Prudential Investment Portfolios, Inc. 15 N-CSRS 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:	811-02896
Exact name of registrant as specified in charter:	Prudential Investment Portfolios, Inc. 15
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:	8/31/2013
Date of reporting period:	2/28/2013

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND

SEMIANNUAL REPORT ^· FEBRUARY 28, 2013

Fund Type

Short Duration High Yield Bond

Objective

High level of current 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 February 28, 2013, were not audited, and accordingly, no auditor’s opinion is expressed on them.

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

April 15, 2013

Dear Shareholder:

We hope you find the semiannual report for the Prudential Short Duration High Yield Income Fund informative and useful. The report covers performance for the period from October 26, 2012, the Fund’s inception, through February 28, 2013, its fiscal semiannual period.

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,

Stuart S. Parker, President

Prudential Short Duration High Yield Income 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 Short Duration High Yield Income 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. The maximum initial sales charge is 3.25% (Class A shares). Gross operating expenses: Class A, 1.40%; Class C, 2.13%; Class Z, 1.44%. Net operating expenses: Class A, 1.15%; Class C, 1.90%; Class Z, 0.90%, after contractual reduction through 10/31/2013.

Cumulative Total Returns (Without Sales Charges) as of 2/28/13
	Since Inception
Class A	1.60%
Class C	1.32
Class Z	1.70
Barclays U.S. High Yield Ba/B rated 1-5 Yr 1% Capped Index	3.30
Lipper High Yield Funds Average	4.01
Average Annual Total Returns (With Sales Charges) as of 3/31/13
	Since Inception
Class A	N/A
Class C	N/A
Class Z	N/A
Barclays U.S. High Yield Ba/B rated 1-5 Yr 1% Capped Index	N/A
Lipper High Yield Funds Average	N/A

Source: Prudential Investments LLC and Lipper Inc.

Inception date: 10/26/12

The average annual total returns take into account applicable sales charges. Class A shares are subject to a maximum front-end sales charge of 3.25% and a 12b-1 fee of 0.30% annually. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%. The CDSC is waived for purchases by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class C shares purchased are not subject to a front-end sales charge, but are subject to a CDSC of 1% for shares sold within 12 months from the date of purchase and an annual 12b-1 fee of 1%. Class Z shares are not subject to a sales charge or 12b-1 fees. The returns in the tables reflect the share class expense structure in effect at the close of the fiscal period.

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Benchmark Definitions

Barclays U.S. High Yield Ba/B rated 1—5 Year 1% Capped Index

The Barclays U.S. High Yield Ba/B 1—5 Year 1% Constrained Index represents the performance of U.S. short duration, higher-rated high yield bonds.

Lipper High Yield Funds Average

The Lipper High Yield Funds Average (Lipper Average) represents returns based on an average return of all funds in the Lipper High Yield Funds category for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

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, but not sales charges or taxes.

Five Largest Long-Term Issues expressed as a percentage of net assets as of 2/28/13
Sprint Nextel Corp., Sr. Unsec’d. Notes, 08/15/17	1.7	%
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes, 10/01/17	1.5
Cott Beverages, Inc., Gtd. Notes, 09/01/18	1.5
Bresnan Broadband Holdings LLC, Gtd. Notes, 144A, 12/15/18	1.4
Plains Exploration & Production Co., Gtd. Notes, 10/15/19	1.4

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

Distributions and Yields as of 2/28/13
	Total Distributions Paid during the Period		30-Day SEC Yield
Class A	$	0.17		2.46	%
Class C		0.14		1.76
Class Z		0.18		2.79

Credit Quality* expressed as a percentage of net assets as of 2/28/13
Ba	29.1	%
B	54.9
Caa or lower	7.0
Not Rated**	5.5
Total Investments	96.5
Other assets in excess of liabilities	3.5
Net Assets	100.0	%

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

**Approximately 5.5% of Not Rated is invested in affiliated money market mutual fund.

Credit Quality is subject to change.

Prudential Short Duration High Yield Income Fund 3

Fees and Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested on September 1, 2012, at the beginning of the period, and held through the six-month period ended February 28, 2013. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before

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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.

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 Short Duration High Yield Income Fund		Beginning Account Value September 1, 2012		Ending Account Value February 28, 2013		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual**	$	1,000.00	$	1,016.00		1.15	%	$	4.00
	Hypothetical	$	1,000.00	$	1,019.09		1.15	%	$	5.76
Class C	Actual**	$	1,000.00	$	1,013.20		1.90	%	$	6.60
	Hypothetical	$	1,000.00	$	1,015.37		1.90	%	$	9.49
Class Z	Actual**	$	1,000.00	$	1,017.00		0.90	%	$	3.13
	Hypothetical	$	1,000.00	$	1,020.33		0.90	%	$	4.51

*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 February 28, 2013, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2013 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**“Actual” expenses are calculated using the 126-day period ended February 28, 2013, due to the Class’s inception date of October 26, 2012.

Prudential Short Duration High Yield Income Fund 5

Portfolio of Investments

as of February 28, 2013 (Unaudited)

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    91.0%
BANK LOANS(a)    3.3%
Electric    0.1%
Calpine Corp.	B1	4.500%		04/01/18	$	125	$	125,259
Gaming    0.5%
MGM Resorts International	Ba2	4.250		12/20/19		500		506,429
Media & Entertainment    0.9%
Ancestry.com, Inc.	B1	7.000		12/31/18		500		497,500
Getty Images, Inc.	B1	4.750		10/18/19		250		252,098
Gray Television, Inc.	B2	4.750		10/14/19		241		243,401
								992,999
Technology    1.8%
Alcatel-Lucent (USA), Inc.	B1	7.250		01/30/19		1,000		1,010,938
First Data Corp.	B1	4.202		03/26/18		150		148,125
Freescale Semiconductor, Inc.	B1	4.452		12/01/16		350		350,146
Kronos, Inc.	Ba3	9.750		04/30/20		250		255,417
RP Crown Parent LLC	B1	6.750		12/21/18		300		303,750
								2,068,376
TOTAL BANK LOANS								3,693,063
CORPORATE BONDS    87.7%
Aerospace & Defense    2.5%
Bombardier, Inc. (Canada),
Sr. Notes, 144A	Ba2	4.250		01/15/16		200		207,500
Sr. Unsec’d. Notes, 144A	Ba2	7.500		03/15/18		750		852,188
Esterline Technologies Corp., Gtd. Notes	Ba2	6.625		03/01/17		350		357,875
Moog, Inc., Sr. Sub. Notes	Ba3	7.250		06/15/18		936		982,800
TransDigm, Inc., Gtd. Notes	B3	7.750		12/15/18		400		439,000
								2,839,363

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 7

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Automotive    4.0%
American Axle & Manufacturing Holdings, Inc., Sr. Sec’d. Notes, 144A	Ba1	9.250%		01/15/17	$	1,000	$	1,100,000
Chrysler Group LLC, Sec’d. Notes	B1	8.000		06/15/19		1,225		1,342,906
Continental Rubber of America Corp.,
Sr. Sec’d. Notes, 144A	Ba2	4.500		09/15/19		250		255,000
Delphi Corp., Gtd. Notes	Ba1	5.875		05/15/19		250		267,500
Lear Corp., Gtd. Notes	Ba2	7.875		03/15/18		1,050		1,136,625
TRW Automotive, Inc., Gtd. Notes, 144A	Ba2	7.250		03/15/17		350		402,500
								4,504,531
Banking    0.2%
Ally Financial, Inc., Gtd. Notes	B1	8.300		02/12/15		250		278,125
Building Materials & Construction    1.9%
Beazer Homes USA, Inc., Sr. Sec’d. Notes	B2	6.625		04/15/18		650		694,687
Cemex Finance LLC, Sr. Sec’d. Notes, 144A	B(b)	9.500		12/14/16		250		271,250
D.R. Horton, Inc.,
Gtd. Notes	Ba2	5.625		01/15/16		250		269,375
Gtd. Notes	Ba2	6.500		04/15/16		100		110,750
Standard Pacific Corp.,
Gtd. Notes	B3	8.375		05/15/18		500		588,750
Gtd. Notes	B3	10.750		09/15/16		150		186,750
								2,121,562
Cable    5.0%
Bresnan Broadband Holdings LLC, Gtd. Notes, 144A	B3	8.000		12/15/18		1,500		1,642,500
Cablevision Systems Corp., Sr. Unsec’d. Notes	B1	8.625		09/15/17		400		464,000

See Notes to Financial Statements.

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Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Cable (cont’d.)
CSC Holdings LLC, Sr. Unsec’d. Notes	Ba3	8.625%		02/15/19	$	250	$	298,125
DISH DBS Corp., Gtd. Notes	Ba2	4.625		07/15/17		350		362,250
Kabel Deutschland Holding AG (Germany), Sr. Unsec’d. Notes, RegS	B1	6.500		07/31/17	EUR	400		565,304
Unitymedia KabelBW GmbH (Germany), Gtd. Notes, RegS	B3	9.625		12/01/19	EUR	500		722,296
UPC Holding BV (Netherlands),
Sec’d. Notes, 144A	B2	9.875		04/15/18		737		825,440
Sec’d. Notes, RegS	B2	9.750		04/15/18	EUR	300		413,207
Virgin Media Finance PLC (United Kingdom), Gtd. Notes	Ba2	8.375		10/15/19		350		390,250
								5,683,372
Capital Goods    8.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes	B2	8.250		01/15/19		500		546,250
Gtd. Notes	B2	9.625		03/15/18		750		828,750
Case New Holland, Inc., Gtd. Notes	Ba2	7.875		12/01/17		250		293,437
CNH Capital LLC, Gtd. Notes	Ba2	3.875		11/01/15		250		256,875
Columbus McKinnon Corp., Gtd. Notes	B1	7.875		02/01/19		256		275,840
Griffon Corp., Gtd. Notes	B1	7.125		04/01/18		633		685,222
Hertz Corp. (The), Gtd. Notes	B2	7.500		10/15/18		994		1,085,945
Laureate Education, Inc., Gtd. Notes, 144A	Caa1	9.250		09/01/19		450		489,375
Manitowoc Co., Inc. (The), Gtd. Notes	B3	9.500		02/15/18		550		610,500
RBS Global, Inc./Rexnord LLC, Gtd. Notes	B3	8.500		05/01/18		330		361,350

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 9

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
SPX Corp.,
Gtd. Notes	Ba2	6.875%		09/01/17	$	1,019	$	1,138,733
Gtd. Notes	Ba2	7.625		12/15/14		150		164,062
Stena AB (Sweden), Sr. Unsec’d. Notes	B2	7.000		12/01/16		500		497,500
Terex Corp., Gtd. Notes	B3	6.500		04/01/20		400		423,000
Thermon Industries, Inc., Sec’d. Notes	B1	9.500		05/01/17		273		303,030
Tomkins LLC/Tomkins, Inc., Sec’d. Notes(a)	B1	9.000		10/01/18		183		204,503
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A	Caa1	7.500		02/15/19		400		406,000
United Rentals North America, Inc., Gtd. Notes	B3	9.250		12/15/19		1,000		1,140,000
WireCo WorldGroup, Inc., Gtd. Notes	B3	9.500		05/15/17		150		157,125
								9,867,497
Chemicals    3.2%
Ashland, Inc., Sr. Unsec’d. Notes, 144A	Ba1	3.000		03/15/16		675		683,437
Koppers, Inc., Gtd. Notes	B1	7.875		12/01/19		267		293,700
MacDermid, Inc., Gtd. Notes, 144A (original cost $1,039,625; purchased 12/14/12 - 02/26/13)(c)(d)	Caa1	9.500		04/15/17		1,000		1,038,750
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes	Ba2	8.375		11/01/16		225		243,563
Sr. Unsec’d. Notes	Ba2	8.625		11/01/19		500		567,500
Orion Engineered Carbons Finance & Co. SCA (Luxembourg),
Gtd. Notes, PIK, 144A	Caa1	9.250		08/01/19		750		746,250
								3,573,200

See Notes to Financial Statements.

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Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Consumer    2.8%
Geo Debt Finance SCA (Luxembourg), Sr. Sec’d. Notes, 144A	B3	7.500%		08/01/18	EUR	300	$	388,238
Jarden Corp., Gtd. Notes	B2	7.500		05/01/17		1,000		1,131,250
QVC, Inc., Sr. Sec’d. Notes, 144A	Ba2	7.500		10/01/19		250		275,923
Service Corp. International, Sr. Unsec’d. Notes	Ba3	7.625		10/01/18		225		265,500
Spectrum Brands Holdings, Inc., Sr. Sec’d. Notes	Ba3	9.500		06/15/18		1,000		1,133,750
								3,194,661
Electric    1.9%
AES Corp. (The), Sr. Unsec’d. Notes	Ba3	8.000		10/15/17		150		173,250
Calpine Construction Finance Co. LP/CCFC Finance Corp., Sr. Sec’d. Notes, 144A	Ba3	8.000		06/01/16		300		316,500
Calpine Corp., Sr. Sec’d. Notes, 144A	B1	7.250		10/15/17		651		692,501
DPL, Inc., Sr. Unsec’d. Notes	Ba1	6.500		10/15/16		950		997,500
								2,179,751
Energy - Integrated    0.2%
Pacific Rubiales Energy Corp. (Canada), Gtd. Notes, 144A	Ba2	7.250		12/12/21		200		229,000
Energy - Other    4.4%
Afren PLC (United Kingdom), Sr. Sec’d. Notes, RegS	B(b)	10.250		04/08/19		250		294,863
Cie Generale de Geophysique - Veritas (France), Gtd. Notes	Ba3	9.500		05/15/16		200		211,500
Hornbeck Offshore Services, Inc., Gtd. Notes	Ba3	8.000		09/01/17		800		851,000

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 11

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy - Other (cont’d.)
Offshore Group Investment Ltd. (Cayman Islands), Sr. Sec’d. Notes	B3	11.500%		08/01/15	$	1,300	$	1,417,000
Parker Drilling Co., Gtd. Notes	B1	9.125		04/01/18		150		162,375
Plains Exploration & Production Co., Gtd. Notes	B1	8.625		10/15/19		1,355		1,548,087
Range Resources Corp., Gtd. Notes	Ba3	7.250		05/01/18		85		88,825
WPX Energy, Inc., Sr. Unsec’d. Notes	Ba1	5.250		01/15/17		450		468,000
								5,041,650
Foods    5.4%
Agrokor d.d. (Croatia), Gtd. Notes, MTN, RegS	B2	10.000		12/07/16	EUR	500		708,262
ARAMARK Corp., Sr. Notes, 144A	B3	5.750		03/15/20		125		127,500
ARAMARK Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	B3	8.625		05/01/16		500		510,005
Constellation Brands, Inc., Gtd. Notes	Ba1	7.250		09/01/16		480		544,200
Cott Beverages, Inc., Gtd. Notes	B3	8.125		09/01/18		1,500		1,646,250
Darling International, Inc., Gtd. Notes	Ba2	8.500		12/15/18		550		625,625
Fiesta Restaurant Group, Inc., Sec’d. Notes	B2	8.875		08/15/16		300		324,750
Ingles Markets, Inc., Sr. Unsec’d. Notes	B1	8.875		05/15/17		1,000		1,052,500
Michael Foods Group, Inc., Gtd. Notes	B3	9.750		07/15/18		150		166,875
Stater Bros. Holdings, Inc., Gtd. Notes	B2	7.375		11/15/18		150		161,156
TreeHouse Foods, Inc., Gtd. Notes	Ba2	7.750		03/01/18		250		270,312
								6,137,435

See Notes to Financial Statements.

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Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Gaming    5.0%
Boyd Gaming Corp., Gtd. Notes	B3	9.125%		12/01/18	$	1,000	$	1,037,500
Caesars Entertainment Operating Co., Inc., Sr. Sec’d. Notes	B2	11.250		06/01/17		625		664,844
Isle of Capri Casinos, Inc., Gtd. Notes	B2	7.750		03/15/19		1,000		1,085,000
MGM Resorts International, Gtd. Notes	B3	10.000		11/01/16		400		476,000
Pinnacle Entertainment, Inc., Gtd. Notes	B3	8.750		05/15/20		1,000		1,076,250
SugarHouse HSP Gaming LP, Sec’d. Notes, 144A	B2	8.625		04/15/16		1,000		1,071,250
Yonkers Racing Corp., Sec’d. Notes, 144A (original cost $271,875; purchased 11/05/12)(c)(d)	B1	11.375		07/15/16		250		270,000
								5,680,844
Healthcare & Pharmaceutical    3.5%
Accellent, Inc., Sr. Sec’d. Notes	B1	8.375		02/01/17		750		795,000
Capella Healthcare, Inc., Gtd. Notes	B3	9.250		07/01/17		1,000		1,077,500
HCA, Inc.,
Sr. Sec’d. Notes	Ba3	8.500		04/15/19		350		387,625
Sr. Unsec’d. Notes	B3	6.500		02/15/16		250		273,437
Sr. Unsec’d. Notes, MTN	B3	9.000		12/15/14		350		388,500
MedAssets, Inc., Gtd. Notes	B3	8.000		11/15/18		200		219,000
Priory Group No. 3 PLC (United Kingdom), Sr. Sec’d. Notes, RegS	B2	7.000		02/15/18	GBP	300		469,909
Valeant Pharmaceuticals International, Gtd. Notes, 144A	B1	6.500		07/15/16		300		315,188
								3,926,159

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 13

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Lodging    0.2%
FelCor Lodging LP, Sr. Sec’d. Notes	B2	10.000%		10/01/14	$	178	$	200,918
Media & Entertainment    7.3%
Allbritton Communications Co., Sr. Unsec’d. Notes	B2	8.000		05/15/18		200		217,250
AMC Entertainment, Inc., Gtd. Notes	Caa1	9.750		12/01/20		1,000		1,152,500
Belo Corp., Gtd. Notes	Ba1	8.000		11/15/16		348		374,970
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes	B1	9.125		08/01/18		350		392,000
Inmarsat Finance PLC (United Kingdom), Gtd. Notes, 144A	Ba2	7.375		12/01/17		485		518,950
LIN Television Corp., Gtd. Notes	B3	8.375		04/15/18		500		544,375
NAI Entertainment Holdings LLC, Sr. Sec’d. Notes, 144A (original cost $500,250; purchased 11/02/12 - 12/19/12)(c)(d)	B1	8.250		12/15/17		450		490,500
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., Sec’d. Notes	B3	8.875		04/15/17		750		825,000
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes	B2	11.625		02/01/14		422		461,035
Regal Entertainment Group, Gtd. Notes	B3	9.125		08/15/18		524		588,190
Salem Communications Corp., Sec’d. Notes	B2	9.625		12/15/16		570		630,563
Sinclair Television Group, Inc., Sec’d. Notes, 144A	Ba3	9.250		11/01/17		300		325,500
SSI Investments II Ltd./SSI Co-Issuer LLC, Gtd. Notes	Caa1	11.125		06/01/18		250		280,312

See Notes to Financial Statements.

14 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media & Entertainment (cont’d.)
Starz LLC/Starz Finance Corp., Gtd. Notes, 144A	Ba2	5.000%		09/15/19	$	700	$	715,750
Telesat Canada/Telesat LLC (Canada), Sr. Unsec’d. Notes, 144A	B3	6.000		05/15/17		690		719,325
								8,236,220
Metals    3.6%
ArcelorMittal (Luxembourg),
Sr. Unsec’d. Notes(a)	Ba1	5.000		02/25/17		400		416,200
Sr. Unsec’d. Notes	Ba1	6.125		06/01/18		450		485,234
Arch Coal, Inc., Gtd. Notes, 144A	B3	9.875		06/15/19		75		74,063
CONSOL Energy, Inc., Gtd. Notes	B1	8.000		04/01/17		250		271,875
FMG Resources (August 2006) Pty Ltd. (Australia),
Gtd. Notes, 144A	B1	6.000		04/01/17		700		729,750
Gtd. Notes, 144A	B1	7.000		11/01/15		850		890,375
New Gold, Inc. (Canada), Gtd. Notes, 144A	B2	7.000		04/15/20		160		172,800
Peabody Energy Corp., Gtd. Notes	Ba1	6.000		11/15/18		980		1,041,250
								4,081,547
Non-Captive Finance    2.8%
CIT Group, Inc.,
Sr. Unsec’d. Notes	Ba3	4.250		08/15/17		300		310,500
Sr. Unsec’d. Notes	Ba3	5.000		05/15/17		1,000		1,063,750
Sr. Unsec’d. Notes	Ba3	5.250		03/15/18		600		645,000
International Lease Finance Corp.,
Sr. Unsec’d. Notes	Ba3	5.875		04/01/19		1,000		1,074,436
Sr. Unsec’d. Notes	Ba3	8.875		09/01/17		100		120,000
								3,213,686

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 15

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Packaging    2.2%
Ardagh Packaging Finance PLC (Ireland), Sr. Sec’d. Notes, 144A (original cost $216,000; purchased 11/01/12)(c)(d)	Ba3	7.375%		10/15/17	$	200	$	218,000
Greif, Inc., Sr. Unsec’d. Notes	Ba2	6.750		02/01/17		500		557,500
Owens-Brockway Glass Container, Inc., Gtd. Notes	Ba3	7.375		05/15/16		300		345,000
Plastipak Holdings, Inc., Sr. Notes, 144A (original cost $114,250; purchased 11/01/12)(c)(d)	B3	10.625		08/15/19		100		114,500
Reynolds Group Issuer, Inc., Sr. Sec’d. Notes	B1	7.875		08/15/19		650		718,250
Sealed Air Corp., Gtd. Notes, 144A	B1	8.125		09/15/19		500		561,250
								2,514,500
Paper    0.5%
Longview Fibre Paper & Packaging, Inc., Sr. Sec’d. Notes, 144A (original cost $210,313; purchased 11/13/12 - 01/18/13)(c)(d)	B2	8.000		06/01/16		200		210,000
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A	Ba2	4.875		09/15/18		400		410,000
								620,000
Pipelines & Other    2.4%
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes	B2	9.125		10/01/17		1,600		1,720,000
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A	Ba2	6.000		01/15/19		625		612,500

See Notes to Financial Statements.

16 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pipelines & Other (cont’d.)
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes	Ba3	7.500%		10/01/18	$	350	$	378,000
								2,710,500
Real Estate Investment Trusts    0.2%
DuPont Fabros Technology LP, Gtd. Notes	Ba1	8.500		12/15/17		210		228,113
Retailers    1.8%
Petco Holdings, Inc., Sr. Notes, PIK, 144A	Caa1	8.500		10/15/17		800		824,000
Susser Holdings LLC, Gtd. Notes	B2	8.500		05/15/16		1,000		1,052,500
Toys “R” Us - Delaware, Inc., Sr. Sec’d. Notes, 144A	B1	7.375		09/01/16		150		152,250
								2,028,750
Technology    10.9%
Anixter, Inc.,
Gtd. Notes	Ba3	5.950		03/01/15		290		306,675
Gtd. Notes	Ba3	10.000		03/15/14		300		323,250
Audatex North America, Inc., Gtd. Notes, 144A	Ba2	6.750		06/15/18		1,145		1,222,287
Avaya, Inc., Gtd. Notes	Caa2	9.750		11/01/15		150		147,562
CDW LLC/CDW Finance Corp.,
Gtd. Notes	Caa1	12.535		10/12/17		910		977,112
Sr. Sec’d. Notes(a)	B1	8.000		12/15/18		899		995,643
Ceridian Corp.,
Gtd. Notes(a)	Caa2	11.250		11/15/15		100		102,500
Gtd. Notes, PIK	Caa2	12.250		11/15/15		1,000		1,022,500
CommScope, Inc., Gtd. Notes, 144A (original cost $989,000; purchased 01/07/13 - 02/01/13)(c)(d)	B3	8.250		01/15/19		900		976,500
Equinix, Inc., Sr. Unsec’d. Notes	Ba3	4.875		04/01/20		675		675,000

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 17

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
First Data Corp., Gtd. Notes	Caa1	9.875%		09/24/15	$	300	$	308,625
Freescale Semiconductor, Inc.,
Sr. Sec’d. Notes, 144A	B1	9.250		04/15/18		300		330,000
Sr. Sec’d. Notes, 144A	B1	10.125		03/15/18		100		110,750
Igloo Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	Caa1	8.250		12/15/17		400		408,000
Interactive Data Corp., Gtd. Notes	B3	10.250		08/01/18		1,050		1,190,438
Jabil Circuit, Inc., Sr. Unsec’d. Notes	Ba1	7.750		07/15/16		150		172,875
Seagate HDD Cayman (Cayman Islands), Gtd. Notes	Ba1	7.750		12/15/18		100		109,125
Seagate Technology HDD Holdings (Cayman Islands), Gtd. Notes	Ba1	6.800		10/01/16		150		168,750
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A	B2	6.500		05/15/19		1,210		1,297,725
STATS ChipPAC Ltd. (Singapore), Gtd. Notes, 144A	Ba1	7.500		08/12/15		450		472,500
TransUnion LLC/TransUnion Financing Corp., Gtd. Notes	B2	11.375		06/15/18		880		1,014,200
								12,332,017
Telecommunications    7.1%
Brightstar Corp., Gtd. Notes, 144A (original cost $646,500; purchased 11/08/12 - 02/01/13)(c)(d)	B1	9.500		12/01/16		600		642,000
Cricket Communications, Inc., Sr. Sec’d. Notes	Ba2	7.750		05/15/16		300		315,360
Digicel Group Ltd. (Bermuda), Sr. Unsec’d. Notes, 144A	B1	8.250		09/01/17		1,000		1,055,000
Eileme 2 AB (Sweden), Sr. Sec’d. Notes, RegS	B3	11.750		01/31/20	EUR	300		449,436
Frontier Communications Corp., Sr. Unsec’d. Notes	Ba2	8.250		04/15/17		500		571,250

See Notes to Financial Statements.

18 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Level 3 Financing, Inc.,
Gtd. Notes	B3	8.125%		07/01/19	$	297	$	323,730
Gtd. Notes	B3	10.000		02/01/18		600		663,000
Sprint Capital Corp., Gtd. Notes	B3	6.900		05/01/19		100		108,750
Sprint Nextel Corp., Sr. Unsec’d. Notes	B3	8.375		08/15/17		1,650		1,914,000
Wind Acquisition Finance SA (Luxembourg), Sec’d. Notes, RegS	B3	11.750		07/15/17	EUR	850		1,170,753
Windstream Corp., Gtd. Notes	Ba3	7.875		11/01/17		750		849,375
								8,062,654
TOTAL CORPORATE BONDS								99,486,055
TOTAL LONG-TERM INVESTMENTS (cost $103,357,567)								103,179,118
					Shares
SHORT-TERM INVESTMENT    5.5%
AFFILIATED MONEY MARKET MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $6,270,566)(e)						6,270,566		6,270,566
TOTAL INVESTMENTS    96.5% (cost $109,628,133; Note 5)								109,449,684
Other assets in excess of liabilities(f)    3.5%								3,958,220
Net Assets    100.0%							$	113,407,904

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.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 19

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

EUR—Euro

GBP—British Pound

MTN—Medium Term Note

PIK—Payment-in-Kind

† The ratings reflected are as of February 28, 2013. Ratings of certain bonds may have changed subsequent to that date. The Fund’s current Statement of Additional Information contains a description of Moody’s and Standard & Poor’s ratings.

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2013.

(b) Standard & Poor’s Rating.

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

(d) Indicates a restricted security; the aggregate original cost of such securities is $3,987,813. The aggregate value of $3,960,250 is approximately 3.5% of net assets.

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

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

Forward foreign currency exchange contracts outstanding at February 28, 2013:

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Value at February 28, 2013		Unrealized Appreciation
British Pound,
Expiring 04/25/13	Citibank NA	GBP	326	$	511,750	$	494,596	$	17,154
Euro,
Expiring 04/25/13	Citibank NA	EUR	1,540		2,091,732		2,011,137		80,595
Expiring 04/25/13	Citibank NA	EUR	1,346		1,817,355		1,758,287		59,068
Expiring 04/25/13	Credit Suisse First Boston	EUR	556		730,643		726,257		4,386
				$	5,151,480	$	4,990,277	$	161,203

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.

See Notes to Financial Statements.

20 Visit our website at www.prudentialfunds.com

The following is a summary of the inputs used as of February 28, 2013 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Bank Loans	$	—	$	3,449,662	$	243,401
Corporate Bonds		—		99,486,055		—
Affiliated Money Market Mutual Fund		6,270,566		—		—
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts		—		161,203		—
Total	$	6,270,566	$	103,096,920	$	243,401

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

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2013 were as follows:

Technology	12.7	%
Capital Goods	8.7
Media & Entertainment	8.2
Telecommunications	7.1
Affiliated Money Market Mutual Fund	5.5
Gaming	5.5
Foods	5.4
Cable	5.0
Energy - Other	4.4
Automotive	4.0
Metals	3.6
Healthcare & Pharmaceutical	3.5
Chemicals	3.2
Consumer	2.8
Non-Captive Finance	2.8
Aerospace & Defense	2.5	%
Pipelines & Other	2.4
Packaging	2.2
Electric	2.0
Building Materials & Construction	1.9
Retailers	1.8
Paper	0.5
Banking	0.2
Energy - Integrated	0.2
Lodging	0.2
Real Estate Investment Trusts	0.2
	96.5
Other assets in excess of liabilities	3.5
	100.0	%

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

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 21

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Fair values of derivative instruments as of February 28, 2013 as presented in the Statement of Assets and Liabilities:

Derivatives not designated as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	161,203	—		—

The effects of derivative instruments on the Statement of Operations for the period October 26, 2012* through February 28, 2013 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Foreign Currency Contracts
Foreign exchange contracts	$	(10,168	)
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Foreign Currency Contracts
Foreign exchange contracts	$	161,203

* Commencement of operations.

For the period October 26, 2012 through February 28, 2013, the Fund’s average value at settlement date receivable for forward currency contracts sold was $2,575,740.

See Notes to Financial Statements.

22 Visit our website at www.prudentialfunds.com

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

(UNAUDITED)

SEMIANNUAL REPORT ^· FEBRUARY 28, 2013

Prudential Short Duration High Yield Income Fund

Statement of Assets and Liabilities

as of February 28, 2013 (Unaudited)

Assets
Investments at value:
Unaffiliated Investments (cost $103,357,567)	$	103,179,118
Affiliated Investments (cost $6,270,566)		6,270,566
Foreign currency, at value (cost $746,645)		741,870
Receivable for Fund shares sold		5,238,623
Dividends and interest receivable		2,059,237
Unrealized appreciation on forward foreign currency exchange contracts		161,203
Prepaid expenses		34,010
Total assets		117,684,627
Liabilities
Payable for investments purchased		3,272,686
Payable to custodian		728,037
Payable for Fund shares reacquired		132,458
Dividends payable		63,623
Management fee payable		41,892
Accrued expenses		22,589
Distribution fee payable		14,838
Affiliated transfer agent fee payable		600
Total liabilities		4,276,723
Net Assets	$	113,407,904
Net assets were comprised of:
Common stock, at par	$	113,486
Paid-in capital in excess of par		113,524,071
		113,637,557
Distribution in excess of net investment income		(222,897	)
Accumulated net realized gain on investment and foreign currency transactions		16,532
Net unrealized depreciation on investments and foreign currencies		(23,288	)
Net assets, February 28, 2013	$	113,407,904

See Notes to Financial Statements.

24 Visit our website at www.prudentialfunds.com

Class A
Net asset value and redemption price per share ($42,312,731 ÷ 4,234,696 shares of common stock issued and outstanding)	$	9.99
Maximum sales charge (3.25% of offering price)		0.34
Maximum offering price to public	$	10.33
Class C
Net asset value, offering price and redemption price per share ($14,937,672 ÷ 1,495,039 shares of common stock issued and outstanding)	$	9.99
Class Z
Net asset value, offering price and redemption price per share ($56,157,501 ÷ 5,618,892 shares of common stock issued and outstanding)	$	9.99

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 25

Statement of Operations

For the Period October 26, 2012* through February 28, 2013 (Unaudited)

Net Investment Income
Income
Interest income	$	789,403
Affiliated dividend income		5,879
Total income		795,282
Expenses
Management fee		115,148
Distribution fee—Class A		8,715
Distribution fee—Class C		13,144
Custodian’s fees and expenses		28,000
Registration fees		28,000
Legal fees and expenses		14,000
Audit fee		13,000
Reports to shareholders		9,000
Transfer agent’s fees and expenses (including affiliated expense of $765) (Note 3)		6,000
Directors’ fees		4,000
Miscellaneous		3,507
Total expenses		242,514
Less: Expense reimbursement (Note 2)		(72,599	)
Net expenses		169,915
Net investment income		625,367
Realized And Unrealized Gain (Loss) On Investments and Foreign Currencies
Net realized gain on:
Investment transactions		15,972
Foreign currency transactions		560
		16,532
Net unrealized appreciation (depreciation) on:
Investments		(178,449	)
Foreign currencies		155,161
		(23,288	)
Net loss on investments and foreign currencies		(6,756	)
Net Increase In Net Assets Resulting From Operations	$	618,611

* Commencement of operations.

See Notes to Financial Statements.

26 Visit our website at www.prudentialfunds.com

Statement of Changes in Net Assets

(Unaudited)

	October 26, 2012* through February 28, 2013
Increase (Decrease) In Net Assets
Operations
Net investment income	$	625,367
Net realized gain on investment and foreign currency transactions		16,532
Net unrealized appreciation (depreciation) on investments and foreign currencies		(23,288	)
Net increase in net assets resulting from operations		618,611
Dividends from net investment income (Note 1)
Class A		(181,565	)
Class C		(57,105	)
Class Z		(609,594	)
		(848,264	)
Fund share transactions (Note 6)
Net proceeds from shares sold		115,610,717
Net asset value of shares issued in reinvestment of dividends		757,951
Cost of shares reacquired		(2,731,111	)
Net increase in net assets from Fund share transactions		113,637,557
Total increase		113,407,904
Net Assets:
Beginning of period		—
End of period	$	113,407,904

* Commencement of operations.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 27

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as a diversified, open-end management investment company. The Company consists of two funds: Prudential High Yield Fund and Prudential Short Duration High Yield Income Fund (the “Fund”). These financial statements relate to Prudential Short Duration High Yield Income Fund. The Fund’s investment objective is to provide a high level of current income. The Fund commenced investment operations on October 26, 2012.

Note 1. Accounting Policies

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

Securities Valuation: The Fund holds portfolio 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 Directors (the “Board”) has delegated fair valuation responsibilities to Prudential Investments LLC (“PI” or “Manager”) through the adoption of Valuation Procedures for valuation of the Fund’s securities. Under the current Valuation Procedures, a Valuation Committee is established and responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures allow the Fund to utilize independent pricing vendor services, quotations from market makers and other valuation methods in events when market quotations are not readily available or not representative of the fair value of the securities. A record of the Valuation Committee’s actions is subject to review, approval and ratification by the Board at its next regularly scheduled quarterly meeting.

Various inputs are used in determining the value of the Fund’s investments, which are summarized in the three broad level hierarchies based on any observable inputs used as described in the table following the Portfolio of Investments. The valuation methodologies and significant inputs used in determining the fair value of securities and other assets classified as Level 1, Level 2 and Level 3 of the hierarchy are as follows:

Common stocks, exchange-traded funds and financial derivative instruments (including futures contracts and certain options and swap contracts on securities), that

28 Visit our website at www.prudentialfunds.com

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 of the fair value hierarchy.

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

For common stocks traded on foreign securities exchanges, certain valuation adjustments will be applied when events occur after the close of the security’s foreign market and before the Fund’s normal pricing time. These securities 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 of the fair value hierarchy as the adjustment factors are considered as significant other observable inputs to the valuation.

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 as they have the ability to be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter market, such as corporate bonds, municipal bonds, U.S. Government agencies issues and guaranteed obligations, U.S. Treasury obligations and sovereign issues are usually valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices usually after evaluating observable inputs including yield curves, credit rating, yield spreads, default rates, cash flows as well as broker/dealer quotations and reported trades. Securities valued using such vendor prices are classified as Level 2 of the fair value hierarchy.

Asset-backed and mortgage-related securities are usually valued by approved independent pricing vendors. The pricing vendors provide the prices using their internal pricing models with inputs from deal terms, tranche level attributes, yield curves, prepayment speeds, default rates and broker/dealer quotes. Securities valued using such vendor prices are classified as Level 2 of the fair value hierarchy.

Prudential Short Duration High Yield Income Fund 29

Notes to Financial Statements

(Unaudited) continued

Short-term debt securities of sufficient credit quality, which mature in sixty days or less, are valued using amortized cost method, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as option contracts, foreign currency contracts and swaps agreements, are usually valued using pricing vendor services, which derive the valuation based on underlying asset prices, indices, spreads, interest rates, exchange rates and other inputs. These instruments are categorized as Level 2 of the fair value hierarchy.

Securities and other assets that cannot be priced using the methods described above are valued with pricing methodologies approved by the Valuation Committee. In the event there are unobservable inputs used when determining such valuations, the securities will be classified as Level 3 of the fair value hierarchy.

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.

Restricted and Illiquid Securities: The Fund may invest up to 15% of its net assets in illiquid securities. 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

30 Visit our website at www.prudentialfunds.com

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 Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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 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 securities sold during the period. Accordingly, realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding 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.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability, or the level of governmental supervision and regulation of foreign securities markets.

Prudential Short Duration High Yield Income Fund 31

Notes to Financial Statements

(Unaudited) continued

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. 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.

Loan Participations: The Fund may invest in loan participations, another type of restricted security. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, the Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participation.

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.

32 Visit our website at www.prudentialfunds.com

Net investment income or loss (other than distribution fees which are charged directly to the respective class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

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

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 has responsibility for all investment advisory services and supervises the subadvisor’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 accrued daily and payable monthly at an annual rate of .70% of the Fund’s average daily net assets.

PI has contractually agreed through October 31, 2013 to limit net annual Fund operating expenses (excluding distribution and service (12b-1) fees, extraordinary and

Prudential Short Duration High Yield Income Fund 33

Notes to Financial Statements

(Unaudited) continued

certain other expenses, including taxes, interest and brokerage commissions) of each class of shares to .90% 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 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 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. PIMS has contractually agreed to limit such fees to .25% of the average daily net assets of the Class A shares through October 31, 2013.

PIMS has advised the Fund that it has received $152,188 in front-end sales charges resulting from sales of Class A shares, during the period ended February 28, 2013. 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 period ended February 28, 2013, it received $52 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

PI, PIMS and PIM 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’s fees and expenses on 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 Funds”), a portfolio of the Prudential Investment Portfolios 2, registered under the

34 Visit our website at www.prudentialfunds.com

1940 Act and managed by PI. Earnings from the Core Funds are disclosed on the Statement of Operations as affiliated dividend income.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the period ended February 28, 2013, aggregated $106,317,241 and $2,722,866, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2013 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Depreciation
$109,829,219	$283,270	$(662,805)	$(379,535)

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

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

Note 6. Capital

The Fund offers Class A, Class C and Class Z shares. Class A shares are sold with a front-end sales charge of up to 3.25%. Investors who purchase $1 million or more of Class A shares and redeem those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, but are not subject to an initial sales charge. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class C shares sold within 12 months of purchase are subject to a CDSC of 1%. 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 charges and are available only to a limited group of investors.

Prudential Short Duration High Yield Income Fund 35

Notes to Financial Statements

(Unaudited) continued

At February 28, 2013, Prudential through its affiliates owned 1,017 Class A Shares, 1,014 Class C Shares and 2,546,089 Class Z Shares of the Fund.

The Fund is authorized to issue 1 billion shares of common stock, $.01 par value per share, divided into three classes, designated Class A, Class C and Class Z common stock. Of the authorized shares of common stock of the Fund, 300 million shares are designated for Class A common stock, 200 million shares are designated for Class C common stock and 500 million shares are designated for Class Z common stock.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Period ended February 28, 2013*:
Shares sold		4,369,535		$	43,776,534
Shares issued in reinvestment of dividends		14,262			142,523
Shares reacquired		(149,101	)		(1,489,637	)
Net increase (decrease) in shares outstanding		4,234,696		$	42,429,420
Class C
Period ended February 28, 2013*:
Shares sold		1,508,331		$	15,097,484
Shares issued in reinvestment of dividends		4,611			46,090
Shares reacquired		(17,903	)		(178,632	)
Net increase (decrease) in shares outstanding		1,495,039		$	14,964,942
Class Z
Period ended February 28, 2013*:
Shares sold		5,668,090		$	56,736,699
Shares issued in reinvestment of dividends		56,992			569,338
Shares reacquired		(106,190	)		(1,062,842	)
Net increase (decrease) in shares outstanding		5,618,892		$	56,243,195

* Commenced operations on October 26, 2012.

36 Visit our website at www.prudentialfunds.com

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 15, 2012 through November 14, 2013. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 15, 2012, the Funds had another Syndicated Credit Agreement 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 period ended February 28, 2013.

Note 8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.

Prudential Short Duration High Yield Income Fund 37

Financial Highlights

(Unaudited)

Class A Shares
	October 26, 2012(a) through February 28, 2013(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.00
Income from investment operations:
Net investment income		.13
Net realized and unrealized gain on investment and foreign currency transactions		.03
Total from investment operations		.16
Less Dividends:
Dividends from net investment income		(.17	)
Net asset value, end of period		$9.99
Total Return(c):		1.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$42,313
Average net assets (000)		$10,100
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees(e)		1.15%	(f)(g)
Expenses, excluding distribution and service (12b-1) fees		.90%	(f)(g)
Net investment income		3.91%	(f)(g)
Portfolio turnover rate		6%	(h)

(a) Commencement of operations.

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

(c) 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 one full year are not annualized.

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

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

(f) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratio would have been 1.35%, 1.10% and 3.71%, respectively, for the period ended February 28, 2013.

(g) Annualized.

(h) Not annualized.

See Notes to Financial Statements.

38 Visit our website at www.prudentialfunds.com

Class C Shares
	October 26, 2012(a) through February 28, 2013(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.00
Income from investment operations:
Net investment income		.10
Net realized and unrealized gain on investment and foreign currency transactions		.03
Total from investment operations		.13
Less Dividends:
Dividends from net investment income		(.14	)
Net asset value, end of period		$9.99
Total Return(c):		1.32%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,938
Average net assets (000)		$3,808
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees		1.90%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		.90%	(e)(f)
Net investment income		3.03%	(e)(f)
Portfolio turnover rate		6%	(g)

(a) Commencement of operations.

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

(c) 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 one full year are not annualized.

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

(e) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratio would have been 2.13%, 1.13% and 2.80%, respectively, for the period ended February 28, 2013.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 39

Financial Highlights

(Unaudited) continued

Class Z Shares
	October 26, 2012(a) through February 28, 2013(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$10.00
Income from investment operations:
Net investment income		.13
Net realized and unrealized gain on investment and foreign currency transactions		.04
Total from investment operations		.17
Less Dividends:
Dividends from net investment income		(.18	)
Net asset value, end of period		$9.99
Total Return(c):		1.70%
Ratios/Supplemental Data:
Net assets, end of period (000)		$56,158
Average net assets (000)		$33,747
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees		.90%	(e)(f)
Expenses, excluding distribution and service (12b-1) fees		.90%	(e)(f)
Net investment income		3.86%	(e)(f)
Portfolio turnover rate		6%	(g)

(a) Commencement of operations.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. 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) Does not include expenses of the underlying portfolio in which the Fund invests.

(e) Net of expense waiver/reimbursement. If the investment manager had not waived/reimbursed expenses, the expense ratios including and excluding distribution and service (12b-1) fees and net investment income ratio would have been 1.44%, 1.44% and 3.32%, respectively, for the period ended February 28, 2013.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

40 Visit our website at www.prudentialfunds.com

n   MAIL	n   TELEPHONE	n   WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

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

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

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 DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Short Duration High Yield Income Fund, Prudential Investments, Attn: Board of Directors, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Director 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

PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND

SHARE CLASS	A	C	Z
NASDAQ	HYSAX	HYSCX	HYSZX
CUSIP	74442J109	74442J208	74442J307

MF216E2    0242443-00001-00

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL HIGH YIELD FUND

SEMIANNUAL REPORT ^· FEBRUARY 28, 2013

Fund Type

High Yield Bond

Objectives

Current income, and capital appreciation as a secondary objective

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 February 28, 2013, were not audited, and accordingly, no auditor’s opinion is expressed on them.

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

April 15, 2013

Dear Shareholder:

We hope you find the semiannual report for the Prudential High Yield Fund informative and useful. The report covers performance for the six-month period that ended February 28, 2013.

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,

Stuart S. Parker, President

Prudential High Yield 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 High Yield Fund 1

Your Fund’s Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. Class A shares have a maximum initial sales charge of 4.50%. Gross operating expenses: Class A, 0.87%; Class B, 1.32%; Class C, 1.57%; Class Q, 0.47%; Class R, 1.32%; Class X, 1.57%; Class Z, 0.57%. Net operating expenses: Class A, 0.82%; Class B, 1.32%; Class C, 1.57%; Class Q, 0.47%; Class R, 1.07%; Class X, 1.57%; Class Z, 0.57%, after contractual reduction through 12/31/2013 for Class A and Class R shares.

Cumulative Total Returns (Without Sales Charges) as of 2/28/13
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class A		6.21	%		10.41	%		63.40	%		146.77	%	—
Class B		5.78			9.90			59.21			135.00		—
Class C		5.84			9.63			58.76			133.87		—
Class Q		6.20			10.80			N/A			N/A		17.25% (10/31/11)
Class R		6.08			10.33			61.43			N/A		82.87    (6/6/05)
Class X		5.64			9.58			57.10			N/A		52.37    (3/26/07)
Class Z		6.15			10.70			65.76			153.43		—
Barclays U.S. Corporate High Yield 1% Issuer Capped Index		6.64			11.59			70.73			163.56		—
Lipper High Yield Funds Average		6.32			10.67			55.02			131.90		—
Average Annual Total Returns (With Sales Charges) as of 3/31/13
				One Year			Five Years			Ten Years			Since Inception
Class A					6.49	%		9.56	%		8.80	%	—
Class B					5.99			9.87			8.77		—
Class C					9.72			9.94			8.71		—
Class Q					11.89			N/A			N/A		12.74% (10/31/11)
Class R					11.23			10.31			N/A		8.15    (6/6/05)
Class X					4.48			9.29			N/A		7.17    (3/26/07)
Class Z					11.80			10.89			9.59		—
Barclays U.S. Corporate High Yield 1% Issuer Capped Index					12.84			11.55			9.99		—
Lipper High Yield Funds Average					11.80			9.39			8.60		—

2 Visit our website at www.prudentialfunds.com

Source: Prudential Investments LLC and Lipper Inc.

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

Class A shares are subject to a maximum front-end sales charge of 4.50% and an annual 12b-1 fee of 0.30%. 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 CDSC is waived for purchases by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class B shares are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively, for the first six years after purchase and a 12b-1 fee of 0.75% annually. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares are not subject to a front-end sales charge, but are subject to a CDSC of 1% for shares sold within 12 months from the date of purchase, and an annual 12b-1 fee of 1%. Class Q, Class R, and Class Z shares are not subject to a sales charge. Class R shares are subject to a 12b-1 fee of 0.75% annually. Class Q and Class Z shares are not subject to a 12b-1 fee. Class X shares are subject to a declining CDSC of 6%, 5%, 4%, 4%, 3%, 2%, 2%, and 1%, respectively, for the first eight years after purchase and a 12b-1 fee of 1% annually. Class X shares automatically convert to Class A shares on a monthly basis approximately 10 years (eight years in the case of shares purchased prior to August 17, 1998) after purchase. Class X shares are closed to new investors and are available only by exchange from the same share class of another Prudential Investments fund. The returns in the tables reflect the share class expense structure in effect at the close of the fiscal period. The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

Benchmark Definitions

Barclays U.S. Corporate High Yield 1% Issuer Capped Index

The Barclays U.S. Corporate High Yield 1% Issuer Capped Index (the Index) is an unmanaged index which covers the universe of U.S. dollar-denominated, non-convertible, fixed rate, non-investment-grade debt. Issuers are capped at 1% of the Index. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. Barclays U.S. Corporate High Yield 1% Issuer Capped Index Closest Month-End to Inception cumulative total returns as of 2/28/13 are 18.21% for Class Q; 94.67% for Class R; and 65.40% for Class X. Barclays U.S. Corporate High Yield 1% Issuer Capped Index Closest Month-End to Inception average annual total returns as of 3/31/13 are 13.35% for Class Q; 9.02% for Class R; and 8.93% for Class X.

Lipper High Yield Funds Average

The Lipper High Yield Funds Average (Lipper Average) represents returns based on an average return of all funds in the Lipper High Yield Funds category for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. Lipper Average Closest Month-End to Inception cumulative total returns as of 2/28/13 are 16.88% for Class Q; 75.42% for Class R; and 48.86% for Class X. Lipper Average Closest Month-End to Inception average annual total returns as of 3/31/13 are 12.40% for Class Q; 7.55% for Class R; and 7.01% for Class X.

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, but not sales charges or taxes.

Prudential High Yield Fund 3

Your Fund’s Performance (continued)

Five Largest Long-Term Issues expressed as a percentage of net assets as of 2/28/13
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., Sec’d. Notes, 144A, 03/01/22	0.9	%
CommScope, Inc., Gtd. Notes, 144A, 01/15/19	0.7
AMC Entertainment, Inc., Gtd. Notes, 12/01/20	0.6
CHS/Community Health Systems, Inc., Gtd. Notes, 11/15/19	0.6
CDW Finance Corp., Gtd. Notes, 04/01/19	0.6

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

Distributions and Yields as of 2/28/13
	Total Distributions Paid for Six Months		30-Day SEC Yield
Class A	$	0.19		4.55	%
Class B		0.17		4.26
Class C		0.16		4.01
Class Q		0.20		5.10
Class R		0.18		4.51
Class X		0.16		4.01
Class Z		0.19		5.00

Credit Quality* expressed as a percentage of net assets as of 2/28/13
A	0.3	%
Baa	1.5
Ba	24.7
B	47.9
Caa or Lower	18.3
Not Rated**	24.8
Total Investments	117.5
Liabilities in excess of other assets	–17.5
Net Assets	100.0	%

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

**Approximately 24.0% of Not Rated is invested in an 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.

The example is based on an investment of $1,000 invested on September 1, 2012, at the beginning of the period, and held through the six-month period ended February 28, 2013. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Prudential High Yield Fund 5

Fees and Expenses (continued)

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

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

Prudential High Yield Fund		Beginning Account Value September 1, 2012		Ending Account Value February 28, 2013		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,062.10		0.82	%	$	4.19
	Hypothetical	$	1,000.00	$	1,020.73		0.82	%	$	4.11
Class B	Actual	$	1,000.00	$	1,057.80		1.32	%	$	6.73
	Hypothetical	$	1,000.00	$	1,018.25		1.32	%	$	6.61
Class C	Actual	$	1,000.00	$	1,058.40		1.57	%	$	8.01
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class Q	Actual	$	1,000.00	$	1,062.00		0.47	%	$	2.40
	Hypothetical	$	1,000.00	$	1,022.46		0.47	%	$	2.36
Class R	Actual	$	1,000.00	$	1,060.80		1.07	%	$	5.47
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class X	Actual	$	1,000.00	$	1,056.40		1.57	%	$	8.01
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class Z	Actual	$	1,000.00	$	1,061.50		0.57	%	$	2.91
	Hypothetical	$	1,000.00	$	1,021.97		0.57	%	$	2.86

*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 February 28, 2013, and divided by 365 days. Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

6 Visit our website at www.prudentialfunds.com

Portfolio of Investments

as of February 28, 2013 (Unaudited)

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    93.5%
ASSET-BACKED SECURITIES    0.3%
Baker Street CLO II Ltd. (Cayman Islands), Ser. 2006-1A, Class E, 144A(a)(b)	Ba3	4.254%		10/15/19	$	2,851	$	2,603,789
Bridgeport CLO Ltd. (Cayman Islands), Ser. 2007-2A, Class D, 144A(a)(b)(c)	Ba3	4.558		06/18/21		2,261		1,953,641
Landmark IV CDO Ltd. (Cayman Islands), Ser. 2004-1A, Class B2L(a)(b)(c)	Ba3	6.458		12/15/16		3,259		3,264,127
Liberty Square CDO Ltd. (Cayman Islands), Ser. 2001-2A, Class D, 144A(a)(b)(c)	C	7.013		06/15/13		3,139		156,969
TOTAL ASSET-BACKED SECURITIES								7,978,526
BANK LOANS    3.8%
Automotive    0.2%
Chrysler Group LLC(b)	Ba1	6.000		05/24/17		4,383		4,469,621
Cable    0.1%
WideOpenWest Holdings LLC(b)	B1	6.250		07/17/18		3,390		3,427,593
Capital Goods    0.2%
CPM Acquisition Corp.(b)	Caa1	10.250		03/01/18		7,250		7,250,000
Consumer    0.2%
One Call Medical, Inc.(b)	Ba3	7.000		08/23/19		2,494		2,509,336
Visant Corp.(b)	B1	5.250		12/22/16		343		327,403
West Corp.(b)	Ba3	4.250		06/30/18		3,284		3,321,611
								6,158,350
Electric
Texas Competitive Electric Holdings Co. LLC(b)	Caa3	3.746		10/10/14		918		662,454
Energy - Other    0.2%
Shelf Drilling Holdings Ltd. (original cost $4,900,000; purchased 10/10/12)(b)(c)(d)	Ba1	6.250		05/31/18		5,000		5,050,000

See Notes to Financial Statements.

Prudential High Yield Fund 7

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS (Continued)
Gaming    0.1%
CCM Merger, Inc.(b)	B2	6.000%		03/01/17	$	3,726	$	3,754,429
Healthcare & Pharmaceutical
Alliance HealthCare Services, Inc.(b)	Ba3	7.250		06/01/16		1,096		1,098,979
Metals    0.7%
FMG Resources (August 2006) Pty Ltd.(b)	Ba1	5.250		10/18/17		14,963		15,143,292
Metals USA, Inc.(b)	B2	6.250		12/13/19		7,000		7,008,750
								22,152,042
Pipelines & Other    0.2%
Energy Transfer Equity LP(b)	Ba2	3.750		03/24/17		5,305		5,320,475
Retailers    0.1%
Rite Aid Corp.(b)	B3	5.750		08/31/20		3,000		3,015,000
Technology    1.8%
Alcatel-Lucent (USA), Inc.(b)	B1	7.250		01/30/19		4,000		4,043,752
First Data Corp.(b)	B1	4.202		03/26/18		9,612		9,492,191
First Data Corp.(b)	B1	5.202		03/24/17		2,701		2,706,055
Freescale Semiconductor, Inc.(b)	B1	4.452		12/01/16		5,000		5,002,085
Freescale Semiconductor, Inc.(b)	B1	6.000		02/28/19		7,940		7,943,311
Kronos, Inc.(b)	Ba3	9.750		04/30/20		10,000		10,216,670
NXP BV(b)	B1	5.500		03/03/17		1,975		2,010,489
RP Crown Parent LLC(b)	Caa1	11.250		12/23/19		10,000		10,343,750
Sensata Technologies, Inc.(b)	Ba2	3.750		05/12/18		398		400,191
								52,158,494
TOTAL BANK LOANS								114,517,437
CORPORATE BONDS    89.2%
Aerospace & Defense    1.0%
Alliant Techsystems, Inc., Gtd. Notes(e)	Ba3	6.875		09/15/20		1,800		1,962,000

See Notes to Financial Statements.

8 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada), Sr. Notes, 144A(a)	Ba2	6.125%		01/15/23	$	2,225	$	2,280,625
Sr. Unsec’d. Notes, 144A(a)(e)	Ba2	5.750		03/15/22		3,075		3,121,125
Sr. Unsec’d. Notes, 144A(a)(e)	Ba2	7.500		03/15/18		2,000		2,272,500
Colt Defense LLC, Sr. Unsec’d. Notes(e)	Caa1	8.750		11/15/17		925		603,562
Esterline Technologies Corp., Gtd. Notes	Ba2	6.625		03/01/17		175		178,937
Gtd. Notes	Ba2	7.000		08/01/20		4,250		4,675,000
Moog, Inc., Sr. Sub. Notes	Ba3	7.250		06/15/18		2,850		2,992,500
Sequa Corp., Gtd. Notes, 144A	Caa1	7.000		12/15/17		3,425		3,450,688
TransDigm, Inc., Gtd. Notes	B3	7.750		12/15/18		6,925		7,600,188
								29,137,125
Automotive    3.2%
American Axle & Manufacturing, Inc., Gtd. Notes	B2	6.250		03/15/21		3,025		3,051,469
Gtd. Notes(e)	B2	6.625		10/15/22		5,475		5,598,187
Chrysler Group LLC, Sec’d. Notes(e)	B1	8.000		06/15/19		2,925		3,206,531
Sec’d. Notes(e)	B1	8.250		06/15/21		8,600		9,524,500
Continental Rubber of America Corp., Sr. Sec’d. Notes, 144A	Ba2	4.500		09/15/19		7,600		7,752,000
Dana Holding Corp., Sr. Unsec’d. Notes(e)	B2	6.500		02/15/19		4,325		4,649,375
Sr. Unsec’d. Notes(e)	B2	6.750		02/15/21		10,085		10,980,044
Delphi Corp., Gtd. Notes(e)	Ba1	5.000		02/15/23		4,700		4,893,875
Gtd. Notes(e)	Ba1	5.875		05/15/19		7,150		7,650,500
Gtd. Notes	Ba1	6.125		05/15/21		9,150		9,973,500
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A(a)(e)	Ba3	5.625		02/01/23		650		664,625

See Notes to Financial Statements.

Prudential High Yield Fund 9

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Automotive (cont’d.)
Lear Corp., Gtd. Notes, 144A(e)	Ba2	4.750%		01/15/23	$	4,050	$	3,948,750
Gtd. Notes(e)	Ba2	7.875		03/15/18		4,688		5,074,760
Gtd. Notes(e)	Ba2	8.125		03/15/20		9,456		10,543,440
TRW Automotive, Inc., Gtd. Notes, 144A	Ba2	4.500		03/01/21		6,175		6,252,187
Gtd. Notes, 144A	Ba2	7.250		03/15/17		650		747,500
Gtd. Notes, 144A	Ba2	8.875		12/01/17		1,425		1,556,813
								96,068,056
Banking    1.0%
Ally Financial, Inc., Gtd. Notes(e)	B1	5.500		02/15/17		1,325		1,436,531
Gtd. Notes, Ser. 8(e)	B1	6.750		12/01/14		2,035		2,187,625
Gtd. Notes(e)	B1	8.000		03/15/20		3,200		3,928,000
Gtd. Notes	B1	8.300		02/12/15		400		445,000
Bank of America Corp., Jr. Sub. Notes, Ser. K(b)(e)	B1	8.000		12/29/49		9,510		10,742,268
Jr. Sub. Notes, Ser. M(b)	B1	8.125		12/29/49		8,795		9,905,342
Wachovia Bank NA, Sub. Notes, MTN	A1	6.600		01/15/38		375		501,841
								29,146,607
Brokerage    0.3%
Blackstone Holdings Finance Co. LLC, Gtd. Notes, 144A	A(f)	4.750		02/15/23		3,100		3,358,500
KKR Group Finance Co. LLC, Gtd. Notes, 144A(e)	A-(f)	6.375		09/29/20		5,000		5,879,880
								9,238,380
Building Materials & Construction    2.4%
Beazer Homes USA, Inc., Gtd. Notes, 144A(e)	Caa2	7.250		02/01/23		1,425		1,435,687
Gtd. Notes	Caa2	9.125		06/15/18		500		533,750
Gtd. Notes(e)	Caa2	9.125		05/15/19		2,500		2,675,000

See Notes to Financial Statements.

10 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Building Materials & Construction (cont’d.)
Building Materials Corp. of America, Sr. Notes, 144A (original cost $2,977,500; purchased 09/27/10)(c)(d)	Ba3	6.875%		08/15/18	$	3,000	$	3,210,000
Sr. Sec’d. Notes, 144A (original cost $3,619,500; purchased 02/02/10-04/27/11)(c)(d)	Ba1	7.000		02/15/20		3,525		3,815,813
Cemex Finance LLC, Sr. Sec’d. Notes, 144A(e)	B(f)	9.375		10/12/22		7,400		8,602,500
D.R. Horton, Inc.,
Gtd. Notes	Ba2	4.750		02/15/23		13,800		13,731,000
Gtd. Notes	Ba2	6.500		04/15/16		100		110,750
HD Supply, Inc., Sr. Unsec’d. Notes, 144A	Caa1	7.500		07/15/20		6,060		6,067,575
K. Hovnanian Enterprises, Inc., Sr. Sec’d. Notes, 144A(e)	B3	7.250		10/15/20		8,700		9,570,000
KB Home, Gtd. Notes	B2	7.500		09/15/22		3,775		4,213,844
Masco Corp.,
Sr. Unsec’d. Notes	Ba3	5.950		03/15/22		1,475		1,642,640
Sr. Unsec’d. Notes	Ba3	7.125		08/15/13		2,845		2,908,665
Standard Pacific Corp.,
Gtd. Notes	B3	8.375		05/15/18		550		647,625
Gtd. Notes(e)	B3	8.375		01/15/21		400		475,000
Gtd. Notes(e)	B3	10.750		09/15/16		2,725		3,392,625
Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
Gtd. Notes, 144A	B2	7.750		04/15/20		2,275		2,445,625
Gtd. Notes, 144A(e)	B2	7.750		04/15/20		5,150		5,536,250
								71,014,349
Cable    4.3%
Bresnan Broadband Holdings LLC, Gtd. Notes, 144A	B3	8.000		12/15/18		5,800		6,351,000

See Notes to Financial Statements.

Prudential High Yield Fund 11

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Cable (cont’d.)
Cablevision Systems Corp., Sr. Unsec’d. Notes	B1	8.625%		09/15/17	$	8,475	$	9,831,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
Gtd. Notes(e)	B1	5.125		02/15/23		3,850		3,753,750
Gtd. Notes(e)	B1	7.875		04/30/18		1,000		1,067,500
Gtd. Notes(e)	B1	8.125		04/30/20		725		807,469
Sr. Unsec’d. Notes, 144A	B1	5.750		09/01/23		8,675		8,675,000
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp., Sr. Unsec’d. Notes, 144A	B3	6.375		09/15/20		6,250		6,460,937
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsec’d. Notes, 144A	B3	8.625		11/15/17		14,068		15,052,760
CSC Holdings LLC,
Sr. Unsec’d. Notes(e)	Ba3	6.750		11/15/21		7,125		7,775,156
Sr. Unsec’d. Notes(e)	Ba3	7.625		07/15/18		875		1,006,250
Sr. Unsec’d. Notes(e)	Ba3	8.625		02/15/19		575		685,687
DISH DBS Corp.,
Gtd. Notes(e)	Ba2	5.875		07/15/22		1,275		1,345,125
Gtd. Notes	Ba2	6.750		06/01/21		725		806,563
Sr. Unsec’d. Notes, 144A	Ba2	5.000		03/15/23		7,300		7,245,250
Echostar DBS Corp.,
Gtd. Notes	Ba2	6.625		10/01/14		10,862		11,595,185
Gtd. Notes	Ba2	7.125		02/01/16		1,900		2,113,750
Lynx I Corp., Sr. Sec’d. Notes, 144A	Ba3	5.375		04/15/21		4,275		4,381,875
Nara Cable Funding Ltd. (Ireland), Sr. Sec’d. Notes, 144A(a)(e)	B1	8.875		12/01/18		4,775		4,989,875
ONO Finance II PLC (Ireland), Gtd. Notes, 144A(a)	Caa1	10.875		07/15/19		1,300		1,352,000
UPC Holding BV (Netherlands), Sec’d. Notes, 144A(a)	B2	9.875		04/15/18		12,050		13,496,000
UPCB Finance V Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A(a)	Ba3	7.250		11/15/21		3,675		4,042,500

See Notes to Financial Statements.

12 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Cable (cont’d.)
UPCB Finance VI Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A(a)(e)	Ba3	6.875%		01/15/22	$	4,625	$	5,006,563
Videotron Ltee (Canada), Gtd. Notes(a)(e)	Ba2	5.000		07/15/22		5,650		5,748,875
Gtd. Notes(a)(e)	Ba2	6.375		12/15/15		2,050		2,075,625
WaveDivision Escrow LLC/WaveDivision Escrow Corp., Sr. Unsec’d. Notes, 144A	Caa1	8.125		09/01/20		2,100		2,205,000
								127,870,695
Capital Goods    6.1%
ADS Waste Holdings, Inc., Sr. Unsec’d. Notes, 144A	Caa1	8.250		10/01/20		5,025		5,401,875
Aguila 3 SA (Luxembourg), Sr. Sec’d. Notes, 144A(a)(e)	B2	7.875		01/31/18		1,300		1,378,000
Amsted Industries, Inc., Sr. Notes, 144A (original cost $3,226,600; purchased 03/12/10)(c)(d)	B1	8.125		03/15/18		3,250		3,493,750
Ashtead Capital, Inc., Sec’d. Notes, 144A	B2	6.500		07/15/22		6,100		6,572,750
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes(b)	B2	2.790		05/15/14		310		310,003
Gtd. Notes(e)	B2	8.250		01/15/19		2,575		2,813,187
Gtd. Notes(e)	B2	9.625		03/15/18		6,425		7,099,625
Gtd. Notes	B2	9.750		03/15/20		3,075		3,543,937
Belden, Inc., Gtd. Notes, 144A	Ba2	5.500		09/01/22		3,800		3,895,000
Case New Holland, Inc., Gtd. Notes(e)	Ba2	7.875		12/01/17		3,675		4,313,531
Clean Harbors, Inc., Gtd. Notes(e)	Ba2	5.250		08/01/20		6,375		6,566,250
Columbus McKinnon Corp., Gtd. Notes	B1	7.875		02/01/19		3,410		3,674,275
Dycom Investments, Inc.,
Gtd. Notes	Ba3	7.125		01/15/21		2,500		2,668,750
Gtd. Notes, 144A	Ba3	7.125		01/15/21		2,775		2,920,687

See Notes to Financial Statements.

Prudential High Yield Fund 13

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
General Cable Corp., Gtd. Notes, 144A	B1	5.750%		10/01/22	$	3,837	$	3,932,925
Griffon Corp., Gtd. Notes	B1	7.125		04/01/18		7,375		7,983,437
H&E Equipment Services, Inc., Gtd. Notes, 144A(e)	B3	7.000		09/01/22		3,700		4,051,500
HDTFS, Inc.,
Gtd. Notes, 144A	B2	5.875		10/15/20		1,275		1,326,000
Gtd. Notes, 144A	B2	6.250		10/15/22		1,925		2,069,375
Hertz Corp. (The),
Gtd. Notes(e)	B2	6.750		04/15/19		3,740		4,029,850
Gtd. Notes	B2	7.500		10/15/18		2,625		2,867,813
Interline Brands, Inc., Gtd. Notes(b)(e)	B2	7.500		11/15/18		4,950		5,358,375
International Wire Group Holdings, Inc., Sr. Sec’d. Notes, 144A	B3	8.500		10/15/17		5,925		6,058,313
Kenan Advantage Group, Inc. (The), Sr. Unsec’d. Notes, 144A	B3	8.375		12/15/18		5,175		5,382,000
Laureate Education, Inc., Gtd. Notes, 144A	Caa1	9.250		09/01/19		6,675		7,259,062
Manitowoc Co., Inc. (The), Gtd. Notes(e)	B3	5.875		10/15/22		2,925		2,998,125
RBS Global, Inc./Rexnord LLC, Gtd. Notes(e)	B3	8.500		05/01/18		9,550		10,457,250
Rexel SA (France), Gtd. Notes, 144A(a)	Ba2	6.125		12/15/19		3,100		3,255,000
RSC Equipment Rental, Inc.,
Sr. Unsec’d. Notes	B3	8.250		02/01/21		5,271		5,975,996
Sr. Unsec’d. Notes	B3	10.250		11/15/19		2,050		2,398,500
SPX Corp.,
Gtd. Notes(e)	Ba2	6.875		09/01/17		3,475		3,883,313
Gtd. Notes(e)	Ba2	7.625		12/15/14		5,345		5,846,094
Terex Corp.,
Gtd. Notes	B3	6.000		05/15/21		6,625		6,873,438
Gtd. Notes(e)	B3	6.500		04/01/20		4,225		4,467,938
Tomkins LLC/Tomkins, Inc., Sec’d. Notes(b)	B1	9.000		10/01/18		658		735,315

See Notes to Financial Statements.

14 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (Luxembourg), Sr. Sec’d. Notes, 144A(a)	B1	8.750%		02/01/19	$	2,425	$	2,415,906
United Rentals North America, Inc., Gtd. Notes(e)	B3	7.375		05/15/20		2,400		2,628,000
Gtd. Notes	B3	7.625		04/15/22		6,450		7,143,375
Gtd. Notes(e)	Caa1	8.375		09/15/20		1,450		1,595,000
Gtd. Notes	B3	9.250		12/15/19		1,450		1,653,000
WireCo WorldGroup, Inc., Gtd. Notes	B3	9.500		05/15/17		12,075		12,648,563
								179,945,083
Chemicals    4.6%
Ashland, Inc., Gtd. Notes, 144A(e)	Ba1	4.750		08/15/22		2,350		2,391,125
Gtd. Notes, 144A(e)	Ba1	4.750		08/15/22		2,575		2,613,625
Sr. Unsec’d. Notes, 144A	Ba1	3.875		04/15/18		2,850		2,892,750
Axiall Corp., Gtd. Notes, 144A(e)	Ba3	4.875		05/15/23		2,100		2,131,500
Celanese U.S. Holdings LLC, Gtd. Notes	Ba2	4.625		11/15/22		3,050		3,061,437
Eagle Spinco, Inc., Gtd. Notes, 144A(e)	Ba3	4.625		02/15/21		2,675		2,718,469
Hexion U.S. Finance Corp., Sec’d. Notes(e)	Caa1	9.000		11/15/20		11,525		10,430,125
Sr. Sec’d. Notes, 144A	B1	6.625		04/15/20		5,750		5,663,750
Sr. Sec’d. Notes(e)	B3	8.875		02/01/18		850		854,250
Huntsman International LLC, Gtd. Notes(e)	B1	5.500		06/30/16		1,698		1,698,000
Gtd. Notes	B2	8.625		03/15/20		1,675		1,867,625
Kinove German Bondco GmbH (Germany), Sr. Sec’d. Notes, 144A(a)	B2	9.625		06/15/18		3,370		3,707,000
Koppers, Inc., Gtd. Notes	B1	7.875		12/01/19		6,279		6,906,900

See Notes to Financial Statements.

Prudential High Yield Fund 15

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
LyondellBasell Industries NV (Netherlands), Sr. Unsec’d. Notes(a)(e)	Baa3	5.000%		04/15/19	$	15,625	$	17,421,875
Sr. Unsec’d. Notes(a)	Baa3	6.000		11/15/21		1,350		1,586,250
MacDermid, Inc., Gtd. Notes, 144A
(original cost $3,576,960; purchased 11/13/12-11/28/12)(c)(d)	Caa1	9.500		04/15/17		3,425		3,557,719
Mosaic Global Holdings, Inc., Gtd. Notes	Baa1	7.300		01/15/28		100		131,539
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes(a)	Ba2	8.375		11/01/16		7,140		7,729,050
Sr. Unsec’d. Notes(a)	Ba2	8.625		11/01/19		4,762		5,404,870
Nufarm Australia Ltd. (Australia), Gtd. Notes, 144A(a)	Ba3	6.375		10/15/19		2,825		2,994,500
Orion Engineered Carbons Finance & Co. SCA (Luxembourg), Gtd. Notes, PIK, 144A(a)	Caa1	9.250		08/01/19		6,825		6,790,875
Rhodia SA (France), Sr. Unsec’d. Notes, 144A(a)	Baa2	6.875		09/15/20		4,650		5,275,039
Rockwood Specialties Group, Inc., Gtd. Notes(e)	Ba2	4.625		10/15/20		2,325		2,406,375
Taminco Acquisition Corp., Sr. Unsec’d. Notes, PIK, 144A	Caa2	9.125		12/15/17		13,025		12,992,437
Taminco Global Chemical Corp., Sec’d. Notes, 144A	Caa1	9.750		03/31/20		10,581		11,692,005
TPC Group, Inc., Sec’d. Notes, 144A(e)	B3	8.750		12/15/20		4,950		5,011,875
Tronox Finance LLC, Gtd. Notes, 144A(e)	B2	6.375		08/15/20		5,630		5,594,813
U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, Gtd. Notes, 144A(e)	Caa1	7.375		05/01/21		2,200		2,277,000
								137,802,778

See Notes to Financial Statements.

16 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Consumer    1.9%
Carlson Wagonlit BV (Netherlands), Sr. Sec’d. Notes, 144A(a)	B1	6.875%		06/15/19	$	4,400	$	4,598,000
Live Nation Entertainment, Inc., Gtd. Notes, 144A	B3	7.000		09/01/20		2,275		2,439,937
Phillips-Van Heusen Corp., Sr. Unsec’d. Notes	Ba3	7.375		05/15/20		4,060		4,552,275
PVH Corp., Sr. Unsec’d. Notes	Ba3	4.500		12/15/22		2,900		2,860,125
QVC, Inc., Sr. Sec’d. Notes, 144A	Ba2	7.125		04/15/17		2,490		2,593,484
Sr. Sec’d. Notes, 144A	Ba2	7.375		10/15/20		1,325		1,468,682
Scotts Miracle-Gro Co. (The), Gtd. Notes	B1	7.250		01/15/18		2,700		2,875,500
Sealy Mattress Co., Sr. Sec’d. Notes, 144A	Ba3	10.875		04/15/16		2,880		3,063,600
Service Corp. International, Sr. Unsec’d. Notes	Ba3	4.500		11/15/20		2,300		2,291,375
Sr. Unsec’d. Notes	Ba3	7.000		06/15/17		2,225		2,517,031
Sr. Unsec’d. Notes	Ba3	7.000		05/15/19		8,775		9,520,875
Spectrum Brands Escrow Corp., Gtd. Notes, 144A	B3	6.375		11/15/20		3,225		3,430,594
Spectrum Brands Holdings, Inc., Sr. Sec’d. Notes	Ba3	9.500		06/15/18		1,500		1,700,625
Stewart Enterprises, Inc., Gtd. Notes	B1	6.500		04/15/19		5,525		5,897,937
Visant Corp., Gtd. Notes(e)	Caa2	10.000		10/01/17		8,225		7,423,063
								57,233,103
Electric    5.2%
AES Corp. (The), Sr. Unsec’d. Notes	Ba3	7.375		07/01/21		8,950		10,113,500
Sr. Unsec’d. Notes	Ba3	7.750		03/01/14		3,430		3,627,225
Sr. Unsec’d. Notes	Ba3	7.750		10/15/15		6,260		7,011,200
Sr. Unsec’d. Notes(e)	Ba3	8.000		10/15/17		3,750		4,331,250
Sr. Unsec’d. Notes(e)	Ba3	8.000		06/01/20		1,100		1,278,750

See Notes to Financial Statements.

Prudential High Yield Fund 17

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric (cont’d.)
Calpine Construction Finance Co. LP/CCFC Finance Corp., Sr. Sec’d. Notes, 144A	Ba3	8.000%		06/01/16	$	4,000	$	4,220,000
Calpine Corp., Sr. Sec’d. Notes, 144A(e)	B1	7.250		10/15/17		4,814		5,120,893
Sr. Sec’d. Notes, 144A(e)	B1	7.500		02/15/21		13,424		14,598,600
Sr. Sec’d. Notes, 144A(e)	B1	7.875		01/15/23		1,475		1,633,563
Covanta Holding Corp., Sr. Unsec’d. Notes	Ba3	6.375		10/01/22		2,200		2,385,537
Sr. Unsec’d. Notes	Ba3	7.250		12/01/20		2,850		3,126,347
DPL, Inc., Sr. Unsec’d. Notes	Ba1	6.500		10/15/16		2,400		2,520,000
Sr. Unsec’d. Notes	Ba1	7.250		10/15/21		5,000		5,375,000
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., Sec’d. Notes	CCC-(f)	11.000		10/01/21		5,000		5,575,000
Sec’d. Notes, 144A	B3	11.750		03/01/22		23,650		27,315,750
Sr. Sec’d. Notes, 144A	B-(f)	10.000		12/01/20		1,212		1,366,530
Ipalco Enterprises, Inc.,
Sr. Sec’d. Notes, 144A	Ba1	7.250		04/01/16		55		61,600
Mirant Americas Generation, Inc.,
Sr. Unsec’d. Notes(e)	B3	8.500		10/01/21		1,000		1,175,000
Mirant Corp.,
144A(c)	NR	7.400		07/15/49		2,675		2,675
Mirant Mid-Atlantic LLC,
Pass-thru Certs., Ser. B	Ba1	9.125		06/30/17		8,720		9,678,943
NRG Energy, Inc.,
Gtd. Notes, 144A(e)	B1	6.625		03/15/23		4,500		4,792,500
Gtd. Notes(e)	B1	7.625		01/15/18		14,325		16,420,031
Gtd. Notes	B1	7.625		05/15/19		3,675		3,950,625
Gtd. Notes(e)	B1	7.875		05/15/21		4,100		4,602,250
Gtd. Notes	B1	8.250		09/01/20		4,400		4,977,500
Reliant Energy Mid-Atlantic Power Holdings LLC,
Pass-thru Certs., Ser. B(c)	B1	9.237		07/02/17		2,643		2,914,336
Pass-thru Certs., Ser. C	B1	9.681		07/02/26		4,200		4,578,000
								152,752,605

See Notes to Financial Statements.

18 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy - Other    5.4%
Bristow Group, Inc.,
Gtd. Notes	Ba3	6.250%		10/15/22	$	2,800	$	3,010,000
Cie Generale de Geophysique-Veritas (France),
Gtd. Notes(a)	Ba3	7.750		05/15/17		699		720,844
Gtd. Notes(a)	Ba3	9.500		05/15/16		5,285		5,588,887
Denbury Resources, Inc.,
Gtd. Notes(e)	B1	4.625		07/15/23		6,500		6,378,125
Gtd. Notes(e)	B1	6.375		08/15/21		3,010		3,288,425
Gtd. Notes(e)	B1	8.250		02/15/20		1,851		2,077,747
EP Energy LLC/EP Energy Finance, Inc., Sr. Unsec’d. Notes(e)	B(f)	9.375		05/01/20		900		1,026,000
EP Energy LLC/Everest Acquisition Finance, Inc., Sr. Sec’d. Notes(e)	Ba3	6.875		05/01/19		1,725		1,880,250
Halcon Resources Corp., Gtd. Notes, 144A(e)	B3	8.875		05/15/21		2,900		3,117,500
Harvest Operations Corp. (Canada), Gtd. Notes(a)	Ba2	6.875		10/01/17		8,975		9,962,250
Hercules Offshore, Inc.,
Gtd. Notes, 144A(e)	Caa1	10.250		04/01/19		6,000		6,690,000
Sr. Sec’d. Notes, 144A	B1	7.125		04/01/17		1,875		2,020,312
Hornbeck Offshore Services, Inc., Gtd. Notes	Ba3	5.875		04/01/20		5,900		6,195,000
Linn Energy LLC,
Gtd. Notes, 144A(e)	B2	6.250		11/01/19		1,825		1,861,500
Gtd. Notes(e)	B2	6.500		05/15/19		3,200		3,312,000
McMoRan Exploration Co., Gtd. Notes	Caa1	11.875		11/15/14		3,414		3,631,643
MEG Energy Corp. (Canada), Gtd. Notes, 144A(a)	B1	6.500		03/15/21		5,525		5,828,875
Newfield Exploration Co.,
Sr. Sub. Notes	Ba2	7.125		05/15/18		3,500		3,644,375
Sr. Unsec’d. Notes(e)	Ba1	5.625		07/01/24		800		836,000
Offshore Group Investment Ltd. (Cayman Islands), Sr. Sec’d. Notes(a)	B3	11.500		08/01/15		3,806		4,148,540

See Notes to Financial Statements.

Prudential High Yield Fund 19

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy - Other (cont’d.)
Parker Drilling Co., Gtd. Notes(e)	B1	9.125%		04/01/18	$	2,475	$	2,679,187
Petrohawk Energy Corp.,
Gtd. Notes	Baa3	7.250		08/15/18		1,750		1,960,980
Gtd. Notes	Baa3	7.875		06/01/15		1,770		1,838,419
Petroplus Finance Ltd. (Bermuda), Sr. Sec’d. Notes, 144A(a)(c)(g)	NR	6.750		05/01/14		2,425		569,875
Plains Exploration & Production Co.,
Gtd. Notes(e)	B1	6.125		06/15/19		5,500		6,077,500
Gtd. Notes	B1	6.500		11/15/20		1,325		1,480,687
Gtd. Notes	B1	6.625		05/01/21		1,000		1,113,750
Gtd. Notes(e)	B1	6.750		02/01/22		10,000		11,350,000
Gtd. Notes	B1	6.875		02/15/23		4,625		5,330,313
Gtd. Notes	B1	7.625		06/01/18		1,750		1,837,500
Gtd. Notes	B1	7.625		04/01/20		4,800		5,442,000
Gtd. Notes(e)	B1	8.625		10/15/19		1,500		1,713,750
Gtd. Notes	B1	10.000		03/01/16		2,100		2,212,350
Precision Drilling Corp. (Canada),
Gtd. Notes(a)(e)	Ba1	6.500		12/15/21		1,875		1,987,500
Gtd. Notes(a)	Ba1	6.625		11/15/20		2,000		2,125,000
QEP Resources, Inc.,
Sr. Unsec’d. Notes	Ba1	5.250		05/01/23		7,100		7,348,500
Sr. Unsec’d. Notes(e)	Ba1	5.375		10/01/22		1,300		1,361,750
Range Resources Corp.,
Gtd. Notes	Ba3	5.750		06/01/21		4,325		4,606,125
Gtd. Notes(e)	Ba3	6.750		08/01/20		1,025		1,119,813
Gtd. Notes(e)	Ba3	8.000		05/15/19		1,150		1,265,000
Samson Investment Co., Sr. Unsec’d. Notes, 144A(e)	B3	9.750		02/15/20		4,950		5,265,563
WPX Energy, Inc.,
Sr. Unsec’d. Notes, 144A	Ba1	5.250		01/15/17		2,925		3,042,000
Sr. Unsec’d. Notes, 144A	Ba1	6.000		01/15/22		12,250		12,862,500
								159,808,335

See Notes to Financial Statements.

20 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Foods    4.0%
ARAMARK Corp.,
Gtd. Notes	B3	8.500%		02/01/15	$	4,105	$	4,125,566
Sr. Notes, 144A	B3	5.750		03/15/20		3,300		3,366,000
ARAMARK Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	B3	8.625		05/01/16		12,620		12,872,526
Bumble Bee Acquisition Corp., Sr. Sec’d. Notes, 144A	B2	9.000		12/15/17		579		632,557
Cott Beverages, Inc., Gtd. Notes	B3	8.125		09/01/18		2,750		3,018,125
Darling International, Inc., Gtd. Notes	Ba2	8.500		12/15/18		2,450		2,786,875
Dave & Buster’s, Inc., Gtd. Notes	Caa1	11.000		06/01/18		1,525		1,719,437
Del Monte Corp., Gtd. Notes(e)	B3	7.625		02/15/19		4,500		4,668,750
Fiesta Restaurant Group, Inc., Sec’d. Notes	B2	8.875		08/15/16		4,000		4,330,000
Ingles Markets, Inc., Sr. Unsec’d. Notes	B1	8.875		05/15/17		8,850		9,314,625
JBS USA LLC/JBS USA Finance, Inc., Gtd. Notes (original cost $3,995,000; purchased 09/07/11-10/21/11)(c)(d)	B1	11.625		05/01/14		3,600		3,982,500
Sr. Unsec’d. Notes, 144A (original cost $4,740,815; purchased 05/20/11-11/16/11)(c)(d)	B1	7.250		06/01/21		4,900		5,071,500
Sr. Unsec’d. Notes, 144A (original cost $3,095,790; purchased 01/25/12-03/13/12)(c)(d)(e)	B1	8.250		02/01/20		3,125		3,367,188
Landry’s, Inc., Sr. Notes, 144A	Caa1	9.375		05/01/20		12,400		13,299,000
Michael Foods, Inc., Gtd. Notes	B3	9.750		07/15/18		14,510		16,142,375
Smithfield Foods, Inc., Sr. Unsec’d. Notes(e)	B1	6.625		08/15/22		11,000		11,962,500

See Notes to Financial Statements.

Prudential High Yield Fund 21

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Foods (cont’d.)
Stater Bros. Holdings, Inc.,
Gtd. Notes	B2	7.375%		11/15/18	$	775	$	832,641
Gtd. Notes(e)	B2	7.750		04/15/15		550		552,750
SUPERVALU, Inc., Sr. Unsec’d. Notes(e)	Caa1	7.500		11/15/14		4,395		4,411,525
Tops Holding Corp./Tops Markets LLC, Sr. Sec’d. Notes, 144A(e)	B3	8.875		12/15/17		3,075		3,328,688
Wok Acquisition Corp., Gtd. Notes, 144A	Caa1	10.250		06/30/20		9,215		9,825,494
								119,610,622
Gaming    5.6%
Affinity Gaming LLC/Affinity Gaming Finance Corp., Gtd. Notes, 144A	B3	9.000		05/15/18		6,425		6,826,562
Boyd Gaming Corp.,
Gtd. Notes, 144A(e)	B3	9.000		07/01/20		7,250		7,431,250
Gtd. Notes(e)	B3	9.125		12/01/18		10,350		10,738,125
Caesars Entertainment Operating Co., Inc., Sec’d. Notes	Caa2	12.750		04/15/18		7,475		5,662,312
Caesars Operating Escrow LLC/Caesars Escrow Corp., Sr. Sec’d. Notes, 144A(e)	B2	9.000		02/15/20		2,825		2,789,687
CCM Merger, Inc., Gtd. Notes, 144A (original cost $16,256,125; purchased 03/14/12-01/04/13)(c)(d)(e)	Caa2	9.125		05/01/19		16,250		16,453,125
Harrah’s Operating Co., Inc.,
Sec’d. Notes(e)	CCC(f)	10.000		12/15/18		2,080		1,331,200
Sr. Sec’d. Notes	B2	11.250		06/01/17		11,765		12,515,019
Isle of Capri Casinos, Inc.,
Gtd. Notes	B2	7.750		03/15/19		8,875		9,629,375
Gtd. Notes(e)	Caa1	8.875		06/15/20		4,075		4,462,125
Marina District Finance Co., Inc.,
Sr. Sec’d. Notes(e)	B2	9.500		10/15/15		3,585		3,685,828

See Notes to Financial Statements.

22 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Gaming (cont’d.)
Sr. Sec’d. Notes(e)	B2	9.875%		08/15/18	$	547	$	562,043
MCE Finance Ltd. (Cayman Islands), Gtd. Notes, 144A(a)(e)	B1	5.000		02/15/21		2,050		2,050,000
MGM Resorts International,
Gtd. Notes(e)	B3	5.875		02/27/14		1,500		1,554,375
Gtd. Notes(e)	B3	6.625		12/15/21		11,950		12,368,250
Gtd. Notes	B3	6.750		04/01/13		2,440		2,449,600
Gtd. Notes, 144A(e)	B3	6.750		10/01/20		3,725		3,901,937
Gtd. Notes(e)	B3	7.625		01/15/17		12,095		13,334,738
Gtd. Notes(e)	B3	8.625		02/01/19		3,500		4,016,250
Gtd. Notes(e)	B3	10.000		11/01/16		2,175		2,588,250
MTR Gaming Group, Inc., Sec’d. Notes, PIK	Caa1	11.500		08/01/19		10,152		10,558,304
Pinnacle Entertainment, Inc.,
Gtd. Notes(e)	B3	7.750		04/01/22		5,879		6,172,950
Gtd. Notes(e)	B1	8.625		08/01/17		4,215		4,478,438
Seminole Indian Tribe of Florida, Sec’d. Notes, 144A	Ba1	7.750		10/01/17		1,525		1,652,719
SugarHouse HSP Gaming LP, Sec’d. Notes, 144A	B2	8.625		04/15/16		9,529		10,207,941
Wynn Las Vegas LLC, First Mtge. Bonds(e)	Ba2	7.875		11/01/17		1,250		1,342,188
Yonkers Racing Corp., Sec’d. Notes, 144A (original cost $7,514,705; purchased 03/30/10-05/21/12)(c)(d)	B1	11.375		07/15/16		6,898		7,449,840
								166,212,431
Healthcare & Pharmaceutical    8.6%
Acadia Healthcare Co., Inc., Gtd. Notes	B3	12.875		11/01/18		6,125		7,717,500
Accellent, Inc.,
Gtd. Notes	Caa2	10.000		11/01/17		9,220		8,113,600
Sr. Sec’d. Notes	B1	8.375		02/01/17		6,925		7,340,500
Alliance HealthCare Services, Inc., Sr. Unsec’d. Notes	B3	8.000		12/01/16		5,431		5,071,196

See Notes to Financial Statements.

Prudential High Yield Fund 23

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare & Pharmaceutical (cont’d.)
Apria Healthcare Group, Inc., Sec’d. Notes(e)	Caa1	12.375%		11/01/14	$	3,225	$	3,212,906
Biomet, Inc., Gtd. Notes, 144A	B3	6.500		08/01/20		9,000		9,517,500
Capella Healthcare, Inc., Gtd. Notes(e)	B3	9.250		07/01/17		14,325		15,435,187
CHS/Community Health Systems, Inc.,
Gtd. Notes(e)	B3	7.125		07/15/20		7,100		7,650,250
Gtd. Notes	B3	8.000		11/15/19		17,025		18,791,344
ConvaTec Healthcare E S.A. (Luxembourg), Gtd. Notes, 144A(a)(e)	Caa1	10.500		12/15/18		14,125		15,661,094
DaVita, Inc., Gtd. Notes(e)	B2	5.750		08/15/22		2,950		3,075,375
Fresenius Medical Care US Finance II, Inc., Gtd. Notes, 144A(e)	Ba2	5.625		07/31/19		1,350		1,461,375
HCA Holdings, Inc., Sr. Unsec’d. Notes(e)	B3	6.250		02/15/21		2,825		2,980,375
HCA, Inc.,
Gtd. Notes(e)	B3	5.875		05/01/23		5,075		5,258,969
Gtd. Notes(e)	B3	7.500		02/15/22		3,975		4,571,250
Gtd. Notes	B3	8.000		10/01/18		15,105		17,672,850
Sr. Sec’d. Notes	Ba3	5.875		03/15/22		3,150		3,394,125
Sr. Sec’d. Notes	Ba3	7.875		02/15/20		2,500		2,771,875
Sr. Unsec’d. Notes	B3	6.375		01/15/15		14,535		15,588,788
Sr. Unsec’d. Notes	B3	7.190		11/15/15		3,537		3,881,857
Sr. Unsec’d. Notes	B3	7.500		11/15/95		2,700		2,382,750
Sr. Unsec’d. Notes, MTN	B3	9.000		12/15/14		10,900		12,099,000
HealthSouth Corp.,
Gtd. Notes	B1	7.250		10/01/18		7,507		8,107,560
Gtd. Notes	B1	7.750		09/15/22		1,431		1,563,368
IASIS Healthcare LLC/IASIS Capital Corp., Gtd. Notes(e)	Caa1	8.375		05/15/19		5,600		5,768,000
Kindred Healthcare, Inc., Gtd. Notes(e)	B3	8.250		06/01/19		3,850		3,825,938

See Notes to Financial Statements.

24 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare & Pharmaceutical (cont’d.)
MedAssets, Inc., Gtd. Notes	B3	8.000%		11/15/18	$	5,850	$	6,405,750
ResCare, Inc., Gtd. Notes	B-(f)	10.750		01/15/19		4,550		5,141,500
STHI Holding Corp., Sec’d. Notes, 144A	B2	8.000		03/15/18		150		163,875
Surgical Care Affiliates, Inc., Sr. Sub. Notes, 144A (original cost $5,784,453; purchased 06/21/07-01/18/11)(c)(d)	Caa1	10.000		07/15/17		6,575		6,805,125
Tenet Healthcare Corp.,
Sr. Sec’d. Notes, 144A(e)	B1	4.500		04/01/21		5,400		5,325,750
Sr. Sec’d. Notes, 144A	B1	4.750		06/01/20		5,650		5,699,438
Sr. Sec’d. Notes(e)	B1	6.250		11/01/18		6,100		6,755,750
Valeant Pharmaceuticals International,
Gtd. Notes, 144A	B1	6.750		10/01/17		3,150		3,417,750
Gtd. Notes, 144A	B1	6.875		12/01/18		11,600		12,600,500
Gtd. Notes, 144A	B1	7.000		10/01/20		1,725		1,882,406
VPI Escrow Corp., Gtd. Notes, 144A(e)	B1	6.375		10/15/20		2,725		2,932,781
Warner Chilcott Co. LLC/Warner Chilcott LLC, Gtd. Notes(e)	B3	7.750		09/15/18		5,744		6,203,520
								256,248,677
Lodging & Leisure    0.7%
Felcor Lodging LP,
Sr. Sec’d. Notes, 144A	B2	5.625		03/01/23		7,475		7,521,719
Sr. Sec’d. Notes	B2	10.000		10/01/14		1,287		1,452,701
Host Hotels & Resorts LP, Sr. Unsec’d. Notes(e)	Baa3	5.250		03/15/22		4,225		4,690,426
Royal Caribbean Cruises Ltd. (Liberia),
Sr. Unsec’d. Notes(a)	Ba1	6.875		12/01/13		1,500		1,560,000
Sr. Unsec’d. Notes(a)	Ba1	7.250		03/15/18		3,025		3,471,187
Sr. Unsec’d. Notes(a)(e)	Ba1	11.875		07/15/15		1,025		1,247,938
								19,943,971

See Notes to Financial Statements.

Prudential High Yield Fund 25

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media & Entertainment    5.8%
AMC Entertainment, Inc., Gtd. Notes(e)	Caa1	9.750%		12/01/20	$	16,450	$	18,958,625
AMC Networks, Inc.,
Gtd. Notes(e)	B1	4.750		12/15/22		3,400		3,387,250
Gtd. Notes(e)	B1	7.750		07/15/21		2,645		3,002,075
Belo Corp., Sr. Unsec’d. Notes	Ba3	7.750		06/01/27		2,000		2,120,000
Carmike Cinemas, Inc., Sec’d. Notes	B2	7.375		05/15/19		4,100		4,499,750
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
Gtd. Notes, 144A	B1	5.250		03/15/21		4,025		4,025,000
Gtd. Notes	B1	9.125		08/01/18		4,650		5,208,000
Cengage Learning Acquisitions, Inc., Gtd. Notes, 144A	Ca	10.500		01/15/15		1,595		398,750
Cinemark USA, Inc., Gtd. Notes, 144A	B2	5.125		12/15/22		2,575		2,587,875
Clear Channel Communications, Inc.,
Gtd. Notes(e)	Ca	10.750		08/01/16		5,125		3,818,125
Sr. Unsec’d. Notes(e)	Ca	5.500		12/15/16		2,075		1,348,750
Sr. Unsec’d. Notes(e)	Ca	6.875		06/15/18		550		360,250
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, 144A(e)	B1	6.500		11/15/22		3,069		3,207,105
Gtd. Notes, 144A	B1	6.500		11/15/22		4,031		4,242,627
Gtd. Notes, Ser. A(e)	B3	7.625		03/15/20		4,225		4,330,625
Entercom Radio LLC, Gtd. Notes	Caa1	10.500		12/01/19		3,425		3,878,812
Griffey Intermediate, Inc./Griffey Finance Sub LLC, Sr. Notes, 144A(e)	Caa1	7.000		10/15/20		9,275		9,414,125
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes(a)	B3	7.250		10/15/20		4,600		4,933,500
Gtd. Notes(a)(e)	B3	7.500		04/01/21		2,025		2,192,063

See Notes to Financial Statements.

26 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media & Entertainment (cont’d.)
Intelsat Luxembourg SA (Luxembourg),
Gtd. Notes(a)(e)	Caa3	11.250%		02/04/17	$	3,075	$	3,267,187
Gtd. Notes, PIK(a)	Caa3	11.500		02/04/17		8,600		9,148,250
Lamar Media Corp., Gtd. Notes	Ba2	9.750		04/01/14		7,258		7,865,857
LIN Television Corp.,
Gtd. Notes, 144A(e)	B3	6.375		01/15/21		2,300		2,461,000
Gtd. Notes	B3	8.375		04/15/18		2,635		2,868,856
Mood Media Corp. (Canada), Sr. Unsec’d. Notes, 144A(a)	B3	9.250		10/15/20		4,600		4,991,000
NAI Entertainment Holdings LLC, Sr. Sec’d. Notes, 144A (original cost $2,791,875; purchased 10/16/12-12/19/12)(c)(d)	B1	8.250		12/15/17		2,500		2,725,000
National CineMedia LLC, Sr. Sec’d. Notes	Ba2	6.000		04/15/22		4,075		4,370,438
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes(e)	B2	7.750		10/15/18		4,125		4,568,438
Gtd. Notes	B2	11.625		02/01/14		7,040		7,691,200
Regal Cinemas Corp., Gtd. Notes	B2	8.625		07/15/19		2,000		2,220,000
Salem Communications Corp., Sec’d. Notes	B2	9.625		12/15/16		2,159		2,388,394
Sinclair Television Group, Inc.,
Sec’d. Notes, 144A	Ba3	9.250		11/01/17		4,125		4,475,625
Sr. Unsec’d. Notes, 144A	B2	6.125		10/01/22		3,775		4,029,813
SSI Investments II/SSI Co-Issuer LLC, Gtd. Notes	Caa1	11.125		06/01/18		11,201		12,559,121
Starz LLC/Starz Finance Corp., Gtd. Notes	Ba2	5.000		09/15/19		725		741,312
Telesat Canada/Telesat LLC (Canada), Sr. Unsec’d. Notes, 144A(a)(e)	B3	6.000		05/15/17		6,450		6,724,125

See Notes to Financial Statements.

Prudential High Yield Fund 27

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media & Entertainment (cont’d.)
Vail Resorts, Inc., Gtd. Notes	Ba3	6.500%		05/01/19	$	1,650	$	1,769,625
WMG Acquisition Corp., Gtd. Notes(e)	B3	11.500		10/01/18		3,700		4,296,625
								171,075,173
Metals    3.6%
ArcelorMittal (Luxembourg),
Sr. Unsec’d. Notes(a)(b)(e)	Ba1	6.000		03/01/21		3,200		3,396,074
Sr. Unsec’d. Notes(a)	Ba1	6.125		06/01/18		13,600		14,664,853
Sr. Unsec’d. Notes(a)(b)	Ba1	9.500		02/15/15		4,000		4,515,000
Arch Coal, Inc.,
Gtd. Notes(e)	B3	7.250		10/01/20		2,855		2,448,162
Gtd. Notes, 144A(e)	B3	9.875		06/15/19		2,475		2,444,062
CONSOL Energy, Inc., Gtd. Notes(e)	B1	8.000		04/01/17		7,500		8,156,250
FMG Resources (August 2006) Pty Ltd. (Australia),
Gtd. Notes, 144A(a)(e)	B1	6.375		02/01/16		4,400		4,587,000
Gtd. Notes, 144A(a)(e)	B1	6.875		02/01/18		1,550		1,639,125
Gtd. Notes, 144A(a)(e)	B1	7.000		11/01/15		2,067		2,165,182
Gtd. Notes, 144A(a)(e)	B1	8.250		11/01/19		4,670		5,160,350
GrafTech International Ltd., Gtd. Notes, 144A(e)	Ba2	6.375		11/15/20		2,600		2,762,500
IAMGOLD Corp. (Canada), Gtd. Notes, 144A(a)	B1	6.750		10/01/20		1,850		1,789,875
Inmet Mining Corp. (Canada),
Gtd. Notes, 144A(a)	B1	7.500		06/01/21		2,225		2,369,625
Gtd. Notes, 144A(a)(e)	B1	8.750		06/01/20		10,461		11,376,337
JMC Steel Group, Sr. Notes, 144A (original cost $4,175,000; purchased 03/04/11)(c)(d)(e)	B3	8.250		03/15/18		4,175		4,435,938
Kaiser Aluminum Corp., Gtd. Notes	Ba3	8.250		06/01/20		1,000		1,117,500
New Gold, Inc. (Canada),
Gtd. Notes, 144A(a)	B2	7.000		04/15/20		4,445		4,800,600
Sr. Unsec’d. Notes, 144A(a)	B2	6.250		11/15/22		2,550		2,683,875

See Notes to Financial Statements.

28 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Metals (cont’d.)
Novelis, Inc. (Canada), Gtd. Notes(a)(e)	B2	8.750%		12/15/20	$	5,575	$	6,244,000
Optima Specialty Steel, Inc., Sr. Sec’d. Notes, 144A	B2	12.500		12/15/16		2,550		2,754,000
Peabody Energy Corp.,
Gtd. Notes	Ba1	6.000		11/15/18		7,210		7,660,625
Gtd. Notes(e)	Ba1	6.250		11/15/21		2,200		2,288,000
Rain CII Carbon LLC and CII Carbon Corp., Sec’d. Notes, 144A (original cost $2,050,000; purchased 11/23/10)(c)(d)	B1	8.000		12/01/18		2,050		2,142,250
Westmoreland Coal Co./Westmoreland Partners, Sr. Sec’d. Notes	Caa1	10.750		02/01/18		3,925		4,013,313
								105,614,496
Non-Captive Finance    3.6%
ACE Cash Express, Inc., Sr. Sec’d. Notes, 144A	B3	11.000		02/01/19		2,700		2,673,000
CIT Group, Inc.,
Sr. Unsec’d. Notes	Ba3	4.250		08/15/17		7,300		7,555,500
Sr. Unsec’d. Notes(e)	Ba3	5.000		05/15/17		4,700		4,999,625
Sr. Unsec’d. Notes(e)	Ba3	5.000		08/15/22		14,325		15,327,750
Sr. Unsec’d. Notes, 144A	Ba3	5.250		04/01/14		500		519,375
Sr. Unsec’d. Notes(e)	Ba3	5.250		03/15/18		12,000		12,900,000
Sr. Unsec’d. Notes(e)	Ba3	5.375		05/15/20		1,000		1,090,000
Sr. Unsec’d. Notes, 144A	Ba3	5.500		02/15/19		2,400		2,610,000
CNG Holdings, Inc., Sr. Sec’d. Notes, 144A	B3	9.375		05/15/20		2,900		2,860,125
Community Choice Financial, Inc., Sr. Sec’d. Notes	B3	10.750		05/01/19		1,800		1,692,000
International Lease Finance Corp.,
Sr. Sec’d. Notes, 144A	Ba2	6.500		09/01/14		2,425		2,588,687
Sr. Sec’d. Notes, 144A(e)	Ba2	6.750		09/01/16		2,875		3,248,750
Sr. Sec’d. Notes, 144A	Ba2	7.125		09/01/18		325		379,844
Sr. Unsec’d. Notes, MTN	Ba3	5.650		06/01/14		5,000		5,225,000

See Notes to Financial Statements.

Prudential High Yield Fund 29

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Non-Captive Finance (cont’d.)
Sr. Unsec’d. Notes(e)	Ba3	5.875%		08/15/22	$	2,500	$	2,676,950
Sr. Unsec’d. Notes	Ba3	6.250		05/15/19		1,350		1,478,513
Sr. Unsec’d. Notes, Ser. G, MTN	Ba3	6.375		03/25/13		3,275		3,283,389
Sr. Unsec’d. Notes(b)	Ba3	8.625		09/15/15		1,000		1,137,500
Sr. Unsec’d. Notes(b)	Ba3	8.750		03/15/17		1,225		1,443,969
Nationstar Mortgage LLC/Nationstar Capital Corp., Gtd. Notes, 144A(e)	B2	6.500		07/01/21		2,825		2,895,625
Springleaf Finance Corp.,
Sr. Unsec’d. Notes, Ser. I, MTN(e)	Caa1	5.400		12/01/15		14,035		14,035,000
Sr. Unsec’d. Notes, MTN(e)	Caa1	5.850		06/01/13		1,050		1,060,500
Sr. Unsec’d. Notes, MTN	Caa1	6.900		12/15/17		16,100		15,778,000
								107,459,102
Packaging    2.1%
Ardagh Packaging Finance PLC (Ireland),
Gtd. Notes, 144A (original cost $7,632,813; purchased 09/30/10-01/04/12)(a)(c)(d)	B3	9.125		10/15/20		7,450		8,157,750
Sr. Sec’d. Notes, 144A (original cost $1,105,236; purchased 01/19/12)(a)(c)(d)(e)	Ba3	7.375		10/15/17		1,100		1,199,000
Sr. Unsec’d. Notes, 144A (original cost $5,625,000; purchased 01/16/13)(a)(d)	B3	7.000		11/15/20		5,625		5,639,062
Berry Plastics Corp.,
Sec’d. Notes(b)	Caa1	4.183		09/15/14		1,975		1,975,000
Sec’d. Notes	Caa1	9.750		01/15/21		3,775		4,360,125
BOE Merger Corp., Sr. Unsec’d. Notes, PIK, 144A (original cost $3,500,000; purchased 10/24/12)(c)(d)	Caa1	9.500		11/01/17		3,500		3,710,000

See Notes to Financial Statements.

30 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Packaging (cont’d.)
BWAY Holding Co., Gtd. Notes (original cost $1,516,250; purchased 12/01/10-01/09/12)(c)(d)	B3	10.000%		06/15/18	$	1,400	$	1,571,500
Greif, Inc., Sr. Unsec’d. Notes	Ba2	6.750		02/01/17		3,200		3,568,000
Plastipak Holdings, Inc., Sr. Notes, 144A (original cost $4,400,526; purchased 07/23/09-11/01/12)(c)(d)	B3	10.625		08/15/19		4,080		4,671,600
Reynolds Group Issuer, Inc.,
Gtd. Notes(e)	Caa1	8.250		02/15/21		1,875		1,935,938
Gtd. Notes	Caa2	9.875		08/15/19		7,235		7,922,325
Sr. Sec’d. Notes(e)	B1	5.750		10/15/20		9,975		10,299,187
Sr. Sec’d. Notes(e)	B1	6.875		02/15/21		725		773,937
Sr. Sec’d. Notes	B1	7.875		08/15/19		2,500		2,762,500
Sealed Air Corp.,
Gtd. Notes, 144A(e)	B1	6.500		12/01/20		1,550		1,685,625
Gtd. Notes, 144A(e)	B1	8.375		09/15/21		1,875		2,137,500
								62,369,049
Paper    0.4%
Domtar Corp., Gtd. Notes(e)	Baa3	10.750		06/01/17		800		1,039,342
Graphic Packaging International, Inc.,
Gtd. Notes	Ba3	7.875		10/01/18		1,500		1,650,000
Gtd. Notes	Ba3	9.500		06/15/17		4,420		4,718,350
Longview Fibre Paper & Packaging, Inc., Sr. Sec’d. Notes, 144A (original cost $1,488,035; purchased 05/17/11-09/16/11)(c)(d)(e)	B2	8.000		06/01/16		1,495		1,569,750
Smurfit Capital Funding PLC (Ireland), Sr. Sec’d. Notes(a)	Ba2	7.500		11/20/25		100		109,500

See Notes to Financial Statements.

Prudential High Yield Fund 31

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Paper (cont’d.)
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A(a)	Ba2	4.875%		09/15/18	$	2,650	$	2,716,250
								11,803,192
Pipelines & Other    1.4%
AmeriGas Finance LLC, Gtd. Notes	Ba2	7.000		05/20/22		6,175		6,669,000
AmeriGas Partners LP/AmeriGas Eagle Finance Corp., Sr. Unsec’d. Notes(e)	Ba3	6.500		05/20/21		1,147		1,221,555
El Paso Corp.,
Gtd. Notes, Ser. G, MTN	Ba2	7.800		08/01/31		750		840,035
Gtd. Notes, Ser. G, MTN	Ba2	8.050		10/15/30		110		123,275
Energy Transfer Equity LP, Sr. Sec’d. Notes(e)	Ba2	7.500		10/15/20		3,650		4,170,125
Ferrellgas Partners LP, Sr. Unsec’d. Notes(e)	B3	8.625		06/15/20		2,805		2,847,075
Inergy Midstream LP/NRGM Finance Corp., Gtd. Notes, 144A	B1	6.000		12/15/20		2,750		2,846,250
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A	Ba2	6.000		01/15/19		7,425		7,276,500
Southern Natural Gas Co., Sr. Unsec’d. Notes	Baa3	8.000		03/01/32		29		41,127
Targa Resources Partners LP,
Gtd. Notes	Ba3	6.375		08/01/22		2,275		2,479,750
Gtd. Notes	Ba3	6.875		02/01/21		6,950		7,575,500
Gtd. Notes	Ba3	7.875		10/15/18		3,375		3,695,625
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Sr. Unsec’d. Notes, 144A(e)	B1	5.875		10/01/20		1,575		1,641,938
								41,427,755
Real Estate Investment Trusts    1.0%
AVIV Healthcare Properties LP/AVIV Healthcare Capital Corp., Gtd. Notes	B1	7.750		02/15/19		15,225		16,328,812

See Notes to Financial Statements.

32 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (cont’d.)
CyrusOne LP/CyrusOne Finance Corp., Gtd. Notes, 144A(e)	B2	6.375%		11/15/22	$	2,000	$	2,105,000
DuPont Fabros Technology LP, Gtd. Notes	Ba1	8.500		12/15/17		3,250		3,530,312
Omega Healthcare Investors, Inc., Gtd. Notes	Ba1	6.750		10/15/22		800		882,000
Senior Housing Properties Trust,
Sr. Unsec’d. Notes	Baa3	6.750		04/15/20		300		342,021
Sr. Unsec’d. Notes	Baa3	6.750		12/15/21		5,975		6,909,323
								30,097,468
Retailers    2.2%
Academy Ltd./Academy Finance Corp., Gtd. Notes, 144A(e)	Caa1	9.250		08/01/19		2,925		3,276,000
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A	B2	9.000		03/15/19		2,700		2,997,000
Dufry Finance SCA (Luxembourg), Gtd. Notes, 144A(a)	Ba3	5.500		10/15/20		10,025		10,451,062
Limited Brands, Inc., Gtd. Notes	Ba1	5.625		02/15/22		3,875		4,097,812
New Academy Finance Co. LLC/New Academy Finance Corp., Sr. Unsec’d. Notes, PIK, 144A(e)	Caa1	8.000		06/15/18		3,700		3,820,250
Pantry, Inc. (The), Gtd. Notes, 144A	Caa1	8.375		08/01/20		15,118		16,232,953
Penske Automotive Group, Inc., Gtd. Notes, 144A(e)	B2	5.750		10/01/22		4,900		5,126,625
Petco Holdings, Inc., Sr. Notes, PIK, 144A(e)	Caa1	8.500		10/15/17		4,950		5,098,500
Rite Aid Corp., Sec’d. Notes(e)	B3	7.500		03/01/17		1,025		1,055,750
Susser Holdings LLC, Gtd. Notes	B2	8.500		05/15/16		5,420		5,704,550

See Notes to Financial Statements.

Prudential High Yield Fund 33

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Retailers (cont’d.)
Toys “R” Us, Inc., Sr. Unsec’d. Notes(e)	B3	10.375%		08/15/17	$	3,500	$	3,421,250
Toys “R” Us Property Co. II LLC, Sr. Sec’d. Notes	Ba1	8.500		12/01/17		4,030		4,241,575
								65,523,327
Technology    10.4%
Audatex North America, Inc., Gtd. Notes, 144A	Ba2	6.750		06/15/18		6,325		6,751,937
Avaya, Inc.,
Gtd. Notes(e)	Caa2	9.750		11/01/15		10,950		10,772,063
Gtd. Notes, PIK	Caa2	10.125		11/01/15		8,355		8,219,231
CDW Finance Corp.,
Gtd. Notes(e)	B3	8.500		04/01/19		16,850		18,577,125
Gtd. Notes	Caa1	12.535		10/12/17		13,369		14,354,964
Ceridian Corp.,
Gtd. Notes(b)(e)	Caa2	11.250		11/15/15		14,800		15,170,000
Gtd. Notes, PIK(e)	Caa2	12.250		11/15/15		7,000		7,157,500
CommScope, Inc.,
Gtd. Notes, 144A (original cost $20,021,300; purchased 01/11/11-12/12/12)(c)(d)(e)	B3	8.250		01/15/19		19,495		21,152,075
CoreLogic, Inc., Gtd. Notes	Ba3	7.250		06/01/21		2,300		2,541,500
First Data Corp.,
Gtd. Notes(e)	Caa1	9.875		09/24/15		1,700		1,748,875
Gtd. Notes, 144A	Caa1	9.875		09/24/15		4,068		4,184,955
Gtd. Notes, PIK(e)	Caa1	10.550		09/24/15		1,400		1,436,932
Gtd. Notes, 144A(e)	Caa1	11.250		01/15/21		5,600		5,712,000
Gtd. Notes(e)	Caa1	12.625		01/15/21		13,777		14,689,726
Sr. Sec’d. Notes, 144A	B1	6.750		11/01/20		3,500		3,591,875
Freescale Semiconductor, Inc.,
Gtd. Notes(e)	Caa1	8.050		02/01/20		8,495		8,877,275
Sr. Sec’d. Notes, 144A	B1	9.250		04/15/18		4,200		4,620,000
Global Generations Merger Sub, Inc., Sr. Unsec’d. Notes, 144A	Caa1	11.000		12/15/20		7,625		8,215,937

See Notes to Financial Statements.

34 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
Igloo Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	Caa1	8.250%		12/15/17	$	7,625	$	7,777,500
Interactive Data Corp., Gtd. Notes	B3	10.250		08/01/18		11,079		12,560,816
Iron Mountain, Inc., Gtd. Notes(e)	B1	5.750		08/15/24		975		972,563
Legend Acquisition Sub, Inc., Sr. Notes, 144A (original cost $6,291,743; purchased 08/14/12)(c)(d)(e)	Caa1	10.750		08/15/20		6,375		5,482,500
Lender Processing Services, Inc., Gtd. Notes	Ba2	5.750		04/15/23		8,265		8,657,588
Nortel Networks Ltd. (Canada),
Gtd. Notes(a)(g)(h)	NR	9.003		07/15/11		3,000		3,090,000
Gtd. Notes(a)(c)(g)	NR	10.125		07/15/13		7,600		8,360,000
Gtd. Notes(a)(c)(e)(g)	NR	10.750		07/15/16		9,290		10,253,838
Nuance Communications, Inc., Gtd. Notes, 144A	Ba3	5.375		08/15/20		2,450		2,480,625
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A(a)	B3	5.750		02/15/21		5,000		5,112,500
Sr. Sec’d. Notes, 144A(a)	B1	9.750		08/01/18		2,367		2,704,297
Seagate HDD Cayman (Cayman Islands),
Gtd. Notes(a)(e)	Ba1	7.000		11/01/21		4,550		4,936,750
Gtd. Notes(a)	Ba1	7.750		12/15/18		6,250		6,820,313
Seagate Technology HDD Holdings (Cayman Islands), Gtd. Notes(a)	Ba1	6.800		10/01/16		2,855		3,211,875
Seagate Technology International (Cayman Islands), Sec’d. Notes, 144A(a)	Baa3	10.000		05/01/14		3,056		3,247,000
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A(a)(e)	B2	6.500		05/15/19		9,583		10,277,768
Sophia Finance, Inc., Gtd. Notes, 144A	Caa1	9.750		01/15/19		8,700		9,624,375

See Notes to Financial Statements.

Prudential High Yield Fund 35

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
STATS ChipPAC Ltd. (Singapore), Gtd. Notes, 144A(a)	Ba1	7.500%		08/12/15	$	1,900	$	1,995,000
SunGard Data Systems, Inc., Gtd. Notes, 144A(e)	Caa1	6.625		11/01/19		2,900		2,979,750
Syniverse Holdings, Inc., Gtd. Notes	Caa1	9.125		01/15/19		5,770		6,289,300
TransUnion Holding Co., Inc.,
Sr. Unsec’d. Notes, PIK, 144A	Caa1	8.125		06/15/18		7,250		7,594,375
Sr. Unsec’d. Notes, PIK	Caa1	9.625		06/15/18		10,300		10,982,375
TransUnion LLC, Gtd. Notes	B2	11.375		06/15/18		13,520		15,581,800
								308,766,878
Telecommunications    4.2%
Brightstar Corp., Gtd. Notes, 144A
(original cost $6,954,150; purchased 11/23/10-06/13/12)(c)(d)	B1	9.500		12/01/16		6,830		7,308,100
Cricket Communications, Inc., Sr. Sec’d. Notes	Ba2	7.750		05/15/16		3,450		3,626,640
Crown Castle International Corp., Sr. Unsec’d. Notes	B1	5.250		01/15/23		4,700		4,817,500
Digicel Group Ltd. (Bermuda), Sr. Unsec’d. Notes, 144A(a)	Caa1	8.250		09/30/20		5,600		5,972,400
Sr. Unsec’d. Notes, 144A(a)	Caa1	10.500		04/15/18		2,000		2,200,000
Eileme 2 AB (Sweden), Sr. Sec’d. Notes, 144A(a)(e)	B3	11.625		01/31/20		5,640		6,514,200
Frontier Communications Corp., Sr. Unsec’d. Notes(e)	Ba2	7.125		01/15/23		1,981		2,035,477
Sr. Unsec’d. Notes(e)	Ba2	8.250		04/15/17		925		1,056,812
Sr. Unsec’d. Notes(e)	Ba2	8.500		04/15/20		200		225,000
Sr. Unsec’d. Notes(e)	Ba2	8.750		04/15/22		3,750		4,218,750
Sr. Unsec’d. Notes(e)	Ba2	9.250		07/01/21		1,775		2,041,250
Level 3 Financing, Inc., Gtd. Notes, 144A	B3	7.000		06/01/20		3,500		3,675,000
Gtd. Notes(e)	B3	8.125		07/01/19		1,125		1,226,250

See Notes to Financial Statements.

36 Visit our website at www.prudentialfunds.com

Description	Moody’s Ratings§†	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Gtd. Notes(e)	B3	8.625%		07/15/20	$	3,950	$	4,384,500
Gtd. Notes(e)	B3	9.375		04/01/19		500		560,625
MetroPCS Wireless, Inc., Gtd. Notes(e)	B2	7.875		09/01/18		800		863,000
NII Capital Corp., Gtd. Notes(e)	Caa1	7.625		04/01/21		3,394		2,375,800
Sprint Capital Corp., Gtd. Notes	B3	6.875		11/15/28		9,460		9,554,600
Gtd. Notes(e)	B3	6.900		05/01/19		6,450		7,014,375
Sprint Nextel Corp., Gtd. Notes, 144A(e)	Ba3	7.000		03/01/20		3,725		4,358,250
Gtd. Notes, 144A	Ba3	9.000		11/15/18		1,375		1,705,000
Sr. Unsec’d. Notes	B3	6.000		12/01/16		2,865		3,094,200
Sr. Unsec’d. Notes	B3	7.000		08/15/20		2,325		2,528,438
Sr. Unsec’d. Notes(e)	B3	9.125		03/01/17		3,400		4,016,250
TW Telecom Holdings, Inc., Gtd. Notes(e)	B1	5.375		10/01/22		3,775		3,935,438
Wind Acquisition Finance SA (Luxembourg), Sec’d. Notes, 144A(a)(e)	B3	11.750		07/15/17		10,350		10,893,375
Sr. Sec’d. Notes, 144A(a)	Ba3	7.250		02/15/18		4,175		4,300,250
Sr. Sec’d. Notes, PIK, 144A(a)(e)	Caa1	12.250		07/15/17		5,337		5,576,753
Windstream Corp., Gtd. Notes, 144A(e)	Ba3	6.375		08/01/23		6,725		6,590,500
Gtd. Notes(e)	Ba3	7.500		06/01/22		900		947,250
Gtd. Notes(e)	Ba3	7.500		04/01/23		5,075		5,303,375
Gtd. Notes(e)	Ba3	7.750		10/15/20		2,325		2,499,375
Gtd. Notes(e)	Ba3	7.875		11/01/17		385		436,013
								125,854,746
Tobacco    0.2%
Vector Group Ltd., Sr. Sec’d. Notes, 144A	Ba3	7.750		02/15/21		6,150		6,334,500
TOTAL CORPORATE BONDS								2,648,358,503

See Notes to Financial Statements.

Prudential High Yield Fund 37

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Description		Shares		Value (Note 1)
COMMON STOCKS    0.1%
Adelphia Recovery Trust*(c)			2,000,000	$	2,000
Blaze Recycling and Metals LLC (cost $46,387; purchased 08/22/12)*(c)(d)			46,387		464
CenturyLink, Inc.(e)			4,018		139,304
Dex One Corp.*(e)			149,207		265,588
NRG Energy, Inc.			1,131		27,144
Sprint Nextel Corp.*(e)			28,675		166,315
WKI Holding Co., Inc.*(c)			6,031		111,272
Xerox Corp.			169,797		1,377,054
TOTAL COMMON STOCKS					2,089,141
PREFERRED STOCKS    0.1%
Banking    0.1%
Citigroup Capital XIII (Capital Security, fixed to floating preferred), 7.875%(b)			153,000		4,322,250
Building Materials & Construction
New Millenium Homes LLC (cost $0; purchased 05/27/98)*(c)(d)(i)			2,000		148,000
Cable
Escrow Pfd Adelphia*(c)			20,000		20
TOTAL PREFERRED STOCKS					4,470,270
	Expiration Date	Units
WARRANTS*
Chemicals
Hercules, Inc.	03/31/29		230		7,409
Media & Entertainment
MediaNews Group, Inc. (cost $0; purchased 07/26/11)(c)(d)	03/19/17		6,854		68
Paper
Smurfit Kappa Group PLC (Ireland), 144A(c)	10/01/13		275		22,227
Telecommunications
Hawaiian Telcom HoldCo, Inc.	10/28/15		6,958		42,096
TOTAL WARRANTS					71,800
TOTAL LONG-TERM INVESTMENTS (cost $2,654,206,564)					2,777,485,677

See Notes to Financial Statements.

38 Visit our website at www.prudentialfunds.com

Description	Shares		Value (Note 1)
SHORT-TERM INVESTMENTS    24.0%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund(j)		45,863	$	426,986
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $711,707,529; includes $577,941,615 of cash collateral received for securities on loan)(j)(k)		711,707,529		711,707,529
TOTAL SHORT-TERM INVESTMENTS (cost $712,153,735; Note 3)				712,134,515
TOTAL INVESTMENTS    117.5% (cost $3,366,360,299; Note 5)				3,489,620,192
Liabilities in excess of other assets(l)    (17.5)%				(520,192,753	)
NET ASSETS    100.0%			$	2,969,427,439

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.

CDO—Collateralized Debt Obligation

CLO—Collateralized Loan Obligation

MTN—Medium Term Note

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

PIK—Payment-in-Kind

§ The Fund’s current Statement of Additional Information contains a description of Moody’s and Standard & Poor’s ratings.

† The ratings reflected are as of February 28, 2013. Ratings of certain bonds may have changed subsequent to that date.

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

* Non-income producing security.

(a) US$ denominated foreign securities.

(b) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2013.

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

(d) Indicates a restricted security; the aggregate original cost of such securities is $127,285,763. The aggregate value of $132,169,617 is approximately 4.5% of net assets.

(e) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $565,398,810; cash collateral of $577,941,615 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(f) Standard & Poor’s Rating.

(g) Represents issuer in default on interest payments and/or principal repayment; non-income producing security.

See Notes to Financial Statements.

Prudential High Yield Fund 39

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

(h) Security is post-maturity; represents issuer in default on interest payments and/or principal repayment; non-income producing security.

(i) Consists of more than one class of securities traded together as a unit; generally bonds with attached stocks or warrants.

(j) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund and the Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund.

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

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

Credit default swap agreements outstanding at February 28, 2013:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value			Upfront Premiums Paid/ (Received)		Unrealized Depreciation			Counterparty
Over-the-counter credit default swaps on corporate issues—Buy Protection(1):
Masco Corp.		09/20/13		1.000%	$	2,845	$	(18,037	)	$	14,960	$	(32,997	)	Deutsche Bank AG
Seagate Technology HDD Holdings		12/20/13		3.350%		5,000		(150,877	)		332		(151,209	)	JPMorgan Chase Bank
							$	(168,914	)	$	15,292	$	(184,206	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Implied Credit Spread at February 28, 2013(5)			Fair Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation	Counterparty
Over-the-counter credit default swaps on corporate issue—Sell Protection(2):
NRG Energy, Inc.		03/20/16		4.100%	$	1,850		1.926	%	$	134,765	$	—	$134,765	Goldman Sachs International

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value(3)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on credit indices—Sell Protection(2):
CDX.NA.HY.18		06/20/17		5.000%	$	35,640	$	1,710,376	$	(2,826,450	)	$	4,536,826	JPMorgan Chase Bank
CDX.NA.HY.18		06/20/17		5.000%		19,800		950,209		(679,250	)		1,629,459	Citibank NA
CDX.NA.HY.18		06/20/17		5.000%		14,850		712,657		(448,594	)		1,161,251	Barclays Bank PLC

See Notes to Financial Statements.

40 Visit our website at www.prudentialfunds.com

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(4)		Fair Value(3)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation		Counterparty
CDX.NA.HY.18		06/20/17		5.000%	$	2,970	$	142,532	$	(235,537	)	$	378,069	Morgan Stanley Capital Services
CDX.NA.HY.19		12/20/17		5.000%		3,500		132,478		(4,132	)		136,610	Bank of America NA
CDX.NA.HY.19		12/20/17		5.000%		7,500		283,881		(89,583	)		373,464	Goldman Sachs International
							$	3,932,133	$	(4,283,546	)	$	8,215,679

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

The Fund entered into credit default swaps as the protection seller on corporate issues and 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.

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

(4) 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.

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

See Notes to Financial Statements.

Prudential High Yield Fund 41

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

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 February 28, 2013 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities	$	—	$	7,821,557	$	156,969
Bank Loans		—		101,118,458		13,398,979
Corporate Bonds		—		2,631,184,549		17,173,954
Common Stocks		1,975,405		—		113,736
Preferred Stocks		4,322,250		—		148,020
Warrants		42,096		22,227		7,477
Affiliated Mutual Funds		712,134,515		—		—
Other Financial Instruments*
Credit Default Swap Agreements		—		8,166,238		—
Total	$	718,474,266	$	2,748,313,029	$	30,999,135

See Notes to Financial Statements.

42 Visit our website at www.prudentialfunds.com

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			Corporate Bonds			Common Stocks		Preferred Stocks			Warrants
Balance as of 08/31/12	$	328,999		$	6,007,500		$	17,164,642		$	74,052	$	60,020		$	10,040
Realized gain (loss)		—			6,835			(4,478,426	)		—		109,760			—
Change in unrealized appreciation (depreciation)**		(394,786	)		194,749			4,907,034			39,684		88,000			(2,563	)
Purchases		—			4,904,318			—			—		—			—
Sales		—			(6,200,574	)		(431,068	)		—		(109,760	)		—
Accrued discount/premium		222,756			28,142			11,772			—		—			—
Transfers into Level 3		—			8,458,009			—			—		—			—
Transfers out of Level 3		—			—			—			—		—			—
Balance as of 02/28/13	$	156,969		$	13,398,979		$	17,173,954		$	113,736	$	148,020		$	7,477

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

** Of which, $432,345 was included in Net Assets relating to securities held at the reporting period end.

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. At the reporting period end, there were 2 Bank Loans transferred into Level 3 as a result of using a single broker quote.

Included in the table above, under Level 3, are securities that were fair valued using pricing methodologies approved by the Valuation Committee, which contain unobservable inputs. Such methodologies may include, but are not limited to, using prices 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 portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2013 were as follows:

Affiliated Mutual Funds (including 19.5% of collateral received for securities on loan)	24.0	%
Technology	12.2
Healthcare & Pharmaceutical	8.6
Capital Goods	6.3
Media & Entertainment	5.8
Gaming	5.7	%
Energy—Other	5.6
Electric	5.2
Chemicals	4.6
Cable	4.4
Metals	4.3

See Notes to Financial Statements.

Prudential High Yield Fund 43

Portfolio of Investments

as of February 28, 2013 (Unaudited) continued

Industry (cont’d.)
Telecommunications	4.2	%
Foods	4.0
Non-Captive Finance	3.6
Automotive	3.4
Building Materials & Construction	2.4
Retailers	2.3
Consumer	2.1
Packaging	2.1
Pipelines & Other	1.6
Banking	1.1
Aerospace & Defense	1.0
Real Estate Investment Trusts	1.0	%
Lodging & Leisure	0.7
Paper	0.4
Asset-Backed Securities	0.3
Brokerage	0.3
Tobacco	0.2
Common Stocks	0.1
	117.5
Liabilities in excess of other assets	(17.5	)
	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 and 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 February 28, 2013 as presented in the Statement of Assets and Liabilities:

Derivatives not designated as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Credit contracts	Unrealized appreciation on swap agreements	$	8,350,444	Unrealized depreciation on swap agreements	$	184,206
Credit contracts	Premiums paid for swap agreements		15,292	Premiums received for swap agreements		4,283,546
Equity contracts	Unaffiliated Investments		71,800	—		—
Total		$	8,437,536		$	4,467,752

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2013 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Swaps
Credit contracts	$	3,241,355

See Notes to Financial Statements.

44 Visit our website at www.prudentialfunds.com

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments, carried at fair value	Warrants		Swaps		Total
Credit contracts	$	—	$	4,200,527	$	4,200,527
Equity contracts		11,855		—		11,855
Total	$	11,855	$	4,200,527	$	4,212,382

For the six months ended February 28, 2013, the Fund’s average notional amount for credit default swaps as buyer was $7,845,000 and the average notional amount for credit default swaps as writer was $90,710,000.

See Notes to Financial Statements.

Prudential High Yield Fund 45

Statement of Assets and Liabilities

as of February 28, 2013 (Unaudited)

Assets
Investments at value, including securities on loan $565,398,810:
Unaffiliated Investments (cost $2,654,206,564)	$	2,777,485,677
Affiliated Investments (cost $712,153,735)		712,134,515
Cash		124,527
Dividends and interest receivable		50,933,681
Receivable for Fund shares sold		39,736,288
Receivable for investments sold		16,478,047
Unrealized appreciation on swap agreements		8,350,444
Prepaid expenses		20,539
Premiums paid for swap agreements		15,292
Total assets		3,605,279,010
Liabilities
Payable to broker for collateral for securities on loan (Note 3)		577,941,615
Payable for investments purchased		38,386,002
Payable for Fund shares reacquired		10,351,312
Premiums received for swap agreements		4,283,546
Dividends payable		2,584,148
Management fee payable		971,807
Distribution fee payable		606,458
Accrued expenses		337,786
Unrealized depreciation on swap agreements		184,206
Affiliated transfer agent fee payable		163,417
Deferred directors’ fees		41,274
Total liabilities		635,851,571
Net Assets	$	2,969,427,439
Net assets were comprised of:
Common stock, at par	$	5,162,888
Paid-in capital in excess of par		2,955,142,123
		2,960,305,011
Distribution in excess of net investment income		(1,693,914	)
Accumulated net realized loss on investment transactions		(120,610,228	)
Net unrealized appreciation on investments		131,426,570
Net assets, February 28, 2013	$	2,969,427,439

See Notes to Financial Statements.

46 Visit our website at www.prudentialfunds.com

Class A
Net asset value and redemption price per share ($1,408,530,251 ÷ 245,046,873 shares of common stock issued and outstanding)	$	5.75
Maximum sales charge (4.50% of offering price)		0.27
Maximum offering price to public	$	6.02
Class B
Net asset value, offering price and redemption price per share ($197,877,758 ÷ 34,465,874 shares of common stock issued and outstanding)	$	5.74
Class C
Net asset value, offering price and redemption price per share ($270,191,299 ÷ 47,071,686 shares of common stock issued and outstanding)	$	5.74
Class Q
Net asset value, offering price and redemption price per share ($71,584,660 ÷ 12,419,092 shares of common stock issued and outstanding)	$	5.76
Class R
Net asset value, offering price and redemption price per share ($51,052,527 ÷ 8,883,485 shares of common stock issued and outstanding)	$	5.75
Class X
Net asset value, offering price and redemption price per share ($165,547 ÷ 28,827 shares of common stock issued and outstanding)	$	5.74
Class Z
Net asset value, offering price and redemption price per share ($970,025,397 ÷ 168,372,959 shares of common stock issued and outstanding)	$	5.76

See Notes to Financial Statements.

Prudential High Yield Fund 47

Statement of Operations

Six Months Ended February 28, 2013 (Unaudited)

Net Investment Income
Income
Interest income	$	94,191,075
Affiliated income from securities loaned, net		617,244
Unaffiliated dividend income		170,913
Affiliated dividend income		160,723
Total income		95,139,955
Expenses
Management fee		6,014,044
Distribution fee—Class A		1,715,342
Distribution fee—Class B		670,125
Distribution fee—Class C		1,260,404
Distribution fee—Class R		105,707
Distribution fee—Class X		1,097
Transfer agent’s fees and expenses (including affiliated expense of $300,100) (Note 3)		1,287,000
Custodian’s fees and expenses		155,000
Registration fees		121,000
Reports to shareholders		70,000
Directors’ fees		26,000
Insurance		24,000
Legal fees and expenses		19,000
Audit fee		16,000
Miscellaneous		16,688
Total expenses		11,501,407
Net investment income		83,638,548
Realized And Unrealized Gain On Investments
Net realized gain on:
Investment transactions		16,850,541
Swap agreement transactions		3,241,355
		20,091,896
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated $10,061)		56,462,581
Swap agreements		4,200,527
		60,663,108
Net gain on investments		80,755,004
Net Increase In Net Assets Resulting From Operations	$	164,393,552

See Notes to Financial Statements.

48 Visit our website at www.prudentialfunds.com

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended February 28, 2013			Year Ended August 31, 2012
Increase (Decrease) In Net Assets
Operations
Net investment income	$	83,638,548		$	137,061,520
Net realized gain on investment transactions		20,091,896			13,714,188
Net change in unrealized appreciation (depreciation) on investments		60,663,108			90,824,466
Net increase in net assets resulting from operations		164,393,552			241,600,174
Dividends from net investment income (Note 1)
Class A		(45,212,049	)		(85,548,989	)
Class B		(5,446,642	)		(8,826,419	)
Class C		(7,366,247	)		(11,074,023	)
Class L		—			(220,111	)
Class M		—			(14,810	)
Class Q		(2,334,852	)		(3,029,511	)
Class R		(1,342,792	)		(1,919,117	)
Class X		(6,387	)		(23,665	)
Class Z		(28,485,577	)		(35,587,618	)
		(90,194,546	)		(146,244,263	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		619,168,818			1,168,059,020
Net asset value of shares issued in reinvestment of dividends		73,688,674			117,520,743
Cost of shares reacquired		(356,181,932	)		(511,683,775	)
Net increase in net assets from Fund share transactions		336,675,560			773,895,988
Total increase		410,874,566			869,251,899
Net Assets:
Beginning of period		2,558,552,873			1,689,300,974
End of period(a)	$	2,969,427,439		$	2,558,552,873
(a) Includes undistributed net investment income of:	$	—		$	4,862,084

See Notes to Financial Statements.

Prudential High Yield Fund 49

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as a diversified, open-end management investment company. The Company consists of two funds: Prudential High Yield Fund (the “Fund”) and Prudential Short Duration High Yield Income Fund. These financial statements relate to Prudential High Yield Fund. The Fund’s investment objective is to maximize current income. As a secondary investment objective, the Fund seeks capital appreciation but only when consistent with the Fund’s primary objective of current 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.

Securities Valuation: The Fund holds portfolio 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 Directors (the “Board”) has delegated fair valuation responsibilities to Prudential Investments LLC (“PI” or “Manager”) through the adoption of Valuation Procedures for valuation of the Fund’s securities. Under the current Valuation Procedures, a Valuation Committee is established and responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures allow the Fund to utilize independent pricing vendor services, quotations from market makers and other valuation methods in events when market quotations are not readily available or not representative of the fair value of the securities. A record of the Valuation Committee’s actions is subject to review, approval and ratification by the Board at its next regularly scheduled quarterly meeting.

Various inputs are used in determining the value of the Fund’s investments, which are summarized in the three broad level hierarchies based on any observable inputs used as described in the table following the Portfolio of Investments. The valuation methodologies and significant inputs used in determining the fair value of securities and other assets classified as Level 1, Level 2 and Level 3 of the hierarchy are as follows:

Common stocks, exchange-traded funds and financial derivative instruments (including futures contracts and certain options and swap contracts on securities), that

50 Visit our website at www.prudentialfunds.com

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 of the fair value hierarchy.

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

For common stocks traded on foreign securities exchanges, certain valuation adjustments will be applied when events occur after the close of the security’s foreign market and before the Fund’s normal pricing time. These securities 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 of the fair value hierarchy as the adjustment factors are considered as significant other observable inputs to the valuation.

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 as they have the ability to be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter market, such as corporate bonds, municipal bonds, U.S. Government agencies issues and guaranteed obligations, U.S. Treasury obligations and sovereign issues are usually valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices usually after evaluating observable inputs including yield curves, credit rating, yield spreads, default rates, cash flows as well as broker/dealer quotations and reported trades. Securities valued using such vendor prices are classified as Level 2 of the fair value hierarchy.

Asset-backed and mortgage-related securities are usually valued by approved independent pricing vendors. The pricing vendors provide the prices using their internal pricing models with inputs from deal terms, tranche level attributes, yield curves, prepayment speeds, default rates and broker/dealer quotes. Securities valued using such vendor prices are classified as Level 2 of the fair value hierarchy.

Prudential High Yield Fund 51

Notes to Financial Statements

(Unaudited) continued

Short-term debt securities of sufficient credit quality, which mature in sixty days or less, are valued using amortized cost method, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as option contracts, foreign currency contracts and swaps agreements, are usually valued using pricing vendor services, which derive the valuation based on underlying asset prices, indices, spreads, interest rates, exchange rates and other inputs. These instruments are categorized as Level 2 of the fair value hierarchy.

Securities and other assets that cannot be priced using the methods described above are valued with pricing methodologies approved by the Valuation Committee. In the event there are unobservable inputs used when determining such valuations, the securities will be classified as Level 3 of the fair value hierarchy.

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.

Restricted and Illiquid Securities: The Fund may invest up to 15% of its net assets in illiquid securities. 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

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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 Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Swap Agreements: The Fund may enter into credit default, interest rate, total return 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. Upon entering into an exchange traded swap, the Fund pledges with the clearing broker an initial margin and thereafter, pays or receives an amount, known as “variation margin”, based on daily changes in valuation of 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 statements of assets and liabilities. Swap agreements outstanding at year end, if any, are listed on the Portfolio of Investments.

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

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund entered into credit default swaps to provide a measure of protection against defaults of the issuers or to take an active long or short position with respect to the likelihood of a particular issuer’s default. The Fund used credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. 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

Prudential High Yield Fund 53

Notes to Financial Statements

(Unaudited) continued

maximum risk of loss from counterparty credit risk for purchased credit default swaps is the notional value of a credit default swap agreement. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection an agreed upon payment throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively increase investment risk to its portfolio because, in addition to its total net assets, a Fund may be subject to investment exposure on the notional amount of the swap.

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

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

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

As of February 28, 2013, the Fund has not met conditions under such agreements, which give the counterparty the right to call for an early termination.

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

Loan Participations: The Fund may invest in loan participations, another type of restricted security. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, the Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participation.

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

Prudential High Yield Fund 55

Notes to Financial Statements

(Unaudited) continued

the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities using the collateral in the open market. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, 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 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 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.

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

Dividends and Distributions: The Fund declares daily and pays dividends of net investment income monthly and makes 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.

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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 has responsibility for all investment advisory services and supervises the subadvisor’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 accrued daily and payable monthly, at an annual rate of .50% of the Fund’s average daily net assets up to $250 million, .475% of the next $500 million, .45% of the next $750 million, .425% of the next $500 million, .40% of the next $500 million, .375% of the next $500 million and .35% of the Fund’s average daily net assets in excess of $3 billion. The effective management fee rate was .44% for the six months ended February 28, 2013.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Q, Class R and Class Z shares of the Fund. In addition, the Fund has a distribution agreement with Prudential Annuities Distributors, Inc. (“PAD”), which, together with PIMS, serves as co-distributor of Class X shares of the Fund. The Fund compensates PIMS and PAD, as applicable, for distributing and servicing the Fund’s Class A, Class B, Class C, Class R and Class X shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS or PAD. 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 and PAD, as applicable, for distribution related activities at an annual rate of up to .30%, .75%, 1%, .75% and 1% of the average daily net assets of the Class A, B, C, R and X shares, respectively.

Prudential High Yield Fund 57

Notes to Financial Statements

(Unaudited) continued

For the six months ended February 28, 2013, PIMS contractually agreed to limit such fees to .25% and .50% of the average daily net assets of the Class A and Class R shares, respectively.

PIMS has advised the Fund that it has received $936,876 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2013. 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 February 28, 2013, it received $8,133, $107,571 and $20,740 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

PI, PIMS, PIM and PAD 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’s fees and expenses on the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Prudential Investment Management, Inc., (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. For the six months ended February 28, 2013, PIM has been compensated approximately $184,400 for these services.

The Fund invests in the Prudential Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities and Exchange Commission and in the Prudential Core Taxable Money Market Fund (the “Core Funds”), each a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Funds are disclosed on the Statement of Operations as affiliated dividend income.

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Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended February 28, 2013, aggregated $1,056,157,732 and $628,718,082, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2013 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$3,379,253,824	$147,432,428	$(37,066,060)	$110,366,368

The difference between book basis and tax basis is primarily attributable to the deferred losses on wash sales, the difference in the treatment of premium amortization, deferred income on defaulted securities and other cost basis differences between financial and tax reporting as of the most recent fiscal year end.

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 August 31, 2012 (“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 August 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. The Fund utilized approximately $8,641,000 of its pre-enactment losses to offset net taxable gains realized in the fiscal year ended August 31, 2012. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses. As of August 31, 2012, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	0
Pre-Enactment Losses:
Expiring 2015	$	3,626,000
Expiring 2016		11,341,000
Expiring 2017		48,200,000
Expiring 2018		66,273,000
	$	129,440,000

Prudential High Yield Fund 59

Notes to Financial Statements

(Unaudited) continued

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

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class Q, Class R, Class X and Class Z shares. Class A shares are sold with a front-end sales charge of up to 4.50%. Investors who purchase $1 million or more of Class A shares and redeem those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, but are not subject to an initial sales charge. The Class A CDSC is waived for purchases by certain retirement 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 B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class C shares are sold with a CDSC of 1% during the first 12 months. Class X shares are sold with a CDSC that declines from 6% to zero depending on the period of time the shares are held. Class X shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class X shares are not offered to new purchasers and are only available through exchange from the same class of shares offered by certain Prudential funds. The last conversion of Class M and Class L shares to Class A shares was completed as of April 13, 2012 and August 24, 2012, respectively. There are no Class M and Class L shares outstanding and Class M and Class L shares are no longer being offered for sale. Class Q, Class R and Class Z shares are not subject to any sales or redemption charges and are available only to a limited group of investors.

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

The Company is authorized to issue 3 billion shares of common stock, $.01 par value per share, divided into eight classes, designated Class A, Class B, Class C, Class M,

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Class Q, Class R, Class X and Class Z common stock. Of the authorized shares of common stock of the Fund, 625 million shares are designated for Class A common stock, 150 million shares are designated for each of Class B common stock and Class C common stock, 20 million shares are designated for Class M common stock, 310 million shares are designated for each of Class Q and Class R common stock, 25 million shares are designated for Class X common stock and 410 million shares are designated for Class Z common stock.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 28, 2013:
Shares sold		26,367,634		$	149,945,036
Shares issued in reinvestment of dividends		6,254,311			35,598,449
Shares reacquired		(27,294,365	)		(155,296,433	)
Net increase (decrease) in shares outstanding before conversion		5,327,580			30,247,052
Shares issued upon conversion from Class B, Class X and Class Z		512,329			2,915,037
Shares reacquired upon conversion into Class Z		(230,947	)		(1,314,133	)
Net increase (decrease) in shares outstanding		5,608,962		$	31,847,956
Year ended August 31, 2012:
Shares sold		63,487,469		$	346,631,622
Shares issued in reinvestment of dividends		12,045,849			65,637,283
Shares reacquired		(40,113,847	)		(217,536,029	)
Net increase (decrease) in shares outstanding before conversion		35,419,471			194,732,876
Shares issued upon conversion from Class B, Class M, Class X and Class Z		2,296,291			12,421,243
Shares reacquired upon conversion into Class Z		(132,880	)		(718,871	)
Net increase (decrease) in shares outstanding		37,582,882		$	206,435,248
Class B
Six months ended February 28, 2013:
Shares sold		6,645,373		$	37,800,074
Shares issued in reinvestment of dividends		743,818			4,227,438
Shares reacquired		(1,765,840	)		(10,050,247	)
Net increase (decrease) in shares outstanding before conversion		5,623,351			31,977,265
Shares reacquired upon conversion into Class A		(391,050	)		(2,227,089	)
Net increase (decrease) in shares outstanding		5,232,301		$	29,750,176
Year ended August 31, 2012:
Shares sold		11,415,024		$	62,423,499
Shares issued in reinvestment of dividends		1,244,027			6,775,675
Shares reacquired		(2,978,621	)		(16,147,296	)
Net increase (decrease) in shares outstanding before conversion		9,680,430			53,051,878
Shares reacquired upon conversion into Class A		(2,032,468	)		(10,991,760	)
Net increase (decrease) in shares outstanding		7,647,962		$	42,060,118

Prudential High Yield Fund 61

Notes to Financial Statements

(Unaudited) continued

Class C	Shares			Amount
Six months ended February 28, 2013:
Shares sold		9,376,367		$	53,302,011
Shares issued in reinvestment of dividends		1,047,158			5,950,838
Shares reacquired		(4,316,425	)		(24,610,388	)
Net increase (decrease) in shares outstanding before conversion		6,107,100			34,642,461
Shares reacquired upon conversion into Class Z		(166,162	)		(946,732	)
Net increase (decrease) in shares outstanding		5,940,938		$	33,695,729
Year ended August 31, 2012:
Shares sold		20,074,592		$	109,760,603
Shares issued in reinvestment of dividends		1,673,985			9,122,227
Shares reacquired		(6,053,110	)		(32,795,868	)
Net increase (decrease) in shares outstanding before conversion		15,695,467			86,086,962
Shares reacquired upon conversion into Class Z		(95,570	)		(523,092	)
Net increase (decrease) in shares outstanding		15,599,897		$	85,563,870
Class L
Period ended August 24, 2012*:
Shares sold		108,408		$	584,917
Shares issued in reinvestment of dividends		31,155			169,428
Shares reacquired		(741,127	)		(4,110,768	)
Net increase (decrease) in shares outstanding		(601,564	)	$	(3,356,423	)
Class M
Period ended April 13, 2012**:
Shares sold		789		$	4,426
Shares issued in reinvestment of dividends		1,800			9,569
Shares reacquired		(17,183	)		(90,099	)
Net increase (decrease) in shares outstanding before conversion		(14,594	)		(76,104	)
Shares reacquired upon conversion into Class A		(143,544	)		(774,144	)
Net increase (decrease) in shares outstanding		(158,138	)	$	(850,248	)

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Class Q	Shares			Amount
Six months ended February 28, 2013:
Shares sold		2,503,279		$	14,315,372
Shares issued in reinvestment of dividends		409,158			2,335,055
Shares reacquired		(1,889,181	)		(10,807,907	)
Net increase (decrease) in shares outstanding		1,023,256		$	5,842,520
Period ended August 31, 2012***:
Shares sold		11,467,334		$	62,295,831
Shares issued in reinvestment of dividends		547,198			3,029,536
Shares reacquired		(2,392,518	)		(13,199,649	)
Net increase (decrease) in shares outstanding before conversion		9,622,014			52,125,718
Shares issued upon conversion from Class Z		1,773,822			9,596,375
Net increase (decrease) in shares outstanding		11,395,836		$	61,722,093
Class R
Six months ended February 28, 2013:
Shares sold		3,075,776		$	17,561,945
Shares issued in reinvestment of dividends		235,624			1,341,848
Shares reacquired		(1,024,637	)		(5,830,219	)
Net increase (decrease) in shares outstanding		2,286,763		$	13,073,574
Year ended August 31, 2012:
Shares sold		3,794,416		$	20,706,960
Shares issued in reinvestment of dividends		351,374			1,918,517
Shares reacquired		(1,412,282	)		(7,701,956	)
Net increase (decrease) in shares outstanding		2,733,508		$	14,923,521
Class X
Six months ended February 28, 2013:
Shares sold		543		$	3,131
Shares issued in reinvestment of dividends		1,116			6,339
Shares reacquired		(1,675	)		(9,530	)
Net increase (decrease) in shares outstanding before conversion		(16	)		(60	)
Shares reacquired upon conversion into Class A		(15,713	)		(89,825	)
Net increase (decrease) in shares outstanding		(15,729	)	$	(89,885	)
Year ended August 31, 2012:
Shares sold		535		$	2,997
Shares issued in reinvestment of dividends		4,323			23,427
Shares reacquired		(6,345	)		(34,233	)
Net increase (decrease) in shares outstanding before conversion		(1,487	)		(7,809	)
Shares reacquired upon conversion into Class A		(39,998	)		(219,022	)
Net increase (decrease) in shares outstanding		(41,485	)	$	(226,831	)

Prudential High Yield Fund 63

Notes to Financial Statements

(Unaudited) continued

Class Z	Shares			Amount
Six months ended February 28, 2013:
Shares sold		60,630,997		$	346,241,249
Shares issued in reinvestment of dividends		4,247,374			24,228,707
Shares reacquired		(26,196,037	)		(149,577,208	)
Net increase (decrease) in shares outstanding before conversion		38,682,334			220,892,748
Shares issued upon conversion from Class A and Class C		396,028			2,260,865
Shares reacquired upon conversion into Class A		(105,079	)		(598,123	)
Net increase (decrease) in shares outstanding		38,973,283		$	222,555,490
Year ended August 31, 2012:
Shares sold		103,441,930		$	565,648,165
Shares issued in reinvestment of dividends		5,628,045			30,835,081
Shares reacquired		(40,556,671	)		(220,067,877	)
Net increase (decrease) in shares outstanding before conversion		68,513,304			376,415,369
Shares issued upon conversion from Class A and Class C		227,792			1,241,963
Shares reacquired upon conversion into Class A and Class Q		(1,853,618	)		(10,032,692	)
Net increase (decrease) in shares outstanding		66,887,478		$	367,624,640

* As of August 24, 2012, the last conversion of Class L shares to Class A shares was completed. There are no Class L shares outstanding and Class L shares are no longer being offered for sale.

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

*** Commenced offering on October 31, 2011.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 15, 2012 through November 14, 2013. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 15, 2012, the Funds had another Syndicated Credit Agreement 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 period ended February 28, 2013.

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Note 8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.

Prudential High Yield Fund 65

Financial Highlights

(Unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.59			$5.34			$5.32			$4.84			$5.19			$5.58
Income (loss) from investment operations:
Net investment income		.17			.37			.40			.45			.43			.43
Net realized and unrealized gain (loss) on investment transactions		.18			.27			.03			.49			(.34	)		(.38	)
Total from investment operations		.35			.64			.43			.94			.09			.05
Less Dividends:
Dividends from net investment income		(.19	)		(.39	)		(.41	)		(.46	)		(.44	)		(.44	)
Capital Contributions(h):		-			-			-	(e)		-	(e)		-			-
Net asset value, end of period		$5.75			$5.59			$5.34			$5.32			$4.84			$5.19
Total Return(b):		6.21%			12.55%			8.14%			19.94%			3.32%			.86%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,408,530			$1,339,113			$1,078,117			$1,093,443			$1,009,183			$955,165
Average net assets (000)		$1,383,657			$1,187,666			$1,147,761			$1,078,033			$811,838			$1,024,892
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)		.82%	(f)		.87%			.88%			.90%			.91%			.88%
Expenses, excluding distribution and service (12b-1) fees		.57%	(f)		.62%			.63%			.65%			.66%			.63%
Net investment income		6.11%	(f)		6.75%			7.20%			8.64%			9.95%			7.99%
Portfolio turnover rate		24%	(g)		48%			87%			91%			82%			63%

(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 one full year are not annualized.

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

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

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

(h) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

66 Visit our website at www.prudentialfunds.com

Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.59			$5.34			$5.31			$4.83			$5.19			$5.58
Income (loss) from investment operations:
Net investment income		.16			.34			.37			.42			.41			.40
Net realized and unrealized gain (loss) on investment transactions		.16			.28			.05			.49			(.35	)		(.38	)
Total from investment operations		.32			.62			.42			.91			.06			.02
Less Dividends:
Dividends from net investment income		(.17	)		(.37	)		(.39	)		(.43	)		(.42	)		(.41	)
Capital Contributions(g):		-			-			-	(d)		-	(d)		-			-
Net asset value, end of period		$5.74			$5.59			$5.34			$5.31			$4.83			$5.19
Total Return(b):		5.78%			12.00%			7.82%			19.39%			2.59%			.37%
Ratios/Supplemental Data:
Net assets, end of period (000)		$197,878			$163,309			$115,162			$96,409			$85,727			$109,152
Average net assets (000)		$180,183			$131,650			$108,578			$92,174			$76,697			$132,653
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.32%	(e)		1.37%			1.38%			1.40%			1.41%			1.38%
Expenses, excluding distribution and service (12b-1) fees		.57%	(e)		.62%			.63%			.65%			.66%			.63%
Net investment income		5.62%	(e)		6.25%			6.70%			8.15%			9.44%			7.48%
Portfolio turnover rate		24%	(f)		48%			87%			91%			82%			63%

(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 one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

(g) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

Prudential High Yield Fund 67

Financial Highlights

(Unaudited) continued

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.58			$5.33			$5.31			$4.83			$5.18			$5.58
Income (loss) from investment operations:
Net investment income		.15			.32			.36			.42			.41		��	.40
Net realized and unrealized gain (loss) on investment transactions		.17			.28			.04			.49			(.34	)		(.39	)
Total from investment operations		.32			.60			.40			.91			.07			.01
Less Dividends:
Dividends from net investment income		(.16	)		(.35	)		(.38	)		(.43	)		(.42	)		(.41	)
Capital Contributions(h):		-			-			-	(e)		-	(e)		-			-
Net asset value, end of period		$5.74			$5.58			$5.33			$5.31			$4.83			$5.18
Total Return(b):		5.84%			11.74%			7.45%			19.40%			2.83%			.18%
Ratios/Supplemental Data:
Net assets, end of period (000)		$270,191			$229,715			$136,177			$112,212			$77,177			$49,660
Average net assets (000)		$254,174			$172,185			$132,854			$94,741			$50,393			$52,804
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)		1.57%	(f)		1.62%			1.55%			1.40%			1.41%			1.38%
Expenses, excluding distribution and service (12b-1) fees		.57%	(f)		.62%			.63%			.65%			.66%			.63%
Net investment income		5.37%	(f)		5.98%			6.52%			8.12%			9.42%			7.49%
Portfolio turnover rate		24%	(g)		48%			87%			91%			82%			63%

(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 one full year are not annualized.

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

(d) The distributor of the Fund contractually agreed to limit its distribution and service (12b-1) fees to .75% of the average daily net assets of the Class C shares through December 31, 2010.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

(h) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

68 Visit our website at www.prudentialfunds.com

Class L Shares
	Period Ended August 24,			Year Ended August 31,
	2012(a)(e)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.35			$5.32			$4.84			$5.19			$5.59
Income (loss) from investment operations:
Net investment income		.35			.39			.44			.42			.42
Net realized and unrealized gain (loss) on investment transactions		.26			.04			.49			(.34	)		(.39	)
Total from investment operations		.61			.43			.93			.08			.03
Less Dividends:
Dividends from net investment income		(.37	)		(.40	)		(.45	)		(.43	)		(.43	)
Capital Contributions(i):		-			-	(d)		-	(d)		-			-
Net asset value, end of period		$5.59			$5.35			$5.32			$4.84			$5.19
Total Return(b):		11.89%			8.07%			19.64%			3.05%			.44%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,069			$3,215			$3,868			$4,144			$5,114
Average net assets (000)		$3,194			$3,724			$4,060			$3,969			$5,980
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.12%	(f)		1.13%			1.15%			1.16%			1.13%
Expenses, excluding distribution and service (12b-1) fees		.62%	(f)		.63%			.65%			.66%			.63%
Net investment income		6.54%	(f)		6.96%			8.41%			9.71%			7.73%
Portfolio turnover rate		48%	(g)(h)		87%			91%			82%			63%

(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 one full year are not annualized.

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

(d) Less than $.005 per share.

(e) As of August 24, 2012, the last conversion of Class L shares to Class A shares was completed. There are no Class L shares outstanding and Class L shares are no longer being offered for sale.

(f) Annualized.

(g) Calculated as of August 31, 2012.

(h) Not annualized.

(i) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

Prudential High Yield Fund 69

Financial Highlights

(Unaudited) continued

Class M Shares
	Period Ended April 13,			Year Ended August 31,
	2012(a)(e)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.34			$5.32			$4.84			$5.19			$5.57
Income (loss) from investment operations:
Net investment income		.19			.36			.41			.41			.39
Net realized and unrealized gain (loss) on investment transactions		.16			.03			.49			(.35	)		(.37	)
Total from investment operations		.35			.39			.90			.06			.02
Less Dividends:
Dividends from net investment income		(.22	)		(.37	)		(.42	)		(.41	)		(.40	)
Capital Contributions(i):		-			-	(d)		-	(d)		-			-
Net asset value, end of period		$5.47			$5.34			$5.32			$4.84			$5.19
Total Return(b):		6.73%			7.32%			19.04%			2.52%			.28%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$845			$4,004			$7,730			$14,831
Average net assets (000)		$352			$2,493			$6,190			$9,244			$22,037
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.62%	(f)		1.63%			1.65%			1.66%			1.63%
Expenses, excluding distribution and service (12b-1) fees		.62%	(f)		.63%			.65%			.66%			.63%
Net investment income		6.29%	(f)		6.52%			7.96%			9.20%			7.21%
Portfolio turnover rate		48%	(g)(h)		87%			91%			82%			63%

(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 one full year are not annualized.

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

(d) Less than $.005 per share.

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

(f) Annualized.

(g) Calculated as of August 31, 2012.

(h) Not annualized.

(i) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

70 Visit our website at www.prudentialfunds.com

Class Q Shares
	Six Months Ended February 28, 2013(b)			October 31, 2011(a) through August 31, 2012(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.61			$5.41
Income (loss) from investment operations:
Net investment income		.18			.35
Net realized and unrealized gain on investment transactions		.17			.19
Total from investment operations		.35			.54
Less Dividends:
Dividends from net investment income		(.20	)		(.34	)
Net asset value, end of period		$5.76			$5.61
Total Return(c):		6.20%			10.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$71,585			$63,914
Average net assets (000)		$67,871			$48,841
Ratios to average net assets(d):
Expenses, including distribution and service (12b-1) fees		.47%	(e)		.50%	(e)
Expenses, excluding distribution and service (12b-1) fees		.47%	(e)		.50%	(e)
Net investment income		6.46%	(e)		6.97%	(e)
Portfolio turnover rate		24%	(f)		48%	(f)

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. 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) Does not include expenses of the underlying portfolios in which the Fund invests.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 71

Financial Highlights

(Unaudited) continued

Class R Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.59			$5.34			$5.32			$4.84			$5.19			$5.59
Income (loss) from investment operations:
Net investment income		.16			.35			.38			.44			.42			.42
Net realized and unrealized gain (loss) on investment transactions		.18			.28			.04			.49			(.34	)		(.39	)
Total from investment operations		.34			.63			.42			.93			.08			.03
Less Dividends:
Dividends from net investment income		(.18	)		(.38	)		(.40	)		(.45	)		(.43	)		(.43	)
Capital Contributions(h):		-			-			-	(e)		-	(e)		-			-
Net asset value, end of period		$5.75			$5.59			$5.34			$5.32			$4.84			$5.19
Total Return(b):		6.08%			12.26%			7.88%			19.66%			3.07%			.47%
Ratios/Supplemental Data:
Net assets, end of period (000)		$51,053			$36,886			$20,630			$10,441			$3,698			$1,295
Average net assets (000)		$42,638			$27,717			$16,155			$7,260			$1,580			$1,221
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees(d)		1.07%	(f)		1.12%			1.13%			1.15%			1.16%			1.13%
Expenses, excluding distribution and service (12b-1) fees		.57%	(f)		.62%			.63%			.65%			.66%			.63%
Net investment income		5.87%	(f)		6.47%			6.93%			8.32%			9.64%			7.78%
Portfolio turnover rate		24%	(g)		48%			87%			91%			82%			63%

(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.

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

(d) The distributor of the Fund has contractually agreed to limit its distribution and service (12b-1) fees to .50% of the average daily net assets of the Class R shares.

(e) Less than $.005 per share.

(f) Annualized.

(g) Not annualized.

(h) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

72 Visit our website at www.prudentialfunds.com

Class X Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.59			$5.34			$5.31			$4.83			$5.19			$5.57
Income (loss) from investment operations:
Net investment income		.15			.33			.36			.41			.38			.38
Net realized and unrealized gain (loss) on investment transactions		.16			.27			.04			.49			(.33	)		(.36	)
Total from investment operations		.31			.60			.40			.90			.05			.02
Less Dividends:
Dividends from net investment income		(.16	)		(.35	)		(.37	)		(.42	)		(.41	)		(.40	)
Capital Contributions(g):		-			-			-	(d)		-	(d)		-			-
Net asset value, end of period		$5.74			$5.59			$5.34			$5.31			$4.83			$5.19
Total Return(b):		5.64%			11.69%			7.54%			19.07%			2.32%			.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$166			$249			$459			$966			$1,878			$3,482
Average net assets (000)		$221			$363			$766			$1,359			$2,152			$4,230
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		1.57%	(e)		1.62%			1.63%			1.65%			1.66%			1.63%
Expenses, excluding distribution and service (12b-1) fees		.57%	(e)		.62%			.63%			.65%			.66%			.63%
Net investment income		5.34%	(e)		6.06%			6.48%			7.97%			9.19%			7.24%
Portfolio turnover rate		24%	(f)		48%			87%			91%			82%			63%

(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 one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

(g) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

Prudential High Yield Fund 73

Financial Highlights

(Unaudited) continued

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2013(a)			2012(a)			2011(a)			2010(a)			2009			2008
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.61			$5.35			$5.33			$4.85			$5.20			$5.60
Income (loss) from investment operations:
Net investment income		.18			.38			.42			.46			.44			.45
Net realized and unrealized gain (loss) on investment transactions		.16			.29			.03			.49			(.34	)		(.39	)
Total from investment operations		.34			.67			.45			.95			.10			.06
Less Dividends:
Dividends from net investment income		(.19	)		(.41	)		(.43	)		(.47	)		(.45	)		(.46	)
Capital Contributions(g):		-			-			-	(d)		-	(d)		-			-
Net asset value, end of period		$5.76			$5.61			$5.35			$5.33			$4.85			$5.20
Total Return(b):		6.15%			13.07%			8.47%			20.23%			3.68%			.96%
Ratios/Supplemental Data:
Net assets, end of period (000)		$970,025			$725,367			$334,696			$117,442			$74,321			$23,728
Average net assets (000)		$838,715			$479,766			$304,551			$94,871			$37,817			$22,081
Ratios to average net assets(c):
Expenses, including distribution and service (12b-1) fees		.57%	(e)		.62%			.63%			.65%			.66%			.63%
Expenses, excluding distribution and service (12b-1) fees		.57%	(e)		.62%			.63%			.65%			.66%			.63%
Net investment income		6.37%	(e)		6.97%			7.43%			8.86%			10.14%			8.24%
Portfolio turnover rate		24%	(f)		48%			87%			91%			82%			63%

(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.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

(g) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

See Notes to Financial Statements.

74 Visit our website at www.prudentialfunds.com

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Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of Directors 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. 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.

DIRECTORS

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

OFFICERS

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

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

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 DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential High Yield Fund, Prudential Investments, Attn: Board of Directors, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Director 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

PRUDENTIAL HIGH YIELD FUND

SHARE CLASS	A	B	C	Q	R	X	Z
NASDAQ	PBHAX	PBHYX	PRHCX	PHYQX	JDYRX	N/A	PHYZX
CUSIP	74440Y108	74440Y207	74440Y306	74440Y884	74440Y603	74440Y702	74440Y801

MF110E2    0242452-00001-00

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, Inc. 15
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	April 22, 2013

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:	April 22, 2013
By:	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date:	April 22, 2013