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:	8/31/2014
Date of reporting period:	2/28/2014

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND

SEMIANNUAL REPORT ^· FEBRUARY 28, 2014

Fund Type

Short Duration High Yield Bond

Objective

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

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

April 15, 2014

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 six-month period that ended February 28, 2014.

We recognize that ongoing market volatility may make it a difficult time to be an investor. We continue to believe a prudent response to uncertainty is to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

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.

Cumulative Total Returns (Without Sales Charges) as of 2/28/14
	Six Months			1 Year			Since Inception
Class A		4.29	%		5.22	%	6.90% (10/26/12)
Class C		3.90			4.42		5.80    (10/26/12)
Class Z		4.42			5.49		7.28    (10/26/12)
Barclays U.S. High Yield Ba/B rated 1–5 Yr 1% Capped Index		4.96			7.12		10.66
Lipper High Yield Funds Average		6.67			7.50		11.82
Average Annual Total Returns (With Sales Charges) as of 3/31/14
				1 Year			Since Inception
Class A					1.27%		2.52% (10/26/12)
Class C					2.89		4.11    (10/26/12)
Class Z					4.93		5.19    (10/26/12)
Barclays U.S. High Yield Ba/B rated 1–5 Yr 1% Capped Index					6.61		7.60
Lipper High Yield Funds Average					6.73		8.41

Source: Prudential Investments LLC and Lipper Inc.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges which are described for each share class in the table below.

	Class A	Class C	Class Z
Maximum initial sales charge	3.25% of the public offering price	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	None

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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 2/28/14
Taminco Global Chemical Corp. (Belgium), Sec’d. Notes, 144A, 9.750%, 03/31/20	1.9	%
SunGard Data Systems, Inc., Gtd. Notes, 7.375%, 11/15/18	1.6
TransUnion LLC/TransUnion Financing Corp., Gtd. Notes, 11.375%, 06/15/18	1.6
CommScope, Inc., Gtd. Notes, 144A, 8.250%, 01/15/19	1.5
Koppers, Inc., Gtd. Notes, 7.875%, 12/01/19	1.5

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

Distributions and Yields as of 2/28/14
	Total Distributions Paid for Six Months		30-Day SEC Yield			30-Day Unsubsidized SEC Yield
Class A	$	0.30		2.80	%		2.75	%
Class C		0.26		2.14			2.14
Class Z		0.31		3.14			3.14

Credit Quality* expressed as a percentage of net assets as of 2/28/14
Baa	0.4	%
Ba	24.1
B	56.4
Caa or Lower	15.9
Not Rated**	2.2
Total Investments	99.0
Other assets in excess of liabilities	1.0
Net Assets	100.0	%

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

**Approximately 2.18% 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, 2013, at the beginning of the period, and held through the six-month period ended February 28, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of

4 Visit our website at www.prudentialfunds.com

Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential Short Duration High Yield Income Fund		Beginning Account Value September 1, 2013		Ending Account Value February 28, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period*
Class A	Actual	$	1,000.00	$	1,042.90		1.07	%	$	5.42
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class C	Actual	$	1,000.00	$	1,039.00		1.82	%	$	9.20
	Hypothetical	$	1,000.00	$	1,015.77		1.82	%	$	9.10
Class Z	Actual	$	1,000.00	$	1,044.20		0.82	%	$	4.16
	Hypothetical	$	1,000.00	$	1,020.73		0.82	%	$	4.11

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

Prudential Short Duration High Yield Income Fund 5

Fees and Expenses (continued)

The Fund’s annualized expense ratios for the period ended February 28, 2014, are as follows:

Class	Gross Operating Expenses			Net Operating Expenses
A		1.12	%		1.07	%
C		1.82			1.82
Z		0.82			0.82

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

6 Visit our website at www.prudentialfunds.com

Portfolio of Investments

as of February 28, 2014 (Unaudited)

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    96.8%
BANK LOANS(a)    2.7%
Automotive    0.1%
Schaeffler AG (Germany)	4.750%		01/27/17	EUR	623	$	863,930
Banking    0.2%
AA Group	3.521		07/31/18	GBP	1,518		2,533,142
Capital Goods    0.5%
OGF SA	4.734		10/30/20	EUR	2,500		3,488,133
Tank & Rast GmbH (Germany)	3.793		12/10/18	EUR	1,500		2,073,039
							5,561,172
Electric
Calpine Corp.	4.000		04/01/18		123		123,799
Energy—Other    0.4%
Samson Investment Co.	5.000		09/25/18		4,500		4,532,625
Gaming    0.1%
MGM Resorts International	3.500		12/20/19		495		494,072
Healthcare & Pharmaceutical
Catalent Pharma Solutions, Inc.	6.500		12/29/17		300		303,375
Insurance    1.0%
Asurion LLC	3.750		03/03/17		11,000		11,000,000
Media & Entertainment
Getty Images, Inc.	4.750		10/18/19		248		235,929
Gray Television, Inc.	4.750		10/11/19		72		71,980
							307,909
Technology    0.4%
Ancestry.com, Inc.	4.500		12/28/18		364		365,146
First Data Corp.	4.248		03/26/18		150		150,295
Kronos, Inc.	9.750		04/30/20		3,543		3,605,324
							4,120,765
TOTAL BANK LOANS (cost $29,183,366)							29,840,789

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 7

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS    93.9%
Aerospace & Defense    1.2%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A	7.500%		03/15/18		4,750	$	5,343,750
Michael Baker International, Inc., Sr. Sec’d. Notes, 144A	8.250		10/15/18		6,300		6,764,625
TransDigm, Inc., Gtd. Notes	7.750		12/15/18		1,400		1,499,750
							13,608,125
Automotive    2.3%
Allison Transmission, Inc., Gtd. Notes, 144A	7.125		05/15/19		4,000		4,320,000
American Axle & Manufacturing Holdings, Inc., Gtd. Notes	5.125		02/15/19		1,750		1,824,375
Chrysler Group LLC,
Sec’d. Notes	8.000		06/15/19		1,225		1,347,500
Sec’d. Notes	8.250		06/15/21		4,500		5,096,250
Sec’d. Notes, 144A	8.000		06/15/19		2,800		3,080,000
General Motors Co., Sr. Unsec’d. Notes, 144A	3.500		10/02/18		1,925		1,987,562
Lear Corp.,
Gtd. Notes	7.875		03/15/18		1,624		1,690,990
Gtd. Notes	8.125		03/15/20		1,012		1,108,140
Meritor, Inc., Gtd. Notes	10.625		03/15/18		1,375		1,452,344
Schaeffler Holding Finance BV (Netherlands), Sr. Sec’d. Notes, PIK, 144A	6.875		08/15/18		2,925		3,115,125
							25,022,286
Building Materials & Construction    3.9%
Beazer Homes USA, Inc.,
Gtd. Notes	9.125		06/15/18		4,000		4,240,000
Sr. Sec’d. Notes	6.625		04/15/18		7,171		7,744,680
Building Materials Corp. of America, Sr. Notes, 144A (original cost $1,525,299; purchased 06/20/13)(b)(c)	6.875		08/15/18		1,450		1,524,313
Cemex Espana Luxembourg (Mexico),
Sr. Sec’d. Notes, RegS	9.250		05/12/20		1,500		1,641,000
Sr. Sec’d. Notes, 144A	9.250		05/12/20		1,000		1,094,000
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A	9.875		04/30/19		4,000		4,580,000
D.R. Horton, Inc.,
Gtd. Notes	3.625		02/15/18		2,018		2,070,972

See Notes to Financial Statements.

8

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Building Materials & Construction (cont’d.)
Gtd. Notes	5.625%		01/15/16		250	$	268,125
Gtd. Notes	6.500		04/15/16		100		109,500
Lennar Corp., Gtd. Notes	4.500		06/15/19		4,200		4,289,250
Standard Pacific Corp.,
Gtd. Notes	8.375		05/15/18		2,495		2,969,050
Gtd. Notes	10.750		09/15/16		150		182,250
Toll Brothers Finance Corp.,
Gtd. Notes	4.000		12/31/18		500		512,500
Gtd. Notes	8.910		10/15/17		1,500		1,815,000
US Concrete, Inc., Sr. Sec’d. Notes, 144A	8.500		12/01/18		5,450		5,790,625
USG Corp., Sr. Unsec’d. Notes	6.300		11/15/16		3,725		4,041,625
							42,872,890
Cable    6.5%
Cablevision Systems Corp., Sr. Unsec’d. Notes	8.625		09/15/17		5,600		6,678,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
Gtd. Notes	7.000		01/15/19		7,140		7,559,475
Gtd. Notes	7.250		10/30/17		8,103		8,609,437
Gtd. Notes	8.125		04/30/20		1,300		1,423,500
Columbus International, Inc. (Barbados), Sr. Sec’d. Notes, 144A (original cost $5,650,625; purchased 07/24/13- 02/25/14)(b)(c)	11.500		11/20/14		5,300		5,604,750
CSC Holdings LLC,
Sr. Unsec’d. Notes	7.625		07/15/18		4,218		4,903,425
Sr. Unsec’d. Notes	7.875		02/15/18		4,250		4,940,625
Sr. Unsec’d. Notes	8.625		02/15/19		250		300,000
DISH DBS Corp., Gtd. Notes	4.250		04/01/18		4,815		5,007,600
Kabel Deutschland Holding AG (Germany), Sr. Unsec’d. Notes, RegS	6.500		07/31/17	EUR	400		588,008
Nara Cable Funding Ltd. (Spain), Sr. Sec’d. Notes, 144A	8.875		12/01/18		6,000		6,495,000
NET Servicos de Comunicacao SA (Brazil), Gtd. Notes	7.500		01/27/20		500		545,000
Unitymedia KabelBW GmbH (Germany), Sec’d. Notes, RegS	9.625		12/01/19	EUR	500		757,302
UPC Holding BV (Netherlands), Sec’d. Notes, 144A	9.875		04/15/18		6,137		6,505,220
Virgin Media Finance PLC (United Kingdom),
Gtd. Notes	8.375		10/15/19		4,584		4,939,260

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 9

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Cable (cont’d.)
Gtd. Notes	8.875%		10/15/19	GBP	750	$	1,359,515
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes	6.500		01/15/18		4,250		4,404,062
							70,620,179
Capital Goods    6.5%
Amsted Industries, Inc., Sr. Notes, 144A (original cost $7,636,673; purchased 08/09/13-02/11/14)(b)(c)	8.125		03/15/18		7,212		7,536,540
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes	8.250		01/15/19		2,000		2,152,500
Gtd. Notes, 144A	2.988(a)		12/01/17		5,625		5,681,250
Blueline Rental Finance Corp., Sec’d. Notes, 144A (original cost $1,603,250; purchased 01/16/14-02/12/14)(b)(c)	7.000		02/01/19		1,575		1,663,594
Case New Holland, Inc., Gtd. Notes	7.875		12/01/17		2,570		3,010,112
Cleaver-Brooks, Inc., Sr. Sec’d. Notes, 144A (original cost $2,182,500; purchased 12/18/13)(b)(c)	8.750		12/15/19		2,000		2,220,000
CNH America LLC, Gtd. Notes	7.250		01/15/16		1,000		1,100,000
CNH Capital LLC,
Gtd. Notes	3.625		04/15/18		375		380,625
Gtd. Notes	3.875		11/01/15		250		257,188
Columbus McKinnon Corp., Gtd. Notes	7.875		02/01/19		2,056		2,220,480
Hertz Corp. (The),
Gtd. Notes	6.750		04/15/19		2,752		2,948,080
Gtd. Notes	7.500		10/15/18		7,616		8,139,600
International Wire Group Holdings, Inc., Sr. Sec’d. Notes, 144A	8.500		10/15/17		3,000		3,270,000
Laureate Education, Inc., Gtd. Notes, 144A	9.250		09/01/19		5,950		6,366,500
Safway Group Holding LLC/Safway Finance Corp., Sec’d. Notes, 144A	7.000		05/15/18		1,802		1,914,625
SPX Corp., Gtd. Notes	6.875		09/01/17		5,831		6,632,762
Terex Corp., Gtd. Notes	6.500		04/01/20		2,900		3,139,250
Tomkins LLC/Tomkins, Inc., Sec’d. Notes	9.000		10/01/18		527		568,501
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A (original cost $2,898,485; purchased 01/31/13-01/22/14)(b)(c)	7.500		02/15/19		2,783		2,963,895

See Notes to Financial Statements.

10

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
United Rentals North America, Inc.,
Gtd. Notes	9.250%		12/15/19		6,307	$	6,937,700
Sr. Unsec’d. Notes	8.250		02/01/21		2,000		2,257,500
WireCo WorldGroup, Inc., Gtd. Notes	9.500		05/15/17		150		154,500
							71,515,202
Chemicals    5.2%
Ashland, Inc., Sr. Unsec’d. Notes	3.000		03/15/16		675		690,188
Celanese U.S. Holdings LLC, Gtd. Notes	6.625		10/15/18		1,350		1,431,000
Hexion U.S. Finance Corp., Sr. Sec’d. Notes	8.875		02/01/18		3,000		3,127,500
Huntsman International LLC, Gtd. Notes	8.625		03/15/20		3,000		3,311,250
Koppers, Inc., Gtd. Notes	7.875		12/01/19		14,893		16,047,207
Olin Corp., Sr. Unsec’d. Notes	8.875		08/15/19		5,155		5,541,625
Orion Engineered Carbons Bondco GmbH (Germany), Sr. Sec’d. Notes, 144A	9.625		06/15/18		2,753		3,000,770
Orion Engineered Carbons Finance & Co. SCA (Luxembourg), Gtd. Notes, PIK, 144A	9.250		08/01/19		1,750		1,820,000
PetroLogistics LP/PetroLogistics Finance Corp., Gtd. Notes	6.250		04/01/20		1,425		1,446,375
Taminco Global Chemical Corp. (Belgium), Sec’d. Notes, 144A	9.750		03/31/20		18,185		20,639,975
							57,055,890
Consumer    2.8%
Galaxy Bidco Ltd. (United Kingdom), Sr. Sec’d. Notes, 144A	5.521(a)		11/15/19	GBP	1,050		1,771,890
Geo Debt Finance SCA (Luxembourg), Sr. Sec’d. Notes, 144A	7.500		08/01/18	EUR	300		443,077
Jarden Corp., Gtd. Notes	7.500		05/01/17		2,320		2,668,000
Novalis SAS (France), Sr. Sec’d. Notes, 144A	6.000		06/15/18	EUR	1,200		1,753,456
PVH Corp., Sr. Unsec’d. Notes	7.375		05/15/20		5,676		6,314,550
QVC, Inc., Sr. Sec’d. Notes, 144A	7.500		10/01/19		2,950		3,155,957
Scotts Miracle-Gro Co. (The), Gtd. Notes	6.625		12/15/20		5,154		5,585,648
Service Corp. International, Sr. Unsec’d. Notes	7.625		10/01/18		6,070		7,056,375
Stewart Enterprises, Inc., Gtd. Notes	6.500		04/15/19		750		789,750
West Corp., Gtd. Notes	8.625		10/01/18		1,070		1,152,925
							30,691,628

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 11

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric    1.8%
AES Corp. (The),
Sr. Unsec’d. Notes	8.000%		10/15/17		2,150	$	2,547,750
Sr. Unsec’d. Notes	8.000		06/01/20		975		1,145,625
DPL, Inc., Sr. Unsec’d. Notes	6.500		10/15/16		3,450		3,717,375
GenOn REMA LLC, Pass-Through Certificates(c)	9.237		07/02/17		484		479,509
Mirant Mid Atlantic LLC, Pass-Through Certificates	9.125		06/30/17		1,035		1,086,778
NRG Energy, Inc.,
Gtd. Notes	7.625		01/15/18		8,500		9,605,000
Gtd. Notes	7.625		05/15/19		525		549,937
Gtd. Notes	8.500		06/15/19		500		528,750
							19,660,724
Energy—Integrated
Pacific Rubiales Energy Corp. (Canada), Gtd. Notes, 144A	7.250		12/12/21		200		215,000
Energy—Other    1.6%
Afren PLC (United Kingdom), Sr. Sec’d. Notes, RegS	10.250		04/08/19		1,000		1,143,750
CGG SA (France), Gtd. Notes	7.750		05/15/17		850		869,125
Denbury Resources, Inc., Gtd. Notes	8.250		02/15/20		2,275		2,488,281
EP Energy LLC/EP Energy Finance, Inc., Sr. Unsec’d. Notes	9.375		05/01/20		1,000		1,157,500
Hercules Offshore, Inc., Sr. Sec’d. Notes, 144A	7.125		04/01/17		325		343,281
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Notes, 144A (original cost $1,102,500; purchased 03/15/13- 03/18/13)(b)(c)	8.000		02/15/20		1,000		1,080,000
Kodiak Oil & Gas Corp., Gtd. Notes	8.125		12/01/19		2,050		2,280,625
SESI LLC, Gtd. Notes	6.375		05/01/19		6,000		6,405,000
Ultra Petroleum Corp., Sr. Unsec’d. Notes, 144A	5.750		12/15/18		1,500		1,571,250
							17,338,812
Food & Beverage    5.6%
Agrokor DD (Croatia), Gtd. Notes, MTN, RegS	10.000		12/07/16	EUR	500		731,905
ARAMARK Corp., Gtd. Notes, 144A	5.750		03/15/20		1,125		1,186,875
Bertin SA/Bertin Finance Ltd. (Brazil), Gtd. Notes, 144A	10.250		10/05/16		1,600		1,789,600

See Notes to Financial Statements.

12

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Food & Beverage (cont’d.)
Constellation Brands, Inc.,
Gtd. Notes	7.250%		09/01/16		480	$	543,600
Gtd. Notes	8.375		12/15/14		500		526,875
Cott Beverages, Inc., Gtd. Notes	8.125		09/01/18		6,000		6,405,000
Dave & Buster’s, Inc., Gtd. Notes	11.000		06/01/18		5,880		6,328,350
JBS SA (Brazil), Sr. Unsec’d. Notes, RegS (original cost $1,691,250; purchased 01/13/14)(b)	10.500		08/04/16		1,500		1,680,000
Michael Foods Group, Inc., Gtd. Notes	9.750		07/15/18		8,240		8,868,300
Pilgrim’s Pride Corp., Gtd. Notes	7.875		12/15/18		4,000		4,330,000
Smithfield Foods, Inc., Sr. Unsec’d. Notes	7.750		07/01/17		2,825		3,277,000
Stater Brothers Holdings, Inc., Gtd. Notes	7.375		11/15/18		1,785		1,885,406
Sun Merger Sub, Inc., Sr. Unsec’d. Notes, 144A	5.250		08/01/18		4,580		4,803,275
Tops Holding Corp./Tops Markets LLC, Sr. Sec’d. Notes	8.875		12/15/17		11,252		12,320,940
TreeHouse Foods, Inc., Gtd. Notes	7.750		03/01/18		250		260,750
U.S. Foods, Inc., Gtd. Notes (original cost $6,577,500; purchased 01/02/14)(b)(c)	8.500		06/30/19		6,000		6,502,500
							61,440,376
Gaming    6.2%
Boyd Gaming Corp., Gtd. Notes	9.125		12/01/18		1,000		1,087,500
Caesars Entertainment Operating Co., Inc., Sr. Sec’d. Notes	11.250		06/01/17		11,875		12,127,344
Caesars Entertainment Resort Properties LLC, Sr. Sec’d. Notes, 144A	8.000		10/01/20		975		1,037,156
CCM Merger, Inc., Gtd. Notes, 144A (original cost $3,584,575; purchased 09/04/13-09/10/13)(b)(c)	9.125		05/01/19		3,435		3,649,688
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes, 144A	4.375		11/01/18		3,725		3,864,688
Isle of Capri Casinos, Inc., Gtd. Notes	7.750		03/15/19		4,553		4,945,696
MGM Resorts International,
Gtd. Notes	7.500		06/01/16		3,500		3,902,500
Gtd. Notes	7.625		01/15/17		2,570		2,923,375
Gtd. Notes	10.000		11/01/16		3,400		4,080,000
MTR Gaming Group, Inc., Sec’d. Notes	11.500		08/01/19		5,000		5,650,000
Peninsula Gaming LLC/Peninsula Gaming Corp., Gtd. Notes, 144A	8.375		02/15/18		13,021		14,095,232

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 13

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Gaming (cont’d.)
Pinnacle Entertainment, Inc.,
Gtd. Notes	7.500%		04/15/21		3,430	$	3,730,125
Gtd. Notes	8.750		05/15/20		5,825		6,407,500
							67,500,804
Healthcare & Pharmaceutical    8.4%
Accellent, Inc., Sr. Sec’d. Notes	8.375		02/01/17		3,280		3,427,600
Capella Healthcare, Inc., Gtd. Notes	9.250		07/01/17		3,650		3,905,500
Capsugel SA, Sr. Unsec’d. Notes, PIK, 144A	7.000		05/15/19		675		700,312
CHS/Community Health Systems, Inc., Gtd. Notes	8.000		11/15/19		10,425		11,582,175
ConvaTec Finance International SA (Luxembourg), Sr. Unsec’d. Notes, PIK, 144A	8.250		01/15/19		1,350		1,390,500
ConvaTec Healthcare E SA (Luxembourg), Gtd. Notes, 144A	10.500		12/15/18		8,284		9,215,950
Elli Finance UK PLC (United Kingdom), Sr. Sec’d. Notes, RegS	8.750		06/15/19	GBP	1,950		3,632,699
Emdeon, Inc., Gtd. Notes	11.000		12/31/19		10,000		11,550,000
Forest Laboratories, Inc., Sr. Unsec’d. Notes, 144A	4.375		02/01/19		500		535,000
HCA Holdings, Inc., Sr. Unsec’d. Notes	7.750		05/15/21		8,972		9,942,097
HCA, Inc.,
Gtd. Notes	8.000		10/01/18		5,000		5,962,500
Sr. Sec’d. Notes	8.500		04/15/19		1,350		1,417,500
Sr. Unsec’d. Notes	6.500		02/15/16		250		272,188
Sr. Unsec’d. Notes, MTN	9.000		12/15/14		688		727,560
Healthcare Technology Intermediate, Inc., Sr. Unsec’d. Notes, PIK, 144A	7.375		09/01/18		200		207,000
IDH Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A	6.000		12/01/18	GBP	1,000		1,724,773
MedAssets, Inc., Gtd. Notes	8.000		11/15/18		10,949		11,783,861
Priory Group No. 3 PLC (United Kingdom), Sr. Sec’d. Notes, RegS	7.000		02/15/18	GBP	300		529,991
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	6.250		11/01/18		3,000		3,322,500
Sr. Unsec’d. Notes	9.250		02/01/15		3,900		4,192,500
Valeant Pharmaceuticals International,
Gtd. Notes, 144A	6.750		08/15/18		4,150		4,575,375
Gtd. Notes, 144A	6.875		12/01/18		1,000		1,063,750
							91,661,331

See Notes to Financial Statements.

14

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Lodging    0.3%
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes	7.250%		03/15/18		3,000	$	3,480,000
Media & Entertainment    5.6%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes	9.125		08/01/18		3,628		3,895,565
Gannett Co., Inc.,
Gtd. Notes	7.125		09/01/18		2,000		2,120,000
Gtd. Notes	9.375		11/15/17		2,000		2,100,000
Inmarsat Finance PLC (United Kingdom), Gtd. Notes, 144A	7.375		12/01/17		485		504,400
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes	7.250		04/01/19		3,000		3,232,500
LIN Television Corp., Gtd. Notes	8.375		04/15/18		8,100		8,494,875
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A (original cost $2,387,500; purchased 07/30/13-09/20/13)(b)(c)	5.000		08/01/18		2,375		2,475,937
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes	7.750		10/15/18		1,500		1,606,875
Regal Cinemas Corp., Gtd. Notes	8.625		07/15/19		1,000		1,071,000
Regal Entertainment Group, Sr. Unsec’d. Notes	9.125		08/15/18		305		330,001
SSI Investments II Ltd./SSI Co-Issuer LLC, Gtd. Notes	11.125		06/01/18		13,395		14,349,394
Starz LLC/Starz Finance Corp., Gtd. Notes	5.000		09/15/19		700		727,125
Telesat Canada/Telesat LLC (Canada), Gtd. Notes, 144A	6.000		05/15/17		8,410		8,725,375
WMG Acquisition Corp., Gtd. Notes	11.500		10/01/18		9,962		11,331,775
							60,964,822
Metals    6.2%
AK Steel Corp., Sr. Sec’d. Notes	8.750		12/01/18		13,075		14,725,719
ArcelorMittal SA (Luxembourg),
Sr. Unsec’d. Notes	5.000		02/25/17		6,647		7,103,981
Sr. Unsec’d. Notes	6.125		06/01/18		1,800		1,980,000
Sr. Unsec’d. Notes	9.500		02/15/15		700		750,750
Arch Coal, Inc., Gtd. Notes	9.875		06/15/19		75		67,875
Barminco Finance Pty Ltd., Gtd. Notes, 144A	9.000		06/01/18		1,600		1,504,000
Bluescope Steel Ltd./Bluescope Steel Finance (Australia), Gtd. Notes, 144A	7.125		05/01/18		925		980,500

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 15

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Metals (cont’d.)
CONSOL Energy, Inc., Gtd. Notes	8.000%		04/01/17		1,000	$	1,043,750
First Quantum Minerals Ltd. (Canada), Gtd. Notes, 144A	7.250		10/15/19		1,000		1,050,000
FMG Resources (August 2006) Pty Ltd. (Australia),
Gtd. Notes, 144A	6.000		04/01/17		3,925		4,140,875
Gtd. Notes, 144A	6.875		02/01/18		7,950		8,367,375
Gtd. Notes, 144A	7.000		11/01/15		3,572		3,700,949
Gtd. Notes, 144A	8.250		11/01/19		4,000		4,410,000
New Gold, Inc. (Canada), Gtd. Notes, 144A	7.000		04/15/20		650		676,000
Peabody Energy Corp., Gtd. Notes	6.000		11/15/18		3,480		3,767,100
Steel Dynamics, Inc., Gtd. Notes	6.125		08/15/19		2,500		2,731,250
Westmoreland Coal Co./Westmoreland Partners, Sr. Sec’d. Notes	10.750		02/01/18		5,900		6,431,000
Wise Metals Group LLC/Wise Alloys Finance Corp., Sr. Sec’d. Notes, 144A	8.750		12/15/18		4,325		4,671,000
							68,102,124
Non-Captive Finance    1.3%
CIT Group, Inc.,
Sr. Unsec’d. Notes	4.250		08/15/17		275		288,406
Sr. Unsec’d. Notes	5.000		05/15/17		1,000		1,072,500
Sr. Unsec’d. Notes	5.250		03/15/18		250		271,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Gtd. Notes, 144A	4.875		03/15/19		1,400		1,428,000
International Lease Finance Corp.,
Sr. Unsec’d. Notes	3.875		04/15/18		1,725		1,774,594
Sr. Unsec’d. Notes	5.875		04/01/19		1,000		1,105,000
Sr. Unsec’d. Notes	8.875		09/01/17		1,600		1,920,000
SLM Corp.,
Sr. Unsec’d. Notes, MTN	8.000		03/25/20		150		173,250
Sr. Unsec’d. Notes, MTN	8.450		06/15/18		5,350		6,333,063
							14,366,063
Packaging    2.8%
AEP Industries, Inc., Sr. Unsec’d. Notes	8.250		04/15/19		5,250		5,591,250
Ardagh Packaging Finance PLC (Ireland),
Gtd. Notes, 144A	6.250		01/31/19		400		415,000
Gtd. Notes, 144A	9.125		10/15/20		1,000		1,110,000

See Notes to Financial Statements.

16

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Packaging (cont’d.)
Berry Plastics Corp., Sec’d. Notes	9.500%		05/15/18		1,385	$	1,471,563
Beverage Packaging Holdings Luxembourg II SA,
Gtd. Notes, 144A	5.625		12/15/16		2,725		2,810,156
Gtd. Notes, 144A	6.000		06/15/17		1,625		1,690,000
BWAY Holding Co., Gtd. Notes (original cost $3,946,100; purchased 09/11/13-02/27/14)(b)(c)	10.000		06/15/18		3,625		3,878,750
Greif, Inc., Sr. Unsec’d. Notes	6.750		02/01/17		4,262		4,730,820
Owens-Illinois, Inc., Sr. Unsec’d. Notes	7.800		05/15/18		4,829		5,674,075
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes	7.875		08/15/19		1,400		1,547,000
Sealed Air Corp., Gtd. Notes, 144A	8.125		09/15/19		2,000		2,242,500
							31,161,114
Paper    0.3%
Graphic Packaging International, Inc., Gtd. Notes	7.875		10/01/18		1,000		1,071,250
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A	4.875		09/15/18		1,700		1,789,250
							2,860,500
Pipelines & Other    0.1%
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A (original cost $617,438; purchased 01/10/13-02/22/13)(b)(c)	6.000		01/15/19		625		625,000
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes	7.500		10/01/18		350		372,750
							997,750
Real Estate Investment Trusts     0.1%
Felcor Lodging LP, Sr. Sec’d. Notes	10.000		10/01/14		1,214		1,273,183
Retailers    2.8%
Academy Ltd./Academy Finance Corp., Gtd. Notes, 144A	9.250		08/01/19		8,400		9,198,000
Claire’s Stores, Inc.,
Sr. Sec’d. Notes, 144A	6.125		03/15/20		50		47,500
Sr. Sec’d. Notes, 144A	9.000		03/15/19		9,305		9,793,512

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 17

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Retailers (cont’d.)
Hot Topic, Inc., Sr. Sec’d. Notes, 144A (original cost $2,705,188; purchased 12/10/13- 01/03/14)(b)(c)	9.250%		06/15/21		2,575	$	2,748,813
HT Intermediate Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	12.000		05/15/19		550		558,250
Michaels Stores, Inc., Gtd. Notes	7.750		11/01/18		3,775		4,048,687
Phones4u Finance PLC (United Kingdom), Sr. Sec’d. Notes, RegS	9.500		04/01/18	GBP	1,406		2,472,449
Toys “R” US Property Co. II LLC, Sr. Sec’d. Notes	8.500		12/01/17		2,000		2,057,500
							30,924,711
Technology    15.3%
Advanced Micro Devices, Inc., Sr. Unsec’d. Notes, 144A	6.750		03/01/19		75		75,375
Alcatel-Lucent USA, Inc. (France), Gtd. Notes, 144A	4.625		07/01/17		12,500		12,890,625
Anixter International, Inc.,
Gtd. Notes	5.625		05/01/19		6,500		6,955,000
Gtd. Notes	10.000		03/15/14		1,300		1,302,990
Avaya, Inc., Sec’d. Notes, 144A	10.500		03/01/21		350		331,625
Brightstar Corp.,
Gtd. Notes, 144A (original cost $7,103,063; purchased 11/08/12-02/12/14)(b)(c)	9.500		12/01/16		6,600		7,227,000
Sr. Unsec’d. Notes, 144A (original cost $6,013,728; purchased 07/26/13-12/18/13)(b)(c)	7.250		08/01/18		5,625		6,117,187
CDW LLC/CDW Finance Corp.,
Gtd. Notes	8.500		04/01/19		12,400		13,640,000
Gtd. Notes	12.535		10/12/17		655		687,750
Sr. Sec’d. Notes	8.000		12/15/18		9,211		9,970,907
Ceridian Corp.,
Gtd. Notes (original cost $7,350,563; purchased 01/17/13-11/14/13)(b)(c)	11.250		11/15/15		7,185		7,229,906
Gtd. Notes, PIK (original cost $4,916,642; purchased 02/19/13-11/14/13)(b)(c)	12.250		11/15/15		4,822		4,852,204
Sr. Sec’d. Notes, 144A (original cost $800,700; purchased 05/01/13)(b)(c)	8.875		07/15/19		680		776,900
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A (original cost $940,000; purchased 05/22/13-07/10/13)(b)	6.625		06/01/20		950		1,004,625

See Notes to Financial Statements.

18

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
CommScope, Inc., Gtd. Notes, 144A (original cost $16,518,349; purchased 05/16/13-02/05/14)(b)	8.250%		01/15/19		15,380	$	16,764,200
First Data Corp.,
Sr. Sec’d. Notes, 144A	7.375		06/15/19		3,450		3,738,938
Sr. Sec’d. Notes, 144A	8.875		08/15/20		4,304		4,788,200
Freescale Semiconductor, Inc., Gtd. Notes	10.750		08/01/20		1,230		1,429,875
Igloo Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	8.250		12/15/17		400		403,000
Interactive Data Corp., Gtd. Notes	10.250		08/01/18		9,955		10,770,066
Jabil Circuit, Inc.,
Sr. Unsec’d. Notes	7.750		07/15/16		150		170,813
Sr. Unsec’d. Notes	8.250		03/15/18		2,400		2,886,000
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A	3.750		06/01/18		7,941		8,030,336
Seagate HDD Cayman,
Gtd. Notes	7.000		11/01/21		1,250		1,400,000
Gtd. Notes, 144A	3.750		11/15/18		2,575		2,658,688
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A	6.500		05/15/19		1,740		1,870,500
SunGard Data Systems, Inc., Gtd. Notes	7.375		11/15/18		16,500		17,572,500
TransUnion Holding Co., Inc., Sr. Unsec’d. Notes	9.625		06/15/18		4,500		4,786,875
TransUnion LLC/TransUnion Financing Corp., Gtd. Notes	11.375		06/15/18		15,780		17,042,400
							167,374,485
Telecommunications    7.1%
CenturyLink, Inc.,
Sr. Unsec’d. Notes	5.150		06/15/17		849		910,553
Sr. Unsec’d. Notes	6.000		04/01/17		850		939,250
Sr. Unsec’d. Notes	6.150		09/15/19		738		793,350
Cincinnati Bell, Inc., Gtd. Notes	8.750		03/15/18		2,000		2,092,500
Digicel Group Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A	8.250		09/01/17		3,600		3,744,000
Sr. Unsec’d. Notes, 144A	10.500		04/15/18		500		531,250
Eileme 2 AB (Poland),
Sr. Sec’d. Notes, RegS	11.750		01/31/20	EUR	300		500,014
Sr. Sec’d. Notes, 144A	11.625		01/31/20		1,000		1,196,250

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 19

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Embarq Corp., Sr. Unsec’d. Notes (original cost $1,152,500; purchased 04/11/13)(b)(c)	7.082%		06/01/16		1,000	$	1,119,695
Frontier Communications Corp.,
Sr. Unsec’d. Notes	8.125		10/01/18		1,150		1,334,000
Sr. Unsec’d. Notes	8.250		04/15/17		500		581,250
Level 3 Financing, Inc.,
Gtd. Notes	8.125		07/01/19		3,297		3,626,700
Gtd. Notes, 144A	3.846(a)		01/15/18		2,835		2,877,525
Satelites Mexicanos SA de CV (Mexico), Sr. Sec’d. Notes	9.500		05/15/17		9,075		9,687,562
SBA Telecommunications, Inc., Gtd. Notes	8.250		08/15/19		2,527		2,694,414
Sprint Capital Corp., Gtd. Notes	6.900		05/01/19		3,050		3,355,000
Sprint Communications, Inc.,
Gtd. Notes, 144A	9.000		11/15/18		4,000		4,900,000
Sr. Unsec’d. Notes	6.000		12/01/16		2,427		2,654,531
Sr. Unsec’d. Notes	8.375		08/15/17		7,150		8,374,437
Sr. Unsec’d. Notes	9.125		03/01/17		400		473,000
T-Mobile USA, Inc., Gtd. Notes	6.464		04/28/19		8,900		9,500,750
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS	4.625		04/03/18		400		392,000
Wind Acquisition Finance SA (Italy), Sec’d. Notes, RegS	11.750		07/15/17	EUR	850		1,245,645
Wind Acquisition Holdings Finance SA (Italy),
Sr. Sec’d. Notes, PIK, 144A(c)	12.250		07/15/17	EUR	4,245		6,049,805
Sr. Sec’d. Notes, PIK, 144A	12.250		07/15/17		1,551		1,612,781
Windstream Corp., Gtd. Notes	7.875		11/01/17		5,550		6,354,750
							77,541,012
TOTAL CORPORATE BONDS (cost $1,019,849,427)							1,028,249,011
FOREIGN AGENCY    0.2%
Harvest Operations Corp. (South Korea), Gtd. Notes (cost $2,194,808)	6.875		10/01/17		2,000		2,160,000
TOTAL LONG-TERM INVESTMENTS (cost $1,051,227,601)							1,060,249,800

See Notes to Financial Statements.

20

Description	Shares		Value (Note 1)
SHORT-TERM INVESTMENT    2.2%
AFFILIATED MONEY MARKET MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $23,886,584)(d)		23,886,584	$	23,886,584
TOTAL INVESTMENTS    99.0% (cost $1,075,114,185; Note 5)				1,084,136,384
Other assets in excess of liabilities(e)    1.0%				10,538,189
NET ASSETS    100.0%			$	1,094,674,573

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.

CDX—Credit Derivative Index

MTN—Medium Term Note

PIK—Payment-in-Kind

EUR—Euro

GBP—British Pound

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2014.

(b) Indicates a restricted security; the aggregate original cost of the restricted securities is $88,904,428. The aggregate value, $89,245,497, is approximately 8.2% of net assets.

(c) Indicates a security or securities that have been deemed illiquid.

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

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

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 21

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Forward foreign currency exchange contracts outstanding at February 28, 2014:

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Depreciation
British Pound,
Expiring 05/27/14	Toronto-Dominion	GBP	8,218	$	13,663,709	$	13,752,377	$	(88,668	)
Euro,
Expiring 05/27/14	Toronto-Dominion	EUR	11,203		15,373,317		15,463,209		(89,892	)
				$	29,037,026	$	29,215,586	$	(178,560	)

Credit default swap agreements outstanding at February 28, 2014:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at February 28, 2014(2)		Unrealized Depreciation
Exchange-Traded credit default swaps on credit indices—Sell Protection(1):
CDX.NA.HY.21.V1		12/20/18		5.000%		1,000	$	84,944	$	80,469	$	(4,475	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(2)		Upfront Premiums Paid (Received)		Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on credit indices—Sell Protection(1):
CDX.NA.HY.20.V1		06/20/18		5.000%		5,000	$	499,141	$	315,972	$	183,169	Barclays Bank PLC

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

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

See Notes to Financial Statements.

22

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

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

Level 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, 2014 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Bank Loans	$	—	$	27,307,647		$	2,533,142
Corporate Bonds		—		1,027,769,502			479,509
Foreign Agency		—		2,160,000			—
Affiliated Money Market Mutual Fund		23,886,584		—			—
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts		—		(178,560	)		—
Credit Default Swap Agreements		—		178,694			—
Total	$	23,886,584	$	1,057,237,283		$	3,012,651

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 23

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

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

	Bank Loans			Corporate Bonds
Balance as of 8/31/13	$	3,605,356		$	736,760
Realized gain (loss)		75,406			—
Change in unrealized appreciation(depreciation)**		288,486			(20,585	)
Purchases		—			—
Sales		(1,436,106	)		—
Accrued discounts/premiums		—			—
Transfers into Level 3		—			500,094
Transfers out of Level 3		—			(736,760	)
Balance as of 2/28/14	$	2,533,142		$	479,509

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

** Of which, $(20,585) was included in Net Assets relating to securities held at the report 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 was 1 Corporate Bond transferred out of Level 3 as a result of being valued by an independent pricing source and 1 Corporate Bond transferred into Level 3 as a result of using single broker quote.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Valuation Committee, which contain unobservable inputs. Such methodologies include, but are not limited to, using pricing provided by a single broker/dealer, the cost of the investment, and broker quotes adjusted for changes in yields of comparable U.S, Government and other securities using fixed income securities valuation model.

See Notes to Financial Statements.

24

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2014 were as follows:

Technology	15.7	%
Healthcare & Pharmaceutical	8.4
Telecommunications	7.1
Capital Goods	7.0
Cable	6.5
Gaming	6.3
Metals	6.2
Food & Beverage	5.6
Media & Entertainment	5.6
Chemicals	5.2
Building Materials & Construction	3.9
Consumer	2.8
Packaging	2.8
Retailers	2.8
Automotive	2.4
Affiliated Money Market Mutual Fund	2.2
Energy—Other	2.0	%
Electric	1.8
Non-Captive Finance	1.3
Aerospace & Defense	1.2
Insurance	1.0
Lodging	0.3
Paper	0.3
Banking	0.2
Foreign Agency	0.2
Pipelines & Other	0.1
Real Estate Investment Trusts	0.1
	99.0
Other assets in excess of liabilities	1.0
	100.0	%

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are foreign exchange risk and credit 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 25

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Fair values of derivative instruments as of February 28, 2014 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 over-the counter swap agreements	$	183,169	—	$	—
Credit Contracts	Premiums paid for swap agreements		315,972	—		—
Credit Contracts	—		—	Due from broker—variation margin		4,475	*
Foreign exchange contracts	—		—	Unrealized depreciation on forward foreign currency exchange contracts		178,560
Total		$	499,141		$	183,035

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

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2014 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Swaps		Forward Currency Contracts(1)			Total
Foreign exchange contracts	$	—	$	(737,891	)	$	(737,891	)
Credit contracts		134,306		—			134,306
Total	$	134,306	$	(737,891	)	$	(603,585	)
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Swaps		Forward Currency Contracts(2)			Total
Foreign exchange contracts	$	—	$	(258,729	)	$	(258,729	)
Credit contracts		250,378		—			250,378
Total	$	250,378	$	(258,729	)	$	(8,351	)

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

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

See Notes to Financial Statements.

26

For the six months ended February 28, 2014, the Fund's average value at settlement date receivable for forward currency contracts sold was $21,401,458 and the average notional amount for credit default swaps as writer was $5,333,333.

The Fund invested in financial instruments and derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting as well as instruments subject to collateral arrangements. The information about offsetting and related netting arrangements for assets and liabilities is presented in the summary below.

Offsetting of financial instrument and derivative assets and liabilities:

Description	Gross Amounts Recognized			Gross Amounts not subject to netting		Gross Amounts Offset in the Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position
Assets:
Over-the-counter derivatives*	$	183,169		$	—	$	—	$	183,169
Liabilities:
Over-the-counter derivatives*		(178,560	)		—		—		(178,560	)
Collateral Amounts Pledged/(Received):
Over-the-counter derivatives									(183,169	)
Net Amount								$	(178,560	)

* Over-the-counter derivatives may consist of forward foreign currency exchange contracts, options contracts and swap agreements. The amounts disclosed above represent the exposure to one or more counterparties. For further detail on individual derivative contracts and the corresponding unrealized appreciation (depreciation) by counterparty, see the Portfolio of Investments.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 27

Statement of Assets & Liabilities

as of February 28, 2014 (Unaudited)

Assets
Investments at value:
Unaffiliated investments (cost $1,051,227,601)	$	1,060,249,800
Affiliated investments (cost $23,886,584)		23,886,584
Cash		735,656
Foreign currency, at value (cost $171,634)		175,029
Dividends and interest receivable		20,039,973
Receivable for Fund shares sold		20,037,747
Receivable for investments sold		3,870,282
Premium paid for swap agreements		315,972
Unrealized appreciation on over-the-counter swap agreements		183,169
Prepaid expenses		1,653
Total assets		1,129,495,865
Liabilities
Payable for investments purchased		28,202,381
Payable for Fund shares reacquired		4,660,035
Dividends payable		975,961
Management fee payable		550,935
Distribution fee payable		207,235
Unrealized depreciation on forward foreign currency exchange contracts		178,560
Accrued expenses		36,202
Affiliated transfer agent fee payable		9,983
Total liabilities		34,821,292
Net Assets	$	1,094,674,573
Net assets were comprised of:
Common stock, at par	$	1,104,663
Paid-in capital in excess of par		1,092,096,051
		1,093,200,714
Distributions in excess of net investment income		(5,255,308	)
Accumulated net realized loss on investment and foreign currency transactions		(2,272,327	)
Net unrealized appreciation on investments and foreign currencies		9,001,494
Net assets, February 28, 2014	$	1,094,674,573

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share
($375,970,900 ÷ 37,944,131 shares of common stock issued and outstanding)	$	9.91
Maximum sales charge (3.25% of offering price)		0.33
Maximum offering price to public	$	10.24
Class C
Net asset value, offering price and redemption price per share
($195,681,233 ÷ 19,751,001 shares of common stock issued and outstanding)	$	9.91
Class Z
Net asset value, offering price and redemption price per share
($523,022,440 ÷ 52,771,210 shares of common stock issued and outstanding)	$	9.91

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 29

Statement of Operations

Six Months Ended February 28, 2014 (Unaudited)

Net Investment Income
Income
Interest income (net of foreign withholding taxes of $18,417)	$	20,657,163
Affiliated dividend income		24,017
Total income		20,681,180
Expenses
Management fee		2,548,327
Distribution fee—Class A		403,416
Distribution fee—Class C		650,825
Transfer agent’s fees and expenses (including affiliated expense of $24,000)		261,000
Custodian’s fees and expenses		51,000
Registration fees		40,000
Shareholders’ reports		29,000
Audit fee		16,000
Legal fees and expenses		13,000
Directors’ fees		9,000
Insurance expenses		2,000
Miscellaneous		8,678
Total expenses		4,032,246
Less: Distribution fee waiver-Class A		(67,236	)
Net expenses		3,965,010
Net investment income		16,716,170
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		307,672
Swap agreements transactions		134,306
Foreign currency transactions		(980,555	)
		(538,577	)
Net change in unrealized appreciation (depreciation) on:
Investments		12,748,864
Swap agreements		250,378
Foreign currencies		(301,656	)
		12,697,586
Net gain on investment and foreign currency transactions		12,159,009
Net Increase In Net Assets Resulting From Operations	$	28,875,179

See Notes to Financial Statements.

30

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended February 28, 2014			October 26, 2012* through August 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income	$	16,716,170		$	5,237,369
Net realized loss on investment and foreign currency transactions		(538,577	)		(57,652	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		12,697,586			(3,696,092	)
Net increase in net assets resulting from operations		28,875,179			1,483,625
Dividends from net investment income (Note 1)
Class A		(8,088,106	)		(2,653,274	)
Class C		(3,412,873	)		(1,032,412	)
Class Z		(10,311,757	)		(3,394,064	)
		(21,812,736	)		(7,079,750	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		746,316,133			499,672,279
Net asset value of shares issued in reinvestment of dividends		17,081,315			5,575,098
Cost of shares reacquired		(106,516,987	)		(68,919,583	)
Net increase in net assets from Fund share transactions		656,880,461			436,327,794
Total increase		663,942,904			430,731,669
Net Assets:
Beginning of period		430,731,669			—
End of period	$	1,094,674,573		$	430,731,669

* Commencement of operations.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 31

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.

Note 1. Accounting Policies

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

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

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

Common stocks, exchange-traded funds, and derivative instruments that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last

32

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

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

Common stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable and considered to be significant to the valuation.

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

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

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

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

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;

Prudential Short Duration High Yield Income Fund 33

Notes to Financial Statements

(Unaudited) continued

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: Subject to the guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Directors of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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.

34

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

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

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate 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

Prudential Short Duration High Yield Income Fund 35

Notes to Financial Statements

(Unaudited) continued

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.

Swap Agreements: The Fund entered 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. Exchange traded swaps pay or receive an amount, known as “variation margin”, based on daily changes in the valuation of a 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 period end, if any, are listed on the Portfolio of Investments.

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

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

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

36

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

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

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

The Fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the

Prudential Short Duration High Yield Income Fund 37

Notes to Financial Statements

(Unaudited) continued

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

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

As of February 28, 2014, the Fund has not met conditions under such agreements, which give the counterparty the right to call for an early termination.

38

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

Payment in Kind Securities: Certain fixed income Portfolios may invest in open market or receive pursuant to debt restructuring, securities that pay in kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income. The interest rate on PIK debt is paid out over time.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in a highly liquid short-term money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities 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.

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

Prudential Short Duration High Yield Income Fund 39

Notes to Financial Statements

(Unaudited) continued

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.

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.

40

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 December 31, 2014 to limit net annual Fund operating expenses (excluding distribution and service (12b-1) fees, extraordinary and 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 December 31, 2014.

PIMS has advised the Fund that it has received $605,453 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2014. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended February 28, 2014, it received $44,701 and $20,587 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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.

Prudential Short Duration High Yield Income Fund 41

Notes to Financial Statements

(Unaudited) continued

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 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 six months ended February 28, 2014, aggregated $804,209,923 and $141,469,584, 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, 2014 were as follows:

Tax Basis	$	1,080,842,530
Appreciation		10,407,508
Depreciation		(7,113,654	)
Net Unrealized Depreciation	$	3,293,854

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

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

42

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.

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
Six months ended February 28, 2014:
Shares sold		23,933,455		$	236,455,730
Shares issued in reinvestment of dividends		639,376			6,319,497
Shares reacquired		(4,242,655	)		(41,914,872	)
Net increase (decrease) in shares outstanding before conversion		20,330,176			200,860,355
Shares issued upon conversion from Class Z		51,580			509,888
Shares reacquired upon conversion into Class Z		(170,318	)		(1,676,360	)
Net increase (decrease) in shares outstanding		20,211,438		$	199,693,883
Period ended August 31, 2013*:
Shares sold		19,954,646		$	198,091,962
Shares issued in reinvestment of dividends		204,597			2,018,658
Shares reacquired		(2,426,550	)		(24,090,472	)
Net increase (decrease) in shares outstanding		17,732,693		$	176,020,148
Class C
Six months ended February 28, 2014:
Shares sold		12,954,902		$	127,934,418
Shares issued in reinvestment of dividends		264,850			2,617,905
Shares reacquired		(1,169,491	)		(11,541,429	)
Net increase (decrease) in shares outstanding before conversion		12,050,261			119,010,894
Shares reacquired upon conversion into Class Z		(15,555	)		(153,875	)
Net increase (decrease) in shares outstanding		12,034,706		$	118,857,019
Period ended August 31, 2013*:
Shares sold		7,878,032		$	78,194,899
Shares issued in reinvestment of dividends		78,720			776,610
Shares reacquired		(240,457	)		(2,373,004	)
Net increase (decrease) in shares outstanding		7,716,295		$	76,598,505

Prudential Short Duration High Yield Income Fund 43

Notes to Financial Statements

(Unaudited) continued

Class Z	Shares			Amount
Six months ended February 28, 2014:
Shares sold		38,643,869		$	381,925,985
Shares issued in reinvestment of dividends		823,728			8,143,913
Shares reacquired		(5,372,349	)		(53,060,686	)
Net increase (decrease) in shares outstanding before conversion		34,095,248			337,009,212
Shares issued upon conversion from Class A and Class C		185,876			1,830,235
Shares reacquired upon conversion into Class A		(51,565	)		(509,888	)
Net increase (decrease) in shares outstanding		34,229,559		$	338,329,559
Period ended August 31, 2013*:
Shares sold		22,523,970		$	223,385,418
Shares issued in reinvestment of dividends		281,109			2,779,830
Shares reacquired		(4,263,428	)		(42,456,107	)
Net increase (decrease) in shares outstanding		18,541,651		$	183,709,141

* Commenced operations on October 26, 2012.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of 0.08% of the unused portion of the SCA. Prior to November 5, 2013 the Funds had another SCA with substantially similar terms. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended February 28, 2014.

44

Financial Highlights

(Unaudited)

Class A Shares
	Six Months Ended February 28, 2014			October 26, 2012(a) through August 31, 2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.79			$10.00
Income from investment operations:
Net investment income		.22			.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			(.09	)
Total from investment operations		.42			.25
Less Dividends:
Dividends from net investment income		(.30	)		(.46	)
Net asset value, end of period		$9.91			$9.79
Total Return(c):		4.29%			2.50%
Ratios/Supplemental Data:
Net assets, end of period (000)		$375,971			$173,606
Average net assets (000)		$271,173			$55,859
Ratios to average net assets(d):
Expenses After Waivers and/or Expense Reimbursements		1.07%	(e)		1.15%	(e)
Expenses Before Waivers and/or Expense Reimbursements		1.12%	(e)		1.25%	(e)
Net investment income		4.61%	(e)		4.16%	(e)
Portfolio turnover rate		20%	(f)		30%	(f)

(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) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 45

Financial Highlights

(Unaudited) continued

Class C Shares
	Six Months Ended February 28, 2014			October 26, 2012(a) through August 31, 2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.79			$10.00
Income from investment operations:
Net investment income		.19			.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.19			(.10	)
Total from investment operations		.38			.18
Less Dividends:
Dividends from net investment income		(.26	)		(.39	)
Net asset value, end of period		$9.91			$9.79
Total Return(c):		3.90%			1.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$195,681			$75,539
Average net assets (000)		$131,244			$25,240
Ratios to average net assets(d):
Expenses After Waivers and/or Expense Reimbursements		1.82%	(e)		1.90%	(e)
Expenses Before Waivers and/or Expense Reimbursements		1.82%	(e)		1.95%	(e)
Net investment income		3.84%	(e)		3.38%	(e)
Portfolio turnover rate		20%	(f)		30%	(f)

(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) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

46

Class Z Shares
	Six Months Ended February 28, 2014			October 26, 2012(a) through August 31, 2013
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$9.79			$10.00
Income from investment operations:
Net investment income		.24			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.19			(.09	)
Total from investment operations		.43			.27
Less Dividends:
Dividends from net investment income		(.31	)		(.48	)
Net asset value, end of period		$9.91			$9.79
Total Return(c):		4.42%			2.74%
Ratios/Supplemental Data:
Net assets, end of period (000)		$523,022			$181,587
Average net assets (000)		$331,711			$69,695
Ratios to average net assets(d):
Expenses After Waivers and/or Expense Reimbursements		0.82%	(e)		.90%	(e)
Expenses Before Waivers and/or Expense Reimbursements		0.82%	(e)		1.04%	(e)
Net investment income		4.87%	(e)		4.29%	(e)
Portfolio turnover rate		20%	(f)		30%	(f)

(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) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Short Duration High Yield Income Fund 47

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

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Lee D. Augsburger, 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 • Lana Lomuti, Assistant Treasurer • Linda McMullin, 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 1-800-SEC-0330. 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    0260379-00001-00

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL HIGH YIELD FUND

SEMIANNUAL REPORT ^· FEBRUARY 28, 2014

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

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

April 15, 2014

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, 2014.

We recognize that ongoing market volatility may make it a difficult time to be an investor. We continue to believe a prudent response to uncertainty is to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

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.

Cumulative Total Returns (Without Sales Charges) as of 2/28/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class A		7.21	%		7.86	%		113.66	%		117.07	%	—
Class B		6.77			7.33			108.71			106.66		—
Class C		6.83			7.06			107.17			105.14		—
Class Q		7.40			8.25			N/A			N/A		26.93% (10/31/11)
Class R		7.08			7.60			111.05			N/A		96.76    (6/6/05)
Class X		6.63			7.05			105.94			N/A		63.12    (3/26/07)
Class Z		7.16			8.14			116.50			122.63		—
Barclays U.S. Corporate High Yield 1% Issuer Capped Index		7.41			8.37			134.42			128.43		—
Lipper High Yield Funds Average		6.67			7.50			112.86			103.66		—
Average Annual Total Returns (With Sales Charges) as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class A					2.24	%		14.80	%		7.51	%	—
Class B					1.71			15.25			7.50		—
Class C					5.44			15.18			7.42		—
Class Q					7.26			N/A			N/A		10.44% (10/31/11)
Class R					6.79			15.58			N/A		7.99    (6/6/05)
Class X					0.43			14.65			N/A		7.17    (3/26/07)
Class Z					7.53			16.21			8.32		—
Barclays U.S. Corporate High Yield 1% Issuer Capped Index					7.55			18.11			8.56
Lipper High Yield Funds Average					6.73			15.92			7.32

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.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

	Class A	Class B	Class C	Class Q	Class R	Class Z
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5) 1% (Yr. 6) 0% (Yr. 7)	1% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	.75%	1%	None	.75% (.50% currently)	None

Note: Class X shares are no longer issued and no Class X shares are outstanding. Class X share performance is shown for historical periods during which time Class X shares were outstanding.

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 2/28/14 are 28.11% for Class Q; 110.97% for Class R; and 79.25% for Class X. Barclays U.S. Corporate High Yield 1% Issuer Capped Index Closest Month-End to Inception average annual total returns as of 3/31/14 are 10.91% for Class Q; 8.85% for Class R; and 8.73% 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)

Prudential High Yield Fund 3

Your Fund’s Performance (continued)

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 2/28/14 are 25.64% for Class Q; 89.08% for Class R; and 60.34% for Class X. Lipper Average Closest Month-End to Inception average annual total returns as of 3/31/14 are 10.01% for Class Q; 7.47% for Class R; and 6.98% 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.

Five Largest Long-Term Issues expressed as a percentage of net assets as of 2/28/14
First Data Corp., Gtd. Notes, 144A, 08/15/21	0.9	%
CIT Group, Inc., Sr. Unsec’d. Notes, 08/15/22	0.9
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A, 06/01/20	0.7
First Data Corp., Gtd. Notes, 144A, 06/15/21	0.7
CHS/Community Health Systems, Inc., Gtd. Notes, 11/15/19	0.6

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

Distributions and Yields as of 2/28/14
	Total Distributions Paid for Six Months		30-Day SEC Yield			30-Day Unsubsidized SEC Yield
Class A	$	0.18		4.34	%		4.29	%
Class B		0.16		4.05			4.05
Class C		0.16		3.81			3.81
Class Q		0.19		4.89			4.89
Class R		0.17		4.29			4.04
Class X		0.16		3.79			3.79
Class Z		0.19		4.78			4.78

Credit Quality* expressed as a percentage of net assets as of 2/28/14
A	0.2	%
Baa	0.7
Ba	24.8
B	48.8
Caa or Lower	18.7
NR**	26.5
Total Investments	119.7
Liabilities in excess of other assets	–19.7
Net Assets	100.0	%

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

**Approximately 25.2% 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, 2013, at the beginning of the period, and held through the six-month period ended February 28, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Prudential High Yield Fund 5

Fees and Expenses (continued)

the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential High Yield Fund		Beginning Account Value September 1, 2013		Ending Account Value February 28, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,072.10		0.82	%	$	4.21
	Hypothetical	$	1,000.00	$	1,020.73		0.82	%	$	4.11
Class B	Actual	$	1,000.00	$	1,067.70		1.32	%	$	6.77
	Hypothetical	$	1,000.00	$	1,018.25		1.32	%	$	6.61
Class C	Actual	$	1,000.00	$	1,068.30		1.57	%	$	8.05
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class Q	Actual	$	1,000.00	$	1,074.00		0.46	%	$	2.37
	Hypothetical	$	1,000.00	$	1,022.51		0.46	%	$	2.31
Class R	Actual	$	1,000.00	$	1,070.80		1.07	%	$	5.49
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class X	Actual	$	1,000.00	$	1,066.30		1.57	%	$	8.04
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class Z	Actual	$	1,000.00	$	1,071.60		0.57	%	$	2.93
	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, 2014, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2014 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

6 Visit our website at www.prudentialfunds.com

The Fund’s annualized expense ratios for the period ended February 28, 2014, are

as follows:

Class	Gross Operating Expenses	Net Operating Expenses
A	0.87%	0.82%
B	1.32	1.32
C	1.57	1.57
Q	0.46	0.46
R	1.32	1.07
X	1.57	1.57
Z	0.57	0.57

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

Prudential High Yield Fund 7

Portfolio of Investments

as of February 28, 2014 (Unaudited)

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS     94.5%
ASSET-BACKED SECURITIES     0.2%
COLLATERALIZED DEBT OBLIGATIONS
Liberty Square CDO Ltd. (Cayman Islands), Series 2001-2A, Class D, 144A(a)	6.844%(b)		06/15/14	(c)		3,287	$	32,870
COLLATERALIZED LOAN OBLIGATIONS     0.2%
Baker Street CLO II Ltd., Series 2006-1A, Class E, 144A	4.189(b)		10/15/19			2,851		2,762,300
Bridgeport CLO Ltd., Series 2007-2A, Class D, 144A	4.493(b)		06/18/21	(c)		2,261		2,147,498
								4,909,798
TOTAL ASSET-BACKED SECURITIES (cost $5,007,397)								4,942,668
BANK LOANS(b)    1.1%
Capital Goods    0.2%
CPM Acquisition Corp.	10.250		03/01/18			7,250		7,322,500
Energy—Integrated    0.1%
Fieldwood Energy LLC	8.375		09/30/20			3,000		3,112,500
Gaming    0.4%
Caesars Entertainment Operating Co.	9.500		10/31/16			5,457		5,496,019
CCM Merger, Inc.	5.000		03/01/17			3,415		3,427,868
Golden Nugget, Inc.	5.500		11/21/19			1,500		1,526,213
Yonkers Racing Corp.	8.750		08/20/20			2,500		2,509,375
								12,959,475
Lodging    0.1%
Four Seasons Holdings, Inc.	6.250		12/28/20			1,750		1,785,000
Media & Entertainment    0.1%
Clear Channel Communications, Inc.	3.887		01/29/16			5,000		4,912,500
Technology    0.2%
Kronos, Inc.	9.750		04/30/20			5,864		5,966,558
TOTAL BANK LOANS (cost $35,218,622)								36,058,533

See Notes to Financial Statements.

Prudential High Yield Fund 9

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS    92.8%
Aerospace & Defense    1.3%
Alliant Techsystems, Inc., Gtd. Notes	6.875%		09/15/20	(d)		1,800	$	1,950,750
Sr. Unsec’d. Notes, 144A	5.250		10/01/21			1,300		1,332,500
Bombardier, Inc. (Canada), Sr. Notes, 144A	6.125		01/15/23	(d)		7,431		7,523,887
Sr. Unsec’d. Notes, 144A	5.750		03/15/22	(d)		3,075		3,121,125
Sr. Unsec’d. Notes, 144A	7.500		03/15/18	(d)		2,000		2,250,000
Sr. Unsec’d. Notes, 144A	7.750		03/15/20	(d)		975		1,089,563
Esterline Technologies Corp., Gtd. Notes	7.000		08/01/20			4,250		4,621,875
Sequa Corp., Gtd. Notes, 144A (original cost $8,050,719; purchased 12/10/12 - 12/17/13)	7.000		12/15/17	(c)(d)(e)		8,000		8,120,000
TransDigm, Inc., Gtd. Notes	7.500		07/15/21	(d)		5,200		5,733,000
Gtd. Notes	7.750		12/15/18	(d)		6,925		7,418,406
								43,161,106
Automotive    3.0%
American Axle & Manufacturing, Inc., Gtd. Notes	6.250		03/15/21	(d)		5,925		6,339,750
Gtd. Notes	6.625		10/15/22	(d)		5,225		5,682,187
Chrysler Group LLC, Sec’d. Notes	8.000		06/15/19	(d)		1,375		1,512,500
Sec’d. Notes	8.250		06/15/21	(d)		9,525		10,787,062
Sec’d. Notes, 144A	8.000		06/15/19			9,600		10,560,000
Sec’d. Notes, 144A	8.250		06/15/21	(d)		4,000		4,530,000
Dana Holding Corp., Sr. Unsec’d. Notes	5.375		09/15/21			2,550		2,626,500
Sr. Unsec’d. Notes	6.750		02/15/21	(d)		7,085		7,740,362
Delphi Corp., Gtd. Notes	5.000		02/15/23			2,690		2,868,213
Gtd. Notes	6.125		05/15/21	(d)		4,725		5,256,563
General Motors Co., Sr. Unsec’d. Notes, 144A	3.500		10/02/18			2,075		2,142,438
Sr. Unsec’d. Notes, 144A	4.875		10/02/23			6,225		6,520,687
General Motors Financial Co. Inc. Gtd. Notes	3.250		05/15/18			1,225		1,254,094
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A	5.625		02/01/23			650		679,250
Lear Corp., Gtd. Notes	7.875		03/15/18			4,428		4,610,655

See Notes to Financial Statements.

10

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Automotive (cont’d.)
Gtd. Notes	8.125 %		03/15/20			8,480	$	9,285,600
Gtd. Notes, 144A	4.750		01/15/23			775		751,750
Meritor, Inc., Gtd. Notes	6.750		06/15/21	(d)		4,325		4,595,313
Schaeffler Finance BV (Germany), Sr. Sec’d. Notes, 144A	4.750		05/15/21	(d)		4,250		4,303,125
Titan International, Inc., Sr. Sec’d. Notes, 144A	6.875		10/01/20			5,500		5,816,250
								97,862,299
Banking    0.6%
Ally Financial, Inc., Gtd. Notes	5.500		02/15/17			1,325		1,447,562
Gtd. Notes	8.000		03/15/20			7,020		8,687,250
Bank of America Corp., Jr. Sub. Notes	5.200(b)		12/31/49			2,975		2,796,500
Citigroup, Inc., Jr. Sub. Notes	5.350(b)		12/31/49	(d)		3,000		2,812,500
JPMorgan Chase & Co., Jr. Sub. Notes	5.150(b)		12/31/49	(d)		3,000		2,835,000
Wachovia Bank NA, Sub. Notes	6.600		01/15/38			375		490,345
								19,069,157
Brokerage    0.2%
KKR Group Finance Co., LLC, Gtd. Notes, 144A	6.375		09/29/20			5,000		5,791,685
Building Materials & Construction    3.6%
Beazer Homes USA, Inc., Gtd. Notes	7.250		02/01/23			1,425		1,467,750
Gtd. Notes	7.500		09/15/21			6,225		6,582,937
Gtd. Notes	9.125		06/15/18			5,300		5,618,000
Gtd. Notes	9.125		05/15/19			5,500		5,933,125
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A	6.125		07/01/22			6,023		6,188,632
Building Materials Corp. of America, Sr. Notes, 144A (original cost $2,215,000; purchased 04/19/13)	6.750		05/01/21	(c)(d)(e)		2,000		2,170,000
Sr. Notes, 144A (original cost $2,977,500; purchased 09/27/10)	6.875		08/15/18	(c)(e)		3,000		3,153,750
Sr. Sec’d. Notes, 144A (original cost $3,619,500; purchased 02/02/10 - 04/27/11)	7.000		02/15/20	(c)(e)		3,525		3,780,563
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A	9.375		10/12/22			7,400		8,480,400

See Notes to Financial Statements.

Prudential High Yield Fund 11

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Building Materials & Construction (cont’d.)
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A	9.000 %		01/11/18			4,000	$	4,355,000
CPG Merger Sub LLC, Gtd. Notes, 144A	8.000		10/01/21			570		612,750
D.R. Horton, Inc., Gtd. Notes	4.750		02/15/23	(d)		13,650		13,377,000
Gtd. Notes	6.500		04/15/16			100		109,500
HD Supply, Inc., Gtd. Notes	7.500		07/15/20	(d)		6,060		6,635,700
K. Hovnanian Enterprises, Inc., Sr. Sec’d. Notes, 144A	7.250		10/15/20	(d)		8,700		9,526,500
KB Home, Gtd. Notes	7.000		12/15/21	(d)		2,800		3,003,000
Gtd. Notes	7.500		09/15/22	(d)		5,645		6,117,769
Masco Corp., Sr. Unsec’d. Notes	5.950		03/15/22	(d)		1,475		1,593,000
Standard Pacific Corp., Gtd. Notes	6.250		12/15/21	(d)		3,225		3,442,688
Gtd. Notes	8.375		05/15/18	(d)		550		654,500
Gtd. Notes	8.375		01/15/21	(d)		400		477,000
Gtd. Notes	10.750		09/15/16	(d)		2,725		3,310,875
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A	5.625		03/01/24			2,100		2,100,000
Gtd. Notes, 144A	7.750		04/15/20			6,705		7,392,263
Toll Brothers Finance Corp., Gtd. Notes	4.000		12/31/18			825		845,625
WCI Communities, Inc., Gtd. Notes, 144A	6.875		08/15/21			9,375		9,632,812
								116,561,139
Cable    3.5%
Cablevision Systems Corp., Sr. Unsec’d. Notes	7.750		04/15/18	(d)		3,000		3,472,500
Sr. Unsec’d. Notes	8.625		09/15/17			8,475		10,106,437
CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes	5.125		02/15/23			2,850		2,778,750
Gtd. Notes	5.250		09/30/22	(d)		1,760		1,755,600
Gtd. Notes	5.750		01/15/24	(d)		13,330		13,396,650
Gtd. Notes	8.125		04/30/20	(d)		725		793,875
Gtd. Notes, 144A	5.250		03/15/21			620		628,525
Gtd. Notes, 144A	5.750		09/01/23			8,675		8,729,219

See Notes to Financial Statements.

12

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Cable (cont’d.)
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsec’d. Notes, 144A	5.125 %		12/15/21	(d)		8,175	$	8,154,562
Sr. Unsec’d. Notes, 144A	6.375		09/15/20			6,025		6,371,437
CSC Holdings LLC, Sr. Unsec’d. Notes	6.750		11/15/21	(d)		4,500		5,073,750
Sr. Unsec’d. Notes	7.625		07/15/18			875		1,017,188
DISH DBS Corp., Gtd. Notes	4.250		04/01/18			1,550		1,612,000
Gtd. Notes	5.000		03/15/23			2,050		2,034,625
Gtd. Notes	5.875		07/15/22			3,075		3,236,438
Gtd. Notes	6.750		06/01/21	(d)		725		812,000
Nara Cable Funding Ltd. (Spain), Sr. Sec’d. Notes, 144A	8.875		12/01/18			4,775		5,192,812
ONO Finance II PLC (Spain), Gtd. Notes, 144A	10.875		07/15/19			1,300		1,436,500
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes	5.750		01/15/23	(d)		8,683		8,791,537
UPC Holding BV (Netherlands), Sec’d. Notes, 144A	9.875		04/15/18			3,050		3,233,000
UPCB Finance V Ltd. (Netherlands), Sr. Sec’d. Notes, 144A	7.250		11/15/21			3,675		4,051,688
UPCB Finance VI Ltd. (Netherlands), Sr. Sec’d. Notes, 144A	6.875		01/15/22	(d)		4,625		5,058,594
Videotron Ltd. (Canada), Gtd. Notes	5.000		07/15/22			4,150		4,201,875
Gtd. Notes	6.375		12/15/15			2,050		2,055,125
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A	5.375		04/15/21			4,275		4,403,250
VTR Finance BV (Chile), Sr. Sec’d. Notes, 144A	6.875		01/15/24	(d)		4,845		4,961,077
								113,359,014
Capital Goods    7.1%
ADS Waste Holdings, Inc., Gtd. Notes	8.250		10/01/20	(d)		5,025		5,452,125
Aguila 3 SA (Luxembourg), Sr. Sec’d. Notes, 144A	7.875		01/31/18			1,350		1,434,375
Amsted Industries, Inc., Sr. Notes, 144A (original cost $421,940; purchased 03/12/10)	8.125		03/15/18	(c)(e)		425		444,125
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A	6.500		07/15/22			8,875		9,629,375

See Notes to Financial Statements.

Prudential High Yield Fund 13

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes	8.250 %		01/15/19	(d)		1,275	$	1,372,219
Gtd. Notes	9.750		03/15/20			3,075		3,567,000
Belden, Inc., Gtd. Notes, 144A	5.500		09/01/22			3,800		3,752,500
BlueLine Rental Finance Corp., Sec’d. Notes, 144A (original cost $3,385,688; purchased 01/16/14 - 02/12/14)	7.000		02/01/19	(c)(d)(e)		3,300		3,485,625
Brand Energy & Infrastructure Services, Inc., Gtd. Notes, 144A	8.500		12/01/21			6,225		6,489,562
Case New Holland, Inc., Gtd. Notes	7.875		12/01/17			4,335		5,077,369
CBRE Services, Inc., Gtd. Notes	5.000		03/15/23	(d)		7,575		7,575,000
Clean Harbors, Inc., Gtd. Notes	5.250		08/01/20			6,375		6,566,250
Cleaver-Brooks, Inc., Sr. Sec’d. Notes, 144A (original cost $4,330,000; purchased 04/08/13)	8.750		12/15/19	(c)(e)		4,000		4,440,000
Columbus McKinnon Corp., Gtd. Notes	7.875		02/01/19			3,410		3,682,800
Dycom Investments, Inc., Gtd. Notes	7.125		01/15/21			5,275		5,697,000
Gardner Denver, Inc., Sr. Unsec’d. Notes, 144A (original cost $5,020,000; purchased 07/22/13 - 07/24/13)	6.875		08/15/21	(c)(d)(e)		5,020		5,132,950
General Cable Corp., Gtd. Notes, 144A	6.500		10/01/22	(d)		5,487		5,541,870
Griffon Corp., Gtd. Notes, 144A	5.250		03/01/22			10,650		10,663,312
H&E Equipment Services, Inc., Gtd. Notes	7.000		09/01/22			8,600		9,460,000
Hertz Corp. (The), Gtd. Notes	5.875		10/15/20	(d)		1,275		1,351,500
Gtd. Notes	6.250		10/15/22	(d)		1,925		2,035,688
Gtd. Notes	6.750		04/15/19	(d)		3,740		4,006,475
Interline Brands, Inc., Gtd. Notes	7.500		11/15/18	(d)		4,950		5,249,475
International Wire Group Holdings, Inc., Sr. Sec’d. Notes, 144A	8.500		10/15/17			5,925		6,458,250
Jurassic Holdings III, Inc., Sec’d. Notes, 144A	6.875		02/15/21	(d)		2,600		2,678,000
Kenan Advantage Group, Inc. (The), Sr. Unsec’d. Notes, 144A	8.375		12/15/18			9,230		9,783,800
Laureate Education, Inc., Gtd. Notes, 144A	9.250		09/01/19	(d)		11,475		12,278,250
Manitowoc Co., Inc. (The), Gtd. Notes	5.875		10/15/22	(d)		2,450		2,597,000
Modular Space Corp., Sec’d. Notes, 144A	10.250		01/31/19			3,050		3,187,250
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., Sr. Sec’d. Notes, 144A	7.375		01/15/22	(d)		6,100		6,328,750

See Notes to Financial Statements.

14

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Capital Goods (cont’d.)
NES Rentals Holdings, Inc., Sec’d. Notes, 144A (original cost $4,026,250; purchased 04/12/13 - 07/02/13)	7.875 %		05/01/18	(c)(e)		4,050	$	4,333,500
Rexel SA (France), Sr. Unsec’d. Notes, 144A	6.125		12/15/19	(d)		3,100		3,270,500
SPX Corp., Gtd. Notes	6.875		09/01/17	(d)		3,475		3,952,813
Stena AB (Sweden), Sr. Unsec’d. Notes, 144A	7.000		02/01/24	(d)		320		329,600
Terex Corp., Gtd. Notes	6.000		05/15/21	(d)		7,625		8,025,312
Gtd. Notes	6.500		04/01/20	(d)		4,225		4,573,562
Tomkins LLC/Tomkins, Inc., Sec’d. Notes	9.000		10/01/18			482		519,958
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A (original cost $4,070,150; purchased 10/10/13)	7.500		02/15/19	(c)(e)		4,010		4,270,650
United Rentals North America, Inc., Gtd. Notes	7.375		05/15/20			2,400		2,682,000
Gtd. Notes	7.625		04/15/22			13,080		14,862,150
Gtd. Notes	8.375		09/15/20	(d)		3,175		3,556,000
Sr. Unsec’d. Notes	8.250		02/01/21			8,271		9,335,891
Vander Intermediate Holding II Corp., Sr. Unsec’d. Notes, PIK, 144A	9.750		02/01/19			2,025		2,100,938
WireCo WorldGroup, Inc., Gtd. Notes	9.500		05/15/17			10,575		10,892,250
								228,123,019
Chemicals    3.9%
Axalta Coating Systems U.S. Holdings, Inc./Axalta Coating Systems Dutch Holdings, Inc., Gtd. Notes, 144A	7.375		05/01/21	(d)		4,650		5,022,000
Axiall Corp., Gtd. Notes, 144A	4.875		05/15/23	(d)		2,100		2,073,750
Celanese US Holdings LLC, Gtd. Notes	4.625		11/15/22	(d)		3,050		3,034,750
Chemtura Corp., Gtd. Notes	5.750		07/15/21	(d)		6,325		6,578,000
Eagle Spinco, Inc., Gtd. Notes, 144A	4.625		02/15/21	(d)		2,675		2,661,625
Hexion U.S. Finance Corp., Sec’d. Notes	9.000		11/15/20	(d)		19,185		19,712,587
Sr. Sec’d. Notes	6.625		04/15/20	(d)		9,475		9,794,781
Sr. Sec’d. Notes	8.875		02/01/18	(d)		3,350		3,492,375
Huntsman International LLC, Gtd. Notes	8.625		03/15/20	(d)		1,675		1,848,781
INEOS Group Holdings SA (Luxembourg), Gtd. Notes, 144A (original cost $5,343,000; purchased 02/11/14)	5.875		02/15/19	(c)(d)(e)		5,325		5,484,750

See Notes to Financial Statements.

Prudential High Yield Fund 15

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Koppers, Inc., Gtd. Notes	7.875 %		12/01/19			6,279	$	6,765,623
Nova Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A	5.250		08/01/23			6,250		6,656,250
Orion Engineered Carbons Bondco GmbH (Germany), Sr. Sec’d. Notes, 144A	9.625		06/15/18			3,620		3,945,800
Orion Engineered Carbons Finance & Co. SCA (Luxembourg), Gtd. Notes, PIK, 144A	9.250		08/01/19	(d)		6,825		7,098,000
PetroLogistics LP/PetroLogistics Finance Corp., Gtd. Notes	6.250		04/01/20			5,925		6,013,875
Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp., Sec’d. Notes, 144A	6.500		04/15/21			6,450		6,321,000
Rockwood Specialties Group, Inc., Gtd. Notes	4.625		10/15/20			2,325		2,412,188
Taminco Global Chemical Corp. (Belgium), Sec’d. Notes, 144A	9.750		03/31/20			10,581		12,009,435
TPC Group, Inc., Sr. Sec’d. Notes, 144A	8.750		12/15/20			9,450		10,206,000
Tronox Finance LLC, Gtd. Notes	6.375		08/15/20	(d)		6,380		6,555,450
								127,687,020
Consumer    1.5%
Carlson Wagonlit BV (Netherlands), Sr. Sec’d. Notes, 144A	6.875		06/15/19			3,100		3,317,000
First Quality Finance Co., Inc., Sr. Unsec’d. Notes, 144A	4.625		05/15/21			3,550		3,479,000
Live Nation Entertainment, Inc., Gtd. Notes, 144A	7.000		09/01/20			3,325		3,649,187
PVH Corp., Sr. Unsec’d. Notes	4.500		12/15/22	(d)		2,900		2,856,500
Sr. Unsec’d. Notes	7.375		05/15/20			4,060		4,516,750
Service Corp. International, Sr. Unsec’d. Notes	4.500		11/15/20			2,300		2,254,000
Sr. Unsec’d. Notes	7.000		06/15/17			2,225		2,500,344
Sr. Unsec’d. Notes	7.000		05/15/19			8,775		9,323,437
Sr. Unsec’d. Notes, 144A	5.375		01/15/22			975		992,063
Spectrum Brands Escrow Corp., Gtd. Notes	6.375		11/15/20	(d)		3,225		3,515,250
Stewart Enterprises, Inc., Gtd. Notes	6.500		04/15/19			4,525		4,764,825
Sun Products Corp./The, Sr. Unsec’d. Notes, 144A	7.750		03/15/21	(d)		5,950		5,191,375
Visant Corp., Gtd. Notes	10.000		10/01/17			1,995		1,930,163
								48,289,894

See Notes to Financial Statements.

16

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric    4.7%
AES Corp. (The), Sr. Unsec’d. Notes	4.875 %		05/15/23	(d)		2,375	$	2,303,750
Sr. Unsec’d. Notes	7.375		07/01/21			8,950		10,180,625
Sr. Unsec’d. Notes	8.000		10/15/17			1,250		1,481,250
Sr. Unsec’d. Notes	8.000		06/01/20			2,955		3,472,125
Calpine Corp., Sr. Sec’d. Notes, 144A	6.000		01/15/22	(d)		2,325		2,464,500
Sr. Sec’d. Notes, 144A	7.500		02/15/21			6,064		6,685,560
Sr. Sec’d. Notes, 144A	7.875		07/31/20			6,834		7,636,995
Sr. Sec’d. Notes, 144A	7.875		01/15/23			3,239		3,643,875
Covanta Holding Corp., Sr. Unsec’d. Notes	5.875		03/01/24			3,725		3,799,273
Sr. Unsec’d. Notes	6.375		10/01/22			2,200		2,326,500
Sr. Unsec’d. Notes	7.250		12/01/20			2,850		3,106,500
DPL, Inc., Sr. Unsec’d. Notes	6.500		10/15/16			2,400		2,586,000
Sr. Unsec’d. Notes	7.250		10/15/21			9,780		9,767,775
Dynegy, Inc., Sr. Notes, 144A	5.875		06/01/23	(d)		12,000		11,760,000
Energy Future Intermediate Holding Co. LLC, Sec’d. Notes	11.000		10/01/21			4,500		4,972,500
Sec’d. Notes, 144A	12.250		03/01/22	(d)		14,700		17,052,000
GenOn Americas Generation LLC, Sr. Unsec’d. Notes	8.500		10/01/21	(d)		1,000		968,750
GenOn Energy, Inc., Sr. Unsec’d. Notes	9.500		10/15/18	(d)		2,500		2,575,000
InterGen NV (Netherlands), Sr. Sec’d. Notes, 144A (original cost $4,665,973; purchased 06/07/13)	7.000		06/30/23	(c)(e)		4,750		5,023,125
Mirant Corp., Bonds, 144A	7.400		07/15/49	(c)		2,675		2,675
Mirant Mid Atlantic LLC, Pass-Through Certificates, Series B	9.125		06/30/17			6,932		7,279,098
NRG Energy, Inc., Gtd. Notes	7.625		01/15/18			8,300		9,379,000
Gtd. Notes	7.625		05/15/19			261		273,397
Gtd. Notes	7.875		05/15/21	(d)		6,100		6,771,000
Gtd. Notes	8.250		09/01/20			6,400		7,104,000
Gtd. Notes, 144A	6.250		07/15/22	(d)		9,167		9,533,680
NRG REMA LLC, Pass-Through Certificates, Series B	9.237		07/02/17	(c)		2,120		2,098,997
Series C	9.681		07/02/26			6,275		6,086,750
								150,334,700

See Notes to Financial Statements.

Prudential High Yield Fund 17

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy—Integrated    0.2%
Pacific Rubiales Energy Corp. (Colombia), Gtd. Notes, 144A	5.375 %		01/26/19			5,000	$	5,150,000
Energy—Other    7.3%
Athlon Holdings LP/Athlon Finance Corp., Gtd. Notes, 144A	7.375		04/15/21			6,991		7,410,460
Bonanza Creek Energy, Inc., Gtd. Notes	6.750		04/15/21			7,225		7,766,875
Bristow Group, Inc., Gtd. Notes	6.250		10/15/22			4,300		4,568,750
CGG SA (France), Gtd. Notes	6.500		06/01/21			2,200		2,260,500
Gtd. Notes	7.750		05/15/17	(d)		699		714,728
Concho Resources, Inc., Gtd. Notes	5.500		04/01/23			6,875		7,184,375
Gtd. Notes	6.500		01/15/22			500		546,875
Denbury Resources, Inc., Gtd. Notes	4.625		07/15/23	(d)		6,500		6,126,250
Gtd. Notes	6.375		08/15/21			3,010		3,243,275
Gtd. Notes	8.250		02/15/20			1,851		2,024,531
EP Energy LLC/EP Energy Finance, Inc., Sr. Unsec’d. Notes	9.375		05/01/20			5,990		6,933,425
EP Energy LLC/Everest Acquisition Finance, Inc., Sr. Sec’d. Notes	6.875		05/01/19	(d)		1,725		1,860,844
Hercules Offshore, Inc., Gtd. Notes, 144A	7.500		10/01/21	(d)		3,400		3,595,500
Gtd. Notes, 144A	8.750		07/15/21	(d)		2,825		3,149,875
Gtd. Notes, 144A	10.250		04/01/19			6,000		6,840,000
Sr. Sec’d. Notes, 144A	7.125		04/01/17	(d)		1,875		1,980,469
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Notes, 144A (original cost $2,817,750; purchased 03/19/13)	7.625		04/15/21	(c)(d)(e)		2,550		2,779,500
Sr. Notes, 144A (original cost $1,653,750; purchased 03/15/13)	8.000		02/15/20	(c)(e)		1,500		1,620,000
Hornbeck Offshore Services, Inc., Gtd. Notes	5.875		04/01/20	(d)		5,900		6,136,000
Laredo Petroleum, Inc., Gtd. Notes, 144A	5.625		01/15/22			2,780		2,828,650
MEG Energy Corp. (Canada), Gtd. Notes, 144A	6.500		03/15/21	(d)		5,525		5,828,875
Gtd. Notes, 144A	7.000		03/31/24			7,350		7,717,500
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, Gtd. Notes	9.250		06/01/21	(d)		8,925		9,438,187

See Notes to Financial Statements.

18

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy—Other (cont’d.)
Newfield Exploration Co., Sr. Unsec’d. Notes	5.625 %		07/01/24	(d)		3,725	$	3,911,250
Sr. Unsec’d. Notes	5.750		01/30/22	(d)		1,906		2,053,715
Oasis Petroleum, Inc., Gtd. Notes, 144A	6.875		03/15/22	(d)		5,350		5,804,750
Offshore Group Investment Ltd., Sr. Sec’d. Notes	7.125		04/01/23	(d)		3,475		3,553,187
Sr. Sec’d. Notes	7.500		11/01/19	(d)		2,100		2,262,750
Parker Drilling Co., Gtd. Notes, 144A	6.750		07/15/22			2,100		2,184,000
Gtd. Notes, 144A	7.500		08/01/20			2,000		2,140,000
Parsley Energy LLC / Parsley Finance Corp., Sr. Unsec’d. Notes, 144A	7.500		02/15/22			3,050		3,202,500
Petrohawk Energy Corp., Gtd. Notes	7.250		08/15/18			1,750		1,865,682
Precision Drilling Corp. (Canada), Gtd. Notes	6.500		12/15/21	(d)		1,875		2,010,938
Gtd. Notes	6.625		11/15/20			2,000		2,150,000
QEP Resources, Inc., Sr. Unsec’d. Notes	5.250		05/01/23	(d)		7,100		7,082,250
Sr. Unsec’d. Notes	5.375		10/01/22	(d)		1,300		1,306,500
Range Resources Corp., Gtd. Notes	5.000		08/15/22	(d)		2,264		2,331,920
Gtd. Notes	5.000		03/15/23	(d)		2,625		2,670,937
Gtd. Notes	5.750		06/01/21	(d)		3,075		3,305,625
Gtd. Notes	6.750		08/01/20			1,025		1,114,688
Gtd. Notes	8.000		05/15/19	(d)		1,150		1,211,813
Samson Investment Co., Gtd. Notes, 144A	10.500		02/15/20	(d)		12,750		14,168,437
Sanchez Energy Corp., Gtd. Notes, 144A	7.750		06/15/21			5,650		5,904,250
Seadrill Ltd. (Norway), Sr. Unsec’d. Notes, 144A	6.125		09/15/20	(d)		10,600		10,865,000
Seitel, Inc., Gtd. Notes	9.500		04/15/19	(d)		2,150		2,209,125
SESI LLC, Gtd. Notes	6.375		05/01/19			3,050		3,255,875
Gtd. Notes	7.125		12/15/21			1,900		2,109,000
Tullow Oil PLC (United Kingdom), Gtd. Notes, 144A	6.000		11/01/20			7,150		7,310,875
Ultra Petroleum Corp., Sr. Unsec’d. Notes, 144A	5.750		12/15/18			2,050		2,147,375
Western Refining, Inc., Gtd. Notes	6.250		04/01/21	(d)		5,475		5,639,250
Whiting Petroleum Corp., Gtd. Notes	5.000		03/15/19			5,175		5,472,562
Gtd. Notes	5.750		03/15/21			12,025		12,987,000

See Notes to Financial Statements.

Prudential High Yield Fund 19

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Energy—Other (cont’d.)
WPX Energy, Inc., Sr. Unsec’d. Notes	6.000 %		01/15/22	(d)		12,250	$	12,464,375
								237,251,073
Foods    4.2%
ARAMARK Corp., Gtd. Notes, 144A	5.750		03/15/20			2,800		2,954,000
B&G Foods, Inc., Gtd. Notes	4.625		06/01/21	(d)		4,200		4,184,250
Bumble Bee Acquisition Corp. (Luxembourg), Sr. Sec’d. Notes, 144A	9.000		12/15/17	(d)		572		627,055
CEC Entertainment, Inc., Sr. Unsec’d. Notes, 144A	8.000		02/15/22	(d)		3,800		3,904,500
Constellation Brands, Inc., Gtd. Notes	4.250		05/01/23	(d)		2,675		2,621,500
Cott Beverages, Inc., Gtd. Notes	8.125		09/01/18			2,750		2,935,625
Crestview DS Merger Sub II, Inc., Sec’d. Notes, 144A	10.000		09/01/21			7,025		7,762,625
Darling International, Inc., Gtd. Notes, 144A	5.375		01/15/22	(d)		5,200		5,336,500
Dave & Buster’s, Inc., Gtd. Notes	11.000		06/01/18			1,525		1,641,281
Del Monte Corp., Gtd. Notes	7.625		02/15/19			3,840		3,998,400
Hawk Acquisition Sub, Inc., Sec’d. Notes, 144A	4.250		10/15/20	(d)		3,365		3,356,587
Ingles Markets, Inc., Sr. Unsec’d. Notes	5.750		06/15/23			5,725		5,696,375
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A (original cost $3,537,130; purchased 05/20/11 - 11/16/11)	7.250		06/01/21	(c)(d)(e)		3,675		3,895,500
Gtd. Notes, 144A (original cost $8,902,375; purchased 09/13/13 - 10/15/13)	7.250		06/01/21	(d)(e)		8,900		9,411,750
Landry’s, Inc., Sr. Notes, 144A (original cost $13,915,573; purchased 04/19/12 - 08/14/13)	9.375		05/01/20	(c)(e)		13,415		14,756,500
Michael Foods Group, Inc., Gtd. Notes	9.750		07/15/18			12,510		13,463,887
Post Holdings, Inc., Gtd. Notes	7.375		02/15/22			7,600		8,274,500
Gtd. Notes, 144A	6.750		12/01/21	(d)		1,000		1,071,250
Roundy’s Supermarkets, Inc., Sec’d. Notes, 144A (original cost $1,964,230; purchased 12/13/13)	10.250		12/15/20	(d)(e)		2,025		2,156,625
Smithfield Foods, Inc., Sr. Unsec’d. Notes	6.625		08/15/22			5,450		5,886,000
Stater Bros. Holdings, Inc., Gtd. Notes	7.375		11/15/18			775		818,594
Gtd. Notes	7.750		04/15/15	(d)		550		552,063

See Notes to Financial Statements.

20

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Foods (cont’d.)
Sun Merger Sub, Inc., Sr. Unsec’d. Notes, 144A	5.250 %		08/01/18			1,450	$	1,520,688
Sr. Unsec’d. Notes, 144A	5.875		08/01/21			4,234		4,361,020
Tops Holding Corp./Tops Markets LLC, Sr. Sec’d Notes	8.875		12/15/17			4,375		4,790,625
TreeHouse Foods, Inc., Gtd. Notes	4.875		03/15/22			3,100		3,154,250
Wok Acquisition Corp., Gtd. Notes, 144A	10.250		06/30/20	(d)		14,396		15,511,690
								134,643,640
Gaming    5.7%
Affinity Gaming LLC/Affinity Gaming Finance Corp., Gtd. Notes	9.000		05/15/18			10,900		11,663,000
Boyd Gaming Corp., Gtd. Notes	9.000		07/01/20	(d)		3,950		4,295,625
Gtd. Notes	9.125		12/01/18	(d)		8,850		9,624,375
Caesars Entertainment Operating Co., Inc., Sec’d. Notes	10.000		12/15/18			2,080		1,066,000
Sec’d. Notes	12.750		04/15/18	(d)		7,475		4,148,625
Sr. Sec’d. Notes	9.000		02/15/20	(d)		2,825		2,747,313
Sr. Sec’d. Notes	11.250		06/01/17			11,315		11,555,444
Caesars Entertainment Resort Properties LLC, Sr. Sec’d. Notes, 144A	8.000		10/01/20			6,883		7,321,791
CCM Merger, Inc., Gtd. Notes, 144A (original cost $10,924,500; purchased 03/14/12 - 01/04/13)	9.125		05/01/19	(c)(e)		10,975		11,660,937
Churchill Downs, Inc., Gtd. Notes, 144A	5.375		12/15/21			1,425		1,457,063
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes, 144A	4.875		11/01/20			1,975		2,044,125
Golden Nugget Escrow, Inc., Sr. Unsec’d. Notes, 144A	8.500		12/01/21	(d)		6,525		6,671,812
Isle of Capri Casinos, Inc., Gtd. Notes	7.750		03/15/19			8,875		9,640,469
Gtd. Notes	8.875		06/15/20	(d)		3,175		3,460,750
Marina District Finance Co., Inc., Sr. Sec’d. Notes	9.875		08/15/18	(d)		547		588,709
MCE Finance Ltd. (Macau), Gtd. Notes, 144A	5.000		02/15/21			2,509		2,502,728
MGM Resorts International, Gtd. Notes	6.625		12/15/21	(d)		12,425		13,636,437
Gtd. Notes	6.750		10/01/20	(d)		1,404		1,551,420
Gtd. Notes	7.625		01/15/17	(d)		7,602		8,647,275

See Notes to Financial Statements.

Prudential High Yield Fund 21

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Gaming (cont’d.)
Gtd. Notes	8.625 %		02/01/19			3,500	$	4,182,500
Gtd. Notes	10.000		11/01/16	(d)		2,175		2,610,000
MTR Gaming Group, Inc., Sec’d. Notes	11.500		08/01/19			10,881		12,295,442
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A	5.875		11/01/21	(d)		10,745		10,476,375
Pinnacle Entertainment, Inc., Gtd. Notes	7.750		04/01/22	(d)		6,829		7,443,610
PNK Finance Corp., Gtd. Notes, 144A	6.375		08/01/21	(d)		7,500		7,837,500
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock Intern, Gtd. Notes, 144A (original cost $4,636,250; purchased 05/08/13 - 05/15/13)	5.875		05/15/21	(c)(e)		4,625		4,648,125
Station Casinos LLC, Gtd. Notes	7.500		03/01/21			5,590		5,995,275
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A	6.375		06/01/21			11,725		11,637,062
Wynn Macau Ltd. (Macau), Sr. Unsec’d. Notes, 144A	5.250		10/15/21			1,250		1,284,375
								182,694,162
Healthcare & Pharmaceutical    8.2%
Acadia Healthcare Co., Inc., Gtd. Notes	12.875		11/01/18			4,003		4,843,630
Gtd. Notes, 144A	6.125		03/15/21	(d)		3,645		3,763,462
Accellent, Inc., Gtd. Notes	10.000		11/01/17			2,770		2,988,138
Sr. Sec’d. Notes	8.375		02/01/17			6,925		7,236,625
Biomet, Inc., Gtd. Notes	6.500		08/01/20			8,200		8,845,750
Capella Healthcare, Inc., Gtd. Notes	9.250		07/01/17			8,500		9,095,000
Capsugel SA, Sr. Unsec’d. Notes, PIK, 144A	7.000		05/15/19			2,450		2,541,875
CHS/Community Health Systems, Inc., Gtd. Notes	7.125		07/15/20	(d)		2,285		2,496,363
Gtd. Notes	8.000		11/15/19			18,225		20,247,975
ConvaTec Finance International SA (Luxembourg), Sr. Unsec’d. Notes, PIK, 144A	8.250		01/15/19	(d)		3,925		4,042,750
ConvaTec Healthcare E SA (Luxembourg), Gtd. Notes, 144A	10.500		12/15/18			11,375		12,654,687
Emdeon, Inc., Gtd. Notes	11.000		12/31/19			2,500		2,887,500
Endo Finance LLC, Gtd. Notes, 144A	5.750		01/15/22			2,525		2,607,063

See Notes to Financial Statements.

22

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare & Pharmaceutical (cont’d.)
Forest Laboratories, Inc., Sr. Unsec’d. Notes, 144A	4.875 %		02/15/21			2,875	$	3,076,250
Sr. Unsec’d. Notes, 144A	5.000		12/15/21			3,050		3,263,500
Fresenius Medical Care US Finance II, Inc. (Germany), Gtd. Notes, 144A	5.625		07/31/19	(d)		3,325		3,582,688
FWCT 2 Escrow Corp., 144A	6.875		02/01/22	(d)		9,700		10,318,375
HCA Holdings, Inc., Sr. Unsec’d. Notes	6.250		02/15/21	(d)		2,825		3,079,250
HCA, Inc., Gtd. Notes	5.875		05/01/23	(d)		10,425		11,024,437
Gtd. Notes	8.000		10/01/18			14,714		17,546,445
Sr. Sec’d. Notes	4.750		05/01/23	(d)		2,500		2,500,000
Sr. Sec’d. Notes	7.250		09/15/20			1,125		1,223,438
Sr. Sec’d. Notes	7.875		02/15/20			1,350		1,444,500
Sr. Unsec’d. Notes	6.375		01/15/15	(d)		3,085		3,212,256
Sr. Unsec’d. Notes	7.190		11/15/15			3,537		3,850,909
Sr. Unsec’d. Notes	7.500		11/15/95			2,700		2,376,000
Sr. Unsec’d. Notes, MTN	9.000		12/15/14			10,900		11,526,750
Healthcare Technology Intermediate, Inc., Sr. Unsec’d. Notes, PIK, 144A	7.375		09/01/18			1,675		1,733,625
HealthSouth Corp., Gtd. Notes	7.250		10/01/18			6,761		7,183,562
Gtd. Notes	7.750		09/15/22			1,271		1,401,278
Kindred Healthcare, Inc., Gtd. Notes	8.250		06/01/19	(d)		2,625		2,828,438
LifePoint Hospitals, Inc., Gtd. Notes, 144A	5.500		12/01/21	(d)		2,975		3,112,594
Mallinckrodt International Finance SA, Gtd. Notes, 144A	4.750		04/15/23	(d)		5,225		4,964,779
MedAssets, Inc., Gtd. Notes	8.000		11/15/18			5,850		6,296,062
MPH Intermediate Holding Co. 2, Sr. Unsec’d. Notes, PIK, 144A	8.375		08/01/18	(c)		3,975		4,143,937
ResCare, Inc., Gtd. Notes	10.750		01/15/19			4,550		5,061,875
Select Medical Corp., Gtd. Notes	6.375		06/01/21	(d)		6,175		6,298,500
STHI Holding Corp., Sec’d. Notes, 144A (original cost $150,000; purchased 03/11/11)	8.000		03/15/18	(c)(e)		150		159,375
Tenet Healthcare Corp., Sr. Sec’d. Notes	4.375		10/01/21	(d)		4,425		4,369,687
Sr. Sec’d. Notes	4.500		04/01/21	(d)		5,400		5,386,500
Sr. Sec’d. Notes	4.750		06/01/20	(d)		3,425		3,519,188
Sr. Sec’d. Notes	6.250		11/01/18			4,900		5,426,750

See Notes to Financial Statements.

Prudential High Yield Fund 23

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare & Pharmaceutical (cont’d.)
Sr. Sec’d. Notes, 144A	6.000 %		10/01/20	(d)		3,675	$	3,950,625
Sr. Unsec’d. Notes	8.125		04/01/22	(d)		10,775		12,068,000
Valeant Pharmaceuticals International, Gtd. Notes, 144A	5.625		12/01/21			1,900		2,016,375
Gtd. Notes, 144A	6.375		10/15/20	(d)		5,640		6,161,700
Gtd. Notes, 144A	6.750		10/01/17	(d)		1,385		1,468,100
Gtd. Notes, 144A	6.875		12/01/18			8,075		8,589,781
Gtd. Notes, 144A	7.000		10/01/20			1,725		1,882,406
VPII Escrow Corp., Sr. Unsec’d. Notes, 144A	7.500		07/15/21	(d)		3,975		4,531,500
								264,830,253
Lodging    0.3%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Gtd. Notes, 144A	5.625		10/15/21	(d)		5,950		6,292,125
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes	7.250		03/15/18			3,025		3,509,000
								9,801,125
Media & Entertainment    5.1%
AMC Entertainment, Inc., Gtd. Notes	9.750		12/01/20			12,800		14,768,000
AMC Networks, Inc., Gtd. Notes	7.750		07/15/21			2,645		3,002,075
Belo Corp., Sr. Unsec’d. Notes	7.750		06/01/27			2,000		2,170,000
Carmike Cinemas, Inc., Sec’d. Notes	7.375		05/15/19			4,750		5,189,375
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp., Gtd. Notes, 144A	5.625		02/15/24			3,275		3,381,438
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes	5.250		03/15/21			2,275		2,311,969
Gtd. Notes	9.125		08/01/18			2,550		2,738,063
Cinemark USA, Inc., Gtd. Notes	5.125		12/15/22	(d)		4,775		4,798,875
Clear Channel Worldwide Holdings, Inc., Gtd. Notes	6.500		11/15/22	(d)		6,143		6,519,278
Gtd. Notes	7.625		03/15/20	(d)		2,275		2,445,625
Entercom Radio LLC, Gtd. Notes	10.500		12/01/19			3,425		3,947,312
Gray Television, Inc., Gtd. Notes	7.500		10/01/20	(d)		5,550		6,049,500
Griffey Intermediate, Inc./Griffey Finance Sub LLC, Sr. Notes, 144A	7.000		10/15/20	(d)		8,725		7,612,562

See Notes to Financial Statements.

24

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media & Entertainment (cont’d.)
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes	7.250 %		10/15/20	(d)		4,600	$	5,002,500
Gtd. Notes, 144A	5.500		08/01/23	(d)		17,750		17,550,312
Liberty Interactive LLC, Sr. Unsec’d. Notes	8.250		02/01/30			2,000		2,165,000
LIN Television Corp., Gtd. Notes	6.375		01/15/21			2,300		2,438,000
Gtd. Notes	8.375		04/15/18			2,635		2,763,456
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, Sr. Sec’d. Notes, 144A	9.750		04/01/21	(d)		6,800		7,531,000
Mood Media Corp. (Canada), Gtd. Notes, 144A	9.250		10/15/20	(d)		4,600		4,393,000
NAI Entertainment Holdings/NAI Entertainment Holdings Finance, Sr. Sec’d. Notes, 144A (original cost $3,375,000; purchased 07/30/13)	5.000		08/01/18	(c)(e)		3,375		3,518,438
National CineMedia LLC, Sr. Sec’d. Notes	6.000		04/15/22			4,075		4,268,562
Nexstar Broadcasting, Inc., Gtd. Notes	6.875		11/15/20	(d)		6,500		7,003,750
Regal Cinemas Corp., Gtd. Notes	8.625		07/15/19			2,000		2,142,000
Sinclair Television Group, Inc., Gtd. Notes	5.375		04/01/21			5,050		5,075,250
Gtd. Notes	6.375		11/01/21			3,950		4,177,125
Sr. Unsec’d. Notes	6.125		10/01/22	(d)		3,775		3,907,125
SSI Investments II Ltd./SSI Co.-Issuer LLC, Gtd. Notes	11.125		06/01/18			11,201		11,999,071
Starz LLC/Starz Finance Corp., Gtd. Notes	5.000		09/15/19			980		1,017,975
Telesat Canada/Telesat LLC (Canada), Sr. Unsec’d. Notes, 144A	6.000		05/15/17	(d)		5,450		5,654,375
Univision Communications, Inc., Sr. Sec’d. Notes, 144A (original cost $2,200,000; purchased 05/16/13)	5.125		05/15/23	(c)(d)(e)		2,200		2,255,000
Vail Resorts, Inc., Gtd. Notes	6.500		05/01/19			1,650		1,740,750
WMG Acquisition Corp., Gtd. Notes	11.500		10/01/18			4,030		4,584,125
Sr. Sec’d. Notes, 144A	6.000		01/15/21	(d)		500		522,500
								164,643,386
Metals    3.1%
AK Steel Corp., Gtd. Notes	8.375		04/01/22	(d)		1,940		1,920,600

See Notes to Financial Statements.

Prudential High Yield Fund 25

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Metals (cont’d.)
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes	6.000 %		03/01/21	(d)		6,700	$	7,236,000
Sr. Unsec’d. Notes	6.125		06/01/18			10,600		11,660,000
Sr. Unsec’d. Notes	6.750		02/25/22	(d)		4,000		4,440,000
Sr. Unsec’d. Notes	9.500		02/15/15			1,050		1,126,125
Arch Coal, Inc., Gtd. Notes	7.250		10/01/20	(d)		1,155		947,100
Gtd. Notes	9.875		06/15/19			2,475		2,239,875
Barminco Finance Pty Ltd. (Australia), Gtd. Notes, 144A	9.000		06/01/18	(d)		4,100		3,854,000
Bluescope Steel Ltd./Bluescope Steel Finance (Australia), Gtd. Notes, 144A	7.125		05/01/18			2,825		2,994,500
CONSOL Energy, Inc., Gtd. Notes	8.000		04/01/17	(d)		2,149		2,243,019
Eldorado Gold Corp. (Canada), Sr. Unsec’d. Notes, 144A	6.125		12/15/20	(d)		5,270		5,177,775
First Quantum Minerals Ltd. (Canada), Gtd. Notes, 144A	6.750		02/15/20			6,352		6,542,560
Gtd. Notes, 144A	7.000		02/15/21			6,352		6,558,440
FMG Resources (August 2006) Pty Ltd. (Australia), Gtd. Notes, 144A	6.000		04/01/17	(d)		4,750		5,011,250
Gtd. Notes, 144A	6.375		02/01/16	(d)		2,700		2,789,100
Gtd. Notes, 144A	6.875		02/01/18	(d)		2,690		2,831,225
Gtd. Notes, 144A	8.250		11/01/19	(d)		3,445		3,798,112
Graftech International Ltd., Gtd. Notes	6.375		11/15/20	(d)		2,600		2,671,500
Iamgold Corp. (Canada), Gtd. Notes, 144A	6.750		10/01/20			725		638,000
Murray Energy Corp., Sr. Sec’d. Notes, 144A (original cost $1,325,000; purchased 05/17/13)	8.625		06/15/21	(c)(e)		1,325		1,404,500
New Gold, Inc. (Canada), Gtd. Notes, 144A	7.000		04/15/20			4,445		4,622,800
Sr. Unsec’d. Notes, 144A	6.250		11/15/22			4,550		4,550,000
Peabody Energy Corp., Gtd. Notes	6.000		11/15/18	(d)		6,235		6,749,387
Gtd. Notes	6.250		11/15/21	(d)		1,825		1,884,313
Plains Exploration & Production Co., Gtd. Notes	6.625		05/01/21	(d)		1,000		1,092,500
Gtd. Notes	6.750		02/01/22			300		331,500

See Notes to Financial Statements.

26

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Metals (cont’d.)
Westmoreland Coal Co./Westmoreland Partners, Sr. Sec’d. Notes	10.750 %		02/01/18			3,425	$	3,733,250
								99,047,431
Non-Captive Finance    2.6%
ACE Cash Express, Inc., Sr. Sec’d. Notes, 144A	11.000		02/01/19			2,700		2,379,375
CIT Group, Inc., Sr. Unsec’d. Notes	4.250		08/15/17	(d)		1,625		1,704,219
Sr. Unsec’d. Notes	5.000		05/15/17			2,700		2,895,750
Sr. Unsec’d. Notes	5.000		08/15/22			26,325		27,641,250
Sr. Unsec’d. Notes	5.250		03/15/18	(d)		5,900		6,401,500
Sr. Unsec’d. Notes	5.375		05/15/20			1,000		1,080,000
Sr. Unsec’d. Notes, 144A	5.500		02/15/19			5,000		5,437,500
Community Choice Financial, Inc., Sr. Sec’d. Notes	10.750		05/01/19			550		481,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Gtd. Notes, 144A	4.875		03/15/19	(d)		4,975		5,074,500
Gtd. Notes, 144A	5.875		02/01/22	(d)		3,650		3,723,000
ILFC E-Capital Trust II Ltd., Gtd. Notes, 144A	6.250(b)		12/21/65			4,275		4,082,625
International Lease Finance Corp., Sr. Sec’d. Notes, 144A	7.125		09/01/18			375		435,938
Sr. Unsec’d. Notes	3.875		04/15/18			3,600		3,703,500
Sr. Unsec’d. Notes	6.250		05/15/19	(d)		1,350		1,516,050
Sr. Unsec’d. Notes	8.875		09/01/17	(d)		1,100		1,320,000
Patriot Merger Corp., Sr. Unsec’d. Notes, 144A	9.000		07/15/21			2,400		2,592,000
SLM Corp., Sr. Unsec’d. Notes, MTN	8.000		03/25/20			1,875		2,165,625
Springleaf Finance Corp., Sr. Unsec’d. Notes	6.000		06/01/20			9,825		10,046,062
Sr. Unsec’d. Notes	8.250		10/01/23			1,150		1,285,125
								83,965,269
Packaging    2.7%
Ardagh Packaging Finance PLC (Luxembourg), Gtd. Notes, 144A	9.125		10/15/20	(d)		6,950		7,714,500
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes, 144A	6.250		01/31/19	(d)		1,200		1,245,000
Gtd. Notes, 144A	6.750		01/31/21	(d)		5,200		5,408,000

See Notes to Financial Statements.

Prudential High Yield Fund 27

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Packaging (cont’d.)
Sr. Unsec’d. Notes, 144A	7.000 %		11/15/20			993	$	1,027,390
Berry Plastics Corp., Sec’d. Notes	9.750		01/15/21	(d)		4,975		5,771,000
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer, Inc., Gtd. Notes, 144A	6.000		06/15/17	(d)		5,310		5,522,400
BOE Intermediate Holding Corp., Sr. Unsec’d. Notes, PIK, 144A	9.000		11/01/17			3,148		3,383,912
BOE Merger Corp., Sr. Unsec’d. Notes, PIK, 144A (original cost $7,023,750; purchased 10/24/12 - 04/30/13)	9.500		11/01/17	(c)(e)		6,750		7,171,875
BWAY Holding Co., Gtd. Notes (original cost $1,516,250; purchased 12/01/10 - 01/09/12)	10.000		06/15/18	(c)(e)		1,400		1,498,000
Exopack Holdings SA, Gtd. Notes, 144A	7.875		11/01/19			6,300		6,552,000
Greif, Inc., Sr. Unsec’d. Notes	6.750		02/01/17			3,200		3,552,000
Plastipak Holdings, Inc., Sr. Unsec’d. Notes, 144A (original cost $3,200,000; purchased 09/25/13)	6.500		10/01/21	(c)(e)		3,200		3,312,000
Reynolds Group Issuer, Inc., Gtd. Notes	9.875		08/15/19	(d)		7,235		8,157,462
Sr. Sec’d. Notes	5.750		10/15/20			9,975		10,423,875
Sr. Sec’d. Notes	6.875		02/15/21	(d)		725		788,438
Sr. Sec’d. Notes	7.875		08/15/19			6,500		7,182,500
Sealed Air Corp., Gtd. Notes, 144A	6.500		12/01/20	(d)		1,425		1,576,406
Gtd. Notes, 144A	8.375		09/15/21			3,875		4,470,781
Sr. Notes, 144A	5.250		04/01/23	(d)		1,750		1,776,250
								86,533,789
Paper    0.2%
Domtar Corp., Gtd. Notes	10.750		06/01/17	(d)		800		1,001,327
Graphic Packaging International, Inc., Gtd. Notes	7.875		10/01/18			1,500		1,606,875
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A	4.875		09/15/18			4,900		5,157,250
Smurfit Kappa Treasury Funding Ltd. (Ireland), Sr. Sec’d. Notes	7.500		11/20/25			100		111,000
								7,876,452

See Notes to Financial Statements.

28

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pipelines & Other    2.7%
AmeriGas Finance LLC, Gtd. Notes	7.000 %		05/20/22	(d)		6,175	$	6,746,187
AmeriGas Partners LP/AmeriGas Eagle Finance Corp., Sr. Unsec’d. Notes	6.500		05/20/21			1,147		1,233,025
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp, Gtd. Notes	6.000		12/15/20	(d)		2,750		2,894,375
El Paso Corp., Sr. Sec’d. Notes, GMTN	7.800		08/01/31			750		795,212
Sr. Sec’d. Notes, GMTN	8.050		10/15/30			110		116,905
Energy Transfer Equity LP, Sr. Sec’d. Notes	7.500		10/15/20			3,650		4,170,125
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes	6.500		05/01/21			4,275		4,467,375
Sr. Unsec’d. Notes, 144A	6.750		01/15/22			5,455		5,700,475
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes	8.625		06/15/20	(d)		2,805		2,980,313
Kinder Morgan, Inc., Sr. Sec’d. Notes, 144A	5.000		02/15/21	(d)		2,855		2,872,387
Sr. Sec’d. Notes, 144A	5.625		11/15/23			5,875		5,905,620
Regency Energy Partners LP/Regency Energy Finance Corp., Gtd. Notes	5.500		04/15/23	(d)		3,400		3,434,000
Gtd. Notes	5.750		09/01/20			5,300		5,551,750
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A (original cost $1,691,750; purchased 02/25/14)	3.900		04/15/15	(c)(e)		1,675		1,683,375
Sr. Unsec’d. Notes, 144A (original cost $3,594,625; purchased 02/21/14 - 02/25/14)	5.625		04/15/20	(c)(e)		3,725		3,603,938
Sr. Unsec’d. Notes, 144A (original cost $8,569,688; purchased 01/10/13 - 06/13/13)	6.000		01/15/19	(c)(d)(e)		8,625		8,625,000
Southern Natural Gas Co., Sr. Unsec’d. Notes	8.000		03/01/32			29		38,674
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes	7.375		08/01/21			2,440		2,684,000
Targa Resources Partners LP, Gtd. Notes	6.375		08/01/22			1,115		1,195,838
Gtd. Notes	6.875		02/01/21			8,700		9,439,500
Gtd. Notes	7.875		10/15/18			3,375		3,619,688
Gtd. Notes, 144A	4.250		11/15/23	(d)		4,500		4,230,000
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes	5.875		10/01/20			1,575		1,645,875
Gtd. Notes	6.125		10/15/21	(d)		3,050		3,187,250

See Notes to Financial Statements.

Prudential High Yield Fund 29

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pipelines & Other (cont’d.)
Gtd. Notes, 144A	5.875 %		10/01/20			1,725	$	1,802,625
								88,623,512
Real Estate Investment Trusts    1.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., Gtd. Notes	7.750		02/15/19			15,225		16,443,000
CyrusOne LP/CyrusOne Finance Corp., Gtd. Notes	6.375		11/15/22	(d)		3,000		3,157,500
DuPont Fabros Technology LP, Gtd. Notes	5.875		09/15/21			4,425		4,668,375
Felcor Lodging LP, Sr. Sec’d. Notes	5.625		03/01/23			2,180		2,190,900
Sr. Sec’d. Notes	10.000		10/01/14			1,287		1,349,741
Omega Healthcare Investors, Inc., Gtd. Notes	6.750		10/15/22			800		866,000
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes	5.375		06/01/23			2,925		2,917,687
Gtd. Notes	5.500		02/01/21			2,975		3,064,250
Senior Housing Properties Trust, Sr. Unsec’d. Notes	6.750		04/15/20			300		340,411
Sr. Unsec’d. Notes	6.750		12/15/21			5,975		6,777,138
								41,775,002
Retailers    2.6%
Academy Ltd./Academy Finance Corp., Gtd. Notes, 144A	9.250		08/01/19	(d)		4,325		4,735,875
Claire’s Stores, Inc., Gtd. Notes, 144A	7.750		06/01/20	(d)		2,350		1,968,125
Sr. Sec’d. Notes, 144A	6.125		03/15/20	(d)		3,675		3,491,250
Sr. Sec’d. Notes, 144A	9.000		03/15/19	(d)		4,025		4,236,312
CST Brands, Inc., Gtd. Notes	5.000		05/01/23			2,150		2,090,875
Dufry Finance SCA (Switzerland), Gtd. Notes, 144A	5.500		10/15/20			10,025		10,275,625
Hot Topic, Inc., Sr. Sec’d. Notes, 144A (original cost $9,584,710; purchased 06/06/13-01/03/14)	9.250		06/15/21	(c)(d)(e)		9,400		10,034,500
HT Intermediate Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	12.000		05/15/19			1,625		1,649,375
L Brands, Inc., Gtd. Notes	5.625		02/15/22			7,375		7,743,750
Gtd. Notes	5.625		10/15/23			3,575		3,709,062

See Notes to Financial Statements.

30

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Retailers (Continued)
Michaels FinCo Holdings LLC/Michaels FinCo, Inc., Sr. Unsec’d. Notes, PIK, 144A	7.500 %		08/01/18	(d)		3,950	$	4,088,250
Murphy Oil USA, Inc., Gtd. Notes, 144A	6.000		08/15/23	(d)		1,975		2,009,563
Neiman Marcus Group Ltd., Inc., Gtd. Notes, 144A	8.000		10/15/21	(d)		3,375		3,619,688
Pantry Inc. (The), Gtd. Notes	8.375		08/01/20			15,118		16,327,440
Penske Automotive Group, Inc., Gtd. Notes	5.750		10/01/22			3,750		3,918,750
Toys “R” Us, Inc., Sr. Unsec’d. Notes	10.375		08/15/17			1,400		1,214,500
Toys “R” Us Property Co. II LLC, Sr. Sec’d. Notes	8.500		12/01/17	(d)		3,480		3,580,050
								84,692,990
Technology    11.9%
Activision Blizzard, Inc., Gtd. Notes, 144A	5.625		09/15/21			3,050		3,278,750
Gtd. Notes, 144A	6.125		09/15/23	(d)		2,900		3,146,500
Advanced Micro Devices, Inc., Sr. Unsec’d. Notes, 144A	6.750		03/01/19			9,300		9,346,500
Alcatel-Lucent USA, Inc. (France), Gtd. Notes, 144A	6.750		11/15/20	(d)		7,395		7,875,675
Ancestry.com, Inc., Gtd. Notes	11.000		12/15/20			4,125		4,846,875
Sr. Unsec’d. Notes, PIK, 144A	9.625		10/15/18			6,655		6,987,750
Audatex North America, Inc., Gtd. Notes, 144A	6.000		06/15/21			9,100		9,714,250
Avaya, Inc., Sec’d. Notes, 144A	10.500		03/01/21	(d)		16,500		15,633,750
Sr. Sec’d. Notes, 144A	7.000		04/01/19			2,160		2,143,800
Blackboard, Inc., Sr. Unsec’d. Notes, 144A	7.750		11/15/19			8,175		8,461,125
BMC Software Finance, Inc., Sr. Unsec’d. Notes, 144A	8.125		07/15/21			3,575		3,758,219
Brightstar Corp., Gtd. Notes, 144A (original cost $8,039,150; purchased 11/23/10-04/01/13)	9.500		12/01/16	(c)(e)		7,830		8,573,850
Sr. Unsec’d. Notes, 144A (original cost $9,581,693; purchased 07/26/13-08/09/13)	7.250		08/01/18	(c)(e)		9,675		10,521,562
CDW LLC/CDW Finance Corp., Gtd. Notes	8.500		04/01/19			16,850		18,535,000
Gtd. Notes	12.535		10/12/17			891		935,550

See Notes to Financial Statements.

Prudential High Yield Fund 31

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
Ceridian Corp., Gtd. Notes (original cost $11,659,875; purchased 06/29/12-09/12/12)	11.250(b) %		11/15/15	(c)(e)		12,050	$	12,125,312
Gtd. Notes, PIK (original cost $5,547,295; purchased 09/14/12)	12.250		11/15/15	(c)(d)(e)		5,506		5,540,413
Ceridian HCM Holding, Inc., Sr. Unsec’d. Notes, 144A (original cost $2,525,000; purchased 03/21/13)	11.000		03/15/21	(c)(e)		2,525		2,887,969
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A	6.625		06/01/20			21,940		23,201,550
CommScope, Inc., Gtd. Notes, 144A	8.250		01/15/19	(d)		8,787		9,577,830
CoreLogic, Inc., Gtd. Notes	7.250		06/01/21			2,300		2,495,500
First Data Corp., Gtd. Notes	12.625		01/15/21			6,002		7,172,390
Gtd. Notes, 144A	10.625		06/15/21			18,987		21,360,375
Gtd. Notes, 144A	11.250		01/15/21			6,550		7,450,625
Gtd. Notes, 144A	11.750		08/15/21			26,800		28,676,000
Freescale Semiconductor, Inc., Gtd. Notes	8.050		02/01/20	(d)		4,070		4,466,825
Sr. Sec’d. Notes, 144A	6.000		01/15/22	(d)		6,320		6,707,100
Igloo Holdings Corp., Sr. Unsec’d. Notes, PIK, 144A	8.250		12/15/17			7,825		7,883,688
Interactive Data Corp., Gtd. Notes	10.250		08/01/18			7,964		8,616,052
Iron Mountain, Inc., Gtd. Notes	6.000		08/15/23	(d)		7,450		7,915,625
NCR Corp., Sr. Unsec’d. Notes, 144A	5.875		12/15/21			3,025		3,236,750
Nortel Networks Ltd. (Canada), Gtd. Notes(a)(f)	5.344		07/15/11			3,000		3,258,750
Gtd. Notes(a)(f)	10.125		07/15/13	(c)		5,600		6,636,000
Gtd. Notes(a)	10.750		07/15/16	(c)(d)		7,790		9,270,100
Nuance Communications, Inc., Gtd. Notes, 144A	5.375		08/15/20	(d)		10,715		10,741,787
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A	5.750		02/15/21			6,085		6,480,525
Sr. Unsec’d. Notes, 144A	5.750		03/15/23	(d)		5,725		6,025,563
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A	4.875		10/15/23			6,075		5,968,688
Gtd. Notes, 144A	6.500		05/15/19	(d)		4,733		5,087,975
Sophia LP/Sophia Finance, Inc., Gtd. Notes, 144A	9.750		01/15/19			7,015		7,786,650

See Notes to Financial Statements.

32

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Technology (cont’d.)
SunGard Data Systems, Inc., Gtd. Notes	6.625 %		11/01/19			5,815	$	6,214,781
Gtd. Notes	7.375		11/15/18			500		532,500
Syniverse Holdings, Inc., Gtd. Notes	9.125		01/15/19			5,770		6,318,150
TransUnion Holding Co., Inc., Sr. Unsec’d. Notes	8.125		06/15/18			7,250		7,648,750
Sr. Unsec’d. Notes	9.625		06/15/18			12,300		13,084,125
TransUnion LLC/TransUnion Financing Corp., Gtd. Notes	11.375		06/15/18	(d)		13,520		14,601,600
								382,729,104
Telecommunications    5.0%
CenturyLink, Inc., Sr. Unsec’d. Notes	6.150		09/15/19			1,520		1,634,000
Sr. Unsec’d. Notes	6.750		12/01/23	(d)		1,309		1,387,540
Sr. Unsec’d. Notes	6.875		01/15/28			4,700		4,500,250
Crown Castle International Corp., Sr. Unsec’d. Notes	5.250		01/15/23	(d)		4,700		4,817,500
Digicel Group Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A	8.250		09/30/20			5,600		5,922,000
Eileme 2 AB (Poland), Sr. Sec’d. Notes, 144A	11.625		01/31/20			6,640		7,943,100
Frontier Communications Corp., Sr. Unsec’d. Notes	7.125		01/15/23	(d)		1,981		2,075,098
Sr. Unsec’d. Notes	8.250		04/15/17			925		1,075,313
Sr. Unsec’d. Notes	8.500		04/15/20	(d)		450		519,750
Sr. Unsec’d. Notes	8.750		04/15/22			3,750		4,293,750
Level 3 Financing, Inc., Gtd. Notes	7.000		06/01/20	(d)		3,500		3,815,000
Gtd. Notes	8.125		07/01/19			1,125		1,237,500
Gtd. Notes	8.625		07/15/20			3,950		4,438,812
NII Capital Corp., Gtd. Notes	7.625		04/01/21			1,569		580,530
NII International Telecom SCA (Luxembourg), Gtd. Notes, 144A	7.875		08/15/19	(d)		1,350		938,250
Softbank Corp. (Japan), Gtd. Notes, 144A	4.500		04/15/20	(d)		5,630		5,665,187
Sprint Capital Corp., Gtd. Notes	6.875		11/15/28			14,560		14,450,800
Gtd. Notes	6.900		05/01/19			10,960		12,056,000
Sprint Communications, Inc., Gtd. Notes, 144A	7.000		03/01/20	(d)		3,725		4,302,375

See Notes to Financial Statements.

Prudential High Yield Fund 33

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Interest Rate	Maturity Date			Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Gtd. Notes, 144A	9.000 %		11/15/18			2,265	$	2,774,625
Sr. Unsec’d. Notes	6.000		11/15/22	(d)		3,525		3,613,125
Sr. Unsec’d. Notes	7.000		08/15/20	(d)		2,325		2,540,063
Sr. Unsec’d. Notes	9.125		03/01/17	(d)		2,175		2,571,938
Sprint Corp., Gtd. Notes, 144A	7.125		06/15/24			7,990		8,389,500
Gtd. Notes, 144A	7.875		09/15/23			7,245		8,023,837
T-Mobile USA, Inc., Gtd. Notes	6.464		04/28/19			700		747,250
Gtd. Notes	6.633		04/28/21			5,900		6,386,750
TW Telecom Holdings, Inc., Gtd. Notes	5.375		10/01/22	(d)		3,775		3,850,500
Wind Acquisition Finance SA (Italy), Sec’d. Notes, 144A	11.750		07/15/17			10,350		10,958,062
Sr. Sec’d. Notes, 144A	6.500		04/30/20	(d)		2,800		3,087,000
Sr. Sec’d. Notes, 144A	7.250		02/15/18			4,175		4,394,188
Wind Acquisition Holdings Finance SA (Italy), Sr. Sec’d. Notes, 144A	12.250		07/15/17			7,284		7,575,214
Windstream Holdings, Inc., Gtd. Notes	6.375		08/01/23			6,725		6,624,125
Gtd. Notes	7.500		06/01/22			900		954,000
Gtd. Notes	7.500		04/01/23	(d)		3,405		3,575,250
Gtd. Notes	7.750		10/15/20	(d)		2,325		2,499,375
Gtd. Notes	7.875		11/01/17			385		440,825
								160,658,382
Tobacco    0.3%
Vector Group Ltd., Sr. Sec’d. Notes	7.750		02/15/21			8,475		9,047,062
TOTAL CORPORATE BONDS (cost $2,856,810,721)								2,994,201,665
FOREIGN AGENCY    0.3%
Harvest Operations Corp. (South Korea), Gtd. Notes (cost $9,898,163)	6.875		10/01/17			9,635		10,405,800

See Notes to Financial Statements.

34

Description	Shares		Value (Note 1)
COMMON STOCKS
Adelphia Recovery Trust *(c)		2,000,000	$	2,000
Blaze Recycling and Metals LLC (original cost $46,387; purchased 08/22/12)*(c)(e)		46,387		464
DEX Media, Inc. *(d)		29,840		217,534
WKI Holding Co., Inc. *(c)		6,031		215,186
TOTAL COMMON STOCKS (cost $19,258,676)				435,184
PREFERRED STOCKS    0.1%
Banking    0.1%			��
Citigroup Capital XIII (Capital security, fixed to floating preferred), 7.875% (b)		153,000		4,207,500
Building Materials & Construction
New Millennium Homes LLC (original cost $0; purchased 05/27/98)(c)(e)(g)		2,000		188,000
Cable
Adelphia Communications Corp. (Class A Stock) *(c)		20,000		20
TOTAL PREFERRED STOCKS (cost $3,843,416)				4,395,520
	Units
WARRANTS*
Chemicals
Hercules, Inc., expiring 03/31/29		230		8,348
Media & Entertainment
MediaNews Group, Inc., expiring 03/19/17 (original cost $0; purchased 07/06/11)(c)(e)		6,854		69
Telecommunications
Hawaiian Telcom Holdco, Inc., expiring 10/28/15		6,958		104,509
TOTAL WARRANTS (cost $41,261)				112,926
TOTAL LONG-TERM INVESTMENTS (cost $2,930,078,256)				3,050,552,296

See Notes to Financial Statements.

Prudential High Yield Fund 35

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

Description	Shares		Value (Note 1)
SHORT-TERM INVESTMENTS    25.2%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Short-Term Bond Fund (cost $452,149)(h)		46,501	$	434,322
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $812,000,728; includes $699,571,975 of cash collateral received for securities on loan)(h)(i)		812,000,728		812,000,728
TOTAL SHORT-TERM INVESTMENTS (cost $812,452,877; Note 3)				812,435,050
TOTAL INVESTMENTS    119.7% (cost $3,742,531,133; Note 5)				3,862,987,346
Liabilities in excess of other assets(j)    (19.7)%				(635,923,770	)
NET ASSETS    100.0%			$	3,227,063,576

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

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

GMTN—Global Medium Term Note

MTN—Medium Term Note

PIK—Payment-in-Kind

* Non-income producing security.

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

(a) Represents issuer in default on interest payments and/or principal repayments. Non-income producing security.

(b) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2014.

(c) Indicates a security or securities that have been deemed illiquid.

(d) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $687,490,605; cash collateral of $699,571,975 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments.

(e) Indicates a restricted security; the aggregate original cost of the restricted securities is $176,107,451. The aggregate value, $183,871,615, is approximately 5.7% of net assets.

(f) Securities are post-maturity; represents issuers in default on interest payments and/or principal repayments; non-income producing securities.

See Notes to Financial Statements.

36

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

(h) 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.

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

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

Credit default swap agreements outstanding at February 28, 2014:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(2)	Value at February 28, 2014(3)		Value at Trade Date		Unrealized Depreciation
Exchange-traded credit default swaps on credit indices—Sell Protection(1):
CDX.NA.HY. 21		12/20/18		5.000%	139,000	$	11,185,191	$	11,252,232	$	(67,041	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(2)		Implied Credit Spread at February 28, 2014(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on corporate issues—Sell Protection(1):
NRG Energy. Inc.		03/20/16		4.100%		1,850		0.802	%	$	140,377	$	—	$	140,377	Goldman Sachs International

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

(2) 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.

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

See Notes to Financial Statements.

Prudential High Yield Fund 37

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of 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.

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, 2014 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Debt Obligations	$	—	$	—	$	32,870
Collateralized Loan Obligations		—		4,909,798		—
Bank Loans		—		24,441,658		11,616,875
Corporate Bonds		—		2,986,013,243		8,188,422
Foreign Agency		—		10,405,800		—
Common Stocks		217,534		—		217,650
Preferred Stocks		4,207,500		—		188,020
Warrants		104,509		—		8,417
Affiliated Mutual Funds		812,435,050		—		—
Other Financial Instruments*
Credit Default Swap Agreements		—		73,336		—
Total	$	816,964,593	$	3,025,843,835	$	20,252,254

See Notes to Financial Statements.

38

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

	Collateralized Debt Obligations		Bank Loans			Corporate Bonds			Common Stocks		Preferred Stocks		Warrants
Balance as of 08/31/13	$	31,394	$	16,509,375		$	13,934,066		$	207,699	$	154,020	$	12,959
Realized gain (loss)		—		—			—			—		—		—
Change in unrealized appreciation (depreciation)**		1,476		(16,625	)		(654,858	)		9,951		34,000		(4,542	)
Purchases		—		—			—			—		—		—
Sales		—		(4,897,656	)		—			—		—		—
Accrued discount/premium		—		21,781			—			—		—		—
Transfers into Level 3		—		—			2,189,105			—		—		—
Transfers out of Level 3		—		—			(7,279,891	)		—		—		—
Balance as of 02/28/14	$	32,870	$	11,616,875		$	8,188,422		$	217,650	$	188,020	$	8,417

* 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, $(544,433) was included in Net Assets relating to securities held at the reporting period end.

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

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board of Directors, which contain unobservable inputs. Such methodologies include, but are not limited to, using prices provided by a single broker/dealer, the cost of the investment, and broker quotes adjusted for changes in yields of comparable U.S. Government and other securities using fixed income securities valuation model.

See Notes to Financial Statements.

Prudential High Yield Fund 39

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2014 was as follows:

Affiliated Mutual Funds (including 21.7% of cash collateral received for securities on loan)	25.2	%
Technology	12.1
Healthcare & Pharmaceutical	8.2
Energy—Other	7.3
Capital Goods	7.3
Gaming	6.1
Media & Entertainment	5.2
Telecommunications	5.0
Electric	4.7
Foods	4.2
Chemicals	3.9
Building Materials & Construction	3.6
Cable	3.5
Metals	3.1
Automotive	3.0
Pipelines & Other	2.7
Packaging	2.7
Retailers	2.6	%
Non-Captive Finance	2.6
Consumer	1.5
Aerospace & Defense	1.3
Real Estate Investment Trusts	1.3
Banking	0.7
Lodging	0.4
Foreign Agency	0.3
Tobacco	0.3
Energy—Integrated	0.3
Paper	0.2
Brokerage	0.2
Collateralized Loan Obligations	0.2
	119.7
Liabilities in excess of other assets	(19.7	)
	100.0	%

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk and credit 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, 2014 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Credit contracts	—	$	—	Due from broker- variation margin	$	67,041	*
Credit contracts	Unrealized appreciation on over-the-counter swap agreements		140,377	—		—
Equity contracts	Unaffiliated investments		112,926	—		—
Total		$	253,303		$	67,041

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

See Notes to Financial Statements.

40

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2014 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Swaps
Credit contracts	$	13,663,195

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Warrants(1)		Swaps			Total
Credit contracts	$	—	$	(9,303,424	)	$	(9,303,424	)
Equity contracts		17,863		—			17,863
Total	$	17,863	$	(9,303,424	)	$	(9,285,561	)

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

For the six months ended February 28, 2014, the Fund’s average notional amount for credit default swaps as buyer was $4,282,000 and the average notional amount for credit default swaps as seller was $97,023,000.

See Notes to Financial Statements.

Prudential High Yield Fund 41

Portfolio of Investments

as of February 28, 2014 (Unaudited) continued

The Fund invested in financial instruments and derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting as well as instruments subject to collateral arrangements. The information about offsetting and related netting arrangements for assets and liabilities is presented in the summary below.

Offsetting of financial instrument and derivative assets and liabilities:

Description	Gross Amounts Recognized		Gross Amounts not subject to netting		Gross Amounts Offset in the Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position
Assets:
Securities on loan	$	687,490,605	$	—	$	—	$	687,490,605
Exchange-traded and cleared derivatives		35		—		—		35
Over-the-counter derivatives		140,377		—		—		140,377
								687,631,017
Liabilities:
Over-the-counter derivatives		—		—		—		—
								—
Collateral Amounts Pledged/(Received):
Securities on loan							$	(687,490,605	)
Over-the-counter derivatives								(140,377	)
Net Amount							$	35

See Notes to Financial Statements.

42

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

(UNAUDITED)

SEMIANNUAL REPORT ^· FEBRUARY 28, 2014

Prudential High Yield Fund

Statement of Assets & Liabilities

as of February 28, 2014 (Unaudited)

Assets
Investments at value, including securities on loan of $687,490,605:
Unaffiliated investments (cost $2,930,078,256)	$	3,050,552,296
Affiliated investments (cost $812,452,877)		812,435,050
Cash		12,017,003
Foreign currency, at value (cost $31,861)		32,917
Dividends and interest receivable		54,021,000
Receivable for investments sold		27,952,854
Receivable for Fund shares sold		10,908,348
Unrealized appreciation on over-the-counter swap agreements		140,377
Due from broker—variation margin		35
Prepaid expenses		18,098
Total assets		3,968,077,978
Liabilities
Payable to broker for collateral for securities on loan (Note 3)		699,571,975
Payable for investments purchased		28,448,408
Payable for Fund shares reacquired		8,502,055
Dividends payable		2,220,595
Management fee payable		1,038,696
Distribution fee payable		610,084
Accrued expenses		442,306
Affiliated transfer agent fee payable		147,669
Deferred directors’ fees		32,614
Total liabilities		741,014,402
Net Assets	$	3,227,063,576
Net assets were comprised of:
Common stock, at par	$	5,540,166
Paid-in capital in excess of par		3,170,890,187
		3,176,430,353
Distributions in excess of net investment income		(422,392	)
Accumulated net realized loss on investment and foreign currency transactions		(69,475,429	)
Net unrealized appreciation on investments and foreign currencies		120,531,044
Net assets, February 28, 2014	$	3,227,063,576

See Notes to Financial Statements.

44

Class A
Net asset value and redemption price per share ($1,369,683,885 ÷ 235,318,009 shares of common stock issued and outstanding)	$	5.82
Maximum sales charge (4.50% of offering price)		0.27
Maximum offering price to public	$	6.09
Class B
Net asset value, offering price and redemption price per share ($238,497,085 ÷ 41,022,153 shares of common stock issued and outstanding)	$	5.81
Class C
Net asset value, offering price and redemption price per share ($260,137,917 ÷ 44,754,424 shares of common stock issued and outstanding)	$	5.81
Class Q
Net asset value, offering price and redemption price per share ($10,623,139 ÷ 1,822,370 shares of common stock issued and outstanding)	$	5.83
Class R
Net asset value, offering price and redemption price per share ($56,239,960 ÷ 9,663,949 shares of common stock issued and outstanding)	$	5.82
Class X
Net asset value, offering price and redemption price per share ($14,772 ÷ 2,543 shares of common stock issued and outstanding)	$	5.81
Class Z
Net asset value, offering price and redemption price per share ($1,291,866,818 ÷ 221,433,198 shares of common stock issued and outstanding)	$	5.83

See Notes to Financial Statements.

Prudential High Yield Fund 45

Statement of Operations

Six Months Ended February 28, 2014 (Unaudited)

Net Investment Income
Income
Interest income	$	100,734,921
Affiliated income from securities loaned, net		583,418
Unaffiliated dividend income		230,551
Affiliated dividend income		60,067
Total income		101,608,957
Expenses
Management fee		6,493,999
Distribution fee—Class A		1,996,551
Distribution fee—Class B		834,636
Distribution fee—Class C		1,242,454
Distribution fee—Class R		200,032
Distribution fee—Class X		214
Transfer agent’s fees and expenses (including affiliated expense of $274,000)		1,580,000
Custodian’s fees and expenses		191,000
Registration fees		87,000
Shareholders’ reports		75,000
Directors’ fees		33,000
Insurance expenses		21,000
Legal fees and expenses		19,000
Audit fee		16,000
Miscellaneous		11,413
Total expenses		12,801,299
Less: Distribution fee waiver—Class A		(332,759	)
Distribution fee waiver—Class R		(66,677	)
Net expenses		12,401,863
Net investment income		89,207,094
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain on:
Investment transactions		22,108,268
Swap agreements transactions		13,663,195
Foreign currency transactions		149
		35,771,612
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated $2,319)		95,097,048
Swap agreements		(9,303,424	)
Foreign currencies		1,056
		85,794,680
Net gain on investment and foreign currency transactions		121,566,292
Net Increase In Net Assets Resulting From Operations	$	210,773,386

See Notes to Financial Statements.

46

Statement of Changes in Net Assets

(Unaudited)

	Six Months Ended February 28, 2014			Year Ended August 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income	$	89,207,094		$	171,616,940
Net realized gain on investment and foreign currency transactions		35,771,612			48,299,108
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		85,794,680			(36,027,098	)
Net increase in net assets resulting from operations		210,773,386			183,888,950
Dividends from net investment income (Note 1)
Class A		(42,040,242	)		(89,760,510	)
Class B		(6,477,074	)		(11,642,220	)
Class C		(6,919,203	)		(14,906,642	)
Class Q		(296,701	)		(3,587,735	)
Class R		(1,618,842	)		(2,963,856	)
Class X		(1,183	)		(9,565	)
Class Z		(37,415,623	)		(61,313,139	)
		(94,768,868	)		(184,183,667	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		520,305,626			1,220,307,149
Net asset value of shares issued in reinvestment of dividends		79,142,716			150,692,138
Cost of shares reacquired		(346,956,917	)		(1,070,689,810	)
Net increase in net assets from Fund share transactions		252,491,425			300,309,477
Total increase		368,495,943			300,014,760
Net Assets:
Beginning of period		2,858,567,633			2,558,552,873
End of period (a)	$	3,227,063,576		$	2,858,567,633
(a) Includes undistributed net investment income of:	$	—		$	5,139,382

See Notes to Financial Statements.

Prudential High Yield Fund 47

Notes to Financial Statements

(Unaudited)

Prudential Investment Portfolios, Inc. 15 (the “Company”) is registered under the Investment Company Act of 1940, as amended, (“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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

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

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

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

48

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

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

Common stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable and considered to be significant to the valuation.

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

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

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

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

Prudential High Yield Fund 49

Notes to Financial Statements

(Unaudited) continued

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Directors of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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.

50

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, these realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

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

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

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 the 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 the valuation of the swap contract.

Prudential High Yield Fund 51

Notes to Financial Statements

(Unaudited) continued

Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at reporting date, if any, are listed on the Portfolio of Investments.

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

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues of an

52

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

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

The Fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Portfolio of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Portfolio of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a

Prudential High Yield Fund 53

Notes to Financial Statements

(Unaudited) continued

specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

As of February 28, 2014, 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

54

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.

Payment In Kind Securities: The Fund may invest in open market or receive pursuant to debt restructuring, securities that pay in kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income. The interest rate on PIK debt is paid out over time.

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

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. These estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains 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

Prudential High Yield Fund 55

Notes to Financial Statements

(Unaudited) continued

accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management, that may differ from actual.

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

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

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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.

56

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 .43% for the six months ended February 28, 2014.

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.

For the six months ended February 28, 2014, 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 $383,793 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2014. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended February 28, 2014, it received $576, $159,761 and $17,525 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”).

Prudential High Yield Fund 57

Notes to Financial Statements

(Unaudited) continued

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, 2014, PIM has been compensated approximately $174,300 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.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the six months ended February 28, 2014, aggregated $897,497,919 and $706,871,495, 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, 2014 were as follows:

Tax Basis	$	3,752,738,662
Appreciation		147,462,801
Depreciation		(37,214,117	)
Net Unrealized Appreciation	$	110,248,684

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

58

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 and August 31, 2013 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before August 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. The Fund utilized approximately $35,424,000 of its pre-enactment losses to offset net taxable gains realized in the fiscal year ended August 31, 2013. 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, 2013, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	0
Pre-Enactment Losses:
Expiring 2017		27,744,000
Expiring 2018		66,273,000
	$	94,017,000

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

Note 6. Capital

The Fund offers Class A, Class B, Class C, 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

Prudential High Yield Fund 59

Notes to Financial Statements

(Unaudited) continued

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. 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, 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, 2014:
Shares sold		15,951,657		$	91,111,451
Shares issued in reinvestment of dividends		5,902,856			33,806,750
Shares reacquired		(23,368,524	)		(133,424,559	)
Net increase (decrease) in shares outstanding before conversion		(1,514,011	)		(8,506,358	)
Shares issued upon conversion from Class B, Class X and Class Z		394,684			2,242,393
Shares reacquired upon conversion into Class Z		(539,189	)		(3,092,036	)
Net increase (decrease) in shares outstanding		(1,658,516	)	$	(9,356,001	)
Year ended August 31, 2013:
Shares sold		43,416,009		$	247,812,897
Shares issued in reinvestment of dividends		12,456,592			71,032,377
Shares reacquired		(58,816,719	)		(335,509,786	)
Net increase (decrease) in shares outstanding before conversion		(2,944,118	)		(16,664,512	)
Shares issued upon conversion from Class B, Class X and Class Z		995,388			5,685,674
Shares reacquired upon conversion into Class Z		(512,656	)		(2,936,584	)
Net increase (decrease) in shares outstanding		(2,461,386	)	$	(13,915,422	)

60

Class B	Shares			Amount
Six months ended February 28, 2014:
Shares sold		4,682,895		$	26,731,883
Shares issued in reinvestment of dividends		894,117			5,115,798
Shares reacquired		(2,440,445	)		(13,922,046	)
Net increase (decrease) in shares outstanding before conversion		3,136,567			17,925,635
Shares reacquired upon conversion into Class A		(304,167	)		(1,723,873	)
Net increase (decrease) in shares outstanding		2,832,400		$	16,201,762
Year ended August 31, 2013:
Shares sold		12,460,668		$	71,166,059
Shares issued in reinvestment of dividends		1,592,738			9,070,259
Shares reacquired		(4,324,015	)		(24,636,635	)
Net increase (decrease) in shares outstanding before conversion		9,729,391			55,599,683
Shares reacquired upon conversion into Class A		(773,211	)		(4,415,585	)
Net increase (decrease) in shares outstanding		8,956,180		$	51,184,098
Class C
Six months ended February 28, 2014:
Shares sold		4,913,095		$	28,059,559
Shares issued in reinvestment of dividends		993,826			5,683,454
Shares reacquired		(5,277,028	)		(30,052,810	)
Net increase (decrease) in shares outstanding before conversion		629,893			3,690,203
Shares reacquired upon conversion into Class Z		(200,556	)		(1,141,914	)
Net increase (decrease) in shares outstanding		429,337		$	2,548,289
Year ended August 31, 2013:
Shares sold		14,719,509		$	84,002,360
Shares issued in reinvestment of dividends		2,113,264			12,033,007
Shares reacquired		(13,266,252	)		(75,632,339	)
Net increase (decrease) in shares outstanding before conversion		3,566,521			20,403,028
Shares reacquired upon conversion into Class Z		(372,182	)		(2,131,050	)
Net increase (decrease) in shares outstanding		3,194,339		$	18,271,978
Class Q
Six months ended February 28, 2014:
Shares sold		530,930		$	3,052,353
Shares issued in reinvestment of dividends		51,926			297,962
Shares reacquired		(168,634	)		(970,002	)
Net increase (decrease) in shares outstanding		414,222		$	2,380,313
Year ended August 31, 2013:
Shares sold		3,867,656		$	22,164,103
Shares issued in reinvestment of dividends		595,612			3,414,079
Shares reacquired		(14,450,956	)		(84,066,481	)
Net increase (decrease) in shares outstanding		(9,987,688	)	$	(58,488,299	)

Prudential High Yield Fund 61

Notes to Financial Statements

(Unaudited) continued

Class R	Shares			Amount
Six months ended February 28, 2014
Shares sold		1,817,207		$	10,375,884
Shares issued in reinvestment of dividends		282,759			1,619,170
Shares reacquired		(1,492,847	)		(8,539,796	)
Net increase (decrease) in shares outstanding		607,119		$	3,455,258
Year ended August 31, 2013:
Shares sold		5,242,077		$	29,974,245
Shares issued in reinvestment of dividends		518,260			2,956,609
Shares reacquired		(3,300,229	)		(18,813,137	)
Net increase (decrease) in shares outstanding		2,460,108		$	14,117,717
Class X
Six months ended February 28, 2014:
Shares issued in reinvestment of dividends		201		$	1,147
Shares reacquired		(1,342	)		(7,593	)
Net increase (decrease) in shares outstanding before conversion		(1,141	)		(6,446	)
Shares reacquired upon conversion into Class A		(9,403	)		(53,604	)
Net increase (decrease) in shares outstanding		(10,544	)	$	(60,050	)
Year ended August 31, 2013:
Shares sold		543		$	3,131
Shares issued in reinvestment of dividends		1,656			9,431
Shares reacquired		(7,574	)		(43,236	)
Net increase (decrease) in shares outstanding before conversion		(5,375	)		(30,674	)
Shares reacquired upon conversion into Class A		(26,094	)		(149,511	)
Net increase (decrease) in shares outstanding		(31,469	)	$	(180,185	)
Class Z
Six months ended February 28, 2014:
Shares sold		63,110,237		$	360,974,496
Shares issued in reinvestment of dividends		5,679,571			32,618,435
Shares reacquired		(27,955,705	)		(160,040,111	)
Net increase (decrease) in shares outstanding before conversion		40,834,103			233,552,820
Shares issued upon conversion from Class A and Class C		737,949			4,233,950
Shares reacquired upon conversion into Class A		(81,099	)		(464,916	)
Net increase (decrease) in shares outstanding		41,490,953		$	237,321,854
Year ended August 31, 2013:
Shares sold		133,625,627		$	765,184,354
Shares issued in reinvestment of dividends		9,129,360			52,176,376
Shares reacquired		(92,899,021	)		(531,988,196	)
Net increase (decrease) in shares outstanding before conversion		49,855,966			285,372,534
Shares issued upon conversion from Class A and Class C		882,355			5,067,634
Shares reacquired upon conversion into Class A		(195,752	)		(1,120,578	)
Net increase (decrease) in shares outstanding		50,542,569		$	289,319,590

62

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 5, 2013, the Funds had another 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 six months ended February 28, 2014.

Prudential High Yield Fund 63

Financial Highlights

(Unaudited)

Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.60			$5.59			$5.34			$5.32			$4.84			$5.19
Income (loss) from investment operations:
Net investment income		.17			.34			.37			.40			.45			.43
Net realized and unrealized gain (loss) on investment transactions		.23			.04			.27			.03			.49			(.34	)
Total from investment operations		.40			.38			.64			.43			.94			.09
Less Dividends:
Dividends from net investment income		(.18	)		(.37	)		(.39	)		(.41	)		(.46	)		(.44	)
Capital Contributions(e):		-			-			-			-	(d)		-	(d)		-
Net asset value, end of period		$5.82			$5.60			$5.59			$5.34			$5.32			$4.84
Total Return(b):		7.21%			6.85%			12.55%			8.14%			19.94%			3.32%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,369,684			$1,327,678			$1,339,113			$1,078,117			$1,093,443			$1,009,183
Average net assets (000)		$1,342,067			$1,385,567			$1,187,666			$1,147,761			$1,078,033			$811,838
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.82%	(f)		.83%			.87%			.88%			.90%			.91%
Expenses before waivers and/or expense reimbursement		.87%	(f)		.88%			.92%			.93%			.95%			.96%
Net investment income		5.95%	(f)		6.04%			6.75%			7.20%			8.64%			9.95%
Portfolio turnover rate		24%	(g)		55%			48%			87%			91%			82%

(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) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

64

Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.60			$5.59			$5.34			$5.31			$4.83			$5.19
Income (loss) from investment operations:
Net investment income		.15			.32			.34			.37			.42			.41
Net realized and unrealized gain (loss) on investment transactions		.22			.03			.28			.05			.49			(.35	)
Total from investment operations		.37			.35			.62			.42			.91			.06
Less Dividends:
Dividends from net investment income		(.16	)		(.34	)		(.37	)		(.39	)		(.43	)		(.42	)
Capital Contributions(e):		-			-			-			-	(d)		-	(d)		-
Net asset value, end of period		$5.81			$5.60			$5.59			$5.34			$5.31			$4.83
Total Return(b):		6.77%			6.33%			12.00%			7.82%			19.39%			2.59%
Ratios/Supplemental Data:
Net assets, end of period (000)		$238,497			$213,714			$163,309			$115,162			$96,409			$85,727
Average net assets (000)		$224,416			$194,916			$131,650			$108,578			$92,174			$76,697
Ratios to average net assets(c):
Expenses		1.32%	(f)		1.33%			1.37%			1.38%			1.40%			1.41%
Net investment income		5.45%	(f)		5.53%			6.25%			6.70%			8.15%			9.44%
Portfolio turnover rate		24%	(g)		55%			48%			87%			91%			82%

(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) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 65

Financial Highlights

(Unaudited) continued

Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.59			$5.58			$5.33			$5.31			$4.83			$5.18
Income (loss) from investment operations:
Net investment income		.15			.30			.32			.36			.42			.41
Net realized and unrealized gain (loss) on investment transactions		.23			.04			.28			.04			.49			(.34	)
Total from investment operations		.38			.34			.60			.40			.91			.07
Less Dividends:
Dividends from net investment income		(.16	)		(.33	)		(.35	)		(.38	)		(.43	)		(.42	)
Capital Contributions(f):		-			-			-			-	(e)		-	(e)		-
Net asset value, end of period		$5.81			$5.59			$5.58			$5.33			$5.31			$4.83
Total Return(b):		6.83%			6.07%			11.74%			7.45%			19.40%			2.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$260,138			$247,992			$229,715			$136,177			$112,212			$77,177
Average net assets (000)		$250,551			$260,306			$172,185			$132,854			$94,741			$50,393
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement(d)		1.57%	(g)		1.58%			1.62%			1.55%			1.40%			1.41%
Expenses before waivers and/or expense reimbursement		1.57%	(g)		1.58%			1.62%			1.63%			1.65%			1.66%
Net investment income		5.20%	(g)		5.29%			5.98%			6.52%			8.12%			9.42%
Portfolio turnover rate		24%	(h)		55%			48%			87%			91%			82%

(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) 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.

(g) Annualized.

(h) Not annualized.

See Notes to Financial Statements.

66

Class Q Shares
	Six Months Ended February 28, 2014(b)			Year Ended August 31, 2013(b)			October 31, 2011(a) through August 31, 2012(b)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.61			$5.61			$5.41
Income from investment operations:
Net investment income		.18			.37			.35
Net realized and unrealized gain on investment transactions		.23			.02			.19
Total from investment operations		.41			.39			.54
Less Dividends:
Dividends from net investment income		(.19	)		(.39	)		(.34	)
Net asset value, end of period		$5.83			$5.61			$5.61
Total Return(c):		7.40%			7.04%			10.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,623			$7,901			$63,914
Average net assets (000)		$8,975			$52,463			$48,841
Ratios to average net assets(d):
Expenses		.46%	(e)		.47%			.50%	(e)
Net investment income		6.28%	(e)		6.40%			6.97%	(e)
Portfolio turnover rate		24%	(f)		55%			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 67

Financial Highlights

(Unaudited) continued

Class R Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.60			$5.59			$5.34			$5.32			$4.84			$5.19
Income (loss) from investment operations:
Net investment income		.16			.33			.35			.38			.44			.42
Net realized and unrealized gain (loss) on investment transactions		.23			.04			.28			.04			.49			(.34	)
Total from investment operations		.39			.37			.63			.42			.93			.08
Less Dividends:
Dividends from net investment income		(.17	)		(.36	)		(.38	)		(.40	)		(.45	)		(.43	)
Capital Contributions(e):		-			-			-			-	(d)		-	(d)		-
Net asset value, end of period		$5.82			$5.60			$5.59			$5.34			$5.32			$4.84
Total Return(b):		7.08%			6.59%			12.26%			7.88%			19.66%			3.07%
Ratios/Supplemental Data:
Net assets, end of period (000)		$56,240			$50,732			$36,886			$20,630			$10,441			$3,698
Average net assets (000)		$53,784			$47,639			$27,717			$16,155			$7,260			$1,580
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.07%	(f)		1.08%			1.12%			1.13%			1.15%			1.16%
Expenses before waivers and/or expense reimbursement		1.32%	(f)		1.33%			1.37%			1.38%			1.40%			1.41%
Net investment income		5.70%	(f)		5.78%			6.47%			6.93%			8.32%			9.64%
Portfolio turnover rate		24%	(g)		55%			48%			87%			91%			82%

(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) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

68

Class X Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.60			$5.59			$5.34			$5.31			$4.83			$5.19
Income (loss) from investment operations:
Net investment income		.15			.30			.33			.36			.41			.38
Net realized and unrealized gain (loss) on investment transactions		.22			.04			.27			.04			.49			(.33	)
Total from investment operations		.37			.34			.60			.40			.90			.05
Less Dividends:
Dividends from net investment income		(.16	)		(.33	)		(.35	)		(.37	)		(.42	)		(.41	)
Capital Contributions(e):		-			-			-			-	(d)		-	(d)		-
Net asset value, end of period		$5.81			$5.60			$5.59			$5.34			$5.31			$4.83
Total Return(b):		6.63%			6.06%			11.69%			7.54%			19.07%			2.32%
Ratios/Supplemental Data:
Net assets, end of period (000)		$15			$73			$249			$459			$966			$1,878
Average net assets (000)		$43			$167			$363			$766			$1,359			$2,152
Ratios to average net assets(c):
Expenses		1.57%	(f)		1.58%			1.62%			1.63%			1.65%			1.66%
Net investment income		5.17%	(f)		5.30%			6.06%			6.48%			7.97%			9.19%
Portfolio turnover rate		24%	(g)		55%			48%			87%			91%			82%

(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) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential High Yield Fund 69

Financial Highlights

(Unaudited) continued

Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2014(a)			2013(a)			2012(a)			2011(a)			2010(a)			2009
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$5.62			$5.61			$5.35			$5.33			$4.85			$5.20
Income (loss) from investment operations:
Net investment income		.18			.36			.38			.42			.46			.44
Net realized and unrealized gain (loss) on investment transactions		.22			.04			.29			.03			.49			(.34	)
Total from investment operations		.40			.40			.67			.45			.95			.10
Less Dividends:
Dividends from net investment income		(.19	)		(.39	)		(.41	)		(.43	)		(.47	)		(.45	)
Capital Contributions(e):		-			-			-			-	(d)		-	(d)		-
Net asset value, end of period		$5.83			$5.62			$5.61			$5.35			$5.33			$4.85
Total Return(b):		7.16%			7.13%			13.07%			8.47%			20.23%			3.68%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,291,867			$1,010,477			$725,367			$334,696			$117,442			$74,321
Average net assets (000)		$1,147,496			$911,701			$479,766			$304,551			$94,871			$37,817
Ratios to average net assets(c):
Expenses		.57%	(f)		.58%			.62%			.63%			.65%			.66%
Net investment income		6.20%	(f)		6.29%			6.97%			7.43%			8.86%			10.14%
Portfolio turnover rate		24%	(g)		55%			48%			87%			91%			82%

(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) 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.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

70

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

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Lee D. Augsburger, 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 • Lana Lomuti, Assistant Treasurer • Linda McMullin, 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 1-800-SEC-0330. 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	Z
NASDAQ	PBHAX	PBHYX	PRHCX	PHYQX	JDYRX	PHYZX
CUSIP	74440Y108	74440Y207	74440Y306	74440Y884	74440Y603	74440Y801

MF110E2    0260375-00001-00

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 18, 2014

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 18, 2014
By:	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date:	April 18, 2014