Target Portfolio Trust NCSR Certified 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:		811-07064

Exact name of registrant as specified in charter:		The Target Portfolio Trust

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

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

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

Date of fiscal year end:		10/31/2010

Date of reporting period:		10/31/2010

Item 1 – Reports to Stockholders


OCTOBER 31, 2010		ANNUAL REPORT

The TARGET Portfolio Trust^®

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 Trust portfolios’ securities are for the period covered by this report and are subject to change thereafter.

TARGET Funds, TARGET Portfolio Trust, Prudential, Prudential Financial, and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

LOGO

December 15, 2010

Dear TARGET Shareholder:

We hope you find the annual report for The TARGET Portfolio Trust informative and useful. Today many investors are asking where they can find new growth opportunities. Whether you are looking for capital growth, current income, or a combination of both, the TARGET portfolios feature a wide range of strategies to suit a variety of investment needs.

TARGET is founded upon the belief that investment management talent is dispersed across a variety of firms and can be systematically identified through research. The managers for each portfolio are carefully chosen from among the leading institutional money managers and are monitored by your team of experienced investment management analysts. Of course, the future performance of the TARGET portfolios cannot be guaranteed.

Your selections among the TARGET portfolios can evolve as your needs change. Your financial professional can help you stay informed of important developments and assist you in determining whether you need to modify your investments.

Thank you for your continued confidence.

Sincerely,

LOGO

Judy A. Rice, President

The TARGET Portfolio Trust


THE TARGET PORTFOLIO TRUST			1

Equity Portfolios’ Performance

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.prudential.com or by calling (800) 225-1852.

Large Capitalization Growth Portfolio:

Gross operating expenses: Class R, 1.58%; Class T, 0.83%. Net operating expenses: Class R, 1.33%; Class T, 0.83%, after contractual reduction through 2/29/2012.

Large Capitalization Value Portfolio:

Gross operating expenses: Class R, 1.56%; Class T, 0.81%. Net operating expenses: Class R, 1.31%; Class T, 0.81%, after contractual reduction through 2/29/2012.

Small Capitalization Growth Portfolio:

Gross operating expenses: Class R, 1.71%; Class T, 0.96%. Net operating expenses: Class R, 1.46%; Class T, 0.96%, after contractual reduction through 2/29/2012.

Small Capitalization Value Portfolio:

Gross operating expenses: Class R, 1.51%; Class T, 0.76%. Net operating expenses: Class R, 1.26%; Class T, 0.76%, after contractual reduction through 2/29/2012.

International Equity Portfolio:

Gross operating expenses: Class R, 1.79%; Class T, 1.04%. Net operating expenses: Class R, 1.54%; Class T, 1.04%, after contractual reduction through 2/29/2012.


Equity Portfolios
	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Growth Portfolio (Class R)		17.99	%		N/A			N/A		–1.36% (8/22/06)
Large Capitalization Growth Portfolio (Class T)		18.55			5.39	%		–38.02	%	—
S&P 500 Index		16.54			8.99			–0.14		—
Russell 1000 Growth Index		19.65			17.14			–22.51		—
Lipper Large-Cap Growth Funds Avg.		17.70			11.45			–15.43		—


2		THE TARGET PORTFOLIO TRUST


	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Growth Portfolio (Class R)		9.29	%		N/A			N/A		–1.67% (8/22/06)
Large Capitalization Growth Portfolio (Class T)		9.78			–0.44	%		–5.78	%	—
S&P 500 Index		10.18			0.64			–0.43		—
Russell 1000 Growth Index		12.65			2.06			–3.44		—
Lipper Large-Cap Growth Funds Avg.		10.19			0.88			–2.93		—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Growth Portfolio (Class R)		17.99	%		N/A			N/A		–0.32% (8/22/06)
Large Capitalization Growth Portfolio (Class T)		18.55			1.05	%		–4.67	%	—

	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Value Portfolio (Class R)		12.45	%		N/A			N/A		–19.57% (8/22/06)
Large Capitalization Value Portfolio (Class T)		13.00			–7.91	%		36.98	%	—
S&P 500 Index		16.54			8.99			–0.14		—
Russell 1000 Value Index		15.71			3.15			29.83		—
Lipper Large-Cap Value Funds Avg.		12.79			1.46			24.23		—

	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Value Portfolio (Class R)		7.86	%		N/A			N/A		–5.81% (8/22/06)
Large Capitalization Value Portfolio (Class T)		8.29			–2.78	%		3.31	%	—
S&P 500 Index		10.18			0.64			–0.43		—
Russell 1000 Value Index		8.90			–0.48			2.59		—
Lipper Large-Cap Value Funds Avg.		7.05			–0.74			2.08		—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Value Portfolio (Class R)		12.45	%		N/A			N/A		-5.06% (8/22/06)
Large Capitalization Value Portfolio (Class T)		13.00			–1.63	%		3.20	%	—


THE TARGET PORTFOLIO TRUST			3

Equity Portfolios’ Performance (continued)


	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Growth Portfolio (Class R)		25.29	%		N/A			N/A		–12.50% (8/22/06)
Small Capitalization Growth Portfolio (Class T)		25.83			–8.89	%		–32.03	%	—
Russell 2000 Index		26.58			16.31			61.21		—
Russell 2000 Growth Index		28.67			21.63			12.09		—
Lipper Small-Cap Growth Funds Avg.		27.71			16.62			21.22		—

	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Growth Portfolio (Class R)		13.50	%		N/A			N/A		–4.21% (8/22/06)
Small Capitalization Growth Portfolio (Class T)		14.04			–3.21	%		–4.46	%	—
Russell 2000 Index		13.35			1.60			4.00		—
Russell 2000 Growth Index		14.79			2.35			–0.13		—
Lipper Small-Cap Growth Funds Avg.		14.86			1.36			0.27		—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Growth Portfolio (Class R)		25.29	%		N/A			N/A		–3.13% (8/22/06)
Small Capitalization Growth Portfolio (Class T)		25.83			–1.84	%		–3.79	%	—

	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Value Portfolio (Class R)		22.93	%		N/A			N/A		11.82% (8/22/06)
Small Capitalization Value Portfolio (Class T)		23.58			26.33	%		181.12	%	—
Russell 2000 Index		26.58			16.31			61.21		—
Russell 2000 Value Index		24.43			10.52			119.21		—
Lipper Small-Cap Core Funds Avg.		24.55			15.27			90.42		—


4		THE TARGET PORTFOLIO TRUST


	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Value Portfolio (Class R)		14.01	%		N/A			N/A			1.91% (8/22/06)
Small Capitalization Value Portfolio (Class T)		14.60			3.41	%		10.64	%		—
Russell 2000 Index		13.35			1.60			4.00			—
Russell 2000 Value Index		11.84			0.73			7.72			—
Lipper Small-Cap Core Funds Avg.		13.19			1.33			5.68			—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Small Capitalization Value Portfolio (Class R)		22.93	%		N/A			N/A			2.70% (8/22/06)
Small Capitalization Value Portfolio (Class T)		23.58			4.79	%		10.89	%		—

	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
International Equity Portfolio (Class R)		10.93	%		N/A			N/A			1.04% (8/22/06)
International Equity Portfolio (Class T)		11.45			27.49	%		39.04	%		—
MSCI EAFE ND Index		8.36			17.66			36.66			—
Lipper International Large-Cap Core Funds Avg.		10.34			16.07			30.60			—

	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
International Equity Portfolio (Class R)		4.69	%		N/A			N/A			–0.75% (8/22/06)
International Equity Portfolio (Class T)		5.21			3.55	%		2.78	%		—
MSCI EAFE ND Index		3.27			1.97			2.56			—
Lipper International Large-Cap Core Funds Avg.		3.88			1.66			1.77			—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
International Equity Portfolio (Class R)		10.93	%		N/A			N/A			0.25% (8/22/06)
International Equity Portfolio (Class T)		11.45			4.98	%		3.35	%		—


THE TARGET PORTFOLIO TRUST			5

Equity Portfolios’ Performance (continued)

Growth of a $10,000 Investment

Large Capitalization Growth Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Large Capitalization Growth Portfolio (Class T) with a similar investment in the S&P 500 Index and the Russell 1000 Growth Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


6		THE TARGET PORTFOLIO TRUST

Growth of a $10,000 Investment

Large Capitalization Value Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Large Capitalization Value Portfolio (Class T) with a similar investment in the S&P 500 Index and the Russell 1000 Value Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


THE TARGET PORTFOLIO TRUST			7

Equity Portfolios’ Performance (continued)

Growth of a $10,000 Investment

Small Capitalization Growth Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Small Capitalization Growth Portfolio (Class T) with a similar investment in the Russell 2000 Index and the Russell 2000 Growth Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


8		THE TARGET PORTFOLIO TRUST

Growth of a $10,000 Investment

Small Capitalization Value Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Small Capitalization Value Portfolio (Class T) with a similar investment in the Russell 2000 Index and the Russell 2000 Value Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


THE TARGET PORTFOLIO TRUST			9

Equity Portfolios’ Performance (continued)

Growth of a $10,000 Investment

International Equity Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET International Equity Portfolio (Class T) with a similar investment in the Morgan Stanley Capital International Europe, Australasia, Far East Net Dividend Index (MSCI EAFE ND Index) by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.

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

Total returns assume the reinvestment of all dividends and distributions, and take into account all charges and expenses applicable to an investment in each portfolio. Class R shares are subject to an annual distribution and service (12b-1) fee of up to 0.75%. Returns in the table do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or following the redemption of portfolio shares.

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

Benchmark Definitions

Lipper International Large Cap Core Funds Average

Lipper International Large Cap Core funds invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.

Lipper Large-Cap Growth Funds Average

Lipper Large-Cap Growth funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap growth funds have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index.


10		THE TARGET PORTFOLIO TRUST

Lipper Large-Cap Value Funds Average

Lipper Large-Cap Value funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap value funds typically have a below-average price-to-earnings ratio and three-year sales-per-share growth value compared with the S&P 500 Index.

Lipper Small-Cap Growth Funds Average

Lipper Small-Cap Growth funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index.

Lipper Small-Cap Core Funds Average

Lipper Small-Cap Core funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap core funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

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

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE ND Index) is an unmanaged, weighted index that reflects stock price movements in Europe, Australasia, and the Far East. It gives an indication of how foreign stocks have performed.

Russell 1000 Growth Index

The Russell 1000 Growth Index is an unmanaged index which contains those securities in the Russell 1000 Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth rates.

Russell 1000 Value Index

The Russell 1000 Value Index is an unmanaged index which contains those securities in the Russell 1000 Index with a below-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

Russell 2000 Index

The Russell 2000 Index is an unmanaged index of the stocks of the 2,000 smallest U.S. companies included in the Russell 3000 Index. It gives an indication of how the stock prices of smaller companies have performed.

Russell 2000 Growth Index

The Russell 2000 Growth Index is an unmanaged index which contains those securities in the Russell 2000 Index with an above-average growth orientation. Companies in this index generally have higher price-to-book and price-to-earnings ratios.

Russell 2000 Value Index

The Russell 2000 Value Index is an unmanaged index which contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this index generally have low price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

S&P 500 Index

The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. companies. It gives a broad look at how stock prices have performed.


THE TARGET PORTFOLIO TRUST			11

Equity Portfolios’ Performance (continued)

Benchmark Inception Returns

Large Capitalization Growth Portfolio—S&P 500 Index Closest Month-End to Inception cumulative total return as of 10/31/10 is –0.77% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 9/30/10 is –1.10% for Class R. Russell 1000 Growth Index Closest Month-End to Inception cumulative total return as of 10/31/10 is 12.40% for Class R. Russell 1000 Growth Index Closest Month-End to Inception average annual total return as of 9/30/10 is 1.74% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is 8.61% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is 0.69% for Class R.

Large Capitalization Value Portfolio—S&P 500 Index Closest Month-End to Inception cumulative total return as of 10/31/10 is –0.77% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 9/30/10 is –1.10% for Class R. Russell 1000 Value Index Closest Month-End to Inception cumulative total return as of 10/31/10 is –10.54% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total return as of 9/30/10 is –3.39% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is –9.34% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is –3.09% for Class R.

Small Capitalization Growth Portfolio—Russell 2000 Index Closest Month-End to Inception cumulative total return as of 10/31/10 is 3.38% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 9/30/10 is
–0.17% for Class R. Russell 2000 Growth Index Closest Month-End to Inception cumulative total return as of 10/31/10 is 11.38% for Class R. Russell 2000 Growth Index Closest Month-End to Inception average annual total return as of 9/30/10 is 1.62% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is 9.02% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is 0.87% for Class R.

Small Capitalization Value Portfolio—Russell 2000 Index Closest Month-End to Inception cumulative total return as of 10/31/10 is
3.38% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 9/30/10 is –0.17% for Class R. Russell 2000 Value Index Closest Month-End to Inception cumulative total return as of 10/31/10 is –4.57% for Class R. Russell 2000 Value Index Closest Month-End to Inception average annual total return as of 9/30/10 is –2.06% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is 4.54% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is 0.02% for Class R.

International Equity Portfolio—MSCI EAFE ND Index Closest Month-End to Inception cumulative total return as of 10/31/10 is –4.00% for Class R. MSCI EAFE ND Index Closest Month-End to Inception average annual total return as of 9/30/10 is –1.85% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is –5.02% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is –2.20% for Class R.

Investors cannot invest directly in an index or average. The returns for the benchmark indexes would be lower if they reflected deductions for portfolio operating expenses, sales charges, or taxes.

The Lipper averages represent returns based on an average of all funds in the respective Lipper categories for the periods noted. The returns for the Lipper averages would be lower if they reflected deductions for portfolio operating expenses, sales charges, or taxes.


12		THE TARGET PORTFOLIO TRUST

Fixed Income Portfolios’ Performance

Total Return Bond Portfolio:

Gross operating expenses: Class R, 1.42%; Class T, 0.67%. Net operating expenses: Class R, 1.17%; Class T, 0.67%, after contractual reduction through 2/29/2012.

Intermediate-Term Bond Portfolio:

Gross operating expenses: Class T, 0.66%. Net operating expenses: Class T, 0.66%.

Mortgage Backed Securities Portfolio:

Gross operating expenses: Class T, 0.88%. Net operating expenses: Class T, 0.88%.


	Cumulative Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Total Return Bond Portfolio (Class R)		9.33	%		N/A			N/A			42.29% (8/22/06)
Total Return Bond Portfolio (Class T)		9.82			51.18	%		109.29	%		—
Barclays Capital U.S. Aggregate Bond Index		8.01			36.66			85.60			—
Lipper Corporate Debt BBB-Rated Funds Avg.		12.74			35.00			94.86			—

	Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			Since Inception
Total Return Bond Portfolio (Class R)		9.59	%		N/A			N/A			8.86% (8/22/06)
Total Return Bond Portfolio (Class T)		10.08			8.31	%		7.67	%		—
Barclays Capital U.S. Aggregate Bond Index		8.16			6.20			6.41			—
Lipper Corporate Debt BBB-Rated Funds Avg.		13.16			5.78			6.65			—

	Average Annual Total Returns as of 10/31/10
	One Year			Five Years			Ten Years			Since Inception
Total Return Bond Portfolio (Class R)		9.33	%		N/A			N/A			8.77% (8/22/06)
Total Return Bond Portfolio (Class T)		9.82			8.62	%		7.67	%		—


THE TARGET PORTFOLIO TRUST			13

Fixed Income Portfolios’ Performance (continued)


	Cumulative Total Returns as of 10/31/10									Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			One Year			Five Years			Ten Years
Intermediate-Term Bond Portfolio (Class T)		9.07	%		48.47	%		94.93	%		9.36	%		7.97	%		6.89	%
Barclays Capital Int. Govt./Credit Bond Index		7.81			34.86			79.98			7.77			5.95			6.05
Lipper Int. Inv.-Grade Debt Funds Avg.		9.63			32.77			77.66			9.98			5.47			5.85

										Average Annual Total Returns as of 10/31/10
										One Year			Five Years			Ten Years
Intermediate-Term Bond Portfolio (Class T)											9.07	%		8.22	%		6.90	%

	Cumulative Total Returns as of 10/31/10									Average Annual Total Returns as of 9/30/10
	One Year			Five Years			Ten Years			One Year			Five Years			Ten Years
Mortgage Backed Securities Portfolio (Class T)		12.02	%		41.60	%		82.24	%		13.00	%		6.87	%		6.13	%
Barclays Capital Mortgage-Backed Securities Index		5.99			38.76			84.10			5.71			6.41			6.27
Citigroup Mortgage-Backed Securities Index		6.13			39.08			84.96			5.81			6.48			6.32
Lipper U.S. Mortgage Funds Avg.		7.51			28.99			67.04			7.58			4.77			5.14

										Average Annual Total Returns as of 10/31/10
										One Year			Five Years			Ten Years
Mortgage Backed Securities Portfolio (Class T)											12.02	%		7.20	%		6.19	%


14		THE TARGET PORTFOLIO TRUST

Growth of a $10,000 Investment

Total Return Bond Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Total Return Bond Portfolio (Class T) with a similar investment in the Barclays Capital U.S. Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


THE TARGET PORTFOLIO TRUST			15

Fixed Income Portfolios’ Performance (continued)

Growth of a $10,000 Investment

Intermediate-Term Bond Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Intermediate-Term Bond Portfolio (Class T) with a similar investment in the Barclays Capital Intermediate Government/Credit Bond Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.


16		THE TARGET PORTFOLIO TRUST

Growth of a $10,000 Investment

Mortgage Backed Securities Portfolio

LOGO

The graph compares a $10,000 investment in the TARGET Mortgage Backed Securities Portfolio (Class T) with a similar investment in the Barclays Capital Mortgage-Backed Securities Index and the Citigroup Mortgage-Backed Securities Index by portraying the initial account values at the beginning of the 10-year period (October 31, 2000) and the account values at the end of the current fiscal year (October 31, 2010), as measured on a quarterly basis. The average annual total returns in the table and the returns on investment in the graph do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or following the redemption of Portfolio shares.

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

Investors cannot invest directly in an index. The returns for the benchmark indexes would be lower if they reflected deductions for portfolio operating expenses, sales charges, or taxes.

Benchmark Definitions

Barclays Capital Intermediate Government/Credit Bond Index

The Barclays Capital Intermediate Government/Credit Bond Index is an unmanaged index of publicly traded U.S. government bonds and investment-grade corporate bonds with maturities of up to 10 years. It gives a broad indication of how intermediate-term bonds have performed.

Barclays Capital Mortgage-Backed Securities Index

The Barclays Capital Mortgage-Backed Securities Index is an unmanaged, market capitalization-weighted index of 15- and 30-year fixed-rate securities backed by GNMA, FNMA, and FHLMC mortgage pools, and balloon mortgages with fixed-rate coupons.


THE TARGET PORTFOLIO TRUST			17

Fixed Income Portfolios’ Performance (continued)

Barclays Capital U.S. Aggregate Bond Index

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade securities issued by the U.S. government and its agencies and by corporations with between one and 10 years remaining to maturity. It gives a broad indication of how bond prices of short- and intermediate-term bonds have performed.

Citigroup Mortgage-Backed Securities Index

The Citigroup Mortgage-Backed Securities Index is an unmanaged index of 15- and 30-year mortgage-related securities issued by U.S. government agencies. Each of them gives a broad indication of how mortgage-backed securities have performed.

Lipper Corporate Debt BBB-Rated

Lipper Corporate Debt BBB-Rated funds invest primarily in corporate and government debt issues rated in the top four grades.

Lipper Intermediate Investment-Grade Debt

Lipper Intermediate Investment-Grade Debt funds invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to 10 years.

Lipper U.S. Mortgage

Lipper U.S. Mortgage funds invest primarily in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.

Benchmark Inception Returns

Total Return Bond Portfolio—Barclays Capital U.S. Aggregate Bond Index Closest Month-End to Inception cumulative total return as of 10/31/10 is 31.92% for Class R. Barclays Capital U.S. Aggregate Bond Index Closest Month-End to Inception average annual total return as of 9/30/10 is 6.93% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 10/31/10 is 30.78% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 9/30/10 is 6.62% for Class R.

The Lipper Averages represent returns based on an average of all funds in the respective Lipper categories for the periods noted. The returns for the Lipper averages would be lower if they reflected deductions for portfolio operating expenses, sales charges, or taxes.


18		THE TARGET PORTFOLIO TRUST

Money Market Portfolio Performance

Yields will fluctuate from time to time, and past performance does not guarantee future results. Current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance update, call (800) 225-1852.

U.S. Government Money Market Portfolio:

Gross operating expenses: Class T, 0.65%. Net operating expenses: Class T, 0.23%, after a voluntary waiver of management fees.


Money Market Portfolio as of 10/31/10
	Cumulative Total Returns 12 Months	Net Asset Value (NAV)	7-Day Current Yield
U.S. Government Money Market Portfolio (Class T)	0.04%	$1.00	0.01%
Lipper U.S. Government Money Market Funds Avg.	0.02	N/A	N/A
iMoneyNet, Inc. All Taxable Money Market Funds Avg.	N/A	N/A	0.03

Total returns assume the reinvestment of all dividends and distributions, and take into account all charges and expenses applicable to an investment in each portfolio. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or following the redemption of portfolio shares.

Benchmark Definitions

iMoneyNet, Inc. All Taxable Money Market Funds Average

iMoneyNet, Inc. regularly reports a 7-day current yield on Tuesdays for taxable money market funds. This is the data of all funds in the iMoneyNet, Inc. All Taxable Money Market Funds Average category as of 10/26/10, the closest date to the end of our reporting period.

Lipper U.S. Government Money Market Funds Average

Lipper U.S. Government Money Market funds invest principally in financial instruments issued or guaranteed by the U.S. government, its agencies, or instrumentalities with dollar-weighted average maturities of less than 90 days. These funds intend to keep a constant net asset value.

The Lipper average represents returns based on an average of all funds in the respective Lipper categories for the periods noted. The return for the Lipper average would be lower if it reflected deductions for sales charges or taxes.

An investment in the U.S. Government Money Market Portfolio (the Portfolio) is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Portfolio.


THE TARGET PORTFOLIO TRUST			19

Strategy and Performance Overview

Large Capitalization Growth Portfolio

The Large Cap Growth Portfolio’s Class T shares returned 18.55% for the 12-month period ended October 31, 2010, which trailed the 19.65% return of its benchmark, the Russell 1000^® Growth Index (the Index). The Portfolio’s Class T shares, however, outperformed the 17.70% return of the Lipper Large Cap Growth Funds Average.

The Large Cap Growth Portfolio uses a multi-manager approach, seeking to maximize returns by diversifying Portfolio performance across firms and by combining complementary approaches. Marsico Capital Management, LLC (Marsico), a traditional large-cap growth manager, constructs a relatively concentrated portfolio using an active top-down, bottom-up approach to investing. MFS Investment Management (MFS) follows a more diversified strategy that takes a traditional approach to identifying under-priced growth opportunities.

During the reporting period, the Portfolio’s performance relative to the Index weakened due to some key sector and investment style factors. The Portfolio had a large overall overexposure to the financial sector, which produced moderately low gains relative to other sectors for the year. The Portfolio was also underexposed to consumer non-cyclicals, a sector in the Index that broadly outperformed during the fiscal year. However, overweights in the consumer services and transport sectors helped performance.

Style factors such as growth and value along with capitalization levels modestly detracted from relative performance. Relative to the Index, the Portfolio’s overweight in stocks with large market capitalizations and those with levels of above-market stock-price-volatility were primary detractors. The Portfolio’s underweight in stocks paying high dividends also detracted from performance. However, stocks experiencing recent price strength contributed to relative performance.

The Portfolio’s security selection was another positive during the reporting period. Holdings in the consumer services and technology sectors significantly contributed to relative performance. Individual companies among the top contributors were in the technology sector and included Baidu Inc., Apple, Priceline, and Microsoft Corporation. Also during the reporting period, the Portfolio held a derivative, in the form of a call option, on a very limited basis, and it did not have a material impact on the Portfolio’s performance.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


20		THE TARGET PORTFOLIO TRUST

Large Capitalization Value Portfolio

The Large Cap Value Portfolio’s Class T shares returned 13.00% for the 12-month reporting period ended October 31, 2010, trailing the 15.71% return of its benchmark, the Russell 1000^® Value Index (the Index). However, the Portfolio’s Class T shares outperformed the 12.79% return of the Lipper Large-Cap Value Funds Average.

The Portfolio is managed by NFJ, Eaton Vance, and Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley). NFJ follows a disciplined deep value investment strategy based on research that has shown that portfolios of low price-to-earnings (P/E) stocks have substantially outperformed market indexes throughout all capitalization levels over extended periods. The manager uses an elaborate screening process to identify the lowest valued stocks within their industry based on their P/E ratio.

In contrast, Eaton Vance’s portion of the overall portfolio follows a relative value or “growthier” investment style. The manager evaluates traditional measures of value, overall business health, and changes in business momentum to capture market inefficiencies in the universe of large capitalization companies. Eaton Vance focuses on companies that exhibit strong business franchises with attractive earnings-per-share (EPS) ratios and dividend growth potential.

Hotchkis and Wiley uses a value-oriented investment style and a bottom-up approach to security selection. It primarily invests in above-market yielding securities. The investment team seeks to identify companies with strong cash flow, improving profit margins, sustainability of projected growth, and competitive/strategic positioning within their industries.

During the reporting period, the Portfolio’s overweight stance in large-cap companies hurt results, as stocks of smaller companies outperformed their larger counterparts. All three portions of the Portfolio were overweight in highly capitalized stocks with Eaton Vance’s large-cap bias the primary detractor from the Portfolio’s performance.

The Portfolio’s stock selection negatively affected its performance relative to the Index. Stocks of companies in the energy and technology sectors such as Hewlett Packard, Diamond Offshore Drilling, and Anadarko Petroleum hurt relative performance. Moreover, stock selection in all three portions of the Portfolio detracted from performance during the reporting period, with NFJ’s portion being the primary detractor.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			21

Strategy and Performance Overview (continued)

Cash holdings in the Portfolio dragged down performance. Most notably, Eaton Vance’s cash holdings in November 2009 hurt performance as the market rallied that month.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


22		THE TARGET PORTFOLIO TRUST

Small Capitalization Growth Portfolio

The Small Cap Growth Portfolio’s Class T shares rose 25.83% for the 12-month reporting period ended October 31, 2010, which trailed the 28.67% gain of the Russell 2000^® Growth Index (the Index). The Portfolio’s Class T shares also underperformed the 27.71% return of the Lipper Small-Cap Growth Funds Average.

Eagle Asset Management (Eagle) and Ashfield Capital Partners (Ashfield) manage the Portfolio because of their complementary investment styles. The primary goal of this co-management strategy is to help limit risk in particular economic sectors or market scenarios with a portfolio that provides prospective opportunities in most equity markets.

Eagle describes its traditional growth investment process as “Rapid Growth at a Reasonable Price.” The manager seeks companies with accelerating and sustainable earnings growth, a positive catalyst, a high or expanding return on equity, and a credible and competent management team.

Ashfield’s investment philosophy is based upon the belief that the price of a stock will be directly related to the underlying growth potential of the business. To some extent, each manager tends to have contrasting views toward certain sectors, but they share similar perspectives on portfolio risk and style factors.

Eagle’s portion outperformed the Index, while Ashfield’s hurt the Portfolio’s overall results. Ashfield’s stock selection in certain medical services, electronic equipment, and computer software industries were the main detractors.

Conversely, Eagle’s stock selection, specifically in the chemicals, energy reserves, specialty retail, restaurants, and computer hardware and software industries, added to the Portfolio’s returns. Additionally, the manager’s decision not to hold certain companies in the Index helped during the quarter. For example, avoiding or being underweight relative to the benchmark in biotech companies proved beneficial.

In aggregate, the Portfolio’s underweight position in the healthcare sector was the single largest detractor during the reporting period. Specifically, the Portfolio’s underweight stance in the pharmaceuticals industry and its overweight stance in the medical services industries had the largest negative impact during the period. However, stock selection against the Index in the consumer cyclical and technology

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			23

Strategy and Performance Overview (continued)

sectors, particularly in computer software, made a positive contribution to performance. But since both managers of the Portfolio deploy bottom-up stock selection as their strategy, the Portfolio’s sector allocations generally have little or no effect on overall Portfolio performance over longer periods.

However, an overweight allocation against the Index in the consumer cyclical and technology sectors, particularly in computer software, made a positive contribution to performance. But since both managers of the Portfolio deploy bottom-up stock selection as their strategy, the Portfolio’s sector allocations generally have little or no effect on overall Portfolio performance over longer periods.

Overall, the Portfolio’s stance toward riskier assets contributed positively to Portfolio performance. To a lesser extent, a modest exposure to stocks exhibiting price momentum characteristics enhanced returns toward the end of the reporting period.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


24		THE TARGET PORTFOLIO TRUST

Small Capitalization Value Portfolio

The Small Cap Value Portfolio’s Class T shares gained 23.58% for the 12-month reporting period ended October 31, 2010, which slightly underperformed the 24.43% return of its benchmark, the Russell 2000^® Value Index (the Index). The Portfolio’s Class T shares also underperformed the 24.55% return of the Lipper Small-Cap Core Funds Average.

Small companies and firms may respond to economic trends differently. For example, some may occupy specific niches in which they are immune to economic cycles. Also, some inexpensive stocks may be not followed closely by analysts. Accordingly, small-cap managers can benefit from informational inefficiencies in the market. Research is critical and the Portfolio’s managers are chosen based on their experience and capabilities. The asset managers themselves may reach position-size limits in the amount they can hold in small firms. Consequently, the Portfolio uses several managers. As managers reach their capacity limits, new asset managers may be added to the Portfolio. EARNEST Partners, LLC; Lee Munder Capital Group; J.P. Morgan Investment Management, Inc.; NFJ Investment Group L.P.; and Vaughan Nelson Investment Management, L.P. are the current managers of the Portfolio.

Sector positioning had a positive effect on the Portfolio’s performance. Specifically, an underweight in the financial sector and an overweight in the basic materials sector generated positive results. On the negative side, an overweight in healthcare detracted from performance.

The Portfolio’s underexposure to stocks with particular style attributes proved beneficial. Specifically, the Portfolio was underexposed to stocks with higher volatility, as measured by the movements of a stock’s price, and was also underexposed to stocks with a high degree of earnings variability (stocks more closely tied to movements in the business cycle). On the negative side, the Portfolio was overexposed to stocks with the largest capitalization levels in the Index, which detracted from relative performance.

The Portfolio tends to be less sensitive to movements in the broad market than the Index. Accordingly, this defensive positioning tends to detract from relative performance during broad market gains, which was generally the case during the reporting period.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			25

Strategy and Performance Overview (continued)

Stock selection had little impact on overall performance. Stocks within the chemicals and oil services industries, however, were a source of positive returns. Conversely, assets held within the specialty retail industry were a drag on results.

The JP Morgan Small Cap Value portion held a small derivative position in small-cap futures to hedge cash, which helped to manage flows and general market exposure. Over the last year, this exposure had a positive impact on Portfolio results due to the positive returns of the small-cap market relative to cash. It is important to note, however, the sole purpose for using futures in this portion of the Portfolio is to maintain full market exposure and not to leverage the Portfolio or make a market call.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


26		THE TARGET PORTFOLIO TRUST

International Equity Portfolio

The International Equity Portfolio’s Class T shares posted a 11.45% return for the 12-month reporting period ended October 31, 2010, outperforming the 8.36% return of the Morgan Stanley Capital International Europe, Australasia, and Far East Net Dividend Index (the Index), and also outperforming the 10.34% return of the Lipper International Large-Cap Core Funds Average.

LSV Asset Management (LSV) and Thornburg Investment Management, Inc. (Thornburg) are co-managers of the Portfolio, which combines the distinct investment approaches of LSV International Value (deep value) and Thornburg International (relative value/core).

LSV’s active quantitative investment strategy is based on the firm’s research into value investing and behavioral finance. They believe that superior investment performance can be achieved by exploiting behavioral biases exhibited by other investors, including the tendency to extrapolate the past too far into the future, wrongly equating a good company with a good investment irrespective of price, ignoring statistical evidence and developing a “mindset” about a company. While they do not conduct traditional security analysis, the objective of LSV’s purely quantitative modeling approach is to pick undervalued stocks with near-term appreciation potential.

Thornburg’s value-based investment approach seeks promising companies trading at a discount to what the investment manager believes is a company’s intrinsic value. The strategy looks to reduce portfolio total risk by exposing the portfolio to traditional, relative, and/or deep value stocks. The investment process utilizes quantitative screens to identify attractively valued stocks (using metrics such as price/earnings, price/forward earnings, and price to cash flow) poised for fundamental improvement, such as earnings surprises or earnings revisions, relative to peers. Management then performs fundamental research (including visits with company management, peers, competitors, and suppliers) on companies deemed attractive by the screening process. However, Thornburg does reserve the right to circumvent the screening process, and often does, in their search for value. The result of their fundamental analysis is an estimate of a company’s intrinsic value, which is compared to current valuations to identify attractive opportunities.

In the beginning of the reporting period, the rally in riskier assets from the third quarter of 2009 stalled as stocks entered into a correction. The LSV portion struggled

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			27

Strategy and Performance Overview (continued)

out of the gate, underperformed for the first two months of the period, and then outperformed for the remainder of the period.

Moreover, growth stocks outperformed value stocks in international markets. Underperformance by companies with low price-to-book valuation multiples, particularly in the financial sector, pulled down value stocks. LSV was overweight in financial stocks, and concentrated in those with the most attractive valuations, which further detracted from relative performance early in the period.

During the rest of the period, beginning in January 2010, LSV outperformed the Index, as equity markets vacillated between risk-friendly rallies and risk-averse corrections. However, LSV’s deep value strategy could not compensate for its slow start, and this muted its overall performance for the reporting period.

The Thornburg portion of the Portfolio displayed consistent outperformance during the entire period. As a relative value/core strategy, Thornburg benefited from the tailwinds of higher value stocks outperforming lower value stocks and also from growth-style stocks outperforming value stocks in markets outside of the U.S. Overall, Thornburg handily outperformed the Index for the period. Allocations to countries not in the Index significantly boosted performance. Holdings in companies in Canada, Mexico, and South Korea helped performance, as these markets individually outperformed the return of the Index. Additionally, stock selection in the United Kingdom (UK) and Germany further enhanced relative performance as Thornburg made good stock selections in the UK consumer discretionary sector and also among stocks of German automakers.

From time to time, Thornburg uses derivatives in the form of currency forwards as a hedging tool for risk management purposes. Thornburg does not expect a significant portion of the performance to come from currency hedging strategies. For the period ending October 31, 2010, currency hedging detracted slightly from results as the Portfolio hedged on the Euro, British Pound, Brazilian Real and Mexican Peso. The main hedge was earlier in the period, as the Portfolio’s hedge against the Mexican Peso detracted from results.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


28		THE TARGET PORTFOLIO TRUST

Total Return Bond Portfolio

The Total Return Bond Portfolio’s Class T shares gained 9.82% for the 12-month reporting period ended October 31, 2010, outperforming the 8.01% gain of the Barclays Capital U.S. Aggregate Bond Index (the Index). However, the Portfolio’s Class T shares lagged the 12.74% gain of the Lipper Corporate Debt BBB-Rated Funds Average. Pacific Investment Management Company LLC (PIMCO) manages the Portfolio.

A low interest-rate environment prevailed in the U.S. fixed income markets as the Federal Reserve (the Fed) left its target for the overnight bank lending rate near zero throughout the reporting period. The rock-bottom borrowing costs were intended to help encourage commerce, as economic growth slowed in the United States and the unemployment rate remained high. The Fed also tried to aid the economy by completing a round of quantitative easing in which it bought federal agency debt securities and mortgage-backed securities of federal agencies to support mortgage lending and the housing markets.

Later in the reporting period, the Fed kept its holdings of debt securities constant by reinvesting principal payments from its mortgage-backed securities and federal agency debt securities back into U.S. Treasury securities, concentrating on notes maturing in two to 10 years. This helped boost prices of Treasury securities and pushed down their yields, as bond prices move inversely to yields. In September 2010, the Fed also said it was prepared to provide more help to the economy if needed. This led to renewed anticipation that the Fed would soon begin another round of quantitative easing in which it would buy additional Treasury securities to exert further downward pressure on longer-term rates.

For most of the reporting period, the Portfolio had a longer duration in the U.S. fixed income market than the Index. (Duration measures a portfolio’s sensitivity to changes in the level of interest rates.) The Portfolio also had duration exposure in core European bond markets. This strategy worked well as bond yields declined in these markets and pushed bond prices higher.

The Portfolio was also positioned to benefit from an anticipated flattening in the slope of the yield curve, a single-line graph that shows the relationship between yields of bonds of the same credit quality. This strategy detracted from performance because the slope of the yield curve became steeper. However, the negative impact from the Portfolio’s yield curve strategy was more than offset by its exposure to Eurodollar

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			29

Strategy and Performance Overview (continued)

futures contracts whose prices rallied (Eurodollars are U.S. dollars deposited in commercial banks outside the United States.) Prices of Eurodollar futures contracts gained on the expectation that short-term rates will remain low for an extended period of time.

Some aspects of PIMCO’s bond market allocation strategy worked well. The Portfolio had a larger exposure than the Index to investment-grade bonds of financial companies, which outperformed the broader investment-grade corporate bond market. Also, the Portfolio benefited from having a modest exposure to high yield corporate “junk” bonds, which are not in the Index as they are rated below investment grade. High yield bonds outperformed Treasury securities with similar maturities. In the low-rate environment, investors took advantage of the more attractive yields on debt securities such as corporate bonds, which carry greater credit risk than ultra-safe Treasury securities.

The Portfolio also benefited from having a modest exposure to emerging market bonds denominated in local currencies, particularly debt securities of issuers in Brazil. The Portfolio gained this exposure by using a type of derivative instrument called zero coupon interest rate swaps instead of spending large amounts of money to buy the bonds outright. Under the swap agreement, the Portfolio makes periodic floating-rate payments based on the CDI (the interbank lending rate of Brazil) and will receive a lump-sum fixed-rate payment from the other party involved in the agreement when the swap matures. As the CDI declined during the calendar year, the swap gained in value, aiding the Portfolio’s performance.

Other aspects of PIMCO’s bond market allocation strategy hindered performance. For example, the Portfolio had a smaller exposure to commercial mortgage-backed securities (CMBS) than the Index. However, CMBS, which are made from bundled mortgages on properties such as hotels and office buildings, outperformed Treasury securities with similar maturities. Some of the negative impact from this strategy was offset by an emphasis on senior, high-quality CMBS, which added incremental yield to the Portfolio.

The Portfolio also had a smaller exposure than the Index to mortgage-backed securities of federal agencies, which detracted from its performance as these securities also outperformed Treasury securities with similar maturities. However, some of the negative impact from this strategy was offset by favorable security selection among mortgage-backed securities of federal agencies and exposure to high-quality “private label” mortgage-backed securities, which do not have any government backing.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


30		THE TARGET PORTFOLIO TRUST

Intermediate-Term Bond Portfolio

The Intermediate-Term Bond Portfolio’s Class T shares gained 9.07% for the 12-month reporting period ended October 31, 2010, outperforming the 7.81% gain of the Barclays Capital Intermediate Government/Credit Index (the Index). However, the Portfolio’s Class T shares lagged the 9.63% gain of the Lipper Intermediate Investment-Grade Debt Funds Average. Pacific Investment Management Company LLC (PIMCO) manages the Portfolio.

Some aspects of PIMCO’s bond market allocation strategy worked well. The Portfolio had a larger exposure than the Index to investment-grade corporate bonds, particularly bonds of financial companies, which outperformed the broader investment-grade corporate bond market. In the low-rate environment, investors took

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			31

Strategy and Performance Overview (continued)

advantage of the more attractive yields on debt securities such as corporate bonds, which carry greater credit risk than ultra-safe Treasury securities.

Another positive for the Portfolio was its modest exposure to mortgage-backed securities of federal agencies and senior, high-quality “private label” mortgage-backed securities, which do not have any government backing. Both types of bonds outperformed Treasury securities with similar maturities.

Other aspects of the Portfolio’s investment strategy hindered its performance. For most of the reporting period, the Portfolio was positioned to benefit as the slope of the yield curve became steeper. (The yield curve is a single-line graph that shows the relationship between yields on bonds of the same credit quality from the shortest to the longest maturities.) However, the positive impact from this strategy was more than offset as the Portfolio was repositioned in the third quarter of 2010 in anticipation that the yield curve would flatten. As it turned out, the slope of the yield curve did not flatten and the change in strategy subtracted from the Portfolio’s performance.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


32		THE TARGET PORTFOLIO TRUST

Mortgage Backed Securities Portfolio

The Mortgage Backed Securities Portfolio’s Class T shares gained 12.02% for the 12-month reporting period ended October 31, 2010, widely outperforming the 5.99% gain of the Barclays Capital U.S. Mortgage Backed Securities Index (the Index) and the 7.51% gain of the Lipper U.S. Mortgage Funds Average. Wellington Management Company, LLP (Wellington Management) manages the Portfolio.

A low interest-rate environment prevailed in the U.S. fixed income markets as the Federal Reserve (the Fed) left its target for the overnight bank lending rate near zero during the reporting period that began November 1, 2009. The rock-bottom borrowing costs were intended to help encourage commerce, as economic growth slowed in the United States and the unemployment rate remained high. The Fed also tried to aid the economy by completing a round of quantitative easing in which it bought federal agency debt securities and mortgage-backed securities of federal agencies to support mortgage lending and the housing markets.

The primary reason the Portfolio gained more than the Index was that it had a smaller exposure than the Index to mortgage-backed securities of federal agencies, and it held other types of debt securities that performed well. Because of the Fed’s mortgage-backed securities purchase program, the amount of extra yield (spread) that mortgage-backed securities of federal agencies provided over Treasury securities with similar maturities declined sharply. As a result, the Portfolio took advantage of more attractive investment opportunities in other sectors not included in the Index, all of which helped it outperform the Index for the reporting period.

One such sector was “private label” mortgage-backed securities, which do not have any government backing. The Portfolio focused on debt securities in that sector that Wellington Management believed were undervalued. Strong technical factors and an improvement in mortgage payment data, including higher voluntary prepayments, helped drive performance during the reporting period.

The Portfolio also owned commercial mortgage-backed securities (CMBS), which are made from bundles of mortgage on properties such as hotels or office buildings. CMBS outperformed the Index for the reporting period as a limited supply of securities met with strong investor demand.

The Portfolio held inverse interest only (IIO) bonds, which, as the name implies, do not receive principal payments from the underlying mortgages. Wellington

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			33

Strategy and Performance Overview (continued)

Management believed volatility would remain low and prepayment speeds would be slower than market expectations, despite historically low mortgage rates. As it turned out, strict underwriting standards and declining availability of mortgage credit kept prepayment speeds low. The stable prepayment environment in which borrowers continued to face challenges in refinancing benefited valuations of IIO bonds, and the Portfolio’s allocation to them enhanced its performance.

Another positive for the Portfolio was its favorable security selection among mortgage pass-through securities of federal agencies. In particular, the Portfolio benefited from its emphasis on mortgage pass-through securities with higher coupon rates. Wellington Management liked these debt securities based on its expectation that their prepayment speeds would continue to slow. As previously mentioned, refinancing options available to consumers were limited despite historically low mortgage rates, and this helped prepayments remain low. The Portfolio also benefited from positive security selection among mortgage pass-through securities backed by 15- and 20-year conventional home loans.

During the reporting period, the Portfolio used derivative instruments including interest rate swaps, interest rate futures, and bond futures to tactically manage interest rate risk, which is the risk that securities could lose value because of changes in interest rates. The Portfolio’s exposure to derivatives did not have a material impact on its performance.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


34		THE TARGET PORTFOLIO TRUST

U.S. Government Money Market Portfolio

The U.S. Government Money Market Portfolio’s* Class T shares returned 0.04% for the 12-month period ended October 31, 2010, which outperformed the 0.01% return of the Lipper U.S. Government Money Market Funds Average. Wellington Management Company, LLP (Wellington Management) manages the Portfolio.

During the reporting period that began November 1, 2009, a low interest-rate environment prevailed in the U.S. fixed income markets as the Federal Reserve (the Fed) left its target for the overnight bank lending rate near zero. The rock-bottom borrowing costs were intended to help encourage commerce, as economic growth slowed in the United States and the unemployment rate remained high.

Rates also remained near zero on repurchase agreements, in which one party sells U.S. Treasury securities to another party and then agrees to buy them back on a certain date and at an agreed-upon higher price. Repurchase agreements are essentially short-term collateralized loans. (The difference between the sale price and purchase price is the interest paid on the loan.) The volumes of repurchase agreements remained low throughout the year as the market demanded that banks unwind debt. Meanwhile, the slope of the money market yield curve flattened, as rates on three-month Treasury bills increased slightly and yields on one-year Treasury notes decreased.

The Portfolio opportunistically took advantage of increases in the yields of government securities, while maintaining liquidity and increasing exposure to high-quality discount notes of federal agencies.

The Securities and Exchange Commission (SEC) published a number of rule changes that affect money market funds governed by SEC Rule 2a-7 under the Investment Company Act of 1940. The changes were a direct result of concerns that arose during the financial crisis when the net asset value of a particular money market fund fell below $1.00 in September 2008. Most of the rule changes affect the quality, maturity limits, and liquidity of the investments held by money market funds.

On December 1, 2010, the Board of Trustees of the Trust, of which the U.S. Government Money Market Portfolio (the “Portfolio”) is a series, determined that it was in the best interests of the Portfolio’s shareholders for the Portfolio to cease operations. Accordingly, the Board approved a proposal to redeem all the outstanding shares of the Portfolio at the net asset value on or about February 15, 2011.

The Portfolio of Investments following this report shows the size of the Portfolio’s positions at period-end.


THE TARGET PORTFOLIO TRUST			35

Fees and Expenses (Unaudited)

As a shareholder of the Trust, 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, and other Trust expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Trust 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 May 1, 2010, at the beginning of the period, and held through the six-month period ended October 31, 2010. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

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

Actual Expenses

The first line for each share class in the table on the following pages 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.


36		THE TARGET PORTFOLIO TRUST

Hypothetical Example for Comparison Purposes

The second line for each share class in the table below and on the following pages provides information about hypothetical account values and hypothetical expenses based on the Trust’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Trust’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 Trust and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Large Capitalization Growth Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	1,032.40		1.34	%	$	6.86
Hypothetical	$	1,000.00	$	1,018.45		1.34	%	$	6.82
Class T
Actual	$	1,000.00	$	1,034.60		0.84	%	$	4.31
Hypothetical	$	1,000.00	$	1,020.97		0.84	%	$	4.28

Large Capitalization Value Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	975.90		1.32	%	$	6.57
Hypothetical	$	1,000.00	$	1,018.55		1.32	%	$	6.72
Class T
Actual	$	1,000.00	$	979.00		0.82	%	$	4.09
Hypothetical	$	1,000.00	$	1,021.07		0.82	%	$	4.18


THE TARGET PORTFOLIO TRUST			37

Fees and Expenses (continued)


Small Capitalization Growth Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	1,016.80		1.50	%	$	7.63
Hypothetical	$	1,000.00	$	1,017.64		1.50	%	$	7.63
Class T
Actual	$	1,000.00	$	1,018.60		1.00	%	$	5.09
Hypothetical	$	1,000.00	$	1,020.16		1.00	%	$	5.09

Small Capitalization Value Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	985.30		1.28	%	$	6.41
Hypothetical	$	1,000.00	$	1,018.75		1.28	%	$	6.51
Class T
Actual	$	1,000.00	$	987.50		0.78	%	$	3.91
Hypothetical	$	1,000.00	$	1,021.27		0.78	%	$	3.97

International Equity Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	1,071.50		1.59	%	$	8.30
Hypothetical	$	1,000.00	$	1,017.19		1.59	%	$	8.08
Class T
Actual	$	1,000.00	$	1,074.00		1.09	%	$	5.70
Hypothetical	$	1,000.00	$	1,019.71		1.09	%	$	5.55

Total Return Bond Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class R
Actual	$	1,000.00	$	1,056.30		1.13	%	$	5.86
Hypothetical	$	1,000.00	$	1,019.51		1.13	%	$	5.75
Class T
Actual	$	1,000.00	$	1,058.50		0.63	%	$	3.27
Hypothetical	$	1,000.00	$	1,022.03		0.63	%	$	3.21


38		THE TARGET PORTFOLIO TRUST


Intermediate-Term Bond Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class T
Actual	$	1,000.00	$	1,054.50		0.64	%	$	3.31
Hypothetical	$	1,000.00	$	1,021.98		0.64	%	$	3.26

Mortgage Backed Securities Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class T
Actual	$	1,000.00	$	1,063.10		0.92	%	$	4.78
Hypothetical	$	1,000.00	$	1,020.57		0.92	%	$	4.69

U.S. Government Money Market Portfolio	Beginning Account Value May 1, 2010		Ending Account Value October 31, 2010		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*

Class T
Actual	$	1,000.00	$	1,000.00		0.23	%	$	1.16
Hypothetical	$	1,000.00	$	1,024.05		0.23	%	$	1.17

* Portfolio 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 184 days in the six-month period ended October 31, 2010, and divided by 365 days to reflect the six-month period. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


THE TARGET PORTFOLIO TRUST			39


Portfolio of Investments As of October 31, 2010		*Large Capitalization Growth Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—98.6%

		COMMON STOCKS—98.1%

		Aerospace & Defense—3.0%
	21,800	Boeing Co. (The)	$	1,539,952
	41,568	General Dynamics Corp.		2,831,612
	9,980	Goodrich Corp.		819,059
	14,960	United Technologies Corp.		1,118,559

				6,309,182


		Agriculture—0.1%
	4,930	Bunge Ltd.		296,145


		Agriculture/Heavy Equipment—2.3%
	81,434	Monsanto Co.		4,838,808


		Auto Parts and Equipment—0.7%
	6,614	Bayerische Motoren Werke AG (Germany)		474,171
	29,710	Johnson Controls, Inc.		1,043,415

				1,517,586


		Automobile Manufacturers—0.1%
	7,360	Ford Motor Co.*(a)		103,997


		Beverages—1.6%
	16,000	Anheuser-Busch InBev NV, ADR (Belgium)		1,006,400
	26,610	Coca-Cola Co. (The)		1,631,725
	11,660	Heineken NV (Netherlands)		591,041
	3,160	PepsiCo, Inc.		206,348

				3,435,514


		Biotechnology—1.2%
	18,350	Celgene Corp.*		1,138,984
	2,760	Genzyme Corp.*		199,079
	28,380	Gilead Sciences, Inc.*		1,125,835

				2,463,898


		Broadcasting—0.5%
	24,120	Discovery Communications, Inc. (Class A Stock)*(a)		1,075,993


		Business Services—0.5%
	4,660	MasterCard, Inc. (Class A Stock)		1,118,680


		Chemicals—5.9%
	4,830	Air Products & Chemicals, Inc.		410,405
	157,228	Dow Chemical Co. (The)(a)		4,847,339
	35,674	PPG Industries, Inc.		2,736,196
	47,435	Praxair, Inc.		4,332,713

				12,326,653

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			41

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Clothing & Apparel—0.1%
	6,850	Avon Products, Inc.	$	208,583


		Commercial Banks—4.2%
	10,591	ICICI Bank Ltd., ADR (India)(a)		556,875
	92,600	Itau Unibanco Holding SA, (PRFC), ADR (Brazil)		2,274,256
	45,803	PNC Financial Services Group, Inc.		2,468,782
	148,681	U.S. Bancorp		3,595,106

				8,895,019


		Commercial Services—0.3%
	22,810	Moody’s Corp.(a)		617,239


		Communication Equipment—0.2%
	11,140	Juniper Networks, Inc.*		360,825


		Computer Hardware—7.4%
	42,500	Apple, Inc.*		12,786,975
	19,130	Hewlett-Packard Co.		804,608
	13,040	International Business Machines Corp.		1,872,544

				15,464,127


		Computer Services & Software—5.0%
	28,240	Accenture PLC (Class A Stock) (Ireland)		1,262,610
	35,474	Amazon.com, Inc.*		5,858,176
	11,290	Cognizant Technology Solutions Corp. (Class A Stock)*		735,995
	32,990	Microsoft Corp.		878,854
	15,651	salesforce.com, Inc.*(a)		1,816,612

				10,552,247


		Computers & Peripherals—0.8%
	83,610	EMC Corp.*		1,756,646


		Consumer Finance—0.6%
	31,010	American Express Co.		1,285,675


		Consumer Products & Services—0.2%
	5,607	Whirlpool Corp.(a)		425,179


		Cosmetics & Toiletries—0.6%
	16,136	Lauder, (Estee) Cos., Inc. (The) (Class A Stock)		1,148,399


		Diversified—0.5%
	11,960	3M Co.		1,007,271


		Diversified Financial Services—1.2%
	1,600	CME Group, Inc.		463,440
	10,520	Franklin Resources, Inc.		1,206,644

See Notes to Financial Statements.


42			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Diversified Financial Services (continued)
	7,070	IntercontinentalExchange, Inc.*	$	812,131

				2,482,215


		Electric—0.2%
	30,620	AES Corp. (The)*		365,603


		Electronic Components—0.6%
	4,930	Emerson Electric Co.		270,657
	20,050	Thermo Fisher Scientific, Inc.*		1,030,971

				1,301,628


		Electronic Components & Equipment—0.2%
	4,730	Energizer Holdings, Inc.*		353,709


		Electronics—0.3%
	20,600	Agilent Technologies, Inc.*		716,880


		Engineering/Construction—0.2%
	6,200	Fluor Corp.(a)		298,778


		Entertainment & Leisure—0.8%
	16,490	Hasbro, Inc.		762,662
	19,700	Las Vegas Sands Corp.*(a)		903,836

				1,666,498


		Environmental Services—0.2%
	5,760	Stericycle, Inc.*		413,222


		Financial—Bank & Trust—1.3%
	21,710	Charles Schwab Corp. (The)(a)		334,334
	88,041	Wells Fargo & Co.		2,296,109

				2,630,443


		Financial Services—2.3%
	25,150	Goldman Sachs Group, Inc. (The)		4,047,893
	8,080	JPMorgan Chase & Co.		304,050
	7,060	Visa, Inc. (Class A Stock)		551,880

				4,903,823


		Food—0.2%
	9,830	Whole Foods Market, Inc.*		390,743


		Food Products—0.2%
	14,320	Kraft Foods, Inc. (Class A Stock)		462,106


		Healthcare-Products—1.2%
	18,160	Baxter International, Inc.		924,344
	12,500	Covidien PLC (Ireland)		498,375
	4,350	Henry Schein, Inc.*(a)		244,253
	15,430	Hospira, Inc.*		917,776

				2,584,748

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			43

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Hotels, Restaurants & Leisure—3.9%
	11,000	Marriott International, Inc. (Class A Stock)	$	407,550
	76,203	McDonald’s Corp.		5,926,307
	18,027	Wynn Resorts Ltd.		1,931,954

				8,265,811


		Internet—2.5%
	48,090	Baidu, Inc., ADR (Cayman Islands)*		5,290,381


		Internet Software & Services—6.1%
	4,500	Google, Inc. (Class A Stock)*		2,758,455
	221,159	Oracle Corp.		6,502,075
	6,752	priceline.com, Inc.*		2,544,221
	30,540	VeriSign, Inc.*		1,061,265

				12,866,016


		Leisure—0.8%
	19,030	Carnival Corp., Inc. (Panama)		821,525
	20,410	Royal Caribbean Cruises Ltd. (Liberia)*(a)		807,011

				1,628,536


		Machinery & Equipment—0.7%
	15,860	Cummins, Inc.		1,397,266


		Machinery—Construction & Mining—0.3%
	8,310	Bucyrus International, Inc.		566,410


		Media—1.8%
	69,397	DIRECTV (Class A Stock)*(a)		3,015,994
	22,330	Walt Disney Co. (The)(a)		806,336

				3,822,330


		Medical Supplies & Equipment—0.2%
	8,290	St. Jude Medical, Inc.*		317,507


		Metals & Mining—2.9%
	53,124	BHP Billiton PLC, ADR (United Kingdom)(a)		3,761,179
	17,344	Precision Castparts Corp.(a)		2,368,844

				6,130,023


		Mining—0.4%
	9,400	Freeport-McMoRan Copper & Gold, Inc.		889,992


		Miscellaneous Manufacturers—3.2%
	118,983	Danaher Corp.		5,159,103
	12,891	Eaton Corp.		1,145,107
	8,760	Honeywell International, Inc.		412,684

				6,716,894

See Notes to Financial Statements.


44			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Oil & Gas Services—0.5%
	5,800	Cameron International Corp.*	$	253,750
	10,030	Occidental Petroleum Corp.		788,659

				1,042,409


		Oil, Gas & Consumable Fuels—4.9%
	54,711	Anadarko Petroleum Corp.		3,368,556
	4,810	Apache Corp.		485,906
	33,489	EOG Resources, Inc.		3,205,567
	13,290	Halliburton Co.		423,420
	2,600	Noble Energy, Inc.(a)		211,848
	34,790	Schlumberger Ltd. (Netherlands)		2,431,473
	6,100	Southwestern Energy Co.*		206,424

				10,333,194


		Pharmaceuticals—2.8%
	21,390	Abbott Laboratories		1,097,735
	2,930	Alexion Pharmaceuticals, Inc.*		200,119
	10,710	Allergan, Inc.		775,511
	2,100	Express Scripts, Inc.*		101,892
	24,101	Mead Johnson Nutrition Co.		1,417,621
	56,309	Merck & Co, Inc.		2,042,890
	5,690	Teva Pharmaceutical Industries Ltd., ADR (Israel)		295,311

				5,931,079


		Retail—0.9%
	9,590	Best Buy Co., Inc.		412,178
	9,140	Costco Wholesale Corp.		573,718
	6,900	Petsmart, Inc.		258,267
	11,380	Phillips-Van Heusen Corp.		698,049

				1,942,212


		Retail & Merchandising—5.2%
	11,370	Abercrombie & Fitch Co. (Class A Stock)		487,318
	1,410	Colgate-Palmolive Co.		108,739
	20,180	Kohl’s Corp.*		1,033,216
	36,167	Nordstrom, Inc.		1,392,791
	11,660	Target Corp.		605,621
	34,817	Tiffany & Co.(a)		1,845,301
	43,682	TJX Cos., Inc. (The)		2,004,567
	23,710	Walgreen Co.		803,295
	54,659	Yum! Brands, Inc.		2,708,900

				10,989,748


		Semiconductors—1.2%
	63,004	Broadcom Corp. (Class A Stock)(a)		2,566,783


		Software—2.6%
	32,700	Autodesk, Inc.*		1,183,086
	5,240	Cerner Corp.*(a)		460,229

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			45

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Software (continued)
	30,360	Intuit, Inc.*	$	1,457,280
	26,940	MSCI, Inc. (Class A Stock)*		965,799
	31,720	Nuance Communications, Inc.*		498,321
	8,090	Red Hat, Inc.*		341,883
	15,690	VeriFone Systems, Inc.*		530,793

				5,437,391


		Specialty Retail—0.7%
	33,730	Limited Brands, Inc.		991,325
	19,520	Staples, Inc.		399,574

				1,390,899


		Telecommunications—5.2%
	54,935	American Tower Corp. (Class A Stock)*		2,835,195
	238,814	Cisco Systems, Inc.*		5,452,124
	16,515	Crown Castle International Corp.*		712,127
	18,900	NII Holdings, Inc.*		790,209
	25,360	QUALCOMM, Inc.		1,144,497

				10,934,152


		Textiles, Apparel & Luxury Goods—2.3%
	59,452	NIKE, Inc. (Class B Stock)(a)		4,841,771


		Tobacco—0.7%
	26,390	Philip Morris International, Inc.		1,543,815


		Transportation—3.6%
	16,925	FedEx Corp.		1,484,661
	62,870	Union Pacific Corp.		5,512,441
	8,340	United Parcel Service, Inc. (Class B Stock)		561,616

				7,558,718

		TOTAL COMMON STOCKS (cost $156,331,597)		206,181,399


		PREFERRED STOCK—0.5%

		Financial—Bank & Trust
	35,375	Wells Fargo & Co., Series J, 8.00%(a) (cost $806,499)		955,479

		TOTAL LONG-TERM INVESTMENTS (cost $157,138,096)		207,136,878

See Notes to Financial Statements.


46			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—14.5%

		AFFILIATED MONEY MARKET MUTUAL FUND
	30,596,005	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $30,596,005; includes $27,330,799 of cash collateral for securities on loan)(b)(w)	$	30,596,005

		TOTAL INVESTMENTS—113.1% (cost $187,734,101; Note 5)		237,732,883
		Liabilities in excess of other assets—(13.1)%		(27,507,053	)

		NET ASSETS—100%	$	210,225,830

The following abbreviations are used in the Portfolio descriptions:

ADR—American Depositary Receipt

PRFC—Preference

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $26,671,051; cash collateral of $27,330,799 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments.

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

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

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc., and amortized cost), generally for foreign stocks priced through vendor modeling tools and debt securities

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	206,181,399	$	—	$	—
Preferred Stock		955,479		—		—
Affiliated Money Market Mutual Fund		30,596,005		—		—

Total	$	237,732,883	$	—	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Affiliated Money Market Mutual Fund (13.0% represents investments purchased from securities on loan)	14.5	%
Computer Hardware	7.4
Internet Software & Services	6.1
Chemicals	5.9
Retail & Merchandising	5.2
Telecommunications	5.2

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			47

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


Industry (cont’d.)
Computer Services & Software	5.0	%
Oil, Gas & Consumable Fuels	4.9
Commercial Banks	4.2
Hotels, Restaurants & Leisure	3.9
Transportation	3.6
Miscellaneous Manufacturers	3.2
Aerospace & Defense	3.0
Metals & Mining	2.9
Pharmaceuticals	2.8
Software	2.6
Internet	2.5
Financial Services	2.3
Textiles, Apparel & Luxury Goods	2.3
Agriculture/Heavy Equipment	2.3
Media	1.8
Financial—Bank & Trust	1.8
Beverages	1.6
Healthcare-Products	1.2
Semiconductors	1.2
Diversified Financial Services	1.2
Biotechnology	1.2
Retail	0.9
Computers & Peripherals	0.8
Entertainment & Leisure	0.8
Leisure	0.8
Tobacco	0.7
Auto Parts And Equipment	0.7
Machinery & Equipment	0.7
Specialty Retail	0.7
Electronic Components	0.6
Consumer Finance	0.6
Cosmetics & Toiletries	0.6
Business Services	0.5
Broadcasting	0.5
Oil & Gas Services	0.5
Diversified	0.5
Mining	0.4
Electronics	0.3
Commercial Services	0.3
Machinery—Construction & Mining	0.3
Food Products	0.2
Consumer Products & Services	0.2
Environmental Services	0.2
Food	0.2
Electric	0.2
Communication Equipment	0.2
Electronic Components & Equipment	0.2

See Notes to Financial Statements.


48			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
Medical Supplies & Equipment	0.2	%
Engineering/Construction	0.2
Agriculture	0.1
Clothing & Apparel	0.1
Automobile Manufacturers	0.1

	113.1
Liabilities in excess of other assets	(13.1	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			49


*Large Capitalization Value Portfolio*		Portfolio of Investments As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—98.5%

		COMMON STOCKS

		Aerospace & Defense—4.0%
	9,181	Boeing Co. (The)	$	648,546
	18,300	Embraer-Empresa Brasileira de Aeronautica SA, ADR (Brazil)		527,955
	20,035	General Dynamics Corp.		1,364,784
	24,300	Lockheed Martin Corp.		1,732,347
	39,900	Northrop Grumman Corp.		2,522,079
	18,551	United Technologies Corp.		1,387,058

				8,182,769


		Air Freight & Logistics—0.2%
	5,000	FedEx Corp.		438,600


		Auto Components—0.3%
	20,200	Johnson Controls, Inc.		709,424


		Automobile—0.4%
	23,700	Harley-Davidson, Inc.		727,116


		Banks—0.3%
	12,390	Northern Trust Corp.		614,916


		Beverages—0.8%
	10,700	Molson Coors Brewing Co. (Class B Stock)		505,361
	17,036	PepsiCo, Inc.		1,112,451

				1,617,812


		Biotechnology—0.7%
	26,291	Amgen, Inc.*		1,503,582


		Business Services—0.5%
	4,285	MasterCard, Inc. (Class A Stock)		1,028,657


		Capital Markets—1.8%
	16,691	Goldman Sachs Group, Inc. (The)		2,686,416
	21,300	Morgan Stanley		529,731
	12,500	State Street Corp.		522,000

				3,738,147


		Chemicals—1.6%
	8,037	Air Products & Chemicals, Inc.		682,904
	31,200	Celanese Corp. (Class A Stock)		1,112,280
	18,400	PPG Industries, Inc.		1,411,280

				3,206,464

See Notes to Financial Statements.


50			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Commercial Banks—6.4%
	82,777	Fifth Third Bancorp	$	1,039,679
	125,404	KeyCorp		1,027,059
	68,233	PNC Financial Services Group, Inc.		3,677,759
	60,400	Regions Financial Corp.		380,520
	64,884	U.S. Bancorp		1,568,895
	213,618	Wells Fargo & Co.		5,571,157

				13,265,069


		Commercial Services—0.4%
	21,857	Waste Management, Inc.		780,732


		Computer Services & Software—0.3%
	13,690	Accenture PLC (Class A Stock) (Ireland)		612,080


		Computers & Peripherals—1.6%
	79,328	Hewlett-Packard Co.		3,336,536


		Consumer Finance—0.4%
	23,800	Capital One Financial Corp.		887,026


		Diversified Financial Services—5.7%
	25,139	American Express Co.		1,042,263
	302,016	Bank of America Corp.		3,455,063
	384,638	Citigroup, Inc.*		1,603,941
	150,656	JPMorgan Chase & Co.		5,669,185

				11,770,452


		Diversified Telecommunication Services—2.9%
	91,815	AT&T, Inc.		2,616,728
	25,000	CenturyLink, Inc.(a)		1,034,500
	69,920	Verizon Communications, Inc.		2,270,302

				5,921,530


		Electric Utilities—5.0%
	70,530	American Electric Power Co., Inc.		2,640,643
	69,400	Edison International		2,560,860
	48,800	Exelon Corp.		1,992,016
	14,100	NextEra Energy, Inc.		776,064
	24,988	PG&E Corp.		1,194,926
	35,785	Public Service Enterprise Group, Inc.		1,157,645

				10,322,154


		Electrical Equipment—0.3%
	11,200	Emerson Electric Co.		614,880


		Electronic Components & Equipment—0.3%
	12,086	Thermo Fisher Scientific, Inc.*		621,462


		Electronic Equipment & Instruments—0.5%
	33,925	Tyco Electronics Ltd. (Switzerland)		1,074,744

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			51

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES			DESCRIPTION	VALUE (NOTE 1)
			COMMON STOCKS (continued)

			Energy Equipment & Services—1.1%
	16,200		Diamond Offshore Drilling, Inc.	$	1,071,792
	23,194		Sempra Energy		1,240,415

					2,312,207


			Food & Staples Retailing—3.7%
	86,424		CVS Caremark Corp.		2,603,091
	80,200		Safeway, Inc.		1,836,580
	58,534		Wal-Mart Stores, Inc.		3,170,787

					7,610,458


			Food Products—2.4%
	42,000		ConAgra Foods, Inc.		944,580
	18,359		Kellogg Co.(a)		922,723
	27,555		Kraft Foods, Inc. (Class A Stock)		889,200
	40,293		Nestle SA, ADR (Switzerland)(a)		2,210,071

					4,966,574


			Healthcare Equipment & Supplies—0.2%
	12,000		Medtronic, Inc.		422,520


			Healthcare Products—0.5%
	24,719		Covidien PLC (Ireland)		985,547


			Healthcare Providers & Services—1.2%
	31,000		Cardinal Health, Inc.		1,075,390
	18,900		CIGNA Corp.		665,091
	21,331		UnitedHealth Group, Inc.		768,983

					2,509,464


			Hotels, Restaurants & Leisure—1.7%
	20,515		Carnival Corp. (Panama)		885,632
	34,441	��	McDonald’s Corp.		2,678,477

					3,564,109


			Household Durables—0.1%
	4,800		Fortune Brands, Inc.(a)		259,440


			Household Products—1.1%
	35,186		Kimberly-Clark Corp.		2,228,681


			Industrial Conglomerates—1.9%
	7,000		3M Co.		589,540
	115,616		General Electric Co.		1,852,168
	38,098		Tyco International Ltd. (Switzerland)		1,458,392

					3,900,100

See Notes to Financial Statements.


52			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Insurance—7.0%
	35,544	AFLAC, Inc.	$	1,986,554
	75,400	Allstate Corp. (The)		2,298,946
	67,500	Genworth Financial, Inc. (Class A Stock)*		765,450
	62,572	Lincoln National Corp.		1,531,763
	14,900	Loews Corp.		588,252
	21,400	Marsh & McLennan Cos., Inc.		534,572
	87,033	MetLife, Inc.		3,510,041
	35,702	Travelers Cos., Inc. (The)		1,970,750
	11,000	Unum Group		246,620
	47,200	XL Group PLC (Ireland)		998,280

				14,431,228


		IT Services—1.8%
	26,495	International Business Machines Corp.		3,804,682


		Machinery—1.4%
	9,103	Caterpillar, Inc.		715,496
	4,300	Cummins, Inc.		378,830
	35,587	PACCAR, Inc.(a)		1,824,189

				2,918,515


		Media—2.4%
	32,600	CBS Corp. (Class B Stock)		551,918
	68,000	Comcast Corp. (Special Class A Stock)		1,314,440
	12,925	Time Warner Cable, Inc.		747,970
	47,000	Time Warner, Inc.		1,527,970
	22,319	Walt Disney Co. (The)		805,939

				4,948,237


		Metals & Mining—2.9%
	16,560	BHP Billiton Ltd., ADR (Australia)(a)		1,367,690
	21,603	Freeport-McMoRan Copper & Gold, Inc.		2,045,372
	34,766	Peabody Energy Corp.		1,839,122
	16,701	United States Steel Corp.(a)		714,636

				5,966,820


		Multi-Utilities—0.3%
	15,500	Dominion Resources, Inc.		673,630


		Multiline Retail—0.7%
	44,100	J.C. Penney Co., Inc.(a)		1,375,038


		Office Electronics—0.6%
	115,000	Xerox Corp.		1,345,500


		Oil, Gas & Consumable Fuels—11.1%
	32,745	Apache Corp.		3,307,900
	44,400	Chesapeake Energy Corp.		963,480
	25,000	Chevron Corp.		2,065,250

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			53

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES			DESCRIPTION	VALUE (NOTE 1)
			COMMON STOCKS (continued)

			Oil, Gas & Consumable Fuels (continued)
	100,837		ConocoPhillips	$	5,989,718
	29,992		Exxon Mobil Corp.		1,993,568
	30,539		Hess Corp.		1,924,873
	45,600		Marathon Oil Corp.		1,621,992
	28,643		Occidental Petroleum Corp.		2,252,199
	34,800		Royal Dutch Shell PLC (Class B Stock), ADR (United Kingdom)		2,238,336
	28,600		Valero Energy Corp.		513,370

					22,870,686


			Pharmaceuticals—9.0%
	50,130		Abbott Laboratories		2,572,672
	68,500		Eli Lilly & Co.		2,411,200
	73,856		Johnson & Johnson		4,702,411
	101,326		Merck & Co., Inc.		3,676,107
	300,970		Pfizer, Inc.		5,236,878

					18,599,268


			Railroads—0.9%
	20,118		Union Pacific Corp.		1,763,946


			Real Estate Investment Trusts—2.2%
	80,000		Annaly Capital Management, Inc.(a)		1,416,800
	9,363		AvalonBay Communities, Inc.		995,381
	7,813		Boston Properties, Inc.		673,402
	5,000		Simon Property Group, Inc.		480,100
	10,939		Vornado Realty Trust(a)		955,959

					4,521,642


			Retail & Merchandising—1.5%
	21,743	��	Best Buy Co., Inc.		934,514
	19,608		Target Corp.		1,018,440
	26,992		TJX Cos., Inc. (The)		1,238,663

					3,191,617


			Semiconductors & Semiconductor Equipment—0.5%
	54,054		Intel Corp.		1,084,864


			Software—3.1%
	99,858		CA, Inc.		2,317,704
	125,657		Microsoft Corp.		3,347,502
	21,682		Oracle Corp.		637,451

					6,302,657


			Specialty Retail—1.7%
	86,400		Gap, Inc. (The)		1,642,464
	27,611		Home Depot, Inc. (The)		852,628

See Notes to Financial Statements.


54			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Specialty Retail (continued)
	9,600	Limited Brands, Inc.	$	282,144
	31,921	Staples, Inc.		653,423

				3,430,659


		Telecommunications—1.1%
	21,274	Cisco Systems, Inc.*		485,686
	48,159	Ericsson, L.M. Telefonaktiebolaget, ADR (Sweden)(a)		529,267
	33,312	Rogers Communications, Inc. (Class B Stock) (Canada)		1,214,222

				2,229,175


		Textiles, Apparel & Luxury Goods—0.1%
	11,800	Jones Group, Inc. (The)		170,628


		Tobacco—1.1%
	45,000	Altria Group, Inc.		1,143,900
	18,300	Philip Morris International, Inc.		1,070,550

				2,214,450


		Wireless Telecommunication Services—0.8%
	58,100	Vodafone Group PLC, ADR (United Kingdom)(a)		1,598,331

		TOTAL LONG-TERM INVESTMENTS (cost $170,619,100)		203,174,825


		SHORT-TERM INVESTMENT—6.6%

		AFFILIATED MONEY MARKET MUTUAL FUND
	13,675,075	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund; Note 3 (cost $13,675,075; includes $10,485,082 of cash collateral for securities on loan)(b)(w)		13,675,075

		TOTAL INVESTMENTS—105.1% (cost $184,294,175; Note 5)		216,849,900
		Liabilities in excess of other assets—(5.1%)		(10,445,514	)

		NET ASSETS—100%	$	206,404,386

The following abbreviation is used in the Portfolio descriptions:

ADR—American Depositary Receipt

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $10,254,101; cash collateral of $10,485,082 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments.

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

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

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			55

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	203,174,825	$	—	$	—
Affiliated Money Market Mutual Fund		13,675,075		—		—

Total	$	216,849,900	$	—	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Oil, Gas & Consumable Fuels	11.1	%
Pharmaceuticals	9.0
Insurance	7.0
Affiliated Money Market Mutual Fund (5.1% represents investments purchased from securities on loan)	6.6
Commercial Banks	6.4
Diversified Financial Services	5.7
Electric Utilities	5.0
Aerospace & Defense	4.0
Food & Staples Retailing	3.7
Software	3.1
Metals & Mining	2.9
Diversified Telecommunication Services	2.9
Food Products	2.4
Media	2.4
Real Estate Investment Trusts	2.2
Industrial Conglomerates	1.9
IT Services	1.8
Capital Markets	1.8
Hotels, Restaurants & Leisure	1.7
Specialty Retail	1.7
Computers & Peripherals	1.6
Chemicals	1.6
Retail & Merchandising	1.5
Machinery	1.4
Healthcare Providers & Services	1.2
Energy Equipment & Services	1.1
Telecommunications	1.1
Household Products	1.1
Tobacco	1.1

See Notes to Financial Statements.


56			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
Railroads	0.9	%
Beverages	0.8
Wireless Telecommunication Services	0.8
Biotechnology	0.7
Multiline Retail	0.7
Office Electronics	0.6
Semiconductors & Semiconductor Equipment	0.5
Electronic Equipment & Instruments	0.5
Business Services	0.5
Healthcare Products	0.5
Consumer Finance	0.4
Commercial Services	0.4
Automobile	0.4
Auto Components	0.3
Multi-Utilities	0.3
Electronic Components & Equipment	0.3
Banks	0.3
Electrical Equipment	0.3
Computer Services & Software	0.3
Air Freight & Logistics	0.2
Healthcare Equipment & Supplies	0.2
Household Durables	0.1
Textiles, Apparel & Luxury Goods	0.1

	105.1
Liabilities in excess of other assets	(5.1	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			57


*Small Capitalization Growth Portfolio*		Portfolio of Investments As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—98.6%

		COMMON STOCKS

		Aerospace/Defense—0.6%
	7,147	Triumph Group, Inc.	$	597,418


		Airlines—0.9%
	6,408	Copa Holdings, SA (Panama)		325,078
	75,879	JetBlue Airways Corp.*		529,635

				854,713


		Apparel—0.8%
	17,245	G-III Apparel Group Ltd.*		455,268
	11,760	Oxford Industries, Inc.		270,833

				726,101


		Automotive Parts—3.8%
	69,059	American Axle & Manufacturing Holdings, Inc.*(a)		636,724
	44,717	ArvinMeritor, Inc.*(a)		741,408
	27,490	Modine Manufacturing Co.*		371,665
	14,685	Monro Muffler Brake, Inc.(a)		701,062
	23,106	WABCO Holdings, Inc.*		1,072,580

				3,523,439


		Biotechnology—1.6%
	17,625	Emergent Biosolutions, Inc.*		318,484
	21,499	Martek Biosciences Corp.*(a)		471,903
	12,814	Regeneron Pharmaceuticals, Inc.*		334,189
	19,872	Seattle Genetics, Inc.*(a)		325,702

				1,450,278


		Building Materials—0.5%
	14,839	Texas Industries, Inc.		507,049


		Chemicals—3.8%
	6,840	Balchem Corp.		209,030
	93,231	Huntsman Corp.		1,291,249
	22,600	Intrepid Potash, Inc.*(a)		775,858
	6,195	NewMarket Corp.		734,232
	25,980	Olin Corp.		519,340

				3,529,709


		Commercial Banks—0.3%
	6,850	UMB Financial Corp.		253,861


		Commercial Services—7.2%
	14,786	FTI Consulting, Inc.*(a)		524,312
	42,915	Geo Group, Inc. (The)*		1,100,770
	9,114	HMS Holdings Corp.*		547,842

See Notes to Financial Statements.


58			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Commercial Services (continued)
	33,980	Korn Ferry International*	$	599,067
	18,419	Monster Worldwide, Inc.*(a)		332,647
	21,808	PAREXEL International Corp.*		468,872
	19,341	Sotheby’s(a)		847,909
	23,663	SuccessFactors, Inc.*(a)		641,741
	36,305	United Rentals, Inc.*(a)		682,171
	23,570	Waste Connections, Inc.		960,242

				6,705,573


		Computer Hardware—0.8%
	37,070	Radiant Systems, Inc.*		723,236


		Computer Networking—0.7%
	20,460	Netgear, Inc.*		630,373


		Computer Services & Software—3.4%
	21,173	ANSYS, Inc.*		958,078
	18,170	iGate Corp.		371,395
	20,283	Riverbed Technology, Inc.*(a)		1,167,084
	87,105	SMART Modular Technologies (WWH), Inc. (Cayman Islands)*		643,706

				3,140,263


		Consumer Finance—0.9%
	22,880	EZCORP, Inc. (Class A Stock)*		491,463
	12,619	First Cash Financial Services, Inc.*		366,834

				858,297


		Diversified Financial Services—1.2%
	23,196	Duff & Phelps Corp. (Class A Stock)		323,352
	20,112	optionsXpress Holdings, Inc.*		321,189
	6,630	Portfolio Recovery Associates, Inc.*		444,541

				1,089,082


		Diversified Machinery—0.9%
	15,915	Applied Industrial Technologies, Inc.		483,975
	13,090	Cognex Corp.		349,503

				833,478


		Electronic Components—6.6%
	34,608	Coherent, Inc.*(a)		1,452,152	��
	18,705	EnerSys*		493,064
	25,766	Gentex Corp.		514,805
	27,485	Imax Corp. (Canada)*(a)		595,050
	36,500	Mindspeed Technologies, Inc.*(a)		269,370
	15,700	OSI Systems, Inc.*		565,200
	15,364	OYO Geospace Corp.*		931,212
	17,000	Plexus Corp.*		515,950
	35,743	Universal Electronics, Inc.*		752,747

				6,089,550

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			59

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Electronic Components & Equipment—1.9%
	5,345	American Science & Engineering, Inc.	$	440,161
	26,555	Fushi Copperweld, Inc.*		246,961
	64,004	GrafTech International Ltd.*		1,054,146

				1,741,268


		Energy—Alternate Sources—0.6%
	46,615	LDK Solar Co. Ltd., ADR (China)*(a)		530,013


		Energy—Energy Resources—0.5%
	18,090	Trina Solar Ltd., ADR (Cayman Islands)*		484,088


		Engineering/Construction—0.5%
	21,725	Insituform Technologies, Inc. (Class A Stock)*		469,260


		Entertainment & Leisure—2.5%
	25,561	Bally Technologies, Inc.*		922,241
	42,695	Pinnacle Entertainment, Inc.*		546,496
	90,041	Shuffle Master, Inc.*		847,286

				2,316,023


		Environmental Services—0.5%
	30,593	Calgon Carbon Corp.*(a)		459,201


		Food—1.2%
	68,069	Dean Foods Co.*		707,918
	20,080	Lance, Inc.		456,619

				1,164,537


		Hand/Machine Tools—0.9%
	14,252	Regal-Beloit Corp.		822,483


		Healthcare Services—4.2%
	35,335	Align Technology, Inc.*		601,755
	6,882	Almost Family, Inc.*		237,635
	23,033	Centene Corp.*		514,097
	8,085	Emergency Medical Services Corp. (Class A Stock)*		439,662
	16,684	Genoptix, Inc.*		283,962
	15,675	Gentiva Health Services, Inc.*		364,914
	23,160	Hanger Orthopedic Group, Inc.*		433,555
	22,959	ICON PLC, ADR (Ireland)*		444,257
	19,415	IPC The Hospitalist Co.*		621,862

				3,941,699


		Home Furnishings—1.1%
	25,013	DTS, Inc.*(a)		995,517

See Notes to Financial Statements.


60			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Hotels & Motels—0.3%
	6,931	Choice Hotels International, Inc.	$	263,586
	1,853	Orient-Express Hotels Ltd. (Class A Stock) (Bermuda)*		23,459

				287,045


		Insurance—0.8%
	9,110	CNinsure, Inc. (Cayman Islands)(a)		234,127
	15,340	Employers Holdings, Inc.		248,355
	35,054	MGIC Investment Corp.*		309,176

				791,658


		Internet Services—3.3%
	96,685	Art Technology Group, Inc.*		405,110
	9,290	AsiaInfo-Linkage, Inc.*(a)		206,424
	46,730	Sapient Corp.		614,967
	69,949	TIBCO Software, Inc.*		1,344,420
	33,260	ValueClick, Inc.*		457,657

				3,028,578


		Machinery & Equipment—0.7%
	20,685	Briggs & Stratton Corp.		364,056
	8,145	Tennant Co.		273,265

				637,321


		Manufacturing—1.3%
	7,370	AZZ, Inc.		273,722
	22,150	Polypore International, Inc.*		736,930
	13,005	Trimas Corp.*		205,869

				1,216,521


		Medical Supplies & Equipment—4.4%
	62,647	American Medical Systems Holdings, Inc.*(a)		1,265,469
	36,391	Bruker Corp.*		545,501
	21,215	Cutera, Inc.*		153,385
	7,847	Quality Systems, Inc.(a)		504,248
	15,587	Sirona Dental Systems, Inc.*		586,851
	27,805	Thoratec Corp.*		907,555
	11,256	Vital Images, Inc.*		149,705

				4,112,714


		Metals & Mining—1.8%
	15,090	Brush Engineered Materials, Inc.*		500,234
	8,325	Ladish Co., Inc.*		266,317
	21,228	Northwest Pipe Co.*		399,511
	25,293	Titanium Metals Corp.*		497,260

				1,663,322

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			61

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Oil & Gas Services—1.7%
	14,189	Brigham Exploration Co.*	$	299,246
	5,995	CARBO Ceramics, Inc.		502,201
	34,813	Oasis Petroleum, Inc.*(a)		740,473

				1,541,920


		Oil, Gas & Consumable Fuels—1.7%
	31,710	Lufkin Industries, Inc.		1,549,033


		Pharmaceuticals—3.1%
	22,236	BioMarin Pharmaceutical, Inc.*(a)		581,694
	16,690	Catalyst Health Solutions, Inc.*		631,716
	9,048	Herbalife Ltd. (Cayman Islands)		577,805
	26,340	Impax Laboratories, Inc.*		496,246
	8,150	Neogen Corp.*		272,373
	7,818	Salix Pharmaceuticals Ltd.*(a)		295,755

				2,855,589


		Real Estate Investment Trusts—1.9%
	53,480	Ashford Hospitality Trust, Inc.*		542,822
	31,523	DuPont Fabros Technology, Inc.(a)		791,227
	31,261	Redwood Trust, Inc.		443,281

				1,777,330


		Restaurants—2.8%
	35,952	BJ’s Restaurants, Inc.*(a)		1,191,809
	16,500	Buffalo Wild Wings, Inc.*		775,995
	40,110	Texas Roadhouse, Inc.*(a)		616,089

				2,583,893


		Retail—6.5%
	27,385	Cash America International, Inc.		964,774
	66,054	Chico’s FAS, Inc.		642,045
	45,484	Genesco, Inc.*		1,490,056
	13,330	Group 1 Automotive, Inc.*(a)		470,016
	11,380	Jo-Ann Stores, Inc.*		492,185
	24,945	Lithia Motors, Inc. (Class A Stock)		271,900
	68,515	Pier 1 Imports, Inc.*(a)		594,710
	38,705	Vitamin Shoppe, Inc.*		1,076,386

				6,002,072


		Retail & Merchandising—3.1%
	30,945	99 Cents Only Stores*		477,172
	8,496	America’s Car-Mart, Inc.*		226,588
	28,050	Finish Line, Inc. (The)(Class A Stock)		429,165

See Notes to Financial Statements.


62			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Retail & Merchandising (continued)
	12,590	Hibbett Sports, Inc.*	$	339,300
	33,982	Steven Madden Ltd.*		1,437,439

				2,909,664


		Semiconductors—9.0%
	16,060	Amtech Systems, Inc.*		268,844
	33,785	Cirrus Logic, Inc.*(a)		434,137
	22,377	Diodes, Inc.*		491,847
	105,010	Entegris, Inc.*		627,960
	50,110	Integrated Silicon Solution, Inc.*		376,326
	74,115	Kulicke & Soffa Industries, Inc.*		460,995
	34,025	Nanometrics, Inc.*		458,317
	18,739	Netlogic Microsystems, Inc.*		563,294
	29,540	Rovi Corp.*(a)		1,496,201
	18,243	Rubicon Technology, Inc.*(a)		421,778
	20,820	Spreadtrum Communications, Inc., ADR (China)*(a)		296,685
	12,525	Standard Microsystems Corp.*		302,354
	39,303	Teradyne, Inc.*		441,766
	17,245	Varian Semiconductor Equipment Associates, Inc.*(a)		563,394
	26,617	Veeco Instruments, Inc.*(a)		1,113,921

				8,317,819


		Software—3.4%
	41,187	Allscripts Healthcare Solutions, Inc.*		786,260
	32,304	Informatica Corp.*(a)		1,314,450
	28,119	MedAssets, Inc.*(a)		521,326
	14,657	Progress Software Corp.*		547,732

				3,169,768


		Telecommunications—2.8%
	32,567	EMS Technologies, Inc.*		580,995
	28,550	Finisar Corp.*(a)		485,636
��	30,730	Harmonic, Inc.*		214,495
	11,934	NICE Systems Ltd., ADR (Israel)*		399,670
	37,170	Oclaro, Inc.*(a)		312,600
	17,375	Plantronics, Inc.(a)		623,415

				2,616,811


		Transportation—1.3%
	9,309	Atlas Air Worldwide Holdings, Inc.*		486,488
	19,678	Landstar System, Inc.		740,287

				1,226,775


		Trucking/Shipping—0.8%
	25,855	Greenbrier Cos., Inc.*		470,561
	57,585	Pacer International, Inc.*		320,748

				791,309

		TOTAL LONG-TERM INVESTMENTS (cost $72,294,927)		91,515,651

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			63

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—24.9%

		AFFILIATED MONEY MARKET MUTUAL FUND
	23,072,739	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $23,072,739; includes $21,881,696 of cash collateral for securities on loan)(b)(w)	$	23,072,739

		TOTAL INVESTMENTS—123.5% (cost $95,367,666; Note 5)		114,588,390
		Liabilities in excess of other assets—(23.5)%		(21,786,221	)

		NET ASSETS—100%	$	92,802,169

The following abbreviation is used in the Portfolio descriptions:

ADR	American Depositary Receipt

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $21,490,697; cash collateral of $21,881,696 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments.

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

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

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	91,515,651	$	—	$	—
Affiliated Money Market Mutual Fund		23,072,739		—		—

Total	$	114,588,390	$	—	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Affiliated Money Market Mutual Fund (23.6% represents investments purchased with collateral from securities on loan)	24.9	%
Semiconductors	9.0
Commercial Services	7.2
Electronic Components	6.6
Retail	6.5
Medical Supplies & Equipment	4.4

See Notes to Financial Statements.


64			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
Healthcare Services	4.2	%
Chemicals	3.8
Automotive Parts	3.8
Software	3.4
Computer Services & Software	3.4
Internet Services	3.3
Retail & Merchandising	3.1
Pharmaceuticals	3.1
Telecommunications	2.8
Restaurants	2.8
Entertainment & Leisure	2.5
Real Estate Investment Trusts	1.9
Electronic Components & Equipment	1.9
Metals & Mining	1.8
Oil, Gas & Consumable Fuels	1.7
Oil & Gas Services	1.7
Biotechnology	1.6
Transportation	1.3
Manufacturing	1.3
Food	1.2
Diversified Financial Services	1.2
Home Furnishings	1.1
Consumer Finance	0.9
Airlines	0.9
Diversified Machinery	0.9
Hand/Machine Tools	0.9
Insurance	0.8
Trucking/Shipping	0.8
Apparel	0.8
Computer Hardware	0.8
Machinery & Equipment	0.7
Computer Networking	0.7
Aerospace/Defense	0.6
Energy—Alternate Sources	0.6
Building Materials	0.5
Energy—Energy Resources	0.5
Engineering/Construction	0.5
Environmental Services	0.5
Hotels & Motels	0.3
Commercial Banks	0.3

	123.5
Liabilities in excess of other assets	(23.5	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			65


*Small Capitalization Value Portfolio*		Portfolio of Investments As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—95.3%

		COMMON STOCKS—95.3%

		Aerospace/Defense—3.1%
	123,800	AAR Corp.*	$	2,728,552
	43,155	BE Aerospace, Inc.*		1,586,378
	91,100	Curtiss-Wright Corp.		2,813,168
	3,700	Ducommun, Inc.		79,439
	48,600	Elbit Systems Ltd. (Israel)(a)		2,630,718
	4,200	Esterline Technologies Corp.*		253,848
	310,175	Hexcel Corp.*		5,511,810
	3,200	LMI Aerospace, Inc.*		52,256
	94,275	Moog, Inc. (Class A Stock)*		3,544,740
	105,472	Teledyne Technologies, Inc.*		4,384,471
	14,050	TransDigm Group, Inc.(a)		931,093
	22,928	Triumph Group, Inc.		1,916,552

				26,433,025


		Airlines—0.5%
	5,300	AirTran Holdings, Inc.*(a)		39,220
	4,500	Alaska Air Group, Inc.*		237,600
	22,200	JetBlue Airways Corp.*(a)		154,956
	25,700	Republic Airways Holdings, Inc.*(a)		238,753
	188,000	SkyWest, Inc.		2,850,080
	2,200	United Continental Holdings, Inc.*(a)		63,888
	36,100	US Airways Group, Inc.*(a)		425,619

				4,010,116


		Apparel
	4,000	Carter’s, Inc.*		99,600


		Auto Related—0.1%
	59,240	Cooper Tire & Rubber Co.		1,161,696


		Automobile Manufacturers
	2,600	Tesla Motors, Inc.*(a)		56,784


		Automotive Parts—0.3%
	2,700	Douglas Dynamics, Inc.		38,934
	85,825	Tenneco, Inc.*(a)		2,799,611

				2,838,545


		Banks—2.2%
	1,690	1st Source Corp.		29,862
	2,200	Bank of the Ozarks, Inc.		83,622
	1,200	Camden National Corp.		41,088
	69,899	Cardinal Financial Corp.		698,291

See Notes to Financial Statements.


66			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Banks (continued)
	9,000	Cathay General Bancorp	$	122,400
	1,200	Central Pacific Financial Corp.*(a)		1,824
	3,500	Chemical Financial Corp.		70,980
	7,100	City Holding Co.		225,070
	4,200	Columbia Banking System, Inc.		76,482
	3,900	Community Bank System, Inc.		91,143
	6,700	Community Trust Bancorp, Inc.		182,977
	5,100	Dime Community Bancshares		74,409
	5,900	East West Bancorp, Inc.		104,017
	3,400	Financial Institutions, Inc.		61,370
	78,891	First Financial Bancorp		1,328,524
	19,600	First Niagara Financial Group, Inc.		232,260
	137,309	FirstMerit Corp.		2,358,969
	38,719	Hancock Holding Co.		1,216,551
	27,599	IBERIABANK Corp.		1,436,528
	6,800	Independent Bank Corp.		159,732
	3,600	Lakeland Financial Corp.		68,364
	6,600	MainSource Financial Group, Inc.		54,582
	3,800	Peoples Bancorp, Inc.		50,084
	2,551	Republic Bancorp, Inc. (Class A Stock)		52,142
	2,500	SCBT Financial Corp.		76,325
	12,000	Sierra Bancorp		124,920
	22,159	Signature Bank*		935,996
	2,100	Simmons First National Corp. (Class A Stock)		57,099
	4,375	Southside Bancshares, Inc.		82,294
	4,900	Southwest Bancorp, Inc.		48,510
	2,800	State Bancorp, Inc. NY		25,704
	12,050	Sterling Bancshares, Inc.		64,950
	68,999	TCF Financial Corp.		908,027
	200	Trico Bancshares		3,118
	131,783	Trustmark Corp.		2,911,086
	116,600	United Bankshares, Inc.(a)		3,115,552
	2,700	Washington Trust Bancorp, Inc.		54,243
	4,800	WesBanco, Inc.		79,728
	7,200	West Bancorp, Inc.*		47,304
	126,767	Whitney Holding Corp.		1,049,631
	2,700	WSFS Financial Corp.		105,408

				18,511,166


		Beverages—0.2%
	65,300	Embotelladora Andina SA, ADR (Class B Stock) (Chile)(a)		1,911,984


		Biotechnology—0.1%
	10,700	Ariad Pharmaceuticals, Inc.*		39,376
	2,400	Celera Corp.*		13,680
	3,900	Emergent Biosolutions, Inc.*		70,473
	7,600	GenMark Diagnostics, Inc.*		37,240
	68,400	Lexicon Pharmaceuticals, Inc.*		121,068
	17,500	Martek Biosciences Corp.*		384,125

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			67

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Biotechnology (continued)
	4,100	Pacific Biosciences of California, Inc.*	$	68,880
	7,600	Tengion, Inc.*		22,040
	1,700	Transcept Pharmaceuticals, Inc.*		10,523

				767,405


		Building Materials
	3,620	NCI Building Systems, Inc.*		35,874
	1,100	Trex Co., Inc.*(a)		19,745

				55,619


		Building Products—0.3%
	47,900	A.O. Smith Corp.		2,683,837
	4,500	Quanex Building Products Corp.		81,090

				2,764,927


		Business Services—0.4%
	2,600	ABM Industries, Inc.		58,630
	27,200	Cabela’s, Inc.*		504,288
	14,300	DHT Maritime, Inc. (Marshall Islands)		61,490
	69,400	URS Corp.*		2,701,742

				3,326,150


		Capital Markets—2.3%
	259,050	Apollo Investment Corp.		2,846,959
	199,200	Ares Capital Corp.		3,334,608
	170,355	Federated Investors, Inc. (Class B Stock)(a)		4,243,543
	187,925	MF Global Holdings Ltd.*		1,471,453
	223,275	Raymond James Financial, Inc.		6,300,820
	44,550	Waddell & Reed Financial, Inc. (Class A Stock)		1,295,069

				19,492,452


		Chemicals—4.7%
	3,800	A.Schulman, Inc.		82,460
	8,900	Aceto Corp.		65,593
	12,400	Cabot Corp.		421,848
	14,868	Cytec Industries, Inc.		736,263
	10,100	H.B. Fuller Co.		208,464
	75,805	Huntsman Corp.		1,049,899
	111,996	Innophos Holdings, Inc.(a)		4,112,493
	52,000	International Flavors & Fragrances, Inc.		2,608,320
	39,500	ION Geophysical Corp.*(a)		193,155
	57,250	Kraton Performance Polymers, Inc.*		1,858,335
	28,500	Lubrizol Corp. (The)		2,920,965
	112,500	Methanex Corp. (Canada)		3,124,125

See Notes to Financial Statements.


68			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Chemicals (continued)
	1,800	Minerals Technologies, Inc.	$	105,606
	2,800	Olin Corp.		55,972
	46,233	OM Group, Inc.*		1,538,172
	20,100	PolyOne Corp.*		259,692
	4,700	Rockwood Holdings, Inc.*		159,424
	137,900	RPM International, Inc.		2,855,909
	150,325	Scotts Miracle-Gro Co. (The) (Class A Stock)		8,027,355
	174,525	Sensient Technologies Corp.		5,638,903
	11,900	Solutia, Inc.*		215,509
	11,000	Spartech Corp.*		93,060
	128,600	Valspar Corp. (The)		4,128,060

				40,459,582


		Clothing & Apparel—0.2%
	45,823	G&K Services, Inc. (Class A Stock)		1,132,745
	12,500	Iconix Brand Group, Inc.*		218,750
	7,000	Maidenform Brands, Inc.*		187,320

				1,538,815


		Commercial Banks—1.8%
	2,900	1st United Bancorp, Inc.*		17,458
	1,000	American National Bankshares, Inc.		22,780
	44,677	BancorpSouth, Inc.(a)		589,290
	93,425	Bank of Hawaii Corp.		4,035,026
	1,500	Citizens & Northern Corp.		21,945
	43,400	Cullen / Frost Bankers, Inc.		2,275,896
	3,000	Enterprise Financial Services Corp.		29,610
	11,800	First Busey Corp.		54,752
	2,400	First Financial Corp.		70,152
	66,538	First Horizon National Corp.*		671,368
	4,300	First Interstate Bancsystem, Inc.		55,728
	1,200	German American Bancorp, Inc.		20,280
	1,600	Hudson Valley Holding Corp.		31,280
	1,300	Merchants Bancshares, Inc.		33,553
	900	MidWestOne Financial Group, Inc.		13,239
	163,614	National Penn Bancshares, Inc.		1,061,855
	1,700	Orrstown Financial Services, Inc.		43,775
	133,822	Prosperity Bancshares, Inc.		4,160,526
	2,300	S.Y. Bancorp, Inc.		56,350
	3,600	Sterling Bancorp		33,804
	19,400	Susquehanna Bancshares, Inc.		153,260
	3,600	Territorial Bancorp, Inc.		61,092
	8,300	United Financial Bancorp, Inc.		112,382
	83,841	Zions Bancorp(a)		1,732,155

				15,357,556

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			69

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Commercial Services—1.4%
	29,975	Consolidated Graphics, Inc.*	$	1,395,336
	114,725	Corrections Corp. of America*(a)		2,944,991
	2,600	Gartner, Inc.*		82,394
	1,200	Green Dot Corp. (Class A Stock)*(a)		60,960
	1,700	Mac-Gray Corp.		20,655
	15,700	Metalico, Inc.*(a)		68,138
	160,900	Pharmaceutical Product Development, Inc.		4,152,829
	22,000	Stewart Enterprises, Inc. (Class A Stock)		122,320
	62,952	TNS, Inc.*		1,204,901
	51,637	Waste Connections, Inc.		2,103,692

				12,156,216


		Commercial Services & Supplies—1.2%
	121,500	Brink’s Co. (The)		2,867,400
	151,000	Ennis, Inc.		2,724,040
	37,300	PHH Corp.*		718,771
	72,381	School Specialty, Inc.*(a)		969,905
	60,100	UniFirst Corp.		2,766,403

				10,046,519


		Communication Equipment
	6,000	Tekelec*		78,120


		Computer Hardware
	8,500	Aspen Technology, Inc.*		95,200
	20,500	CIBER, Inc.*		75,235
	5,300	Mercury Computer Systems, Inc.*		83,952
	2,180	Radisys Corp.*		21,299

				275,686


		Computer Services & Software—1.9%
	195,626	Brocade Communications Systems, Inc.*		1,236,356
	110,000	Global Payments, Inc.		4,285,600
	7,500	Imation Corp.*		73,050
	27,407	JDA Software Group, Inc.*		693,397
	1,300	Mantech International Corp. (Class A Stock)*		50,973
	2,900	NetScout Systems, Inc.*		68,063
	74,071	Parametric Technology Corp.*		1,590,304
	3,400	Quest Software, Inc.*		88,978
	1,900	RealD, Inc.*(a)		39,748
	3,800	Semtech Corp.*		81,358
	237,850	SRA International, Inc. (Class A Stock)*		4,759,379
	7,300	SYNNEX Corp.*		211,992
	51,105	Synopsys, Inc.*		1,307,266
	60,500	Take-Two Interactive Software, Inc.*(a)		644,930

See Notes to Financial Statements.


70			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Computer Services & Software (continued)
	1,500	Virtusa Corp.*	$	21,390
	80,349	Xyratex Ltd. (Bermuda)*		1,243,803

				16,396,587


		Computers & Peripherals—0.7%
	129,557	Diebold, Inc.(a)		3,970,922
	126,050	QLogic Corp.*		2,214,699

				6,185,621


		Construction
	2,200	Brookfield Homes Corp.*(a)		18,348
	21,400	Standard Pacific Corp.*(a)		77,682

				96,030


		Construction & Engineering—0.5%
	23,100	EMCOR Group, Inc.*(a)		597,135
	112,400	KBR, Inc.		2,854,960
	77,575	MYR Group, Inc.*		1,209,394

				4,661,489


		Consumer Finance—0.6%
	549,900	Advance America Cash Advance Centers, Inc.		2,744,001
	76,200	First Cash Financial Services, Inc.*		2,215,134

				4,959,135


		Consumer Products & Services—1.2%
	61,093	Central Garden & Pet Co.*		632,312
	71,586	Central Garden & Pet Co. (Class A Stock)*		748,074
	5,500	GP Strategies Corp.*		47,740
	20,500	Helen of Troy Ltd. (Bermuda)*		525,825
	1,393	Jarden Corp.		44,660
	800	La-Z-Boy, Inc.*(a)		6,216
	70,346	Snap-on, Inc.		3,587,646
	87,700	Toro Co. (The)		4,977,852

				10,570,325


		Consumer Services—0.1%
	18,600	Rent-A-Center, Inc.		467,604


		Containers & Packaging—1.6%
	180,178	Packaging Corp of America(a)		4,401,749
	200,550	Silgan Holdings, Inc.		6,768,562
	77,100	Sonoco Products Co.		2,582,850

				13,753,161


		Distribution/Wholesale
	4,400	Brightpoint, Inc.*		32,956
	2,400	United Stationers, Inc.*		134,880

				167,836

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			71

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Diversified Consumer Services—0.3%
	80,000	Weight Watchers International, Inc.	$	2,679,200


		Diversified Financial Services
	7,285	CompuCredit Holdings Corp.(a)		41,015
	1,500	Marlin Business Services Corp.*		18,255
	1,600	Oppenheimer Holdings, Inc. (Class A Stock)		40,720
	4,400	Sanders Morris Harris Group, Inc.		25,520

				125,510


		Diversified Financials—0.4%
	138,000	Jefferies Group, Inc.(a)		3,302,340
	23,700	LaBranche & Co., Inc.*		77,025
	10,600	Penson Worldwide, Inc.*(a)		54,590
	180	Virtus Investment Partners, Inc.*		6,615

				3,440,570


		Drugs & Healthcare—0.3%
	57,400	Covance, Inc.*(a)		2,697,226


		Electric—0.3%
	136,263	Great Plains Energy, Inc.		2,593,085
	3,200	MGE Energy, Inc.		129,760

				2,722,845


		Electric Utilities—1.7%
	2,800	Central Vermont Public Service Corp.		56,616
	186,525	Cleco Corp.		5,832,637
	133,250	El Paso Electric Co.*		3,277,950
	28,781	IDACORP, Inc.		1,059,141
	3,300	UIL Holdings Corp.		95,568
	14,100	UniSource Energy Corp.		494,487
	137,950	Westar Energy, Inc.		3,490,135

				14,306,534


		Electrical Equipment—0.9%
	6,200	Acuity Brands, Inc.(a)		310,434
	163,920	Belden, Inc.		4,573,368
	134,575	GrafTech International Ltd.*		2,216,450
	5,600	Regal-Beloit Corp.		323,176

				7,423,428


		Electronic Components—1.0%
	162,916	Digital River, Inc.*		6,070,250
	4,700	FEI Co.*		102,272
	108,951	Portland General Electric Co.		2,277,076

				8,449,598

See Notes to Financial Statements.


72			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Electronic Components & Equipment—0.1%
	45,500	EnerSys*	$	1,199,380


		Electronic Equipment, Instrument & Components—0.6%
	178,800	AVX Corp.		2,563,992
	167,600	Jabil Circuit, Inc.		2,570,984

				5,134,976


		Electronics—1.4%
	4,550	Benchmark Electronics, Inc.*		74,756
	137,100	Checkpoint Systems, Inc.*		3,016,200
	39,122	Coherent, Inc.*		1,641,559
	6,600	CTS Corp.		66,990
	900	DDi Corp.		9,252
	181,800	FLIR Systems, Inc.*(a)		5,061,312
	26,451	Littelfuse, Inc.*		1,122,316
	4,200	Spectrum Control, Inc.*		64,092
	15,000	TTM Technologies, Inc.*		157,200
	28,480	Watts Water Technologies, Inc. (Class A Stock)		1,001,642

				12,215,319


		Energy Equipment—0.9%
	159,487	Key Energy Services, Inc.*(a)		1,570,947
	64,775	Oil States International, Inc.*		3,311,298
	81,825	Unit Corp.*		3,209,995

				8,092,240


		Energy Equipment & Services—0.9%
	8,700	Complete Production Services, Inc.*		203,841
	95,990	Lufkin Industries, Inc.		4,689,111
	59,100	Tidewater, Inc.		2,726,283

				7,619,235


		Entertainment & Leisure—0.6%
	26,700	Isle of Capri Casinos, Inc.*		214,668
	120,700	Life Time Fitness, Inc.*(a)		4,360,891
	3,900	RC2 Corp.*		82,290
	73,396	Scientific Games Corp. (Class A Stock)*		579,828

				5,237,677


		Environmental Services—0.3%
	19,038	Clean Harbors, Inc.*		1,342,179
	45,464	Tetra Tech, Inc.*		957,472

				2,299,651


		Exchange Traded Fund—0.8%
	101,725	iShares Russell 2000 Value Index Fund(a)		6,549,055


		Farming & Agriculture
	8,200	Andersons, Inc. (The)		322,834

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			73

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Financial—Bank & Trust—0.7%
	5,200	Banco Latinoamericano de Comercio Exterior SA (Panama)	$	80,132
	67,722	Boston Private Financial Holdings, Inc.		386,693
	460,075	Citizens Republic Bancorp, Inc.*		317,452
	16,700	Danvers Bancorp, Inc.		251,001
	5,300	First BanCorp (Puerto Rico)*		1,617
	2,900	First BanCorp (United States)		38,831
	7,100	First Merchants Corp.		59,072
	2,600	Flushing Financial Corp.		34,190
	28,300	FNB Corp.		240,550
	1,600	Heartland Financial USA, Inc.		24,720
	9,300	Lakeland Bancorp, Inc.		86,211
	182,937	Northwest Bancshares, Inc.		2,074,506
	1,600	Park National Corp.(a)		104,560
	40,864	Prospect Capital Corp.		404,147
	3,500	S&T Bancorp, Inc.		68,600
	5,300	StellarOne Corp.		67,734
	547,959	Synovus Financial Corp.(a)		1,183,591
	1,900	Tompkins Financial Corp.		73,340
	109,314	United Community Banks, Inc.*		214,255

				5,711,202


		Financial Services—1.8%
	1,600	Alliance Financial Corp.		48,752
	184,200	Associated Banc-Corp.		2,333,814
	3,700	Berkshire Hills Bancorp, Inc.		71,558
	35,000	BGC Partners, Inc. (Class A Stock)		242,900
	5,311	BlackRock Kelso Capital Corp.		62,245
	9,200	Brookline Bancorp, Inc.		89,608
	164,292	CVB Financial Corp.(a)		1,250,262
	25,500	Deluxe Corp.		521,220
	11,171	Dollar Financial Corp.*		279,498
	117,000	Eaton Vance Corp.		3,366,090
	5,700	Encore Capital Group, Inc.*		115,824
	142,725	Fifth Street Finance Corp.		1,684,155
	87,900	First Commonwealth Financial Corp.		511,578
	8,300	First Community Bancshares, Inc.		111,718
	9,000	GFI Group, Inc.		43,110
	5,800	Global Cash Access Holdings, Inc.*		21,112
	3,600	Hallmark Financial Services, Inc.*		32,184
	12,900	Hawaiian Holdings, Inc.*		94,428
	27,050	KBW, Inc.(a)		684,365
	14,700	Knight Capital Group, Inc. (Class A Stock)*(a)		191,541
	2,500	Koppers Holdings, Inc.		69,700
	37,000	National Financial Partners Corp.*(a)		510,600

See Notes to Financial Statements.


74			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Financial Services (continued)
	6,000	NBT Bancorp, Inc.	$	132,300
	13,800	Nelnet, Inc. (Class A Stock)		310,086
	4,500	Netspend Holdings, Inc.*		61,740
	4,200	OceanFirst Financial Corp.		50,148
	15,400	Ocwen Financial Corp.*(a)		132,902
	14,700	Pacer International, Inc.*		81,879
	63,346	PacWest Bancorp(a)		1,104,121
	415	Porter Bancorp, Inc.		4,607
	8,800	Provident Financial Services, Inc.		111,232
	7,600	Renasant Corp.(a)		124,260
	1,400	Suffolk Bancorp		36,260
	4,000	SVB Financial Group*(a)		173,360
	10,100	Trustco Bank Corp.		54,439
	8,500	World Acceptance Corp.*		366,775

				15,080,371


		Food & Staples Retailing—0.9%
	62,400	Casey’s General Stores, Inc.		2,587,104
	75,200	Ruddick Corp.		2,624,480
	69,500	Weis Markets, Inc.		2,707,720

				7,919,304


		Food Products—1.3%
	90,700	Cal-Maine Foods, Inc.(a)		2,627,579
	109,435	Corn Products International, Inc.		4,656,459
	261,389	Del Monte Foods Co.		3,748,319
	4,600	Nash Finch Co.		192,740

				11,225,097


		Foods—0.6%
	7,400	B&G Foods, Inc.		90,650
	96,324	Dean Foods Co.*		1,001,770
	86,247	Dole Food Co., Inc.*(a)		795,197
	63,000	Sanderson Farms, Inc.		2,644,740
	15,700	Spartan Stores, Inc.		234,715
	1,800	TreeHouse Foods, Inc.*(a)		84,060

				4,851,132


		Furniture
	1,800	Hooker Furniture Corp.		19,026
	7,900	Knoll, Inc.		119,843

				138,869


		Gas & Pipeline Utilities—0.7%
	179,860	Swift Energy Co.*		5,728,541


		Gas Utilities—2.7%
	111,420	AGL Resources, Inc.		4,374,349
	88,000	Atmos Energy Corp.		2,591,600

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			75

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Gas Utilities (continued)
	54,300	Energen Corp.	$	2,423,952
	94,200	Southwest Gas Corp.		3,274,392
	83,600	UGI Corp.		2,515,524
	201,868	WGL Holdings, Inc.		7,782,012

				22,961,829


		Healthcare Equipment & Supplies—3.0%
	249,700	Cantel Medical Corp.		4,624,444
	87,041	Cooper Cos., Inc. (The)(a)		4,294,603
	101,100	Invacare Corp.		2,729,700
	83,200	STERIS Corp.		2,847,104
	124,657	Teleflex, Inc.(a)		6,949,628
	108,300	West Pharmaceutical Services, Inc.		3,865,227

				25,310,706


		Healthcare Providers & Services—1.0%
	129,500	AMERIGROUP Corp.*(a)		5,404,035
	8,700	Gentiva Health Services, Inc.*		202,536
	6,200	Magellan Health Services, Inc.*		297,600
	92,100	Owens & Minor, Inc.		2,623,008

				8,527,179


		Healthcare Services—1.3%
	91,500	Amedisys, Inc.*(a)		2,329,590
	61,045	AmSurg Corp.*		1,103,694
	2,700	Centene Corp.*		60,264
	14,100	Continucare Corp.*		63,450
	22,000	Five Star Quality Care, Inc.*		119,460
	54,333	HealthSouth Corp.*(a)		982,884
	11,000	Healthspring, Inc.*		321,090
	140,900	Healthways, Inc.*		1,476,632
	72,798	MEDNAX, Inc.*		4,310,369
	9,200	RehabCare Group, Inc.*		204,516
	13,500	Skilled Healthcare Group, Inc. (Class A Stock)*		50,625
	18,100	Triple-S Management Corp. (Class B Stock) (Puerto Rico)*		305,347

				11,327,921


		Healthcare-Products
	14,500	Greatbatch, Inc.*		315,375


		Home Builder—0.2%
	74,200	Meritage Homes Corp.*		1,358,602


		Hotels, Restaurants & Leisure—0.7%
	110,400	Brinker International, Inc.		2,046,816

See Notes to Financial Statements.


76			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Hotels, Restaurants & Leisure (continued)
	130,327	International Speedway Corp. (Class A Stock)(a)	$	2,976,669
	139,975	Sonic Corp.*		1,242,978

				6,266,463


		Household Durables—0.1%
	10,700	ACCO Brands Corp.*		66,661
	53,236	Ethan Allen Interiors, Inc.		807,590

				874,251


		Household Products—0.3%
	4,700	Spectrum Brands Holdings, Inc.*		133,245
	69,000	WD-40 Co.		2,545,410

				2,678,655


		Industrial Products—0.5%
	39,644	Brady Corp. (Class A Stock)		1,219,053
	2,700	CIRCOR International, Inc.		94,716
	66,682	Interface, Inc. (Class A Stock)		959,554
	56,003	Kaydon Corp.		1,952,825
	4,700	Myers Industries, Inc.		41,501

				4,267,649


		Insurance—6.7%
	9,300	Alterra Capital Holdings Ltd. (Bermuda)		187,860
	291,100	American Equity Investment Life Holding Co.		3,158,435
	87,000	American Financial Group, Inc.		2,660,460
	800	American Safety Insurance Holdings Ltd. (Bermuda)*		14,856
	18,400	AMERISAFE, Inc.*		351,256
	10,000	AmTrust Financial Services, Inc.		149,700
	1,315	Argo Group International Holdings Ltd. (Bermuda)		45,617
	62,025	Aspen Insurance Holdings Ltd. (Bermuda)		1,759,649
	15,500	Assured Guaranty Ltd. (Bermuda)		295,275
	493,550	CNO Financial Group, Inc.*		2,684,912
	242,625	Delphi Financial Group, Inc. (Class A Stock)		6,567,859
	114,442	Employers Holdings, Inc.		1,852,816
	29,860	Endurance Specialty Holdings Ltd. (Bermuda)		1,236,204
	94,250	Hanover Insurance Group, Inc. (The)		4,264,813
	129,425	HCC Insurance Holdings, Inc.		3,427,174
	53,913	Horace Mann Educators Corp.		1,007,634
	83,342	Infinity Property & Casualty Corp.		4,312,948
	14,000	Meadowbrook Insurance Group, Inc.		120,820
	11,700	MGIC Investment Corp.*(a)		103,194
	1,400	Navigators Group, Inc.*		64,358
	1,400	NYMAGIC, Inc.		35,938
	4,125	Old Republic International Corp.		54,450
	46,072	Platinum Underwriters Holdings Ltd. (Bermuda)		1,983,400
	33,300	PMI Group, Inc. (The)*(a)		111,555
	33,624	ProAssurance Corp.*		1,933,044

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			77

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Insurance (continued)
	180,000	Protective Life Corp.	$	4,314,600
	30,500	Radian Group, Inc.(a)		231,495
	109,184	Reinsurance Group of America, Inc.		5,466,843
	45,900	RLI Corp.		2,635,578
	9,100	Selective Insurance Group, Inc.		153,972
	98,600	State Auto Financial Corp.		1,544,076
	98,108	Tower Group, Inc.		2,382,062
	91,800	United Fire & Casualty Co.		1,838,754

				56,951,607


		Internet Services—0.1%
	9,900	BroadSoft, Inc.*		93,060
	9,800	EarthLink, Inc.		88,102
	6,200	IntraLinks Holdings, Inc.*		135,594
	4,200	TIBCO Software, Inc.*		80,724
	3,400	ValueClick, Inc.*		46,784

				444,264


		Investment Companies
	30,415	MCG Capital Corp.		192,527
	4,140	TICC Capital Corp.		42,808

				235,335


		IT Services—0.5%
	81,541	CACI International, Inc. (Class A Stock)*		4,086,835


		Leisure—0.1%
	118,160	Callaway Golf Co.		812,941
	12,300	Jakks Pacific, Inc.*(a)		231,855

				1,044,796


		Leisure Equipment & Products—0.3%
	188,800	Sturm Ruger & Co., Inc.(a)		2,956,608


		Life Science Tools & Services—0.3%
	110,850	PerkinElmer, Inc.		2,599,432


		Machinery—4.2%
	142,425	Actuant Corp. (Class A Stock)(a)		3,200,290
	166,100	Barnes Group, Inc.		3,021,359
	163,100	Bucyrus International, Inc.		11,116,896
	700	Cascade Corp.		24,773
	78,000	Crane Co.		2,984,280
	20,730	Gardner Denver, Inc.(a)		1,198,609
	183,700	Harsco Corp.		4,258,166

See Notes to Financial Statements.


78			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Machinery (continued)
	27,757	IDEX Corp.	$	1,001,472
	49,756	Kadant, Inc.*		978,203
	30,525	Lincoln Electric Holdings, Inc.		1,824,174
	2,200	Mueller Industries, Inc.		64,680
	800	Tennant Co.		26,840
	73,450	Valmont Industries, Inc.		5,791,532

				35,491,274


		Machinery & Equipment—0.3%
	5,700	Altra Holdings, Inc.*		84,360
	92,844	Intermec, Inc.*		1,081,632
	57,522	Terex Corp.*(a)		1,291,369

				2,457,361


		Manufacturing—0.3%
	3,300	Ceradyne, Inc.*		78,573
	12,200	EnPro Industries, Inc.*(a)		428,708
	2,300	Standex International Corp.		61,939
	600	Trimas Corp.*		9,498
	49,326	Zebra Technologies Corp. (Class A Stock)*		1,764,884

				2,343,602


		Media—0.8%
	120,734	Belo Corp. (Class A Stock)*		699,050
	26,431	Courier Corp.		391,179
	3,500	Crown Media Holdings, Inc. (Class A Stock)*		10,220
	7,800	Dolan Co. (The)*		83,460
	50,800	LodgeNet Entertainment Corp.*(a)		129,540
	18,200	PRIMEDIA, Inc.		66,794
	8,700	Scholastic Corp.		256,215
	10,967	Sinclair Broadcast Group, Inc. (Class A Stock)*		87,626
	67,900	Valassis Communications, Inc.*		2,240,700
	58,450	Wiley, (John) & Sons, Inc. (Class A Stock)		2,522,702

				6,487,486


		Medical Supplies & Equipment—0.7%
	2,300	Halozyme Therapeutics, Inc.*		16,859
	26,707	Patterson Cos., Inc.		738,449
	203,700	PSS World Medical, Inc.*		4,813,431
	16,100	Select Medical Holdings Corp.*		120,428
	2,700	Symmetry Medical, Inc.*		23,895

				5,713,062


		Metals & Mining—2.5%
	5,100	Cloud Peak Energy, Inc.*		88,587
	5,800	Coeur d’Alene Mines Corp.*(a)		119,538
	1,900	Columbus McKinnon Corp.*		33,364
	35,400	Compass Minerals International, Inc.		2,791,998

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			79

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Metals & Mining (continued)
	7,979	Gold Resource Corp.	$	168,357
	3,800	Hecla Mining Co.*(a)		26,182
	163,600	HudBay Minerals, Inc. (Canada)		2,581,608
	155,400	IAMGOLD Corp. (Canada)		2,840,712
	2,200	Metals USA Holdings Corp.*		26,290
	54,100	Royal Gold, Inc.		2,678,491
	41,052	RTI International Metals, Inc.*		1,276,717
	10,500	Stillwater Mining Co.*(a)		186,900
	203,225	Thompson Creek Metals Co., Inc. (Canada)*(a)		2,446,829
	130,000	Timken Co.		5,384,600
	23,800	USEC, Inc.*(a)		127,806
	16,900	Worthington Industries, Inc.		260,260

				21,038,239


		Miscellaneous Manufacturers—0.1%
	13,595	AptarGroup, Inc.		610,144
	500	Portec Rail Products, Inc.		5,800

				615,944


		Multi-Utilities—0.9%
	62,650	NorthWestern Corp.		1,865,090
	63,800	OGE Energy Corp.		2,817,408
	99,500	Vectren Corp.		2,724,310

				7,406,808


		Oil & Gas—1.1%
	145,875	Brigham Exploration Co.*		3,076,504
	100	Clayton Williams Energy, Inc.*		5,972
	41,600	CVR Energy, Inc.*		396,032
	5,000	Energy Partners Ltd.*		55,850
	109,918	Goodrich Petroleum Corp.*(a)		1,499,281
	132,525	Oasis Petroleum, Inc.*(a)		2,818,807
	130,875	Resolute Energy Corp.*(a)		1,571,809

				9,424,255


		Oil & Gas Exploration/Production—0.4%
	131,800	Cabot Oil & Gas Corp.		3,819,564


		Oil & Gas Services
	3,000	Global Geophysical Services, Inc.*		21,510
	15,200	Global Industries Ltd.*		88,008
	8,800	Newpark Resources, Inc.*(a)		51,744
	2,800	T-3 Energy Services, Inc.*		93,716

				254,978

See Notes to Financial Statements.


80			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Oil, Gas & Consumable Fuels—4.8%
	142,200	Berry Petroleum Co. (Class A Stock)(a)	$	4,864,662
	32,400	Cal Dive International, Inc.*		163,944
	37,800	Cimarex Energy Co.		2,901,150
	69,000	Core Laboratories NV (Netherlands)(a)		5,366,130
	168,800	EXCO Resources, Inc.		2,503,304
	83,038	Frontier Oil Corp.		1,100,253
	96,200	Frontline Ltd. (Bermuda)(a)		2,765,750
	32,800	Gulfport Energy Corp.*(a)		546,448
	98,400	Holly Corp.		3,220,632
	11,650	New Jersey Resources Corp.		471,709
	68,000	ONEOK, Inc.		3,387,760
	10,900	Petroquest Energy, Inc.*		60,822
	7,600	Rosetta Resources, Inc.*		181,716
	3,700	RPC, Inc.		81,437
	111,997	South Jersey Industries, Inc.		5,640,169
	105,100	Southern Union Co.		2,641,163
	6,900	Stone Energy Corp.*		107,847
	8,900	TETRA Technologies, Inc.*		86,864
	135,000	Tsakos Energy Navigation Ltd. (Bermuda)		1,395,900
	11,600	VAALCO Energy, Inc.*		68,208
	7,400	W&T Offshore, Inc.(a)		80,512
	17,100	Warren Resources, Inc.*		71,478
	108,700	World Fuel Services Corp.		3,068,601

				40,776,459


		Paper & Forest Products—0.8%
	19,900	Boise, Inc.*		144,275
	231,600	Buckeye Technologies, Inc.		4,180,380
	1,900	Domtar Corp. (Canada)		150,784
	90,000	Louisiana-Pacific Corp.*(a)		696,600
	7,700	Rock-Tenn Co. (Class A Stock)		437,745
	18,583	Schweitzer-Mauduit International, Inc.		1,192,657

				6,802,441


		Pharmaceuticals—0.3%
	17,600	Alkermes, Inc.*(a)		203,632
	3,800	Nutraceutical International Corp.*		61,750
	7,200	Par Pharmaceutical Cos., Inc.*		234,072
	1,200	Pharmasset, Inc.*		45,000
	19,300	PharMerica Corp.*		193,772
	128,570	Prestige Brands Holdings, Inc.*		1,382,127
	1,300	United Therapeutics Corp.*		78,000
	1,300	XenoPort, Inc.*		10,075

				2,208,428


		Printing & Publishing
	23,000	Journal Communications, Inc. (Class A Stock)*		106,030

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			81

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Professional Services—0.6%
	104,382	Towers Watson & Co. (Class A Stock)	$	5,367,322


		Real Estate Investment Trusts—5.5%
	2,800	American Campus Communities, Inc.		88,564
	5,500	American Capital Agency Corp.(a)		157,960
	49,800	Anworth Mortgage Asset Corp.		349,098
	11,600	Ashford Hospitality Trust, Inc.*		117,740
	1,700	Associated Estates Realty Corp.		23,613
	17,500	BioMed Realty Trust, Inc.		321,125
	11,800	CapLease, Inc.		69,148
	91,836	CBL & Associates Properties, Inc.(a)		1,439,988
	600,100	Chimera Investment Corp.		2,460,410
	10,400	Colonial Properties Trust		186,472
	81,500	CommonWealth REIT		2,074,175
	32,800	DCT Industrial Trust, Inc.(a)		164,328
	9,100	Developers Diversified Realty Corp.		117,390
	182,089	DiamondRock Hospitality Co.*		1,926,502
	3,300	EastGroup Properties, Inc.		133,584
	120,940	Education Realty Trust, Inc.		907,050
	5,500	Entertainment Properties Trust(a)		254,265
	3,800	Equity LifeStyle Properties, Inc.		216,296
	195,865	Equity One, Inc.(a)		3,662,675
	5,700	Extra Space Storage, Inc.		92,340
	15,900	FelCor Lodging Trust, Inc.*		97,785
	61,800	First Industrial Realty Trust, Inc.*(a)		452,994
	132,400	First Potomac Realty Trust(a)		2,181,952
	206,700	Franklin Street Properties Corp.(a)		2,759,445
	26,200	Glimcher Realty Trust		196,762
	89,625	Government Properties Income Trust		2,392,091
	110,200	Healthcare Realty Trust, Inc.		2,660,228
	29,300	Hersha Hospitality Trust		178,730
	1,600	Home Properties, Inc.(a)		87,120
	8,700	Inland Real Estate Corp.		75,603
	4,900	Invesco Mortgage Capital, Inc.		105,791
	43,750	Kilroy Reality Corp.(a)		1,494,938
	76,650	LaSalle Hotel Properties		1,815,839
	65,478	Lexington Realty Trust(a)		509,419
	6,000	LTC Properties, Inc.		167,100
	383,600	Medical Properties Trust, Inc.		4,292,484
	209,255	MFA Financial, Inc.		1,655,207
	45,871	Mid-America Apartment Communities, Inc.(a)		2,799,507
	26,500	MPG Office Trust, Inc.*(a)		71,815
	19,100	National Retail Properties, Inc.(a)		517,610
	12,200	Omega Healthcare Investors, Inc.		280,600
	15,300	Parkway Properties, Inc.		238,068

See Notes to Financial Statements.


82			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Real Estate Investment Trusts (continued)
	2,600	Pebblebrook Hotel Trust*	$	50,934
	30,900	Pennsylvania Real Estate Investment Trust(a)		440,943
	47,500	PS Business Parks, Inc.		2,814,850
	14,300	Redwood Trust, Inc.		202,774
	10,700	Resource Capital Corp.		67,731
	2,700	Saul Centers, Inc.		115,236
	20,800	Senior Housing Properties Trust		496,912
	69,600	Sovran Self Storage, Inc.		2,719,272
	48,300	Strategic Hotels & Resorts, Inc.*(a)		219,765
	5,500	Sun Communities, Inc.(a)		179,355
	15,499	Sunstone Hotel Investors, Inc.*		168,164

				47,269,747


		Registered Investment Companies
	36,000	American Capital Ltd.*(a)		251,280
	4,600	Gladstone Capital Corp.		52,762

				304,042


		Restaurants—0.1%
	9,200	Bravo Brio Restaurant Group, Inc.*		165,600
	24,300	Domino’s Pizza, Inc.*		360,612
	21,600	Ruby Tuesday, Inc.*		261,360

				787,572


		Retail—0.9%
	100,557	Cash America International, Inc.		3,542,623
	2,700	CEC Entertainment, Inc.*		89,640
	3,400	Genesco, Inc.*		111,384
	5,900	Insight Enterprises, Inc.*		89,208
	4,500	Jo-Ann Stores, Inc.*		194,625
	25,527	Men’s Wearhouse, Inc. (The)		623,880
	57,022	Pantry, Inc. (The)*		1,109,078
	17,740	PetSmart, Inc.		664,008
	47,010	Regis Corp.(a)		961,355
	24,200	Sonic Automotive, Inc. (Class A Stock)*(a)		264,264

				7,650,065


		Retail & Merchandising—0.5%
	51,857	AnnTaylor Stores Corp.*		1,208,268
	12,762	BJ’s Wholesale Club, Inc.*		532,558
	7,100	Collective Brands, Inc.*(a)		108,843
	15,700	Conn’s, Inc.*(a)		69,080
	22,600	Finish Line, Inc. (The) (Class A Stock)		345,780
	52,576	hhgregg, Inc.*(a)		1,211,351
	9,400	Interline Brands, Inc.*		188,846
	2,400	Rush Enterprises, Inc. (Class A Stock)*		38,136
	5,892	Ruth’s Hospitality Group, Inc.*		26,868
	8,900	Saks, Inc.*		99,146

				3,828,876

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			83

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Retail Apparel
	3,200	Warnaco Group, Inc. (The)*	$	169,952


		Semiconductors—2.2%
	3,600	Alpha & Omega Semiconductor Ltd. (Bermuda)*		40,356
	11,700	Amkor Technology, Inc.*(a)		84,357
	118,371	Emulex Corp.*		1,349,429
	20,858	Entegris, Inc.*		124,731
	203,100	International Rectifier Corp.*		4,718,013
	60,534	Itron, Inc.*		3,678,651
	4,800	IXYS Corp.*		49,152
	20,700	Lattice Semiconductor Corp.*		100,602
	5,400	MKS Instruments, Inc.*		111,510
	6,500	Photronics, Inc.*		40,820
	17,100	PMC - Sierra, Inc.*		131,499
	9,200	Sigma Designs, Inc.*		104,972
	57,175	Silicon Laboratories, Inc.*(a)		2,281,283
	124,850	Skyworks Solutions, Inc.*(a)		2,860,313
	204,575	TriQuint Semiconductor, Inc.*(a)		2,107,123
	3,000	Veeco Instruments, Inc.*(a)		125,550
	80,889	Zoran Corp.*		572,694

				18,481,055


		Semiconductors & Semiconductor Equipment—0.1%
	74,000	Micrel, Inc.		881,340


		Software—0.8%
	89,900	Blackboard, Inc.*(a)		3,752,426
	3,800	CSG Systems International, Inc.*		73,872
	4,200	DynaVox, Inc. (Class A Stock)*		23,520
	6,100	EPIQ Systems, Inc		71,492
	129,878	Lawson Software, Inc.*		1,155,914
	3,900	SciQuest, Inc.*		44,031
	600	Smith Micro Software, Inc.*		7,296
	68,025	Tyler Technologies, Inc.*		1,388,390

				6,516,941


		Specialty Retail—1.6%
	382,600	Aaron’s, Inc.(a)		7,215,836
	25,208	Abercrombie & Fitch Co. (Class A Stock)(a)		1,080,415
	5,875	Brown Shoe Co., Inc.		69,031
	97,700	Buckle, Inc. (The)(a)		2,842,093
	132,200	RadioShack Corp.(a)		2,661,186

				13,868,561

See Notes to Financial Statements.


84			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Telecommunications—1.4%
	356,516	Arris Group, Inc.*	$	3,319,164
	3,300	Black Box Corp.		109,560
	35,797	Comtech Telecommunications Corp.		1,103,263
	24,200	Consolidated Communications Holdings, Inc.		448,184
	3,200	CPI International , Inc.*		45,184
	8,000	MasTec, Inc.*		97,600
	3,200	Oplink Communications, Inc.*		55,936
	3,800	Plantronics, Inc.(a)		136,344
	1,100	Polycom, Inc.*		37,158
	54,300	Premiere Global Services, Inc.*		370,869
	7,000	RF Micro Devices, Inc.*		51,030
	75,900	SBA Communications Corp. (Class A Stock)*(a)		2,979,834
	12,600	Symmetricon, Inc.*		78,498
	85,975	Syniverse Holdings, Inc.*		2,621,378
	7,900	USA Mobility, Inc.		132,957

				11,586,959


		Textiles & Apparel—0.1%
	12,300	Oxford Industries, Inc.		283,269
	20,850	Perry Ellis International, Inc.*		468,708

				751,977


		Textiles, Apparel & Luxury Goods—1.9%
	121,900	Jones Group, Inc. (The)		1,762,674
	155,125	Phillips-Van Heusen Corp.		9,515,367
	172,550	Wolverine World Wide, Inc.		5,024,656

				16,302,697


		Thrifts & Mortgage Finance—0.7%
	256,800	Astoria Financial Corp.(a)		3,189,456
	160,350	Washington Federal, Inc.		2,410,060

				5,599,516


		Tobacco—0.3%
	64,200	Universal Corp.		2,660,448


		Trading Companies & Distributors—1.0%
	19,150	Applied Industrial Technologies, Inc.		582,351
	47,300	Watsco, Inc.		2,647,381
	124,208	WESCO International, Inc.*(a)		5,318,587

				8,548,319


		Transportation—0.5%
	11,900	Aircastle Ltd. (Bermuda)		109,599
	8,500	Atlas Air Worldwide Holdings, Inc.*		444,210
	62,200	Bristow Group, Inc.*(a)		2,412,116
	77,200	Excel Maritime Carriers Ltd. (Greece)*(a)		449,304
	9,400	Gulfmark Offshore, Inc. (Class A Stock)*		278,334

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			85

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Transportation (continued)
	5,900	Heartland Express, Inc.	$	87,969
	29,700	Horizon Lines, Inc. (Class A Stock)		128,007
	5,900	Incyte Corp.*(a)		98,294
	1,200	Knight Transportation, Inc.		21,444
	4,600	Knightsbridge Tankers Ltd. (Bermuda)		99,958
	3,800	Marten Transport Ltd.		80,712
	1,900	Nordic American Tanker Shipping (Bermuda)(a)		49,457
	3,200	Quality Distribution, Inc.*		22,880
	100	RailAmerica, Inc.*		1,160

				4,283,444


		Utilities
	2,100	Chesapeake Utilities Corp.		77,049


		Water Utilities—0.2%
	1,900	American States Water Co.		70,965
	56,800	American Water Works Co., Inc.		1,356,384
	2,400	California Water Service Group		89,616
	2,800	York Water Co.		44,324

				1,561,289

		TOTAL COMMON STOCKS (cost $673,651,230)		813,420,154

PRINCIPAL AMOUNT (000)#

		U.S. TREASURY OBLIGATION
		U.S. Treasury Notes(k) (cost $250,193)
$	250	1.25%, 11/30/10		250,193

		TOTAL LONG-TERM INVESTMENTS (cost $673,901,423)		813,670,347


SHARES		SHORT-TERM INVESTMENT—21.1%

		AFFILIATED MONEY MARKET MUTUAL FUND
	179,574,081	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $179,574,081; includes $136,598,800 of cash collateral for securities on loan)(b)(w)		179,574,081

		TOTAL INVESTMENTS—116.4% (cost $853,475,504; Note 5)		993,244,428
		Liabilities in excess of other assets(x)—(16.4)%		(139,897,054	)

		NET ASSETS—100%	$	853,347,374

The following abbreviation is used in the Portfolio descriptions:

ADR American Depositary Receipt

*	Non-income producing security.

See Notes to Financial Statements.


86			THE TARGET PORTFOLIO TRUST

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

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $132,927,687; cash collateral of $136,598,800 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments.

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

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

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

(x)	Liabilities in excess of other assets includes unrealized appreciation on futures contracts as follows:

Futures contracts open at October 31, 2010:


Number of Contracts	Type	Expiration Date		Value at Trade Date		Value at October 31, 2010		Unrealized Appreciation
Long Positions:
23	Russell 2000 Mini		Dec. 2010	$	1,549,980	$	1,615,060	$	65,080

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	813,420,154	$	—	$	—
U.S. Treasury Obligation		—		250,193		—
Affiliated Money Market Mutual Fund		179,574,081		—		—
Other Financial Instruments*
Futures		65,080		—		—

Total	$	993,059,315	$	250,193	$	—

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

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Affiliated Money Market Mutual Fund (16.0% represents investments purchased from securities on loan)	21.1	%
Insurance	6.7
Real Estate Investment Trusts	5.5
Oil, Gas & Consumable Fuels	4.8
Chemicals	4.7
Machinery	4.2
Aerospace/Defense	3.1
Healthcare Equipment & Supplies	3.0
Gas Utilities	2.7
Metals & Mining	2.5

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			87

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


Industry (cont’d.)
Capital Markets	2.3	%
Banks	2.2
Semiconductors	2.2
Computer Services & Software	1.9
Textiles, Apparel & Luxury Goods	1.9
Commercial Banks	1.8
Financial Services	1.8
Electric Utilities	1.7
Specialty Retail	1.6
Containers & Packaging	1.6
Electronics	1.4
Commercial Services	1.4
Telecommunications	1.4
Healthcare Services	1.3
Food Products	1.3
Consumer Products & Services	1.2
Commercial Services & Supplies	1.2
Oil & Gas	1.1
Trading Companies & Distributors	1.0
Healthcare Providers & Services	1.0
Electronic Components	1.0
Energy Equipment	0.9
Food & Staples Retailing	0.9
Retail	0.9
Energy Equipment & Services	0.9
Electrical Equipment	0.9
Multi-Utilities	0.9
Paper & Forest Products	0.8
Exchange Traded Funds	0.8
Software	0.8
Media	0.8
Hotels, Restaurants & Leisure	0.7
Computers & Peripherals	0.7
Gas & Pipeline Utilities	0.7
Medical Supplies & Equipment	0.7
Financial—Bank & Trust	0.7
Thrifts & Mortgage Finance	0.7
Professional Services	0.6
Entertainment & Leisure	0.6
Electronic Equipment, Instrument & Components	0.6
Consumer Finance	0.6
Foods	0.6
Construction & Engineering	0.5
Transportation	0.5
Industrial Products	0.5
IT Services	0.5
Airlines	0.5

See Notes to Financial Statements.


88			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
Retail & Merchandising	0.5	%
Oil & Gas Exploration / Production	0.4
Diversified Financials	0.4
Business Services	0.4
Leisure Equipment & Products	0.3
Automotive Parts	0.3
Building Products	0.3
Electric	0.3
Drugs & Healthcare	0.3
Diversified Consumer Services	0.3
Household Products	0.3
Tobacco	0.3
Life Science Tools & Services	0.3
Machinery & Equipment	0.3
Manufacturing	0.3
Environmental Services	0.3
Pharmaceuticals	0.3
Beverages	0.2
Water Utilities	0.2
Clothing & Apparel	0.2
Home Builders	0.2
Electronic Components & Equipment	0.1
Auto Related	0.1
Leisure	0.1
Semiconductors & Semiconductor Equipment	0.1
Household Durables	0.1
Restaurants	0.1
Biotechnology	0.1
Textiles & Apparel	0.1
Miscellaneous Manufacturers	0.1
Consumer Services	0.1
Internet Services	0.1

	116.4
Liabilities in excess of other assets	(16.4	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			89


*International Equity Portfolio*		Portfolio of Investments As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—99.1%

		COMMON STOCKS—99.1%

		Australia—4.6%
	74,300	AWB Ltd.*	$	108,079
	36,945	BHP Billiton Ltd.		1,517,058
	123,600	BlueScope Steel Ltd.		241,539
	36,800	Caltex Australia Ltd.		418,870
	157,200	Challenger Financial Services Group Ltd.		708,330
	107,200	Downer Edi Ltd.		532,388
	484,900	Emeco Holdings Ltd.		422,734
	260,700	Goodman Fielder Ltd.		379,221
	41,700	GrainCorp Ltd.		307,579
	177,900	Metcash Ltd.		761,522
	43,100	National Australia Bank Ltd.		1,074,883
	165,900	OneSteel Ltd.		438,769
	154,900	Pacific Brands Ltd.*		164,629
	90,000	Tabcorp Holdings Ltd.		650,615
	181,100	Telstra Corp. Ltd.		473,647

				8,199,863


		Austria—0.4%
	16,700	OMV AG		623,964


		Belgium—0.7%
	66,300	AGFA-Gevaert NV*		386,640
	12,300	Delhaize Group		859,215
	10,790	Dexia SA*		48,041

				1,293,896


		Bermuda—0.4%
	25,259	Seadrill Ltd.		765,111


		Brazil—1.9%
	164,310	BM&FBovespa SA		1,370,297
	27,190	Embraer-Empresa Brasileira de Aeronautica SA, ADR		784,432
	45,200	Natura Cosmeticos SA		1,291,960

				3,446,689


		Canada—2.2%
	26,380	Canadian National Railway Co.		1,708,661
	34,940	Canadian Natural Resources Ltd.		1,272,009
	6,110	Potash Corp. of Saskatchewan, Inc.		886,500

				3,867,170


		China—2.4%
	36,976	China Life Insurance Co. Ltd. (Class H Stock)		161,953
	534,978	China Merchants Bank Co. Ltd. (Class H Stock)		1,518,402

See Notes to Financial Statements.


90			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		China (continued)
	2,094,700	Industrial & Commercial Bank of China Ltd. (Class H Stock)	$	1,686,299
	245,999	Sinopharm Group Co. (Class H Stock)		966,382

				4,333,036


		Denmark—2.2%
	14,600	Danske Bank A/S*		388,290
	25,400	H. Lundbeck A/S		507,232
	22,683	Novo Nordisk A/S (Class B Stock)		2,387,640
	18,470	Vestas Wind Systems A/S*		589,457

				3,872,619


		Finland—0.6%
	51,400	Nokia Oyj		555,142
	25,900	Tieto Oyj		495,297

				1,050,439


		France—10.1%
	10,335	Air Liquide SA		1,336,880
	320	Arkema SA		20,679
	24,400	AXA SA		444,198
	33,789	BNP Paribas		2,471,311
	8,100	Casino Guichard Perrachon SA		760,971
	4,700	Ciments Francais SA		431,935
	53,400	Credit Agricole SA		875,148
	33,000	France Telecom SA		792,976
	22,134	Lafarge SA		1,264,906
	8,100	Lagardere SCA		345,481
	15,117	LVMH Moet Hennessy Louis Vuitton SA		2,369,099
	16,400	Publicis Groupe SA		816,930
	11,300	Rallye SA		440,761
	20,400	Sanofi-Aventis SA		1,424,755
	16,500	SCOR SE		405,788
	4,700	Societe Generale		281,448
	8,600	Thales SA		350,648
	31,400	Total SA		1,706,374
	52,200	Vivendi		1,489,010

				18,029,298


		Germany—8.9%
	11,900	Allianz SE		1,491,288
	17,200	BASF SE		1,251,536
	31,900	Deutsche Bank AG		1,838,993
	38,600	E.ON AG		1,208,785
	24,660	Fresenius Medical Care AG & Co. KGaA		1,570,917
	8,000	Hannover Rueckversicherung AG		404,738
	7,400	Heidelberger Druckmaschinen AG*		34,060
	6,300	MTU Aero Engines Holding AG		380,548
	5,500	Muenchener Rueckversicherungs-Gesellschaft AG		860,033

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			91

International Equity Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Germany (continued)
	7,700	Rheinmetall AG	$	554,708
	13,800	RWE AG		989,158
	42,629	SAP AG		2,223,146
	18,600	ThyssenKrupp AG		684,469
	15,286	Volkswagen AG (PRFC Shares)		2,297,719

				15,790,098


		Guernsey—0.4%
	25,540	Amdocs Ltd.*		783,567


		Hong Kong—3.0%
	613,600	Chaoda Modern Agriculture Holdings Ltd.		500,300
	890,554	CNOOC Ltd.		1,845,160
	91,704	Hong Kong Exchanges and Clearing Ltd.		2,018,346
	102,000	Industrial & Commercial Bank of China Asia Ltd.		377,668
	111,500	Kingboard Chemical Holdings Ltd.		542,306

				5,283,780


		Ireland—0.5%
	37,500	Allied Irish Banks PLC*		17,589
	20,600	Covidien PLC		821,322
	31,300	Irish Life & Permanent Group Holdings PLC*		66,217

				905,128


		Israel—1.5%
	113,400	Bank Hapoalim BM*		514,363
	42,118	Teva Pharmaceutical Industries Ltd., ADR		2,185,924

				2,700,287


		Italy—2.6%
	212,900	Enel SpA		1,215,636
	54,700	ENI SpA		1,232,575
	34,000	Finmeccanica SpA		474,634
	10,000	Fondiaria-Sai SpA		118,791
	272,113	Intesa Sanpaolo SpA		957,237
	357,500	Telecom Italia SpA		548,324

				4,547,197


		Japan—15.5%
	1,400	Aeon Credit Service Co. Ltd.		16,110
	13,300	Alpine Electronics, Inc.		166,601
	23,800	Aoyama Trading Co. Ltd.		387,153
	12,500	Astellas Pharma, Inc.		465,080
	28,089	Canon, Inc.		1,298,510
	18,200	Circle K Sunkus Co. Ltd.		258,287

See Notes to Financial Statements.


92			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Japan (continued)
	54,200	COMSYS Holdings Corp.	$	481,583
	613	Dai-ichi Life Insurance Co. Ltd. (The)		743,492
	6,575	Fanuc Ltd.		951,892
	224,000	Fuji Fire & Marine Insurance Co. Ltd. (The)*		278,365
	72,000	Fukuoka Financial Group, Inc.		280,055
	20,900	Fuyo General Lease Co. Ltd.		593,729
	27,900	Heiwa Corp.		351,567
	24,200	Hitachi Capital Corp.		322,386
	15,900	Itochu Techno-Solutions Corp.		542,382
	104,860	JX Holdings, Inc.		616,364
	140	KDDI Corp.		754,194
	25,200	Keihin Corp.		537,070
	79,342	Komatsu Ltd.		1,944,357
	14,900	Konami Corp.		262,560
	93,800	Kurabo Industries Ltd.		144,541
	13,300	Kyoei Steel Ltd.		162,469
	28,300	Kyowa Exeo Corp.		249,344
	164,800	Marubeni Corp.		1,036,272
	11,300	Mitsubishi Corp.		271,722
	301,600	Mitsubishi UFJ Financial Group, Inc.		1,405,493
	17,000	Mitsui & Co. Ltd.		267,242
	315,500	Mizuho Financial Group, Inc.		458,724
	102,000	Nichirei Corp.		444,911
	45,000	Nippon Electric Glass Co. Ltd.		579,905
	34,000	Nippon Shokubai Co. Ltd.		321,113
	18,000	Nippon Telegraph & Telephone Corp.		817,572
	167,000	Nishi-Nippon City Bank Ltd. (The)		456,568
	67,000	Nissan Shatai Co. Ltd.		521,213
	500	NTT DoCoMo, Inc.		841,929
	9,900	Sankyo Co. Ltd.		527,787
	95,000	Sankyu, Inc.		399,031
	73,000	Sanwa Holdings Corp.		208,649
	30,000	Seino Holdings Co. Ltd.		183,049
	18,000	Shimachu Co. Ltd.		369,753
	51,900	Sohgo Security Services Co. Ltd.		543,702
	87,100	Sumitomo Corp.		1,104,039
	26,300	Sumitomo Mitsui Financial Group, Inc.		788,314
	11,800	Takeda Pharmaceutical Co. Ltd.		552,827
	106,000	Toagosei Co. Ltd.		464,993
	31,900	Toppan Forms Co. Ltd.		283,441
	46,343	Toyota Motor Corp.		1,646,510
	22,100	Toyota Tsusho Corp		343,021
	9,500	Tsuruha Holdings, Inc.		409,065
	98,000	Yokohama Rubber Co. Ltd. (The)		490,792

				27,545,728


		Luxembourg—0.7%
	37,300	Arcelormittal		1,198,964

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			93

International Equity Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Mexico—1.5%
	23,820	America Movil SAB de CV (Class L Stock), ADR	$	1,363,933
	479,680	Wal-Mart de Mexico SAB de CV (Class V Stock)		1,313,021

				2,676,954


		Netherlands—3.3%
	36,600	Aegon NV*		231,982
	10,580	CSM NV		335,001
	172,300	ING Groep NV, CVA*		1,839,331
	38,900	Koninklijke Ahold NV		537,623
	13,100	Koninklijke DSM NV		700,500
	9,200	Nutreco NV		669,426
	4,300	Royal Dutch Shell PLC (Class A Stock)		139,475
	20,687	Schlumberger Ltd.		1,445,814

				5,899,152


		New Zealand—0.3%
	515,100	Air New Zealand Ltd.		530,128


		Norway—0.5%
	31,500	DnB NOR ASA		432,435
	17,900	Statoil ASA		390,911

				823,346


		Singapore—0.2%
	189,060	M1 Ltd.		324,278


		South Korea—0.7%
	8,639	Hyundai Motor Co.		1,305,159


		Spain—3.5%
	48,000	Banco Bilbao Vizcaya Argentaria SA		631,324
	45,700	Banco Espanol de Credito SA		458,279
	127,200	Banco Santander SA		1,634,237
	40,600	Repsol YPF SA		1,125,910
	86,600	Telefonica SA		2,338,293

				6,188,043


		Sweden—2.0%
	52,000	Boliden AB		882,801
	51,574	Hennes & Mauritz AB (Class B Stock)		1,817,538
	10,800	Meda AB		88,765
	9,200	NCC AB		196,268
	39,100	Svenska Cellulosa AB SCA (Class B Stock)		606,433

				3,591,805

See Notes to Financial Statements.


94			THE TARGET PORTFOLIO TRUST


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		Switzerland—7.1%
	8,700	Baloise Holding AG	$	804,090
	28,358	Clariant AG*		479,526
	19,900	Credit Suisse Group AG		822,047
	1,300	Georg Fischer AG*		557,492
	22,397	Julius Baer Group Ltd.		945,451
	30,674	Logitech International SA*		581,654
	32,600	Nestle SA		1,785,621
	63,105	Novartis AG		3,658,493
	15,000	Swiss Reinsurance Co. Ltd.		721,000
	1,320	Swisscom AG		551,448
	3,300	Verwaltungs-und Privat-Bank AG		358,488
	5,900	Zurich Financial Services AG		1,444,347

				12,709,657


		Turkey—0.5%
	157,300	Turkiye Garanti Bankasi A/S		965,064


		United Kingdom—20.1%
	145,400	ARM Holdings PLC		846,427
	35,400	AstraZeneca PLC		1,775,162
	115,600	Aviva PLC		737,411
	135,000	BAE Systems PLC		745,650
	147,900	Barclays PLC		650,771
	230,589	Beazley PLC		445,970
	58,700	BG Group PLC		1,143,280
	146,100	BP PLC		996,817
	49,513	British American Tobacco PLC		1,888,234
	81,011	British Sky Broadcasting Group PLC		917,098
	453,600	BT Group PLC		1,117,138
	77,470	Cairn Energy PLC*		479,036
	45,677	Carnival PLC		1,968,836
	48,200	Dairy Crest Group PLC		286,074
	83,300	Davis Service Group PLC		554,995
	74,300	Drax Group PLC		453,243
	199,200	DS Smith PLC		536,558
	72,900	GlaxoSmithKline PLC		1,426,274
	158,700	Home Retail Group PLC		556,905
	341,155	Kingfisher PLC		1,299,940
	399,100	Legal & General Group PLC		642,059
	253,100	Logica PLC		525,196
	90,420	Marston’s PLC		145,899
	22,700	NEXT PLC		831,135
	184,500	Northern Foods PLC		139,688
	418,700	Old Mutual PLC		871,509
	52,173	Pearson PLC		797,961
	26,814	Reckitt Benckiser Group PLC		1,499,931
	115,600	Rexam PLC		588,484
	73,212	Royal Dutch Shell PLC (Class B Stock)		2,344,478

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			95

International Equity Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)

		United Kingdom (continued)
	181,700	RSA Insurance Group PLC	$	381,405
	36,428	SABMiller PLC		1,181,132
	78,211	Smith & Nephew PLC		688,018
	65,351	Standard Chartered PLC		1,890,643
	65,600	Tate & Lyle PLC		527,676
	285,832	Tesco PLC		1,954,996
	114,300	Thomas Cook Group PLC		331,318
	97,000	Tullett Prebon PLC		615,498
	355,200	Vodafone Group PLC		966,715

				35,749,560


		United States—0.9%
	23,620	Southern Copper Corp.		1,010,936
	15,700	Thomson Reuters Corp.		599,583

				1,610,519

		TOTAL COMMON STOCKS (cost $163,149,714)		176,610,499


UNITS		RIGHTS*

		Belgium
	6,900	AGFA-Gevaert NV, expiring 11/04/10		2,314


		United Kingdom
	8,168	Standard Chartered PLC, NPR, expiring 11/05/10		68,778

		TOTAL RIGHTS (cost $0)		71,092

		TOTAL LONG-TERM INVESTMENTS (cost $163,149,714)		176,681,591


SHARES		SHORT-TERM INVESTMENT—0.6%

		AFFILIATED MONEY MARKET MUTUAL FUND
	993,198	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $993,198)(w)		993,198

		TOTAL INVESTMENTS—99.7% (cost $164,142,912; Note 5)		177,674,789
		Other assets in excess of liabilities(x)—0.3%		537,527

		NET ASSETS—100%	$	178,212,316

The following abbreviations are used in the Portfolio descriptions:

ADR—American Depositary Receipt

CVA—Certficate Van Aandelen

NPR—Nil Paid Rights

See Notes to Financial Statements.


96			THE TARGET PORTFOLIO TRUST

PRFC—Preference Shares

EUR—Euro

GBP—British Pound

MXN—Mexican Peso

SEK—Swedish Krona

*	Non-income producing security.

(w)	Prudential Investments LLC, the manager of the Fund also serves as manager of the Prudential Investment Portfolio 2—Prudential Core Taxable Money Market Fund.

(x)	Other assets in excess of liabilities includes net unrealized appreciation (depreciation) on forward foreign currency contracts as follows:

Forward foreign currency exchange contracts outstanding at October 31, 2010:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
British Pound,
Expiring 11/18/10	Morgan Stanley	GBP	1,944	$	2,997,455	$	3,115,000	$	117,545
Euro,
Expiring 11/03/10	UBS Securities	EUR	8		10,792		10,784		(8	)
Expiring 01/25/11	State Street Bank	EUR	3,292		4,477,594		4,576,710		99,116
Mexican Peso,
Expiring 11/30/10	State Street Bank	MXN	3,467		261,831		280,169		18,338
Swedish Krona,
Expiring 11/03/10	UBS Securities	SEK	33		4,929		4,929		—

				$	7,752,601	$	7,987,592	$	234,991


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
British Pound,
Expiring 11/03/10	UBS Securities	GBP	7	$	10,792	$	10,861	$	(69	)
Expiring 11/03/10	UBS Securities	GBP	3		4,929		4,913		16
Expiring 11/18/10	Morgan Stanley	GBP	1,036		1,506,049		1,659,795		(153,746	)
Expiring 11/18/10	Morgan Stanley	GBP	908		1,311,458		1,455,205		(143,747	)
Euro,
Expiring 01/25/11	State Street Bank	EUR	3,292		4,234,046		4,576,710		(342,664	)
Mexican Peso,
Expiring 11/30/10	State Street Bank	MXN	28,700		2,165,776		2,319,316		(153,540	)

				$	9,233,050	$	10,026,800	$	(793,750	)

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			97

International Equity Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2			Level 3
Investments in Securities
Common Stocks:
Australia	$	8,199,863	$	—		$	—
Austria		623,963		—			—
Belgium		1,293,896		—			—
Bermuda		765,111		—			—
Brazil		3,446,689		—			—
Canada		3,867,170		—			—
China		4,333,036		—			—
Denmark		3,872,619		—			—
Finland		1,050,439		—			—
France		18,029,298		—			—
Germany		15,790,098		—			—
Guernsey		783,567		—			—
Hong Kong		5,283,780		—			—
Ireland		905,128		—			—
Israel		2,700,287		—			—
Italy		4,547,197		—			—
Japan		27,545,728		—			—
Luxembourg		1,198,964		—			—
Mexico		2,676,954		—			—
Netherlands		5,899,153		—			—
New Zealand		530,128		—			—
Norway		823,346		—			—
Singapore		324,278		—			—
South Korea		1,305,159		—			—
Spain		6,188,043		—			—
Sweden		3,591,805		—			—
Switzerland		12,709,657		—			—
Turkey		965,064		—			—
United Kingdom		35,749,560		—			—
United States		1,610,519		—			—
Rights:
Belgium		2,314		—			—
United Kingdom		68,778		—			—
Affiliated Money Market Mutual Fund		993,198		—			—
Other Financial Instruments*
Forward foreign currency exchange contracts		—		(558,759	)		—

Total	$	177,674,789	$	(558,759	)	$	—

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

The Fair Value of Level 2 investments at 10/31/09 was $147,973,470. $129,806,173 was transferred out of Level 2 into Level 1 at 10/31/10 as a result of no longer using third-party vendor modeling tools due to the lack of significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

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

See Notes to Financial Statements.


98			THE TARGET PORTFOLIO TRUST

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2010 were as follows:


Commercial Banks	13.8	%
Oil & Gas	9.3
Pharmaceuticals	8.8
Insurance	7.2
Telecommunications	6.8
Food	5.3
Retail	4.1
Chemicals	3.5
Automobile Manufacturers	3.2
Diversified Financial Services	3.1
Media	2.2
Entertainment & Leisure	2.2
Electric	2.0
Mining	2.0
Machinery & Equipment	1.9
Distribution/Wholesale	1.8
Agriculture	1.7
Holding Companies—Diversified	1.5
Aerospace/Defense	1.5
Iron/Steel	1.5
Software	1.4
Transportation	1.3
Computers	1.2
Building Materials	1.0
Commercial Services	1.0
Household Products/ Wares	0.9
Auto Parts And Equipment	0.9
Healthcare—Services	0.9
Healthcare-Products	0.9
Beverages	0.8
Office Equipment	0.7
Cosmetics & Toiletries	0.7
Engineering/Construction	0.7
Forest & Paper Products	0.6
Affiliated Money Market Mutual Fund	0.6
Semiconductors	0.5
Advertising	0.5
Electronic Components & Equipment	0.3
Containers & Packaging	0.3
Electronics	0.3
Airlines	0.3
Miscellaneous Manufacturers	0.2
Building & Construction	0.1
Home Furnishings	0.1
Textiles	0.1

	99.7
Other assets in excess of liabilities	0.3

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			99


*Total Return Bond Portfolio*		Portfolio of Investments As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			LONG-TERM INVESTMENTS—105.7%

			ASSET-BACKED SECURITIES—2.7%
B3	$	206	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class A1, 144A 0.476%(c), 12/25/36	$	169,163
Ba1		2,000	Countrywide Asset-Backed Certificates, Series 2006-15, Class A2 5.683%(c), 10/25/46		1,912,566
AAA(d)	EUR	1,939	Magnolia Funding Ltd., Series 2010-1A, Class A1, 144A 3.00%, 04/20/17		2,693,069
Aaa		4,538	SLM Student Loan Trust, Series 2008-9, Class A 1.788%(c), 04/25/23		4,696,322
Caa2		508	Structured Asset Securities Corp., Series 2005-7XS, Class 2A1A 1.756%(c), 04/25/35		379,412

			TOTAL ASSET-BACKED SECURITIES (cost $9,683,281)		9,850,532


			BANK LOANS(c)(g)—0.3%
			Ford Motor Corp., Term B1
Baa3		27	3.01%, 11/29/13		26,547
Baa3		109	3.01%, 12/15/13		107,470
Baa3		128	3.04%, 12/15/13		126,416
Baa3		273	3.05%, 12/15/13		270,294
			TXU Corp., Term B3
B2		582	3.756%, 10/10/14		456,306
B2		2	3.789%, 10/10/14		1,179

			TOTAL BANK LOANS (cost $1,110,009)		988,212


			CONVERTIBLE BOND—0.3%

			Financial Services
A3		1,200	National City Corp., Sr. Unsec’d. Notes (cost $1,173,264) 4.00%, 02/01/11		1,204,500


			CORPORATE BONDS—30.0%

			Aerospace—0.1%
Baa2		200	Goodrich Corp., Sr. Unsec’d. Notes 6.29%, 07/01/16		239,590

See Notes to Financial Statements.


100			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Airlines—0.1%
NR	EUR	682	United Air Lines, Inc., Equipment Trust(g)(i) 10.85%, 02/19/15	$	317,308


			Automobile Manufacturers—0.4%
A3	$	1,000	Daimler Finance North America LLC, Gtd. Notes 7.75%, 01/18/11		1,014,389
A3		400	Gtd. Notes, MTN 5.75%, 09/08/11		416,416

					1,430,805


			Automotive Parts—0.3%
Baa2		1,100	Autozone, Inc., Sr. Unsec’d. Notes 6.95%, 06/15/16		1,324,331


			Computer Services & Software—0.4%
A2		1,200	Electronic Data Systems LLC, Sr. Unsec’d. Notes 6.00%, 08/01/13		1,362,658


			Construction—0.5%
B1		1,600	Pulte Group, Inc., Gtd. Notes 6.25%, 02/15/13		1,704,000


			Electronic Components
Aa2		100	General Electric Co., Sr. Unsec’d. Notes 5.25%, 12/06/17		112,587


			Financial—Bank & Trust—11.1%
A2		500	American Express Bank FSB, Sr. Unsec’d. Notes 5.50%, 04/16/13		545,288
A2		1,200	Bank of America Corp., Sr. Unsec’d. Notes 0.549%(c), 10/14/16		1,068,635
A2		800	7.625%, 06/01/19		936,527
A2		300	Sr. Unsec’d. Notes, MTN 5.65%, 05/01/18		315,745
Baa1		5,700	Barclays Bank PLC, Sub. Notes, 144A (United Kingdom) 6.05%, 12/04/17		6,238,262
A3		6,300	Citigroup, Inc., Sr. Unsec’d. Notes 5.50%, 04/11/13		6,820,821

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			101

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Financial—Bank & Trust (continued)
A1	$	2,600	Export-Import Bank of Korea, Sr. Unsec’d. Notes (South Korea) 8.125%, 01/21/14	$	3,056,932
Aaa	EUR	600	Fortis Bank Nederland NV, Gov’t. Liquid Gtd. Notes, MTN (Netherlands) 1.249%(c), 06/10/11		834,058
A1		300	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes 6.15%, 04/01/18		335,925
A1		1,100	6.25%, 09/01/17		1,243,029
A1		400	Sr. Unsec’d. Notes, MTN 0.688%(c), 07/22/15		378,214
A1		1,900	HSBC Bank USA NA, Sub. Notes 4.875%, 08/24/20		1,974,062
Aa3		400	JPMorgan Chase & Co., Sr. Unsec’d. Notes 4.25%, 10/15/20		402,918
NR		3,500	Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN(i) 5.625%, 01/24/13		783,125
A1		900	6.875%, 05/02/18		205,875
Aa3		3,000	Lloyds TSB Bank PLC, (United Kingdom) Bank Gtd. Notes, 144A, MTN 4.375%, 01/12/15		3,145,299
Aaa	EUR	400	Gov’t. Liquid Gtd. Notes, MTN 1.031%(c), 06/09/11		557,379
Ba1		3,100	Jr. Sub. Notes, 144A 12.00%(c), 12/29/49		3,693,970
Aa3		5,100	Royal Bank of Scotland PLC (The), Gtd. Notes (United Kingdom) 5.625%, 08/24/20		5,366,965
Aa3		3,300	UBS AG, Sr. Unsec’d. Notes, MTN (Switzerland) 1.439%(c), 02/23/12		3,326,017

					41,229,046


			Financial Services—7.6%
B3		3,600	Ally Financial, Inc., Gtd. Notes, 144A 8.00%, 03/15/20		3,978,000
B3		100	Sr. Unsec’d. Notes 8.00%, 11/01/31		108,823

See Notes to Financial Statements.


102			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Financial Services (continued)
B3	$	100	American General Finance Corp., Sr. Unsec’d. Notes, MTN 5.40%, 12/01/15	$	81,250
Aa2		700	ANZ National International Ltd., Bank Gtd. Notes, 144A (New Zealand) 6.20%, 07/19/13		782,640
A3		400	CitiFinancial, Inc., Sr. Unsec’d. Notes 6.625%, 06/01/15		445,598
Ba3		800	El Paso Performance-Linked Trust, Sr. Unsec’d. Notes, 144A 7.75%, 07/15/11		828,354
Ba2		2,000	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 5.625%, 09/15/15		2,121,690
Ba2		1,100	7.00%, 10/01/13		1,199,849
Aa2		1,700	General Electric Capital Corp., Sr. Unsec’d. Notes, MTN 0.591%(c), 06/20/14		1,613,412
Aa2		400	5.875%, 01/14/38		406,795
Aa1	GBP	400	Sub. Notes, 144A 6.50%(c), 09/15/67		596,077
Ba3		1,900	International Lease Finance Corp., Sr. Sec’d. Notes, 144A 7.125%, 09/01/18		2,090,000
B1	EUR	1,300	Sr. Unsec’d. Notes 1.274%(c), 08/15/11		1,750,161
A2	EUR	1,200	Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN 6.75%, 05/21/13		1,783,701
A2		1,800	Morgan Stanley, Sr. Unsec’d. Notes, MTN 5.75%, 10/18/16		1,966,282
A2		3,200	6.625%, 04/01/18		3,594,339
Baa1		4,200	Pearson Dollar Finance PLC, Gtd. Notes, 144A (United Kingdom) 5.70%, 06/01/14		4,702,564

					28,049,535


			Hotels & Motels —0.8%
Baa2		2,600	Hyatt Hotels Corp., Sr. Unsec’d. Notes, 144A 5.75%, 08/15/15		2,813,769


			Insurance—1.3%
A3		2,300	American International Group, Inc., Sr. Unsec’d. Notes 8.25%, 08/15/18		2,745,625

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			103

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Insurance (continued)
A3	EUR	600	Sr. Unsec’d. Notes, MTN 1.168%(c), 07/19/13	$	772,717
A3	$	1,400	5.85%, 01/16/18		1,480,500

					4,998,842


			Metals & Mining—1.0%
BBB-(d)		3,600	Gerdau Trade, Inc., Gtd. Notes, 144A (British Virgin Islands) 5.75%, 01/30/21		3,730,500


			Oil, Gas & Consumable Fuels—0.4%
Baa2		1,300	Suncor Energy, Inc., Sr. Unsec’d. Notes (Canada) 6.85%, 06/01/39		1,552,746


			Paper & Forest Products—1.1%
Baa3		3,600	International Paper Co., Sr. Unsec’d. Notes 5.25%, 04/01/16		3,956,213


			Pharmaceuticals—0.4%
Baa3		1,200	Cardinal Health, Inc., Sr. Unsec’d. Notes 6.00%, 06/15/17		1,363,330


			Pipelines—0.1%
Ba3		300	El Paso Corp., Notes, MTN 7.80%, 08/01/31		320,972


			Printing & Publishing—0.3%
Baa3		1,000	Donnelley (R.R.) & Sons Co., Sr. Unsec’d. Notes 6.125%, 01/15/17		1,051,357


			Retail & Merchandising—0.5%
Ba3		1,900	Limited Brands, Inc., Sr. Unsec’d. Notes 6.90%, 07/15/17		2,061,500


			Telecommunications—1.9%
Baa3		1,600	Embarq Corp., Sr. Unsec’d. Notes 6.738%, 06/01/13		1,757,569
Baa3		1,000	7.082%, 06/01/16		1,141,837

See Notes to Financial Statements.


104			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Telecommunications (continued)
Baa3	EUR	1,500	Qwest Corp., Sr. Unsec’d. Notes 7.625%, 06/15/15	$	1,728,750
Ba3	$	1,300	Sprint Capital Corp., Gtd. Notes 7.625%, 01/30/11		1,316,250
Ba3		1,000	8.375%, 03/15/12		1,068,750

					7,013,156


			Tobacco—0.4%
Baa1		400	Altria Group, Inc., Gtd. Notes 9.70%, 11/10/18		551,774
Baa3		750	Reynolds American, Inc., Gtd. Notes 7.625%, 06/01/16		882,861

					1,434,635


			Transportation—0.5%
Baa3		1,600	CSX Corp., Sr. Unsec’d. Notes 6.25%, 03/15/18		1,895,384


			Utilities—0.8%
Baa1		2,500	Ameren Illinois Co., Sr. Sec’d. Notes 6.25%, 04/01/18		2,863,824

			TOTAL CORPORATE BONDS (cost $105,615,633)		110,826,088


			FOREIGN GOVERNMENT BONDS—5.5%
Aaa	AUD	7,000	Australia Government, Sr. Unsec’d. Notes (Australia) 4.75%, 06/15/16		6,750,206
Aaa	AUD	2,100	6.00%, 02/15/17		2,153,771
Aaa	CAD	9,900	Canadian Government, Notes (Canada) 1.50%, 03/01/12		9,735,275
Ba2	BRL	2,200	Republic of Brazil, Sr. Unsec’d. Notes (Brazil) 12.50%, 01/05/22		1,563,019

			TOTAL FOREIGN GOVERNMENT BONDS (cost $18,884,975)		20,202,271

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			105

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			MUNICIPAL BONDS—4.6%

			California—0.1%
Aa1	BRL	600	East Bay Municipal Utility District Water System, Revenue Bonds 5.874%, 06/01/40	$	638,052


			Illinois—2.1%
Aa3	$	700	Chicago Transit Authority, Series A, Revenue Bonds 6.899%, 12/01/40		728,819
Aa3		800	Chicago Transit Authority, Series B, Revenue Bonds 6.899%, 12/01/40		832,936
A1		1,400	State of Illinois, General Obligation Unlimited 1.823%, 01/01/11		1,401,638
A1		4,700	2.766%, 01/01/12		4,736,190

					7,699,583


			Kentucky—1.0%
Aa2		800	Kentucky State Property & Building Commission, Revenue Bonds 4.303%, 11/01/19		798,192
Aa2		1,000	4.403%, 11/01/20		996,840
Aa2		1,900	5.373%, 11/01/25		1,900,399

					3,695,431


			New York—1.4%
Aa1		1,400	New York City Transitional Finance Authority, Revenue Bonds 4.725%, 11/01/23		1,392,552
Aa1		1,100	4.905%, 11/01/24		1,092,839
Aa1		1,100	5.075%, 11/01/25		1,092,619
Aa2		1,500	New York City Trust For Cultural Resources, Revenue Bonds 5.125%, 07/01/31		1,569,705

					5,147,715

			TOTAL MUNICIPAL BONDS (cost $16,948,190)		17,180,781


			RESIDENTIAL MORTGAGE-BACKED SECURITIES—2.7%
Ba2		1,129	American Home Mortgage Assets, Series 2006-1, Class 2A1 0.446%(c), 05/25/46		617,570

See Notes to Financial Statements.


106			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
AAA(d)	$	1	American Housing Trust, Series I, Class 5 8.625%, 08/25/18	$	1,214
Aaa		36	Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A1 5.662%(c), 02/25/33		35,808
Caa2		1,305	Series 2005-4, Class 3A1 5.247%(c), 08/25/35		1,169,776
CCC(d)		1,110	Series 2007-3, Class 1A1 5.347%(c), 05/25/47		849,108
Caa1		300	Bear Stearns Alt-A Trust, Series 2005-4, Class 23A2 2.879%(c), 05/25/35		255,830
B3		409	Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2 2.56%(c), 08/25/35		366,294
CCC(d)		1,115	Series 2007-10, Class 22AA 5.851%(c), 09/25/37		830,615
Caa3		1,212	Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1A 0.466%(c), 07/20/46		552,259
Caa1		1,242	Series 2006-OA17, Class 1A1A 0.451%(c), 12/20/46		606,028
Aaa		567	FHLMC Structured Pass-Through Securities, Series T-61, Class 1A1 1.77%(c), 07/25/44		570,162
B(d)		1,346	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1 3.122%(c), 10/25/33		1,154,037
AAA(d)		3	Indymac Adjustable Rate Mortgage Trust, Series 2001-H2, Class A1 1.928%(c), 01/25/32		2,276
B2		276	Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A 0.466%(c), 02/25/36		208,725
AAA(d)		23	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1 6.50%, 03/25/32		23,314
Aaa		1,121	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-R1, Class A1 0.796%(c), 12/25/27		986,350
AAA(d)		1,149	Series 2003-R1, Class X, 144A, IO 12.017%(s), 12/25/27		63,176
B3		996	Series 2007-OA2, Class 1A 1.053%(c), 03/25/47		614,037

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			107

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
A(d)	$	1,267	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR2, Class 2A1 4.339%(c), 03/25/36	$	1,123,684

			TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $10,232,127)		10,030,263


			U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS—40.3%
			Federal Home Loan Mortgage Corp.
		25	2.843%(c), 01/01/24		25,823
		22	3.005%(c), 09/01/35		22,606
		8,022	5.50%, 06/01/31-02/01/40		8,603,699
		24	7.50%, 09/01/16-07/01/17		27,399
			Federal National Mortgage Assoc.
		85	2.03%(c), 01/01/20		87,893
		197	2.653%(c), 12/01/34		203,072
		63	3.907%(c), 05/01/36		63,502
		21,684	4.00%, 08/01/40-10/01/40		22,376,317
		19,000	4.00%, TBA		19,587,822
		14,000	4.00%, TBA		14,665,000
		31,929	4.50%, 02/01/39-08/01/40		33,547,201
		25,000	4.50%, TBA		26,242,200
		7,000	4.50%, TBA		7,402,500
		11,000	5.00%, TBA		11,690,932
		1,191	5.50%, 07/01/32-04/01/36		1,279,238
		2,000	5.50%, TBA		2,147,188
			Government National Mortgage Assoc.
		76	3.125%, 10/20/26-11/20/29		78,539
		75	3.375%, 02/20/17-02/20/26		77,818
		53	3.625%, 07/20/22-07/20/27		54,904
		1,000	5.00%, TBA		1,072,500
		44	8.50%, 06/15/30-08/20/30		53,450

			TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (cost $148,459,773)		149,309,603


			U.S. TREASURY OBLIGATIONS—19.3%
			U.S. Treasury Bonds
		200	3.875%, 08/15/40		195,750
		6,300	4.25%, 05/15/39(k)		6,575,625
		7,200	4.375%, 02/15/38-05/15/40		7,671,055
		200	4.625%, 02/15/40		221,938
		600	5.50%, 08/15/28		755,437
		2,800	6.125%, 11/15/27		3,760,750
		2,700	6.25%, 08/15/23		3,609,563
		5,300	7.25%, 08/15/22		7,607,154

See Notes to Financial Statements.


108			THE TARGET PORTFOLIO TRUST


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. TREASURY OBLIGATIONS (continued)
$	4,200	7.50%, 11/15/24	$	6,259,970
	1,700	7.625%, 11/15/22		2,510,155
	4,900	8.125%, 05/15/21		7,334,688
	200	8.50%, 02/15/20		300,062
	400	8.875%, 02/15/19		602,156
		U.S. Treasury Inflationary Indexed Bonds, TIPS
	12,900	1.25%, 07/15/20(h)		13,866,095
		U.S. Treasury Notes
	200	2.375%, 08/31/14		211,953
	8,500	2.50%, 04/30/15(h)		9,055,823
	100	2.75%, 02/15/19		103,570
	600	3.125%, 05/15/19		636,281

		TOTAL U.S. TREASURY OBLIGATIONS (cost $67,076,338)		71,278,025

		TOTAL LONG-TERM INVESTMENTS (cost $379,183,590)		390,870,275


		SHORT-TERM INVESTMENTS—18.6%

		REPURCHASE AGREEMENTS(m)—18.5%
	31,600	Barclays Capital, Inc., 0.23%, dated 10/29/10, due 11/01/10 in the amount of $31,600,606.		31,600,000
	37,000	Credit Suisse Securities (USA) LLC, 0.23%, dated 10/29/10, due 11/01/10 in the amount of $37,000,709.		37,000,000

		TOTAL REPURCHASE AGREEMENTS (cost $68,600,000)		68,600,000

SHARES
		AFFILIATED MONEY MARKET MUTUAL FUND—0.1%
	364,739	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (Note 3) (cost $364,739)(w)		364,739

PRINCIPAL AMOUNT (000)#
		U.S. TREASURY OBLIGATION
$	170	U.S. Treasury Bills(h)(n) (cost $169,932) 0.217%, 01/13/11		169,962

		TOTAL SHORT-TERM INVESTMENTS (cost $69,134,671)		69,134,701

		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—124.3% (cost $448,318,261; Note 5)		460,004,976

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			109

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


NOTIONAL AMOUNTS (000)#		DESCRIPTION		COUNTERPARTY	VALUE (NOTE 1)
		OPTIONS WRITTEN—(0.4)%

		Call Options—(0.4)%
$	2,000	90 Day Euro Dollar, expiring 12/13/10, Strike Price $99.50			$	(950	)
	2,700	5 Year CDX North American IG 14, expiring 12/15/10, Strike Price $0.90		Credit Suisse First Boston Corp.		(7,809	)
	5,300	expiring 12/15/10, Strike Price $0.90		Morgan Stanley		(18,242	)
	1,400	expiring 12/15/10, Strike Price $0.90		UBS Securities		(6,792	)
	1,300	5 Year CDX North American IG 15, expiring 03/16/11, Strike Price $0.90		Morgan Stanley		(5,755	)
EUR	7,200	5 Year iTraxx Europe Series 13, expiring 12/15/10, Strike Price $0.90		Morgan Stanley		(24,342	)
	25,500	Currency Option on Swap Options, expiring 11/14/11, Strike Price $1.09		Morgan Stanley		(267,419	)
	12,300	Interest Rate Swap Options, Pay a fixed rate of 3.25% and receive a floating rate based on 3-month LIBOR, expiring 01/24/11		Citigroup Global Markets		(569,597	)
	12,600	Pay a fixed rate of 3.25% and receive a floating rate based on 3-month LIBOR, expiring 01/24/11		Deutsche Bank		(583,490	)

						(1,484,396	)
			��

		Put Options
	2,000	90 Day Euro Dollar, expiring 12/13/10, Strike Price $99.50				(75	)
	2,700	5 Year CDX North American IG 14, expiring 12/15/10, Strike Price $1.50		Credit Suisse First Boston Corp.		(303	)
	5,300	expiring 12/15/10, Strike Price $1.50		Morgan Stanley		(669	)
	1,400	expiring 12/15/10, Strike Price $1.50		UBS Securities		—
	3,300	5 Year CDX North American IG 15, expiring 12/15/10, Strike Price $1.20		Barclays Capital Group		(3,807	)
	14,700	expiring 12/15/10, Strike Price $1.20		Morgan Stanley		(17,044	)
	1,300	expiring 03/16/11, Strike Price $1.50		Morgan Stanley		(2,776	)
EUR	7,200	5 Year iTraxx Europe Series 13, expiring 12/15/10, Strike Price $1.60		Morgan Stanley		(2,820	)
	11,800	Interest Rate Swap Options, Receive a fixed rate of 4.00% and pay a floating rate based on 3-month LIBOR, expiring 12/01/10		Morgan Stanley		(1	)
	12,300	Receive a fixed rate of 5.00% and pay a floating rate based on 3-month LIBOR, expiring 01/24/11		Citigroup Global Markets		(140	)
	12,600	Receive a fixed rate of 5.00% and pay a floating rate based on 3-month LIBOR, expiring 01/24/11		Deutsche Bank		(144	)

See Notes to Financial Statements.


110			THE TARGET PORTFOLIO TRUST


NOTIONAL AMOUNTS (000)#		DESCRIPTION	COUNTERPARTY	VALUE (NOTE 1)
		OPTIONS WRITTEN (continued)
EUR	3,500	Receive a fixed rate of 2.75% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank	$	(14,892	)
$	4,300	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Bank of America		(14,264	)
	5,200	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Barclays Capital Group		(17,249	)
	4,600	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Citigroup Global Markets		(15,259	)
	600	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank		(1,990	)
	200	Receive a fixed rate of 10.00% and pay a floating rate based on 3-month LIBOR, expiring 07/10/12	Barclays Capital Group		(44	)
	100	Receive a fixed rate of 10.00% and pay a floating rate based on 3-month LIBOR, expiring 07/10/12	Credit Suisse First Boston Corp.		(22	)
	4,700	Receive a fixed rate of 10.00% and pay a floating rate based on 3-month LIBOR, expiring 07/10/12	Morgan Stanley		(1,041	)
	6,700	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Bank of America		(28,942	)
	6,100	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Citigroup Global Markets		(26,351	)
	3,900	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Morgan Stanley		(16,847	)
	2,600	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	UBS Securities		(11,231	)

					(175,911	)

		TOTAL OPTIONS WRITTEN (premiums received $1,305,138)			(1,660,307	)

		TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—123.9% (cost $447,013,123; Note 5)			458,344,669
		Other liabilities in excess of other assets(x)—(23.9)%			(88,393,401	)

		NET ASSETS—100%		$	369,951,268

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.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			111

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

CDX—Credit Derivative Index

FHLMC—Federal Home Loan Mortgage Corp.

FSB—Federal Saving Bank

IO—Interest Only

MTN—Medium Term Note

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

TBA—To Be Announced

TIPS—Treasury Inflation Protected Securities

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan

EUR—Euro

GBP—British Pound

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MYR—Malaysian Ringgit

SGD—Singapore Dollar

TWD—New Taiwanese Dollar

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

†	The ratings reflected are as of October 31, 2010. Ratings of certain bonds may have changed subsequent to that date.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2010.

(d)	Standard & Poor’s rating.

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

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

(i)	Represents issuer in default on interest payments. Non-income producing security.

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

(m)	Repurchase agreement is collateralized by United States Treasuries.

(n)	Rate shown is the effective yield at purchase date.

(s)	Represents zero coupon bond or step coupon bond. Rate quoted represents effective yield at October 31, 2010.

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

(x)	Other liabilities in excess of other assets includes net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts, interest rate and credit default swaps as follows:

Futures contracts open at October 31, 2010:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at October 31, 2010		Unrealized Depreciation
	Long Positions:
	72	90 Day Euro EURIBOR		Jun. 2011	$	24,749,822	$	24,716,836	$	(32,986	)
	47	2 Year Euro-Schatz		Dec. 2010		7,168,325		7,118,784		(49,541	)
	22	5 Year Euro-Bobl		Dec. 2010		3,706,524		3,663,350		(43,174	)
	45	10 Year Euro-Bund		Dec. 2010		8,252,933		8,093,849		(159,084	)

									$	(284,785	)

See Notes to Financial Statements.


112			THE TARGET PORTFOLIO TRUST

Forward foreign currency exchange contracts outstanding at October 31, 2010:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)⁽¹⁾
Brazilian Real,
Expiring 12/02/10	Citigroup Global Markets	BRL	1,384	$	826,822	$	808,082	$	(18,740	)
Canadian Dollar,
Expiring 11/18/10	Barclays Capital Group	CAD	1,011		983,037		990,821		7,784
Expiring 11/18/10	UBS Securities	CAD	315		306,003		308,712		2,709
Chinese Yuan,
Expiring 11/17/10	Deutsche Bank	CNY	10,657		1,605,653		1,598,071		(7,582	)
Expiring 11/17/10	Goldman Sachs & Co.	CNY	7,713		1,163,000		1,156,636		(6,364	)
Expiring 11/23/10	Bank of America	CNY	21,412		3,220,275		3,211,215		(9,060	)
Expiring 11/23/10	Barclays Capital Group	CNY	782		118,000		117,323		(677	)
Expiring 01/10/11	JPMorgan Chase	CNY	1,677		251,000		252,052		1,052
Expiring 04/07/11	JPMorgan Chase	CNY	4,875		735,000		737,038		2,038
Expiring 04/28/11	Citigroup Global Markets	CNY	1,296		196,000		196,292		292
Expiring 04/28/11	JPMorgan Chase	CNY	1,555		235,000		235,386		386
Expiring 06/15/11	Hong Kong & Shanghai Bank	CNY	2,986		449,000		453,406		4,406
Expiring 09/14/11	Citigroup Global Markets	CNY	1,248		188,000		190,631		2,631
Expiring 09/14/11	Royal Bank of Scotland	CNY	776		117,000		118,459		1,459
Expiring 09/14/11	UBS Securities	CNY	1,863		281,000		284,503		3,503
Expiring 11/04/11	Deutsche Bank	CNY	2,943		461,000		451,067		(9,933	)
Expiring 11/15/11	Deutsche Bank	CNY	2,589		391,000		397,184		6,184
Expiring 02/13/12	Barclays Capital Group	CNY	7,579		1,178,220		1,172,557		(5,663	)
Expiring 02/13/12	Barclays Capital Group	CNY	3,197		495,753		494,521		(1,232	)
Expiring 02/13/12	Citigroup Global Markets	CNY	6,222		968,274		962,571		(5,703	)
Expiring 02/13/12	Citigroup Global Markets	CNY	4,379		680,286		677,490		(2,796	)
Expiring 02/13/12	Citigroup Global Markets	CNY	3,046		472,412		471,165		(1,247	)
Expiring 02/13/12	Deutsche Bank	CNY	3,029		470,186		468,653		(1,533	)
Expiring 02/13/12	Deutsche Bank	CNY	2,916		452,501		451,061		(1,440	)
Expiring 02/13/12	JPMorgan Chase	CNY	3,691		574,000		571,063		(2,937	)
Expiring 02/13/12	JPMorgan Chase	CNY	3,084		478,654		477,131		(1,523	)
Expiring 02/13/12	UBS Securities	CNY	2,435		378,083		376,646		(1,437	)
Euro,
Expiring 11/23/10	Barclays Capital Group	EUR	648		858,091		901,631		43,540
Indian Rupee,
Expiring 01/12/11	Barclays Capital Group	INR	6,295		134,000		139,620		5,620
Expiring 01/12/11	Hong Kong & Shanghai Bank	INR	33,095		704,000		733,998		29,998
Expiring 01/12/11	Morgan Stanley	INR	11,322		241,000		251,109		10,109
New Taiwanese Dollar,
Expiring 01/14/11	Deutsche Bank	TWD	10,247		331,243		335,096		3,853
Expiring 01/14/11	Deutsche Bank	TWD	3,121		99,135		102,055		2,920
Expiring 01/14/11	JPMorgan Chase	TWD	8,184		259,151		267,632		8,481
Expiring 01/14/11	Morgan Stanley	TWD	12,599		400,923		412,011		11,088
Expiring 01/14/11	UBS Securities	TWD	6,823		215,271		223,125		7,854
Singapore Dollar,
Expiring 11/12/10	Citigroup Global Markets	SGD	646		490,000		498,751		8,751
Expiring 11/12/10	Credit Suisse First Boston Corp.	SGD	447		340,000		345,573		5,573
Expiring 11/12/10	Credit Suisse First Boston Corp.	SGD	34		26,000		26,458		458
Expiring 11/12/10	Hong Kong & Shanghai Bank	SGD	632		480,000		488,053		8,053
Expiring 11/12/10	Royal Bank of Scotland	SGD	632		480,000		488,572		8,572
Expiring 06/09/11	Deutsche Bank	SGD	1,540		1,180,420		1,189,916		9,496
Expiring 06/09/11	Deutsche Bank	SGD	851		654,118		657,601		3,483

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			113

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

Forward foreign currency exchange contracts outstanding at October 31, 2010 (continued):


Purchase Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)⁽¹⁾
South Korean Won,
Expiring 11/12/10	Barclays Capital Group	KRW	488,418	$	396,186	$	433,783	$	37,597
Expiring 11/12/10	Barclays Capital Group	KRW	423,990		357,104		376,562		19,458
Expiring 11/12/10	Barclays Capital Group	KRW	117,820		100,000		104,640		4,640
Expiring 11/12/10	Barclays Capital Group	KRW	117,640		100,000		104,481		4,481
Expiring 11/12/10	Citigroup Global Markets	KRW	898,930		747,116		798,375		51,259
Expiring 11/12/10	Citigroup Global Markets	KRW	163,695		140,000		145,384		5,384
Expiring 11/12/10	Citigroup Global Markets	KRW	163,464		140,000		145,179		5,179
Expiring 11/12/10	Citigroup Global Markets	KRW	162,666		140,000		144,470		4,470
Expiring 11/12/10	Citigroup Global Markets	KRW	161,658		140,000		143,575		3,575
Expiring 11/12/10	Citigroup Global Markets	KRW	81,746		70,000		72,602		2,602
Expiring 11/12/10	Citigroup Global Markets	KRW	81,130		70,000		72,055		2,055
Expiring 11/12/10	Citigroup Global Markets	KRW	58,450		50,000		51,912		1,912
Expiring 11/12/10	Deutsche Bank	KRW	151,138		130,000		134,231		4,231
Expiring 11/12/10	Deutsche Bank	KRW	69,810		60,000		62,001		2,001
Expiring 11/12/10	Goldman Sachs & Co.	KRW	82,110		70,000		72,925		2,925
Expiring 11/12/10	JPMorgan Chase	KRW	297,895		260,000		264,572		4,572
Expiring 11/12/10	JPMorgan Chase	KRW	163,779		140,000		145,459		5,459
Expiring 11/12/10	JPMorgan Chase	KRW	125,262		106,001		111,250		5,249
Expiring 11/12/10	Morgan Stanley	KRW	310,797		270,000		276,031		6,031
Expiring 11/12/10	Royal Bank of Scotland	KRW	409,380		336,205		363,586		27,381
Expiring 11/12/10	Royal Bank of Scotland	KRW	10,458		9,000		9,288		288
Expiring 11/12/10	UBS Securities	KRW	906,705		799,000		805,280		6,280
Expiring 01/19/11	Hong Kong & Shanghai Bank	KRW	1,066,572		954,000		944,680		(9,320	)
Expiring 01/19/11	Morgan Stanley	KRW	1,252,384		1,120,000		1,109,257		(10,743	)
Expiring 01/19/11	Morgan Stanley	KRW	185,638		166,000		164,422		(1,578	)
Expiring 05/09/11	Barclays Capital Group	KRW	188,400		167,720		166,587		(1,133	)
Expiring 05/09/11	Citigroup Global Markets	KRW	729,700		646,038		645,217		(821	)
Expiring 05/09/11	Citigroup Global Markets	KRW	657,000		585,666		580,934		(4,732	)
Expiring 05/09/11	Citigroup Global Markets	KRW	450,000		401,785		397,900		(3,885	)
Expiring 05/09/11	Goldman Sachs & Co.	KRW	151,857		133,818		134,275		457
Expiring 05/09/11	Hong Kong & Shanghai Bank	KRW	355,000		316,230		313,899		(2,331	)
Expiring 05/09/11	JPMorgan Chase	KRW	819,900		722,995		724,974		1,979
Expiring 05/09/11	Royal Bank of Scotland	KRW	713,000		630,221		630,451		230

				$	35,043,596	$	35,341,174	$	297,578


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)⁽¹⁾
Australian Dollar,
Expiring 12/03/10	Deutsche Bank	AUD	9,358	$	9,175,968	$	9,127,788	$	48,180
Brazilian Real,
Expiring 12/02/10	Hong Kong & Shanghai Bank	BRL	1,384		771,028		808,082		(37,054	)
Expiring 03/02/11	Citigroup Global Markets	BRL	1,384		811,356		793,725		17,631

See Notes to Financial Statements.


114			THE TARGET PORTFOLIO TRUST

Forward foreign currency exchange contracts outstanding at October 31, 2010 (continued):


Sale Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)⁽¹⁾
British Pound,
Expiring 12/20/10	UBS Securities	GBP	1,952	$	3,040,855	$	3,126,474	$	(85,619	)
Canadian Dollar,
Expiring 11/18/10	Royal Bank of Scotland	CAD	9,870		9,641,214		9,673,000		(31,786	)
Chinese Yuan,
Expiring 11/17/10	Barclays Capital Group	CNY	7,579		1,130,929		1,136,612		(5,683	)
Expiring 11/17/10	Barclays Capital Group	CNY	4,568		680,286		685,031		(4,745	)
Expiring 11/17/10	Citigroup Global Markets	CNY	6,222		929,230		933,064		(3,834	)
Expiring 11/23/10	Barclays Capital Group	CNY	3,329		495,753		499,332		(3,579	)
Expiring 11/23/10	Citigroup Global Markets	CNY	3,172		472,412		475,759		(3,347	)
Expiring 11/23/10	Deutsche Bank	CNY	3,157		470,186		473,517		(3,331	)
Expiring 11/23/10	Deutsche Bank	CNY	3,040		452,501		455,911		(3,410	)
Expiring 11/23/10	JPMorgan Chase	CNY	3,845		574,000		576,689		(2,689	)
Expiring 11/23/10	JPMorgan Chase	CNY	3,215		478,654		482,189		(3,535	)
Expiring 11/23/10	UBS Securities	CNY	2,435		362,059		365,140		(3,081	)
Euro,
Expiring 11/23/10	Credit Suisse First Boston Corp.	EUR	224		308,679		311,675		(2,996	)
Expiring 11/23/10	Deutsche Bank	EUR	8,384		10,736,802		11,665,548		(928,746	)
Expiring 11/23/10	JPMorgan Chase	EUR	90		114,541		125,227		(10,686	)
Indian Rupee,
Expiring 03/09/11	Barclays Capital Group	INR	139		3,000		3,056		(56	)
Expiring 03/09/11	UBS Securities	INR	480		10,359		10,552		(193	)
Japanese Yen,
Expiring 12/06/10	Royal Bank of Scotland	JPY	79,120		970,351		983,555		(13,204	)
Expiring 12/06/10	Royal Bank of Scotland	JPY	23,951		286,578		297,739		(11,161	)
Malaysian Ringgit,
Expiring 02/07/11	Deutsche Bank	MYR	17		5,559		5,507		52
Singapore Dollar,
Expiring 11/12/10	Deutsche Bank	SGD	1,540		1,180,258		1,189,845		(9,587	)
Expiring 11/12/10	Deutsche Bank	SGD	851		654,017		657,561		(3,544	)
South Korean Won,
Expiring 11/12/10	Barclays Capital Group	KRW	312,327		263,790		277,390		(13,600	)
Expiring 11/12/10	Barclays Capital Group	KRW	188,400		168,259		167,325		934
Expiring 11/12/10	Citigroup Global Markets	KRW	729,700		647,701		648,075		(374	)
Expiring 11/12/10	Citigroup Global Markets	KRW	657,000		588,446		583,507		4,939
Expiring 11/12/10	Citigroup Global Markets	KRW	450,000		402,865		399,663		3,202
Expiring 11/12/10	Citigroup Global Markets	KRW	304,840		257,629		270,740		(13,111	)
Expiring 11/12/10	Goldman Sachs & Co.	KRW	151,857		134,315		134,870		(555	)
Expiring 11/12/10	Hong Kong & Shanghai Bank	KRW	355,000		317,673		315,289		2,384
Expiring 11/12/10	JPMorgan Chase	KRW	819,900		724,293		728,185		(3,892	)
Expiring 11/12/10	Royal Bank of Scotland	KRW	713,000		632,541		633,243		(702	)
Expiring 11/12/10	Royal Bank of Scotland	KRW	305,263		258,194		271,116		(12,922	)
Expiring 11/12/10	Royal Bank of Scotland	KRW	229,847		195,000		204,136		(9,136	)
Expiring 11/12/10	Royal Bank of Scotland		KRW 229,808		195,000		204,101		(9,101	)

				$	48,542,281	$	49,700,218	$	(1,157,937	)

⁽¹⁾	Cash of $950,000 has been segregated to cover requirements for open forward foreign currency exchange contracts at October 31, 2010.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			115

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

Interest rate swap agreements outstanding at October 31, 2010:


Counterparty	Termination Date		Notional Amount (000)		Fixed Rate			Floating Rate		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Citigroup(2)		11/02/15	$	8,200		1.60	%		3 Month LIBOR	$	(70,724	)	$	(21,320	)	$	(49,404	)
Barclays Bank PLC(1)		12/15/17	AUD	1,900		5.50	%		6 month Australian Bank Bill rate		(13,325	)		(9,433	)		(3,892	)
Deutsche Bank(1)		12/15/17	AUD	1,200		5.50	%		6 month Australian Bank Bill rate		(8,416	)		(5,303	)		(3,113	)
Barclays Bank PLC(1)		01/02/14	BRL	8,700		11.99	%		Brazilian interbank lending rate		74,639			2,366			72,273
Barclays Bank PLC(1)		01/02/13	BRL	9,300		11.91	%		Brazilian interbank lending rate		67,627			38,322			29,305
Credit Suisse International(1)		01/02/13	BRL	2,000		12.48	%		Brazilian interbank lending rate		21,987			(352	)		22,339
Goldman Sachs & Co.(1)		01/02/13	BRL	700		11.93	%		Brazilian interbank lending rate		5,668			(1,565	)		7,233
Goldman Sachs & Co.(1)		01/02/14	BRL	11,200		11.96	%		Brazilian interbank lending rate		91,986			(5,475	)		97,461
Morgan Stanley & Co.(1)		01/02/13	BRL	800		12.59	%		Brazilian interbank lending rate		9,768			929			8,839
Merrill Lynch & Co.(1)		01/02/14	BRL	19,600		11.86	%		Brazilian interbank lending rate		65,453			16,338			49,115
UBS AG(1)		01/02/12	BRL	6,600		10.58	%		Brazilian interbank lending rate		(47,364	)		(48,916	)		1,552
UBS AG(1)		01/02/12	BRL	900		11.02	%		Brazilian interbank lending rate		7,575			—			7,575

										$	204,874		$	(34,409	)	$	239,283

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

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

Credit default swap agreements outstanding at October 31, 2010:


Counterparty	Termination Date		Notional Amount (000)(2)#		Fixed Rate	Reference Entity/Obligation	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Credit default swaps—Buy Protection(1):
Deutsche Bank		06/20/16	$	1,100	0.72%	AutoZone, Inc., 6.95%, due 06/15/16	$	919		$	—	$	919
UBS AG		06/20/17		1,200	0.56%	Cardinal Health, Inc., 6.00%, due 06/15/17		30,094			—		30,094
Barclays Bank PLC		06/20/15		400	0.15%	CitiFinancial, 6.625%, 06/01/15		22,180			—		22,180
Goldman Sachs & Co.		03/20/18		1,600	1.65%	CSX Corp., 6.25%, due 03/15/18		(119,206	)		—		(119,206	)

See Notes to Financial Statements.


116			THE TARGET PORTFOLIO TRUST

Credit default swap agreements outstanding at October 31, 2010: (continued):


Counterparty	Termination Date		Notional Amount (000)(2)#		Fixed Rate			Reference Entity/Obligation	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit default swaps—Buy Protection(1) (continued)
Bank of America Securities LLC		03/20/17		1,000		0.80%		Donnelley (R.R.) & Sons, 6.125%, due 01/15/17	$	100,783		$	—		$	100,783
Merrill Lynch & Co.		12/20/11		363		0.00%		Dow Jones CDX HY7 Index		59,565			30,547			29,018
Deutsche Bank		06/20/18		2,033		1.50%		Dow Jones CDX IG10 10Y Index		(33,206	)		(25,727	)		(7,479	)
Goldman Sachs & Co.		06/20/18		4,259		1.50%		Dow Jones CDX IG10 10Y Index		(69,576	)		(128,304	)		58,728
Morgan Stanley & Co.		06/20/18		11,035		1.50%		Dow Jones CDX IG10 10Y Index		(180,263	)		(253,871	)		73,608
Barclays Bank PLC		12/20/17		1,258		0.80	%	Dow Jones CDX IG9 10Y Index		38,089			11,565			26,524
Goldman Sachs & Co.		12/20/17		1,549		0.80	%	Dow Jones CDX IG9 10Y Index		46,880			19,283			27,597
Morgan Stanley & Co.		12/20/17		1,839		0.80	%	Dow Jones CDX IG9 10Y Index		55,669			31,246			24,423
Deutsche Bank		03/20/14		700		1.25	%	Embarq Corp., 7.08%, due 06/01/16		(8,485	)		—			(8,485	)
Deutsche Bank		03/20/14		600		1.27	%	Embarq Corp., 7.08%, due 06/01/16		(7,688	)		—			(7,688	)
Deutsche Bank		03/20/14		600		1.43	%	Embarq Corp., 7.08%, due 06/01/16		(10,906	)		—			(10,906	)
Morgan Stanley & Co.		03/20/14		200		1.30	%	Embarq Corp., 7.08%, due 06/01/16		(2,770	)		—			(2,770	)
Deutsche Bank		09/20/16		200		0.51	%	Goodrich Corp., 6.29%, due 07/01/16		719			—			719
Bank of America Securities LLC		09/20/17		1,900		2.29	%	Limited Brands, Inc., 6.90%, due 07/15/17		(25,587	)		—			(25,587	)
UBS AG		06/20/17		200		0.48	%	Newell Rubbermaid, Inc., 6.75%, due 03/15/12		12,030			—			12,030
Morgan Stanley & Co.		06/20/14		4,200		0.76	%	Pearson Dollar, 5.70%, due 06/01/14		(44,077	)		—			(44,077	)
JPMorgan Chase		03/20/12		1,000		0.55	%	Sprint Capital Corp., 8.375%, due 03/15/12		5,237			—			5,237
Morgan Stanley & Co.		06/20/12		300		0.11	%	Target Corp., 5.875%, due 03/01/12		542			—			542

									$	(129,057	)	$	(315,261	)	$	186,204

(1)

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

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			117

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

(2)	Notional amount represents the maximum potential amount the Portfolio 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 Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities	$	—		$	9,850,532		$	—
Bank Loans		—			988,212			—
Convertible Bond		—			1,204,500			—
Corporate Bonds		—			110,826,088			—
Foreign Government Bonds		—			20,202,271			—
Municipal Bonds		—			17,180,781			—
Residential Mortgage-Backed Securities		—			9,967,087			63,176
U.S. Government Mortgage-Backed Obligations		—			149,309,603			—
U.S. Treasury Obligations		—			71,447,987			—
Repurchase Agreements		—			68,600,00			—
Options Written		(1,025	)		(1,301,505	)		(357,777	)
Affiliated Money Market Mutual Fund		364,739			—			—
Other Financial Instruments*
Futures		(284,785	)		—			—
Forward foreign currency exchange contracts		—			(860,359	)		—
Interest rate swap agreements		—			239,283			—
Credit default swap agreements		—			186,204			—

Total	$	78,929		$	457,840,684		$	(294,601	)

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

The industry classification of investments and other liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


U.S. Government Mortgage-Backed Obligations	40.3	%
U.S. Treasury Obligations	19.3
Repurchase Agreements	18.5
Financial—Bank & Trust	11.1
Financial Services	7.9
Foreign Government Bonds	5.5
Municipal Bonds	4.6
Residential Mortgage-Backed Securities	2.7

See Notes to Financial Statements.


118			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
Asset-Backed Securities	2.7	%
Telecommunications	1.9
Insurance	1.3
Paper & Forest Products	1.1
Metals & Mining	1.0
Utilities	0.8
Hotels & Motels	0.8
Retail & Merchandising	0.5
Transportation	0.5
Construction	0.5
Oil, Gas & Consumable Fuels	0.4
Tobacco	0.4
Automobile Manufacturers	0.4
Pharmaceuticals	0.4
Computer Services & Software	0.4
Automotive Parts	0.3
Printing & Publishing	0.3
Bank Loans	0.3
Affiliated Money Market Mutual Fund	0.1
Pipelines	0.1
Airlines	0.1
Aerospace	0.1

	124.3
Options Written	(0.4	)
Other liabilities in excess of other assets	(23.9	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			119


*Intermediate-Term Bond Portfolio*		Portfolio of Investments As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			LONG-TERM INVESTMENTS—120.7%

			ASSET-BACKED SECURITIES—3.5%
Aaa	$	500	AMMC CDO, Series 2006-6A, Class A1A, 144A 0.543%(c), 05/03/18	$	473,796
Aaa		2,000	BA Credit Card Trust, Series 2007-A2, Class A2 0.276%(c), 06/17/13		1,999,419
Aaa		400	Series 2008-A5, Class A5 1.456%(c), 12/16/13		402,900
Aaa		1,936	Ford Credit Auto Owner Trust, Series 2009-A, Class A3B 2.756%(c), 05/15/13		1,961,116
Aaa		1,521	Series 2009-E, Class A2 0.80%, 03/15/12		1,521,879
B3		358	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR5, Class A2A 0.386%(c), 05/25/37		282,633
Aaa		106	SLM Student Loan Trust, Series 2006-8, Class A2 0.288%(c), 10/25/16		106,285
Aaa		2,017	Series 2008-9, Class A 1.788%(c), 04/25/23		2,087,254
Aaa		5	Wells Fargo Home Equity Trust, Series 2005-2, Class AII2 0.496%(c), 10/25/35		4,683

			TOTAL ASSET-BACKED SECURITIES (cost $8,851,078)		8,839,965


			BANK LOAN(c)(g)—0.2%
Ba3		500	International Lease Finance, Term B2 (cost $490,929) 7.00%, 03/17/16		510,893


			COMMERCIAL MORTGAGE-BACKED SECURITIES—1.5%
Aaa		1,100	Commercial Mortgage Pass-Through Certificates, Series 2010-C1, Class A1, 144A 3.156%, 11/01/15		1,132,644
			Credit Suisse Mortgage Capital Certificates,
NR		600	Series 2010-RR1, Class 2A, 144A 5.695%(c), 09/15/40		642,285
NR		600	Series 2010-RR1, Class 3A, 144A 5.837%(c), 06/10/49		653,410
Aaa		700	Series 2010-RR7, Class 2A, 144A 5.378%(c), 09/18/39		771,863

See Notes to Financial Statements.


120			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
AAA(d)	$	53	GE Capital Commercial Mortgage Corp., Series 2002-3A, Class A1 4.229%, 12/10/37	$	53,425
Aaa		131	GS Mortgage Securities Corp. II, Series 2001-1285, Class A1, 144A 6.044%, 08/15/18		133,336
Aaa		400	Merrill Lynch Floating Trust, Series 2008-LAQA, Class A1, 144A 0.795%(c), 07/09/21		373,190

			TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,575,236)		3,760,153


			CORPORATE BONDS—72.9%

			Airlines—0.9%
Baa2		400	Delta Air Lines, Inc., Pass-Through Certificates 6.20%, 07/02/18		428,000
BBB-(d)		500	7.111%, 03/18/13		523,750
BBB+(d)		750	Southwest Airlines Co., First Mortgage, 144A 10.50%, 12/15/11		817,810
NR		1,024	United Airlines, Inc., Equipment Trust(g)(i) 10.85%, 02/19/15		475,962

					2,245,522


			Auto Manufacturers—0.9%
A3		2,300	Volkswagen International Finance NV, Gtd. Notes, 144A (Netherlands) 1.625%, 08/12/13		2,320,104


			Beverages—0.5%
Baa2		1,200	Anheuser-Busch Inbev Worldwide, Inc., Gtd. Notes 1.019%(c), 03/26/13		1,210,291


			Chemicals—0.4%
Baa1		800	Potash Corp. of Saskatchewan, Inc., Sr. Unsec’d. Notes (Canada) 5.25%, 05/15/14		881,480


			Commercial Banks—23.0%
A2		700	American Express Centurion Bank, Sr. Unsec’d. Notes 0.406%(c), 06/12/12		693,411
Aa2		2,200	ANZ National International Ltd., Bank Gtd. Notes, 144A (New Zealand) 6.20%, 07/19/13		2,459,725
Baa2		1,100	Banco do Brasil SA, Sr. Unsec’d. Notes, 144A (Brazil) 4.50%, 01/22/15		1,163,250

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			121

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Commercial Banks (continued)
Aa3	$	1,200	Banco Santander Chile, Sr. Unsec’d. Notes, 144A (Chile) 1.539%(c), 04/20/12	$	1,199,570
Aa3		500	3.75%, 09/22/15		509,339
A2		600	Bank of America Corp., Sr. Unsec’d. Notes 0.793%(c), 09/11/12		588,540
A2		2,000	Sr. Unsec’d. Notes, MTN 0.622%(c), 09/15/14		1,908,418
Aa2		1,000	Bank of Tokyo-Mitsubishi UFJ Ltd., Sr. Unsec’d. Notes, 144A (Japan) 2.60%, 01/22/13		1,032,055
Aaa		3,380	Barclays Bank PLC, (United Kingdom) Gov’t. Liquid Gtd. Notes, 144A 2.70%, 03/05/12		3,453,600
Aa3		2,300	Sr. Unsec’d. Notes 5.45%, 09/12/12		2,492,538
			Canadian Imperial Bank of Commerce,
Aaa		500	Covered Bonds, 144A (Canada) 2.00%, 02/04/13		513,163
Aaa		1,200	2.60%, 07/02/15		1,254,701
Aa1		1,400	Commonwealth Bank of Australia, Sr. Unsec’d. Notes, 144A (Australia) 0.841%(c), 03/19/13		1,403,258
Aa1		1,000	3.50%, 03/19/15		1,059,022
Aa3		3,200	ING Bank NV, Sr. Notes, 144A (Netherlands)(g) 1.609%(c), 10/18/13		3,195,408
A1		600	Korea Development Bank, Sr. Unsec’d. Notes (South Korea) 5.75%, 09/10/13		661,579
Aaa		7,000	National Australia Bank Ltd., Gov’t. Liquid Gtd. Notes, 144A (Australia) 2.55%, 01/13/12		7,164,045
Aaa	DKK	16,500	Nykredit Realkredit A/S, Covered Bonds (Denmark) 4.00%, 01/01/11		3,090,841
Aaa		1,200	Rabobank Nederland NV, Jr. Sub. Notes, 144A (Netherlands) 11.00%(c), 06/29/49		1,602,000
Aaa		2,900	Royal Bank of Scotland Group PLC, (United Kingdom) Gov’t. Liquid Gtd. Notes, 144A 0.559%(c), 03/30/12		2,898,266
Ba2		1,100	Sub. Notes 5.05%, 01/08/15		1,108,903

See Notes to Financial Statements.


122			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Commercial Banks (continued)
Aaa	$	2,300	Royal Bank of Scotland PLC (The), (United Kingdom) Gov’t. Liquid Gtd. Notes, 144A 2.625%, 05/11/12	$	2,347,955
Aaa		1,000	Gov’t. Liquid Gtd. Notes, MTN 1.188%(c), 04/23/12		1,007,153
Aaa		2,400	2.65%, 04/23/12		2,467,766
Aa3		1,200	Gtd. Notes 2.759%(c), 08/23/13		1,228,854
Aaa		1,200	Sparebanken 1 Boligkreditt, Covered Bonds, 144A (Norway) 1.25%(c), 10/25/14		1,203,397
Aaa		1,200	Toronto-Dominion Bank (The), Covered Bonds, 144A (Canada) 2.20%, 07/29/15		1,221,586
Aaa		4,000	Westpac Banking Corp., Gov’t. Liquid Gtd. Notes, 144A (Australia) 3.25%, 12/16/11		4,111,720
Aaa		4,000	3.585%, 08/14/14		4,305,040

					57,345,103


			Diversified Financial Services—17.5%
A1		2,300	Allstate Life Global Funding Trusts, Sr. Sec’d. Notes, MTN 5.375%, 04/30/13		2,545,166
A2		500	American Express Bank FSB, Sr. Unsec’d. Notes 5.50%, 04/16/13		545,288
A2		1,800	American Express Credit Corp., Sr. Unsec’d. Notes, MTN 5.875%, 05/02/13		1,981,231
Aa3		1,000	Bear Stearns Cos. LLC (The), Sr. Unsec’d. Notes, MTN 6.95%, 08/10/12		1,103,209
Aaa		2,500	BNP Paribas Home Loan Covered Bonds SA, Covered Bonds, 144A (France) 2.20%, 11/02/15		2,513,933
Aaa		1,000	BRFkredit A/S, Gov’t. Liquid Gtd. Notes, 144A (Denmark) 0.539%(c), 04/15/13		999,685
A3		2,300	Capital One Bank USA NA, Sub. Notes 6.50%, 06/13/13		2,546,033
Aaa		2,500	Cie De Financement Foncier, Covered Bonds, 144A (France) 1.625%, 07/23/12		2,527,975

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			123

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Diversified Financial Services (continued)
A3	$	300	Citigroup, Inc., Sr. Unsec’d. Notes 0.417%(c), 03/16/12	$	296,203
A3		3,600	5.50%, 04/11/13		3,897,612
A3		2,200	6.50%, 08/19/13		2,454,740
A2		700	Countrywide Financial Corp., Gtd. Notes, MTN 0.858%(c), 05/07/12		690,418
A2		500	5.80%, 06/07/12		527,843
Aa1		600	Credit Agricole SA, Notes, 144A (France) 0.816%(c), 02/02/12		597,548
Aa1		750	Credit Suisse, Sr. Unsec’d. Notes, MTN (Switzerland) 3.50%, 03/23/15		793,940
Aa1		2,200	5.00%, 05/15/13		2,406,543
Aaa		1,200	Danfin Funding Ltd., Gov’t. Liquid Gtd. Notes, 144A (Ireland) 0.989%(c), 07/16/13		1,198,963
Ba2		200	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 7.50%, 08/01/12		214,763
Ba2		1,100	8.625%, 11/01/10		1,100,000
Aa1	EUR	1,000	General Electric Capital Corp., Sub. Notes, 144A 5.50%(c), 09/15/67		1,238,709
A3		400	HSBC Finance Corp., Sr. Unsec’d. Notes 0.558%(c), 04/24/12		396,514
A3		3,200	0.642%(c), 09/14/12		3,153,031
A3		300	0.727%(c), 06/01/16		272,138
A1		1,800	Lehman Brothers Holdings, Inc.,(i) Sr. Unsec’d. Notes, MTN 2.85%, 12/23/24		382,500
A+(d)		600	5.625%, 01/24/13		134,250
Aaa		2,300	Macquarie Bank Ltd., Gov’t. Liquid Gtd. Notes, 144A (Australia) 3.30%, 07/17/14		2,478,600
Aa2		1,200	MassMutual Global Funding II, Sr. Sec’d. Notes, 144A 2.875%, 04/21/14		1,262,630
A2		1,400	Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN 6.15%, 04/25/13		1,517,429

See Notes to Financial Statements.


124			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Diversified Financial Services (continued)
A2	$	1,600	Morgan Stanley, Sr. Unsec’d. Notes, MTN 6.00%, 04/28/15	$	1,778,456
Aaa		1,900	Stadshypotek AB, Covered Bonds, 144A (Sweden) 0.839%(c), 09/30/13		1,900,008

					43,455,358


			Diversified Manufacturing—0.7%
Baa3		600	AngloGold Ashanti Holdings PLC, Gtd. Notes (United Kingdom) 5.375%, 04/15/20		640,798
A1		1,000	Siemens Financieringsmaatschappij NV, Gtd. Notes, 144A (Netherlands) 5.50%, 02/16/12		1,057,770

					1,698,568


			Electric—1.8%
Ba1		1,200	CMS Energy Corp., Sr. Unsec’d. Notes 4.25%, 09/30/15		1,223,830
Aa3		500	Dayton Power & Light Co. (The), First Mortgage 5.125%, 10/01/13		558,216
A2		2,300	Public Service Electric & Gas Co., Sec’d. Notes, MTN 5.30%, 05/01/18		2,625,507

					4,407,553


			Electric - Integrated—0.7%
Baa3		1,200	Entergy Corp., Sr. Unsec’d. Notes 3.625%, 09/15/15		1,225,391
			Orange & Rockland Utilities, Inc., Sr. Unsec’d. Notes, 144A(g)
Baa1		600	2.50%, 08/15/15		608,065

					1,833,456


			Electronics—0.5%
Baa3		1,200	Agilent Technologies, Inc., Sr. Unsec’d. Notes 2.50%, 07/15/13		1,225,435


			Financial - Bank & Trust—6.9%
Aa1		3,000	Dexia Credit Local, Gov’t. Liquid Gtd. Notes, 144A (France) 0.539%(c), 01/12/12		2,985,474
Aa1		2,000	0.693%(c), 03/05/13		1,992,958
Aa1		2,000	0.768%(c), 04/29/14		1,991,926

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			125

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Financial - Bank & Trust (continued)
Aaa	$	2,400	NIBC Bank NV, Gov’t. Liquid Gtd. Notes, 144A (Netherlands) 2.80%, 12/02/14	$	2,545,558
Aa2		400	Santander US Debt SA Unipersonal, Bank Gtd. Notes, 144A (Spain) 1.089%(c), 03/30/12		394,733
Aaa		2,200	Swedbank AB, Gov’t. Liquid Gtd. Notes, 144A (Sweden) 0.739%(c), 01/14/13		2,197,595
Aaa		2,300	2.80%, 02/10/12		2,366,017
A1		350	Wachovia Corp., Sr. Unsec’d. Notes, MTN 2.236%(c), 05/01/13		360,004
Aaa		2,200	Westpac Securities NZ Ltd., Gov’t. Liquid Gtd. Notes, 144A (New Zealand) 3.45%, 07/28/14		2,349,906

					17,184,171


			Food—0.5%
			WM Wrigley Jr. Co., Sec’d. Notes, 144A
Baa2		1,200	2.45%, 06/28/12		1,212,119


			Healthcare - Services—0.2%
Ba3		500	HCA, Inc., Sr. Sec’d. Notes 7.25%, 09/15/20		546,875


			Hotels—0.3%
B1		700	MGM Resorts International, Sr. Sec’d. Notes, 144A 9.00%, 03/15/20		765,625


			Insurance—2.4%
Ba2		500	American International Group, Inc., Jr. Sub. Debs. 8.175%(c), 05/15/68		532,500
A3		160	Sr. Unsec’d. Notes 4.25%, 05/15/13		167,200
A3		1,100	MetLife, Inc., Sr. Unsec’d. Notes 1.674%(c), 08/06/13		1,115,252
A1		1,000	Monumental Global Funding III, Sr. Sec’d. Notes, 144A 0.458%(c), 01/25/13		970,224

See Notes to Financial Statements.


126			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Insurance (continued)
Baa1	$	1,000	Ohio National Financial Services, Inc., Sr. Notes, 144A 6.375%, 04/30/20	$	1,078,597
A1		2,200	Sun Life Financial Global Funding LP, Gtd. Notes, 144A 0.541%(c), 10/06/13		2,140,285

					6,004,058


			Investment Company—0.8%
Aaa		2,000	FIH Erhvervsbank A/S, Gov’t. Liquid Gtd. Notes, 144A (Denmark) 0.663%(c), 06/13/13		1,997,466


			Machinery & Equipment—0.1%
Ba1		300	Kinder Morgan Finance Co. ULC, Gtd. Notes (Canada) 5.35%, 01/05/11		301,695


			Media—1.4%
B1		1,200	Charter Communications Operating LLC / Charter Communications Operating Capital, Sec’d. Notes, 144A 8.00%, 04/30/12		1,276,500
Baa2		1,200	NBC Universal, Inc., Sr. Unsec’d. Notes, 144A 4.375%, 04/01/21		1,225,663
Baa1		850	Pearson Dollar Finance Two PLC, Gtd. Notes, 144A (United Kingdom) 5.50%, 05/06/13		927,824

					3,429,987


			Metals & Mining—1.9%
Baa1		1,200	Anglo American Capital PLC, Gtd. Notes, 144A (United Kingdom) 2.15%, 09/27/13		1,220,230
A1		2,200	BHP Billiton Finance USA Ltd., Gtd. Notes (Australia) 5.125%, 03/29/12		2,332,292
Baa3		1,200	Teck Resources Ltd., Gtd. Notes (Canada) 4.50%, 01/15/21		1,252,446

					4,804,968


			Oil, Gas & Consumable Fuels—4.1%
Baa2		1,100	Cenovus Energy, Inc., Sr. Unsec’d. Notes (Canada) 4.50%, 09/15/14		1,215,119

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			127

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Oil, Gas & Consumable Fuels (continued)
Baa2	$	400	Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A 4.00%, 07/15/15	$	423,704
Baa2		600	5.45%, 07/15/20		651,244
Baa1		400	Noble Holding International Ltd., Gtd. Notes (Cayman Islands) 3.45%, 08/01/15		423,846
Baa1		800	Petrobras International Finance Co., Gtd. Notes (Cayman Islands) 7.875%, 03/15/19		1,011,106
Baa1		1,200	Petroleos Mexicanos, Gtd. Notes (Mexico) 5.50%, 01/21/21		1,304,640
Aa1		1,200	Shell International Finance BV, Gtd. Notes (Netherlands) 3.10%, 06/28/15		1,272,510
Aa1		1,000	Total Capital SA, Gtd. Notes (France) 3.00%, 06/24/15		1,052,646
Aaa		2,500	XTO Energy, Inc., Sr. Unsec’d. Notes 4.625%, 06/15/13		2,749,460

					10,104,275


			Pharmaceuticals—0.4%
A3		1,000	Teva Pharmaceutical Finance III LLC, Gtd. Notes 0.691%(c), 12/19/11		1,003,917


			Pipelines—0.7%
Ba1		250	NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A 7.119%, 12/15/17		281,875
A3		1,500	TransCanada Pipelines Ltd., Sr. Unsec’d. Notes (Canada) 3.80%, 10/01/20		1,545,754

					1,827,629


			Real Estate Investment Trusts—0.5%
Baa3		1,200	Ventas Realty LP, Gtd. Notes 6.75%, 04/01/17		1,241,177

See Notes to Financial Statements.


128			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)

			Savings & Loan—0.9%
Aaa	$	2,300	Nationwide Building Society, Gov’t. Liquid Gtd. Notes, 144A (United Kingdom) 0.549%(c), 05/17/12	$	2,295,901


			Software—0.5%
A2		1,200	Oracle Corp., Sr. Notes, 144A 3.875%, 07/15/20		1,250,754


			Telecommunications—2.8%
A2		600	America Movil Sab de CV, Gtd. Notes (Mexico) 3.625%, 03/30/15		636,972
A2		675	Cellco Partnership / Verizon Wireless Capital LLC, Sr. Unsec’d. Notes 5.55%, 02/01/14		761,421
Baa2		1,680	Rogers Communications, Inc., Gtd. Notes (Canada) 6.375%, 03/01/14		1,939,982
Ba3		1,800	Sprint Capital Corp., Gtd. Notes 7.625%, 01/30/11		1,822,500
Baa2		500	Telecom Italia Capital SA, Gtd. Notes (Luxembourg) 6.175%, 06/18/14		558,645
Baa1		1,247	Telefonica Emisiones SAU, Gtd. Notes (Spain) 0.775%(c), 02/04/13		1,228,758

					6,948,278


			Tobacco—0.5%
Baa1		1,000	Altria Group, Inc., Gtd. Notes 8.50%, 11/10/13		1,205,532


			Utilities—1.1%
Baa2		2,400	Kinder Morgan Energy Partners LP, Sr. Unsec’d. Notes 5.80%, 03/01/21		2,691,132

			TOTAL CORPORATE BONDS (cost $176,889,555)		181,438,429


			FOREIGN GOVERNMENT BONDS—2.2%
Aa1		1,200	Eksportfinans ASA, Notes (Norway) 2.00%, 09/15/15		1,214,938
Aaa		1,000	Kommunalbanken AS, Sr. Unsec’d. Notes, 144A (Norway) 1.75%, 10/05/15		1,006,027

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			129

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			FOREIGN GOVERNMENT BONDS (continued)
Baa3	$	1,500	Republic of Panama, Sr. Unsec’d. Notes (Panama) 9.375%, 04/01/29	$	2,318,280
A3		750	Republic of South Africa, Sr. Unsec’d. Notes (South Africa) 5.875%, 05/30/22		869,062

			TOTAL FOREIGN GOVERNMENT BONDS (cost $4,485,745)		5,408,307


			MUNICIPAL BONDS—2.8%

			California—0.7%
A1		1,000	State of California, General Obligation Unlimited 5.65%, 04/01/39		1,077,980
Baa3		800	Tobacco Securitization Authority of Southern California, Revenue Bonds 5.00%, 06/01/37		632,160

					1,710,140


			Florida—0.3%
Aa2		800	County of Broward Florida, Revenue Bonds 6.206%, 10/01/30		807,160


			Illinois—0.4%
Aa3		1,000	Illinois State Toll Highway Authority, Revenue Bonds 5.293%, 01/01/24		1,009,690


			New York—1.1%
Aa2		325	New York City Municipal Water Finance Authority, Revenue Bonds 5.44%, 06/15/43		324,652
Aa1		1,100	New York City Transitional Finance Authority, Revenue Bonds 4.075%, 11/01/20		1,095,765
Aa1		1,200	5.008%, 08/01/27		1,206,564

					2,626,981


			West Virginia—0.3%
Baa3		950	Tobacco Settlement Financial Authority of West Virginia, Revenue Bonds 7.467%, 06/01/47		737,286

			TOTAL MUNICIPAL BONDS (cost $7,003,280)		6,891,257


			RESIDENTIAL MORTGAGE-BACKED SECURITIES—4.6%
Aaa		196	American Home Mortgage Investment Trust, Series 2004-4, Class 5A 2.503%(c), 02/25/45		182,553

See Notes to Financial Statements.


130			THE TARGET PORTFOLIO TRUST


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Aaa	$	263	Bank of America Funding Corp., Series 2006-A, Class 1A1 3.182%(c), 02/20/36	$	247,591
A3		384	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 11A2 2.917%(c), 11/25/34		363,602
Baa2		804	Series 2004-8, Class 13A1 3.22%(c), 11/25/34		691,485
Caa3		707	Bear Stearns Alt-A Trust, Series 2006-6, Class 31A1 5.153%(c), 11/25/36		437,707
Caa3		637	Series 2006-6, Class 32A1 5.354%(c), 11/25/36		397,390
Aaa		249	Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A2A 2.67%(c), 12/25/35		239,440
BB+(d)		1,399	Series 2006-AR1, Class 1A1 2.66%(c), 10/25/35		1,214,593
AAA(d)		73	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.25%, 12/25/33		75,901
Aa3		126	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-R4, Class 2A, 144A 6.50%(c), 01/25/34		127,416
Aaa		764	Series 2004-25, Class 1A1 0.586%(c), 02/25/35		559,973
Aa1		21	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1 6.50%, 04/25/33		21,737
AA+(d)	EUR	800	EMF-NL, Series 2008-APRX, Class A2 (Netherlands) 1.787%(c), 04/17/41		873,069
Aaa		170	Federal Home Loan Mortgage Corp., Series 2892, Class BL 5.00%, 01/15/18		173,797
Aaa		1,978	Series 3346, Class FA 0.486%(c), 02/15/19		1,977,171
Aaa		204	Federal National Mortgage Assoc., Series 2006-67, Class PA 5.50%, 03/25/28		206,601
Aaa		260	FHLMC Structured Pass-Through Securities, Series T-59, Class 1A2 7.00%, 10/25/43		294,190
Aaa		793	Series T-75, Class A1 0.296%(c), 12/25/36		787,659
Aaa		59	Government National Mortgage Assoc., Series 1995-2, Class KQ 8.50%, 03/20/25		68,246

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			131

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


MOODY’S RATINGS† (UNAUDITED)	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Aaa	$	81	Series 2000-9, Class FG 0.856%(c), 02/16/30	$	81,311
Aaa		117	Series 2000-9, Class FH 0.756%(c), 02/16/30		117,273
Aaa		227	Series 2000-11, Class PH 7.50%, 02/20/30		246,224
Aaa		172	Granite Master Issuer PLC, Series 2006-3, Class A7 (United Kingdom) 0.356%, 12/20/48		159,682
Baa2		406	Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1 0.486%(c), 06/25/45		251,602
Aaa		356	GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.895%(c), 09/25/35		342,165
B2		331	Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A 0.466%(c), 02/25/36		250,470
A1		266	MLCC Mortgage Investors, Inc., Series 2005-2, Class 3A 1.256%(c), 10/25/35		228,188
Aaa		381	Sequoia Mortgage Trust, Series 10, Class 2A1 0.636%(c), 10/20/27		345,556
Aa1		120	Structured Asset Mortgage Investments, Inc., Series 2005-AR5, Class A1 0.506%(c), 07/19/35		78,688
BBB(d)		37	Structured Asset Securities Corp., Series 2001-21A, Class 1A1 2.336%(c), 01/25/32		33,197
A1		298	Washington Mutual, Inc., Mortgage Pass-Through Certificates, Series 2002-AR6, Class A 1.753%(c), 06/25/42		242,563
Aa2		18	Series 2002-AR9, Class 1A 1.753%(c), 08/25/42		15,420

			TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $12,592,230)		11,332,460


			U.S. GOVERNMENT AGENCY OBLIGATIONS—4.1%
		8,000	Federal Home Loan Mortgage Corp., Notes(k) 5.00%, 04/18/17		9,483,720
		194	Small Business Administration Participation Certificates, Series 2008-20A, Class 1 5.17%, 01/01/28		217,640
		379	Series 2008-20D, Class 1 5.37%, 04/01/28		430,278

			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $9,155,411)		10,131,638

See Notes to Financial Statements.


132			THE TARGET PORTFOLIO TRUST


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS—13.2%
$	108	Federal National Mortgage Assoc. 2.452%(c), 07/01/25	$	112,184
	2,000	3.50%, TBA		2,013,438
	60	3.875%(c), 08/01/24		61,816
	29,000	4.00%, TBA		29,897,202
	6	5.052%(c), 12/01/30		6,046
	55	Government National Mortgage Assoc. 3.125%, 10/20/24-12/20/26		57,002
	305	3.25%(c), 03/20/30		315,476
	283	3.375%, 05/20/23-06/20/27		292,808
	181	3.625%, 08/20/26-07/20/30		187,304

		TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (cost $32,931,801)		32,943,276


		U.S. TREASURY OBLIGATIONS—15.7%
	12,800	U.S. Treasury Notes 1.25%, 09/30/15		12,860,006
	1,300	1.75%, 07/31/15		1,338,701
	8,550	3.375%, 11/15/19		9,177,220
	14,550	3.50%, 05/15/20		15,692,466

		TOTAL U.S. TREASURY OBLIGATIONS (cost $38,913,585)		39,068,393

		TOTAL LONG-TERM INVESTMENTS (cost $294,888,850)		300,324,771


		SHORT-TERM INVESTMENTS—2.2%

		REPURCHASE AGREEMENT(m)—1.7%
	4,300	Credit Suisse Securities (USA) LLC, 0.23%, dated 10/29/10, due 11/01/10 in the amount of $4,300,082 (cost $4,300,000)		4,300,000

SHARES

		AFFILIATED MONEY MARKET MUTUAL FUND—0.5%
	1,234,484	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (Note 3) (cost $1,234,484)(w)		1,234,484

		TOTAL SHORT-TERM INVESTMENTS (cost $5,534,484)		5,534,484

		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—122.9% (cost $300,423,334; Note 5)		305,859,255

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			133

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


NOTIONAL AMOUNTS (000)#		DESCRIPTION	COUNTERPARTY	VALUE (NOTE 1)
		*OPTIONS WRITTEN—(0.1)%**

		Call Options
$	7,000	90 Day Euro Dollar Futures, expiring 12/13/10, Strike Price $99.50		$	(3,325	)
	2,500	10 Year U.S. Treasury Note Futures, expiring 11/26/10, Strike Price $129.00			(3,906	)
	12,600	Interest Rate Swap Options, Pay a fixed rate of 1.50% and receive a floating rate based on 3-month LIBOR, expiring 12/13/10	Morgan Stanley		(71,088	)

					(78,319	)


		Put Options—(0.1)%
	7,000	90 Day Euro Dollar Futures, expiring 12/13/10, Strike Price $99.50			(263	)
	2,500	10 Year U.S. Treasury Note Futures, expiring 11/26/10, Strike Price $125.00			(12,500	)
		Interest Rate Swap Options,
	12,600	Receive a fixed rate of 2.10% and pay a floating rate based on 3-month LIBOR, expiring 12/13/10	Morgan Stanley		(4,061	)
	9,000	Receive a fixed rate of 2.75% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank		(38,294	)
	5,400	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Bank of America		(17,912	)
	3,000	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Barclays Capital Group		(9,951	)
	5,100	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Citigroup Global Markets		(16,917	)
	1,000	Receive a fixed rate of 3.00% and pay a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank		(3,317	)
	3,200	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Bank of America		(13,823	)
	700	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Citigroup Global Markets		(3,024	)
	16,300	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring 09/24/12	Morgan Stanley		(70,412	)

					(190,474	)

See Notes to Financial Statements.


134			THE TARGET PORTFOLIO TRUST


NOTIONAL AMOUNTS (000)#	DESCRIPTION	COUNTERPARTY	VALUE (NOTE 1)
	TOTAL OPTIONS WRITTEN (premiums received $480,660)			(268,793	)

	TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN(o)—122.8% (cost $299,942,674; Note 5) Other liabilities in excess of other assets(x)—(22.8)%			305,590,462
				(56,773,796	)

	NET ASSETS—100%		$	248,816,666

The following abbreviations were used in the Portfolio descriptions:

FHLMC—Federal Home Loan Mortgage Corp.

FSB—Federal Saving Bank

MTN—Medium Term Note

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

TBA—To Be Announced

USA—United States of America

AUD—Australian Dollar

BRL—Brazilian Real

CNY—Chinese Yuan

DKK—Danish Krone

EUR—Euro

GBP—British Pound

KRW—South Korean Won

MXN—Mexican Peso

SGD—Singapore Dollar

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

†	The ratings reflected are as of October 31, 2010. Ratings of certain bonds may have changed subsequent to that date.

*	Non-income producing security.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2010.

(d)	Standard & Poor’s rating.

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

(i)	Represents issuer in default on interest payments. Non-income producing security.

(k)	Securities segregated as collateral for futures contracts.

(m)	Repurchase agreement is collateralized by United States Treasuries.

(o)	As of October 31, 2010, three securities representing $2,378,303 and 1.0% of net assets were fair valued in accordance with the policies adopted by the Board of Trustees.

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

(x)	Other liabilities in excess of other assets include net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, interest rate and credit default swap agreements as follows:

Forward foreign currency exchange contracts outstanding at October 31, 2010:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 12/03/10	Citigroup Global Markets	AUD	143	$	140,487	$	139,482	$	(1,005	)
Brazilian Real,
Expiring 12/02/10	Hong Kong & Shanghai Bank	BRL	549		318,699		320,503		1,804

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			135

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

Forward foreign currency exchange contracts outstanding at October 31, 2010 (continued):


Purchase Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Chinese Yuan,
Expiring 11/17/10	Citigroup Global Markets	CNY	1,108	$	167,000	$	166,124	$	(876	)
Expiring 11/17/10	Deutsche Bank	CNY	1,088		164,000		163,127		(873	)
Expiring 11/17/10	Deutsche Bank	CNY	893		135,000		133,978		(1,022	)
Expiring 11/17/10	Deutsche Bank	CNY	588		88,819		88,147		(672	)
Expiring 11/17/10	Deutsche Bank	CNY	279		42,000		41,808		(192	)
Expiring 11/17/10	Morgan Stanley	CNY	563		85,000		84,356		(644	)
Expiring 11/17/10	Morgan Stanley	CNY	562		85,000		84,331		(669	)
Expiring 11/23/10	Barclays Capital Group	CNY	398		60,000		59,656		(344	)
Expiring 11/23/10	Barclays Capital Group	CNY	279		42,000		41,819		(181	)
Expiring 04/07/11	Hong Kong & Shanghai Bank	CNY	14,553		2,200,000		2,200,445		445
Expiring 09/14/11	Barclays Capital Group	CNY	13,237		2,000,000		2,021,423		21,423
Expiring 11/15/11	Barclays Capital Group	CNY	536		83,424		82,222		(1,202	)
Expiring 11/15/11	Citigroup Global Markets	CNY	3,227		496,656		494,950		(1,706	)
Expiring 11/15/11	JPMorgan Chase	CNY	1,318		205,200		202,181		(3,019	)
Mexican Peso,
Expiring 02/22/11	JPMorgan Chase	MXN	19,338		1,506,263		1,552,267		46,004
Singapore Dollar,
Expiring 03/09/11	Deutsche Bank	SGD	416		310,995		321,192		10,197
Expiring 03/09/11	JPMorgan Chase	SGD	100		74,201		77,267		3,066
Expiring 03/09/11	Royal Bank of Scotland	SGD	190		141,060		146,807		5,747
South Korean Won,
Expiring 11/12/10	Barclays Capital Group	KRW	117,820		100,000		104,640		4,640
Expiring 11/12/10	Barclays Capital Group	KRW	117,640		100,000		104,481		4,481
Expiring 11/12/10	Citigroup Global Markets	KRW	116,925		100,000		103,846		3,846
Expiring 11/12/10	Citigroup Global Markets	KRW	116,760		100,000		103,699		3,699
Expiring 11/12/10	Citigroup Global Markets	KRW	116,190		100,000		103,193		3,193
Expiring 11/12/10	Citigroup Global Markets	KRW	115,470		100,000		102,553		2,553
Expiring 11/12/10	Citigroup Global Markets	KRW	58,390		50,000		51,858		1,858
Expiring 11/12/10	Citigroup Global Markets	KRW	57,950		50,000		51,468		1,468
Expiring 11/12/10	Deutsche Bank	KRW	116,260		100,000		103,255		3,255
Expiring 11/12/10	Goldman Sachs & Co.	KRW	58,650		50,000		52,089		2,089
Expiring 11/12/10	JPMorgan Chase	KRW	217,693		190,000		193,341		3,341
Expiring 11/12/10	JPMorgan Chase	KRW	128,684		110,000		114,289		4,289
Expiring 11/12/10	JPMorgan Chase	KRW	113,350		100,000		100,671		671
Expiring 11/12/10	JPMorgan Chase	KRW	36,245		30,672		32,191		1,519
Expiring 11/12/10	Morgan Stanley	KRW	230,220		200,000		204,467		4,467
Expiring 05/09/11	Barclays Capital Group	KRW	79,800		71,041		70,561		(480	)
Expiring 05/09/11	Citigroup Global Markets	KRW	308,500		273,130		272,783		(347	)
Expiring 05/09/11	Citigroup Global Markets	KRW	278,000		247,816		245,814		(2,002	)
Expiring 05/09/11	Citigroup Global Markets	KRW	190,000		169,643		168,002		(1,641	)
Expiring 05/09/11	Goldman Sachs & Co.	KRW	64,346		56,703		56,897		194
Expiring 05/09/11	Hong Kong & Shanghai Bank	KRW	150,000		133,618		132,633		(985	)
Expiring 05/09/11	JPMorgan Chase	KRW	346,600		305,635		306,471		836
Expiring 05/09/11	Royal Bank of Scotland	KRW	301,000		266,054		265,680		(374	)

				$	11,350,116	$	11,466,967	$	116,851

See Notes to Financial Statements.


136			THE TARGET PORTFOLIO TRUST


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 12/02/10	Hong Kong & Shanghai Bank	BRL	549	$	320,000	$	320,503	$	(503	)
Expiring 02/02/11	Hong Kong & Shanghai Bank	BRL	549		314,950		316,526		(1,576	)
British Pound,
Expiring 12/20/10	UBS Securities	GBP	666		1,037,505		1,066,717		(29,212	)
Chinese Yuan,
Expiring 11/17/10	Barclays Capital Group	CNY	536		80,723		80,378		345
Expiring 11/17/10	Citigroup Global Markets	CNY	3,227		483,013		483,847		(834	)
Expiring 11/17/10	JPMorgan Chase	CNY	1,318		198,494		197,646		848
Danish Krone,
Expiring 01/04/11	Citigroup Global Markets	DKK	17,017		3,039,347		3,173,977		(134,630	)
Euro,
Expiring 11/23/10	Deutsche Bank	EUR	657		841,374		914,154		(72,780	)
Expiring 01/25/11	Citigroup Global Markets	EUR	1,362		1,893,663		1,893,351		312
Singapore Dollar,
Expiring 03/09/11	Barclays Capital Group	SGD	706		528,767		545,266		(16,499	)
South Korean Won,
Expiring 11/12/10	Barclays Capital Group	KRW	79,800		71,269		70,873		396
Expiring 11/12/10	Citigroup Global Markets	KRW	308,500		273,833		273,991		(158	)
Expiring 11/12/10	Citigroup Global Markets	KRW	278,000		248,993		246,903		2,090
Expiring 11/12/10	Citigroup Global Markets	KRW	190,000		170,098		168,746		1,352
Expiring 11/12/10	Goldman Sachs & Co.	KRW	64,346		56,913		57,148		(235	)
Expiring 11/12/10	Hong Kong & Shanghai Bank	KRW	150,000		134,228		133,221		1,007
Expiring 11/12/10	JPMorgan Chase	KRW	346,600		306,184		307,829		(1,645	)
Expiring 11/12/10	Royal Bank of Scotland	KRW	301,000		267,034		267,330		(296	)

				$	10,266,388	$	10,518,406	$	(252,018	)

Interest rate swap agreements outstanding at October 31, 2010:


Counterparty	Termination Date		Notional Amount (000)		Fixed Rate			Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
UBS AG(1)		06/15/12	AUD	9,300		4.50	%	3 month Australian Bank Bill rate	$	(57,220	)	$	(15,919	)	$	(41,301	)
Barclays Capital(1)		01/02/12	BRL	39,300		10.84	%	Brazilian interbank lending rate		311,104			98,289			212,815
Goldman Sachs(1)		01/02/12	BRL	2,400		11.36	%	Brazilian interbank lending rate		24,989			(292	)		25,281

									$	278,873		$	82,078		$	196,795

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


THE TARGET PORTFOLIO TRUST			137

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

Credit default swap agreements outstanding at October 31, 2010:


Counterparty	Termination Date		Notional Amount (000)(2)#		Fixed Rate			Reference Entity/Obligation	Implied Credit Spread at October 31, 2010(3)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit default swaps on corporate and/or sovereign issues—Sell Protection(1):
Credit Suisse International		12/20/11	$	700		1.00	%	Abu Dhabi Government, 5.50%, due 04/08/14		0.279	%	$	5,897		$	3,592		$	2,305
Deutsche Bank		12/20/11		1,000		1.00	%	Abu Dhabi Government, 5.50%, due 04/08/14		0.279	%		8,448			5,159			3,289
Barclays Capital		03/20/13		2,500		1.00	%	Berkshire Hathaway, 4.625%, due 10/15/13		0.851	%		12,375			—			12,375
Citigroup		09/20/11		1,400		1.00	%	BP Capital Markets, 4.20%, due 06/15/18		0.578	%		6,149			(7,285	)		13,434
Credit Suisse International		06/20/15		800		5.00	%	BP Capital Markets, 4.20%, due 06/15/18		1.406	%		130,445			11,154			119,291
Goldman Sachs		06/20/15		700		5.00	%	BP Capital Markets, 4.20%, due 06/15/18		1.406	%		114,139			19,720			94,419
Merrill Lynch & Co.		06/20/12		200		0.28	%	Enbridge Energy Partners, 4.75%, due 06/01/13		0.690	%		(1,121	)		—			(1,121	)
Bank of America, N.A.		06/20/12		200		0.33	%	Energy Transfer Partners, 5.95%, due 02/01/15		1.179	%		(1,469	)		—			(1,469	)
Barclays Capital		12/20/10		900		1.00	%	Federal Rebublic of Brazil, 12.25%, due 03/06/30		0.302	%		1,813			506			1,307
Deutsche Bank		12/20/10		700		1.00	%	Federal Rebublic of Brazil, 12.25%, due 03/06/30		0.302	%		1,410			384			1,026
Citigroup		09/20/11		3,000		0.25	%	France (Govt of), 4.25%, due 04/25/19		0.216	%		210			(1,669	)		1,879
Citigroup		06/20/12		275		5.00	%	General Electric Captial Corp., 5.625%, due 09/15/17		1.056	%		19,398			(6,549	)		25,947
Merrill Lynch & Co.		06/20/12		200		0.29	%	Kinder Morgan, 6.75%, due 03/15/11		0.648	%		(1,020	)		—			(1,020	)
Deutsche Bank		06/20/12		1,200		5.00	%	MetLife, Inc., 5.00%, due 06/15/15		1.067	%		83,570			34,975			48,595
Merrill Lynch & Co.		09/20/12		3,800		0.80	%	Morgan Stanley, 6.60%, due 04/01/12		1.164	%		(26,484	)		—			(26,484	)
Bank of America, N.A.		06/20/12		200		0.32	%	Plains All-American Pipeline, 7.75%, due 10/15/12		0.749	%		(1,196	)		—			(1,196	)
Citigroup		09/20/11		2,900		0.25	%	United Kingdom Treasury, 4.25%, due 06/07/32		0.218	%		2,303			(324	)		2,627

See Notes to Financial Statements.


138			THE TARGET PORTFOLIO TRUST

Credit default swap agreements outstanding at October 31, 2010 (continued):


Counterparty	Termination Date		Notional Amount (000)(2)#		Fixed Rate			Reference Entity/Obligation	Implied Credit Spread at October 31, 2010(3)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit default swaps on corporate and/or sovereign issues—Sell Protection (continued)
Barclays Capital		12/20/10	$	700		1.00	%	United Mexican States, 7.50%, due 04/08/33		0.432	%	$	1,304		$	(23	)	$	1,327
Deutsche Bank		12/20/10		700		1.00	%	United Mexican States, 7.50%, due 04/08/33		0.432	%		1,304			(4	)		1,308
Bank of America, N.A.		06/20/12		200		0.32	%	Valero Energy Corp., 6.875%, due 04/15/12		0.862	%		(1,337	)		—			(1,337	)

												$	356,138		$	59,636		$	296,502

The Portfolio entered into credit default swap agreements on corporate issues, sovereign issues, asset-backed securities and credit indices as the protection seller to provide a measure of protection against the current portfolio of investments’ exposure to market conditions, or to take an active position with respect to the likelihood of a particular issuer’s default or the referenced entity’s credit soundness

(1)

If the Portfolio 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 Portfolio 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 Portfolio 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)

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.

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

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)


THE TARGET PORTFOLIO TRUST			139

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities	$	—		$	8,366,169		$	473,796
Bank Loan		—			510,893			—
Commercial Mortgage-Backed Securities		—			1,855,646			1,904,507
Corporate Bonds		—			181,438,429			—
Foreign Government Bonds		—			5,408,307			—
Municipal Bonds		—			6,891,257			—
Residential Mortgage-Backed Securities		—			11,332,460			—
U.S. Government Agency Obligations		—			10,131,638			—
U.S. Government Mortgage Backed Obligations		—			32,943,276			—
U.S. Treasury Obligations		—			39,068,393			—
Repurchase Agreement		—			4,300,000			—
Affiliated Money Market Mutual Fund		1,234,484			—			—
Options Written		(16,668	)		(252,125	)		—
Other Financial Instruments*
Forward foreign currency exchange contracts		—			(135,167	)		—
Interest rate swap agreements		—			196,795			—
Credit default swap agreements		—			296,502			—

Total	$	1,217,816		$	302,352,473		$	2,378,303

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


	Asset-Backed Securities		Commercial Mortgage-Backed Securities
Balance as of 10/31/09	$	—	$	—
Accrued discounts/premiums		1,254		(2,350	)
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		1,292		16,684
Purchases		471,250		1,890,173
Sales		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 10/31/10	$	473,796	$	1,904,507

The industry classification of investments and other liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Commercial Banks	23.0	%
Diversified Financial Services	17.5
U.S. Treasury Obligations	15.7
U.S. Government Mortgage-Backed Obligations	13.2
Financial - Bank & Trust	6.9
Residential Mortgage-Backed Securities	4.6

See Notes to Financial Statements.


140			THE TARGET PORTFOLIO TRUST


Industry (cont’d.)
U.S. Government Agency Obligations	4.1	%
Oil, Gas & Consumable Fuels	4.1
Asset-Backed Securities	3.5
Telecommunications	2.8
Municipal Bonds	2.8
Insurance	2.4
Foreign Government Bonds	2.2
Metals & Mining	1.9
Electric	1.8
Repurchase Agreement	1.7
Commercial Mortgage-Backed Securities	1.5
Media	1.4
Utilities	1.1
Auto Manufacturers	0.9
Savings & Loan	0.9
Airlines	0.9
Investment Companies	0.8
Electric - Integrated	0.7
Pipelines	0.7
Diversified Manufacturing	0.7
Software	0.5
Real Estate Investment Trusts	0.5
Affiliated Money Market Mutual Fund	0.5
Electronics	0.5
Food	0.5
Beverages	0.5
Tobacco	0.5
Pharmaceuticals	0.4
Chemicals	0.4
Hotels	0.3
Healthcare - Services	0.2
Bank Loans	0.2
Machinery & Equipment	0.1

	122.9
Options Written	(0.1	)
Other liabilities in excess of other assets	(22.8	)

	100.0	%


THE TARGET PORTFOLIO TRUST			141


*Mortgage Backed Securities Portfolio*		Portfolio of Investments As of October 31, 2010


PRINCIPAL AMOUNT (000)#				DESCRIPTION	VALUE (NOTE 1)
				LONG-TERM INVESTMENTS—133.8%

				U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS—107.7%
$	3,200			Federal Home Loan Mortgage Corp., 4.50%, TBA	$	3,351,002
	2,977			5.00%, 10/01/35		3,177,394
	885			6.00%, 01/01/15-02/01/21		961,399
	88			6.50%, 01/01/18-06/01/22		97,948
	24			7.50%, 06/01/28		26,789
	3			8.50%, 04/01/18		3,202
	19		��	11.50%, 03/01/16		22,590
	3,500			Federal National Mortgage Assoc., 3.50%, TBA		3,621,954
	2,200			4.00%, TBA		2,304,500
	500			4.00%, TBA		515,469
	1,660			4.35%, 07/01/20		1,757,931
	1,552			4.50%, 05/01/35		1,639,721
	800			4.50%, TBA		839,750
	1,085			4.57%, 06/01/20		1,165,627
	3,551			5.00%, 11/01/18-08/01/35		3,796,565
	149			5.00%, 07/01/33(k)		159,294
	1,000			5.50%, TBA		1,083,438
	4,326			5.50%, 06/01/33-06/01/36		4,678,081
	794			5.78%, 11/01/11		815,128
	1,677			6.00%, 04/01/14-12/01/39		1,835,502
	1,900			6.00%, TBA		2,062,687
	37			6.079%, 03/01/12		38,394
	662			6.50%, 05/01/14-08/01/17		728,191
	400			6.50%, TBA		441,375
	3			7.00%, 05/01/12-07/01/12		3,536
	18			8.00%, 09/01/22-12/01/22		20,818
	3			9.75%, 11/01/16		2,932
	500			Government National Mortgage Assoc., 4.50%, TBA		530,312
	126			6.00%, 07/15/24-08/15/24		139,898
	1,243			6.50%, 06/15/23-12/15/35		1,393,934
	1,096			7.00%, 11/15/31-11/15/33		1,232,580
	18			7.50%, 09/15/11-12/20/23		20,370
	277			8.00%, 03/15/17-11/15/30		316,849
	38			8.25%, 06/20/17-07/20/17		42,772
	41			8.50%, 04/20/17		46,218
	50			9.00%, 01/15/20		57,948
	—	(r)		9.50%, 06/15/20		932
	1			14.00%, 06/15/11		1,451
	2			16.00%, 05/15/12		2,391

				TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (cost $37,154,682)		38,936,872

See Notes to Financial Statements.


142			THE TARGET PORTFOLIO TRUST


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES—23.7%
$	260	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 3A1 5.50%(c), 03/25/36	$	187,460
	272	Countrywide Alternative Loan Trust, Series 2005-73CB, Class 1A7 5.50%, 01/25/36		239,517
	667	Series 2005-85CB, Class 2A2 5.50%, 02/25/36		583,173
	863	Series 2005-J11, Class 1A3 5.50%, 11/25/35		803,929
	571	Series 2007-HY5R, Class 2A1A 5.544%(c), 03/25/47		561,844
	760	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-14, Class A3 6.25%, 09/25/36		695,593
	90	Series 2006-J2, Class 1A6 6.00%, 04/25/36		79,239
	14	Federal Home Loan Mortgage Corp., Series 74, Class F 6.00%, 10/15/20		15,058
	3	Series 83, Class Z 9.00%, 10/15/20		2,918
	23	Series 186, Class E 6.00%, 08/15/21		25,295
	7	Series 1058, Class H 8.00%, 04/15/21		8,842
	5	Series 1116, Class I 5.50%, 08/15/21		5,759
	28	Series 1120, Class L 8.00%, 07/15/21		33,000
	425	Series 2809, Class UC 4.00%, 06/15/19		459,027
	845	Series 2995, Class ST, IO 6.494%(c), 05/15/29		119,877
	2,705	Series 3279, Class SD, IO 6.174%(c), 02/15/37		409,307
	2,333	Series 3309, Class SC, IO 6.194%(c), 04/15/37		318,564
	165	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-42, Class A5 7.50%, 02/25/42		193,809
	10	Federal National Mortgage Assoc., Series 56, Class 1 6.00%, 04/01/19		11,216
	384	Series 340, Class 2, IO 5.00%, 09/01/33		58,109
	842	Series 347, Class 2, IO 5.00%, 01/01/34		129,870

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			143

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010


PRINCIPAL AMOUNT (000)#			DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	$	132	Series 377, Class 2, IO 5.00%, 10/01/36	$	19,073
		10	Series 1988-19, Class J 8.50%, 07/25/18		12,059
		4	Series 1990-10, Class L 8.50%, 02/25/20		4,681
		10	Series 1990-108, Class G 7.00%, 09/25/20		11,559
		8	Series 1991-21, Class J 7.00%, 03/25/21		9,595
		18	Series 1992-113, Class Z 7.50%, 07/25/22		20,919
		238	Series 1993-223, Class ZA 6.50%, 12/25/23		265,686
		212	Series 2001-51, Class QN 6.00%, 10/25/16		230,187
		109	Series 2003-33, Class PT 4.50%, 05/25/33		117,577
		1,572	Series 2007-22, Class SD, IO 6.144%(c), 03/25/37		227,849
		13	Series G14, Class L 8.50%, 06/25/21		15,524
		13	Series G92-24, Class Z 6.50%, 04/25/22		14,617
		67	Series G92-59, Class D 6.00%, 10/25/22		75,196
		221	Series G94-4, Class PG 8.00%, 05/25/24		265,433
		32	First Boston Mortgage Securities Corp., Series B, Class I-O, IO 8.985%, 04/25/17		4,884
		32	Series B, Class P-O, PO 2.727%(s), 04/25/17		30,025
		122	Government National Mortgage Assoc., Series 2006-35, Class LO, PO 3.17%(s), 07/20/36		110,750
		985	Series 2006-38, Class XS, IO 6.994%(c), 09/16/35		168,114
		90	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2 3.527%(c), 04/25/35		76,703
		288	Series 2007-AR1, Class 2A1 5.671%(c), 03/25/47		222,389
		276	Series 2007-AR2, Class 1A1 5.586%(c), 05/25/47		207,709

See Notes to Financial Statements.


144			THE TARGET PORTFOLIO TRUST


PRINCIPAL AMOUNT (000)#				DESCRIPTION	VALUE (NOTE 1)
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	$	442		JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3 5.50%, 06/25/37	$	431,027
		73		Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 3A4 2.49%(c), 07/25/34		73,247
		224		Series 2007-12, Class 3A22 6.00%, 08/25/37		199,843
		685		Residential Asset Securitization Trust, Series 2004-A3, Class A7 5.25%, 06/25/34		650,393
		—	(r)	Salomon Brothers Mortgage Securities VI, Inc., Series 1986-1, Class A 6.00%, 12/25/11		5
		191		Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A2 5.428%(c), 07/25/36		161,825

				TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $7,949,463)		8,568,275


				COMMERCIAL MORTGAGE-BACKED SECURITY—2.4%
		835		Bear Stearns Commercial Mortgage Securities, Series 2004-PWR4, Class A2 5.286%(c), 06/11/41 (cost $675,177)		877,204

				TOTAL LONG-TERM INVESTMENTS (cost $45,779,322)		48,382,351

SHARES				SHORT-TERM INVESTMENT—7.0%

				AFFILIATED MONEY MARKET MUTUAL FUND
		2,517,659		Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $2,517,659)(w)		2,517,659

				TOTAL INVESTMENTS, BEFORE SECURITY SOLD SHORT—140.8% (cost $48,296,981; Note 5)		50,900,010

PRINCIPAL AMOUNT (000)#				SECURITY SOLD SHORT—(1.8)%

				U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
		$ 600		Federal National Mortgage Assoc., 5.50%, TBA (proceeds received $640,125)		(644,156	)

				TOTAL INVESTMENTS, NET OF SECURITY SOLD SHORT—139.0% (cost $47,656,856)		50,255,854
				Other liabilities in excess of other assets(x)—(39.0)%		(14,099,066	)

				NET ASSETS —100%	$	36,156,788

The following abbreviations are used in the Portfolio descriptions:

IO—Interest

Only Security

PO—Principal

Only Security

TBA—To

Be Announced

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			145

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of October 31, 2010

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2010.

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

(r)	Less than $1,000 par.

(s)	Represents zero coupon bond or step coupon bond. Rate quoted represents effective yield at October 31, 2010.

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

(x)	Other liabilities in excess of other assets includes net unrealized appreciation (depreciation) on futures contracts and interest rate swaps as follows:

Futures contracts open at October 31, 2010:


Number of Contracts	Type	Expiration Date		Value at Trade Date		Value at October 31, 2010		Unrealized Appreciation (Depreciation)
Long Positions:
13	90 Day Euro Dollar		Dec. 2010	$	3,235,700	$	3,239,438	$	3,738
45	10 Year U.S. Treasury Notes		Dec. 2010		5,693,376		5,682,656		(10,720	)

									(6,982	)

Short Positions:
30	2 Year U.S. Treasury Notes		Dec. 2010		6,570,468		6,599,531		(29,063	)

								$	(36,045	)

Interest rate swap agreements outstanding at October 31, 2010:


Counterparty	Termination Date		Notional Amount (000)#		Fixed Rate			Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation
Goldman Sachs(1)		06/24/20	$	2,250		5.37	%	3 Month LIBOR	$	(148,487	)	$	—	$	(148,487	)
Goldman Sachs(1)		05/26/12		5,500		1.21	%	3 Month LIBOR		(66,069	)		—		(66,069	)

									$	(214,556	)	$	—	$	(214,556	)

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

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

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

See Notes to Financial Statements.


146			THE TARGET PORTFOLIO TRUST

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1			Level 2			Level 3
Investments in Securities
U.S. Government Mortgage-Backed Obligations	$	—		$	38,936,872		$	—
Residential Mortgage-Backed Securities		—			8,568,275			—
Commercial Mortgage-Backed Security		—			877,204			—
Affiliated Money Market Mutual Fund		2,517,659			—			—
Security Sold Short—U.S. Government Mortgage-Backed Obligation		—			(644,156	)		—
Other Financial Instruments*
Futures		(36,045	)		—			—
Interest rate swap agreements		—			(214,556	)		—

Total	$	2,481,614		$	47,523,639		$	—

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

The industry classification of investments and other liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


U.S. Government Mortgage-Backed Obligations	107.7	%
Residential Mortgage-Backed Securities	23.7
Affiliated Money Market Mutual Fund	7.0
Commercial Mortgage-Backed Securities	2.4

	140.8
Security Sold Short	(1.8	)
Other liabilities in excess of other assets	(39.0	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			147


*U.S. Government Money Market Portfolio*		Portfolio of Investments As of October 31, 2010


PRINCIPAL AMOUNT (000)		DESCRIPTION	VALUE (NOTE 1)

		FEDERAL HOME LOAN BANK—5.0%
$	2,000	1.50%, 04/13/11 (cost $2,011,248)	$	2,011,248


		FEDERAL HOME LOAN MORTGAGE CORP.(n)—26.1%
	2,750	0.17%, 11/01/10		2,750,000
	3,652	0.18%, 12/06/10		3,651,361
	1,000	0.23%, 03/14/11		999,150
	3,000	0.27%, 03/01/11		2,997,300

		TOTAL FEDERAL HOME LOAN MORTGAGE CORP. (cost $10,397,811)		10,397,811


		FEDERAL NATIONAL MORTGAGE ASSOC.(n)—17.5%
	3,000	0.24%, 03/28/11		2,997,060
	2,000	0.25%, 12/01/10		1,999,583
	300	0.27%, 12/22/10		299,885
	1,700	0.36%, 02/14/11		1,698,215

		TOTAL FEDERAL NATIONAL MORTGAGE ASSOC. (cost $6,994,743)		6,994,743


		REPURCHASE AGREEMENTS(m)—48.9%
	10,000	Credit Suisse Securities, 0.22%, dated 10/29/10, due 11/01/10 in the amount of $10,000,183		10,000,000
	9,500	JPMorgan Chase, 0.22%, dated 10/29/10, due 11/01/10 in the amount of $9,500,174		9,500,000

		TOTAL REPURCHASE AGREEMENTS (cost $19,500,000)		19,500,000

SHARES

		AFFILIATED MONEY MARKET MUTUAL FUND—3.0%
	1,194,914	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund ; Note 3 (cost $1,194,914)(w)		1,194,914

		TOTAL INVESTMENTS(h)—100.5% (amortized cost $40,098,716)		40,098,716
		Liabilities in excess of other assets—(0.5)%		(208,443	)

		NET ASSETS—100%	$	39,890,273

(h)	Federal income tax basis is the same as for financial reporting purposes.

(m)	Repurchase agreements are collateralized by federal agency obligations.

(n)	Rates shown are the effective yields at purchase date.

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

See Notes to Financial Statements.


148			THE TARGET PORTFOLIO TRUST

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

Level 1—quoted prices in active markets for identical securities, generally for stocks and mutual funds with daily NAVs

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of October 31, 2010 in valuing the Portfolio’s assets carried at fair value:


	Level 1		Level 2		Level 3
Investments in Securities
U.S. Government Mortgage-Backed Obligations	$	—	$	19,403,802	$	—
Repurchase Agreements		—		19,500,000		—
Affiliated Money Market Mutual Fund		1,194,914		—		—

Total	$	1,194,914	$	38,903,802	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2010 were as follows:


Repurchase Agreements	48.9	%
Federal Home Loan Mortgage Corp.	26.1
Federal National Mortgage Assoc.	17.5
Federal Home Loan Bank	5.0
Affiliated Money Market Mutual Fund	3.0

	100.5
Liabilities in excess of other assets	(0.5	)

	100.0	%

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			149

Statements of Assets and Liabilities October 31, 2010


	LARGE CAPITALIZATION GROWTH PORTFOLIO		LARGE CAPITALIZATION VALUE PORTFOLIO		SMALL CAPITALIZATION GROWTH PORTFOLIO

ASSETS
Investments, at value(G):
Unaffiliated investments(A)	$	207,136,878	$	203,174,825	$	91,515,651
Affiliated investments(B)		30,596,005		13,675,075		23,072,739
Repurchase agreements(C)		—		—		—
Cash		577,274		17,270		7,832
Deposit with broker		—		—		—
Foreign currency, at value(D)		—		—		—
Receivable for Trust shares sold		348,333		328,759		95,674
Dividends and interest receivable		90,785		294,778		23,955
Receivable for investments sold		5,009,052		145,382		565,544
Receivable for foreign tax reclaim		3,489		—		—
Due from broker for variation margin		—		—		—
Payments made for swap agreements		—		—		—
Unrealized appreciation on swaps		—		—		—
Unrealized appreciation on forward currency contracts		—		—		—
Prepaid expenses and other assets		3,689		6,384		1,682
Total assets		243,765,505		217,642,473		115,283,077

LIABILITIES
Collateral for securities on loan		27,330,799		10,485,082		21,881,696
Loan payable (Note 7)		—		—		—
Payable for Trust shares reacquired		429,125		395,336		139,166
Payable for investments purchased		5,507,931		90,896		289,565
Accrued expenses and other liabilities		97,530		92,951		90,011
Management fee payable		104,674		104,626		46,473
Affiliated transfer agent fee payable		19,121		19,242		7,940
Deferred trustees’ fees		9,280		9,113		8,849
Distribution fee payable		41,010		40,779		17,005
Payable to custodian		—		—		—
Interest payable		205		62		203
Dividends payable		—		—		—
Due to broker for variation margin		—		—		—
Options written(E)		—		—		—
Payments received for swap agreements		—		—		—
Unrealized depreciation on swaps		—		—		—
Unrealized depreciation on forward currency contracts		—		—		—
Securities sold short, at value(F)		—		—		—
Total liabilities		33,539,675		11,238,087		22,480,908

NET ASSETS	$	210,225,830	$	206,404,386	$	92,802,169

See Notes to Financial Statements.


150			THE TARGET PORTFOLIO TRUST

Statements of Assets and Liabilities October 31, 2010 (continued)


	LARGE CAPITALIZATION GROWTH PORTFOLIO			LARGE CAPITALIZATION VALUE PORTFOLIO			SMALL CAPITALIZATION GROWTH PORTFOLIO
Net assets were comprised of:
Shares of beneficial interest, at par	$	16,410		$	21,153		$	9,510
Paid-in capital, in excess of par		221,173,538			276,091,203			122,483,818
		221,189,948			276,112,356			122,493,328
Undistributed net investment income (loss)		246,239			2,391,170			(8,849	)
Accumulated net realized gains (losses)		(61,211,153	)		(104,654,865	)		(48,903,034	)
Net unrealized appreciation (depreciation)		50,000,796			32,555,725			19,220,724
Net assets, October 31, 2010	$	210,225,830		$	206,404,386		$	92,802,169
(A) Identified cost of unaffiliated investments	$	157,138,096		$	170,619,100		$	72,294,927
(B) Identified cost of affiliated investments	$	30,596,005		$	13,675,075		$	23,072,739
(C) Identified cost of repurchase agreements		—			—			—
(D) Identified cost of currency		—			—			—
(E) Premiums received from options written		—			—			—
(F) Proceeds received from short sales		—			—			—
(G) Including securities on loan of	$	26,671,051		$	10,254,101		$	21,490,697

NET ASSET VALUE:
Class R:
Net Assets	$	99,675,530		$	97,307,780		$	41,024,806
Shares Outstanding		7,813,363			9,997,534			4,248,753
Net asset value, offering price and redemption price per share	$	12.76		$	9.73		$	9.66
Class T:
Net Assets	$	110,550,300		$	109,096,606		$	51,777,363
Shares Outstanding		8,596,901			11,155,233			5,261,086
Net asset value, offering price and redemption price per share	$	12.86		$	9.78		$	9.84

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			151

Statements of Assets and Liabilities October 31, 2010 (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO		INTERNATIONAL EQUITY PORTFOLIO		TOTAL RETURN BOND PORTFOLIO

ASSETS
Investments, at value(G):
Unaffiliated investments(A)	$	813,670,347	$	176,681,591	$	391,040,237
Affiliated investments(B)		179,574,081		993,198		364,739
Repurchase agreements(C)		—		—		68,600,000
Cash		1,351,698		—		499,620
Deposit with broker		—		—		—
Foreign currency, at value(D)		—		1,687,441		513,442
Receivable for Trust shares sold		1,694,737		870,191		641,248
Dividends and interest receivable		571,324		556,823		3,104,906
Receivable for investments sold		1,495,272		102,180		9,294,718
Receivable for foreign tax reclaim		—		584,443		—
Due from broker for variation margin		10,100		—		41,362
Payments made for swap agreements		—		—		150,596
Unrealized appreciation on swaps		—		—		708,094
Unrealized appreciation on forward currency contracts		—		235,015		487,310
Prepaid expenses and other assets		14,452		3,168		7,047
Total assets		998,382,011		181,714,050		475,453,319

LIABILITIES
Collateral for securities on loan		136,598,800		—		—
Loan payable (Note 7)		—		382,000		—
Payable for Trust shares reacquired		1,247,567		1,278,871		655,153
Payable for investments purchased		6,455,985		435,138		99,141,242
Accrued expenses and other liabilities		239,132		145,132		163,558
Management fee payable		428,534		105,871		141,138
Affiliated transfer agent fee payable		33,764		15,796		21,639
Deferred trustees’ fees		8,960		8,956		8,855
Distribution fee payable		21,895		33,084		43,438
Payable to custodian		—		302,105		—
Interest payable		—		1,007		—
Dividends payable		—		—		296,179
Due to broker		—		—		1,240,000
Due to broker for variation margin		—		—		—
Options written(E)		—		—		1,660,307
Payments received for swap agreements		—		—		500,266
Unrealized depreciation on swaps		—		—		282,607
Unrealized depreciation on forward currency contracts		—		793,774		1,347,669
Securities sold short, at value(F)		—		—		—
Total liabilities		145,034,637		3,501,734		105,502,051

NET ASSETS	$	853,347,374	$	178,212,316	$	369,951,268

See Notes to Financial Statements.


152			THE TARGET PORTFOLIO TRUST

Statements of Assets and Liabilities October 31, 2010 (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO			INTERNATIONAL EQUITY PORTFOLIO			TOTAL RETURN BOND PORTFOLIO
Net assets were comprised of:
Shares of beneficial interest, at par	$	45,064		$	15,011		$	32,447
Paid-in capital, in excess of par		741,965,571			194,153,324			347,735,059
		742,010,635			194,168,335			347,767,506
Undistributed net investment income (loss)		5,640,605			1,866,176			532,734
Accumulated net realized gains (losses)		(34,137,870	)		(30,913,175	)		11,030,616
Net unrealized appreciation (depreciation)		139,834,004			13,090,980			10,620,412
Net assets, October 31, 2010	$	853,347,374		$	178,212,316		$	369,951,268
(A) Identified cost of unaffiliated investments	$	673,901,423		$	163,149,714		$	379,353,522
(B) Identified cost of affiliated investments	$	179,574,081		$	993,198		$	364,739
(C) Identified cost of repurchase agreements		—			—		$	68,600,000
(D) Identified cost of currency		—		$	1,676,260		$	488,399
(E) Premiums received from options written		—			—		$	1,305,138
(F) Proceeds received from short sales		—			—			—
(G) Including securities on loan of	$	132,927,687			—			—

NET ASSET VALUE:
Class R:
Net Assets	$	52,586,508		$	79,234,296		$	102,991,673
Shares Outstanding		2,796,615			6,694,143			9,078,500
Net asset value, offering price and redemption price per share	$	18.80		$	11.84		$	11.34
Class T:
Net Assets	$	800,760,866		$	98,978,020		$	266,959,595
Shares Outstanding		42,267,605			8,316,935			23,368,007
Net asset value, offering price and redemption price per share	$	18.95		$	11.90		$	11.42

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			153

Statements of Assets and Liabilities October 31, 2010 (continued)


	INTERMEDIATE- TERM BOND PORTFOLIO		MORTGAGE BACKED SECURITIES PORTFOLIO		U.S. GOVERNMENT MONEY MARKET PORTFOLIO

ASSETS
Investments, at value(G):
Unaffiliated investments(A)	$	300,324,771	$	48,382,351	$	19,403,802
Affiliated investments(B)		1,234,484		2,517,659		1,194,914
Repurchase agreements(C)		4,300,000		—		19,500,000
Cash		—		—		15,826
Deposit with broker		22,096		255,000		—
Foreign currency, at value(D)		424,126		—		—
Receivable for Trust shares sold		543,854		126,148		74,757
Dividends and interest receivable		2,165,929		173,570		2,276
Receivable for investments sold		11,398,275		640,125		—
Receivable for foreign tax reclaim		—		—		—
Due from broker for variation margin		—		15,273		—
Payments made for swap agreements		173,779		—		—
Unrealized appreciation on swaps		567,225		—		—
Unrealized appreciation on forward currency contracts		141,435		—		—
Prepaid expenses and other assets		5,123		770		949
Total assets		321,301,097		52,110,896		40,192,524

LIABILITIES
Collateral for securities on loan		—		—		—
Loan payable (Note 7)		—		—		—
Payable for Trust shares reacquired		804,821		149,851		234,947
Payable for investments purchased		69,528,346		13,605,156		—
Accrued expenses and other liabilities		126,980		84,802		58,170
Management fee payable		94,752		14,000		142
Affiliated transfer agent fee payable		1,836		246		135
Deferred trustees’ fees		9,247		8,780		8,747
Payable to custodian		756,094		1,187,123		—
Interest payable		—		—		—
Dividends payable		170,967		45,438		110
Due to broker		340,000		—		—
Due to broker for variation margin		—		—		—
Options written(E)		268,793		—		—
Payments received for swap agreements		32,065		—		—
Unrealized depreciation on swaps		73,928		214,556		—
Unrealized depreciation on forward currency contracts		276,602		—		—
Securities sold short, at value(F)		—		644,156		—
Total liabilities		72,484,431		15,954,108		302,251

NET ASSETS	$	248,816,666	$	36,156,788	$	39,890,273

See Notes to Financial Statements.


154			THE TARGET PORTFOLIO TRUST

Statements of Assets and Liabilities October 31, 2010 (continued)


	INTERMEDIATE- TERM BOND PORTFOLIO		MORTGAGE BACKED SECURITIES PORTFOLIO			U.S. GOVERNMENT MONEY MARKET PORTFOLIO
Net assets were comprised of:
Shares of beneficial interest, at par	$	22,692	$	3,412		$	39,890
Paid-in capital, in excess of par		234,504,461		38,455,172			39,852,951
		234,527,153		38,458,584			39,892,841
Undistributed net investment income (loss)		1,696,181		104,288			(2,568	)
Accumulated net realized gains (losses)		6,837,389		(4,754,481	)		—
Net unrealized appreciation (depreciation)		5,755,943		2,348,397			—
Net assets, October 31, 2010	$	248,816,666	$	36,156,788		$	39,890,273
(A) Identified cost of unaffiliated investments	$	294,888,850	$	45,779,322		$	19,403,802
(B) Identified cost of affiliated investments	$	1,234,484	$	2,517,659		$	1,194,914
(C) Identified cost of repurchase agreements	$	4,300,000		—		$	19,500,000
(D) Identified cost of currency	$	414,704		—			—
(E) Premiums received from options written	$	480,660		—			—
(F) Proceeds received from short sales		—	$	640,125			—
(G) Including securities on loan of		—		—			—

NET ASSET VALUE:
Class R:
Net Assets		—		—			—
Shares Outstanding		—		—			—
Net asset value, offering price and redemption price per share		—		—			—
Class T:
Net Assets	$	248,816,666	$	36,156,788		$	39,890,273
Shares Outstanding		22,692,256		3,412,425			39,890,479
Net asset value, offering price and redemption price per share	$	10.96	$	10.60		$	1.00

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			155

Statements of Operations

Year Ended October 31, 2010


	LARGE CAPITALIZATION GROWTH PORTFOLIO			LARGE CAPITALIZATION VALUE PORTFOLIO			SMALL CAPITALIZATION GROWTH PORTFOLIO

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	2,530,795		$	5,181,763		$	521,063
Affiliated dividend income		18,026			7,043			2,883
Less: Foreign withholding taxes		(20,404	)		(23,090	)		(1,595	)
Affiliated income from securities lending, net		28,703			25,409			153,073
Unaffiliated interest		64			—			—
Total income		2,557,184			5,191,125			675,424
Expenses
Management fee		1,208,656			1,224,798			530,193
Loan interest expense (Note 7)		210			245			300
Distribution fee—Class R		423,182			423,067			176,190
Transfer agent’s fees and expenses(a)		195,000			184,000			102,000
Custodian’s fees and expenses		103,000			99,000			61,000
Reports to shareholders		58,000			41,000			63,000
Registration fees		27,000			30,000			25,000
Legal fees		17,000			18,000			17,000
Trustees’ fees		15,000			16,000			14,000
Audit fees		25,000			25,000			24,000
Miscellaneous		20,254			17,544			12,647
Total expenses		2,092,302			2,078,654			1,025,330
Net investment income (loss)		464,882			3,112,471			(349,906	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		13,476,870			3,741,818			6,988,091
Futures transactions		—			—			—
Foreign currency transactions		824			17			—
Options written transactions		—			—			—
Swap agreement transactions		—			—			—
Short sale transactions		—			—			—
Total net realized gain (loss)		13,477,694			3,741,835			6,988,091
Net change in unrealized appreciation (depreciation) on:
Investments		20,485,600			18,096,971			13,470,527
Futures		—			—			—
Foreign currencies		1,697			(747	)		—
Options written		—			—			—
Swaps		—			—			—
Short sales		—			—			—
Net change in unrealized appreciation (depreciation)		20,487,297			18,096,224			13,470,527
Net gain (loss)		33,964,991			21,838,059			20,458,618

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	34,429,873		$	24,950,530		$	20,108,712
(a) Including affiliated expense of	$	142,000		$	134,000		$	67,000

See Notes to Financial Statements.


156			THE TARGET PORTFOLIO TRUST

Statements of Operations

Year Ended October 31, 2010 (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO			INTERNATIONAL EQUITY PORTFOLIO			TOTAL RETURN BOND PORTFOLIO

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	12,373,606		$	5,350,498		$	—
Affiliated dividend income		100,655			4,530			3,713
Less: Foreign withholding taxes		(40,566	)		(469,316	)		—
Affiliated income from securities lending, net		754,343			—			—
Unaffiliated interest		679			—			12,997,803
Total income		13,188,717			4,885,712			13,001,516
Expenses
Management fee		4,308,789			1,218,981			1,482,282
Loan interest expense (Note 7)		—			2,498			—
Distribution fee—Class R		218,398			340,161			434,031
Transfer agent’s fees and expenses(a)		500,000			155,000			350,000
Custodian’s fees and expenses		215,000			225,000			118,000
Reports to shareholders		290,000			64,000			80,000
Registration fees		51,000			31,000			34,000
Legal fees		19,000			19,000			19,000
Trustees’ fees		32,000			19,000			20,000
Audit fees		32,000			32,000			60,000
Miscellaneous		37,794			41,141			27,264
Total expenses		5,703,981			2,147,781			2,624,577
Net investment income (loss)		7,484,736			2,737,931			10,376,939

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		31,813,241			1,703,667			10,020,549
Futures transactions		333,458			—			3,607,725
Foreign currency transactions		—			118,656			(256,619	)
Options written transactions		—			—			1,108,399
Swap agreement transactions		—			—			(693,020	)
Short sale transactions		—			—			(860,948	)
Total net realized gain (loss)		32,146,699			1,822,323			12,926,086
Net change in unrealized appreciation (depreciation) on:
Investments		103,692,562			14,249,109			11,434,143
Futures		132,540			—			(1,396,522	)
Foreign currencies		—			(512,349	)		(911,205	)
Options written		—			—			(363,359	)
Swaps		—			—			(1,061,479	)
Short sales		—			—			222,830
Net change in unrealized appreciation (depreciation)		103,825,102			13,736,760			7,924,408
Net gain (loss)		135,971,801			15,559,083			20,850,494

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	143,456,537		$	18,297,014		$	31,227,433
(a) Including affiliated expense of	$	380,000		$	108,000		$	253,000

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			157

Statements of Operations

Year Ended October 31, 2010 (continued)


	INTERMEDIATE- TERM BOND PORTFOLIO			MORTGAGE BACKED SECURITIES PORTFOLIO			U.S. GOVERNMENT MONEY MARKET PORTFOLIO

NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	—		$	—		$	—
Affiliated dividend income		2,359			7,072			20,540
Less: Foreign withholding taxes		—			—			—
Unaffiliated interest		7,897,501			2,352,243			103,699
Total income		7,899,860			2,359,315			124,239
Expenses
Management fee		1,114,723			173,675			127,899
Interest expense		41,081			3,914			—
Distribution fee—Class R		—			—			—
Transfer agent’s fees and expenses(a)		181,000			28,000			43,000
Custodian’s fees and expenses		107,000			55,000			43,000
Reports to shareholders		37,000			19,000			32,000
Registration fees		31,000			6,000			20,000
Legal fees		18,000			10,000			21,000
Trustees’ fees		18,000			9,000			13,000
Audit fees		56,000			33,000			22,000
Miscellaneous		21,080			3,768			10,447
Total expenses		1,624,884			341,357			332,346
Less: Management fee waivers/subsidy		—			—			(216,205	)
Net expenses		—			—			116,141
Net investment income (loss)		6,274,976			2,017,958			8,098

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		8,932,250			944,224			—
Futures transactions		3,138,729			(235,854	)		—
Foreign currency transactions		658,382			—			—
Options written transactions		912,871			—			—
Swap agreement transactions		(1,079,870	)		30,308			—
Short sale transactions		(593,370	)		(143,918	)		—
Total net realized gain (loss)		11,968,992			594,760			—
Net change in unrealized appreciation (depreciation) on:
Investments and other assets		3,893,697			1,920,719			—
Futures		(1,225,266	)		49,005			—
Foreign currencies		(99,788	)		—			—
Options written		(32,583	)		—			—
Swaps		645,189			(182,238	)		—
Short sales		293,214			(4,031	)		—
Net change in unrealized appreciation (depreciation)		3,474,463			1,783,455			—
Net gain (loss)		15,443,455			2,378,215			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,718,431		$	4,396,173		$	8,098
(a) Including affiliated expense of	$	96,000		$	12,000		$	38,000

See Notes to Financial Statements.


158			THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	464,882		$	1,194,553
Net realized gain (loss) on investment and foreign currency transactions		13,477,694			(38,398,403	)
Net change in unrealized appreciation (depreciation) of investments		20,487,297			50,116,009
Net increase in net assets resulting from operations		34,429,873			12,912,159
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(252,959	)		(340,259	)
Class T		(965,944	)		(1,662,723	)
Total dividends from net investment income		(1,218,903	)		(2,002,982	)
Trust share transactions (Note 6)
Net proceeds from shares sold		44,744,200			43,086,407
Net asset value of shares issued in reinvestment of dividends and distributions		1,210,988			1,999,292
Cost of shares reacquired		(63,159,146	)		(60,551,781	)
Net decrease in net assets from Trust share transactions		(17,203,958	)		(15,466,082	)
Total increase (decrease)		16,007,012			(4,556,905	)

NET ASSETS
Beginning of year		194,218,818			198,775,723
End of year(a)	$	210,225,830		$	194,218,818
(a) Includes undistributed net investment income of	$	246,239		$	999,436

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			159

Statement of Changes in Net Assets (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	3,112,471		$	4,464,899
Net realized gain (loss) on investment and foreign currency transactions		3,741,835			(71,204,746	)
Net change in unrealized appreciation (depreciation) of investments		18,096,224			71,248,613
Net increase in net assets resulting from operations		24,950,530			4,508,766
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(1,209,413	)		(1,487,784	)
Class T		(2,603,094	)		(5,593,931	)
Total dividends from net investment income		(3,812,507	)		(7,081,715	)
Trust share transactions (Note 6)
Net proceeds from shares sold		46,507,821			50,030,153
Net asset value of shares issued in reinvestment of dividends and distributions		3,783,736			6,894,855
Cost of shares reacquired		(63,503,068	)		(70,869,503	)
Net decrease in net assets from Trust share transactions		(13,211,511	)		(13,944,495	)
Total increase (decrease)		7,926,512			(16,517,444	)

NET ASSETS
Beginning of year		198,477,874			214,995,318
End of year(a)	$	206,404,386		$	198,477,874
(a) Includes undistributed net investment income of	$	2,391,170		$	3,091,189

See Notes to Financial Statements.


160			THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss	$	(349,906	)	$	(300,897	)
Net realized gain (loss) on investment and foreign currency transactions		6,988,091			(25,907,355	)
Net change in unrealized appreciation (depreciation) of investments		13,470,527			31,996,132
Net increase in net assets resulting from operations		20,108,712			5,787,880
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		—			—
Class T		—			(93,303	)
Total dividends from net investment income		—			(93,303	)
Trust share transactions (Note 6)
Net proceeds from shares sold		20,145,119			21,929,360
Net asset value of shares issued in reinvestment of dividends and distributions		—			93,098
Cost of shares reacquired		(28,258,975	)		(23,759,246	)
Net decrease in net assets from Trust share transactions		(8,113,856	)		(1,736,788	)
Capital Contributions (Note 6)
Proceeds from regulatory settlement		7,375			—
Total increase		12,002,231			3,957,789

NET ASSETS
Beginning of year		80,799,938			76,842,149
End of year	$	92,802,169		$	80,799,938

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			161

Statement of Changes in Net Assets (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	7,484,736		$	6,667,626
Net realized gain (loss) on investment and foreign currency transactions		32,146,699			(57,106,694	)
Net change in unrealized appreciation (depreciation) of investments		103,825,102			120,705,477
Net increase in net assets resulting from operations		143,456,537			70,266,409
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(285,001	)		(266,471	)
Class T		(6,778,937	)		(6,116,250	)
Total dividends from net investment income		(7,063,938	)		(6,382,721	)
Distributions from net realized gains
Class R		—			(133,152	)
Class T		—			(2,134,010	)
Total distributions from net realized gains		—			(2,267,162	)
Trust share transactions (Note 6)
Net proceeds from shares sold		277,617,518			227,724,010
Net asset value of shares issued in reinvestment of dividends and distributions		6,406,096			8,251,408
Cost of shares reacquired		(138,845,160	)		(122,576,875	)
Net increase in net assets from Trust share transactions		145,178,454			113,398,543
Total increase		281,571,053			175,015,069

NET ASSETS
Beginning of year		571,776,321			396,761,252
End of year(a)	$	853,347,374		$	571,776,321
(a) Includes undistributed net investment income of	$	5,640,605		$	5,213,735

See Notes to Financial Statements.


162			THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	2,737,931		$	2,766,466
Net realized gain (loss) on investment and foreign currency transactions		1,822,323			(27,158,854	)
Net change in unrealized appreciation (depreciation) of investments		13,736,760			61,756,217
Net increase in net assets resulting from operations		18,297,014			37,363,829
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(604,417	)		(1,723,488	)
Class T		(1,685,394	)		(6,068,415	)
Total dividends from net investment income		(2,289,811	)		(7,791,903	)
Trust share transactions (Note 6)
Net proceeds from shares sold		40,858,239			35,995,759
Net asset value of shares issued in reinvestment of dividends and distributions		2,280,694			7,779,809
Cost of shares reacquired		(57,647,930	)		(56,609,450	)
Net decrease in net assets from Trust share transactions		(14,508,997	)		(12,833,882	)
Capital Contributions (Note 6)
Proceeds from regulatory settlement		523,739			—
Total increase		2,021,945			16,738,044

NET ASSETS
Beginning of year		176,190,371			159,452,327
End of year(a)	$	178,212,316		$	176,190,371
(a) Includes undistributed net investment income of	$	1,866,176		$	1,299,400

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			163

Statement of Changes in Net Assets (continued)


	TOTAL RETURN BOND PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	10,376,939		$	11,649,179
Net realized gain on investment and foreign currency transactions		12,926,086			11,661,674
Net change in unrealized appreciation (depreciation) of investments		7,924,408			33,359,098
Net increase in net assets resulting from operations		31,227,433			56,669,951
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(2,384,900	)		(3,535,132	)
Class T		(7,867,421	)		(13,345,904	)
Total dividends from net investment income		(10,252,321	)		(16,881,036	)
Distributions from net realized gains
Class R		(1,880,114	)		(3,017,305	)
Class T		(5,451,974	)		(10,520,280	)
Total distributions from net realized gains		(7,332,088	)		(13,537,585	)
Trust share transactions (Note 6)
Net proceeds from shares sold		128,063,280			68,985,781
Net asset value of shares issued in reinvestment of dividends and distributions		17,608,459			30,027,837
Cost of shares reacquired		(78,606,814	)		(84,213,284	)
Net increase in net assets from Trust share transactions		67,064,925			14,800,334
Capital Contributions (Note 6)
Proceeds from regulatory settlement		3,012			—
Total increase		80,710,961			41,051,664

NET ASSETS
Beginning of year		289,240,307			248,188,643
End of year(a)	$	369,951,268		$	289,240,307
(a) Includes undistributed net investment income of	$	532,734			—

See Notes to Financial Statements.


164			THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	6,274,976		$	7,603,858
Net realized gain on investment and foreign currency transactions		11,968,992			15,720,284
Net change in unrealized appreciation (depreciation) of investments		3,474,463			10,964,280
Net increase in net assets resulting from operations		21,718,431			34,288,422
Dividends and Distributions (Note 1)
Dividends from net investment income		(6,490,702	)		(8,959,248	)
Distributions from net realized gains		(12,338,752	)		(12,273,664	)
Trust share transactions (Note 6)
Net proceeds from shares sold		63,494,251			64,400,801
Net asset value of shares issued in reinvestment of dividends and distributions		18,426,780			21,102,156
Cost of shares reacquired		(81,516,531	)		(57,589,570	)
Net increase in net assets from Trust share transactions		404,500			27,913,387
Capital Contributions (Note 6)
Proceeds from regulatory settlement		6,361			—
Total increase		3,299,838			40,968,897

NET ASSETS
Beginning of year		245,516,828			204,547,931
End of year(a)	$	248,816,666		$	245,516,828
(a) Includes undistributed net investment income	$	1,696,181			—

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			165

Statement of Changes in Net Assets (continued)


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	2,017,958		$	3,239,661
Net realized gain (loss) on investment and foreign currency transactions		594,760			(505,444	)
Net change in unrealized appreciation (depreciation) of investments		1,783,455			3,757,193
Net increase in net assets resulting from operations		4,396,173			6,491,410
Dividends and Distributions (Note 1)
Dividends from net investment income		(2,036,104	)		(3,475,197	)
Trust share transactions (Note 6)
Net proceeds from shares sold		3,562,213			907,511
Net asset value of shares issued in reinvestment of dividends and distributions		2,071,518			3,413,900
Cost of shares reacquired		(12,948,810	)		(17,594,089	)
Net decrease in net assets from Trust share transactions		(7,315,079	)		(13,272,678	)
Total decrease		(4,955,010	)		(10,256,465	)

NET ASSETS
Beginning of year		41,111,798			51,368,263
End of year(a)	$	36,156,788		$	41,111,798
(a) Includes undistributed net investment income of	$	104,288		$	86,565

See Notes to Financial Statements.


166			THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (continued)


	U.S. GOVERNMENT MONEY MARKET PORTFOLIO
	Year Ended October 31, 2010			Year Ended October 31, 2009

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	8,098		$	311,289
Net realized gain on investment and foreign currency transactions		—			1,273
Net increase in net assets resulting from operations		8,098			312,562
Dividends and Distributions (Note 1)
Dividends from net investment income		(23,753	)		(311,289	)
Trust share transactions (Note 6)(b)
Net proceeds from shares sold		14,368,144			88,398,221
Net asset value of shares issued in reinvestment of dividends and distributions		23,993			344,156
Cost of shares reacquired		(40,717,299	)		(91,356,979	)
Net decrease in net assets from Trust share transactions		(26,325,162	)		(2,614,602	)
Total decrease		(26,340,817	)		(2,613,329	)

NET ASSETS
Beginning of year		66,231,090			68,844,419
End of year(a)	$	39,890,273		$	66,231,090
(a) Includes undistributed net investment income of	$	—		$	15,656
(b) Trust share transactions are at $1 per share for the U.S. Government Money Market Portfolio

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			167

Notes to Financial Statements

The TARGET Portfolio Trust (the “Trust”) is an open-end management investment company. The Trust was established as a Delaware business trust on July 29, 1992 and consists of nine separate portfolios (the “Portfolio” or “Portfolios”). All the Portfolios are diversified, as defined under the Investment Company Act of 1940. Investment operations commenced on January 5, 1993.

The Portfolios and their investment objectives are as follows:

•

Large Capitalization Growth Portfolio—long-term capital appreciation through investment primar- ily in stocks of large corporations that, in the investment adviser’s opinion, should have earnings growth faster than that of the S&P 500;

•

Large Capitalization Value Portfolio—total return consisting of capital appreciation and dividend income through investment primarily in stocks of large corporations that, in the adviser’s opinion, are undervalued;

•

Small Capitalization Growth Portfolio—maximum capital appreciation through investment primar- ily in small company common stocks that, in the investment adviser’s opinion, should have earnings growth faster than that of the U.S. economy in general;

•

Small Capitalization Value Portfolio—above average capital appreciation through investment in small company common stocks that, in the adviser’s opinion, are undervalued or overlooked in the marketplace;

•

International Equity Portfolio—capital appreciation through investment primarily in stocks of companies domiciled outside the United States;

•

Total Return Bond Portfolio—total return of current income and capital appreciation through investment primarily in fixed-income securities of varying maturities with a dollar-weighted average portfolio maturity of more than four years but not more than fifteen years;

•

Intermediate-Term Bond Portfolio—current income and reasonable stability of principal through investment primarily in high quality fixed-income securities of varying maturities with a dollar-weighted average portfolio maturity of more than three years but not more than ten years;

•

Mortgage Backed Securities Portfolio—high current income primarily and capital appreciation secondarily, each consistent with the protection of capital through investment primarily in mortgage related securities;

•

U.S. Government Money Market Portfolio—maximum current income consistent with maintenance of liquidity and preservation of capital through investment exclusively in short-term securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

The ability of issuers of debt securities (other than those issued or guaranteed by the U.S. Government) held by the Portfolios to meet their obligations may be affected by economic or political developments in a specific industry, region or country.

Note 1. Accounting Policies

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


168			THE TARGET PORTFOLIO TRUST

Securities Valuations: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via NASDAQ are valued at the NASDAQ official clos- ing price (NOCP) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadvisor(s), to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the last sale price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and ask prices on such exchange or at the last bid price in the absence of an asked price. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Portfolio’s pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. When determining the fair value of securities, some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Certain Portfolios held 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. Each Portfolio may hold up to 15% of its net assets in illiquid securities, except for the U.S. Government Money Market Portfolio, which may hold up to 5% of its net assets in illiquid securities.

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

U.S. Government securities held in Portfolios other than the U.S. Government Money Market Portfolio, for which market quotations are available, are valued at a price provided by an independent pricing agent or primary dealer (a dealer that trades in U.S. Government securities within the Federal Reserve System).

Securities of sufficient credit quality held by the U.S. Government Money Market Portfolio are valued at amortized cost in accordance with Rule 2a-7 of the Investment Company Act, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and the cost.

Short-term debt securities of sufficient credit quality held by the non-money market Portfolios, which mature in 60 days or less, are valued at amortized cost, which approximates fair value. Short-term debt securities held by such Portfolios, which mature in more than 60 days, are valued at fair value.

Repurchase Agreements: In connection with transactions in repurchase agreements with United States financial institutions, it is the Trust’s policy that its custodian or designated sub custodians under


THE TARGET PORTFOLIO TRUST			169

tri-party repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults, and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Trust may be delayed or limited.

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

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolio intends to purchase, against fluctuations in value caused by changes in prevailing interest rates and to manage yield curve and duration. The Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Certain Portfolios entered into equity index futures contracts to gain market exposure. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. The Portfolio maintains a segregated account of securities or other liquid assets, the dollar value of which is at least equal to its obligation with respect to financial futures contracts. Financial futures contracts involve certain elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities.

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

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

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

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

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade date and settlement date on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolios’ 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 investments and foreign currencies.

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


170			THE TARGET PORTFOLIO TRUST

Forward Foreign Currency Contracts: A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward foreign currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on foreign currency transactions. Gains or losses are 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 or 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 Portfolio’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A master netting agreement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

Options: Certain Portfolios purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates and foreign currency exchange rates with respect to securities or currencies which the Portfolio currently owns or intends to purchase. Certain Portfolios also used purchased options to gain exposure to certain securities or foreign currencies. The Portfolios’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

If an option expires unexercised, the Portfolio realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase in determining whether the Portfolio has realized a gain or loss. The difference between the premium and the amount received or paid on affecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gains or losses on purchased options are included in net realized gains or losses on investment transactions. Gains or losses on written options are presented separately as net realized gains or losses on options written.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. Over-the-counter options involve the risk of the potential inability of the counterparties to meet the terms of their contracts.

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

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap


THE TARGET PORTFOLIO TRUST			171

is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

Short Sales: Certain Portfolios of the Trust may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Portfolio may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Portfolio makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio may have to pay a fee to borrow the particular security and may be obligated to return any interest or dividends received on such borrowed securities. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than the proceeds originally received, respectively, and is presented in the Statement of Operations as net realized gain or loss on short sales. The Portfolio maintains a segregated account of securities or other liquid assets, the dollar value of which is at least equal to its obligation with respect to short sales.

Swap Agreements: Certain Portfolios 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. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Portfolio 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.

Interest Rate Swaps: Interest rate swaps represent agreements between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Certain Portfolios used interest rate swaps to generate steady cash flow by receiving a stream of fixed rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

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

The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. Certain Portfolios purchased credit default swaps to provide a measure of protection against defaults of the issuers. Certain Portfolios used credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect.


172			THE TARGET PORTFOLIO TRUST

Certain Portfolios took an active short position with respect to the likelihood of a particular issuer’s default by selling credit default swaps. The Portfolio’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the notional value of a credit default swap agreement. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.

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

The maximum amount of the payment that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be equal the notional amount of the underlying security or index contract as a result of a credit event. These potential amounts will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or index. As a buyer of protection, the Portfolio 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 Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment and/or 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 or risk of default or other credit event occurring as defined under the terms of the agreement.

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

As of October 31, 2010, none of the Portfolios have met conditions under such agreements, which give the counterparty the right to call for an early termination.


THE TARGET PORTFOLIO TRUST			173

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.

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

The Portfolios invested in various derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. The effect of such derivative instruments on each Portfolio’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 October 31, 2010 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Small Capitalization Value
Equity contracts	Due from broker for variation margin	$	65,080	*	—		—

International Equity
Foreign exchange contracts	Unrealized appreciation on forward currency contracts	$	235,015		Unrealized depreciation on forward currency contracts	$	793,774
Equity contracts	Unaffiliated investments		71,092		—		—

Total		$	306,107			$	793,774

Total Return Bond
Interest rate contracts	Payments made for swap agreements	$	57,955		Due from broker for variation margin	$	284,785	*
Interest rate contracts	Unrealized appreciation on swaps		295,692		Payments received for swap agreements		92,364
Interest rate contracts	—		—		Unrealized depreciation on swaps		56,409
Interest rate contracts	—		—		Options written		1,302,529
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		487,310		Unrealized depreciation on forward currency contracts		1,347,669
Foreign exchange contracts	—		—		Options written		267,419
Credit contracts	Unrealized appreciation on swaps		412,402		Unrealized depreciation on swaps		226,198
Credit contracts	Payments made for swap agreements		92,641		Payments received for swap agreements		407,902
Credit contracts	—		—		Options written		90,359

Total		$	1,346,000			$	4,075,634


174			THE TARGET PORTFOLIO TRUST


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Intermediate-Term Bond
Interest rate contracts	—	$	—		Options written	$	268,793
Interest rate contracts	Unrealized appreciation on swaps		238,096		Unrealized depreciation on swaps		41,301
Interest rate contracts	Payments made for swap agreements		98,289		Payments received for swap agreements		16,211
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		141,435		Unrealized depreciation on forward currency contracts		276,602
Credit contracts	Unrealized appreciation on swaps		329,129		Unrealized depreciation on swaps		32,627
Credit contracts	Payments made for swap agreements		75,490		Payments received for swap agreements		15,854

Total		$	882,439			$	651,388

Mortgage Backed Securities
Interest rate contracts	Due from broker for variation margin	$	3,738	*	Due from broker for variation margin	$	39,783	*
Interest rate contracts	—		—		Unrealized depreciation on swaps		214,556

Total		$	3,738			$	254,339

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2010 are as follows:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights			Warrants		Purchased Options			Futures		Written Options		Swaps		Forward Currency Contracts		Total
Large Capitalization Growth
Equity contracts	$	—		$	—	$	(7,032	)	$	—	$	—	$	—	$	—	$	(7,032	)

Small Capitalization Value
Equity contracts	$	—		$	—	$	—		$	333,458	$	—	$	—	$	—	$	333,458

International Equity
Foreign exchange contracts	$	—		$	—	$	—		$	—	$	—	$	—	$	272,849	$	272,849
Equity contracts		(44,635	)		4,546		—			—		—		—		—		(40,089	)

Total	$	(44,635	)	$	4,546	$	—		$	—	$	—	$	—	$	272,849	$	232,760


THE TARGET PORTFOLIO TRUST			175


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights			Warrants		Purchased Options		Futures			Written Options			Swaps			Forward Currency Contracts			Total
Total Return Bond
Interest rate contracts	$	—		$	—	$	—	$	3,607,725		$	1,026,049		$	(181,382	)	$	—		$	4,452,392
Foreign exchange contracts		—			—		—		—			46,345			—			899,914			946,259
Credit contracts		—			—		—		—			36,005			(511,638	)		—			(475,633	)

Total	$	—		$	—	$	—	$	3,607,725		$	1,108,399		$	(693,020	)	$	899,914		$	4,923,018

Intermediate-Term Bond
Interest rate contracts	$	—		$	—	$	—	$	3,138,729		$	876,991		$	(1,194,655	)	$	—		$	2,821,065
Foreign exchange contracts		—			—		—		—			35,880			—			268,351			304,231
Credit contracts		—			—		—		—			—			114,785			—			114,785

Total	$	—		$	—	$	—	$	3,138,729		$	912,871		$	(1,079,870	)	$	268,351		$	3,240,081

Mortgage Backed Securities
Interest rate contracts	$	—		$	—	$	—	$	(235,854	)	$	—		$	30,308		$	—		$	(205,546	)


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights			Warrants		Purchased Options		Futures			Written Options			Swaps			Forward Currency Contracts			Total
Small Capitalization Value
Equity contracts	$	—		$	—	$	—	$	132,540		$	—		$	—		$	—		$	132,540

International Equity
Foreign exchange contracts	$	—		$	—	$	—	$	—		$	—		$	—		$	(512,299	)	$	(512,299	)
Equity contracts		52,867			—		—		—			—			—			—			52,867

Total	$	52,867		$	—	$	—	$	—		$	—		$	—		$	(512,299	)	$	(459,432	)

Total Return Bond
Interest rate contracts	$	—		$	—	$	—	$	(1,396,522	)	$	(518,720	)	$	(386,306	)	$	—		$	(2,301,548	)
Foreign exchange contracts		—			—		—		—			9,491			—			(860,925	)		(851,434	)
Credit contracts		—	��		—		—		—			145,870			(675,173	)		—			(529,303	)

Total	$	—		$	—	$	—	$	(1,396,522	)	$	(363,359	)	$	(1,061,479	)	$	(860,925	)	$	(3,682,285	)


176			THE TARGET PORTFOLIO TRUST


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights		Warrants		Purchased Options		Futures			Written Options			Swaps			Forward Currency Contracts			Total
Intermediate-Term Bond
Interest rate contracts	$	—	$	—	$	—	$	(1,225,266	)	$	(32,583	)	$	295,175		$	—		$	(962,674	)
Foreign exchange contracts		—		—		—		—			—			—			(110,648	)		(110,648	)
Credit contracts		—		—		—		—			—			350,014			—			350,014

Total	$	—	$	—	$	—	$	(1,225,266	)	$	(32,583	)	$	645,189		$	(110,648	)	$	(723,308	)

Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	—	$	49,005		$	—		$	(182,238	)	$	—		$	(133,233	)

For the year ended October 31, 2010, the average volume of derivative activities are as follows:


Portfolio	Purchased Options(1)		Written Options(2)		Futures Contracts - Long Positions(3)		Futures Contracts - Short Positions(3)		Forward foreign currency exchange purchase contracts(4)
Large Capitalization Growth	$	6,895	$	—	$	—	$	—	$	—
Small Capitalization Value		—		—		2,095,345		—		—
International Equity		—		—		—		—		2,927,671
Total Return Bond		—		770,447		118,069,908		—		24,951,010
Intermediate-Term Bond		—		385,223		118,586,015		—		7,496,623
Mortgage Backed Securities		—		—		6,762,984		10,923,074		—


Portfolio	Forward foreign currency exchange sale contracts(5)		Interest rate swap agreements(6)		Credit default swap agreements - Buy Protection(6)		Credit default swap agreements - Sell Protection(6)
Large Capitalization Growth	$	—	$	—	$	—	$	—
Small Capitalization Value		—		—		—		—
International Equity		8,114,655		—		—		—
Total Return Bond		35,753,296		24,676,014		45,133,060		560,000
Intermediate-Term Bond		6,677,393		18,992,460		—		14,635,000
Mortgage Backed Securities		—		29,225,000		—		—

(1)

Cost.

(2)	Premium Received.

(3)	Value at Trade Date.

(4)	Value at Settlement Date Payable.

(5)	Value at Settlement Date Receivable.

(6)	Notional Amount.


THE TARGET PORTFOLIO TRUST			177

Securities Lending: The Portfolio may lend its portfolio securities to broker-dealers. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities using the collateral in the open market. The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its secu- rities in the form of fees or interest on the investment of any cash received as collateral. The Portfolio 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.

When-Issued/Delayed Delivery Securities: Certain Portfolios may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to pur- chase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluc- tuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized and unrealized gains and losses from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount of debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis. The Trust’s expenses are allocated to the respective Portfolios on the basis of relative net assets except for expenses that are charged directly at the Portfolio or class level.

Dividends and Distributions: The Total Return Bond Portfolio, Intermediate-Term Bond Portfolio, Mortgage Backed Securities Portfolio and U.S. Government Money Market Portfolio declare dividends of their net investment income daily and pay such dividends monthly. All other Portfolios declare and pay a dividend from net investment income, if any, at least annually. Each Portfolio declares and pays its net realized capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on 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, each Portfolio in the Trust is treated as a separate tax-paying entity. It is each Portfolio’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

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


178			THE TARGET PORTFOLIO TRUST

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 Trust’s manager is Prudential Investments LLC (“PI”). PI manages the investment operations of the Trust, administers the Trust’s affairs and is responsible for the selection, subject to review and approval of the Trustees, of the advisers. PI supervises the advisers’ performance of advisory services and makes recommendations to the Trustees as to whether the advisers’ contracts should be renewed, modified or terminated. PI pays for the costs pursuant to the advisory agreements, the cost of compensation of officers of the Trust, occupancy and certain clerical and accounting costs of the Trust. The Trust bears all other costs and expenses.

The advisers noted below each furnished investment advisory services in connection with the manage- ment of the Portfolios. Each of the advisers of the equity Portfolios—Large Capitalization Growth Portfolio, Large Capitalization Value Portfolio, Small Capitalization Growth Portfolio, Small Capitalization Value Portfolio and International Equity Portfolio—manages a portion of the assets of the respective Portfolios. In general, in order to maintain a division of assets between the advisers as deemed appropriate by PI, all daily cash inflows (i.e., subscriptions and reinvested distributions) and outflows (i.e., redemptions and expense items) are divided between the advisers, as PI deems appropriate. In order to maintain an approximate allocation between the advisers in the ratio deemed appropriate by PI, a periodic rebalancing of each sub- adviser’s share of Portfolio assets may occur to account for market fluctuations.

At October 31, 2010, the sub-advisers that provide subadvisory services are:


Portfolio		Adviser
Large Capitalization Growth . . .		Marsico Capital Management, LLC and Massachusetts Financial Services Company (MFS)
Large Capitalization Value		NFJ Investment Group, L.P., Hotchkis and Wiley Capital Management, LLC and Eaton Vance Management
Small Capitalization Growth . . .		Ashfield Capital Partners, LLC and Eagle Asset Management, Inc.
Small Capitalization Value . . .		NFJ Investment Group L.P. , EARNEST Partners, LLC, Lee Munder Capital Group, J.P. Morgan Investment Management, Inc. and Vaughan Nelson Investment Management, L.P.
International Equity		LSV Asset Management and Thornburg Investment Management, Inc.
Total Return Bond and Intermediate-Term Bond		Pacific Investment Management Company LLC
Mortgage Backed Securities and U.S. Government Money Market . . .		Wellington Management Company, LLP


THE TARGET PORTFOLIO TRUST			179

The management fee payable to PI is computed daily and paid monthly, at an annual rate of the average daily net assets of the Portfolios specified below and PI, in turn, pays each adviser a fee for its services.


Portfolio	Contracted & Effective Management Fee
Large Capitalization Growth . . .		0.60	%
Large Capitalization Value		0.60	%
Small Capitalization Growth . . .		0.60	%
Small Capitalization Value . . .		0.60	%
International Equity		0.70	%
Total Return Bond . . .		0.45	%
Intermediate-Term Bond		0.45	%
Mortgage Backed Securities . . .		0.45	%
U.S. Government Money Market . . .		0.25	%†

†

In order to support the income yield, PI has voluntarily agreed to limit the management fees of the U.S. Government Money Market Portfolio such that the 1-day yield (without capital gain or loss) does not fall below 0.025%. Effective March 1, 2010, the income yield limitation was reduced to 0.01%. The waiver/reimbursement is voluntary and may be modified or terminated by PI at any time without notice. During the year ended October 31, 2010, PI has reimbursed the Fund as a result of this voluntary agreement in the amount of $216,205, 0.42% of the U.S. Government Money Market Portfolio’s average daily net assets. The management fee waiver exceeds the management fee.

The Trust has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class T and Class R shares of the Trust. The Trust compensates PIMS for distributing and servicing the Trust’s Class R shares, pursuant to plan of distribution (the “Class R Plan”), regardless of expenses actually incurred by PIMS. The distribution fee is accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class T shares of the Trust.

Pursuant to the Class R Plan, the Trust compensates PIMS for distribution related activities at an annual rate of up to 0.75% of the average daily net assets of the Class R shares. For the year ended October 31, 2010, PIMS has contractually agreed to limit such fees to 0.50% of the average daily net assets of the Class R shares through February 29, 2012.

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

Note 3. Other Transactions with Affiliates

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

For the year ended October 31, 2010, $32 of brokerage commissions were earned by Wells Fargo Advisors, LLC, an affiliate of PI through December 31, 2009, from portfolio transactions executed on behalf of Small Capitalization Value Portfolio.

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Trust’s security lending agent. For the year ended October 31, 2010, PIM was compensated for these services by the following Portfolios of the Trust:


Portfolio	PIM
Large Capitalization Growth	$	10,094
Large Capitalization Value		8,615
Small Capitalization Growth		52,465
Small Capitalization Value		265,127


180			THE TARGET PORTFOLIO TRUST

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

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments and U.S. Government securities, for the year ended October 31, 2010, were as follows:


Portfolio	Purchases		Sales
Large Capitalization Growth . . .	$	328,437,532	$	338,413,523
Large Capitalization Value . . .		64,705,659		78,586,068
Small Capitalization Growth		55,372,266		64,391,683
Small Capitalization Value . . .		356,472,781		222,607,088
International Equity . . .		69,065,376		82,188,192
Total Return Bond		771,153,518		702,818,099
Intermediate-Term Bond		221,415,042		168,818,522
Mortgage Backed Securities		371,760,066		379,296,272

Transactions in options written during the year ended October 31, 2010, were as follows:


Intermediate-Term Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2009		34,900		$	260,121
Written options		673,700			1,235,639
Expired options		(593,300	)		(873,542	)
Closed options		(27,400	)		(141,558	)

Options outstanding at October 31, 2010		87,900		$	480,660


Total Return Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2009		24,000		$	8,340
Written options		502,700			3,021,276
Expired options		(95,200	)		(1,110,302	)
Closed options		(244,100	)		(614,176	)

Options outstanding at October 31, 2010		187,400		$	1,305,138

Note 5. Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income or loss, accumulated net realized gains or losses and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to paid-in capital in excess of par, undistributed net investment income or loss and accumulated net realized gains or losses on investments.


THE TARGET PORTFOLIO TRUST			181

For the fiscal year ended October 31, 2010 the adjustments were as follows:


	Undistributed Net Investment Income or Loss			Accumulated Net Gains or Losses			Paid-In Capital In Excess of Par
Large Capitalization Growth(a)	$	824		$	(824	)	$	—
Large Capitalization Value(a)		17			(17	)		—
Small Capitalization Growth(b)		350,913			—			(350,913	)
Small Capitalization Value(f),(g),(h)		6,072			(5,831	)		(241	)
International Equity(a)		118,656			(118,656	)		—
Total Return Bond(a),(c),(d),(e)		735,862			(735,862	)		—
Intermediate-Term Bond(a),(c),(d),(e)		2,153,627			(2,153,627	)		—
Mortgage Backed Securities(a),(c),(e)		35,869			(35,869	)		—
U.S. Government Money Market(g)		(2,569	)		—			2,569

(a)	Reclassification of net foreign currency gain (loss).

(b)	Reclassification of net operating loss.

(c)	Reclassification of swap income.

(d)	Reclassification of income from defaulted securities.

(e)	Reclassification of paydowns.

(f)	Reclassification of PFIC adjustments.

(g)	Non-deductible expenses.

(h)	Other book to tax differences.

Net investment income or loss, net realized gains or losses and net assets were not affected by these adjustments.

For the fiscal year ended October 31, 2010, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
Large Capitalization Growth	$	1,218,903	$	—	$	1,218,903
Large Capitalization Value		3,812,507		—		3,812,507
Small Capitalization Value		7,063,938		—		7,063,938
International Equity		2,289,811		—		2,289,811
Total Return Bond		17,584,409		—		17,584,409
Intermediate-Term Bond		14,470,943		4,358,511		18,829,454
Mortgage Backed Securities		2,036,104		—		2,036,104
U.S. Government Money Market		23,753		—		23,753


182			THE TARGET PORTFOLIO TRUST

For the fiscal year ended October 31, 2009, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


	Ordinary Income		Long-Term Capital Gains		Distributions in Excess of Net Investment Income		Total Dividends and Distributions
Large Capitalization Growth	$	2,002,982	$	—	$	—	$	2,002,982
Large Capitalization Value		7,081,715		—		—		7,081,715
Small Capitalization Growth		92,701		—		602		93,303
Small Capitalization Value		6,380,676		2,269,207		—		8,649,883
International Equity		7,791,903		—		—		7,791,903
Total Return Bond		30,216,702		201,919		—		30,418,621
Intermediate-Term Bond		13,914,499		7,318,413		—		21,232,912
Mortgage Backed Securities		3,475,197		—		—		3,475,197
U.S. Government Money Market		311,289		—		—		311,289

For federal income tax purposes, dividends from net investment income and distributions from short-term capital gains are taxable as ordinary income. Long-term capital gain distributions are taxable as such.

As of October 31, 2010, the Portfolios had the following amounts of accumulated undistributed earnings on a tax basis:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
Large Capitalization Growth	$	255,519	$	—
Large Capitalization Value		2,400,604		—
Small Capitalization Value		5,649,565		—
International Equity		1,489,923		—
Total Return Bond		7,853,544		3,836,141
Intermediate-Term Bond		8,348,762		1,698,921
Mortgage Backed Securities		162,244		—
U.S. Government Money Market		6,289		—

This differs from the amounts shown on the Statement of Assets and Liabilities primarily due to cumulative timing differences between financial and tax reporting.

For federal income tax purposes, certain Portfolios had capital loss carryforwards as of October 31, 2010 of approximately:


	Expiring October 31,
	2011		2012		2013		2014		2015		2016		2017		2018		Total
Large Capitalization Growth	$	—	$	—	$	—	$	—	$	—	$	21,744,000	$	32,835,000	$	—	$	54,579,000
Large Capitalization Value		—		—		—		—		—		18,709,000		74,753,000		221,000		93,683,000
Small Capitalization Growth		3,778,000		—		—		—		—		18,082,000		26,562,000		—		48,422,000
Small Capitalization Value		—		—		—		—		—		—		22,342,000		—		22,342,000
International Equity		—		—		—		—		—		1,524,000		28,616,000		—		30,140,000
Mortgage Backed Securities		442,000		255,000		65,000		1,665,000		900,000		531,000		958,000		—		4,816,000


THE TARGET PORTFOLIO TRUST			183

Accordingly, no capital gain distributions are expected to be paid to shareholders until future net gains have been realized in excess of such carryforwards. It is uncertain whether the Portfolios will be able to realize the full benefit prior to expiration dates.

The following Portfolios utilized capital loss carryforward to offset net taxable capital gains realized in the fiscal year ended October 31, 2010 of approximately:


Large Capitalization Growth	$	10,012,000
Small Capitalization Growth		6,761,000
Small Capitalization Value		32,248,000
International Equity		1,469,000
Mortgage Backed Securities		528,000

The federal income tax basis of the Portfolio’s investments and the net unrealized appreciation as of October 31, 2010 were as follows:


	Tax Basis		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation		Other Cost Basis Adjustments			Total Net Unrealized Appreciation
Large Capitalization Growth	$	194,366,493	$	50,358,770	$	(6,992,380	)	$	43,366,390	$	2,014		$	43,368,404
Large Capitalization Value		195,265,681		36,087,298		(14,503,079	)		21,584,219		—			21,584,219
Small Capitalization Growth		95,848,616		22,101,601		(3,361,827	)		18,739,774		—			18,739,774
Small Capitalization Value		865,206,204		166,055,532		(38,017,308	)		128,038,224		—			128,038,224
International Equity		165,089,900		32,237,483		(19,652,594	)		12,584,889		117,862			12,702,751
Total Return Bond		449,197,258		16,936,709		(6,128,991	)		10,807,718		(8,607	)		10,799,111
Intermediate-Term Bond		301,725,492		10,058,720		(5,924,957	)		4,133,763		288,281			4,422,044
Mortgage Backed Securities		48,297,063		3,144,939		(541,992	)		2,602,947		(196,383	)		2,406,564

The difference between book basis and tax basis are primarily attributable to deferred losses on wash sales and other book to tax differences. The other cost basis adjustments are primarily attributable to appreciation (depreciation) on written options, futures, swaps, short sales, forward currency contracts and mark-to-market of receivables and payables.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of October 31, 2010, no provisions for income tax would be required in the Funds’ financial statements. The Funds’ 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

For the year ended October 31, 2010 the following Funds received amounts related to settlements of regulatory proceedings involving allegations of improper trading. The total amount is presented in the respective Fund’s statement of changes in the net assets. The Funds were not involved in the proceedings or the calculations of the payments.


	Affiliate		Third Party		Total Settlement
Small Capitalization Growth	$	—	$	7,375	$	7,375
International Equity		384,721		139,018		523,739
Total Return Bond		—		3,012		3,012
Intermediate-Term Bond		—		6,361		6,361


184			THE TARGET PORTFOLIO TRUST

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share. Transactions in shares of beneficial interest were as follows:


	CLASS R						CLASS T
	SHARES			AMOUNT			SHARES			AMOUNT
Large Capitalization Growth
Year Ended October 31, 2010:
Sold		3,247,610		$	37,778,561			591,571		$	6,965,639
Reinvested		21,863			252,959			82,518			958,029
Redeemed		(1,918,588	)		(22,508,394	)		(3,437,478	)		(40,650,752	)

Net Increase (Decrease)		1,350,885		$	15,523,126			(2,763,389	)	$	(32,727,084	)

Year Ended October 31, 2009:
Sold		3,603,014		$	34,452,112			930,241		$	8,634,295
Reinvested		37,309			340,259			181,513			1,659,033
Redeemed		(1,959,929	)		(18,247,063	)		(4,520,602	)		(42,304,718	)

Net Increase (Decrease)		1,680,394		$	16,545,308			(3,408,848	)	$	(32,011,390	)

Large Capitalization Value
Year Ended October 31, 2010:
Sold		4,206,880		$	39,035,970			800,535		$	7,471,851
Reinvested		131,744			1,209,413			280,122			2,574,323
Redeemed		(2,333,900	)		(21,812,808	)		(4,440,616	)		(41,690,260	)

Net Increase (Decrease)		2,004,724		$	18,432,575			(3,359,959	)	$	(31,644,086	)

Year Ended October 31, 2009:
Sold		4,875,956		$	37,563,492			1,673,548		$	12,466,661
Reinvested		191,725			1,487,784			696,788			5,407,071
Redeemed		(2,399,695	)		(18,326,429	)		(6,924,069	)		(52,543,074	)

Net Increase (Decrease)		2,667,986		$	20,724,847			(4,553,733	)	$	(34,669,342	)

Small Capitalization Growth
Year Ended October 31, 2010:
Sold		1,783,410		$	15,618,007			504,925		$	4,527,112
Reinvested		—			—			—			—
Redeemed		(1,185,108	)		(10,425,202	)		(1,983,060	)		(17,833,773	)

Net Increase (Decrease)		598,302		$	5,192,805			(1,478,135	)	$	(13,306,661	)

Year Ended October 31, 2009:
Sold		2,294,608		$	15,506,271			988,798		$	6,423,089
Reinvested		—			—			14,592			93,098
Redeemed		(1,238,036	)		(8,353,022	)		(2,294,512	)		(15,406,224	)

Net Increase (Decrease)		1,056,572		$	7,153,249			(1,291,122	)	$	(8,890,037	)


THE TARGET PORTFOLIO TRUST			185


	CLASS R						CLASS T
	SHARES			AMOUNT			SHARES			AMOUNT
Small Capitalization Value
Year Ended October 31, 2010:
Sold		1,361,954		$	23,742,362			14,338,950		$	253,875,156
Reinvested		17,571			285,001			376,220			6,121,095
Redeemed		(761,992	)		(13,283,009	)		(7,145,079	)		(125,562,151	)

Net Increase (Decrease)		617,533		$	10,744,354			7,570,091		$	134,434,100

Year Ended October 31, 2009:
Sold		1,336,960		$	17,866,327			16,004,482		$	209,857,683
Reinvested		31,716			399,623			621,677			7,851,785
Redeemed		(796,286	)		(10,690,623	)		(8,253,113	)		(111,886,252	)

Net Increase (Decrease)		572,390		$	7,575,327			8,373,046		$	105,823,216

International Equity
Year Ended October 31, 2010:
Sold		3,092,876		$	33,409,588			689,820		$	7,448,651
Reinvested		55,299			604,417			153,225			1,676,277
Redeemed		(1,760,213	)		(19,252,379	)		(3,516,516	)		(38,395,551	)

Net Increase (Decrease)		1,387,962		$	14,761,626			(2,673,471	)	$	(29,270,623	)

Year Ended October 31, 2009:
Sold		3,280,109		$	29,009,042			856,044		$	6,986,717
Reinvested		211,731			1,723,489			744,020			6,056,320
Redeemed		(2,134,619	)		(19,054,186	)		(4,339,698	)		(37,555,264	)

Net Increase (Decrease)		1,357,221		$	11,678,345			(2,739,634	)	$	(24,512,227	)

Total Return Bond
Year Ended October 31, 2010:
Sold		4,691,739		$	51,454,818			6,944,205		$	76,608,462
Reinvested		398,369			4,307,472			1,220,163			13,300,987
Redeemed		(2,546,608	)		(27,938,039	)		(4,580,343	)		(50,668,775	)

Net Increase (Decrease)		2,543,500		$	27,824,251			3,584,025		$	39,240,674

Year Ended October 31, 2009:
Sold		3,396,499		$	34,817,492			3,290,941		$	34,168,289
Reinvested		657,117			6,492,102			2,365,696			23,535,735
Redeemed		(2,913,476	)		(28,813,854	)		(5,514,333	)		(55,399,430	)

Net Increase (Decrease)		1,140,140		$	12,495,740			142,304		$	2,304,594

Intermediate-Term Bond
Year Ended October 31, 2010:
Sold		—		$	—			5,966,152		$	63,494,251
Reinvested		—			—			1,768,681			18,426,780
Redeemed		—			—			(7,668,356	)		(81,516,531	)

Net Increase (Decrease)		—		$	—			66,477		$	404,500

Year Ended October 31, 2009:
Sold		—		$	—			6,181,966		$	64,400,801
Reinvested		—			—			2,083,856			21,102,156
Redeemed		—			—			(5,550,896	)		(57,589,570	)

Net Increase (Decrease)		—		$	—			2,714,926		$	27,913,387


186			THE TARGET PORTFOLIO TRUST


	CLASS R				CLASS T
	SHARES		AMOUNT		SHARES			AMOUNT
Mortgage Backed Securities
Year Ended October 31, 2010:
Sold		—	$	—		345,226		$	3,562,213
Reinvested		—		—		201,878			2,071,518
Redeemed		—		—		(1,261,130	)		(12,948,810	)

Net Increase (Decrease)		—	$	—		(714,026	)	$	(7,315,079	)

Year Ended October 31, 2009:
Sold		—	$	—		95,280		$	907,511
Reinvested		—		—		361,997			3,413,900
Redeemed		—		—		(1,875,165	)		(17,594,089	)

Net Increase (Decrease)		—	$	—		(1,417,888	)	$	(13,272,678	)

Note 7. Borrowings

The Trust (excluding U.S. Government Money Market), along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with two banks. The SCA provides for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at contracted market rates and a commitment fee for the unused amount is accrued daily and paid quarterly. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The expiration date of the SCA has been extended from October 20, 2010 to December 17, 2010 under the same terms. Effective December 17, 2010 the Trust (excluding U.S. Government Money Market), along with the Funds entered into a new Syndicated Credit Agreement (“New SCA”) with a group of banks. The New SCA provides for a commitment of $750 million. The Funds will pay an annualized commitment fee of 0.10% of the unused portion of the New SCA. The expiration date of the New SCA is December 16, 2011. Interest on any borrowings under the New SCA will be incurred at contracted market rates and a commitment fee for the unused amount is accrued daily and paid quarterly. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions.

The following Portfolios utilized the line of credit during the year ended October 31, 2010. The average balance outstanding is for the number of days that each Portfolio had an outstanding balance.


Portfolio	Average Advances Outstanding During the Period		Average Interest Rate			Number of Days Advances Outstanding During the Period		Outstanding Borrowings at October 31, 2010
Large Capitalization Growth	$	733,696		1.47	%		7		—
Large Capitalization Value		456,793		1.38	%		14		—
Small Capitalization Growth		435,512		1.46	%		17		—
International Equity		449,554		1.46	%		137	$	382,000

Reverse Repurchase Agreements: Mortgage Backed Securities Portfolio enters into reverse repurchase agreements with qualified, third party broker-dealers as determined by and under the direction of the Trust’s Board of Trustees. Interest on the value of reverse repurchase agreements entered into and outstanding is based upon competitive market rates at the time of execution of the agreement. At the time the Portfolio enters into a reverse repurchase agreement, it establishes and maintains a segregated account with the lender containing liquid investment grade securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.


THE TARGET PORTFOLIO TRUST			187

The average daily balance of reverse repurchase agreements outstanding during the year ended October 31, 2010 in the Mortgage Backed Securities Portfolio was approximately $2,040,000 at a weighted average interest rate of approximately 0.25%. The average daily balance is based on the number of days the Portfolio had an outstanding balance. The maximum amount of total reverse repurchase agreements outstanding at any month-end during the period was approximately $2,000,000 as of December 31, 2009 which was 5% of total assets.

Note 8. Liquidation

On December 1, 2010, the Board of Trustees of the Trust, of which U.S. Government Money Market Portfolio (the “Portfolio”) is a series, determined that it was in the best interests of the Portfolio’s shareholders for the Portfolio to cease operations. Accordingly, the Board approved a proposal to redeem all of the outstanding shares of the Portfolio at the net asset value as of the redemption date. The redemption is scheduled to take place on or about February 15, 2011.

Note 9. Notice of Dividends and Distributions to Shareholders

In addition to the monthly dividends paid by the Total Return Bond Portfolio, Intermediate-Term Bond Portfolio, Mortgage Backed Securities Portfolio and U.S. Government Money Market Portfolio, the Portfolios declared ordinary income dividends and capital gain distributions. The per share amounts declared were as follows:

Portfolio

Declaration
Date

Paid to
Shareholders
of Record

Ex-Dividend
Date

Ordinary
Income

Long-Term
Capital
Gains

Short-Term
Capital
Gains

Large Capitalization Growth

Class T

12/10/2010

12/13/2010

12/14/2010

0.03734

—

Large Capitalization
Value

Class R

12/10/2010

12/13/2010

12/14/2010

0.12300

—

Class T

12/10/2010

12/13/2010

12/14/2010

0.16660

—

Small Capitalization
Value

Class R

12/08/2010

12/09/2010

12/10/2010

0.08715

—

Class T

12/08/2010

12/09/2010

12/10/2010

0.17729

—

International Equity

Class R

11/30/2010

12/01/2010

12/02/2010

0.13610

—

Class T

11/30/2010

12/01/2010

12/02/2010

0.19080

—

Total Return Bond

Class R

12/20/2010

12/21/2010

—

0.11804

0.23765

Class T

12/20/2010

12/21/2010

—

0.11804

0.23765

Intermediate-Term Bond

Class T

12/20/2010

12/21/2010

—

0.07630

0.29010

Note 10. New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 will require reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.


188			THE TARGET PORTFOLIO TRUST

Financial Highlights


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006
	2010(f)			2009			2008(f)			Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.85		$	10.11		$	17.46		$	15.31		$	14.32
Income (loss) from investment operations
Net investment income (loss)		(.01	)		.05			.05			(.02	)		.03
Net realized and unrealized gain (loss) on investments		1.96			.76			(6.43	)		2.31			1.30
Total from investment operations		1.95			.81			(6.38	)		2.29			1.33
Less dividends and distributions
Dividends from net investment income		(.04	)		(.07	)		(.02	)		—			(.05	)
Distributions from net realized gains		—			—			(.95	)		(.14	)		(.29	)
Total dividends and distributions		(.04	)		(.07	)		(.97	)		(.14	)		(.34	)
Net asset value, end of period	$	12.76		$	10.85		$	10.11		$	17.46		$	15.31

TOTAL RETURN(a)		17.99	%		8.13	%		(38.48	)%		14.95	%		9.34	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	99,676		$	70,097		$	48,348		$	31,982		$	2,216
Average net assets (000)	$	84,636		$	54,036		$	46,321		$	14,059		$	429
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.33	%		1.36	%		1.24	%		1.18	%(c)		1.25	%(c)
Expenses, excluding distribution and service (12b-1) fees		.83	%		.86	%		.74	%		.68	%(c)		.75	%(c)
Net investment income (loss)		(.08	)%		.28	%		.35	%		(.14	)%(c)		.28	%(c)
Portfolio turnover rate		171	%		243	%		101	%		81	%(d)		69	%(d)

(a)

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

(b)	Commencement of operations.

(c)	Annualized.

(d)	Not Annualized.

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

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

(g)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(h)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			189

Financial Highlights (continued)


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31,
	2010(e)			2009			2008(e)			Ten Months Ended October 31, 2007(e)(f)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.93		$	10.19		$	17.55		$	15.33		$	14.60		$	15.90
Income (loss) from investment operations
Net investment income		.05			.10			.13			.04			.08			.03
Net realized and unrealized gain (loss) on investments		1.97			.76			(6.47	)		2.32			1.18			1.06
Total from investment operations		2.02			.86			(6.34	)		2.36			1.26			1.09
Less dividends and distributions
Dividends from net investment income		(.09	)		(.12	)		(.07	)		—	(d)		(.09	)		(.02	)
Distributions from net realized gains		—			—			(.95	)		(.14	)		(.44	)		(2.37	)
Total dividends and distributions		(.09	)		(.12	)		(1.02	)		(.14	)		(.53	)		(2.39	)
Net asset value, end of period	$	12.86		$	10.93		$	10.19		$	17.55		$	15.33		$	14.60

TOTAL RETURN(a)		18.55	%		8.64	%		(38.14	)%		15.41	%		8.67	%		6.74	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	110,550		$	124,122		$	150,428		$	313,718		$	301,566		$	307,835
Average net assets (000)	$	116,806		$	123,629		$	237,628		$	303,340		$	299,597		$	310,710
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.83	%		.86	%		.74	%		.68	%(b)		.75	%		.76	%
Expenses, excluding distribution and service (12b-1) fees		.83	%		.86	%		.74	%		.68	%(b)		.75	%		.76	%
Net investment income		.45	%		.84	%		.91	%		.29	%(b)		.51	%		.18	%
Portfolio turnover rate		171	%		243	%		101	%		81	%(c)		69	%		246	%

(a)

(b)	Annualized.

(c)	Not Annualized.

(d)	Less than $0.005 per share.

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

(f)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(g)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


190			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006(g)
	2010(g)			2009(g)			2008(g)			Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006(g)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	8.79		$	8.78		$	16.24		$	15.60		$	15.07
Income (loss) from investment operations
Net investment income		.11			.15			.23			.15			.08
Net realized and unrealized gain (loss) on investments		.98			.13			(6.31	)		.67			1.48
Total from investment operations		1.09			.28			(6.08	)		.82			1.56
Less dividends and distributions
Dividends from net investment income		(.15	)		(.27	)		(.22	)		—	(f)		(.24	)
Distributions from net realized gains		—			—			(1.16	)		(.18	)		(.79	)
Total dividends and distributions		(.15	)		(.27	)		(1.38	)		(.18	)		(1.03	)
Net asset value, end of period	$	9.73		$	8.79		$	8.78		$	16.24		$	15.60

TOTAL RETURN(a)		12.45	%		3.59	%		(40.60	)%		5.24	%		10.44	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	97,308		$	70,291		$	46,778		$	30,958		$	2,194
Average net assets (000)	$	84,613		$	53,491		$	46,282		$	14,046		$	445
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(e)		1.31	%		1.33	%		1.21	%		1.19	%(c)		1.22	%(c)
Expenses, excluding distribution and service (12b-1) fees		.81	%		.83	%		.71	%		.69	%(c)		.72	%(c)
Net investment income		1.21	%		1.96	%		1.90	%		1.13	%(c)		1.69	%(c)
Portfolio turnover rate		32	%		104	%		77	%		48	%(d)		44	%(d)

(a)

(b)	Commencement of operations.

(c)	Annualized.

(d)	Not Annualized.

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

(f)	Less than $0.005 per share.

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

(h)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(i)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			191

Financial Highlights (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31,
	2010(e)			2009(e)			2008(e)			Ten Months Ended October 31, 2007(e)(f)			2006(e)			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	8.83		$	8.82		$	16.31		$	15.60		$	15.11		$	16.59
Income (loss) from investment operations
Net investment income		.16			.20			.30			.22			.28			.25
Net realized and unrealized gain (loss) on investments		.98			.12			(6.33	)		.67			2.45			.80
Total from investment operations		1.14			.32			(6.03	)		.89			2.73			1.05
Less dividends and distributions
Dividends from net investment income		(.19	)		(.31	)		(.30	)		—	(d)		(.29	)		(.25	)
Distributions from net realized gains		—			—			(1.16	)		(.18	)		(1.95	)		(2.28	)
Total dividends and distributions		(.19	)		(.31	)		(1.46	)		(.18	)		(2.24	)		(2.53	)
Net asset value, end of period	$	9.78		$	8.83		$	8.82		$	16.31		$	15.60		$	15.11

TOTAL RETURN(a)		13.00	%		4.15	%		(40.29	)%		5.70	%		19.34	%		6.50	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	109,097		$	128,187		$	168,217		$	372,900		$	393,111		$	362,253
Average net assets (000)	$	119,520		$	129,379		$	279,413		$	392,564		$	371,251		$	366,301
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.81	%		.83	%		.71	%		.69	%(b)		.72	%		.74	%
Expenses, excluding distribution and service (12b-1) fees		.81	%		.83	%		.71	%		.69	%(b)		.72	%		.74	%
Net investment income		1.74	%		2.64	%		2.40	%		1.61	%(b)		1.79	%		1.48	%
Portfolio turnover rate		32	%		104	%		77	%		48	%(c)		44	%		90	%

(a)

(b)	Annualized.

(c)	Not Annualized.

(d)	Less than $0.005 per share.

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

(f)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(g)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


192			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006
	2010			2009			2008			Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	7.71		$	7.17		$	13.73		$	12.12		$	11.04
Income (loss) from investment operations
Net investment loss		(.05	)		(.04	)		(.03	)		(.06	)		—	(c)
Net realized and unrealized gain (loss) on investments		2.00			.58			(6.53	)		1.67			1.08
Total from investment operations		1.95			.54			(6.56	)		1.61			1.08
Capital contributions		—	(c)		—			—			—			—
Net asset value, end of period	$	9.66		$	7.71		$	7.17		$	13.73		$	12.12

TOTAL RETURN(a)		25.29	%		7.53	%		(47.78	)%		13.28	%		9.78	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	41,025		$	28,129		$	18,607		$	12,942		$	898
Average net assets (000)	$	35,238		$	22,037		$	18,762		$	5,725		$	186
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(f)		1.46	%		1.52	%		1.30	%		1.28	%(d)		1.34	%(d)
Expenses, excluding distribution and service (12b-1) fees		.96	%		1.02	%		.80	%		.78	%(d)		.84	%(d)
Net investment loss		(.72	)%		(.77	)%		(.39	)%		(.56	)%(d)		(.05	)%(d)
Portfolio turnover rate		64	%		92	%		223	%		87	%(e)		96	%(e)

(a)

(b)	Commencement of operations.

(c)	Less than $0.005 per share.

(d)	Annualized.

(e)	Not Annualized.

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

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

(h)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(i)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			193

Financial Highlights (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(d)(e)			Year Ended December 31,
	2010			2009			2008			Ten Months Ended October 31, 2007(d)(e)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	7.82		$	7.25		$	13.82		$	12.14		$	11.28		$	10.79
Income (loss) from investment operations
Net investment income (loss)		(.01	)		(.02	)		.02			(.01	)		(.05	)		(.07	)
Net realized and unrealized gain (loss) on investments		2.03			.60			(6.59	)		1.69			.91			.56
Total from investment operations		2.02			.58			(6.57	)		1.68			.86			.49
Less dividends from net investment income		—			(.01	)		—			—			—			—
Capital contributions		—	(g)		—			—			—			—			—
Net asset value, end of period	$	9.84		$	7.82		$	7.25		$	13.82		$	12.14		$	11.28

TOTAL RETURN(a)		25.83	%		8.06	%		(47.54	)%		13.84	%		7.62	%		4.54	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	51,777		$	52,671		$	58,235		$	137,630		$	136,422		$	143,366
Average net assets (000)	$	53,128		$	51,109		$	97,771		$	136,851		$	140,489		$	144,034
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.96	%		1.02	%		.80	%		.78	%(b)		.84	%		.91	%
Expenses, excluding distribution and service (12b-1) fees		.96	%		1.02	%		.80	%		.78	%(b)		.84	%		.91	%
Net investment income (loss)		(.18	)%		(.26	)%		.17	%		(.07	)%(b)		(.39	)%		(.62	)%
Portfolio turnover rate		64	%		92	%		223	%		87	%(c)		96	%		147	%

(a)

(b)	Annualized.

(c)	Not Annualized.

(d)	Calculated based upon average shares outstanding during the period.

(e)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(f)	Does not include expenses of the underlying fund in which the Portfolio invests.

(g)	Less than $0.005 per share.

See Notes to Financial Statements.


194			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006
	2010(g)			2009(g)			2008			Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December 31, 2006

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.41		$	14.10		$	21.90		$	20.46		$	20.05
Income (loss) from investment operations
Net investment income		.10			.13			.16			.13			.14
Net realized and unrealized gain (loss) on investments		3.41			1.42			(6.52	)		1.42			1.74
Total from investment operations		3.51			1.55			(6.36	)		1.55			1.88
Less dividends and distributions
Dividends from net investment income		(.12	)		(.16	)		(.23	)		—	(f)		(.18	)
Distributions from net realized gains		—			(.08	)		(1.21	)		(.11	)		(1.29	)
Total dividends and distributions		(.12	)		(.24	)		(1.44	)		(.11	)		(1.47	)
Net asset value, end of period	$	18.80		$	15.41		$	14.10		$	21.90		$	20.46

TOTAL RETURN(a)		22.93	%		11.37	%		(30.57	)%		7.55	%		9.45	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	52,587		$	33,574		$	22,660		$	15,112		$	1,061
Average net assets (000)	$	43,680		$	26,425		$	22,626		$	6,828		$	217
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(e)		1.26	%		1.30	%		1.30	%		1.23	%(c)		1.30	%(c)
Expenses, excluding distribution and service (12b-1) fees		.76	%		.80	%		.80	%		.73	%(c)		.80	%(c)
Net investment income		.57	%		.96	%		.89	%		.73	%(c)		1.37	%(c)
Portfolio turnover rate		33	%		48	%		54	%		32	%(d)		36	%(d)

(a)

(b)	Commencement of operations.

(c)	Annualized.

(d)	Not Annualized.

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

(f)	Less than $0.005 per share.

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

(h)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(i)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			195

Financial Highlights (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31,
	2010(e)			2009(e)			2008			Ten Months Ended October 31, 2007(e)(f)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.51		$	14.21		$	22.00		$	20.47		$	18.98		$	21.84
Income (loss) from investment operations
Net investment income		.19			.20			.23			.25			.23			.18
Net realized and unrealized gain (loss) on investments		3.45			1.41			(6.53	)		1.39			3.09			2.06
Total from investment operations		3.64			1.61			(6.30	)		1.64			3.32			2.24
Less dividends and distributions
Dividends from net investment income		(.20	)		(.23	)		(.28	)		—	(d)		(.22	)		(.16	)
Distributions from net realized gains		—			(.08	)		(1.21	)		(.11	)		(1.61	)		(4.94	)
Total dividends and distributions		(.20	)		(.31	)		(1.49	)		(.11	)		(1.83	)		(5.10	)
Net asset value, end of period	$	18.95		$	15.51		$	14.21		$	22.00		$	20.47		$	18.98

TOTAL RETURN(a)		23.64	%		11.82	%		(30.23	)%		8.04	%		17.72	%		10.10	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	800,761		$	538,202		$	374,101		$	411,690		$	320,728		$	259,115
Average net assets (000)	$	674,452		$	439,058		$	414,364		$	403,020		$	290,505		$	249,661
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.76	%		.80	%		.80	%		.73	%(b)		.80	%		.79	%
Expenses, excluding distribution and service (12b-1) fees		.76	%		.80	%		.80	%		.73	%(b)		.80	%		.79	%
Net investment income		1.07	%		1.46	%		1.38	%		1.38	%(b)		1.17	%		.81	%
Portfolio turnover rate		33	%		48	%		54	%		32	%(c)		36	%		118	%

(a)

(b)	Annualized.

(c)	Not Annualized.

(d)	Less than $0.005 per share.

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

(f)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(g)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


196			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006
	2010(f)			2009(f)			2008(f)			Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.78		$	8.99		$	20.04		$	16.21		$	16.09
Income (loss) from investment operations
Net investment income		.14			.13			.29			.33			.16
Net realized and unrealized gain (loss) on investments		1.00			2.08			(8.84	)		3.68			1.66
Total from investment operations		1.14			2.21			(8.55	)		4.01			1.82
Less dividends and distributions
Dividends from net investment income		(.11	)		(.42	)		(.31	)		—			(.25	)
Distributions from net realized gains		—			—			(2.19	)		(.18	)		(1.45	)
Total dividends and distributions		(.11	)		(.42	)		(2.50	)		(.18	)		(1.70	)
Capital contributions		.03			—			—			—			—
Net asset value, end of period	$	11.84		$	10.78		$	8.99		$	20.04		$	16.21

TOTAL RETURN(a)		10.93	%		26.13	%		(48.30	)%		24.85	%		11.74	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	79,234		$	57,184		$	35,482		$	26,811		$	1,728
Average net assets (000)	$	68,032		$	43,233		$	36,790		$	11,612		$	346
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.54	%		1.51	%		1.33	%		1.33	%(c)		1.43	%(c)
Expenses, excluding distribution and service (12b-1) fees		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%(c)
Net investment income		1.29	%		1.46	%		2.12	%		2.20	%(c)		.39	%(c)
Portfolio turnover rate		41	%		38	%		30	%		37	%(d)		41	%(d)

(a)

(b)	Commencement of operations.

(c)	Annualized.

(d)	Not Annualized.

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

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

(g)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(h)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			197

Financial Highlights (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31,
	2010(e)			2009(e)			2008(e)			Ten Months Ended October 31, 2007(e)(f)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.83		$	9.03		$	20.13		$	16.22		$	13.99		$	13.13
Income (loss) from investment operations
Net investment income		.19			.17			.36			.39			.29			.22
Net realized and unrealized gain (loss) on investments		1.01			2.10			(8.86	)		3.70			3.68			1.59
Total from investment operations		1.20			2.27			(8.50	)		4.09			3.97			1.81
Less dividends and distributions
Dividends from net investment income		(.16	)		(.47	)		(.41	)		—			(.29	)		(.28	)
Distributions from net realized gains		—			—			(2.19	)		(.18	)		(1.45	)		(.67	)
Total dividends and distributions		(.16	)		(.47	)		(2.60	)		(.18	)		(1.74	)		(.95	)
Capital contributions		.03			—			—			—			—			—
Net asset value, end of period	$	11.90		$	10.83		$	9.03		$	20.13		$	16.22		$	13.99

TOTAL RETURN(a)		11.45	%		26.84	%		(47.99	)%		25.33	%		29.02	%		14.12	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	98,978		$	119,006		$	123,970		$	297,083		$	268,314		$	233,150
Average net assets (000)	$	106,108		$	110,053		$	218,670		$	277,744		$	248,571		$	221,543
Ratios to average net assets(b)
Expenses, including distribution and service (12b-1) fees		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%		.99	%
Expenses, excluding distribution and service (12b-1) fees		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%		.99	%
Net investment income		1.75	%		1.94	%		2.49	%		2.61	%(c)		1.73	%		1.55	%
Portfolio turnover rate		41	%		38	%		30	%		37	%(d)		41	%		123	%

(a)

(b)	Does not include expenses of the underlying fund in which the Portfolio invests.

(c)	Annualized.

(d)	Not Annualized.

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

(f)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

See Notes to Financial Statements.


198			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class R
	Year Ended October 31,									Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006
	2010			2009			2008			Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December 31, 2006

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.93		$	9.86		$	10.54		$	10.31		$	10.31
Income (loss) from investment operations
Net investment income		.30			.42			.46			.33			.12
Net realized and unrealized gain (loss) on investments		.68			1.82			(.68	)		.24			.01
Total from investment operations		.98			2.24			(.22	)		.57			.13
Less dividends and distributions
Dividends from net investment income		(.30	)		(.62	)		(.46	)		(.34	)		(.13	)
Distributions from net realized gains		(.27	)		(.55	)		—			—			—
Total dividends and distributions		(.57	)		(1.17	)		(.46	)		(.34	)		(.13	)
Capital contributions		—	(k)		—			—			—			—
Net asset value, end of period	$	11.34		$	10.93		$	9.86		$	10.54		$	10.31

TOTAL RETURN(a)		9.33	%		24.57	%		(2.24	)%		5.63	%		1.27	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	102,992		$	71,457		$	53,218		$	23,670		$	1,503
Average net assets (000)	$	86,806		$	56,103		$	42,474		$	10,429		$	246
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.17	%		1.32	%(i)		1.23	%		1.14	%(c)		1.18	%(c)
Expenses, excluding distribution and service (12b-1) fees		.67	%		.82	%(j)		.73	%		.64	%(c)		.68	%(c)
Net investment income		2.79	%		4.20	%		4.39	%		3.84	%(c)		3.46	%(c)
Portfolio turnover rate		369	%		657	%		697	%		421	%(d)		483	%(d)

(a)

(b)	Commencement of operations.

(c)	Annualized.

(d)	Not Annualized.

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

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

(g)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(h)	Does not include expenses of the underlying fund in which the Portfolio invests.

(i)	The annualized expense ratio without interest expense would have been 1.30% for the year ended October 31, 2009.

(j)	The annualized expense ratio without interest expense would have been .80% for the year ended October 31, 2009.

(k)	Less than $0.005 per share.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			199

Financial Highlights (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(d)(e)			Year Ended December 31,
	2010			2009			2008			Ten Months Ended October 31, 2007(d)(e)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.01		$	9.93		$	10.60		$	10.38		$	10.39		$	10.64
Income (loss) from investment operations
Net investment income		.36			.47			.53			.39			.40			.38
Net realized and unrealized gain (loss) on investments		.68			1.84			(.68	)		.22			.03			(.12	)
Total from investment operations		1.04			2.31			(.15	)		.61			.43			.26
Less dividends and distributions
Dividends from net investment income		(.36	)		(.68	)		(.52	)		(.39	)		(.44	)		(.43	)
Distributions from net realized gains		(.27	)		(.55	)		—			—			—			(.08	)
Total dividends and distributions		(.63	)		(1.23	)		(.52	)		(.39	)		(.44	)		(.51	)
Capital contributions		—	(h)		—			—			—			—			—
Net asset value, end of period	$	11.42		$	11.01		$	9.93		$	10.60		$	10.38		$	10.39

TOTAL RETURN(a)		9.82	%		25.15	%		(1.71	)%		5.94	%		4.27	%		2.60	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	266,960		$	217,784		$	194,970		$	183,262		$	167,154		$	161,675
Average net assets (000)	$	242,590		$	198,247		$	206,986		$	174,725		$	162,621		$	169,616
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.67	%		.82	%(g)		.73	%		.64	%(b)		.68	%		.76	%
Expenses, excluding distribution and service (12b-1) fees		.67	%		.82	%(g)		.73	%		.64	%(b)		.68	%		.76	%
Net investment income		3.28	%		4.71	%		4.86	%		4.53	%(b)		4.14	%		3.72	%
Portfolio turnover rate		369	%		657	%		697	%		421	%(c)		483	%		366	%

(a)

(b)	Annualized.

(c)	Not Annualized.

(d)	Calculated based upon average shares outstanding during the period.

(e)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(f)	Does not include expenses of the underlying fund in which the Portfolio invests.

(g)	The annualized expense ratio without interest expense would have been .80% for the year ended October 31, 2009.

(h)	Less than $0.005 per share.

See Notes to Financial Statements.


200			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)			Year Ended December 31,
	2010			2009			2008			Ten Months Ended October 31, 2007(e)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.85		$	10.27		$	10.25		$	10.13		$	10.18		$	10.36
Income (loss) from investment operations
Net investment income		.27			.36			.44			.40			.43			.36
Net realized and unrealized gain (loss) on investments		.66			1.27			.08			.11			(.03	)		(.16	)
Total from investment operations		.93			1.63			.52			.51			.40			.20
Less dividends and distributions
Dividends from net investment income		(.28	)		(.42	)		(.50	)		(.39	)		(.45	)		(.38	)
Distributions from net realized gains		(.54	)		(.63	)		—			—			—			—	(b)
Total dividends and distributions		(.82	)		(1.05	)		(.50	)		(.39	)		(.45	)		(.38	)
Capital contributions		—	(b)		—			—			—			—			—
Net asset value, end of period	$	10.96		$	10.85		$	10.27		$	10.25		$	10.13		$	10.18

TOTAL RETURN(a)		9.07	%		17.01	%		5.07	%		5.13	%		4.12	%		1.88	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	248,817		$	245,517		$	204,548		$	233,423		$	245,223		$	262,177
Average net assets (000)	$	247,716		$	218,911		$	227,475		$	235,800		$	249,376		$	278,441
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.66	%(g)		.74	%(g)		.60	%		.58	%(c)		.64	%		.63	%
Expenses, excluding distribution and service (12b-1) fees		.66	%(g)		.74	%(g)		.60	%		.58	%(c)		.64	%		.63	%
Net investment income		2.53	%		3.47	%		4.21	%		4.71	%(c)		4.23	%		3.48	%
Portfolio turnover rate		938	%		527	%		395	%		284	%(d)		134	%		208	%

(a)

(b)	Less than $0.005 per share.

(c)	Annualized.

(d)	Not Annualized.

(e)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(f)	Does not include expenses of the underlying fund in which the Portfolio invests.

(g)	The annualized expense ratio without interest expense would have been .64% and .69%, respectively, for the years ended October 31, 2010 and 2009.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			201

Financial Highlights (continued)


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(e)			Year Ended December 31,
	2010			2009			2008			Ten Months Ended October 31, 2007(e)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	9.96		$	9.26		$	9.95		$	9.99		$	10.10		$	10.39
Income (loss) from investment operations
Net investment income		.54			.70			.63			.41			.44			.50
Net realized and unrealized gain (loss) on investments		.64			.74			(.66	)		(.03	)		(.07	)		(.27	)
Total from investment operations		1.18			1.44			(.03	)		.38			.37			.23
Less dividends and distributions
Dividends from net investment income		(.54	)		(.74	)		(.66	)		(.39	)		(.48	)		(.52	)
Tax return of capital		—			—			—			(.03	)		—			—
Total dividends and distributions		(.54	)		(.74	)		(.66	)		(.42	)		(.48	)		(.52	)
Net asset value, end of period	$	10.60		$	9.96		$	9.26		$	9.95		$	9.99		$	10.10

TOTAL RETURN(a)		12.13	%		16.20	%		(.36	)%		3.89	%		3.82	%		2.29	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	36,157		$	41,112		$	51,368		$	73,581		$	75,471		$	82,195
Average net assets (000)	$	38,594		$	44,081		$	64,999		$	75,508		$	77,483		$	89,756
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.88	%(b)		1.07	%(b)		1.94	%(b)		1.82	%(b)(c)		1.89	%(b)		1.70	%(b)
Expenses, excluding distribution and service (12b-1) fees		.88	%(b)		1.07	%(b)		1.94	%(b)		1.82	%(b)(c)		1.89	%(b)		1.70	%(b)
Net investment income		5.23	%		7.35	%		6.34	%		4.91	%(c)		4.46	%		4.91	%
Portfolio turnover rate		646	%		425	%		338	%		318	%(d)		471	%		251	%

(a)

(b)	The annualized expense ratio without interest expense would have been .87%, .79%, and .70%, respectively, for the years ended October 31, 2010, 2009, and 2008, .76% for the ten months ended October 31, 2007, and .94% and .91%, respectively, for the years ended December 31, 2006 and 2005.

(c)	Annualized.

(d)	Not Annualized.

(e)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

(f)	Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.


202			THE TARGET PORTFOLIO TRUST

Financial Highlights (continued)


	U.S. GOVERNMENT MONEY MARKET PORTFOLIO
	Class T
	Year Ended October 31,									Ten Months Ended October 31, 2007(c)			Year Ended December 31,
	2010			2009			2008			Ten Months Ended October 31, 2007(c)			2006			2005

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income and net realized gain on investments		—	(f)		.004			.026			.040			.043			.026
Less dividends and distributions		—	(f)		(.004	)		(.026	)		(.040	)		(.043	)		(.026	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

TOTAL RETURN(a)		.04	%		.38	%		2.63	%		4.04	%		4.36	%		2.59	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	39,890		$	66,231		$	68,844		$	67,067		$	47,275		$	57,207
Average net assets (000)	$	51,051		$	85,565		$	91,457		$	63,409		$	47,990		$	69,488
Ratios to average net assets(d)
Expenses, including distribution and service (12b-1) fees		.23	%(e)		.40	%(e)		.47	%		.50	%(b)		.70	%		.71	%
Expenses, excluding distribution and service (12b-1) fees		.23	%(e)		.40	%(e)		.47	%		.50	%(b)		.70	%		.71	%
Net investment income		.03	%(e)		.36	%(e)		2.42	%		4.78	%(b)		4.25	%		2.50	%

(a)

(b)	Annualized.

(c)	For the ten month period ended October 31, 2007. The Trust changed its fiscal year end from December 31 to October 31, effective October 31, 2007.

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

(e)	The annualized expense ratios and the net investment income ratio without expense waivers would have been .63% and .14%, respectively, for the year ended October 31, 2009, and .65% and (.40)%, respectively for the year ended October 31, 2010.

(f)	Less than $.0005 per share.

See Notes to Financial Statements.


THE TARGET PORTFOLIO TRUST			203

Report of Independent Registered Public Accounting Firm

The Board of Trustee and Shareholders The Target Portfolio Trust:

We have audited the accompanying statement of assets and liabilities of The Target Portfolio Trust (comprised of Large Capitalization Growth Portfolio, Large Capitalization Value Portfolio, Small Capitalization Growth Portfolio, Small Capitalization Value Portfolio, International Equity Portfolio, Total Return Bond Portfolio, Intermediate-Term Bond Portfolio, Mortgage Backed Securities Portfolio, and U.S. Government Money Market Portfolio, hereafter referred to as the “Funds”), including the portfolio of investments, as of October 31, 2010, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended October 31, 2007 and each of the years in the two-year period ended December 31, 2006. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2010, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended October 31, 2007 and each of the years in the two-year period ended December 31, 2006, in conformity with U.S. generally accepted accounting principles.

LOGO

New York, New York

December 20, 2010


204			THE TARGET PORTFOLIO TRUST

Federal Tax Information (Unaudited)

We are required by the Internal Revenue Code of 1986, as amended (“the Code”), to advise you within 60 days of the Funds’ fiscal year end (October 31, 2010) as to the federal income tax status of dividends and distributions paid during such fiscal year. We are advising you that during its fiscal year ended October 31, 2010, The Target Portfolio Trust paid ordinary income dividends and designated the maximum amount allowable per share, but not less than the following amounts as a capital gain distributions per share in accordance with Section 852(b)(3)(C) of the Internal Revenue Code for Class R and T shares as follows:


		Ordinary Income Dividends			Capital Gains Distributions
Large Capitalization Growth	Class R	$	0.04			—
	Class T		0.09			—
Large Capitalization Value	Class R		0.15			—
	Class T		0.19			—
Small Capitalization Value	Class R		0.12			—
	Class T		0.20			—
International Equity	Class R		0.11			—
	Class T		0.16			—
Total Return Bond	Class R		0.57			—
	Class T		0.63			—
Intermediate-Term Bond	Class T		0.63			0.19
Mortgage Backed Securities	Class T		0.54			—
U.S. Government Money Market	Class T		—	(a)		—

(a)	The actual amount is less than $0.005.

For the fiscal year ended October 31, 2010 the Funds designate the maximum amount allowable but not less than the following percentages of their ordinary income dividends paid during the fiscal year as 1) qualified dividend income in accordance with Section 854 of the Internal Revenue Code (“QDI”), 2) eligible for corporate dividend received deduction in accordance with Section 854 of the Internal Revenue Code ("DRD"), 3) interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code (“IR”) and 4) short-term capital gain distributions in accordance with Section 871(k)(2) and 881(e)(2) of the Internal Revenue Code (“STCG”):


	QDI			DRD			IR			STCG
Large Capitalization Growth		100.00	%		100.00	%		0.00	%		0.00	%
Large Capitalization Value		100.00	%		100.00	%		0.00	%		0.00	%
Small Capitalization Value		100.00	%		100.00	%		0.00	%		0.00	%
International Equity		100.00	%		0.00	%		0.00	%		0.00	%
Total Return Bond		0.00	%		0.00	%		83.11	%		66.94	%
Intermediate-Term Bond		0.00	%		0.00	%		81.67	%		99.89	%
Mortgage Backed Securities		0.00	%		0.00	%		87.03	%		0.00	%
U.S. Government Money Market		0.00	%		0.00	%		100.00	%		0.00	%

For the fiscal year ended October 31, 2010, International Equity Portfolio has made an election to pass-through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Portfolio in accordance with Section 853 of the Internal Revenue Code of the following amounts: $469,316 foreign tax credit from foreign source income of $5,243,866.


THE TARGET PORTFOLIO TRUST			205

Federal Tax Information (Unaudited) (continued)

Many states do not tax the portion of mutual fund dividends attributed to interest from U.S. Government obligations. Listed below is the percentage of interest earned by the following Portfolios from U.S. Government obligations for the fiscal year ended October 31, 2010. We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the mutual fund meets certain requirements mandated by the respective state’s taxing authorities.


Portfolio***	Percentage of interest from U.S. Government Obligations
Total Return Bond		18.98	%
Intermediate-Term Bond		11.62
U.S. Government Money Market		24.78

***	Due to certain minimum portfolio holding requirements in California, Connecticut and New York, residents of those states will not be able to exclude 2010 interest income from state and local taxes.

Please consult your tax adviser or state/local authorities to properly report this information on your tax return. If you have any questions concerning the amounts listed above, please call your financial adviser.

In January 2011, you will be advised on IRS Form 1099 DIV or Substitute 1099 DIV as to the federal tax status of the distributions received by you in calendar year 2010.


206			THE TARGET PORTFOLIO TRUST

MANAGEMENT OF THE FUND

(Unaudited)

Information about Fund Directors/Trustees (referred to herein as “Board Members”) and Fund Officers is set forth below. Board Members who are not deemed to be “interested persons,” as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors or trustees of investment companies by the 1940 Act.


Independent Board Members ⁽¹⁾
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Kevin J. Bannon (58) Board Member Portfolios Overseen: 58	Managing Director (since April 2008) and Chief Investment Officer (since October 2008) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (since September 2008).
Linda W. Bynoe (58) Board Member Portfolios Overseen: 58	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989- February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (since May 2003); Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009); formerly Director of Dynegy Inc. (power generation) (September 2002-May 2006), CitiStreet Funds, Inc. (mutual funds) (May 1993-February 2005), AM-CH, Inc. (restaurant holding company) (November 2004-February 2005).
Michael S. Hyland, CFA (65) Board Member Portfolios Overseen: 58	Independent Consultant (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.

THE TARGET PORTFOLIO TRUST


Douglas H. McCorkindale (71) Board Member Portfolios Overseen: 58	Formerly Chairman (February 2001-June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).	Director of Continental Airlines, Inc. (since May 1993); Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).
Stephen P. Munn (68) Board Member Portfolios Overseen: 58	Lead Director (since 2007) and formerly Chairman (1993-2007) of Carlisle Companies Incorporated (manufacturer of industrial products).	Lead Director (since 2007) of Carlisle Companies Incorporated (manufacturer of industrial products).
Richard A. Redeker (67) Board Member Portfolios Overseen: 58	Retired Mutual Fund Senior Executive (42 years); Management Consultant; Independent Directors Council (organization of 2,800 Independent Mutual Fund Directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.
Robin B. Smith (71) Board Member & Independent Chair Portfolios Overseen: 58	Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.	Formerly Director of BellSouth Corporation (telecommunications) (1992-2006).
Stephen G. Stoneburn (67) Board Member Portfolios Overseen: 58	President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc (1975-1989).	None.

THE TARGET PORTFOLIO TRUST


Interested Board Members ⁽¹⁾
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Judy A. Rice (62) Board Member & President Portfolios Overseen: 58	President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (since February 2003) of Prudential Investments LLC; President, Chief Executive Officer and Officer-In-Charge (since April 2003) of Prudential Mutual Fund Services LLC; Executive Vice President (since December 2008) of Prudential Investment Management Services LLC; Member of the Board of Directors of Jennison Associates LLC (since November 2010); formerly Vice President (February 1999-April 2006) of Prudential Investment Management Services LLC; formerly President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (May 2003-June 2005) and Director (May 2003-March 2006) and Executive Vice President (June 2005-March 2006) of AST Investment Services, Inc.; Member of Board of Governors of the Investment Company Institute.	None.
Scott E. Benjamin (37) Board Member & Vice President Portfolios Overseen: 58	Executive Vice President (since June 2009) of Prudential Investments LLC and Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, Prudential Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.

⁽¹⁾	The year that each individual joined the Fund’s Board is as follows:

Linda W. Bynoe, 2005; Douglas H. McCorkindale, 1996; Richard A. Redeker, 2003; Robin B. Smith, 2003; Stephen G. Stoneburn, 1999; Kevin J. Bannon, 2008; Michael S. Hyland, 2008; Stephen P. Munn, 2008; Judy A. Rice, Board Member and President since 2003; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

THE TARGET PORTFOLIO TRUST


Fund Officers ^(a)(1)
Name, Address and Age Position with Fund		Principal Occupation(s) During Past Five Years
Kathryn L. Quirk (58) Chief Legal Officer		Vice President and Corporate Counsel (since September 2004) of Prudential; Executive Vice President, Chief Legal Officer and Secretary (since July 2005) of PI and Prudential Mutual Fund Services LLC; Vice President and Corporate Counsel (since June 2005) and Secretary (since February 2006) of AST Investment Services, Inc.; formerly Senior Vice President and Assistant Secretary (November 2004-August 2005) of PI; formerly Assistant Secretary (June 2005-February 2006) of AST Investment Services, Inc.; formerly Managing Director, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate Secretary (1997-2002) of Zurich Scudder Investments, Inc.
Deborah A. Docs (52) Secretary		Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PI; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.
Jonathan D. Shain (52) Assistant Secretary		Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PI; Vice President and Assistant Secretary (since February 2001) of PMFS; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.
Claudia DiGiacomo (36) Assistant Secretary		Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).
John P. Schwartz (39) Assistant Secretary		Vice President and Corporate Counsel (since April 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1997-2005).
Andrew R. French (48) Assistant Secretary		Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PI; Vice President and Assistant Secretary (since January 2007) of PMFS; formerly Senior Legal Analyst of Prudential Mutual Fund Law Department (1997-2006).
Timothy J. Knierim (51) Chief Compliance Officer		Chief Compliance Officer of Prudential Investment Management, Inc. (since July 2007); formerly Chief Risk Officer of PIM and PI (2002-2007) and formerly Chief Ethics Officer of PIM and PI (2006-2007).
Valerie M. Simpson (52) Deputy Chief Compliance Officer		Chief Compliance Officer (since April 2007) of PI and AST Investment Services, Inc.; formerly Vice President-Financial Reporting (June 1999-March 2006) for Prudential Life and Annuities Finance.
Theresa C. Thompson (48) Deputy Chief Compliance Officer		Vice President, Compliance, PI (since April 2004); and Director, Compliance, PI (2001-2004).

THE TARGET PORTFOLIO TRUST


Noreen M. Fierro (46) Anti-Money Laundering Compliance Officer		Vice President, Corporate Compliance (since May 2006) of Prudential; formerly Corporate Vice President, Associate General Counsel (April 2002-May 2005) of UBS Financial Services, Inc., in their Money Laundering Prevention Group; Senior Manager (May 2005-May 2006) of Deloitte Financial Advisory Services, LLP, in their Forensic and Dispute Services, Anti-Money Laundering Group.
Grace C. Torres (51) Treasurer and Principal Financial and Accounting Officer		Assistant Treasurer (since March 1999) and Senior Vice President (since September 1999) of PI; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (since May 2003) of Prudential Annuities Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of AST Investment Services, Inc.
M. Sadiq Peshimam (46) Assistant Treasurer		Vice President (since 2005) of Prudential Investments LLC.
Peter Parrella (52) Assistant Treasurer		Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).

^(a)	Excludes Ms. Rice and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

⁽¹⁾	The year that each individual became an Officer of the Fund is as follows:

Kathryn L. Quirk, 2005; Deborah A. Docs, 2004; Jonathan D. Shain, 2005; Claudia DiGiacomo, 2005; John P. Schwartz, 2006; Andrew R. French, 2006; Timothy J. Knierim, 2007; Valerie M. Simpson 2007; Theresa C. Thompson, 2008; Noreen M. Fierro, 2006, Grace C. Torres, 2000; M. Sadiq Peshimam, 2006; Peter Parrella, 2007.

Explanatory Notes to Tables:

•

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with Prudential Investments LLC and/or an affiliate of Prudential Investments LLC.

•

Unless otherwise noted, the address of all Board Members and Officers is c/o Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102-4077.

•

There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

•

“Other Directorships Held” includes only directorships of companies required to register or file reports with the Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (that is, “public companies”) or other investment companies registered under the 1940 Act.

•

“Portfolios Overseen” includes all investment companies managed by Prudential Investments LLC. The investment companies for which PI serves as manager include the Prudential Investments Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements

The Trust’s Board of Trustees

The Board of Trustees (the “Board”) of The Target Portfolio Trust (the “Trust”) consists of 10 individuals, eight of whom are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Trust and each of its Portfolios and their operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established three standing committees: the Audit Committee, the Nominating and Governance Committee, and the Target Investment Committee. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Trust’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Trust’s management agreements with Prudential Investments LLC (“PI”) and each Portfolio’s subadvisory agreement. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 21-23, 2010 and approved the renewal of the agreements through July 31, 2011, after concluding that the renewal of the agreements was in the best interest of each of the Trust’s Portfolios and their shareholders.

In advance of the meetings, the Trustees requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with their consideration. In approving the agreements, the Trustees, including the Independent Trustees advised by independent legal counsel, considered the factors they deemed relevant, including the nature, quality and extent of services provided by PI and each subadviser, the performance of each Portfolio of the Trust, the profitability of PI and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Portfolio and its shareholders. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements. In connection with its deliberations, the Board considered information provided by PI throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 21-23, 2010.

The Trustees determined that the overall arrangements between the Trust and PI, which serves as the Trust’s investment manager pursuant to a management agreement, and between PI and each subadviser, each of which serves pursuant to the terms of


THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

subadvisory agreements with PI, are in the interest of the Trust, each Portfolio and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ determinations to approve the renewal of the agreements are discussed separately below.

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Trust by PI and each subadviser. The Board considered the services provided by PI, including but not limited to the oversight of the subadvisers, as well as the provision of fund recordkeeping and compliance services to the Trust. With respect to PI’s oversight of the subadvisers, the Board noted that PI’s Strategic Investment Research Group (“SIRG”), a business unit of PI, is responsible for screening and recommending new subadvisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the subadvisers. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Fund. The Board also considered the investment subadvisory services provided by each subadviser, as well as compliance with the Trust’s investment restrictions, policies and procedures. The Board considered PI’s evaluation of the subadvisers as well as PI’s recommendation, based on its review of the subadvisers, to renew the subadvisory agreements or to replace certain subadvisers, as applicable.

The Board reviewed the qualifications, backgrounds and responsibilities of PI’s senior management responsible for the oversight of the Trust and each subadviser, and also reviewed the qualifications, backgrounds and responsibilities of the subadvisers’ portfolio managers who are responsible for the day-to-day management of each Portfolio. The Board was provided with information pertaining to PI’s and each subadviser’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PI and each subadviser. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PI and each subadviser.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Portfolios by each subadviser, and that there was a reasonable basis on which to conclude that the Trust and its Portfolios benefit from the services provided by PI and each subadviser under the management and subadvisory agreements.


		THE TARGET PORTFOLIO TRUST

Costs of Services and Profits Realized by PI

The Board was provided with information on the profitability of PI and its affiliates in serving as the Trust’s investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to the services rendered was not unreasonable.

The Board noted that none of the Trust’s subadvisers was affiliated with PI, and concluded that the level of profitability of a subadviser not affiliated with PI may not be as significant as PI’s profitability given the arm’s length nature of the process by which the subadvisory fee rates were negotiated by PI and the unaffiliated subadvisers, as well as the fact that PI compensates the subadvisers out of its management fee.

Economies of Scale

The Board noted that the advisory fee schedule for the Portfolios of the Trust does not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board received and discussed information concerning whether PI realizes economies of scale as each Portfolio’s assets grow beyond current levels. However, because of the nature of PI’s business, the Board could not reach definitive conclusions as to whether PI might realize economies of scale on a particular Portfolio or how great they may be. In light of each Portfolio’s current size and fee rate, the Board concluded that the absence of breakpoints in each Portfolio’s fee schedule is acceptable at this time.

Other Benefits to PI and the Subadvisers

The Board considered potential ancillary benefits that might be received by PI, the subadvisers, and their affiliates as a result of their relationship with the Trust and its Portfolios. The Board concluded that potential benefits to be derived by PI included brokerage commissions received by affiliates of PI, transfer agency fees received by the Trust’s transfer agent (which is affiliated with PI), as well as benefits to the reputation or other intangible benefits resulting from PI’s association with the Fund. The Board concluded that the potential benefits to be derived by the subadvisers


THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

included the ability to use soft dollar credits, brokerage commissions received by affiliates of the subadvisers, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to the reputation. The Board concluded that the benefits derived by PI and the subadvisers were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Portfolios / Fees and Expenses / Other Factors

With respect to each Portfolio of the Trust, the Board also considered certain additional specific factors and related conclusions relating to the performance and fees and expenses of the Portfolios, as detailed below. Among other things, the Board considered comparative fee information from PI and each subadviser. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups. The mutual funds included in each Peer Universe or Peer Group were objectively determined by Lipper Inc. (“Lipper”), an independent provider of mutual fund data. To the extent that PI deems appropriate, and for reasons addressed in detail with the Board, PI may have provided supplemental data compiled by Lipper for the Board’s consideration. The comparisons placed the Portfolios of the Trust in various quartiles over the one-, three-, five-, and, where applicable, 10-year periods ending December 31, 2009 (unless noted otherwise), with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The Board also considered each Portfolio’s actual management fee (which reflects any subsidies, expense caps or waivers), as well as each Portfolio’s total expenses.

Intermediate-Term Bond Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Intermediate Investment-Grade Debt Funds Performance Universe) was in the first quartile over the three-, five-, and 10-year periods, and in the third quartile over the one-year period. The Board also noted that the Portfolio outperformed its benchmark index over all periods. The Board concluded that, in light of the Portfolio’s competitive performance, it would be in the interest of the Portfolio and its shareholders to renew the agreements.

The Board considered that the Portfolio’s actual management fee (which reflects any subsidies, expense caps or waivers) and total expenses both ranked in the Expense Group’s second quartile. The Board concluded that the management fees and total expenses were reasonable in light of the services provided.


		THE TARGET PORTFOLIO TRUST

International Equity Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (a custom blend of mutual funds included in the Lipper International Multi-Cap Core Funds and International Large-Cap Core Funds Performance Universe)¹ was in the second quartile over the one-, three-, five- and 10-year periods. The Board noted that the Portfolio outperformed its benchmark index for all periods. The Board concluded that, in light of the Portfolio’s competitive performance, it would be in the interest of the Portfolio and its shareholders to renew the agreements.

Large Capitalization Growth Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Large-Cap Growth Funds Performance Universe) was in the fourth quartile over all periods. The Board noted that the Portfolio outperformed its benchmark index over the 10-year period, though it underperformed the index over the one-, three-, and five- year periods. The Board noted that PI had taken action in December 2008 to address the Portfolio’s performance record by replacing one of the Portfolio’s existing subadvisers with a new subadviser, Massachusetts Financial Services Company (MFS). The Board concluded that it was reasonable to renew the agreements, subject to its continued close scrutiny of the Portfolio’s performance.

The Board considered that the Portfolio’s actual management fee (which reflects any subsidies, expense caps or waivers) ranked in the Expense Group’s second quartile, and that total expenses ranked in the Expense Group’s first quartile. The Board concluded that the management fees and total expenses were reasonable in light of the services provided.

Large Capitalization Value Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Large-Cap Value Funds Performance Universe) was in the second quartile over the 10-year period, and in the fourth quartile over the one-, three-, and five-year periods. The Board also noted that the Portfolio outperformed its benchmark index over the one- and 10-year periods, though it underperformed its benchmark index

¹	The custom blend was utilized for performance comparisons, although Lipper classifies the Portfolio in its International Large-Cap Core Funds Performance Universe, because PI believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons.


THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

over the three- and five-year periods. The Board noted PI’s explanation that the Portfolio’s underperformance was primarily attributable to the fact that the “deep value” style of investing was out of favor during the extraordinary market conditions which occurred in 2008 and, as a result, the Portfolio’s “deep value” sleeve, managed by Hotchkis and Wiley, depressed the Portfolio’s performance. The Board also noted that one of the Portfolio’s existing subadvisers had been replaced in December 2008 by Eaton Vance Management. The Board noted that the Portfolio’s performance had improved, and that the Portfolio ranked in the second quartile during the first quarter of 2010. The Board concluded that it was reasonable to renew the agreements, subject to its continued close scrutiny of the Fund’s performance.

The Board considered that the Portfolio’s actual management fee (which reflects any subsidies, expense caps or waivers) and total expenses both ranked in the Expense Group’s first quartile. The Board concluded that the management fees and total expenses were reasonable in light of the services provided.

Mortgage Backed Securities Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper U.S. Mortgage Funds Performance Universe) was in the first quartile over all periods. The Board also noted that the Portfolio outperformed its benchmark index over the one-, three-, five-, and 10-year periods. The Board determined that, in light of the Portfolio’s competitive performance, it would be in the interest of the Portfolio and its shareholders to renew the agreements.

Small Capitalization Growth Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Small-Cap Growth Funds Performance Universe) was in the fourth quartile over the one-, three-, five-, and 10-year periods. The Board also noted that the Portfolio underperformed its benchmark index over all periods.

The Board considered that PI had taken action to address the Portfolio’s performance record by replacing both of the Portfolio’s existing subadvisers with two new subadvisers in July 2008: Eagle Asset Management and Ashfield Capital Partners. The Board concluded that it was reasonable to renew the agreements, subject to its continued close scrutiny of the Fund’s performance.


		THE TARGET PORTFOLIO TRUST

Small Capitalization Value Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Small-Cap Value Funds Performance Universe)² was in the first quartile over the five- and 10-year periods, in the second quartile over the three-year period, and in the third quartile over the one-year period. The Board also noted that the Portfolio outperformed its benchmark index over all periods. The Board determined that, in light of the Portfolio’s competitive performance, it would be in the interest of the Portfolio and its shareholders to renew the agreements.

Total Return Bond Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper Intermediate Investment-Grade Debt Funds Performance Universe)³ was in the first quartile over all periods. The Board also noted that the Portfolio outperformed its benchmark index over the one-, three-, five-, and 10-year periods. The Board determined that, in light of the Portfolio’s competitive performance, it would be in the interest of the Portfolio and its shareholders to renew the agreements.

U.S. Government Money Market Portfolio. The Board considered that the Portfolio’s gross performance in relation to its Peer Universe (the Lipper

The Lipper Small-Cap Value Funds Performance Universe was utilized for performance comparisons, although Lipper classifies the Portfolio in its Small-Cap Core Funds Performance Universe, because PI believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons.

Although Lipper classifies the Portfolio in its BBB-rated Corporate Debt Funds Performance Universe, the Intermediate Investment-Grade Debt Funds Performance Universe was utilized for performance comparisons, because PI believes that the funds included in this Universe provide a more appropriate basis for Portfolio performance comparisons.


THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

U.S. Government Money Market Funds Performance Universe) was in the second quartile over the five-year period, and in the third quartile over the one-, three-, and 10-year periods The Board determined that it would be in the interest of the Portfolio and its shareholders to renew the agreements.


		THE TARGET PORTFOLIO TRUST

ⁿ MAIL

ⁿ TELEPHONE

ⁿ WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

(800) 225-1852

www.prudential.com

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Judy A. Rice, President • Scott E. Benjamin, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Kathryn L. Quirk, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Noreen M. Fierro, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • John P. Schwartz, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer •
Peter Parrella, Assistant Treasurer


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

INVESTMENT SUBADVISERS	Ashfield Capital Partners, LLC	750 Battery Street Suite 600 San Francisco, CA 94111

	Eagle Asset Management	880 Carillon Parkway St. Petersburg, FL 33716

	EARNEST Partners, LLC	1180 Peachtree Street Suite 2300 Atlanta, GA 30309

	Eaton Vance Management	Two International Place Boston, MA 02110

	Hotchkis and Wiley Capital Management, LLC	725 S. Figueroa Street Suite 3900 Los Angeles, CA 90017

	J.P. Morgan Investment Management, Inc.	245 Park Avenue New York, NY 10167


	Lee Munder Capital Group	200 Clarendon Street Boston, MA 02116

	LSV Asset Management	155 North Wacker Drive Suite 4600 Chicago, IL 60606

	Marsico Capital Management, LLC	1200 17th Street Suite 1600 Denver, CO 80202

	Massachusetts Financial Services Company	500 Boylston Street Boston, MA 02109

	NFJ Investment Group L.P.	2100 Ross Avenue Dallas, TX 75201

	Pacific Investment Management Company LLC	840 Newport Center Drive Newport Beach, CA 92660

	Thornburg Investment Management, Inc.	2300 North Ridgetop Road Santa Fe, NM 87506

	Vaughan Nelson Investment Management, L.P.	600 Travis Street Suite 6300 Houston, TX 77002

	Wellington Management Company, LLP	280 Congress Street Boston, MA 02110

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

CUSTODIAN	PFPC Trust Company	301 Bellevue Parkway Wilmington, DE 19809

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 a Portfolio carefully before investing. The prospectuses for the Portfolios contain this and other information about the Portfolios. An investor may obtain a prospectus by visiting our website at www.prudential.com or by calling (800) 225-1852. The prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Trust 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 Trusts’ Forms N-Q are available on the Commission’s website at www.sec.gov. The Trusts’ Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Trust’s schedule of portfolio holdings is also available on the Trust’s website as of the end of each fiscal quarter.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:


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

LOGO

The TARGET Portfolio Trust

NASDAQ

CUSIP

NASDAQ

CUSIP

Large Capitalization Growth (Class R)

TLCRX

875921868

Mortgage Backed Securities (Class T)

TGMBX

875921702

Large Capitalization Growth (Class T)

TALGX

875921207

Large Capitalization Value (Class R)

TLVRX

875921850

Small Capitalization Growth (Class R)

TSCRX

875921835

Large Capitalization Value (Class T)

TALVX

875921108

Small Capitalization Growth (Class T)

TASGX

875921405

Small Capitalization Value (Class R)

TSVRX

875921843

International Equity (Class R)

TEQRX

875921827

Small Capitalization Value (Class T)

TASVX

875921306

International Equity (Class T)

TAIEX

875921504

Intermediate-Term Bond (Class T)

TAIBX

875921801

Total Return Bond (Class R)

TTBRX

875921819

U.S. Govt Money Market (Class T)

PUGXX

875921603

Total Return Bond (Class T)

TATBX

875921884

TMF158E 0192586-00001-00

Item 2 – Code of Ethics – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Stephen P. Munn, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2010 and October 31, 2009, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $308,000 and $353,498, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

Not applicable for the fiscal year ended October 31, 2010. During the fiscal year ended October 31, 2009, KPMG, the Registrant’s principal accountant, billed the Registrant $15,577 for professional services rendered in connection with agreed upon procedures performed related to a custody conversion.

(c) Tax Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any

pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

One hundred percent of the services described in Item 4(b) was approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

Not applicable to Registrant for the fiscal years 2010 and 2009. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years 2010 and 2009 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 – Attached hereto as Exhibit EX-99.CODE-ETH

	(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:		The Target Portfolio Trust


By:		/S/ DEBORAH A. DOCS
		Deborah A. Docs
		Secretary

Date:		December 21, 2010

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/ JUDY A. RICE
		Judy A. Rice
		President and Principal Executive Officer

Date:		December 21, 2010

By:		/S/ GRACE C. TORRES
		Grace C. Torres
		Treasurer and Principal Financial Officer

Date:		December 21, 2010

Target Portfolio Trust N-CSRCertified annual shareholder report (management investment company)