CDX.NA.HY.18.V2		06/20/17		5.000%		1,980		166,049		(40,700	)		206,749	Goldman Sachs & Co.

							$	2,294,957	$	853,929		$	1,441,028

U.S. Treasury securities with a combined market value of $13,199,696 have been segregated with Citigroup Global Markets to cover requirements for open exchange-traded and cleared swap contracts at April 30, 2014.

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

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			71

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

(1)

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

(2)

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

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

(4)

The fair value of credit default swap agreements on 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.

#	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 in active markets for identical securities.

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, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Debt Obligations	$	—	$	2,446,204	$	—
Collateralized Loan Obligations		—		210,010,332		—
Non-Residential Mortgage-Backed Securities		—		28,000,874		—
Residential Mortgage-Backed Securities		—		166,609,681		—

See Notes to Financial Statements.


72


	Level 1			Level 2			Level 3
Bank Loans	$	—		$	92,104,686		$	9,138,272
Commercial Mortgage-Backed Securities		—			291,472,482			—
Corporate Bonds		—			874,792,466			7,487,553
Mortgage-Backed Securities		—			4,226,726			—
Municipal Bonds		—			26,522,752			—
Non-Corporate Foreign Agencies		—			41,188,618			—
Sovereign Bonds		—			249,670,438			958,576
U.S. Government Agency Obligations		—			691,273			—
U.S. Treasury Obligations		—			45,483,433			—
Affiliated Money Market Mutual Fund		67,668,400			—			—
Options Purchased		—			3,408,990			—
Other Financial Instruments*
Futures Contracts		(447,413	)		—			—
Forward Foreign Currency Exchange Contracts		—			(1,482,529	)		—
Forward Rate Agreements		—			(45,169	)		—
Currency Swap Agreements		—			(1,660,319	)		—
Interest Rate Swap Agreements		—			9,884,391			—
Credit Default Swap Agreements		—			241,795			—

Total	$	67,220,987		$	2,043,567,124		$	17,584,401

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


	Asset-Backed Securities			Bank Loans			Commercial Mortgage-Backed Securities			Corporate Bonds			Sovereigns
Balance as of 10/31/13	$	22,061,118		$	8,775,211		$	10,506,000		$	7,235,184		$	925,455
Realized gain (loss)		—			(14	)		—			—			—
Change in unrealized appreciation (depreciation)**		—			256,610			—			385,749			13,780
Sales		—			(1,727,048	)		—			(136,054	)		—
Accrued discount/premium		—			8,489			—			2,674			19,341
Transfer into Level 3		—			3,508,750			—			—			—
Transfer out of Level 3		(22,061,118	)		(1,683,726	)		(10,506,000	)		—			—

Balance as of 4/30/14	$	—		$	9,138,272		$	—		$	7,487,553		$	958,576

*	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 of the instrument.

**	Of which, $656,139 was included in Net Assets relating to securities held at the reporting period end.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			73

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of the period. At the reporting period end, 3 Asset-Backed Securities, 2 Bank Loans and 1 Commercial Mortgage-Backed Security transferred out of Level 3 as a result of being valued by an independent pricing vendor and 1 Bank Loan transferred into Level 3 as a result of being valued using a single broker quote.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board of Trustees, which contain unobservable inputs. Such methodologies include, but are not limited to, using pricing provided by a single broker/dealer, the cost of the investment, and prices of any recent transactions or bids/offers for such securities or any comparable securities.

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2014 was as follows:


Commercial Mortgage-Backed Securities	13.9	%
Sovereign Bonds	12.0
Collateralized Loan Obligations	10.0
Banking	9.6
Residential Mortgage-Backed Securities	8.0
Technology	3.7
Affiliated Money Market Mutual Fund (including 2.3% of collateral for securities on loan)	3.2
Telecommunications	3.1
Healthcare & Pharmaceutical	2.7
Media & Entertainment	2.7
Capital Goods	2.4
U.S. Treasury Obligations	2.2
Chemicals	2.1
Food & Beverage	2.0
Non-Corporate Foreign Agencies	2.0
Automotive	1.8
Insurance	1.6
Consumer	1.5
Pipelines & Other	1.4
Cable	1.3
Electric	1.3
Municipal Bonds	1.3
Non-Residential Mortgage-Backed Securities	1.3
Energy—Other	1.2	%
Metals	1.2
Building Materials & Construction	1.1
Non-Captive Finance	1.1
Retailers	0.9
Energy—Integrated	0.7
Airlines	0.5
Tobacco	0.5
Lodging	0.4
Railroads	0.4
Gaming	0.3
Healthcare Insurance	0.3
Paper	0.3
Real Estate Investment Trusts	0.3
Aerospace & Defense	0.2
Mortgage-Backed Securities	0.2
Options Purchased	0.2
Packaging	0.2
Brokerage	0.1
Collateralized Debt Obligations	0.1

	101.3
Liabilities in excess of other assets	(1.3	)

	100.0	%

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

See Notes to Financial Statements.


74

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, 2014 as presented in the Statement of Assets and Liabilities:


Derivatives not accounted for 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 over-the-counter swap agreements	$	1,441,028		—	$	—
Credit contracts	Premiums paid for swap agreements		1,051,516		Premiums received for swap agreements		197,587
Credit contracts	—		—		Due to broker— variation margin		1,199,233	*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,145,020		Unrealized depreciation on forward foreign currency contracts		3,627,549
Interest rate contracts	Due to broker— variation margin		9,745,244	*	Due to broker— variation margin		7,450,266	*
Interest rate contracts	Unrealized appreciation on over-the-counter swap agreements		13,244,537		Unrealized depreciation on swap agreements		7,762,856
Interest rate contracts	Premiums paid for swap agreements		311		Premiums received for swap agreements		35,334
Interest rate contracts	—		—		Unrealized depreciation on forward rate agreements		45,169
Interest rate contracts	Unaffiliated investments		3,408,990		—		—

Total		$	31,036,646			$	20,317,994

*	Includes cumulative appreciation/depreciation as reported in the schedule of open futures and exchange-traded swap contracts. 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			75

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued

The effects of derivative instruments on the Statement of Operations for the year ended April 30, 2014 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	Options Purchased*			Options Written			Futures			Forward Currency Contracts**			Forward Rate Agreements		Swaps			Total
Credit contracts	$	—		$	—		$	—		$	—		$	—	$	775,352		$	775,352
Foreign exchange contracts		—			—			—			(2,333,516	)		—		—			(2,333,516	)
Interest rate contracts		(676,552	)		(2,160	)		(3,416,864	)		—			462,844		(9,729,438	)		(13,362,170	)

Total	$	(676,552	)	$	(2,160	)	$	(3,416,864	)	$	(2,333,516	)	$	462,844	$	(8,954,086	)	$	(14,920,334	)

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

**	Included in net realized gain (loss) on foreign currency transactions in the Statement of Operations.


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased*		Futures			Forward Rate Agreements			Forward Currency Contracts**			Swaps			Total
Credit contracts	$	—	$	—		$	—		$	—		$	(1,066,481	)	$	(1,066,481	)
Foreign exchange contracts		—		—			—			(1,068,396	)		—			(1,068,396	)
Interest rate contracts		468,484		(1,491,863	)		(45,169	)		—			641,819			(426,729	)

Total	$	468,484	$	(1,491,863	)	$	(45,169	)	$	(1,068,396	)	$	(424,662	)	$	(2,561,606	)

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

**	Included in net change in unrealized appreciation (depreciation) on foreign currencies in the Statement of Operations.

See Notes to Financial Statements.


76

As of April 30, 2014, the Fund’s average 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)
$	980,169	$	187,850,622	$	188,180,247	$	479,881,883	$	506,930,953


Forward Rate Agreements (Notional Amount in USD (000))		Currency Swaps (Notional Amount in USD (000))		Interest Rate Swaps (Notional Amount in USD (000))		Credit Default Swaps as Buyer (Notional Amount in USD (000))		Credit Default Swaps as Writer (Notional Amount in USD (000))
$	497,248	$	112,208	$	1,957,900	$	24,782	$	180,007

Offsetting of over-the-counter (OTC) derivative assets and liabilities:

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


Counterparty	Gross amounts of recognized assets(1)		Gross amounts available for offset			Collateral Received(3)			Net Amount
Bank of America	$	1,368,459	$	(27,557	)	$	(1,531,698	)	$	—
Bank of Nova Scotia		656,551		—			(773,805	)		—
Barclays Capital Group		1,504,050		(1,504,050	)		—			—
BNP Paribas		—		—			—			—
Citigroup Global Markets		10,606,532		(1,836,790	)		(9,346,425	)		—
Credit Suisse First Boston Corp.		2,129,246		(1,339,365	)		(1,037,974	)		—
Deutsche Bank AG		2,194,765		(586,753	)		(3,642,881	)		—
Goldman Sachs & Co.		763,424		(454,493	)		(569,135	)		—
Hong Kong & Shanghai Bank		1,482,277		(1,482,277	)		—			—
JPMorgan Chase		449,259		(449,259	)		—			—
Toronto Dominion		99,876		—			(260,000	)		—
UBS Securities		36,963		(36,963	)		—			—

	$	21,291,402

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			77

Portfolio of Investments

as of April 30, 2014 (Unaudited) continued


Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
Bank of America	$	(27,557	)	$	27,557	$	—	$	—
Bank of Nova Scotia		—			—		—		—
Barclays Capital Group		(3,594,276	)		1,504,050		2,379,032		—
BNP Paribas		(123,782	)		—		9,687,655		—
Citigroup Global Markets		(1,836,790	)		1,836,790		—		—
Credit Suisse First Boston Corp.		(1,339,365	)		1,339,365		—		—
Deutsche Bank AG		(586,753	)		586,753		—		—
Goldman Sachs & Co.		(454,493	)		454,493		—		—
Hong Kong & Shanghai Bank		(2,693,859	)		1,482,277		1,382,298		—
JPMorgan Chase		(550,642	)		449,259		610,982		—
Toronto Dominion		—			—		—		—
UBS Securities		(460,978	)		36,963		495,152		—

	$	(11,668,495	)

(1)	Includes unrealized appreciation on swaps and forwards, premiums paid on swap agreements and market value of purchased options.

(2)	Includes unrealized depreciation on swaps and forwards, premiums received on swap agreements and market value of written options.

(3)	Amounts shown reflect actual collateral received or pledged by the Fund. Such amounts are applied up to 100% of the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.


78

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

(UNAUDITED)

SEMIANNUAL REPORT ^· APRIL 30, 2014

PRUDENTIAL ABSOLUTE RETURN BOND FUND

Statement of Assets and Liabilities

as of April 30, 2014 (Unaudited)


Assets
Investments at value, including securities on loan of $47,127,070:
Unaffiliated Investments (cost $2,034,613,563)	$	2,054,213,356
Affiliated Investments (cost $67,668,400)		67,668,400
Cash		6,613,025
Foreign currency, at value (cost $214,709)		215,880
Dividends and interest receivable		20,485,268
Unrealized appreciation on over-the-counter swap agreements		14,685,565
Receivable for Fund shares sold		10,970,593
Receivable for investments sold		4,136,530
Unrealized appreciation on forward foreign currency exchange contracts		2,145,020
Premiums paid for swap agreements		1,051,827
Prepaid expenses		5,807

Total assets		2,182,191,271


Liabilities
Payable to broker for collateral for securities on loan (Note 3)		48,248,012
Payable for investments purchased		14,417,743
Unrealized depreciation on over-the-counter swap agreements		7,762,856
Payable for Fund shares reacquired		6,294,446
Unrealized depreciation on forward foreign currency exchange contracts		3,627,549
Dividends payable		2,871,813
Due to broker—variation margin		1,809,414
Management fee payable		1,243,819
Accrued expenses		373,118
Distribution fee payable		255,404
Premiums received for swap agreements		232,921
Affiliated transfer agent fee payable		46,704
Unrealized depreciation on forward rate agreements		45,169

Total liabilities		87,228,968


Net Assets	$	2,094,962,303


Net assets were comprised of:
Shares of beneficial interest, at par	$	212,192
Paid-in capital in excess of par		2,102,958,695

		2,103,170,887
Distributions in excess of net investment income		(19,557,452	)
Accumulated net realized loss on investment and foreign currency transactions		(14,721,457	)
Net unrealized appreciation on investments and foreign currencies		26,070,325

Net assets, April 30, 2014	$	2,094,962,303

See Notes to Financial Statements.


80


Class A
Net asset value and redemption price per share ($507,956,025 ÷ 51,592,180 shares of beneficial interest issued and outstanding)	$	9.85
Maximum sales charge (4.50% of offering price)		0.46

Maximum offering price to public	$	10.31


Class C
Net asset value, offering price and redemption price per share
($185,009,252 ÷ 18,739,156 shares of beneficial interest issued and outstanding)	$	9.87


Class Q
Net asset value, offering price and redemption price per share
($18,598,850 ÷ 1,886,866 shares of beneficial interest issued and outstanding)	$	9.86


Class Z
Net asset value, offering price and redemption price per share
($1,383,398,176 ÷ 139,973,518 shares of beneficial interest issued and outstanding)	$	9.88

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			81

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)


Net Investment Income
Income
Interest income	$	34,893,875
Affiliated dividend income		22,955
Affiliated income from securities loaned, net		5,385

Total income		34,922,215


Expenses
Management fee		7,840,162
Distribution fee—Class A		720,112
Distribution fee—Class C		890,853
Transfer agent’s fees and expenses (including affiliated expense of $147,400)		1,000,000
Custodian’s fees and expenses		221,000
Registration fees		190,000
Shareholders’ reports		46,000
Audit fee		30,000
Trustees’ fees		25,000
Legal fees and expenses		15,000
Insurance expenses		11,000
Miscellaneous		9,438

Total expenses		10,998,565
Less: Expense reimbursement		(570,209	)
Distribution fee waiver—Class A		(120,019	)

Net expenses		10,308,337

Net investment income		24,613,878


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		214,987
Futures transactions		(3,416,864	)
Options written transactions		(2,160	)
Swap agreements transactions		(8,954,086	)
Forward rate agreements transactions		462,844
Foreign currency transactions		(1,863,591	)

		(13,558,870	)

Net change in unrealized appreciation (depreciation) on:
Investments		28,004,076
Futures		(1,491,863	)
Swap agreements		(424,662	)
Forward rate agreements		(45,169	)
Foreign currencies		(1,033,106	)

		25,009,276

Net gain on investment and foreign currency transactions		11,450,406

Net Increase In Net Assets Resulting From Operations	$	36,064,284

See Notes to Financial Statements.


82

Statement of Changes in Net Assets

(Unaudited)


	Six Months Ended April 30, 2014			Year Ended October 31, 2013
Increase (Decrease) In Net Assets
Operations
Net investment income	$	24,613,878		$	24,372,046
Net realized loss on investment and foreign currency transactions		(13,558,870	)		(11,874,164	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		25,009,276			(189,762	)

Net increase in net assets resulting from operations		36,064,284			12,308,120


Dividends & Distributions (Note 1)
Dividends from net investment income
Class A		(7,300,568	)		(7,276,650	)
Class C		(2,025,137	)		(1,722,557	)
Class Q		(300,564	)		(93,879	)
Class Z		(21,022,877	)		(17,559,659	)

		(30,649,146	)		(26,652,745	)

Tax return of capital
Class A		—			(1,385,177	)
Class C		—			(327,906	)
Class Q		—			(17,869	)
Class Z		—			(3,342,641	)

		—			(5,073,593	)


Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		656,996,162			2,236,633,995
Net asset value of shares issued in reinvestment of dividends and tax return of capital		16,313,024			18,312,304
Cost of shares reacquired		(444,903,522	)		(576,709,754	)

Net increase in net assets from Fund share transactions		228,405,664			1,678,236,545

Total increase		233,820,802			1,658,818,327

Net Assets:
Beginning of period		1,861,141,501			202,323,174

End of period	$	2,094,962,303		$	1,861,141,501

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			83

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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its the financial statements.


84

Common stocks, exchange-traded funds, and derivative instruments that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy except for exchange-traded and cleared swaps which are classified as Level 2 in the fair value hierarchy, as the prices marked at the official settle are not public.


Prudential Absolute Return Bond Fund			85

Notes to Financial Statements

(Unaudited) continued

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest 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. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.


86

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.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not 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 long-term portfolio securities sold during the period. Accordingly, these 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 sales and maturities of short-term securities and forward currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities 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.

Concentration of Risk: The ability of debt securities issuers (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 U.S. companies 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.


Prudential Absolute Return Bond Fund			87

Notes to Financial Statements

(Unaudited) continued

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.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates 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. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearing house acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 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 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.


88

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 or foreign currency exchange 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 at the closing of a 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 transactions. 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. The Fund, as purchaser of an over-the-counter option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements: The Fund entered into credit default, interest rate, and other forms of 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. Exchange-traded swaps pay


Prudential Absolute Return Bond Fund			89

Notes to Financial Statements

(Unaudited) continued

or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. 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 Statement 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 (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund entered into credit default swaps to provide a measure of protection against issuer default. The Fund sold protection using credit default swaps to take an active short position with respect to the likelihood of a particular issuer’s default. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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


90

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

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 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. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives.

Currency Swaps: The Fund entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there were no instances where the right of set-off existed and management has not elected to offset.


Prudential Absolute Return Bond Fund			91

Notes to Financial Statements

(Unaudited) continued

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such 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.


92

As of April 30, 2014, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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 invested in a highly liquid short-term money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. 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 in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, and any interest on the investment of 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.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. 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 that may differ from actual.

Net investment income or loss (other than distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to the share 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 daily and pays dividends of net investment income monthly. Distributions of net realized capital and currency gains, if any, are made annually. Dividends and distributions to shareholders, which are


Prudential Absolute Return Bond Fund			93

Notes to Financial Statements

(Unaudited) continued

determined in accordance with federal income tax regulations 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: 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 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 subadviser’s 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 March 1, 2013, 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


94

each class of shares to .90% of the Fund’s average daily net assets until February 28, 2015. 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 .85% 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, Class C, Class Q and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class 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 Q and 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% and 1% of the average daily net assets of the Class A and C shares, respectively. For the six months ended April 30, 2014, PIMS has contractually agreed to limit such fees to .25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it received $279,574 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2014. 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, 2014, it received $81,042 and $42,319, in contingent deferred sales charges imposed upon certain redemptions by Class A and Class C shareholders.

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

Note 3. Other Transactions with Affiliates


Prudential Absolute Return Bond Fund			95

Notes to Financial Statements

(Unaudited) continued

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, 2014, were $447,775,037 and $245,786,976, respectively.

Transactions in options written during the six months ended April 30, 2014, were as follows:


	Notional Amount			Premiums Received
Options outstanding at October 31, 2013	$	—		$	—
Options written		480			43,920
Options terminated in closing purchase transactions		(480	)		(43,920	)
Options expired		—			—

Options outstanding at April 30, 2014	$	—		$	—

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, 2014 were as follows:


Tax Basis	$	2,118,655,367

Appreciation		30,401,983
Depreciation		(27,175,594	)

Net Unrealized Appreciation	$	3,226,389

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


96

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 CDSC 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.

At April 30, 2014, Prudential Financial, Inc. through its affiliates owned 111 Class Q shares of the Fund.

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


Prudential Absolute Return Bond Fund			97

Notes to Financial Statements

(Unaudited) continued

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended April 30, 2014:
Shares sold		14,807,863		$	145,262,752
Shares issued in reinvestment of dividends and distributions		541,840			5,316,880
Shares reacquired		(11,423,369	)		(112,011,304	)

Net increase (decrease) in shares outstanding before conversion		3,926,334			38,568,328
Shares issued upon conversion from Class Z		69,978			685,567
Shares reacquired upon conversion into Class Z		(217,969	)		(2,135,240	)

Net increase (decrease) in shares outstanding		3,778,343		$	37,118,655

Year ended October 31, 2013:
Shares sold		48,546,885		$	480,859,340
Shares issued in reinvestment of dividends and tax return of capital		663,764			6,536,425
Shares reacquired		(10,595,616	)		(104,246,576	)

Net increase (decrease) in shares outstanding before conversion		38,615,033			383,149,189
Shares reacquired upon conversion into Class Z		(2,915	)		(28,980	)

Net increase (decrease) in shares outstanding		38,612,118		$	383,120,209

Class C
Six months ended April 30, 2014:
Shares sold		3,411,844		$	33,534,672
Shares issued in reinvestment of dividends and distributions		157,781			1,552,441
Shares reacquired		(2,209,634	)		(21,729,118	)

Net increase (decrease) in shares outstanding before conversion		1,359,991			13,357,995
Shares reacquired upon conversion into Class Z		(117,728	)		(1,158,583	)

Net increase (decrease) in shares outstanding		1,242,263		$	12,199,412

Year ended October 31, 2013:
Shares sold		16,433,529		$	163,052,219
Shares issued in reinvestment of dividends and tax return of capital		163,938			1,615,376
Shares reacquired		(1,989,398	)		(19,580,417	)

Net increase (decrease) in shares outstanding		14,608,069		$	145,087,178


98


Class Q	Shares			Amount
Six months ended April 30, 2014:
Shares sold		96,336		$	946,914
Shares issued in reinvestment of dividends and distributions		30,597			300,571
Shares reacquired		(53,233	)		(523,501	)

Net increase (decrease) in shares outstanding		73,700		$	723,984

Year ended October 31, 2013:
Shares sold		1,801,643		$	17,557,026
Shares issued in reinvestment of dividends and tax return of capital		11,420			111,748
Shares reacquired		(2	)		(21	)

Net increase (decrease) in shares outstanding		1,813,061		$	17,668,753

Class Z
Six months ended April 30, 2014:
Shares sold		48,501,311		$	477,251,824
Shares issued in reinvestment of dividends and distributions		928,337			9,143,132
Shares reacquired		(31,573,659	)		(310,639,599	)

Net increase (decrease) in shares outstanding before conversion		17,855,989			175,755,357
Shares issued upon conversion from Class A and Class C		334,730			3,293,823
Shares reacquired upon conversion into Class A		(69,710	)		(685,567	)

Net increase (decrease) in shares outstanding		18,121,009		$	178,363,613

Year ended October 31, 2013:
Shares sold		158,561,138		$	1,575,165,410
Shares issued in reinvestment of dividends and tax return of capital		1,018,650			10,048,755
Shares reacquired		(46,004,620	)		(452,882,740	)

Net increase (decrease) in shares outstanding before conversion		113,575,168			1,132,331,425
Shares issued upon conversion from Class A		2,904			28,980

Net increase (decrease) in shares outstanding		113,578,072		$	1,132,360,405

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 November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 5, 2013, the Funds had another SCA with substantially similar terms. 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, 2014.


Prudential Absolute Return Bond Fund			99

Financial Highlights

(Unaudited)


Class A Shares
	Six Months Ended April 30,			Year Ended October 31,						March 30, 2011(d) through October 31,
	2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.82			$9.92			$9.72			$10.00
Income (loss) from investment operations:
Net investment income		.12			.21			.22			.18
Net realized and unrealized gain (loss) on investment transactions		.06			(.03	)		.30			(.31	)
Total from investment operations		.18			.18			.52			(.13	)
Less Dividends and Distributions:
Dividends from net investment income		(.15	)		(.23	)		(.30	)		(.15	)
Tax return of capital		-			(.05	)		-			-
Distributions from net realized gains		-			-			(.02	)		-
Total dividends and distributions		(.15	)		(.28	)		(.32	)		(.15	)
Net asset value, end of period		$9.85			$9.82			$9.92			$9.72
Total Return(b):		1.83%			1.86%			5.49%			(1.27)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$507,956			$469,604			$91,250			$2,709
Average net assets (000)		$484,057			$303,234			$18,023			$2,240
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.15%	(e)		1.14%			1.11%			1.30%	(e)
Expenses before waivers and/or expense reimbursement		1.26%	(e)		1.28%			1.54%			2.70%	(e)
Net investment income		2.43%	(e)		2.17%			2.53%			2.90%	(e)
Portfolio turnover rate		31%	(f)		125%			152%			112%	(f)

(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 returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than a full year are not annualized.

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


100


Class C Shares
	Six Months Ended April 30,			Year Ended October 31,						March 30, 2011(d) through October 31,
	2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.85			$9.94			$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.08			.14			.16			.13
Net realized and unrealized gain (loss) on investment transactions		.05			(.02	)		.29			(.30	)
Total from investment operations		.13			.12			.45			(.17	)
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.16	)		(.22	)		(.10	)
Tax return of capital		-			(.05	)		-			-
Distributions from net realized gains		-			-			(.02	)		-
Total dividends and distributions		(.11	)		(.21	)		(.24	)		(.10	)
Net asset value, end of period		$9.87			$9.85			$9.94			$9.73
Total Return(b):		1.34%			1.18%			4.78%			(1.74)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$185,009			$172,326			$28,708			$4,030
Average net assets (000)		$179,660			$97,736			$7,066			$2,254
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.90%	(e)		1.89%			1.88%			2.05%	(e)
Expenses before waivers and/or expense reimbursement		1.96%	(e)		1.98%			2.39%			3.39%	(e)
Net investment income		1.66%	(e)		1.41%			1.86%			2.17%	(e)
Portfolio turnover rate		31%	(f)		125%			152%			112%	(f)

(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 returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than a full year are not annualized.

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			101

Financial Highlights

(Unaudited) continued


Class Q Shares
	Six Months Ended April 30,			Year Ended October 31,						March 30, 2011(d) through October 31,
	2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.83			$9.94			$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.13			.27			.30			.16
Net realized and unrealized gain (loss) on investment transactions		.06			(.06	)		.26			(.27	)
Total from investment operations		.19			.21			.56			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		(.27	)		(.33	)		(.16	)
Tax return of capital		-			(.05	)		-			-
Distributions from net realized gains		-			-			(.02	)		-
Total dividends and distributions		(.16	)		(.32	)		(.35	)		(.16	)
Net asset value, end of period		$9.86			$9.83			$9.94			$9.73
Total Return(b):		1.97%			2.10%			5.99%			(1.09)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$18,599			$17,829			$1			$1
Average net assets (000)		$18,214			$3,144			$1			$1
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.86%	(e)		.90%			.89%			1.05%	(e)
Expenses before waivers and/or expense reimbursement		.86%	(e)		.94%			1.54%			2.45%	(e)
Net investment income		2.71%	(e)		2.87%			3.11%			2.74%	(e)
Portfolio turnover rate		31%	(f)		125%			152%			112%	(f)

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


102


Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,						March 30, 2011(d) through October 31,
	2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.86			$9.95			$9.74			$10.00
Income (loss) from investment operations:
Net investment income		.13			.24			.27			.16
Net realized and unrealized gain (loss) on investment transactions		.05			(.02	)		.28			(.27	)
Total from investment operations		.18			.22			.55			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.16	)		(.26	)		(.32	)		(.15	)
Tax return of capital		-			(.05	)		-			-
Distributions from net realized gains		-			-			(.02	)		-
Total dividends and distributions		(.16	)		(.31	)		(.34	)		(.15	)
Net asset value, end of period		$9.88			$9.86			$9.95			$9.74
Total Return(b):		1.84%			2.21%			5.81%			(1.14)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,383,398			$1,201,383			$82,364			$28,192
Average net assets (000)		$1,294,449			$672,382			$34,383			$27,018
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.90%	(e)		.90%			.89%			1.05%	(e)
Expenses before waivers and/or expense reimbursement		.96%	(e)		.99%			1.50%			2.48%	(e)
Net investment income		2.66%	(e)		2.43%			2.92%			2.70%	(e)
Portfolio turnover rate		31%	(f)		125%			152%			112%	(f)

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.


Prudential Absolute Return Bond Fund			103

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 0263039-00001-00


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 19, 2014

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 19, 2014

By:				/s/ M. Sadiq Peshimam
				M. Sadiq Peshimam
				Treasurer and Principal Financial and Accounting Officer

Date:				June 19, 2014

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