Target Portfolio Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-07064
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:	10/31/2012
Date of reporting period:	4/30/2012

Item 1  –  Reports to Stockholders

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

THE TARGET PORTFOLIO TRUST^®

SEMIANNUAL REPORT ^· APRIL 30, 2012

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.

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

TARGET FUNDS and TARGET Portfolio Trust are distributed by Prudential Investment Management Services LLC, Newark, NJ, a Prudential Financial company and member of SIPC. Prudential Investments, Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

June 15, 2012

Dear TARGET Shareholder:

After an extraordinary career at Prudential, Judy Rice retired at the end of 2011 as President of Prudential Investments and President and Trustee of the TARGET Portfolio Trust. Prudential Investments is the advisory firm that runs TARGET. While Judy will remain as Chairman of Prudential Investments until the end of 2012, I was named to succeed her as President of Prudential Investments and President and Director of TARGET effective January 1, 2012. I previously served as Executive Vice President of Retail Mutual Fund Distribution for Prudential Investments for the past six years.

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

We hope you find the semiannual report for TARGET 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 our 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,

Stuart S. Parker, President

The TARGET Portfolio Trust

THE TARGET PORTFOLIO TRUST 1

Equity Portfolios’ Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852.

Large Capitalization Growth Portfolio:

Gross operating expenses: Class R, 1.60%; Class T, 0.85%. Net operating expenses: Class R, 1.35%; Class T, 0.85%, after contractual reduction through 2/28/2013.

Large Capitalization Value Portfolio:

Gross operating expenses: Class R, 1.59%; Class T, 0.84%. Net operating expenses: Class R, 1.34%; Class T, 0.84%, after contractual reduction through 2/28/2013.

Small Capitalization Growth Portfolio:

Gross operating expenses: Class R, 1.69%; Class T, 0.94%. Net operating expenses: Class R, 1.44%; Class T, 0.94%, after contractual reduction through 2/28/2013.

Small Capitalization Value Portfolio:

Gross operating expenses: Class R, 1.45%; Class T, 0.70%. Net operating expenses: Class R, 1.20%; Class T, 0.70%, after contractual reduction through 2/28/2013.

International Equity Portfolio:

Gross operating expenses: Class Q, 0.85%; Class R, 1.74%; Class T, 0.99%. Net operating expenses: Class Q, 0.85%; Class R, 1.49%; Class T, 0.99%, after contractual reduction through 2/28/2013.

	Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Large Capitalization Growth Portfolio (Class R)		12.76	%		4.94	%		4.29	%		N/A			18.20% (8/22/06)
Large Capitalization Growth Portfolio (Class T)		13.02			5.48			6.91			37.30	%		—
Russell 1000 Growth Index		14.13			7.26			22.28			65.39			—
S&P 500 Index		12.76			4.73			5.13			58.34			—
Lipper Large-Cap Growth Funds Avg.		12.89			4.71			16.24			53.91			—

2 THE TARGET PORTFOLIO TRUST

		Average Annual Total Returns as of 3/31/12
		One Year			Five Years			Ten Years			Since Inception
Large Capitalization Growth Portfolio (Class R)			7.97	%		1.64	%		N/A			3.04% (8/22/06)
Large Capitalization Growth Portfolio (Class T)			8.58			2.15			2.42	%		—
Russell 1000 Growth Index			11.02			5.10			4.28			—
S&P 500 Index			8.51			2.01			4.12			—
Lipper Large-Cap Growth Funds Avg.			8.38			3.87			3.71			—
		Cumulative Total Returns as of 4/30/12
	Six Months	One Year			Five Years			Ten Years			Since Inception
Large Capitalization Value Portfolio (Class R)	10.78%		–0.01	%		–21.01	%		N/A			–8.06% (8/22/06)
Large Capitalization Value Portfolio (Class T)	11.10		0.51			–19.00			48.37	%		—
Russell 1000 Value Index	11.62		1.03			–8.33			60.32			—
S&P 500 Index	12.76		4.73			5.13			58.34			—
Lipper Large-Cap Value Funds Avg.	11.18		–0.48			–7.88			48.37			—
		Average Annual Total Returns as of 3/31/12
		One Year			Five Years			Ten Years			Since Inception
Large Capitalization Value Portfolio (Class R)			3.08	%		–3.71	%		N/A			–1.37% (8/22/06)
Large Capitalization Value Portfolio (Class T)			3.61			–3.23			3.88	%		—
Russell 1000 Value Index			4.79			–0.81			4.58			—
S&P 500 Index			8.51			2.01			4.12			—
Lipper Large-Cap Value Funds Avg.			3.38			–0.66			3.74			—

THE TARGET PORTFOLIO TRUST 3

Equity Portfolios’ Performance (continued)

				Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Small Capitalization Growth Portfolio (Class R)		10.21	%		–1.63	%		–4.12	%		N/A			9.51% (8/22/06)
Small Capitalization Growth Portfolio (Class T)		10.50			–1.11			–1.72			22.11	%		—
Russell 2000 Growth Index		10.58			–4.42			17.47			80.04			—
Russell 2000 Index		11.02			–4.25			7.47			82.26			—
Lipper Small-Cap Growth Funds Avg.		11.70			–4.09			15.61			79.35			—
				Average Annual Total Returns as of 3/31/12
				One Year			Five Years			Ten Years			Since Inception
Small Capitalization Growth Portfolio (Class R)					4.18	%		–0.03	%		N/A			1.83% (8/22/06)
Small Capitalization Growth Portfolio (Class T)					4.67			0.46			1.95	%		—
Russell 2000 Growth Index					0.68			4.15			6.00			—
Russell 2000 Index					–0.18			2.13			6.45			—
Lipper Small-Cap Growth Funds Avg.					0.67			3.56			5.77			—
				Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Small Capitalization Value Portfolio (Class R)		10.23	%		–2.18	%		15.74	%		N/A			32.80% (8/22/06)
Small Capitalization Value Portfolio (Class T)		10.52			–1.71			18.67			144.74	%		—
Russell 2000 Value Index		11.47			–4.06			–2.41			80.31			—
Russell 2000 Index		11.02			–4.25			7.47			82.26			—
Lipper Small-Cap Core Funds Avg.		10.58			–3.64			8.19			88.69			—
				Average Annual Total Returns as of 3/31/12
				One Year			Five Years			Ten Years			Since Inception
Small Capitalization Value Portfolio (Class R)					0.67	%		3.64	%		N/A			5.30% (8/22/06)
Small Capitalization Value Portfolio (Class T)					1.19			4.16			9.61	%		—
Russell 2000 Value Index					–1.07			0.01			6.59			—
Russell 2000 Index					–0.18			2.13			6.45			—
Lipper Small-Cap Core Funds Avg.					0.15			2.24			6.68			—

4 THE TARGET PORTFOLIO TRUST

Cumulative Total Returns as of 4/30/12

Six Months

One Year

Five Years

Ten Years

Since Inception

International Equity Portfolio (Class Q)

3.47%

–13.77%

N/A

N/A

–8.56% (3/1/11)

International Equity Portfolio (Class R)

3.25

–14.33

–19.29

%

N/A

–1.85    (8/22/06)

International Equity Portfolio (Class T)

3.49

–13.93

–17.28

70.87

%

—

MSCI EAFE ND Index

2.44

–12.82

–21.48

69.51

—

Lipper International Large-Cap Core Funds Avg.

3.92

–12.69

–20.39

58.95

—

Average Annual Total Returns as of 3/31/12

One Year

Five Years

Ten Years

Since Inception

International Equity Portfolio (Class Q)

–6.86%

N/A

—

–6.46% (3/1/11)

International Equity Portfolio (Class R)

–7.51

–3.03

%

—

–0.03    (8/22/06)

International Equity Portfolio (Class T)

–7.09

–2.54

5.71

%

—

MSCI EAFE ND Index

–5.77

–3.51

5.65

—

Lipper International Large-Cap Core Funds Avg.

–5.98

–3.53

4.88

—

THE TARGET PORTFOLIO TRUST 5

Equity Portfolios’ Performance (continued)

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. Broad Market Index (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 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 500 Index.

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 Net Dividend 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.

6 THE TARGET PORTFOLIO TRUST

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.

Benchmark Inception Returns

Large Capitalization Growth Portfolio—Russell 1000 Growth Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 41.01% for Class R. Russell 1000 Growth Index Closest Month-End to Inception average annual total return as of 3/31/12 is 6.38% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 20.92% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 3/31/12 is 3.58% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/12 is 32.50% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 5.20% for Class R.

Large Capitalization Value Portfolio—Russell 1000 Value Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 6.01% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total return as of 3/31/12 is 1.24% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 20.92% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 3/31/12 is 3.58% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/12 is 5.81% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 1.16% for Class R.

Small Capitalization Growth Portfolio—Russell 2000 Growth Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 35.28% for Class R. Russell 2000 Growth Index Closest Month-End to Inception average annual total return as of 3/31/12 is 5.87% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 22.48% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 3/31/12 is 3.99% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/12 is 34.30% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 5.47% for Class R.

THE TARGET PORTFOLIO TRUST 7

Equity Portfolios’ Performance (continued)

Small Capitalization Value Portfolio—Russell 2000 Value Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 10.15% for Class R. Russell 2000 Value Index Month-End to Inception average annual total return as of 3/31/12 is 2.01% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total return as of 4/30/12 is 22.48% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 3/31/12 is 3.99% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/12 is 24.87% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 4.17% for Class R.

International Equity Portfolio—MSCI EAFE ND Index Closest Month-End to Inception cumulative total returns as of 4/30/12 are –9.68% for Class Q; –5.67% for Class R. MSCI EAFE ND Index Closest Month-End to Inception average annual total returns as of 3/31/12 are –7.30% for Class Q; –0.69% for Class R. Lipper Average Closest Month-End to Inception cumulative total returns as of 4/30/12 are –9.05% for Class Q; –5.80% for Class R. Lipper Average Closest Month-End to Inception average annual total returns as of 3/31/12 are –6.87% for Class Q; –0.84% 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 sales charges or taxes.

8 THE TARGET PORTFOLIO TRUST

Fixed Income Portfolios’ Performance (Unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852.

Total Return Bond Portfolio:

Gross operating expenses: Class R, 1.38%; Class T, 0.63%. Net operating expenses: Class R, 1.13%; Class T, 0.63%, after contractual reduction through 2/28/2013.

Intermediate-Term Bond Portfolio:

Gross operating expenses: Class T, 0.68%. Net operating expenses: Class T, 0.68%.

Mortgage Backed Securities Portfolio:

Gross operating expenses: Class T, 0.96%. Net operating expenses: Class T, 0.96%.

				Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years			Since Inception
Total Return Bond Portfolio (Class R)		3.43	%		6.46	%		45.72	%		N/A			50.48% (8/22/06)
Total Return Bond Portfolio (Class T)		3.86			7.25			49.55			94.49	%		—
Barclays Capital U.S. Aggregate Bond Index		2.44			7.54			36.16			74.29			—
Lipper Corporate Debt BBB-Rated Funds Avg.		4.13			7.69			37.93			87.77			—
				Average Annual Total Returns as of 3/31/12
				One Year			Five Years			Ten Years			Since Inception
Total Return Bond Portfolio (Class R)					6.30	%		7.62	%		N/A			7.31% (8/22/06)
Total Return Bond Portfolio (Class T)					7.19			8.20			6.97	%		—
Barclays Capital U.S. Aggregate Bond Index					7.71			6.25			5.80			—
Lipper Corporate Debt BBB-Rated Funds Avg.					8.14			6.47			6.45			—

THE TARGET PORTFOLIO TRUST 9

Fixed Income Portfolios’ Performance (continued)

				Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years
Intermediate-Term Bond Portfolio (Class T)		3.95	%		6.42	%		48.18	%		82.62	%
Barclays Capital Int. Govt./Credit Bond Index		2.08			5.86			32.34			66.23
Lipper Int. Inv.-Grade Debt Funds Avg.		3.23			6.49			32.50			67.42
				Average Annual Total Returns as of 3/31/12
				One Year			Five Years			Ten Years
Intermediate-Term Bond Portfolio (Class T)					6.48	%		7.91	%		6.28	%
Barclays Capital Int. Govt./Credit Bond Index					6.09			5.67			5.29
Lipper Int. Inv.-Grade Debt Funds Avg.					6.88			5.61			5.31
				Cumulative Total Returns as of 4/30/12
	Six Months			One Year			Five Years			Ten Years
Mortgage Backed Securities Portfolio (Class T)		2.64	%		6.19	%		43.07	%		72.92	%
Barclays Capital Mortgage-Backed Securities Index		2.11			5.74			36.13			71.09
Citigroup Mortgage-Backed Securities Index		2.21			5.90			36.73			72.23
Lipper U.S. Mortgage Funds Avg.		2.61			5.76			29.73			57.23
				Average Annual Total Returns as of 3/31/12
				One Year			Five Years			Ten Years
Mortgage Backed Securities Portfolio (Class T)					7.04	%		7.37	%		5.73	%
Barclays Capital Mortgage-Backed Securities Index					6.21			6.33			5.65
Citigroup Mortgage-Backed Securities Index					6.38			6.42			5.71
Lipper U.S. Mortgage Funds Avg.					6.30			5.20			4.68

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.

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.

10 THE TARGET PORTFOLIO TRUST

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.

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. It gives a broad indication of how mortgage-backed securities have performed.

Lipper Corporate Debt BBB-Rated Funds Average

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 Funds Average

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 Funds Average

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 4/30/12 is 41.91% for Class R. Barclays Capital U.S. Aggregate Bond Index Closest Month-End to Inception average annual total return as of 3/31/12 is 6.26% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/12 is 44.89% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/12 is 6.55% 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 sales charges or taxes.

THE TARGET PORTFOLIO TRUST 11

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

The 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.

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

12 THE TARGET PORTFOLIO TRUST

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 November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class R
Actual	$	1,000.00	$	1,127.60		1.35	%	$	7.14
Hypothetical	$	1,000.00	$	1,018.15		1.35	%	$	6.77
Class T
Actual	$	1,000.00	$	1,130.20		0.85	%	$	4.50
Hypothetical	$	1,000.00	$	1,020.64		0.85	%	$	4.27
Large Capitalization Value Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class R
Actual	$	1,000.00	$	1,107.80		1.34	%	$	7.02
Hypothetical	$	1,000.00	$	1,018.20		1.34	%	$	6.72
Class T
Actual	$	1,000.00	$	1,111.00		0.84	%	$	4.41
Hypothetical	$	1,000.00	$	1,020.69		0.84	%	$	4.22

THE TARGET PORTFOLIO TRUST 13

Fees and Expenses (continued)

Small Capitalization Growth  Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class R
Actual	$	1,000.00	$	1,102.10		1.44	%	$	7.53
Hypothetical	$	1,000.00	$	1,017.70		1.44	%	$	7.22
Class T
Actual	$	1,000.00	$	1,105.00		0.94	%	$	4.92
Hypothetical	$	1,000.00	$	1,020.19		0.94	%	$	4.72
Small Capitalization Value Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class R
Actual	$	1,000.00	$	1,012.60		1.26	%	$	6.31
Hypothetical	$	1,000.00	$	1,018.60		1.26	%	$	6.32
Class T
Actual	$	1,000.00	$	1,007.60		0.76	%	$	3.79
Hypothetical	$	1,000.00	$	1,021.08		0.76	%	$	3.82
International Equity Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class Q
Actual	$	1,000.00	$	1,034.70		0.85	%	$	4.30
Hypothetical	$	1,000.00	$	1,020.64		0.85	%	$	4.27
Class R
Actual	$	1,000.00	$	1,032.50		1.49	%	$	7.53
Hypothetical	$	1,000.00	$	1,017.45		1.49	%	$	7.47
Class T
Actual	$	1,000.00	$	1,034.90		0.99	%	$	5.01
Hypothetical	$	1,000.00	$	1,019.94		0.99	%	$	4.97

14 THE TARGET PORTFOLIO TRUST

Total Return Bond Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class R
Actual	$	1,000.00	$	1,034.30		1.13	%	$	5.72
Hypothetical	$	1,000.00	$	1,019.24		1.13	%	$	5.67
Class T
Actual	$	1,000.00	$	1,038.60		0.63	%	$	3.19
Hypothetical	$	1,000.00	$	1,021.73		0.63	%	$	3.17
Intermediate-Term Bond Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class T
Actual	$	1,000.00	$	1,039.50		0.68	%	$	3.45
Hypothetical	$	1,000.00	$	1,021.48		0.68	%	$	3.42
Mortgage Backed Securities Portfolio	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six- Month Period*
Class T
Actual	$	1,000.00	$	1,026.40		0.96	%	$	4.84
Hypothetical	$	1,000.00	$	1,020.09		0.96	%	$	4.82

* 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 182 days in the six-month period ended April 30, 2012, and divided by the 366 days in the Portfolio’s fiscal year ending October 31, 2012 (to reflect the six-month period).

THE TARGET PORTFOLIO TRUST 15

Portfolio of Investments
As of April 30, 2012 (Unaudited) Large Capitalization Growth Portfolio

SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—98.7%
		COMMON STOCKS—98.2%
		Auto Parts and Equipment—0.4%
	29,350	Johnson Controls, Inc.(a)	$	938,319
		Beverages—0.5%
	45,121	Diageo PLC (United Kingdom)		1,135,750
		Biotechnology—3.4%
	11,730	Alexion Pharmaceuticals, Inc.*		1,059,454
	34,211	Biogen Idec, Inc.*		4,584,616
	15,520	Celgene Corp.*		1,131,718
	10,790	Gilead Sciences, Inc.*(a)		561,188
				7,336,976
		Broadcasting—0.3%
	11,610	Discovery Communications, Inc. (Class A Stock)*		631,816
		Building Materials—0.1%
	3,540	Owens Corning*(a)		121,599
		Business Services—0.7%
	3,348	MasterCard, Inc. (Class A Stock)		1,514,200
		Chemicals—4.2%
	7,570	Airgas, Inc.		693,715
	3,030	Albemarle Corp.(a)		197,859
	11,100	Celanese Corp. (Class A Stock)		537,906
	53,338	Monsanto Co.		4,063,289
	31,305	Praxair, Inc.		3,621,988
				9,114,757
		Commercial Banks—1.5%
	103,564	U.S. Bancorp		3,331,654
		Commercial Services—0.8%
	9,100	FleetCor Technologies, Inc.*		359,905
	4,510	Sotheby’s		177,333
	4,000	United Rentals, Inc.*(a)		186,720
	19,300	Verisk Analytics, Inc. (Class A Stock)*(a)		944,735
				1,668,693
		Computer Hardware—7.1%
	25,305	Apple, Inc.*		14,784,193
	13,620	NetApp, Inc.*		528,865
				15,313,058

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 17

Large Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Computer Services & Software—2.8%
	49,406	Accenture PLC (Class A Stock) (Ireland)	$	3,208,920
	4,948	Amazon.com, Inc.*		1,147,441
	15,929	Cognizant Technology Solutions Corp. (Class A Stock)*		1,167,914
	13,700	Parametric Technology Corp.*(a)		295,646
	1,461	salesforce.com, Inc.*		227,522
				6,047,443
		Computers & Peripherals—0.9%
	72,090	EMC Corp.*(a)		2,033,659
		Cosmetics & Toiletries—1.1%
	36,850	Estee Lauder Cos., Inc. (The) (Class A Stock)		2,408,147
		Distribution/Wholesale—0.9%
	256,000	Li & Fung Ltd. (Bermuda)		547,724
	5,720	LKQ Corp.*		191,334
	6,138	W.W. Grainger, Inc.		1,275,599
				2,014,657
		Diversified Financial Services—0.5%
	6,020	Affiliated Managers Group, Inc.*		683,993
	2,223	BlackRock, Inc.		425,882
				1,109,875
		Engineering/Construction—0.2%
	7,250	Fluor Corp.		418,688
		Entertainment & Leisure—0.7%
	15,120	Las Vegas Sands Corp.		839,009
	5,863	Polaris Industries Inc(a)		465,757
	9,490	Royal Caribbean Cruises Ltd. (Liberia)(a)		259,741
				1,564,507
		Environmental Services—0.2%
	4,140	Stericycle, Inc.*(a)		358,524
		Financial—Bank & Trust—1.7%
	108,364	Wells Fargo & Co.		3,622,609
		Financial Services—2.8%
	49,499	Visa, Inc. (Class A Stock)		6,087,387
		Food—2.6%
	10,213	Danone (France)		718,530
	6,600	General Mills, Inc.		256,674
	9,340	Kraft Foods, Inc. (Class A Stock)		372,386

See Notes to Financial Statements.

18 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Food (continued)
	51,258	Mead Johnson Nutrition Co.	$	4,385,635
				5,733,225
		Hand/Machine Tools—0.4%
	10,860	Stanley Black & Decker, Inc.		794,518
		Healthcare Products—0.8%
	2,560	Cooper Cos., Inc. (The)		225,715
	21,364	Covidien PLC (Ireland)		1,179,934
	2,700	IDEXX Laboratories, Inc.*(a)		237,411
				1,643,060
		Holding Companies—Diversified—0.2%
	2,180	LVMH Moet Hennessy Louis Vuitton SA (France)		361,140
		Hotels, Restaurants & Leisure—3.3%
	35,962	McDonald’s Corp.		3,504,497
	27,898	Wynn Resorts Ltd.(a)		3,721,593
				7,226,090
		Internet—2.4%
	28,733	Baidu, Inc., ADR (Cayman Islands)*		3,812,869
	7,165	LinkedIn Corp. (Class A Stock)*		777,044
	26,382	Youku.com, Inc., ADR (Cayman Islands)*(a)		634,224
				5,224,137
		Internet Software & Services—5.7%
	5,882	F5 Networks, Inc.*		787,776
	8,050	Google, Inc. (Class A Stock)*		4,872,101
	33,950	Oracle Corp.		997,791
	6,988	priceline.com, Inc.*(a)		5,316,610
	7,680	VeriSign, Inc.		315,725
				12,290,003
		Investment Company—0.6%
	1,674,000	Hutchison Port Holdings Trust (Singapore)		1,263,870
		Machinery & Equipment—1.7%
	17,061	Cummins, Inc.		1,976,175
	6,510	Joy Global, Inc.		460,713
	16,459	Rockwell Automation, Inc.		1,272,939
				3,709,827
		Media—2.1%
	47,453	British Sky Broadcasting Group PLC (United Kingdom)		522,139
	37,908	Comcast Corp. (Special Class A Stock)(a)		1,130,796
	46,500	News Corp. (Class A Stock)		911,400
	29,260	Viacom, Inc. (Class B Stock)		1,357,371
	16,200	Walt Disney Co. (The)		698,382
				4,620,088

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 19

Large Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Medical Equipment—0.7%
	25,447	Thermo Fisher Scientific, Inc.	$	1,416,126
		Metals & Mining—2.2%
	26,852	Precision Castparts Corp.		4,735,887
		Miscellaneous Manufacturers—3.1%
	94,585	Danaher Corp.		5,128,399
	21,660	Honeywell International, Inc.		1,313,896
	5,650	Polypore International, Inc.*(a)		211,027
				6,653,322
		Oil & Gas Services—4.6%
	17,470	Cameron International Corp.*		895,337
	2,310	Core Laboratories NV (Netherlands)		316,424
	12,450	Dresser-Rand Group, Inc.*		606,066
	11,510	Ensco PLC, ADR (United Kingdom)		629,021
	6,920	FMC Technologies, Inc.*(a)		325,240
	42,058	National Oilwell Varco, Inc.		3,186,314
	37,764	Occidental Petroleum Corp.		3,444,832
	6,960	Oceaneering International, Inc.		359,345
	4,770	SM Energy Co.		315,345
				10,077,924
		Oil, Gas & Consumable Fuels—3.8%
	8,715	Anadarko Petroleum Corp.		638,025
	19,700	Cabot Oil & Gas Corp.		692,258
	6,963	Continental Resources, Inc.*(a)		621,448
	4,020	EOG Resources, Inc.		441,436
	5,990	EQT Corp.		298,422
	102,101	Halliburton Co.		3,493,896
	9,480	Noble Energy, Inc.		941,554
	3,382	Pioneer Natural Resources Co.(a)		391,703
	3,430	Range Resources Corp.		228,644
	5,330	Schlumberger Ltd. (Netherlands)		395,166
				8,142,552
		Pharmaceuticals—4.4%
	12,830	Abbott Laboratories		796,230
	32,312	Allergan, Inc.		3,101,952
	53,631	Bristol-Myers Squibb Co.		1,789,666
	63,812	Express Scripts Holding Co*		3,560,071
	3,820	SXC Health Solutions Corp.*		346,016
				9,593,935

See Notes to Financial Statements.

20 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Real Estate—0.2%
	4,480	Jones Lang LaSalle, Inc.	$	358,131
		Real Estate Investment Trust—0.9%
	30,392	American Tower Corp.		1,993,107
		Retail—7.8%
	1,473	Autozone, Inc.*		583,544
	11,360	Costco Wholesale Corp.		1,001,611
	13,400	Dollar General Corp.*		635,964
	7,012	Dollar Tree, Inc.*		712,840
	44,989	Home Depot, Inc. (The)		2,329,980
	30,337	Limited Brands, Inc.		1,507,749
	7,240	Lululemon Athletica, Inc.*(a)		536,774
	19,175	O’Reilly Automotive, Inc.*		2,022,196
	10,520	PetSmart, Inc.		612,895
	21,941	Ross Stores, Inc.		1,351,346
	87,609	Starbucks Corp.		5,027,004
	4,880	Tractor Supply Co.(a)		480,241
				16,802,144
		Retail & Merchandising—6.4%
	316,136	Cie Financiere Richemont SA, ADR (Switzerland)		1,937,914
	24,704	Target Corp.		1,431,350
	6,220	Tiffany & Co.		425,821
	159,204	TJX Cos., Inc. (The)		6,640,399
	19,915	Urban Outfitters, Inc.*(a)		576,738
	39,956	Yum! Brands, Inc.		2,906,000
				13,918,222
		Semiconductors—2.9%
	18,470	Altera Corp.		656,978
	7,378	ASML Holding NV (Netherlands)		376,204
	22,145	Broadcom Corp. (Class A Stock)*		810,507
	71,100	QUALCOMM, Inc.		4,539,024
				6,382,713
		Software—3.3%
	16,780	Autodesk, Inc.*		660,628
	8,296	Cerner Corp.*(a)		672,723
	53,727	Check Point Software Technologies Ltd. (Israel)*(a)		3,123,150
	6,310	Citrix Systems, Inc.*		540,199
	3,670	Nuance Communications, Inc.*(a)		89,695
	10,790	Red Hat, Inc.*		643,192
	5,990	VeriFone Systems, Inc.*(a)		285,364
	9,660	VMware, Inc. (Class A Stock)*		1,079,215
				7,094,166
		Telecommunications—0.1%
	11,120	Juniper Networks, Inc.*		238,302

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 21

Large Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Textiles, Apparel & Luxury Goods—3.9%
	31,900	Coach, Inc.	$	2,333,804
	9,961	Deckers Outdoor Corp.*(a)		508,111
	44,485	NIKE, Inc. (Class B Stock)		4,976,537	��
	3,869	VF Corp.		588,281
				8,406,733
		Tobacco—0.7%
	3,140	Lorillard, Inc.		424,811
	12,260	Philip Morris International, Inc.		1,097,392
				1,522,203
		Transportation—2.6%
	16,624	Expeditors International of Washington, Inc.(a)		664,960
	8,670	Kansas City Southern		667,763
	38,872	Union Pacific Corp.		4,370,768
				5,703,491
		TOTAL COMMON STOCKS (cost $151,290,215)		212,677,234
		PREFERRED STOCK—0.5%
		Financial—Bank & Trust
	35,375	Wells Fargo & Co., Series J, 8.00% (cost $806,500)		1,044,978
		TOTAL LONG-TERM INVESTMENTS (cost $152,096,715)		213,722,212
		SHORT-TERM INVESTMENT—8.9%
		AFFILIATED MONEY MARKET MUTUAL FUND
	19,239,932	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $19,239,932; includes $15,476,247 of cash collateral for securities on loan)(b)(w)		19,239,932
		TOTAL INVESTMENTS—107.6% (cost $171,336,647; Note 5)		232,962,144
		Liabilities in excess of other assets—(7.6%)		(16,379,380	)
		NET ASSETS—100%	$	216,582,764

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 $14,861,276; cash collateral of $15,476,247 (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.

See Notes to Financial Statements.

22 THE TARGET PORTFOLIO TRUST

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	212,677,234	$	—	$	—
Preferred Stock		1,044,978		—		—
Affiliated Money Market Mutual Fund		19,239,932		—		—
Total	$	232,962,144	$	—	$	—
						��

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

Affiliated Money Market Mutual Fund (7.1% represents investments purchased with collateral from securities on loan)	8.9	%
Retail	7.8
Computer Hardware	7.1
Retail & Merchandising	6.4
Internet Software & Services	5.7
Oil & Gas Services	4.6
Pharmaceuticals	4.4
Chemicals	4.2
Textiles, Apparel & Luxury Goods	3.9
Oil, Gas & Consumable Fuels	3.8
Biotechnology	3.4
Hotels, Restaurants & Leisure	3.3
Software	3.3
Miscellaneous Manufacturers	3.1
Semiconductors	2.9
Financial Services	2.8
Computer Services & Software	2.8
Food	2.6
Transportation	2.6
Internet	2.4
Metals & Mining	2.2
Financial—Bank & Trust	2.2
Media	2.1
Machinery & Equipment	1.7
Commercial Banks	1.5
Cosmetics & Toiletries	1.1	%
Computers & Peripherals	0.9
Distribution/Wholesale	0.9
Real Estate Investment Trusts	0.9
Commercial Services	0.8
Healthcare Products	0.8
Entertainment & Leisure	0.7
Tobacco	0.7
Business Services	0.7
Medical Equipment	0.7
Investment Company	0.6
Beverages	0.5
Diversified Financial Services	0.5
Auto Parts and Equipment	0.4
Hand/Machine Tools	0.4
Broadcasting	0.3
Engineering/Construction	0.2
Holding Companies—Diversified	0.2
Environmental Services	0.2
Real Estate	0.2
Telecommunications	0.1
Building Materials	0.1
	107.6
Liabilities in excess of other assets	(7.6	)
	100.0	%

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 23

Large Capitalization Value Portfolio Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—98.7%
		COMMON STOCKS
		Aerospace & Defense—3.8%
	13,593	Boeing Co. (The)	$	1,043,942
	12,500	Embraer SA, ADR (Brazil)		433,000
	4,435	General Dynamics Corp.		299,363
	2,583	Huntington Ingalls Industries, Inc.*		101,899
	15,200	Lockheed Martin Corp.		1,376,208
	57,900	Northrop Grumman Corp.(a)		3,663,912
	13,828	United Technologies Corp.		1,128,918
				8,047,242
		Air Freight & Logistics—0.4%
	9,200	FedEx Corp.		811,808
		Auto Parts and Equipment—1.2%
	45,180	Johnson Controls, Inc.(a)		1,444,404
	27,300	Magna International, Inc. (Canada)(a)		1,196,559
				2,640,963
		Automobiles—0.4%
	37,832	Ford Motor Co.(a)		426,745
	6,500	Harley-Davidson, Inc.		340,145
				766,890
		Beverages—0.8%
	19,200	Molson Coors Brewing Co. (Class B Stock)		798,336
	14,600	PepsiCo, Inc.(a)		963,600
				1,761,936
		Biotechnology—0.8%
	16,989	Amgen, Inc.		1,208,088
	9,754	Gilead Sciences, Inc.*(a)		507,305
				1,715,393
		Capital Markets—1.3%
	12,148	Goldman Sachs Group, Inc. (The)		1,398,842
	28,098	State Street Corp.		1,298,690
				2,697,532
		Chemicals—1.0%
	3,522	Air Products & Chemicals, Inc.		301,096
	4,900	CF Industries Holdings, Inc.		945,994
	9,000	PPG Industries, Inc.		947,160
				2,194,250

See Notes to Financial Statements.

24 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Commercial Banks—6.6%
	32,614	Fifth Third Bancorp	$	464,097
	54,269	KeyCorp		436,323
	56,119	PNC Financial Services Group, Inc.		3,721,812
	169,929	Regions Financial Corp.		1,145,321
	46,168	U.S. Bancorp		1,485,225
	203,055	Wells Fargo & Co.		6,788,129
				14,040,907
		Communication Equipment—0.4%
	42,200	Cisco Systems, Inc.		850,330
		Computers & Peripherals—2.5%
	3,132	Apple, Inc.*		1,829,840
	141,777	Hewlett-Packard Co.		3,510,398
				5,340,238
		Consumer Finance—0.6%
	24,100	Capital One Financial Corp.(a)		1,337,068
		Diversified Consumer Services—0.4%
	64,000	H&R Block, Inc.		940,800
		Diversified Financial Services—6.2%
	22,614	American Express Co.		1,361,589
	8,338	Ameriprise Financial, Inc.		452,003
	176,686	Bank of America Corp.		1,432,924
	82,184	Citigroup, Inc.		2,715,359
	166,442	JPMorgan Chase & Co.		7,153,677
				13,115,552
		Diversified Telecommunication Services—2.0%
	106,726	AT&T, Inc.		3,512,353
	15,743	CenturyLink, Inc.(a)		607,050
				4,119,403
		Electric Utilities—3.7%
	60,871	American Electric Power Co., Inc.		2,364,230
	44,100	Edison International(a)		1,940,841
	50,000	Exelon Corp.		1,950,500
	7,747	NextEra Energy, Inc.		498,519
	7,827	PG&E Corp.		345,797
	29,367	PPL Corp.		803,187
				7,903,074
		Electronic Equipment & Instruments—1.2%
	73,700	Corning, Inc.		1,057,595
	6,058	Honeywell International, Inc.		367,478
	17,225	TE Connectivity Ltd. (Switzerland)		628,023

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 25

Large Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Electronic Equipment & Instruments (continued)
	8,610	Thermo Fisher Scientific, Inc.	$	479,147
				2,532,243
		Energy Equipment & Services—1.3%
	12,000	Diamond Offshore Drilling, Inc.		822,600
	17,500	Ensco PLC, ADR (United Kingdom)		956,375
	14,872	Sempra Energy		962,813
				2,741,788
		Food & Staples Retailing—3.1%
	81,361	CVS Caremark Corp.		3,630,328
	35,100	Kroger Co. (The)		816,777
	60,700	Safeway, Inc.(a)		1,234,031
	15,800	Wal-Mart Stores, Inc.		930,778
				6,611,914
		Food Products—1.9%
	63,800	ConAgra Foods, Inc.		1,647,316
	31,255	Kraft Foods, Inc. (Class A Stock)		1,246,137
	7,555	Nestle SA, ADR (Switzerland)		461,913
	18,786	Unilever NV (Netherlands)(a)		645,299
				4,000,665
		Forest & Paper Products—0.8%
	47,600	International Paper Co.		1,585,556
		Healthcare Equipment & Supplies—0.7%
	22,100	Medtronic, Inc.		844,220
	10,200	Zimmer Holdings, Inc.		641,886
				1,486,106
		Healthcare Products—0.3%
	12,785	Covidien PLC (Ireland)		706,115
		Healthcare Providers & Services—1.7%
	38,000	CIGNA Corp.		1,756,740
	4,175	Humana, Inc.		336,839
	28,439	UnitedHealth Group, Inc.		1,596,850
				3,690,429
		Hotels, Restaurants & Leisure—0.6%
	10,500	Carnival Corp. (Panama)(a)		341,145
	9,500	McDonald’s Corp.		925,775
				1,266,920

See Notes to Financial Statements.

26 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Household Products—0.9%
	23,200	Kimberly-Clark Corp.	$	1,820,504
		Independent Power Production—0.2%
	29,700	NRG Energy, Inc.*		504,900
		Industrial Conglomerates—2.0%
	217,210	General Electric Co.		4,252,972
		Insurance—7.6%
	10,176	ACE Ltd. (Switzerland)		773,071
	122,700	Allstate Corp. (The)		4,089,591
	67,800	American International Group, Inc.*		2,307,234
	93,882	MetLife, Inc.		3,382,569
	42,457	Travelers Cos., Inc. (The)		2,730,834
	55,000	Unum Group		1,305,700
	68,287	XL Group PLC (Ireland)		1,468,853
				16,057,852
		Internet Services—0.2%
	523	Google, Inc. (Class A Stock)*		316,535
		IT Services—0.9%
	9,188	International Business Machines Corp.		1,902,651
		Leisure Equipment & Products—0.3%
	20,900	Mattel, Inc.(a)		702,240
		Machinery—2.0%
	11,000	Cummins, Inc.		1,274,130
	5,781	Deere & Co.		476,123
	37,358	PACCAR, Inc.		1,604,900
	10,500	Parker Hannifin Corp.		920,745
				4,275,898
		Media—3.2%
	26,500	CBS Corp. (Class B Stock)		883,775
	21,650	Comcast Corp. (Class A Stock)		656,645
	55,500	Comcast Corp. (Special Class A Stock)		1,655,565
	10,900	Interpublic Group of Cos., Inc. (The)		128,729
	57,314	Time Warner, Inc.(a)		2,146,982
	30,834	Walt Disney Co. (The)		1,329,254
				6,800,950
		Metals & Mining—1.7%
	9,915	BHP Billiton Ltd., ADR (Australia)		736,685
	72,781	Freeport-McMoRan Copper & Gold, Inc.		2,787,512
				3,524,197
		Multi-Utilities—0.8%
	53,500	Public Service Enterprise Group, Inc.		1,666,525

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 27

Large Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Multiline Retail—0.8%
	19,600	J.C. Penney Co., Inc.(a)	$	706,776
	18,900	Kohl’s Corp.(a)		947,457
				1,654,233
		Office Electronics—0.9%
	233,900	Xerox Corp.		1,819,742
		Oil, Gas & Consumable Fuels—11.4%
	5,218	Anadarko Petroleum Corp.		382,010
	19,261	Apache Corp.(a)		1,847,900
	47,000	Chesapeake Energy Corp.(a)		866,680
	39,198	Chevron Corp.		4,176,939
	62,446	ConocoPhillips		4,473,007
	12,300	Devon Energy Corp.		859,155
	16,361	Exxon Mobil Corp.		1,412,609
	9,588	Hess Corp.		499,918
	61,100	Marathon Oil Corp.		1,792,674
	46,396	National Grid PLC (United Kingdom)		501,096
	13,828	Occidental Petroleum Corp.		1,261,390
	38,049	Peabody Energy Corp.		1,183,705
	27,100	Royal Dutch Shell PLC (Class B Stock), ADR (United Kingdom)(a)		1,988,056
	39,300	Total SA, ADR (France)		1,890,723
	36,100	Valero Energy Corp.		891,670
				24,027,532
		Pharmaceuticals—9.1%
	21,200	Abbott Laboratories		1,315,672
	10,300	AstraZeneca PLC, ADR (United Kingdom)		452,170
	35,700	Eli Lilly & Co.		1,477,623
	83,391	Johnson & Johnson(a)		5,427,920
	97,927	Merck & Co., Inc.		3,842,656
	12,800	Novartis AG, ADR (Switzerland)		706,176
	227,882	Pfizer, Inc.		5,225,334
	19,300	Sanofi, ADR (France)(a)		736,874
				19,184,425
		Professional Services—0.2%
	11,600	Manpower, Inc.		494,160
		Railroads—0.6%
	12,060	Union Pacific Corp.		1,356,026
		Real Estate Investment Trusts—2.5%
	176,400	Annaly Capital Management, Inc.(a)		2,878,848
	5,492	AvalonBay Communities, Inc.(a)		798,537

See Notes to Financial Statements.

28 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Real Estate Investment Trusts (continued)
	7,278	Boston Properties, Inc.(a)	$	787,843
	5,331	Simon Property Group, Inc.		829,504
				5,294,732
		Retail & Merchandising—1.4%
	5,284	Bed Bath & Beyond, Inc.*		371,941
	14,468	Macy’s, Inc.		593,477
	7,908	Target Corp.		458,190
	34,381	TJX Cos., Inc. (The)		1,434,031
				2,857,639
		Semiconductors & Semiconductor Equipment—1.7%
	91,100	Intel Corp.		2,587,240
	19,200	KLA-Tencor Corp.(a)		1,001,280
				3,588,520
		Software—4.0%
	52,358	CA, Inc.(a)		1,383,298
	177,892	Microsoft Corp.		5,696,102
	44,158	Oracle Corp.		1,297,804
				8,377,204
		Specialty Retail—0.5%
	33,600	Gap, Inc. (The)		957,600
		Tobacco—0.8%
	28,300	Altria Group, Inc.		911,543
	8,088	Philip Morris International, Inc.		723,957
				1,635,500
		Wireless Telecommunication Services—1.3%
	99,309	Vodafone Group PLC, ADR (United Kingdom)		2,763,769
		TOTAL LONG-TERM INVESTMENTS (cost $171,446,684)		208,741,428
		SHORT-TERM INVESTMENT—16.1%
		AFFILIATED MONEY MARKET MUTUAL FUND
	34,020,654	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $34,020,654; includes $30,715,439 of cash collateral for securities on loan)(b)(w)		34,020,654
		TOTAL INVESTMENTS—114.8% (cost $205,467,338; Note 5)		242,762,082
		Liabilities in excess of other assets—(14.8%)		(31,350,694	)
		NET ASSETS—100%	$	211,411,388

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 29

Large Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

The following abbreviation is 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.

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 $29,801,383; cash collateral of $30,715,439 (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 generally for securities actively traded on a regulated securities exchange and for open-end mutual funds which trade at daily net asset value.

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	208,741,428	$	—	$	—
Affiliated Money Market Mutual Fund		34,020,654		—		—
Total	$	242,762,082	$	—	$	—

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

Affiliated Money Market Mutual Fund (14.5% represents investments purchased with collateral from securities on loan)	16.1	%
Oil, Gas & Consumable Fuels	11.4
Pharmaceuticals	9.1
Insurance	7.6
Commercial Banks	6.6
Diversified Financial Services	6.2
Software	4.0
Aerospace & Defense	3.8
Electric Utilities	3.7
Media	3.2
Food & Staples Retailing	3.1
Computers & Peripherals	2.5
Real Estate Investment Trusts	2.5
Machinery	2.0	%
Industrial Conglomerates	2.0
Diversified Telecommunication Services	2.0
Food Products	1.9
Healthcare Providers & Services	1.7
Semiconductors & Semiconductor Equipment	1.7
Metals & Mining	1.7
Retail & Merchandising	1.4
Wireless Telecommunication Services	1.3
Energy Equipment & Services	1.3
Capital Markets	1.3
Auto Parts and Equipment	1.2
Electronic Equipment & Instruments	1.2
Chemicals	1.0
IT Services	0.9

See Notes to Financial Statements.

30 THE TARGET PORTFOLIO TRUST

Industry (cont’d.)
Household Products	0.9	%
Office Electronics	0.9
Beverages	0.8
Biotechnology	0.8
Multi-Utilities	0.8
Multiline Retail	0.8
Tobacco	0.8
Forest & Paper Products	0.8
Healthcare Equipment & Supplies	0.7
Railroads	0.6
Consumer Finance	0.6
Hotels, Restaurants & Leisure	0.6
Specialty Retail	0.5
Diversified Consumer Services	0.4	%
Communication Equipment	0.4
Air Freight & Logistics	0.4
Automobiles	0.4
Healthcare Products	0.3
Leisure Equipment & Products	0.3
Independent Power Production	0.2
Professional Services	0.2
Internet Services	0.2
	114.8
Liabilities in excess of other assets	(14.8	)
	100.0	%

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 31

Small Capitalization Growth Portfolio Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—99.8%
		COMMON STOCKS
		Aerospace & Defense—1.6%
	25,061	Triumph Group, Inc.	$	1,574,332
		Airlines—0.8%
	140,499	JetBlue Airways Corp.*(a)		667,370
	7,894	Spirit Airlines, Inc.*(a)		189,614
				856,984
		Automotive Parts—1.5%
	70,217	Meritor, Inc.*		457,113
	6,200	Tenneco, Inc.*		191,146
	12,961	WABCO Holdings, Inc.*(a)		816,932
				1,465,191
		Banks—0.8%
	25,759	Citizens Republic Bancorp, Inc.*		434,554
	4,900	Signature Bank*(a)		321,881
				756,435
		Biotechnology—2.2%
	47,264	Halozyme Therapeutics, Inc.*		382,366
	9,900	Incyte Corp.*(a)		224,532
	21,000	NPS Pharmaceuticals, Inc.*		150,360
	17,942	Seattle Genetics, Inc.*(a)		354,713
	29,132	Sequenom, Inc.*(a)		149,156
	19,590	United Therapeutics Corp.*		857,063
	6,972	Verastem, Inc.*		72,369
				2,190,559
		Building Materials—0.2%
	686	Apogee Enterprises, Inc.		10,537
	6,099	Texas Industries, Inc.		204,987
				215,524
		Chemicals—2.4%
	75,054	Huntsman Corp.		1,062,765
	17,464	Intrepid Potash, Inc.*		433,980
	7,517	Kraton Performance Polymers, Inc.*		195,442
	16,647	Quaker Chemical Corp.		722,480
				2,414,667
		Clothing & Apparel—0.4%
	17,600	Crocs, Inc.*(a)		355,520

See Notes to Financial Statements.

32 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Commercial Banks—1.1%
	7,040	Bank of the Ozarks, Inc.	$	217,536
	1,440	SVB Financial Group*(a)		92,290
	5,700	Texas Capital Bancshares, Inc.*		214,947
	9,675	UMB Financial Corp.		464,884
	9,970	Walker & Dunlop, Inc.*		130,108
				1,119,765
		Commercial Services—5.4%
	18,738	Acacia Research—Acacia Technologies*		768,258
	44,080	Geo Group, Inc. (The)*		912,897
	3,502	Kenexa Corp*		114,410
	136,645	Monster Worldwide, Inc.*(a)		1,179,246
	23,818	PAREXEL International Corp.*		641,657
	15,404	Sotheby’s		605,685
	6,144	United Rentals, Inc.*(a)		286,802
	28,790	Waste Connections, Inc.		927,902
				5,436,857
		Computer Services & Software—3.2%
	11,010	3D Systems Corp.*(a)		324,685
	11,018	ANSYS, Inc.*		738,977
	62,065	Fortinet, Inc.*		1,621,138
	29,146	Riverbed Technology, Inc.*(a)		575,051
				3,259,851
		Consumer Durables—0.1%
	8,600	Skullcandy, Inc.*		138,632
		Distribution/Wholesale—1.2%
	7,700	MWI Veterinary Supply, Inc.*		726,880
	6,700	WESCO International, Inc.*(a)		444,813
				1,171,693
		Diversified Financial Services—0.6%
	35,392	Duff & Phelps Corp. (Class A Stock)		562,733
	3,480	Financial Engines, Inc.*(a)		79,483
				642,216
		Electronic Components—4.2%
	21,400	Coherent, Inc.*		1,125,640
	12,400	FARO Technologies, Inc.*		694,152
	9,190	II-VI, Inc.*		187,568
	12,881	OYO Geospace Corp.*		1,484,149
	35,715	Universal Electronics, Inc.*		604,298
	13,924	Zagg, Inc.*		181,429
				4,277,236

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 33

Small Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Electronic Components & Equipment—1.9%
	13,582	Cymer, Inc.*(a)	$	704,091
	21,240	InvenSense, Inc.*(a)		341,539
	18,802	Universal Display Corp.*(a)		845,526
				1,891,156
		Energy—Alternate Sources—0.2%
	5,280	Clean Energy Fuels Corp.*(a)		101,587
	9,700	Gevo, Inc.*		93,993
				195,580
		Entertainment & Leisure—4.3%
	26,510	Bally Technologies, Inc.*		1,287,061
	11,146	Black Diamond, Inc.*		110,680
	7,848	Carmike Cinemas, Inc.*		104,614
	48,862	Pinnacle Entertainment, Inc.*		542,368
	131,184	Shuffle Master, Inc.*		2,318,021
				4,362,744
		Food—1.2%
	3,700	Chefs’ Warehouse, Inc. (The)*		89,466
	21,425	Fresh Market, Inc. (The)*(a)		1,096,317
				1,185,783
		Hand/Machine Tools—1.0%
	14,636	Regal-Beloit Corp.		989,979
		Healthcare Products—1.3%
	16,395	Accuray, Inc.*		126,241
	3,386	Align Technology, Inc.*		107,370
	10,580	Cooper Cos., Inc. (The)		932,839
	8,100	Greatbatch, Inc.*		188,649
				1,355,099
		Healthcare Services—3.0%
	10,589	Acadia Healthcare Co., Inc.*		169,000
	8,341	Air Methods Corp.*(a)		701,561
	11,177	AMERIGROUP Corp.*(a)		690,292
	24,510	Centene Corp.*(a)		970,351
	18,242	ICON PLC, ADR (Ireland)*		404,608
	3,208	IPC The Hospitalist Co., Inc.*		123,219
				3,059,031
		Home Builder—0.1%
	31,938	Hovnanian Enterprises, Inc. (Class A Stock)*		63,876

See Notes to Financial Statements.

34 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Home Furnishings—1.0%
	26,758	DTS, Inc.*	$	834,850
	5,950	Select Comfort Corp.*(a)		171,836
				1,006,686
		Hotels & Motels—0.6%
	59,033	Orient-Express Hotels Ltd. (Class A Stock) (Bermuda)*		631,063
		Insurance—0.8%
	24,877	Validus Holdings Ltd. (Bermuda)		808,503
		Internet Services—2.9%
	4,761	Bazaarvoice, Inc.*(a)		94,315
	3,867	Brightcove, Inc.*(a)		72,506
	3,977	ExactTarget, Inc.*		107,419
	2,810	Rackspace Hosting, Inc.*(a)		163,233
	15,868	Saba Software, Inc.*		154,237
	60,377	Sapient Corp.		722,713
	7,200	Sourcefire, Inc.*(a)		367,128
	36,734	TIBCO Software, Inc.*		1,208,549
				2,890,100
		Investment Company—0.4%
	39,035	KKR Financial Holdings LLC(a)		354,438
		Machinery & Equipment—2.3%
	4,140	Chart Industries, Inc.*		316,420
	3,220	Lindsay Corp.		215,064
	2,900	Middleby Corp.*		294,263
	3,740	Robbins & Myers, Inc.		182,176
	47,616	Terex Corp.*(a)		1,078,026
	11,586	Twin Disc, Inc.(a)		254,081
				2,340,030
		Manufacturing—1.0%
	14,923	Colfax Corp.*		505,740
	7,579	Polypore International, Inc.*(a)		283,076
	4,188	Raven Industries, Inc.		252,160
				1,040,976
		Media—0.1%
	11,753	Sinclair Broadcast Group, Inc. (Class A Stock)		120,821
		Medical Supplies & Equipment—5.5%
	33,245	ArthroCare Corp.*		829,795
	53,461	Bruker Corp.*		803,519
	23,401	Cepheid, Inc.*		898,833
	36,196	Quality Systems, Inc.		1,353,730
	20,818	Sirona Dental Systems, Inc.*		1,051,517
	17,965	Thoratec Corp.*		625,362
				5,562,756

See Notes to Financial Statements

THE TARGET PORTFOLIO TRUST 35

Small Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE(NOTE 1)
		COMMON STOCKS (continued)
		Metal Fabricate/Hardware—0.9%
	36,984	RTI International Metals, Inc.*	$	907,957
		Metals & Mining—1.9%
	6,510	Allied Nevada Gold Corp.*(a)		190,678
	3,420	Carpenter Technology Corp.		190,357
	25,699	Northwest Pipe Co.*		534,796
	5,686	Rexnord Corp.*		125,547
	54,682	Titanium Metals Corp.		807,653
	4,192	US Silica Holdings, Inc.*(a)		75,959
				1,924,990
		Miscellaneous Manufacturers—0.7%
	27,511	Hexcel Corp.*		753,251
		Oil, Gas & Consumable Fuels—6.3%
	21,199	BPZ Resources, Inc.*		85,856
	11,220	Cheniere Energy, Inc.*(a)		205,438
	7,431	Dril-Quip, Inc.*(a)		500,775
	4,240	Forum Energy Technologies, Inc.*		98,029
	26,362	Gulfport Energy Corp.*		690,948
	31,410	Hercules Offshore, Inc.*		159,563
	3,700	Hornbeck Offshore Services, Inc.*		154,031
	27,982	Lufkin Industries, Inc.		2,150,137
	50,450	Magnum Hunter Resources Corp.*(a)		313,295
	42,199	Oasis Petroleum, Inc.*(a)		1,395,521
	22,566	Ocean Rig UDW, Inc. (Marshall Islands)*		393,325
	8,155	Rex Energy Corp.*		85,709
	7,900	Tesco Corp. (Canada)*		129,007
				6,361,634
		Pharmaceuticals—6.5%
	24,455	Achillion Pharmaceuticals, Inc.*(a)		162,626
	27,750	Akorn, Inc.*(a)		336,608
	10,336	BioMarin Pharmaceutical, Inc.*(a)		358,659
	20,871	Catalyst Health Solutions, Inc.*		1,802,628
	22,340	Dusa Pharmaceuticals, Inc.*		130,912
	5,540	Idenix Pharmaceuticals, Inc.*(a)		48,586
	5,300	Jazz Pharmaceuticals, Inc. (Ireland)*		270,459
	4,750	Medivation, Inc.*		384,180
	17,969	Onyx Pharmaceuticals, Inc.*		817,769
	4,495	Par Pharmaceutical Cos., Inc.*		190,318
	11,070	Sagent Pharmaceuticals, Inc.*(a)		199,149
	26,361	Salix Pharmaceuticals Ltd.*(a)		1,302,233
	21,632	Theravance, Inc.*(a)		468,117
	4,635	Vivus, Inc.*(a)		112,260
				6,584,504

See Notes to Financial Statements.

36 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE(NOTE 1)
		COMMON STOCKS (continued)
		Real Estate Investment Trusts—0.8%
	25,248	Redwood Trust, Inc.	$	294,897
	3,360	Tanger Factory Outlet Centers		105,235
	41,225	Two Harbors Investment Corp.		431,213
				831,345
		Restaurants—1.7%
	24,387	BJ’s Restaurants, Inc.*(a)		1,053,275
	11,652	Bravo Brio Restaurant Group, Inc.*		235,370
	5,884	Red Robin Gourmet Burgers, Inc.*		209,823
	13,470	Texas Roadhouse, Inc.		232,358
				1,730,826
		Retail—8.4%
	20,969	Cash America International, Inc.(a)		980,301
	29,814	Chico’s FAS, Inc.		457,943
	38,065	Genesco, Inc.*		2,854,875
	45,033	GNC Holdings, Inc. (Class A Stock)		1,758,989
	10,650	Liz Claiborne, Inc.*(a)		142,710
	12,245	Sally Beauty Holdings, Inc.*		325,717
	42,281	Vitamin Shoppe, Inc.*(a)		1,990,166
				8,510,701
		Retail & Merchandising—5.0%
	9,183	Aeropostale, Inc.*		203,679
	12,880	Body Central Corp.*		391,166
	16,841	Cost Plus, Inc.*		326,210
	12,980	EZCORP, Inc. (Class A Stock)*		347,734
	10,490	Finish Line, Inc. (The)(Class A Stock)		233,507
	29,347	Francesca’s Holdings Corp.*		920,028
	8,062	Hibbett Sports, Inc.*		481,463
	6,812	Mattress Firm Holding Corp.*		272,753
	7,000	Rush Enterprises, Inc. (Class A Stock)*		126,560
	23,572	Steven Madden Ltd.*		1,018,546
	5,717	Teavana Holdings, Inc.*		119,428
	5,230	Ulta Salon Cosmetics & Fragrance, Inc.(a)		461,181
	34,320	Wet Seal, Inc. (The) (Class A Stock)*		112,913
				5,015,168
		Semiconductors—2.9%
	30,190	Cavium, Inc.*(a)		883,359
	8,450	Inphi Corp.*		85,768
	23,728	Integrated Device Technology, Inc.*		160,639
	8,770	Microsemi Corp.*		188,730
	11,854	Monolithic Power Systems, Inc.*		245,615
	3,453	Nanometrics, Inc.*		53,556
	42,558	Teradyne, Inc.*(a)		732,423
	18,827	Veeco Instruments, Inc.*(a)		568,387
				2,918,477

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 37

Small Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Software—5.7%
	37,537	Allscripts Healthcare Solutions, Inc.*	$	415,910
	92,405	Compuware Corp.*		805,772
	2,685	Infoblox, Inc.*		54,774
	15,951	Informatica Corp.*(a)		734,065
	2,688	Jive Software, Inc.*(a)		64,001
	44,619	MedAssets, Inc.*		562,645
	25,380	Opnet Technologies, Inc.		587,801
	22,863	Progress Software Corp.*		529,050
	41,846	QLIK Technologies, Inc.*		1,205,583
	8,770	Synchronoss Technologies, Inc.*		274,501
	6,500	Ultimate Software Group, Inc.*(a)		501,540
				5,735,642
		Telecommunications—3.9%
	2,090	Acme Packet, Inc.*		58,666
	14,240	Aruba Networks, Inc.*(a)		300,749
	15,725	EZchip Semiconductor Ltd. (Israel)*		632,617
	9,400	Finisar Corp.*(a)		155,288
	23,996	IPG Photonics Corp.*		1,161,406
	13,100	Ixia*		165,060
	19,440	Neonode, Inc.*		99,338
	32,154	NICE Systems Ltd., ADR (Israel)*		1,235,357
	18,726	ShoreTel, Inc.*		89,698
				3,898,179
		Transportation—1.8%
	11,282	Atlas Air Worldwide Holdings, Inc.*(a)		519,536
	14,808	Landstar System, Inc.		793,264
	29,330	Quality Distribution, Inc.*		327,616
	10,782	Roadrunner Transportation Systems, Inc.*		187,068
				1,827,484
		TOTAL LONG-TERM INVESTMENTS (cost $78,513,347)		100,734,241
		SHORT-TERM INVESTMENT—22.0%
		AFFILIATED MONEY MARKET MUTUAL FUND
	22,168,163	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $22,168,163; includes $21,780,518 of cash collateral for securities on loan)(b)(w)		22,168,163
		TOTAL INVESTMENTS—121.8% (cost $100,681,510; Note 5)		122,902,404
		Liabilities in excess of other assets—(21.8%)		(21,978,358	)
		NET ASSETS—100%	$	100,924,046

See Notes to Financial Statements.

38 THE TARGET PORTFOLIO TRUST

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 $20,966,551; cash collateral of $21,780,518 (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 generally for securities actively traded on a regulated securities exchange and for open-end mutual funds which trade at daily net asset value.

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	100,734,241	$	—	$	—
Affiliated Money Market Mutual Fund		22,168,163		—		—
Total	$	122,902,404	$	—	$	—

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

Affiliated Money Market Mutual Fund (21.6% represents investments purchased with collateral from securities on loan)	22.0	%
Retail	8.4
Pharmaceuticals	6.5
Oil, Gas & Consumable Fuels	6.3
Software	5.7
Medical Supplies & Equipment	5.5
Commercial Services	5.4
Retail & Merchandising	5.0
Entertainment & Leisure	4.3
Electronic Components	4.2
Telecommunications	3.9
Computer Services & Software	3.2
Healthcare Services	3.0
Semiconductors	2.9
Internet Services	2.9
Chemicals	2.4
Machinery & Equipment	2.3
Biotechnology	2.2
Metals & Mining	1.9	%
Electronic Components & Equipment	1.9
Transportation	1.8
Restaurants	1.7
Aerospace & Defense	1.6
Automotive Parts	1.5
Healthcare Products	1.3
Food	1.2
Distribution/Wholesale	1.2
Commercial Banks	1.1
Manufacturing	1.0
Home Furnishings	1.0
Hand/Machine Tools	1.0
Metal Fabricate/Hardware	0.9
Airlines	0.8
Real Estate Investment Trusts	0.8
Insurance	0.8
Banks	0.8
Miscellaneous Manufacturers	0.7
Diversified Financial Services	0.6

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 39

Small Capitalization Growth Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

Industry (cont’d.)
Hotels & Motels	0.6	%
Clothing & Apparel	0.4
Investment Company	0.4
Building Materials	0.2
Energy—Alternate Sources	0.2
Consumer Durables	0.1
Media	0.1	%
Home Builder	0.1
	121.8
Liabilities in excess of other assets	(21.8	)
	100.0	%

See Notes to Financial Statements.

40 THE TARGET PORTFOLIO TRUST

Portfolio of Investments
As of April 30, 2012 (Unaudited) Small Capitalization Value Portfolio

SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—95.2%
		COMMON STOCKS—94.4%
		Aerospace & Defense—3.2%
	136,700	AAR Corp.	$	2,112,015
	71,500	Alliant Techsystems, Inc.		3,810,950
	16,106	BE Aerospace, Inc.*		757,465
	107,400	Curtiss-Wright Corp.		3,790,146
	7,500	Ducommun, Inc.*		88,500
	73,700	Elbit Systems Ltd. (Israel)		2,687,839
	4,500	Esterline Technologies Corp.*		308,205
	274,900	Hexcel Corp.*(a)		7,526,762
	13,200	Kratos Defense & Security Solutions, Inc.*		73,260
	18,000	LMI Aerospace, Inc.*		329,220
	104,275	Moog, Inc. (Class A Stock)*		4,407,704
	106,084	Teledyne Technologies, Inc.*		6,855,148
	38,131	Triumph Group, Inc.		2,395,390
				35,142,604
		Air Freight & Logistics—0.3%
	70,700	Atlas Air Worldwide Holdings, Inc.*		3,255,735
		Airlines—0.2%
	20,600	Alaska Air Group, Inc.*		696,280
	48,500	JetBlue Airways Corp.*(a)		230,375
	56,900	Republic Airways Holdings, Inc.*		289,621
	5,700	Spirit Airlines, Inc.*(a)		136,914
	57,700	US Airways Group, Inc.*(a)		592,002
				1,945,192
		Auto Parts and Equipment—0.2%
	134,723	Cooper Tire & Rubber Co.		2,014,109
	11,900	Superior Industries International, Inc.		203,609
				2,217,718
		Banks—2.1%
	1,690	1st Source Corp.		38,346
	2,000	BancFirst Corp.		83,400
	100	Bank of Kentucky Financial Corp.		2,521
	4,100	Bank of the Ozarks, Inc.		126,690
	8,900	BBCN Bancorp, Inc.*		97,722
	1,300	Camden National Corp.		42,276
	82,349	Cardinal Financial Corp.		993,952
	8,900	Cathay General Bancorp		153,258
	5,300	Central Pacific Financial Corp.*		75,366
	3,700	Chemical Financial Corp.		81,659
	7,000	City Holding Co.		233,450
	10,300	CoBiz Financial, Inc.		64,375

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 41

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Banks (continued)
	4,500	Columbia Banking System, Inc.	$	92,205
	4,200	Community Bank System, Inc.		118,104
	6,600	Community Trust Bancorp, Inc.		210,870
	4,900	Dime Community Bancshares, Inc.		67,914
	5,300	East West Bancorp, Inc.		120,681
	7,500	Financial Institutions, Inc.		126,900
	66,628	First Financial Bancorp		1,120,017
	18,100	First Niagara Financial Group, Inc.		161,814
	2,300	Great Southern Bancorp, Inc.		55,292
	100,211	Hancock Holding Co.		3,224,790
	28,012	Hanmi Financial Corp.*		292,165
	28,458	IBERIABANK Corp.		1,453,350
	6,900	Independent Bank Corp.		193,683
	3,900	Lakeland Financial Corp.		101,556
	10,900	MainSource Financial Group, Inc.		127,421
	256,600	Old National Bancorp		3,289,612
	23,300	Oriental Financial Group, Inc. (Puerto Rico)		275,406
	6,600	Peoples Bancorp, Inc.		121,374
	30,500	Pinnacle Financial Partners, Inc.*(a)		558,150
	3,451	Republic Bancorp, Inc. (Class A Stock)		81,202
	8,800	Sierra Bancorp		80,608
	11,842	Signature Bank*		777,901
	4,797	Southside Bancshares, Inc.		97,859
	23,700	Southwest Bancorp, Inc.*		215,433
	6,700	Sterling Financial Corp.*		130,114
	200	Taylor Capital Group, Inc.*		2,784
	66,521	TCF Financial Corp.		762,996
	400	Trico Bancshares(a)		6,576
	127,900	United Bankshares, Inc.(a)		3,380,397
	10,000	Virginia Commerce Bancorp, Inc.*		78,300
	2,900	Washington Trust Bancorp, Inc.		68,643
	161,275	Webster Financial Corp.		3,665,781
	4,800	WesBanco, Inc.		98,304
	11,500	West Bancorp, Inc.		110,400
	4,860	West Coast Bancorp*		94,964
	36,354	Wilshire Bancorp, Inc.*		194,858
	1,200	WSFS Financial Corp.		47,892
				23,599,331
		Beverages—0.3%
	104,700	Embotelladora Andina SA, ADR (Class B Stock) (Chile)		3,402,750
	54,500	Primo Water Corp.*(a)		81,750
				3,484,500

See Notes to Financial Statements.

42 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Biotechnology—0.1%
	26,600	Cambrex Corp.*	$	172,368
	9,700	Celldex Therapeutics, Inc.*		44,232
	11,200	Incyte Corp.*(a)		254,016
	175,300	Lexicon Pharmaceuticals, Inc.*		283,986
	13,400	RTI Biologics, Inc.*		46,900
				801,502
		Broadcasting—0.1%
	60,400	Entercom Communications Corp. (Class A Stock)*(a)		373,876
	47,400	LIN TV Corp. (Class A Stock)*		187,230
				561,106
		Building Materials
	13,000	Interline Brands, Inc.*		273,520
		Building Products—0.6%
	84,075	A.O. Smith Corp.		4,001,970
	57,850	Lennox International, Inc.		2,510,690
				6,512,660
		Business Services—0.4%
	2,700	ABM Industries, Inc.		62,856
	96,400	URS Corp.		3,982,284
				4,045,140
		Capital Markets—1.4%
	176,700	Jefferies Group, Inc.(a)		2,814,831
	97,250	LPL Investment Holdings, Inc.*(a)		3,490,303
	239,875	Raymond James Financial, Inc.		8,784,222
				15,089,356
		Chemicals—4.7%
	90,800	Cabot Corp.		3,916,204
	22,721	Cytec Industries, Inc.		1,444,374
	101,200	Ferro Corp.*		525,228
	9,700	Fuller (H.B.) Co.		319,130
	17,600	Georgia Gulf Corp.*		623,920
	85,101	Huntsman Corp.		1,205,030
	112,379	Innophos Holdings, Inc.		5,525,676
	1,400	Innospec, Inc.*		42,322
	45,800	International Flavors & Fragrances, Inc.(a)		2,757,618
	62,775	Kraton Performance Polymers, Inc.*		1,632,150
	126,600	Methanex Corp. (Canada)		4,451,256
	20,400	NewMarket Corp.		4,553,688
	2,900	Olin Corp.		60,784
	36,450	OM Group, Inc.*		879,174
	4,100	PolyOne Corp.		56,826
	3,200	Rockwood Holdings, Inc.*		177,088

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 43

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES			DESCRIPTION	VALUE (NOTE 1)
			COMMON STOCKS (continued)
			Chemicals (continued)
	190,166		Scotts Miracle-Gro Co. (The) (Class A Stock)(a)	$	9,964,698
	146,275		Sensient Technologies Corp.		5,434,116
	11,000		Solutia, Inc.		311,740
	35,250		TPC Group, Inc.*		1,479,795
	140,800		Valspar Corp. (The)		7,201,920
					52,562,737
			Clothing & Apparel—0.2%
	54,657		G & K Services, Inc. (Class A Stock)		1,796,029
	12,600		Iconix Brand Group, Inc.*		193,284
	5,600		Maidenform Brands, Inc.*		127,848
	3,300		Warnaco Group, Inc. (The)*		174,768
					2,291,929
			Commercial Banks—3.9%
	275,475		Associated Banc-Corp.		3,672,082
	49,614		BancorpSouth, Inc.		668,301
	125,850		Bank of Hawaii Corp.		6,152,807
	4,800		Banner Corp		105,360
	1,900		Center Bancorp, Inc.		20,083
	6,700		Citizens & Northern Corp.		126,898
	1,300		CNB Financial Corp.		21,372
	55,900		Cullen/Frost Bankers, Inc.		3,295,864
	7,900		Enterprise Financial Services Corp.		95,511
	600		First Bancorp, Inc.		8,706
	18,400		First Busey Corp.		85,376
	2,300		First Financial Corp.		69,000
	166,809		First Horizon National Corp.(a)		1,531,307
	1,300		First of Long Island Corp. (The)		35,789
	319,740		FirstMerit Corp.		5,371,632
	119,000		Fulton Financial Corp.		1,248,310
	1,300		German American Bancorp, Inc.(a)		24,752
	2,896		Hudson Valley Holding Corp.		53,084
	5,300		International Bancshares Corp.		104,569
	1,300		Merchants Bancshares, Inc.		34,944
	103,129	��	National Penn Bancshares, Inc.		950,849
	3,828		Orrstown Financial Services, Inc.		29,590
	152,750		Prosperity Bancshares, Inc.		7,125,787
	2,300		S.Y. Bancorp, Inc.		53,360
	19,465		Susquehanna Bancshares, Inc.		201,852
	370,583		Trustmark Corp.(a)		9,431,337
	112,557		Zions Bancorp.(a)		2,295,037
					42,813,559

See Notes to Financial Statements.

44 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Commercial Services—0.3%
	95,600	Cenveo, Inc.*(a)	$	273,416
	2,600	Gartner, Inc.*		113,880
	22,600	Lincoln Educational Services Corp.		165,884
	4,300	Mac-Gray Corp.		64,070
	29,405	Matthews International Corp. (Class A Stock)		882,150
	21,700	Stewart Enterprises, Inc. (Class A Stock)		137,144
	6,400	Team, Inc.*		189,632
	2,300	TeleTech Holdings, Inc.*		34,845
	60,771	TNS, Inc.*		1,239,728
				3,100,749
		Commercial Services & Supplies—2.3%
	155,700	Brink’s Co. (The)		3,954,780
	23,975	Consolidated Graphics, Inc.*		958,760
	192,100	Corrections Corp. of America*		5,549,769
	15,057	DFC Global Corp.*		263,197
	228,500	Ennis, Inc.		3,601,160
	220,925	KAR Auction Services, Inc.*(a)		4,065,020
	16,000	Kelly Services, Inc. (Class A Stock)		223,840
	85,750	McGrath RentCorp		2,522,765
	12,100	Navigant Consulting, Inc.*		168,432
	42,700	PHH Corp.*(a)		661,850
	74,970	School Specialty, Inc.*(a)		245,152
	58,700	UniFirst Corp.		3,566,612
				25,781,337
		Computer Hardware
	7,600	Aspen Technology, Inc.*		150,328
	11,400	CIBER, Inc.*		47,424
	4,900	Mercury Computer Systems, Inc.*		64,680
	7,580	Radisys Corp.*		48,133
				310,565
		Computer Services & Software—1.2%
	107,761	Brocade Communications Systems, Inc.*		596,996
	9,800	Electronics for Imaging, Inc.*		174,930
	4,800	Fusion-io, Inc.*(a)		123,120
	122,300	Global Payments, Inc.		5,678,389
	8,000	Imation Corp.*		46,400
	14,007	JDA Software Group, Inc.*		404,522
	7,400	Mantech International Corp. (Class A Stock)(a)		232,508
	2,800	NetScout Systems, Inc.*		57,932
	125,377	Parametric Technology Corp.*		2,705,636
	7,600	Quest Software, Inc.*		176,852
	2,500	Rimage Corp.		22,725
	14,900	SYNNEX Corp.*(a)		567,541
	48,623	Synopsys, Inc.*		1,459,176
	3,400	Unisys Corp.*(a)		63,444

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 45

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Computer Services & Software (continued)
	76,911	Xyratex Ltd. (Bermuda)	$	1,116,748
				13,426,919
		Computers & Peripherals—0.9%
	41,002	Diebold, Inc.		1,617,529
	120,000	Lexmark International, Inc. (Class A Stock)		3,612,000
	198,750	QLogic Corp.*		3,428,438
	102,025	Super Micro Computer, Inc.*		1,800,741
				10,458,708
		Construction & Engineering—0.7%
	22,400	EMCOR Group, Inc.		656,768
	81,000	KBR, Inc.		2,742,660
	183,575	MasTec, Inc.*		3,192,369
	7,100	Michael Baker Corp.*		159,963
	38,300	MYR Group, Inc.*		640,376
	101,679	Orion Marine Group, Inc.*		703,619
	4,400	VSE Corp.		96,800
				8,192,555
		Consumer Finance—0.9%
	158,557	Cash America International, Inc.(a)		7,412,540
	76,700	First Cash Financial Services, Inc.*		3,141,632
				10,554,172
		Consumer Products & Services—1.3%
	9,300	American Greetings Corp. (Class A Stock)(a)		148,800
	63,111	Central Garden & Pet Co.*		667,714
	56,256	Central Garden & Pet Co. (Class A Stock)*		601,377
	5,100	GP Strategies Corp.*		85,578
	166,900	Helen of Troy Ltd. (Bermuda)*		5,774,740
	900	La-Z-Boy, Inc.*		13,563
	17,900	Rent-A-Center, Inc.		612,359
	97,246	Snap-on, Inc.		6,081,765
				13,985,896
		Containers & Packaging—2.1%
	37,300	Graphic Packaging Holding Co.*		199,555
	27,481	Greif, Inc. (Class A Stock)		1,474,081
	50,304	Owens-Illinois, Inc.*		1,169,568
	131,275	Packaging Corp of America		3,831,917
	55,600	Rock-Tenn Co. (Class A Stock)		3,465,548
	221,675	Silgan Holdings, Inc.		9,724,882
	99,900	Sonoco Products Co.		3,309,687
				23,175,238

See Notes to Financial Statements.

46 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Cosmetics/Personal Care
	4,600	Revlon, Inc. (Class A Stock)*	$	78,568
		Distribution/Wholesale
	4,800	Brightpoint, Inc.*		29,376
	4,800	Core-Mark Holding Co., Inc.		185,280
	4,800	United Stationers, Inc.		136,128
				350,784
		Diversified Financial Services—0.1%
	1,757	Artio Global Investors, Inc.		6,360
	86,955	Cowen Group, Inc. (Class A Stock)*(a)		219,127
	4,700	Edelman Financial Group, Inc.		41,501
	54,000	Gleacher & Co., Inc.*		56,160
	23,200	SeaCube Container Leasing Ltd. (Bermuda)		430,360
	24,438	SWS Group, Inc.		137,830
				891,338
		Drugs & Healthcare—0.3%
	77,100	Covance, Inc.*		3,605,196
		Electric Utilities—2.0%
	2,300	Chesapeake Utilities Corp.		96,646
	63,270	Cleco Corp.		2,581,416
	11,300	El Paso Electric Co.		346,232
	8,300	Empire District Electric Co. (The)		170,316
	167,730	Great Plains Energy, Inc.(a)		3,425,046
	39,797	IDACORP, Inc.		1,621,330
	3,300	MGE Energy, Inc.		150,942
	56,100	OGE Energy Corp.		3,027,156
	237,181	Portland General Electric Co.		6,126,385
	3,300	UIL Holdings Corp.		113,421
	13,800	UniSource Energy Corp.		502,320
	158,046	Westar Energy, Inc.		4,534,340
				22,695,550
		Electrical Equipment—1.2%
	144,651	Belden, Inc.		5,030,962
	198,900	EnerSys*		6,951,555
	39,878	General Cable Corp.*		1,174,008
	5,000	Regal-Beloit Corp.		338,200
				13,494,725
		Electronic Equipment & Instruments—0.7%
	7,000	Daktronics, Inc.		56,980
	257,225	Digital River, Inc.*		4,838,402
	4,600	FEI Co.*(a)		230,782
	46,100	ScanSource, Inc.*		1,519,456
	111,436	Vishay Intertechnology, Inc.*(a)		1,250,312
				7,895,932

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 47

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Electronic Equipment, Instrument & Components—0.6%
	285,600	AVX Corp.	$	3,627,120
	136,600	Jabil Circuit, Inc.		3,203,270
				6,830,390
		Electronics—1.5%
	190,100	Checkpoint Systems, Inc.*		2,083,496
	38,082	Coherent, Inc.*		2,003,113
	7,100	DDi Corp.		92,158
	6,000	ESCO Technologies, Inc.		206,400
	168,900	FLIR Systems, Inc.		3,793,494
	117,234	Itron, Inc.*		4,783,147
	35,825	Littelfuse, Inc.		2,245,153
	15,000	TTM Technologies, Inc.*		154,950
	40,779	Watts Water Technologies, Inc. (Class A Stock)(a)		1,501,483
				16,863,394
		Energy—Alternate Sources
	1,100	FutureFuel Corp.		10,824
	17,300	Green Plains Renewable Energy, Inc.*		138,227
	8,560	Renewable Energy Group, Inc.*		77,639
				226,690
		Energy Equipment & Services—2.9%
	218,200	Bristow Group, Inc.		10,659,070
	130,376	Key Energy Services, Inc.*		1,650,560
	103,390	Lufkin Industries, Inc.		7,944,488
	38,000	Oil States International, Inc.*		3,024,040
	147,900	Patterson-UTI Energy, Inc.		2,391,543
	65,800	Tidewater, Inc.		3,620,974
	61,450	Unit Corp.*		2,596,262
				31,886,937
		Entertainment & Leisure—0.9%
	14,500	Isle of Capri Casinos, Inc.*		90,625
	133,300	Life Time Fitness, Inc.*(a)		6,206,448
	129,476	Scientific Games Corp. (Class A Stock)*		1,315,476
	9,300	Speedway Motorsports, Inc.		158,658
	2,000	Town Sports International Holdings, Inc.*		25,640
	70,921	WMS Industries, Inc.*		1,738,274
				9,535,121
		Environmental Control
	81,400	EnergySolutions, Inc.*		342,694
	4,000	Metalico, Inc.*		12,960
				355,654

See Notes to Financial Statements.

48 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Environmental Services—0.3%
	15,150	Clean Harbors, Inc.*	$	1,033,836
	12,400	Darling International, Inc.*		203,112
	93,316	Tetra Tech, Inc.*		2,491,537
				3,728,485
		Financial—Bank & Trust—0.5%
	6,000	Banco Latinoamericano de Comercio Exterior SA (Supranational Bank)		125,100
	108,922	Boston Private Financial Holdings, Inc.		1,015,153
	27,887	Citizens Republic Bancorp, Inc.*		470,454
	8,000	First BanCorp		80,160
	7,000	First Merchants Corp.		86,310
	170,286	First Midwest Bancorp, Inc.		1,813,546
	6,200	Flushing Financial Corp.		80,786
	28,000	FNB Corp.		317,800
	1,600	Heartland Financial USA, Inc.		29,632
	10,410	Lakeland Bancorp, Inc.		95,147
	1,700	Park National Corp.(a)		114,325
	41,212	Prospect Capital Corp.		450,035
	3,600	S&T Bancorp, Inc.		67,392
	5,200	StellarOne Corp.		65,052
	250,845	Synovus Financial Corp.(a)		526,774
	1,900	Tompkins Financial Corp.(a)		71,915
	21,802	United Community Banks, Inc.*		205,157
				5,614,738
		Financial Services—1.1%
	1,600	Alliance Financial Corp.		48,816
	4,100	Berkshire Hills Bancorp, Inc.		93,029
	32,400	BGC Partners, Inc. (Class A Stock)(a)		225,828
	107,202	CVB Financial Corp.		1,240,327
	27,500	Deluxe Corp.(a)		654,775
	146,500	Eaton Vance Corp.		3,852,950
	11,200	Encore Capital Group, Inc.*		265,440
	86,400	First Commonwealth Financial Corp.		555,552
	11,100	First Community Bancshares, Inc.		148,629
	14,400	Knight Capital Group, Inc. (Class A Stock)*		189,216
	36,200	National Financial Partners Corp.*		533,950
	6,000	NBT Bancorp, Inc.		123,300
	13,300	Nelnet, Inc. (Class A Stock)		343,406
	4,400	OceanFirst Financial Corp.		64,108
	61,000	Ocwen Financial Corp.*		909,510
	74,015	PacWest Bancorp		1,763,037
	8,500	Provident Financial Services, Inc.		124,950
	7,600	Renasant Corp.		121,600
	1,400	Suffolk Bancorp*		16,632
	9,900	Trustco Bank Corp.		54,153
	7,700	World Acceptance Corp.*(a)		512,127
				11,841,335

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 49

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Food & Staples Retailing—1.6%
	88,500	Andersons, Inc. (The)	$	4,460,400
	105,149	Casey’s General Stores, Inc.		5,925,146
	94,300	Harris Teeter Supermarkets, Inc.		3,580,571
	80,400	Weis Markets, Inc.		3,585,840
				17,551,957
		Food Products—0.9%
	97,600	Cal-Maine Foods, Inc.		3,516,528
	105,217	Corn Products International, Inc.		6,003,682
				9,520,210
		Foods—1.0%
	7,100	B&G Foods, Inc.		157,904
	133,781	Dole Food Co., Inc.*(a)		1,134,463
	86,200	Post Holdings, Inc.*		2,564,450
	22,726	Sanderson Farms, Inc.		1,172,889
	32,000	Spartan Stores, Inc.		583,360
	105,400	United Natural Foods, Inc.*		5,195,166
				10,808,232
		Furniture
	7,200	Knoll, Inc.		106,488
		Gas Utilities—3.3%
	66,700	AGL Resources, Inc.		2,629,981
	250,575	Atmos Energy Corp.		8,163,733
	109,490	South Jersey Industries, Inc.		5,392,383
	99,200	Southwest Gas Corp.		4,168,384
	235,920	Swift Energy Co.*(a)		7,136,580
	129,700	UGI Corp.		3,784,646
	144,768	WGL Holdings, Inc.		5,806,644
				37,082,351
		Hand/Machine Tools—0.5%
	117,600	Franklin Electric Co., Inc.		5,897,640
		Healthcare Equipment & Supplies—3.0%
	208,950	Cantel Medical Corp.		4,906,146
	45,300	Cooper Cos., Inc. (The)		3,994,101
	18,300	Greatbatch, Inc.*		426,207
	139,700	Invacare Corp.		2,214,245
	155,857	STERIS Corp.		4,895,469
	159,105	Teleflex, Inc.		9,971,110
	149,950	West Pharmaceutical Services, Inc.		6,732,755
				33,140,033

See Notes to Financial Statements.

50 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Healthcare Products—0.7%
	138,600	Columbia Laboratories, Inc.*(a)	$	101,164
	245,100	PSS World Medical, Inc.*(a)		5,865,243
	34,075	Sirona Dental Systems, Inc.*		1,721,128
				7,687,535
		Healthcare Providers & Services—1.2%
	127,800	AMERIGROUP Corp.*(a)		7,892,928
	182,925	Owens & Minor, Inc.(a)		5,348,727
				13,241,655
		Healthcare Services—1.6%
	20,992	Almost Family, Inc.*		511,785
	140,500	Amedisys, Inc.*(a)		2,069,565
	55,460	AmSurg Corp.*		1,595,030
	5,700	Assisted Living Concepts, Inc. (Class A Stock)		102,087
	83,700	Five Star Quality Care, Inc.*		287,091
	91,753	HealthSouth Corp.*		2,054,350
	155,600	Healthways, Inc.*		1,037,852
	87,050	LifePoint Hospitals, Inc.*		3,396,691
	79,598	MEDNAX, Inc.*(a)		5,590,963
	600	Molina Healthcare, Inc.*		15,390
	25,100	Skilled Healthcare Group, Inc. (Class A Stock)*		192,517
	10,100	Sun Healthcare Group, Inc.*		73,023
	27,600	Triple-S Management Corp. (Class B Stock) (Puerto Rico)*(a)		581,256
				17,507,600
		Home Builders—0.4%
	5,800	KB Home		50,344
	8,100	MDC Holdings, Inc.		227,691
	122,500	Meritage Homes Corp.*		3,477,775
	39,700	Standard Pacific Corp.*		200,882
				3,956,692
		Home Furnishings
	8,600	Select Comfort Corp.*		248,368
	16,500	VOXX International Corp.*		209,385
				457,753
		Hotels, Restaurants & Leisure—0.5%
	53,500	Choice Hotels International, Inc.		2,012,670
	114,778	International Speedway Corp. (Class A Stock)		3,063,425
				5,076,095
		Household Durables—0.1%
	46,896	Ethan Allen Interiors, Inc.		1,087,987
		Household Products—0.2%
	3,200	Blyth, Inc.		281,504
	6,600	Lifetime Brands, Inc.		76,890

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 51

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Household Products (continued)
	48,050	WD-40 Co.	$	2,166,094
				2,524,488
		Industrial Products—0.2%
	40,873	Brady Corp. (Class A Stock)		1,268,289
	41,317	Kaydon Corp.		1,013,506
				2,281,795
		Insurance—5.6%
	9,200	Alterra Capital Holdings Ltd. (Bermuda)		220,156
	545,275	American Equity Investment Life Holding Co.(a)		6,685,071
	86,700	American Financial Group, Inc.		3,374,364
	4,400	American Safety Insurance Holdings Ltd. (Bermuda)*		83,292
	18,000	AMERISAFE, Inc.*		480,960
	9,700	AmTrust Financial Services, Inc.(a)		264,228
	8,700	Aspen Insurance Holdings Ltd. (Bermuda)		246,384
	14,600	Assured Guaranty Ltd. (Bermuda)		207,028
	453,050	CNO Financial Group, Inc.*		3,293,674
	231,825	Delphi Financial Group, Inc. (Class A Stock)		10,529,491
	124,704	Employers Holdings, Inc.		2,159,873
	36,837	Endurance Specialty Holdings Ltd. (Bermuda)		1,480,111
	170,050	HCC Insurance Holdings, Inc.		5,434,798
	77,947	Horace Mann Educators Corp.		1,367,970
	31,530	Infinity Property & Casualty Corp.		1,684,017
	13,700	Meadowbrook Insurance Group, Inc.		120,971
	46,620	Platinum Underwriters Holdings Ltd. (Bermuda)		1,707,224
	22,817	ProAssurance Corp.		2,009,950
	198,900	Protective Life Corp.		5,819,814
	126,052	Reinsurance Group of America, Inc.		7,328,663
	7,068	RLI Corp.(a)		486,844
	9,100	Selective Insurance Group, Inc.		159,159
	109,000	State Auto Financial Corp.		1,561,970
	9,800	Symetra Financial Corp.		119,168
	146,308	Tower Group, Inc.		3,157,327
	101,400	United Fire Group, Inc.		1,746,108
				61,728,615
		Internet Services—0.1%
	29,345	Comtech Telecommunications Corp.		907,347
	7,550	Orbitz Worldwide, Inc.*		27,558
	42,300	United Online, Inc.		200,502
				1,135,407
		Internet Software & Services—0.3%
	140,600	J2 Global, Inc.(a)		3,631,698

See Notes to Financial Statements.

52 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Investment Company
	18,415	MCG Capital Corp.	$	77,159
		IT Services—0.7%
	152,575	Broadridge Financial Solutions, Inc.		3,541,266
	65,138	CACI International, Inc. (Class A Stock)*(a)		3,981,886
				7,523,152
		Leisure Equipment & Products—0.5%
	158,992	Callaway Golf Co.(a)		974,621
	19,400	JAKKS Pacific, Inc.		369,958
	78,300	Sturm Ruger & Co., Inc.		4,468,581
				5,813,160
		Life Science Tools & Services—0.5%
	183,948	PerkinElmer, Inc.		5,076,965
		Machinery—3.8%
	179,600	Actuant Corp. (Class A Stock)(a)		4,897,692
	140,900	Barnes Group, Inc.		3,719,760
	49,200	Briggs & Stratton Corp.(a)		890,520
	800	Cascade Corp.		37,656
	82,100	Crane Co.		3,623,073
	137,100	Harsco Corp.		3,057,330
	31,831	IDEX Corp.		1,378,601
	164,139	ITT Corp.		3,686,562
	45,861	Kadant, Inc.*		1,186,424
	87,600	Kennametal, Inc.(a)		3,699,348
	200	Robbins & Myers, Inc.		9,742
	155,300	Titan International, Inc.(a)		4,486,617
	131,400	Twin Disc, Inc.(a)		2,881,602
	66,400	Valmont Industries, Inc.		8,228,952
				41,783,879
		Machinery & Equipment—0.2%
	2,800	Altra Holdings, Inc.*		51,184
	155,492	Intermec, Inc.*		827,218
	42,094	Terex Corp.*(a)		953,008
				1,831,410
		Manufacturing—0.3%
	3,300	Ceradyne, Inc.		83,556
	43,437	EnPro Industries, Inc.*(a)		1,798,726
	2,300	Koppers Holdings, Inc.		89,424
	2,300	Standex International Corp.		101,338
	36,160	Zebra Technologies Corp. (Class A Stock)*		1,402,647
				3,475,691

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 53

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Media—1.2%
	179,087	Belo Corp. (Class A Stock)	$	1,207,046
	168,300	Cinemark Holdings, Inc.		3,864,168
	40,118	Courier Corp.		412,012
	2,145	Dolan Co. (The)*		17,181
	126,100	Meredith Corp.(a)		3,635,463
	34,400	Sinclair Broadcast Group, Inc. (Class A Stock)		353,632
	75,450	Wiley, (John) & Sons, Inc. (Class A Stock)		3,409,586
				12,899,088
		Metals & Mining—3.4%
	175,600	AMCOL International Corp.		5,787,776
	13,500	Cloud Peak Energy, Inc.*(a)		207,765
	22,200	Coeur d’Alene Mines Corp.*		478,410
	64,362	Compass Minerals International, Inc.(a)		4,924,980
	83,900	Globe Specialty Metals, Inc.		1,119,226
	142,879	Gold Resource Corp.(a)		3,874,879
	344,900	HudBay Minerals, Inc. (Canada)		3,635,246
	144,400	IAMGOLD Corp. (Canada)		1,790,560
	5,700	LB Foster Co. (Class A Stock)		152,817
	10,300	Revett Minerals, Inc. (Canada)*(a)		40,891
	49,600	Royal Gold, Inc.		3,073,216
	73,387	RTI International Metals, Inc.*(a)		1,801,651
	278,400	Steel Dynamics, Inc.		3,555,168
	8,800	SunCoke Energy, Inc.*(a)		133,936
	120,800	Timken Co.		6,826,408
	14,500	US Silica Holdings, Inc.*(a)		262,740
	2,300	Westmoreland Coal Co.*(a)		23,207
	16,700	Worthington Industries, Inc.		297,928
				37,986,804
		Multi-Utilities
	11,300	NorthWestern Corp.		401,376
		Office Equipment & Supplies—0.1%
	60,753	Interface, Inc. (Class A Stock)		860,262
		Oil & Gas—0.2%
	4,800	Energy Partners Ltd.*		78,144
	110,047	Goodrich Petroleum Corp.*(a)		1,845,488
	1,100	Gulf Island Fabrication, Inc.		30,822
				1,954,454
		Oil, Gas & Consumable Fuels—3.7%
	137,775	Berry Petroleum Co. (Class A Stock)		6,275,651
	3,300	Bonanza Creek Energy, Inc.*		72,501

See Notes to Financial Statements.

54 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Oil, Gas & Consumable Fuels (continued)
	4,800	C&J Energy Services, Inc.*(a)	$	90,480
	14,200	Cal Dive International, Inc.*		54,954
	32,900	Cimarex Energy Co.(a)		2,273,719
	64,100	Core Laboratories NV (Netherlands)		8,780,418
	150,000	CVR Energy, Inc.*		4,554,000
	65,200	Energen Corp.		3,415,176
	10,700	Helix Energy Solutions Group, Inc.*		218,387
	103,400	HollyFrontier Corp.		3,186,788
	8,000	Laclede Group, Inc. (The)(a)		315,040
	7,250	New Jersey Resources Corp.		313,490
	4,800	Newpark Resources, Inc.*		30,528
	88,400	Oasis Petroleum, Inc.*(a)		2,923,388
	7,500	RPC, Inc.(a)		77,550
	4,100	Stone Energy Corp.*(a)		115,005
	8,663	Superior Energy Services, Inc.*		233,208
	8,500	TETRA Technologies, Inc.*		74,035
	22,400	VAALCO Energy, Inc.*		203,168
	203,500	W&T Offshore, Inc.(a)		4,023,195
	17,000	Warren Resources, Inc.*		52,530
	2,700	Western Refining, Inc.		51,435
	94,600	World Fuel Services Corp.		4,168,076
				41,502,722
		Paper & Forest Products—0.4%
	26,600	Boise, Inc.		203,224
	133,100	Buckeye Technologies, Inc.		4,313,771
	1,700	Domtar Corp.		148,716
	5,100	P.H. Glatfelter Co.		79,458
	900	Schweitzer-Mauduit International, Inc.		61,038
				4,806,207
		Personal Products—0.1%
	41,900	Prestige Brands Holdings, Inc.*		711,881
		Pharmaceuticals—0.1%
	2,100	Achillion Pharmaceuticals, Inc.*(a)		13,965
	16,700	Alkermes PLC (Ireland)*(a)		288,910
	10,200	Impax Laboratories, Inc.*		251,226
	36,300	Neurocrine Biosciences, Inc.*		269,709
	6,800	Par Pharmaceutical Cos., Inc.*		287,912
	9,400	Progenics Pharmaceuticals, Inc.*		103,306
				1,215,028
		Pipelines—0.5%
	63,200	ONEOK, Inc.		5,428,248
		Printing & Publishing
	35,500	Journal Communications, Inc. (Class A Stock)*		148,745

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 55

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Professional Services—0.5%
	86,328	Towers Watson & Co. (Class A Stock)	$	5,645,851
		Real Estate Investment Trusts—4.6%
	13,500	American Campus Communities, Inc.		600,075
	24,300	American Capital Agency Corp.		759,132
	110,400	Anworth Mortgage Asset Corp.		744,096
	50,000	Ashford Hospitality Trust, Inc.		427,000
	500	Associated Estates Realty Corp.		8,465
	46,800	CapLease, Inc.		194,220
	69,500	Capstead Mortgage Corp.		954,235
	63,092	CBL & Associates Properties, Inc.		1,175,404
	51,100	Cedar Realty Trust, Inc.		266,742
	12,200	Chesapeake Lodging Trust		220,820
	10,200	Colonial Properties Trust(a)		228,174
	17,943	Coresite Realty Corp.		446,960
	9,900	CYS Investments, Inc.(a)		135,927
	64,600	DCT Industrial Trust, Inc.		383,078
	8,600	DDR Corp.(a)		127,280
	40,600	DiamondRock Hospitality Co.		431,578
	3,300	EastGroup Properties, Inc.		165,990
	113,644	Education Realty Trust, Inc.		1,280,768
	5,000	Entertainment Properties Trust		239,950
	4,000	Equity LifeStyle Properties, Inc.		279,760
	78,771	Equity One, Inc.		1,636,861
	5,600	Extra Space Storage, Inc.		169,960
	38,900	FelCor Lodging Trust, Inc.*		164,158
	66,100	First Industrial Realty Trust, Inc.*		815,674
	229,300	First Potomac Realty Trust		2,852,492
	360,700	Franklin Street Properties Corp.		3,632,249
	4,800	Getty Realty Corp.		75,936
	95,000	Hatteras Financial Corp.		2,767,350
	113,175	Highwoods Properties, Inc.		3,930,568
	1,600	Home Properties, Inc.		97,680
	4,600	Invesco Mortgage Capital, Inc.		81,144
	19,200	Kite Realty Group Trust		98,112
	54,950	LaSalle Hotel Properties(a)		1,616,079
	194,563	Lexington Realty Trust(a)		1,731,611
	10,800	LTC Properties, Inc.		359,424
	423,900	Medical Properties Trust, Inc.		3,976,182
	249,794	MFA Financial, Inc.		1,843,480
	31,395	Mid-America Apartment Communities, Inc.		2,137,058
	8,600	National Retail Properties, Inc.		235,468
	202,100	Omega Healthcare Investors, Inc.		4,326,961
	33,100	Parkway Properties, Inc.		327,359
	68,100	Pennsylvania Real Estate Investment Trust		959,529

See Notes to Financial Statements.

56 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Real Estate Investment Trusts (continued)
	58,500	PS Business Parks, Inc.	$	3,992,625
	9,900	Ramco-Gershenson Properties Trust(a)		119,196
	19,800	Senior Housing Properties Trust		437,184
	71,700	Sovran Self Storage, Inc.		3,778,590
	5,000	Sun Communities, Inc.		218,750
	12,500	Winthrop Realty Trust		133,375
				51,584,709
		Registered Investment Companies
	19,400	American Capital Ltd.*		192,642
	4,800	Gladstone Capital Corp.		38,448
				231,090
		Retail—0.5%
	52,318	ANN, Inc.*		1,448,686
	9,000	Insight Enterprises, Inc.*		182,790
	37,698	Men’s Wearhouse, Inc. (The)		1,396,334
	108,954	Pantry, Inc. (The)*		1,390,253
	500	Papa John’s International, Inc.*		20,140
	51,989	Regis Corp.		953,998
				5,392,201
		Retail & Merchandising—1.1%
	85,321	American Eagle Outfitters, Inc.		1,536,631
	99,300	Big Lots, Inc.*		3,638,352
	30,300	Cabela’s, Inc.*(a)		1,145,643
	54,123	Conn’s, Inc.*(a)		884,911
	11,400	Cost Plus, Inc.*		220,818
	14,300	Cracker Barrel Old Country Store, Inc.		822,536
	4,700	Dillard’s, Inc. (Class A Stock)		303,432
	22,000	Finish Line, Inc. (The) (Class A Stock)		489,720
	63,767	hhgregg, Inc.*(a)		667,003
	75,925	Lithia Motors, Inc. (Class A Stock)		2,037,068
	34,400	Ruth’s Hospitality Group, Inc.*		238,048
				11,984,162
		Road & Rail—0.2%
	110,875	Werner Enterprises, Inc.		2,618,868
		Semiconductors—1.7%
	97,900	Amkor Technology, Inc.*(a)		506,143
	87,384	Cabot Microelectronics Corp.		3,004,262
	8,000	DSP Group, Inc.*		52,320
	175,757	Emulex Corp.*		1,525,571
	20,958	Entegris, Inc.*		185,478
	126,875	Fairchild Semiconductor International, Inc.*		1,797,819
	43,900	Hittite Microwave Corp.*		2,350,406
	227,800	International Rectifier Corp.*		4,972,874

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 57

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Semiconductors (continued)
	4,800	IXYS Corp.*	$	59,808
	4,200	Kulicke & Soffa Industries, Inc.*		55,020
	7,800	MKS Instruments, Inc.		215,670
	6,600	Photronics, Inc.*(a)		40,854
	14,700	PMC—Sierra, Inc.*		103,929
	59,075	Semtech Corp.*		1,610,384
	9,100	Sigma Designs, Inc.*		50,141
	150,125	Teradyne, Inc.*(a)		2,583,651
				19,114,330
		Semiconductors & Semiconductor Equipment—1.3%
	297,500	Brooks Automation, Inc.		3,498,600
	33,400	Cymer, Inc.*(a)		1,731,456
	15,000	Integrated Silicon Solution, Inc.*		159,300
	8,100	Intermolecular, Inc.*		54,027
	53,600	LTX-Credence Corp.*		369,840
	178,800	Microsemi Corp.*		3,847,776
	40,200	Mindspeed Technologies, Inc.*		201,402
	691,135	RF Micro Devices, Inc.*		2,992,615
	3,900	Skyworks Solutions, Inc.*		105,846
	56,700	Veeco Instruments, Inc.*(a)		1,711,773
				14,672,635
		Software—0.6%
	4,600	CSG Systems International, Inc.*		66,240
	7,500	Digi International, Inc.*		69,600
	12,200	DynaVox, Inc. (Class A Stock)*		30,012
	1,900	Ebix, Inc.(a)		38,855
	6,100	EPIQ Systems, Inc.		69,296
	1,700	Guidewire Software, Inc.*		46,274
	800	Imperva, Inc.*		27,816
	1,500	Jive Software, Inc.*(a)		35,715
	54,250	Manhattan Associates, Inc.*		2,720,637
	37,300	MedAssets, Inc.*		470,353
	88,075	Verint Systems, Inc.*		2,663,388
				6,238,186
		Specialty Retail—2.5%
	465,600	Aaron’s, Inc.		12,650,352
	79,900	Buckle, Inc. (The)(a)		3,689,782
	49,000	DSW, Inc. (Class A Stock)		2,756,740
	110,300	Group 1 Automotive, Inc.(a)		6,384,164
	69,375	Penske Automotive Group, Inc.(a)		1,834,275
				27,315,313

See Notes to Financial Statements.

58 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Storage/Warehouse
	16,100	Wesco Aircraft Holdings, Inc.*(a)	$	254,219
		Telecommunications—1.1%
	2,700	Anixter International, Inc.*		185,166
	528,816	Arris Group, Inc.*		6,837,591
	10,200	Black Box Corp.		230,622
	107,600	Cincinnati Bell, Inc.*		408,880
	18,400	Consolidated Communications Holdings, Inc.(a)		356,040
	3,300	Oplink Communications, Inc.*		52,272
	6,200	Plantronics, Inc.(a)		237,584
	42,100	Premiere Global Services, Inc.*		376,795
	70,500	SBA Communications Corp. (Class A Stock)*		3,788,670
	7,500	Symmetricon, Inc.*		41,700
				12,515,320
		Textiles, Apparel & Luxury Goods—1.4%
	12,700	Jones Group, Inc. (The)		142,494
	3,800	Oxford Industries, Inc.		182,362
	18,350	Perry Ellis International, Inc.*		343,329
	88,300	PVH Corp.		7,841,040
	174,075	Wolverine World Wide, Inc.		7,302,446
				15,811,671
		Thrifts & Mortgage Finance—0.9%
	283,700	Astoria Financial Corp.(a)		2,749,053
	3,500	BankFinancial Corp.		23,310
	4,100	BofI Holding, Inc.*		72,857
	291,475	Capitol Federal Financial, Inc.		3,442,320
	209,275	Washington Federal, Inc.		3,670,683
				9,958,223
		Tobacco—0.3%
	82,800	Universal Corp.		3,794,724
		Trading Companies & Distributors—1.0%
	17,450	Applied Industrial Technologies, Inc.		685,610
	23,300	TAL International Group, Inc.		962,523
	59,950	United Rentals, Inc.*(a)		2,798,466
	100,109	WESCO International, Inc.*(a)		6,646,237
				11,092,836
		Transportation—0.1%
	11,700	Aircastle Ltd. (Bermuda)		142,155
	3,900	Amerco, Inc.		391,716
	9,400	Gulfmark Offshore, Inc. (Class A Stock)*		452,798
	14,300	Pacer International, Inc.*		85,943
	15,000	Quality Distribution, Inc.*		167,550
	12,900	Swift Transporation Co.*		135,321
				1,375,483

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 59

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Water Utilities
	1,900	American States Water Co.	$	69,236
	3,300	California Water Service Group		59,763
	1,600	Consolidated Water Co., Inc. (Ordinary Shares) (Cayman Islands)		11,472
				140,471
		Wireless Telecommunication Services—0.2%
	179,100	Cellcom Israel Ltd. (Israel)		2,236,959
		TOTAL COMMON STOCKS (cost $837,206,143)		1,049,375,278
		EXCHANGE TRADED FUNDS—0.3%
	17,409	iShares Russell 2000 Index Fund(a)		1,417,615
	23,375	iShares Russell 2000 Value Index Fund		1,679,727
		TOTAL EXCHANGE TRADED FUNDS (cost $2,861,560)		3,097,342
		UNAFFILIATED MUTUAL FUND—0.5%
	317,775	Ares Capital Corp. (cost $4,625,316)		5,097,111
PRINCIPAL AMOUNT (000)#
		U.S. TREASURY OBLIGATION
$	340	U.S. Treasury Notes(k) 0.50%, 11/30/12 (cost $340,687)		340,651
		TOTAL LONG-TERM INVESTMENTS (cost $845,033,706)		1,057,910,382
SHARES		SHORT-TERM INVESTMENT—19.9%
		AFFILIATED MONEY MARKET MUTUAL FUND
	221,704,997	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $221,704,997; includes $163,754,213 of cash collateral for securities on loan)(b)(w)		221,704,997
		TOTAL INVESTMENTS—115.1% (cost $1,066,738,703; Note 5)		1,279,615,379
		Liabilities in excess of other assets(x)—(15.1%)		(167,578,023	)
		NET ASSETS—100%	$	1,112,037,356

The following abbreviation is used in the Portfolio descriptions:

ADR—American Depositary Receipt

* Non-income producing security.

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

See Notes to Financial Statements.

60 THE TARGET PORTFOLIO TRUST

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $158,299,768; cash collateral of $163,754,213 (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) Includes net unrealized apppreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts open at April 30, 2012:

Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2012		Unrealized Appreciation
Long Positions:
20	Russell 2000 Mini	Jun 12	$	1,624,660	$	1,629,800	$	5,140

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks	$	1,049,375,278	$	—	$	—
Exchange Traded Funds		3,097,342		—		—
Unaffiliated Mutual Fund		5,097,111		—		—
U.S. Treasury Obligation		—		340,651		—
Affiliated Money Market Mutual Fund		221,704,997		—		—
Other Financial Instruments*
Futures		5,140		—		—
Total	$	1,279,279,868	$	340,651	$	—

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

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

Affiliated Money Market Mutual Fund (14.7% represents investments purchased with collateral from securities on loan)	19.9	%
Insurance	5.6
Chemicals	4.7
Real Estate Investment Trusts	4.6
Commercial Banks	3.9
Machinery	3.8
Oil, Gas & Consumable Fuels	3.7	%
Metals & Mining	3.4
Gas Utilities	3.3
Aerospace & Defense	3.2
Healthcare Equipment & Supplies	3.0
Energy Equipment & Services	2.9
Specialty Retail	2.5
Commercial Services & Supplies	2.3

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 61

Small Capitalization Value Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

Industry (cont’d.)
Banks	2.1	%
Containers & Packaging	2.1
Electric Utilities	2.0
Semiconductors	1.7
Food & Staples Retailing	1.6
Healthcare Services	1.6
Electronics	1.5
Textiles, Apparel & Luxury Goods	1.4
Capital Markets	1.4
Semiconductors & Semiconductor Equipment	1.3
Consumer Products & Services	1.3
Electrical Equipment	1.2
Computer Services & Software	1.2
Healthcare Providers & Services	1.2
Media	1.2
Telecommunications	1.1
Retail & Merchandising	1.1
Financial Services	1.1
Trading Companies & Distributors	1.0
Foods	1.0
Consumer Finance	0.9
Computers & Peripherals	0.9
Thrifts & Mortgage Finance	0.9
Entertainment & Leisure	0.9
Food Products	0.9
Construction & Engineering	0.7
Electronic Equipment & Instruments	0.7
Healthcare Products	0.7
IT Services	0.7
Electronic Equipment, Instrument & Components	0.6
Building Products	0.6
Software	0.6
Hand/Machine Tools	0.5
Leisure Equipment & Products	0.5
Professional Services	0.5
Financial—Bank & Trust	0.5
Pipelines	0.5
Retail	0.5	%
Unaffiliated Mutual Funds	0.5
Life Science Tools & Services	0.5
Hotels, Restaurants & Leisure	0.5
Paper & Forest Products	0.4
Business Services	0.4
Home Builders	0.4
Tobacco	0.3
Environmental Services	0.3
Internet Software & Services	0.3
Drugs & Healthcare	0.3
Beverages	0.3
Manufacturing	0.3
Air Freight & Logistics	0.3
Commercial Services	0.3
Exchange Traded Funds	0.3
Road & Rail	0.2
Household Products	0.2
Clothing & Apparel	0.2
Industrial Products	0.2
Wireless Telecommunication Services	0.2
Auto Parts and Equipment	0.2
Oil & Gas	0.2
Airlines	0.2
Machinery & Equipment	0.2
Transportation	0.1
Pharmaceuticals	0.1
Internet Services	0.1
Household Durables	0.1
Diversified Financial Services	0.1
Office Equipment & Supplies	0.1
Biotechnology	0.1
Personal Products	0.1
Broadcasting	0.1
	115.1
Liabilities in excess of other assets	(15.1	)
	100.0	%

See Notes to Financial Statements.

62 THE TARGET PORTFOLIO TRUST

Portfolio of Investments
As of April 30, 2012 (Unaudited) International Equity Portfolio

SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—96.0%
		COMMON STOCKS—94.8%
		Australia—4.6%
	100,900	Bank of Queensland Ltd.	$	784,289
	65,000	Bendigo and Adelaide Bank Ltd.		509,982
	51,345	BHP Billiton Ltd.		1,901,885
	191,700	BlueScope Steel Ltd.*		78,898
	53,400	Caltex Australia Ltd.		766,164
	248,800	Challenger Ltd.		1,031,763
	213,375	Downer Edi Ltd.*		802,596
	765,800	Emeco Holdings Ltd.		829,841
	559,583	Goodman Fielder Ltd.		381,902
	41,700	GrainCorp Ltd.		401,037
	259,000	Metcash Ltd.		1,068,664
	69,800	National Australia Bank Ltd.		1,834,928
	286,100	OneSteel Ltd.		389,023
	252,800	Pacific Brands Ltd.		161,994
	14,700	Rio Tinto Ltd.		1,016,260
	309,900	Telstra Corp. Ltd.		1,143,066
	43,800	Westpac Banking Corp.		1,037,337
				14,139,629
		Austria—0.6%
	39,100	OMV AG		1,323,674
	18,000	Voestalpine AG		582,678
				1,906,352
		Belgium—0.4%
	102,600	AGFA-Gevaert NV*		224,088
	20,300	Delhaize Group		988,183
	16,878	Dexia SA*		4,245
				1,216,516
		Brazil—1.3%
	184,660	BM&FBOVESPA SA		1,031,728
	42,890	Embraer SA, ADR		1,485,710
	72,450	Natura Cosmeticos SA		1,637,028
				4,154,466
		Canada—2.6%
	31,580	Canadian National Railway Co.		2,694,938
	53,740	Canadian Natural Resources Ltd.		1,867,041
	41,947	Cenovus Energy, Inc.		1,522,296
	48,430	Potash Corp. of Saskatchewan, Inc.		2,057,306
				8,141,581

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 63

International Equity Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		China—2.6%
	5,567	Baidu, Inc., ADR*	$	738,741
	455,290	China Life Insurance Co. Ltd. (Class H Stock)*		1,232,314
	835,350	China Merchants Bank Co. Ltd. (Class H Stock)*		1,813,111
	2,318,300	Industrial & Commercial Bank of China Ltd. (Class H Stock)		1,547,794
	425,999	Sinopharm Group Co. Ltd. (Class H Stock)*		1,117,344
	51,223	Tencent Holdings Ltd.		1,609,580
				8,058,884
		Denmark—1.8%
	23,100	Danske Bank A/S*		375,053
	40,500	H. Lundbeck A/S		810,692
	29,223	Novo Nordisk A/S (Class B Stock)		4,310,499
				5,496,244
		Finland—0.2%
	41,200	Tieto Oyj		725,878
		France—8.2%
	19,935	Air Liquide SA		2,564,112
	9,200	Arkema SA		814,831
	38,700	AXA SA*		548,130
	20,600	BNP Paribas		827,588
	29,021	Cie Generale des Etablissements Michelin (Class B Stock)		2,167,375
	7,600	Ciments Francais SA		486,909
	97,828	Credit Agricole SA		502,827
	44,000	France Telecom SA		601,938
	21,617	LVMH Moet Hennessy Louis Vuitton SA		3,581,086
	38,800	Publicis Groupe SA		2,000,964
	13,800	Rallye SA		460,603
	12,500	Renault SA		567,949
	42,700	Sanofi		3,259,050
	26,100	SCOR SE		690,106
	13,611	Societe Generale		321,781
	15,200	Thales SA		526,646
	49,700	Total SA		2,372,963
	16,400	Valeo SA		805,390
	14,700	Vallourec SA		883,992
	82,000	Vivendi		1,515,805
				25,500,045
		Germany—10.0%
	44,990	Adidas AG		3,751,846
	37,800	Allianz SE		4,212,008
	3,600	Aurubis AG		199,786
	21,900	BASF SE		1,802,823

See Notes to Financial Statements.

64 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Germany (continued)
	28,900	Bayer AG	$	2,035,540
	21,800	Daimler AG		1,205,195
	26,700	Deutsche Bank AG		1,161,715
	35,700	E.ON AG		808,786
	40,660	Fresenius Medical Care AG & Co. KGaA		2,886,448
	12,800	Hannover Rueckversicherung AG		773,717
	7,400	Heidelberger Druckmaschinen AG*		12,930
	7,000	Merck KGaA		769,068
	16,400	Metro AG		529,148
	8,400	Muenchener Rueckversicherungs-Gesellschaft AG		1,219,204
	14,500	Rheinmetall AG		814,289
	22,000	RWE AG		945,715
	50,281	SAP AG		3,333,830
	26,400	Siemens AG		2,445,143
	27,700	ThyssenKrupp AG		656,329
	8,500	Volkswagen AG		1,450,871
				31,014,391
		Hong Kong—2.5%
	368,000	Cathay Pacific Airways Ltd.		624,191
	1,314,654	CNOOC Ltd.		2,802,598
	583,200	First Pacific Co. Ltd.		633,664
	142,704	Hong Kong Exchanges and Clearing Ltd.		2,282,558
	175,900	Kingboard Chemical Holdings Ltd.		493,104
	308,300	Yue Yuen Industrial Holdings Ltd.		1,033,144
				7,869,259
		Ireland—0.7%
	60,300	Allied Irish Banks PLC*		5,987
	41,500	Covidien PLC*		2,292,045
	33,100	Irish Life & Permanent Group Holdings PLC (XDUB)*		1,621
	15,500	Irish Life & Permanent Group Holdings PLC (XLON)*		759
				2,300,412
		Israel—2.3%
	182,600	Bank Hapoalim BM		679,036
	30,845	Check Point Software Technologies Ltd.*		1,793,020
	10,500	Elbit Systems Ltd.		383,491
	29,400	Teva Pharmaceutical Industries Ltd		1,330,702
	67,518	Teva Pharmaceutical Industries Ltd., ADR		3,088,273
				7,274,522
		Italy—1.4%
	15,900	Banco Popolare Scarl		23,614
	361,000	Enel SpA		1,185,079
	90,000	ENI SpA		1,997,856
	50,900	Finmeccanica SpA		218,703
	16,200	Fondiaria-Sai SpA*		19,900

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 65

International Equity Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Italy (continued)
	682,500	Telecom Italia SpA*	$	775,589
				4,220,741
		Japan—16.3%
	22,600	Alpine Electronics, Inc.		298,635
	36,400	Aoyama Trading Co. Ltd.		754,078
	211,000	Aozora Bank Ltd.		544,414
	124,000	Asahi Kasei Corp.		770,341
	42,789	Canon, Inc.		1,966,879
	79,100	COMSYS Holdings Corp.		800,511
	831	Dai-ichi Life Insurance Co. Ltd. (The)		1,053,322
	10,755	Fanuc Corp.		1,830,667
	114,100	Fukuoka Financial Group, Inc.		477,322
	30,600	Fuyo General Lease Co. Ltd.		998,793
	51,900	Heiwa Corp.		1,081,683
	38,400	Hitachi Capital Corp.		639,198
	14,800	Itochu Techno-Solutions Corp.		675,676
	169,160	JX Holdings, Inc.		959,788
	19,400	K’s Holdings Corp.		583,166
	627	KDDI Corp.		4,122,933
	30,400	Keihin Corp.		523,166
	93,472	Komatsu Ltd.		2,710,267
	149,300	Kurabo Industries Ltd.		278,629
	22,600	Kyorin Holdings, Inc.		435,356
	56,700	Kyowa Exeo Corp.		517,714
	247,900	Marubeni Corp.		1,732,568
	3,900	Megmilk Snow Brand Co. Ltd.		70,829
	9,100	Miraca Holdings, Inc.		359,600
	17,800	Mitsubishi Corp.		388,595
	772,700	Mitsubishi UFJ Financial Group, Inc.		3,745,427
	26,900	Mitsui & Co. Ltd.		422,503
	591,500	Mizuho Financial Group, Inc.		940,888
	36,300	Namco Bandai Holdings, Inc.		521,949
	65,700	Nichii Gakkan Co.		901,071
	2,600	Nichirei Corp.		11,854
	61,300	Nippon Electric Glass Co. Ltd.		500,596
	59,200	Nippon Shokubai Co. Ltd.		667,335
	34,000	Nippon Telegraph & Telephone Corp.		1,543,712
	254,300	Nishi-Nippon City Bank Ltd. (The)		672,060
	84,000	Nissan Shatai Co. Ltd.		889,028
	800	NTT DoCoMo, Inc.		1,364,729
	22,400	Otsuka Holdings Co. Ltd.		676,152
	13,700	Sankyo Co. Ltd.		662,350
	150,200	Sankyu, Inc.		598,241

See Notes to Financial Statements.

66 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Japan (continued)
	52,600	Seino Holdings Co. Ltd.	$	365,644
	28,100	Shimachu Co. Ltd.		633,517
	28,200	Shizuoka Gas Co. Ltd.		204,507
	149,600	Sumitomo Corp.		2,136,072
	46,100	Sumitomo Mitsui Financial Group, Inc.		1,492,014
	15,794	Sumitomo Mitsui Trust Holdings, Inc.		46,686
	203,400	Toagosei Co. Ltd.		884,016
	50,400	Toppan Forms Co. Ltd.		453,878
	72,143	Toyota Motor Corp.		2,986,380
	56,300	Toyota Tsusho Corp		1,123,320
	9,500	Tsuruha Holdings, Inc.		571,142
	130,100	Yokohama Rubber Co. Ltd. (The)		959,781
				50,548,982
		Liechtenstein—0.1%
	3,800	Verwaltungs-und Privat-Bank AG(g)		324,046
		Mexico—0.7%
	699,880	Wal-Mart de Mexico SAB de CV (Class V Stock)		2,001,430
		Netherlands—3.4%
	57,400	Aegon NV*		265,095
	120,200	ING Groep NV, CVA*		847,570
	123,400	Koninklijke Ahold NV		1,565,164
	22,300	Koninklijke DSM NV		1,278,591
	94,100	Koninklijke KPN NV		844,641
	9,200	Koninklijke Philips Electronics NV		182,670
	5,700	Nutreco NV		414,225
	4,300	Royal Dutch Shell PLC (Class A Stock) (XAMS)		152,941
	119,912	Royal Dutch Shell PLC (Class B Stock) (XLON)		4,371,812
	32,000	Yandex NV*		759,040
				10,681,749
		New Zealand—0.2%
	825,600	Air New Zealand Ltd.(g)		600,868
		Norway—0.6%
	54,400	DnB NOR ASA		586,495
	43,500	Statoil ASA		1,161,429
				1,747,924
		Singapore—0.3%
	56,000	United Overseas Bank Ltd.		871,111
		South Korea—0.8%
	10,667	Hyundai Motor Co.		2,534,312
		Spain—1.2%
	79,800	Banco Bilbao Vizcaya Argentaria SA		539,352

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 67

International Equity Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		Spain (continued)
	67,800	Banco Espanol de Credito SA	$	255,149
	208,800	Banco Santander SA		1,304,551
	63,100	Repsol YPF SA		1,206,940
	35,300	Telefonica SA		514,459
				3,820,451
		Sweden—2.1%
	87,100	Boliden AB		1,394,367
	13,500	Electrolux AB (Class B Stock)		301,482
	87,274	Hennes & Mauritz AB (Class B Stock)		2,998,165
	15,400	NCC AB (Class B Stock)		302,671
	3,400	Svenska Cellulosa AB (Class B Stock)		53,873
	24,900	Svenska Handelsbanken AB (Class A Stock)		806,871
	40,400	Swedbank AB (Class A Stock)		668,995
				6,526,424
		Switzerland—7.3%
	13,600	Baloise Holding AG		1,052,608
	44,058	Clariant AG*		560,160
	71,300	Credit Suisse Group AG		1,705,418
	2,200	Georg Fischer AG*		974,990
	36,778	Julius Baer Group Ltd.*		1,408,071
	55,800	Nestle SA		3,418,146
	91,605	Novartis AG		5,051,320
	8,900	Roche Holding AG		1,625,759
	2,260	Swatch Group AG (The)		1,042,292
	4,900	Swiss Life Holding AG*		501,256
	22,000	Swiss Re Ltd.*		1,379,166
	4,090	Syngenta AG		1,436,107
	32,600	UBS AG*		406,939
	8,700	Zurich Financial Services AG*		2,127,913
				22,690,145
		Taiwan—0.2%
	29,876	HTC Corp.		453,124
		United Kingdom—21.0%
	150,072	ARM Holdings PLC		1,276,214
	68,000	AstraZeneca PLC		2,979,097
	183,100	Aviva PLC		915,530
	259,100	BAE Systems PLC		1,241,298
	242,700	Barclays PLC		859,640
	313,989	Beazley PLC		722,066
	50,200	Berendsen PLC		419,569
	126,300	BG Group PLC		2,973,127

See Notes to Financial Statements.

68 THE TARGET PORTFOLIO TRUST

SHARES		DESCRIPTION	VALUE (NOTE 1)
		COMMON STOCKS (continued)
		United Kingdom (continued)
	321,300	BP PLC	$	2,320,402
	71,513	British American Tobacco PLC		3,666,292
	685,700	BT Group PLC		2,345,833
	1,058,300	Cable & Wireless Communications PLC		566,609
	63,799	Carnival PLC		2,073,897
	80,600	Cookson Group PLC		948,997
	80,900	Dairy Crest Group PLC		395,191
	507,900	Debenhams PLC		680,849
	113,200	Drax Group PLC		997,559
	294,000	DS Smith PLC		800,630
	43,300	Eurasian Natural Resources Corp. PLC		393,170
	64,300	GlaxoSmithKline PLC		1,487,025
	268,500	Home Retail Group PLC		464,509
	301,970	HSBC Holdings PLC		2,751,674
	61,000	Intermediate Capital Group PLC		254,224
	294,300	J. Sainsbury PLC		1,470,593
	567,155	Kingfisher PLC		2,673,870
	621,400	Legal & General Group PLC		1,185,963
	390,200	Logica PLC		493,307
	225,597	Marks & Spencer Group PLC		1,307,055
	144,620	Marston’s PLC		228,954
	58,168	Micro Focus International PLC		439,531
	141,000	Mondi PLC		1,307,759
	17,900	Next PLC		850,873
	524,913	Old Mutual PLC		1,259,081
	85,773	Pearson PLC		1,614,734
	62,247	Reckitt Benckiser Group PLC		3,623,616
	115,600	Rexam PLC		806,712
	97,560	Rolls-Royce Holdings PLC*		1,303,850
	293,000	RSA Insurance Group PLC		499,286
	50,435	SABMiller PLC		2,118,715
	138,390	Standard Chartered PLC		3,382,378
	492,832	Tesco PLC		2,538,223
	177,400	Thomas Cook Group PLC		64,778
	153,300	Tullett Prebon PLC		854,597
	1,512,880	Vodafone Group PLC		4,186,212
	319,800	WM Morrison Supermarkets PLC		1,456,326
				65,199,815
		United States—1.4%
	39,757	Schlumberger Ltd.		2,947,584
	21,000	Yum! Brands, Inc.		1,527,330
				4,474,914
		TOTAL COMMON STOCKS (cost $295,114,887)		294,494,215

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 69

International Equity Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION	VALUE (NOTE 1)
		PREFERRED STOCKS—1.2%
		Brazil—0.3%
	72,200	Itau Unibanco Holding SA (PRFC), ADR	$	1,132,818
		Germany—0.9%
	14,566	Volkswagen AG (PRFC) (Germany)		2,759,106
		United Kingdom
	10,341,360	Rolls-Royce Holdings PLC (PRFC C)*(g)		16,783
		TOTAL PREFERRED STOCKS (cost $2,913,389)		3,908,707
		TOTAL LONG-TERM INVESTMENTS (cost $298,028,276)		298,402,922
		SHORT-TERM INVESTMENT—2.6%
		AFFILIATED MONEY MARKET MUTUAL FUND
	7,953,069	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $7,953,069)(w)		7,953,069
		TOTAL INVESTMENTS—98.6% (cost $305,981,345; Note 5)		306,355,991
		Other assets in excess of liabilities(x)—1.4%		4,273,904
		NET ASSETS—100%	$	310,629,895

The following abbreviations are used in the Portfolio descriptions:

ADR—American Depositary Receipt

CVA—Certificate Van Aandelen (Bearer)

PRFC—Preference Shares

XAMS—Amsterdam Stock Exchange

XDUB—Dublin Stock Exchange

XLON—London Stock Exchange

EUR—Euro

* Non-income producing security.

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

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

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation
Euro,
Expiring 05/09/12	Bank of New York Mellon	EUR	5,248	$	7,205,896	$	6,947,539	$	258,357

See Notes to Financial Statements.

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks:
Australia	$	14,139,629	$	—	$	—
Austria		1,906,352		—		—
Belgium		1,216,516		—		—
Brazil		4,154,466		—		—
Canada		8,141,581		—		—
China		8,058,884		—		—
Denmark		5,496,244		—		—
Finland		725,878		—		—
France		25,500,045		—		—
Germany		31,014,391		—		—
Hong Kong		7,869,259		—		—
Ireland		2,300,412		—		—
Israel		7,274,522		—		—
Italy		4,220,741		—		—
Japan		50,548,982		—		—
Liechtenstein		324,046		—		—
Mexico		2,001,430		—		—
Netherlands		10,681,749		—		—
New Zealand		600,868		—		—
Norway		1,747,924		—		—
Singapore		871,111		—		—
South Korea		2,534,312		—		—
Spain		3,820,451		—		—
Sweden		6,526,424		—		—
Switzerland		22,690,145		—		—
Taiwan		453,124		—		—
United Kingdom		65,199,815		—		—
United States		4,474,914		—		—
Preferred Stocks:
Brazil		1,132,818		—		—
Germany		2,759,106		—		—
United Kingdom		—		16,783		—
Affiliated Money Market Mutual Fund		7,953,069		—		—
Other Financial Instruments*
Forward foreign currency exchange contracts		—		258,357		—
Total	$	306,339,208	$	275,140	$	—

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

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 71

International Equity Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

Fair Value of Level 2 investments at 10/31/11 was $258,139,864. $218,829,515 was transferred into Level 1 from Level 2 at 04/30/12 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 Portfolio 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.

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

Commercial Banks	12.0	%
Oil & Gas	9.2
Pharmaceuticals	8.7
Insurance	6.1
Telecommunications	5.9
Retail	5.3
Chemicals	4.7
Food	4.5
Automobile Manufacturers	4.1
Diversified Financial Services	2.6
Affiliated Money Market Mutual Fund	2.6
Distribution/Wholesale	1.9
Software	1.8
Auto Parts And Equipment	1.8
Machinery & Equipment	1.8
Aerospace/Defense	1.7
Holding Companies—Diversified	1.6
Apparel	1.5
Mining	1.4
Agriculture	1.3
Entertainment & Leisure	1.3
Household Products/Wares	1.3
Transportation	1.2
Media	1.0
Electric	1.0
Internet	0.9
Healthcare—Services	0.9
Miscellaneous Manufacturers	0.9	%
Engineering/Construction	0.9
Beverages	0.8
Healthcare—Products	0.7
Forest & Paper Products	0.7
Advertising	0.6
Office Equipment	0.6
Iron/Steel	0.6
Computers	0.6
Commercial Services	0.5
Cosmetics & Toiletries	0.5
Semiconductors	0.4
Airlines	0.4
Industrial Conglomerates	0.3
Metal Fabricate/Hardware	0.3
Trading Companies & Distributors	0.3
Containers & Packaging	0.3
Electronics	0.3
Home Furnishings	0.2
Toys/Games/Hobbies	0.2
Electronic Equipment & Instruments	0.2
Building Materials	0.1
Textiles	0.1
	98.6
Other assets in excess of liabilities	1.4
	100.0	%

See Notes to Financial Statements.

72 THE TARGET PORTFOLIO TRUST

Portfolio of Investments
As of April 30, 2012 (Unaudited) Total Return Bond Portfolio

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			LONG-TERM INVESTMENTS—98.2%
			ASSET-BACKED SECURITIES—1.9%
B3	$	51	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class A1, 144A 0.459%(c), 12/25/36	$	50,484
Ba1		1,032	Countrywide Asset-Backed Certificates, Series 2006-15, Class A2 5.683%(c), 10/25/46		1,033,847
AAA(d)	EUR	904	Magnolia Funding Ltd., Series 2010-1A, Class A1, 144A 3.00%, 04/20/17		1,200,697
AAA(d)		1,312	Plymouth Rock CLO Ltd., Inc., Series 2010-1A, Class A, 144A 1.998%(c), 02/16/19		1,308,260
Aaa		3,864	SLM Student Loan Trust, Series 2008-9, Class A 1.966%(c), 04/25/23		3,992,099
Caa2		421	Structured Asset Securities Corp., Series 2005-7XS, Class 2A1A 1.739%(c), 04/25/35		353,103
			TOTAL ASSET-BACKED SECURITIES (cost $7,812,443)		7,938,490
			BANK LOAN(c)—0.1%
			Utilities—0.1%
B2		559	TXU Corp., 2014 Term Loan (Non-Extending) 3.741%, 10/10/14 (cost $548,825)		319,706
			CORPORATE BONDS—27.5%
			Aerospace—0.1%
Baa2		200	Goodrich Corp., Sr. Unsec’d. Notes 6.29%, 07/01/16		237,068
			Airlines—0.1%
NR		571	UAL 1991 Equipment Trust AB, Equipment Trust(g)(i) 10.85%, 02/19/15		228,384
			Automobile Manufacturers—1.8%
A2		3,800	BMW US Capital LLC, Gtd. Notes, MTN 0.924%(c), 12/21/12		3,795,227

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 73

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Automobile Manufacturers (continued)
A3	$	3,800	Daimler Finance North America LLC, Gtd. Notes, 144A 1.083%(c), 03/28/14	$	3,775,589
					7,570,816
			Automotive Parts—0.3%
Baa2		1,100	AutoZone, Inc., Sr. Unsec’d. Notes 6.95%, 06/15/16		1,301,627
			Computer Services & Software—0.3%
A2		1,200	Electronic Data Systems LLC, Sr. Unsec’d. Notes 6.00%, 08/01/13		1,273,039
			Construction—0.4%
B1		1,600	PulteGroup, Inc., Gtd. Notes 6.25%, 02/15/13		1,632,000
			Financial—Bank & Trust—10.5%
A2		500	American Express Bank FSB, Sr. Unsec’d. Notes 5.50%, 04/16/13		522,120
Baa1		1,200	Bank of America Corp., Sr. Unsec’d. Notes 0.727%(c), 10/14/16		1,045,155
Baa1		800	7.625%, 06/01/19		922,042
Baa1		300	Sr. Unsec’d. Notes, MTN 5.65%, 05/01/18		317,288
Baa1		5,700	Barclays Bank PLC, Sub. Notes, 144A (United Kingdom) 6.05%, 12/04/17		5,718,081
B1		1,900	CIT Group, Inc., Sr. Unsec’d. Notes, 144A 5.25%, 04/01/14		1,957,000
A3		6,300	Citigroup, Inc., Sr. Unsec’d. Notes 5.50%, 04/11/13		6,518,623
Aaa		4,200	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Gtd. Notes (Netherlands) 4.50%, 01/11/21		4,395,040
Aaa		3,000	DnB NOR Boligkreditt A/S, Covered Bonds, 144A (Norway) 2.90%, 03/29/16		3,111,651

See Notes to Financial Statements.

74 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	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	$	2,857,431
A1		300	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes 6.15%, 04/01/18		326,547
A1		1,100	6.25%, 09/01/17		1,196,668
A1		400	Sr. Unsec’d. Notes, MTN 0.866%(c), 07/22/15		368,512
A1		1,900	HSBC Bank USA NA, Sub. Notes 4.875%, 08/24/20		1,953,460
Aa3		400	JPMorgan Chase & Co., Sr. Unsec’d. Notes 4.25%, 10/15/20		418,940
NR		3,500	Lehman Brothers Holdings Escrow, Bonds(i) 5.625%, 01/24/13		870,625
A1		3,000	Lloyds TSB Bank PLC, (United Kingdom) Bank Gtd. Notes, 144A, MTN 4.375%, 01/12/15		3,068,445
BB+(d)		3,100	Jr. Sub. Notes, 144A 12.00%(c), 12/29/49		3,273,135
A2		5,100	Royal Bank of Scotland PLC (The), Gtd. Notes (United Kingdom) 5.625%, 08/24/20		5,239,103
					44,079,866
			Financial Services—6.8%
B1		3,600	Ally Financial, Inc., Gtd. Notes 8.00%, 03/15/20		4,123,890
B1		100	Sr. Unsec’d. Notes 8.00%, 11/01/31		113,070
Aa3		700	ANZ National International Ltd., Bank Gtd. Notes, 144A (New Zealand) 6.20%, 07/19/13		738,574
A3		400	CitiFinancial, Inc., Sr. Unsec’d. Notes 6.625%, 06/01/15		425,127
Ba1		2,000	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 5.625%, 09/15/15		2,167,702
Ba1		1,100	7.00%, 10/01/13		1,176,936
Aa2		1,700	General Electric Capital Corp., Sr. Unsec’d. Notes, MTN 0.774%(c), 06/20/14		1,657,498

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 75

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Financial Services (continued)
Ba3	$	1,900	International Lease Finance Corp., Sr. Sec’d. Notes, 144A 7.125%, 09/01/18	$	2,090,000
Baa1		800	Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN 5.571%, 10/04/12		807,824
A2	EUR	1,200	6.75%, 05/21/13		1,652,261
A2		3,500	Morgan Stanley, Sr. Unsec’d. Notes 1.446%(c), 04/29/13		3,454,034
A2		1,800	Sr. Unsec’d. Notes, MTN 5.75%, 10/18/16		1,863,407
A2		3,200	6.625%, 04/01/18		3,344,781
Baa1		4,200	Pearson Dollar Finance PLC, Gtd. Notes, 144A (United Kingdom) 5.70%, 06/01/14		4,558,399
B3		100	Springleaf Finance Corp., Sr. Unsec’d. Notes, MTN 5.40%, 12/01/15		85,500
					28,259,003
			Insurance—1.2%
Baa1		2,300	American International Group, Inc., Sr. Unsec’d. Notes 8.25%, 08/15/18		2,786,749
Baa1	EUR	600	Sr. Unsec’d. Notes, MTN 0.921%(c), 07/19/13		778,334
Baa1		1,400	5.85%, 01/16/18		1,539,718
					5,104,801
			Metals & Mining—0.9%
BBB-(d)		3,600	Gerdau Trade, Inc., Gtd. Notes, 144A (British Virgin Islands) 5.75%, 01/30/21		3,812,400
			Oil, Gas & Consumable Fuels—0.4%
Baa2		1,300	Suncor Energy, Inc., Sr. Unsec’d. Notes (Canada) 6.85%, 06/01/39		1,684,618
			Paper & Forest Products—1.0%
Baa3		3,600	International Paper Co., Sr. Unsec’d. Notes 5.25%, 04/01/16		3,972,125

See Notes to Financial Statements.

76 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†		PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
				CORPORATE BONDS (continued)
				Pharmaceuticals—0.6%
Baa3		$	1,200	Cardinal Health, Inc., Sr. Unsec’d. Notes 6.00%, 06/15/17	$	1,384,240
B1			1,275	Valeant Pharmaceuticals International, Gtd. Notes, 144A 6.75%, 08/15/21		1,239,937
						2,624,177
				Pipelines—0.1%
Ba3			300	El Paso Corp., Sr. Unsec’d. Notes, MTN 7.80%, 08/01/31		342,110
				Printing & Publishing—0.1%
Ba1			614	RR Donnelley & Sons Co., Sr. Unsec’d. Notes 6.125%, 01/15/17		583,300
				Real Estate Investment Trust—0.9%
Baa3			3,700	Goodman Funding Pty Ltd., Gtd. Notes, 144A (Australia) 6.375%, 11/12/20		3,901,180
				Retail & Merchandising—0.5%
Ba2			1,900	Limited Brands, Inc., Sr. Unsec’d. Notes 6.90%, 07/15/17		2,125,625
				Tobacco—0.3%
Baa1			400	Altria Group, Inc., Gtd. Notes 9.70%, 11/10/18		543,135
Baa3			750	Reynolds American, Inc., Gtd. Notes 7.625%, 06/01/16		904,227
						1,447,362
	��			Transportation—0.5%
Baa3			1,600	CSX Corp., Sr. Unsec’d. Notes 6.25%, 03/15/18		1,937,023
				Utilities—0.7%
Baa1			2,500	Ameren Illinois Co., Sr. Sec’d. Notes 6.25%, 04/01/18		2,957,680
				TOTAL CORPORATE BONDS (cost $108,838,650)		115,074,204

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 77

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			FOREIGN GOVERNMENT BONDS—7.7%
Aaa	AUD	7,000	Australia Government, Sr. Unsec’d. Notes (Australia) 4.75%, 06/15/16	$	7,761,164
Aaa	AUD	3,900	5.50%, 12/15/13		4,222,812
Aaa	AUD	5,400	5.50%, 01/21/18		6,274,193
Aaa	AUD	2,800	5.75%, 07/15/22		3,426,699
Aaa	AUD	2,100	6.00%, 02/15/17		2,466,309
Aaa	CAD	5,000	Canadian Government, Bonds (Canada) 2.25%, 08/01/14		5,157,969
Aaa	CAD	1,300	3.25%, 06/01/21		1,446,141
Baa2	BRL	2,200	Republic of Brazil, Sr. Unsec’d. Notes (Brazil) 12.50%, 01/05/22		1,511,948
			TOTAL FOREIGN GOVERNMENT BONDS (cost $29,470,741)		32,267,235
			MUNICIPAL BONDS—3.0%
			California—0.2%
Aa1	$	600	East Bay Municipal Utility District Water System, Revenue Bonds 5.874%, 06/01/40		769,410
			Illinois—0.4%
Aa3		700	Chicago Transit Authority, Series A, Revenue Bonds 6.899%, 12/01/40		850,913
Aa3		800	Chicago Transit Authority, Series B, Revenue Bonds 6.899%, 12/01/40		972,472
					1,823,385
			Kentucky—1.0%
Aa3		800	Kentucky State Property & Building Commission, Revenue Bonds 4.303%, 11/01/19		885,768
Aa3		1,000	4.403%, 11/01/20		1,088,160
Aa3		1,900	5.373%, 11/01/25		2,163,739
					4,137,667
			New York—1.4%
Aa1		1,400	New York City Transitional Finance Authority, Revenue Bonds 4.725%, 11/01/23		1,652,896
Aa1		1,100	4.905%, 11/01/24		1,317,129
Aa1		1,100	5.075%, 11/01/25		1,296,867

See Notes to Financial Statements.

78 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			MUNICIPAL BONDS (continued)
			New York (continued)
Aa2	$	1,500	New York City Trust For Cultural Resources, Revenue Bonds 5.125%, 07/01/31	$	1,509,915
					5,776,807
			TOTAL MUNICIPAL BONDS (cost $10,848,688)		12,507,269
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—2.8%
Ca		964	American Home Mortgage Assets, Series 2006-1, Class 2A1 0.429%(c), 05/25/46		530,494
AAA(d)		1	American Housing Trust, Series I, Class 5 8.625%, 08/25/18		908
Aaa		19	Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A1 5.71%(c), 02/25/33		19,157
Caa2		1,041	Series 2005-4, Class 3A1 5.099%(c), 08/25/35		845,785
CCC(d)		942	Series 2007-3, Class 1A1 3.998%(c), 05/25/47		627,312
Caa1		272	Bear Stearns Alt-A Trust, Series 2005-4, Class 23A2 2.817%(c), 05/25/35		231,191
B3		325	Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A2 2.45%(c), 09/25/35		284,975
D(d)		868	Series 2007-10, Class 22AA 5.46%(c), 09/25/37		541,814
Ca		1,069	Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1A 0.45%(c), 07/20/46		429,080
Ca		1,119	Series 2006-OA17, Class 1A1A 0.435%(c), 12/20/46		592,296
Aaa		480	FHLMC Structured Pass-Through Securities, Series T-61, Class 1A1 1.549%(c), 07/25/44		492,379
B(d)		1,098	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1 3.13%(c), 10/25/33		960,769
NR		2	Indymac Adjustable Rate Mortgage Trust, Series 2001-H2, Class A1 1.717%(c), 01/25/32		1,274
B2		251	Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A 0.449%(c), 02/25/36		181,180

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 79

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Aaa	$	1,300	Permanent Master Issuer PLC, (United Kingdom) Series 2011-1A, Class 1A1, 144A 1.967%(c), 07/15/42	$	1,305,451
Aaa	EUR	2,500	Series 2011-1A, Class 1A3, 144A 2.057%(c), 07/15/42		3,323,055
BB(d)		16	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1 6.50%, 03/25/32		16,897
Caa3		848	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-OA2, Class 1A 0.859%(c), 03/25/47		503,613
CCC(d)		1,030	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR2, Class 2A1 2.629%(c), 03/25/36		903,500
			TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $12,652,196)		11,791,130
			U.S. GOVERNMENT AGENCY OBLIGATIONS—35.8%
		19	Federal Home Loan Mortgage Corp. 2.385%(c), 01/01/24		19,824
		14	2.521%(c), 09/01/35		15,084
		13,163	4.50%, 01/01/39-07/01/41		14,057,522
		13	5.50%, 06/01/31		14,594
		15	7.50%, 09/01/16-07/01/17		16,829
		56	Federal National Mortgage Assoc. 1.763%(c), 01/01/20		57,846
		121	2.272%(c), 12/01/34		127,644
		44,552	3.50%, 08/01/20-12/01/41		46,796,007
		14,000	3.50%, TBA		14,770,000
		50	3.61%(c), 05/01/36		50,842
		46,707	4.00%, 05/01/13-11/01/41		49,617,211
		11,000	4.00%, TBA		11,634,218
		782	4.50%, 01/01/25-03/01/41		840,232
		1,000	4.50%, TBA		1,069,375
		6	5.50%, 07/01/32		7,118
		69	Government National Mortgage Assoc. 1.625%, 07/20/22-11/20/29		71,198
		38	2.00%, 08/20/22-10/20/26		39,466
		63	2.375%, 02/20/17-02/20/26		64,484
		5,000	3.50%, TBA		5,251,562
		5,000	3.50%, TBA		5,266,406
		38	8.50%, 06/15/30-08/20/30		44,989
			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $147,572,044)		149,832,451

See Notes to Financial Statements.

80 THE TARGET PORTFOLIO TRUST

PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. TREASURY OBLIGATIONS—19.4%
$	8,900	U.S. Treasury Bonds 3.125%, 11/15/41	$	8,927,813
	2,000	3.75%, 08/15/41		2,258,124
	2,400	3.875%, 08/15/40		2,772,000
	4,700	4.375%, 02/15/38-05/15/41		5,892,829
	4,200	7.50%, 11/15/24		6,630,750
	1,700	7.625%, 11/15/22		2,624,110
	9,800	U.S. Treasury Inflationary Indexed Bonds, TIPS 0.125%, 01/15/22		10,307,276
	3,800	1.125%, 01/15/21(k)		4,534,978
	1,800	2.125%, 02/15/41		2,571,761
	100	U.S. Treasury Notes 1.875%, 08/31/17		104,977
	12,700	2.00%, 11/15/21-02/15/22		12,834,099
	7,000	2.125%, 08/15/21		7,179,375
	100	2.25%, 07/31/18		106,781
	200	2.50%, 04/30/15		212,469
	6,500	2.625%, 11/15/20		7,003,750
	6,600	2.875%, 03/31/18		7,300,735
		TOTAL U.S. TREASURY OBLIGATIONS (cost $76,647,912)		81,261,827
		TOTAL LONG-TERM INVESTMENTS (cost $394,391,499)		410,992,312
		SHORT-TERM INVESTMENTS—10.3%
		U.S. TREASURY OBLIGATIONS(n)—5.2%
	200	U.S. Treasury Bills 0.08%, 09/20/12		199,899
	2,000	0.09%, 08/23/12		1,999,320
	100	0.12%, 08/16/12		99,967
	2,000	0.124%, 09/13/12		1,999,062
	5,600	0.13%, 09/06/12		5,597,614
	1,200	0.135%, 09/06/12		1,199,489
	260	0.14%, 02/07/13		259,675
	281	0.143%, 05/03/12(h)		280,999
	8,120	0.145%, 08/30/12(h)		8,117,069
	1,800	0.15%, 09/27/12		1,799,051
		TOTAL U.S. TREASURY OBLIGATIONS (cost $21,550,549)		21,552,145
		REPURCHASE AGREEMENT(m)—4.9%
	20,700	Morgan Stanley & Co. LLC, 0.20%, dated 04/30/12, due 05/01/12 in the amount of $20,700,115 (cost $20,700,000)		20,700,000

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 81

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

SHARES		DESCRIPTION		VALUE (NOTE 1)
		AFFILIATED MONEY MARKET MUTUAL FUND—0.2%
	849,509	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $849,509)(w)		$	849,509
		TOTAL SHORT-TERM INVESTMENTS (cost $43,100,058)			43,101,654
		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN AND SECURITIES SOLD SHORT—108.5% (cost $437,491,557; Note 5)			454,093,966
NOTIONAL AMOUNT (000)#		OPTIONS WRITTEN—(0.1%)	COUNTERPARTY
		Call Options
$	1,400	Interest Rate Swap Options, Pay a fixed rate of 1.40% and receive a floating rate based on 3-Month LIBOR, expiring 03/18/13	Bank of America		(14,722	)
	18,400	Pay a fixed rate of 1.40% and receive a floating rate based on 3-Month LIBOR, expiring 03/18/13	Deutsche Bank		(193,487	)
					(208,209	)
		Put Options—(0.1%)
	1,400	Interest Rate Swap Options, Pay a fixed rate of 1.40% and receive a floating rate based on 3-Month LIBOR, expiring 03/18/13	Bank of America		(18,607	)
	18,400	Pay a fixed rate of 1.40% and receive a floating rate based on 3-Month LIBOR, expiring 03/18/13	Deutsche Bank		(244,547	)
					(263,154	)
		TOTAL OPTIONS WRITTEN (premiums received $613,995)			(471,363	)
PRINCIPAL AMOUNT (000)#		SECURITIES SOLD SHORT—(7.2%)
		U.S. GOVERNMENT AGENCY OBLIGATIONS
	1,000	Federal Home Loan Mortgage Corp. 4.50%, TBA			(1,066,250	)
	20,000	Federal National Mortgage Assoc. 4.00%, TBA			(21,268,750	)
	7,000	5.50%, TBA			(7,645,316	)
		TOTAL SECURITIES SOLD SHORT (proceeds $29,898,594)			(29,980,316	)
		TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN AND SECURITIES SOLD SHORT—101.2% (cost $406,978,968)			423,642,287
		Liabilities in excess of other assets(x)—(1.2%)			(5,042,296	)
		NET ASSETS—100%		$	418,599,991

See Notes to Financial Statements.

82 THE TARGET PORTFOLIO TRUST

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.

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

FHLMC—Federal Home Loan Mortgage Corp.

FSB—Federal Saving Bank

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

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

SLM—Student Loan Mortgage

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

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

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 April 30, 2012. 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 April 30, 2012.

(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 agreements are collateralized by U.S. Treasury Bond (coupon rate 4.25% maturity date 11/15/40) with the aggregate value, including accrued interest of $21,088,733.

(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.

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

Futures contracts open at April 30, 2012:

Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2012		Unrealized Depreciation
Short Positions:
112	5 Year U.S. Treasury Notes	Jun 2012	$	13,793,500	$	13,865,250	$	(71,750	)

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 83

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 05/17/12	Bank of Nova Scotia	AUD	63	$	65,973	$	65,513	$	(460	)
British Pound,
Expiring 05/02/12	Barclays Capital Group	GBP	1,253		2,008,308		2,033,468		25,160
Chinese Yuan,
Expiring 02/01/13	Deutsche Bank	CNY	4,875		770,188		769,421		(767	)
Expiring 02/01/13	Deutsche Bank	CNY	2,851		453,022		449,996		(3,026	)
Expiring 02/01/13	Goldman Sachs & Co.	CNY	3,971		633,000		626,774		(6,226	)
Expiring 02/01/13	JPMorgan Chase	CNY	2,986		475,494		471,267		(4,227	)
Expiring 02/01/13	UBS Securities	CNY	54,639		8,668,067		8,624,539		(43,528	)
Expiring 06/01/12	BNP Paribas	CNY	2,943		463,067		466,005		2,938
Expiring 06/01/12	Citigroup Global Markets	CNY	2,589		406,724		409,916		3,192
Expiring 06/01/12	JPMorgan Chase	CNY	4,885		763,000		773,398		10,398
Expiring 06/01/12	JPMorgan Chase	CNY	2,445		382,000		387,115		5,115
Expiring 08/05/13	Deutsche Bank	CNY	1,000		159,642		157,489		(2,153	)
Expiring 08/05/13	UBS Securities	CNY	2,887		457,175		454,681		(2,494	)
Euro,
Expiring 06/14/12	JPMorgan Chase	EUR	100		133,218		132,397		(821	)
Expiring 07/16/12	Barclays Capital Group	EUR	64		84,046		84,753		707
Indian Rupee,
Expiring 07/12/12	JPMorgan Chase	INR	133,539		2,873,045		2,494,023		(379,022	)
Mexican Peso,
Expiring 06/15/12	Deutsche Bank	MXN	84		6,356		6,433		77
Expiring 06/15/12	Hong Kong & Shanghai Bank	MXN	42,249		3,288,790		3,229,079		(59,711	)
New Taiwanese Dollar,
Expring 06/05/12	UBS Securities	TWD	80,103		2,722,168		2,742,908		20,740
Norwegian Krone,
Expiring 05/24/12	Barclays Capital Group	NOK	3,170		547,042		553,367		6,325
Expiring 05/24/12	Hong Kong & Shanghai Bank	NOK	3,170		547,023		553,367		6,344
Expiring 05/24/12	Royal Bank of Canada	NOK	3,169		546,879		553,192		6,313
Singapore Dollar,
Expiring 05/15/12	UBS Securities	SGD	8		6,186		6,177		(9	)
				$	26,460,413	$	26,045,278	$	(415,135	)

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 05/17/12	Hong Kong & Shanghai Bank	AUD	28,872	$	30,162,578	$	30,023,500	$	139,078
Brazilian Real,
Expiring 06/04/12	Morgan Stanley	BRL	4,215		2,412,285		2,194,734		217,551
British Pound,
Expiring 05/02/12	Deutsche Bank	GBP	1,253		1,984,401		2,033,468		(49,067	)
Expiring 06/01/12	Barclays Capital Group	GBP	1,253		2,007,932		2,033,046		(25,114	)

See Notes to Financial Statements.

84 THE TARGET PORTFOLIO TRUST

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

Sale Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Canadian Dollar,
Expiring 06/21/12	Barclays Capital Group	CAD	6,464	$	6,525,701	$	6,535,681	$	(9,980	)
Euro,
Expiring 06/14/12	Barclays Capital Group	EUR	64		84,764		84,734		30
Expiring 07/16/12	UBS Securities	EUR	11,332		14,791,546		15,006,598		(215,052	)
Japanese Yen,
Expiring 06/07/12	Barclays Capital Group	JPY	102,979		1,253,231		1,290,265		(37,034	)
Malaysian Ringgit,
Expiring 07/16/12	JPMorgan Chase	MYR	17		5,594		5,670		(76	)
Singapore Dollar,
Expiring 05/15/12	Deutsche Bank	SGD	8		6,127		6,177		(50	)
Expiring 08/03/12	UBS Securities	SGD	8		6,099		6,180		(81	)
South Korean Won,
Expiring 07/12/12	UBS Securities	KRW	22,809		20,232		20,082		150
				$	59,260,490	$	59,240,135	$	20,355

Interest rate swap agreements outstanding at April 30, 2012:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
	Over-the-counter swap agreements:
AUD	1,900		12/15/17		5.500%	6 month Australian Bank Bill rate(1)	$	139,591	$	(7,346	)	$	146,937	Barclays Bank PLC
AUD	1,200		12/15/17		5.500%	6 month Australian Bank Bill rate(1)		88,163		(4,127	)		92,290	Deutsche Bank
BRL	8,700		01/02/14		11.990%	Brazilian interbank overnight lending rate(1)		279,828		1,207			278,621	Barclays Bank PLC
BRL	7,500		01/02/14		12.510%	Brazilian interbank overnight lending rate(1)		228,858		5,321			223,537	Barclays Bank PLC
BRL	7,500		01/02/14		11.960%	Brazilian interbank overnight lending rate(1)		238,361		(13,829	)		252,190	Goldman Sachs & Co.
BRL	2,400		01/02/14		10.580%	Brazilian interbank overnight lending rate(1)		30,221		(15,994	)		46,215	Morgan Stanley & Co.
BRL	19,600		01/02/15		9.880%	Brazilian interbank overnight lending rate(1)		125,575		—			125,575	Bank of America, N.A.
BRL	13,300		01/02/15		9.930%	Brazilian interbank overnight lending rate(1)		92,151		6,061			86,090	Barclays Bank PLC
BRL	6,800		01/02/15		9.930%	Brazilian interbank overnight lending rate(1)		47,160		2,795			44,365	Morgan Stanley & Co.
BRL	3,700		01/02/15		9.940%	Brazilian interbank overnight lending rate(1)		26,039		—			26,039	Goldman Sachs & Co.
MXN	37,200		03/05/13		6.500%	28 day Mexican interbank rate(1)		43,293		(654	)		43,947	Morgan Stanley & Co.

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 85

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

Interest rate swap agreements outstanding at April 30, 2012 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	Exchange-traded swap agreements:
$	5,600		06/20/17		1.500%	3 month LIBOR(1)	$	(96,688	)	$	(64,484	)	$	(32,204	)	—
	7,100		06/20/22		2.250%	3 month LIBOR(1)		(111,103	)		(12,965	)		(98,138	)	—
EUR	6,300		03/21/17		2.000%	6 month Euribor(1)		244,472			185,981			58,491		—
							$	1,375,921		$	81,966		$	1,293,955

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

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

Credit default swap agreements outstanding at April 30, 2012:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
Over-the-counter credit default swaps—Buy Protection(1):
AutoZone, Inc.,		06/20/16		0.720%	$	1,100	$	(13,570	)	$	—		$	(13,570	)	Deutsche Bank
Cardinal Health, Inc.		06/20/17		0.560%		1,200		(9,926	)		—			(9,926	)	UBS AG
CitiFinancial		06/20/15		0.150%		400		23,147			—			23,147		Barclays Bank PLC
CSX Corp.8		03/20/18		1.650%		1,600		(100,873	)		—			(100,873	)	Goldman Sachs & Co.
Donnelley (R.R.) & Sons		03/20/17		0.800%		600		152,304			—			152,304		Bank of America, N.A.
Dow Jones CDX HY15 5Y Index		12/20/15		5.000%		4,365		(66,402	)		(115,614	)		49,212		Citigroup
Embarq Corp.		03/20/14		1.250%		700		(11,531	)		—			(11,531	)	Deutsche Bank
Embarq Corp.		03/20/14		1.270%		600		(10,125	)		—			(10,125	)	Deutsche Bank
Embarq Corp.		03/20/14		1.430%		600		(11,990	)		—			(11,990	)	Deutsche Bank
Embarq Corp.		03/20/14		1.300%		200		(3,495	)		—			(3,495	)	Morgan Stanley & Co.
Goodrich Corp.		09/20/16		0.510%		200		(3,548	)		—			(3,548	)	Deutsche Bank
Limited Brands, Inc.,		09/20/17		2.290%		1,900		(38,375	)		—			(38,375	)	Bank of America, N.A.
Pearson Dollar		06/20/14		0.760%		4,200		(56,217	)		—			(56,217	)	Morgan Stanley & Co.
Target Corp.		06/20/12		0.110%		300		(41	)		—			(41	)	Morgan Stanley & Co.
Exchange-traded credit default swaps—Buy Protection(1):
Dow Jones CDX IG09 10Y Index		12/20/17		0.800%		4,646		90,245			206,968			(116,723	)	—
Dow Jones CDX IG10 10Y Index		06/20/18		1.500%		17,037		(316,262	)		153,579			(469,841	)	—
							$	(376,659	)	$	244,933		$	(621,592	)

(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

See Notes to Financial Statements.

86 THE TARGET PORTFOLIO TRUST

referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) 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 generally for securities traded on a regulated securities exchange and for open-end mutual funds which trade at daily net asset value.

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

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

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

	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities	$	—		$	6,737,793		$	1,200,697
Bank Loan		—			319,706			—
Corporate Bonds		—			115,074,204			—
Foreign Government Bonds		—			32,267,235			—
Municipal Bonds		—			12,507,269			—
Residential Mortgage-Backed Securities		—			11,791,130			—
U.S. Government Agency Obligations		—			149,832,451			—
U.S. Treasury Obligations		—			102,813,972			—
Repurchase Agreement		—			20,700,000			—
Affiliated Money Market Mutual Fund		849,509			—			—
Options Written		—			(471,363	)		—
Securities Sold Short—U.S. Government Agency Obligations		—			(29,980,316	)		—
Other Financial Instruments*
Futures		(71,750	)		—			—
Forward foreign currency exchange contracts		—			(394,780	)		—
Interest rate swap agreements		(71,851	)		1,365,806			—
Credit default swap agreements		(586,564	)		(35,028	)		—
Total	$	119,344		$	422,528,079		$	1,200,697

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

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 87

Total Return Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

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

U.S. Government Agency Obligations	35.8	%
U.S. Treasury Obligations	24.6
Financial—Bank & Trust	10.5
Foreign Government Bonds	7.7
Financial Services	6.8
Repurchase Agreements	4.9
Municipal Bonds	3.0
Residential Mortgage-Backed Securities	2.8
Asset-Backed Securities	1.9
Automobile Manufacturers	1.8
Insurance	1.2
Paper & Forest Products	1.0
Real Estate Investment Trusts	0.9
Metals & Mining	0.9
Utilities	0.7
Pharmaceuticals	0.6
Retail & Merchandising	0.5
Transportation	0.5	%
Oil, Gas & Consumable Fuels	0.4
Construction	0.4
Tobacco	0.3
Automotive Parts	0.3
Computer Services & Software	0.3
Affiliated Money Market Mutual Fund	0.2
Printing & Publishing	0.1
Pipelines	0.1
Bank Loans	0.1
Aerospace	0.1
Airlines	0.1
	108.5
Options Written and Securities Sold Short	(7.3	)
Liabilities in excess of other assets	(1.2	)
	100.0	%

See Notes to Financial Statements.

88 THE TARGET PORTFOLIO TRUST

Portfolio of Investments
As of April 30, 2012 (Unaudited) Intermediate-Term Bond Portfolio

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			LONG-TERM INVESTMENTS—95.2%
			ASSET-BACKED SECURITIES—1.4%
Aaa	$	477	AMMC CDO, Series 2006-6A, Class A1A, 144A (Cayman Islands) 0.716%(c), 05/03/18	$	467,448
B3		286	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR5, Class A2A 0.369%(c), 05/25/37		145,547
Aaa		1,717	SLM Student Loan Trust, Series 2008-9, Class A 1.966%(c), 04/25/23		1,774,266
			TOTAL ASSET-BACKED SECURITIES (cost $2,454,028)		2,387,261
			BANK LOANS(c)—1.0%
			Diversified Financial Services—0.7%
B2		800	AGFS Funding Co., Initial Loan 5.50%, 05/28/17		755,800
Ba3		500	Delos Aircraft, Inc., Term Loan 4.75%, 03/17/16		502,187
					1,257,987
			Healthcare—Services—0.3%
Ba3		500	HCA, Inc., Tranche Term Loan B-1 2.489%, 11/14/13		498,594
			TOTAL BANK LOANS (cost $1,791,782)		1,756,581
			CERTIFICATE OF DEPOSIT—1.3%
NR		2,200	Banco do Brasil SA, Certificate of Deposit,144A (Brazil) (cost $2,200,000) 2.556%(c), 02/14/14		2,196,405
			COMMERCIAL MORTGAGE-BACKED SECURITIES—2.6%
NR		1,107	Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN, 144A 1.991%(c), 11/15/15		1,038,735
Aaa		1,067	Commercial Mortgage Pass-Through Certificates, Series 2010-C1, Class A1, 144A 3.156%, 07/10/46		1,114,438
NR		600	Credit Suisse Mortgage Capital Certificates, Series 2010-RR1, Class 2A, 144A 5.695%(c), 09/15/40		667,444

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 89

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
NR	$	600	Series 2010-RR1, Class 3A, 144A 5.838%(c), 06/10/49	$	671,012
NR		700	Series 2010-RR7, Class 2A, 144A 5.467%(c), 09/18/39		765,847
			Merrill Lynch Floating Trust, Series 2008-LAQA, Class A1, 144A
Aaa		400	0.779%(c), 07/09/21		388,884
			TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $4,354,763)		4,646,360
			CORPORATE BONDS—54.0%
			Airlines—0.4%
Baa2		360	Delta Air Lines 2010-1, Class A, Pass-Through Trust, Pass-Through Certificates 6.20%, 01/02/20		389,390
NR		856	United Airlines, Inc., Equipment Trust(g)(i) 10.85%, 02/19/15		342,577
					731,967
			Auto Manufacturer—1.3%
A3		2,300	Volkswagen International Finance NV, Gtd. Notes, 144A (Netherlands) 1.625%, 08/12/13		2,314,074
			Building & Construction—2.7%
B2		4,800	KB Home, Gtd. Notes 5.875%, 01/15/15		4,668,000
			Commercial Banks—11.5%
Baa1		1,100	Banco do Brasil SA, Sr. Unsec’d. Notes, 144A (Brazil) 4.50%, 01/22/15		1,149,500
Baa1		1,800	Banco Santander Brasil SA, Sr. Unsec’d. Notes, 144A (Brazil) 2.574%(c), 03/18/14		1,788,498
Baa1		300	4.25%, 01/14/16		294,000
Aa3		500	Banco Santander Chile, Sr. Unsec’d. Notes, 144A (Chile) 3.75%, 09/22/15		510,973
Baa1		800	Banco Votorantim SA, (Brazil) Sr. Notes, 144A 3.473%(c), 03/28/14		794,634

See Notes to Financial Statements.

90 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Commercial Banks (continued)
Baa1	$	1,100	Sr. Unsec’d. Notes, 144A 5.25%, 02/11/16	$	1,130,393
Baa1		600	Bank of America Corp., Sr. Unsec’d. Notes 0.974%(c), 09/11/12		599,618
Baa1		2,000	Sr. Unsec’d. Notes, MTN 0.804%(c), 09/15/14		1,891,930
B2		400	CIT Group, Inc., Sr. Unsec’d. Notes, 144A 5.25%, 04/01/14		412,000
Aa		1,000	DNB Bank ASA, Sr. Unsec’d. Notes, 144A (Norway) 3.20%, 04/03/17		1,010,547
Ba1		100	Eksportfinans ASA, (Norway) Sr. Unsec’d. Notes 0.669%(c), 04/05/13		96,866
Ba1		200	2.375%, 05/25/16		178,426
Ba1		100	Sr. Unsec’d. Notes, MTN 1.875%, 04/02/13		98,002
A1		2,900	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes 7.50%, 02/15/19		3,354,836
A1		600	Korea Development Bank, Sr. Unsec’d. Notes (South Korea) 5.75%, 09/10/13		632,247
Aa2		1,600	Nordea Bank AB, Sr. Unsec’d. Notes, 144A (Sweden) 1.367%(c), 01/14/14		1,595,475
Ba2		1,100	Royal Bank of Scotland Group PLC, Sub. Notes (United Kingdom) 5.05%, 01/08/15		1,065,591
A2		1,200	Royal Bank of Scotland PLC (The), Gtd. Notes (United Kingdom) 2.913%(c), 08/23/13		1,199,374
Aaa		1,200	Sparebanken 1 Boligkreditt, Covered Bonds, 144A (Norway) 1.25%, 10/25/14		1,208,689
Aaa		1,200	Toronto-Dominion Bank (The), Covered Bonds, 144A (Canada) 2.20%, 07/29/15		1,247,116
					20,258,715
			Diversified Financial Services—16.6%
B1		1,500	Ally Financial, Inc., Gtd. Notes 6.25%, 12/01/17		1,577,934

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 91

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Diversified Financial Services (continued)
A2	$	500	American Express Bank FSB, Sr. Unsec’d. Notes 5.50%, 04/16/13	$	522,120
A2		1,800	American Express Credit Corp., Sr. Unsec’d. Notes, MTN 5.875%, 05/02/13		1,888,718
Aaa		2,500	BNP Paribas Home Loan Covered Bonds SA, Covered Bonds, 144A (France) 2.20%, 11/02/15		2,506,420
Aaa		1,000	BRFkredit A/S, Gov’t. Liquid Gtd. Notes, 144A (Denmark) 0.717%(c), 04/15/13		999,760
Baa1		2,300	Capital One Bank USA NA, Sub. Notes 6.50%, 06/13/13		2,419,329
Aaa		2,500	Cie De Financement Foncier, Covered Bonds, 144A (France) 1.625%, 07/23/12		2,502,500
A3		1,200	Citigroup, Inc., Sr. Unsec’d. Notes 5.50%, 04/11/13		1,241,642
A3		2,200	6.50%, 08/19/13		2,319,634
Aa1		750	Credit Suisse, Sr. Unsec’d. Notes, MTN (Switzerland) 3.50%, 03/23/15		782,534
Aa1		2,200	5.00%, 05/15/13		2,283,426
Aaa		1,200	DanFin Funding Ltd., Gov’t. Liquid Gtd. Notes, 144A (Ireland) 1.167%(c), 07/16/13		1,204,621
Ba1		200	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 7.50%, 08/01/12		203,145
Aa3		100	JPMorgan Chase & Co., Sr. Unsec’d. Notes 3.15%, 07/05/16		103,640
Aa3		400	3.45%, 03/01/16		418,836
Aa3		200	4.40%, 07/22/20		211,798
Aa3		100	6.30%, 04/23/19		117,088
NR		1,800	Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN(i) 2.851%, 12/23/24		436,500
NR		600	5.625%, 01/24/13		149,250

See Notes to Financial Statements.

92 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Diversified Financial Services (continued)
Baa1	$	1,400	Merrill Lynch & Co., Inc., Sr. Unsec’d. Notes, MTN 6.15%, 04/25/13	$	1,456,764
			Morgan Stanley,
A2		1,200	Sr. Unsec’d. Notes 3.45%, 11/02/15		1,173,755
A2	EUR	2,100	Sr. Unsec’d. Notes, MTN 1.321%(c), 03/01/13		2,744,950
Aaa		1,900	Stadshypotek AB, Covered Bonds, 144A (Sweden) 1.02%(c), 09/30/13		1,887,391
					29,151,755
			Electric—4.0%
Ba1		1,200	CMS Energy Corp., Sr. Unsec’d. Notes 4.25%, 09/30/15		1,245,148
A3		500	Dayton Power & Light Co. (The), First Mortgage 5.125%, 10/01/13		529,100
Baa3		1,200	Entergy Corp., Sr. Unsec’d. Notes 3.625%, 09/15/15		1,224,666
Baa1		600	Orange & Rockland Utilities, Inc., Sr. Unsec’d. Notes, 144A(g) 2.50%, 08/15/15		610,859
A2		2,300	Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN 5.30%, 05/01/18		2,746,688
Ba2	EUR	500	Tokyo Electric Power Co. Inc., (The) Sr. Sec’d. Notes (Japan) 4.50%, 03/24/14		635,374
					6,991,835
			Electronics—0.7%
Baa2		1,200	Agilent Technologies, Inc., Sr. Unsec’d. Notes 2.50%, 07/15/13		1,219,068
			Financial—Bank & Trust—1.2%
Aaa		2,200	Swedbank AB, Gov’t. Liquid Gtd. Notes, 144A (Sweden) 0.917%(c), 01/14/13		2,200,950
			Food—0.7%
Baa1		1,200	WM Wrigley Jr. Co., Sec’d. Notes, 144A 2.45%, 06/28/12		1,203,164

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 93

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Healthcare—Services—0.3%
Ba3	$	500	HCA, Inc., Sr. Sec’d. Notes 7.25%, 09/15/20	$	553,750
			Insurance—1.7%
Baa1		160	American International Group, Inc., Sr. Unsec’d. Notes 4.25%, 05/15/13		163,213
Baa1		800	Sr. Unsec’d. Notes, 144A 3.75%, 11/30/13		809,937
A3		1,100	MetLife, Inc., Sr. Unsec’d. Notes 1.781%(c), 08/06/13		1,112,779
A1		1,000	Monumental Global Funding III, Sr. Sec’d. Notes, 144A 0.636%(c), 01/25/13		996,381
					3,082,310
			Investment Company—1.1%
Aaa		2,000	FIH Erhvervsbank A/S, Gov’t. Liquid Gtd. Notes, 144A (Denmark) 0.844%(c), 06/13/13		2,000,150
			Media—1.2%
Baa2		1,200	NBC Universal Media LLC, Sr. Unsec’d. Notes, 144A 4.375%, 04/01/21		1,308,055
Baa1		850	Pearson Dollar Finance Two PLC, Gtd. Notes, 144A (United Kingdom) 5.50%, 05/06/13		887,137
					2,195,192
			Metals & Mining—1.4%
Baa1		1,200	Anglo American Capital PLC, Gtd. Notes, 144A (United Kingdom) 2.15%, 09/27/13		1,209,726
Ba1		800	CSN Resources SA, Gtd. Notes, 144A (Luxembourg) 6.50%, 07/21/20		886,000
Ba2		400	Steel Dynamics, Inc., Gtd. Notes 7.375%, 11/01/12		409,000
					2,504,726

See Notes to Financial Statements.

94 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Oil, Gas & Consumable Fuels—3.0%
Baa2	$	1,100	Cenovus Energy, Inc., Sr. Unsec’d. Notes (Canada) 4.50%, 09/15/14	$	1,188,682
Baa2		400	Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A 4.00%, 07/15/15		422,400
Baa2		600	5.45%, 07/15/20		664,031
Baa1		1,200	Gazprom Via Gaz Capital SA, Sr. Unsec’d. Notes, 144A (Luxembourg) 5.092%, 11/29/15		1,269,000
Baa1		400	Noble Holding International Ltd., Gtd. Notes (Cayman Islands) 3.45%, 08/01/15		423,064
Aa1		1,200	Shell International Finance BV, Gtd. Notes (Netherlands) 3.10%, 06/28/15		1,279,273
					5,246,450
			Pipelines—3.3%
Baa2		2,400	Kinder Morgan Energy Partners LP, Sr. Unsec’d. Notes 5.80%, 03/01/21		2,725,186
Ba2		250	NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A 7.119%, 12/15/17		241,755
Baa2		1,075	Spectra Energy Capital LLC, Gtd. Notes 5.50%, 03/01/14		1,141,757
A3		1,500	TransCanada Pipelines Ltd., Sr. Unsec’d. Notes (Canada) 3.80%, 10/01/20		1,634,586
					5,743,284
			Software—0.8%
A1		1,200	Oracle Corp., Sr. Unsec’d. Notes 3.875%, 07/15/20		1,336,206
			Telecommunications—1.5%
A2		675	Cellco Partnership/Verizon Wireless Capital LLC, Sr. Unsec’d. Notes 5.55%, 02/01/14		728,189
Baa1		1,680	Rogers Communications, Inc., Gtd. Notes (Canada) 6.375%, 03/01/14		1,845,957
					2,574,146

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 95

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			CORPORATE BONDS (continued)
			Tobacco—0.6%
Baa1	$	1,000	Altria Group, Inc., Gtd. Notes 8.50%, 11/10/13	$	1,112,619
			TOTAL CORPORATE BONDS (cost $92,731,681)		95,088,361
			FOREIGN GOVERNMENT BONDS—7.0%
Aaa		5,300	Canadian Government, Bonds (Canada) 1.50%, 08/01/15		5,365,026
Aaa		4,500	Unsec’d. Notes 1.50%, 03/01/17		4,531,067
Baa3		1,500	Republic of Panama, Sr. Unsec’d. Notes (Panama) 9.375%, 04/01/29		2,455,080
			TOTAL FOREIGN GOVERNMENT BONDS (cost $11,457,450)		12,351,173
			MUNICIPAL BONDS—3.6%
			California—0.6%
B3		800	Tobacco Securitization Authority of Southern California, Revenue Bonds 5.00%, 06/01/37		613,608
Aa2		325	University of California, Revenue Bonds 5.035%, 05/15/21		357,292
					970,900
			Florida—0.5%
Aa2		800	County of Broward Florida, Revenue Bonds 6.206%, 10/01/30		882,944
			Illinois—0.6%
Aa3		1,000	Illinois State Toll Highway Authority, Revenue Bonds 5.293%, 01/01/24		1,078,010
			New York—1.5%
Aa1		1,100	New York City Transitional Finance Authority, Revenue Bonds 4.075%, 11/01/20		1,225,719
Aa1		1,200	5.008%, 08/01/27		1,420,224
					2,645,943

See Notes to Financial Statements.

96 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			MUNICIPAL BONDS (continued)
			West Virginia—0.4%
B2	$	930	Tobacco Settlement Financial Authority of West Virginia, Revenue Bonds 7.467%, 06/01/47	$	689,772
			TOTAL MUNICIPAL BONDS (cost $5,983,659)		6,267,569
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—6.3%
A3		156	American Home Mortgage Investment Trust, Series 2004-4, Class 5A 2.751%(c), 02/25/45		134,099
Aaa		209	Bank of America Funding Corp., Series 2006-A, Class 1A1 2.653%(c), 02/20/36		189,976
NR		1,049	BCAP LLC Trust, Series 2011-RR4, Class 7A1, 144A 5.25%, 04/26/37		956,269
B3		319	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 11A2 2.69%(c), 11/25/34		292,430
B3		673	Series 2004-8, Class 13A1 2.853%(c), 11/25/34		549,137
Caa3		620	Bear Stearns Alt-A Trust, Series 2006-6, Class 31A1 2.794%(c), 11/25/36		339,788
Caa3		572	Series 2006-6, Class 32A1 2.863%(c), 11/25/36		307,576
Aaa		207	Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A2A 2.58%(c), 10/25/35		184,185
CC(d)		1,201	Series 2006-AR1, Class 1A1 2.53%(c), 10/25/35		995,734
AAA(d)		50	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.25%, 12/25/33		51,700
Baa3		112	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-R4, Class 2A, 144A 6.50%(c), 01/25/34		112,125
B2		668	Series 2004-25, Class 1A1 0.569%(c), 02/25/35		476,492
Aaa		16	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1 6.50%, 04/25/33		16,362
Aa1	EUR	800	EMF-NL, Series 2008-APRX, Class A2 (Netherlands) 1.553%(c), 04/17/41		815,181

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 97

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Aaa	$	1,089	Federal Home Loan Mortgage Corp., Series 3346, Class FA 0.47%(c), 02/15/19	$	1,088,276
Aaa		226	FHLMC Structured Pass-Through Securities, Series T-59, Class 1A2 7.00%, 10/25/43		256,273
Aaa		615	Series T-75, Class A1 0.279%(c), 12/25/36		611,432
Aaa		48	Government National Mortgage Assoc., Series 1995-2, Class KQ 8.50%, 03/20/25		54,880
Aaa		62	Series 2000-9, Class FG 0.84%(c), 02/16/30		62,534
Aaa		90	Series 2000-9, Class FH 0.74%(c), 02/16/30		90,307
Aaa		184	Series 2000-11, Class PH 7.50%, 02/20/30		193,296
Aaa		115	Granite Master Issuer PLC, Series 2006-3, Class A7 (United Kingdom) 0.34%(c), 12/20/54		110,391
Caa2		364	Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1 0.469%(c), 06/25/45		215,405
Aaa		286	GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.653%(c), 09/25/35		276,973
B2		302	Merrill Lynch Mortgage Investors, Inc., Series 2005-A10, Class A 0.449%(c), 02/25/36		217,416
A1		243	MLCC Mortgage Investors, Inc., Series 2005-2, Class 3A 1.241%(c), 10/25/35		208,421
Aaa		1,597	NCUA Guaranteed Notes, Series 2010-R2, Class 1A 0.611%(c), 11/06/17		1,597,041
Aaa		340	Sequoia Mortgage Trust, Series 10, Class 2A1 1.00%(c), 10/20/27		318,842
Baa2		114	Structured Asset Mortgage Investments, Inc., Series 2005-AR5, Class A1 0.49%(c), 07/19/35		79,392
NR		29	Structured Asset Securities Corp., Series 2001-21A, Class 1A1 2.396%(c), 01/25/32		21,278

See Notes to Financial Statements.

98 THE TARGET PORTFOLIO TRUST

MOODY’S RATINGS†	PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
			RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Baa2	$	255	Washington Mutual, Inc., Mortgage Pass-Through Certificates, Series 2002-AR6, Class A 1.558%(c), 06/25/42	$	207,691
B2		15	Series 2002-AR9, Class 1A 1.558%(c), 08/25/42		11,970
			TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $12,470,835)		11,042,872
			U.S. GOVERNMENT AGENCY OBLIGATIONS—0.8%
			Federal National Mortgage Assoc.
		91	2.311%(c), 07/01/25		92,420
		54	3.25%(c), 08/01/24		54,993
		4	5.082%(c), 12/01/30		4,494
			Government National Mortgage Assoc.
		166	1.625%, 08/20/26-07/20/30		172,034
		26	2.00%(c), 10/20/24		26,445
		278	2.25%(c), 03/20/30		288,007
		202	2.375%, 05/20/23-06/20/27		208,936
		42	2.50%(c), 02/20/25		43,473
		162	Small Business Administration Participation Certificates, Series 2008-20A, Class 1 5.17%, 01/01/28		183,677
		322	Series 2008-20D, Class 1 5.37%, 04/01/28		360,642
			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $1,374,678)		1,435,121
			U.S. TREASURY OBLIGATIONS—17.2%
		7,100	U.S. Treasury Inflationary Indexed Bonds, TIPS 0.125%, 01/15/22		7,467,516
		200	0.625%, 07/15/21		223,012
		1,100	1.125%, 01/15/21		1,312,757
		2,100	1.25%, 07/15/20		2,547,908
		200	2.375%, 01/15/25		315,167
		5,900	U.S. Treasury Notes 0.875%, 02/28/17		5,928,580
		12,400	2.00%, 11/15/21-02/15/22		12,508,815
			TOTAL U.S. TREASURY OBLIGATIONS (cost $29,936,789)		30,303,755
			TOTAL LONG-TERM INVESTMENTS (cost $164,755,665)		167,475,458
			SHORT-TERM INVESTMENTS—7.8%
			U.S. TREASURY OBLIGATIONS(n)—2.7%
		800	U.S. Treasury Bills 0.01%, 09/27/12		799,579
		1,600	0.03%, 09/06/12		1,599,319
		107	0.044%, 06/14/12		106,991
		37	0.048%, 05/10/12		36,999

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 99

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

PRINCIPAL AMOUNT (000)#			DESCRIPTION	VALUE (NOTE 1)
			U.S. TREASURY OBLIGATIONS(n) (continued)
	$	260	0.113%, 10/18/12	$	259,825
		1,700	0.124%, 09/13/12		1,699,203
		251	0.143%, 10/11/12		250,849
		64	0.145%, 08/30/12		63,977
			TOTAL U.S. TREASURY OBLIGATIONS (cost $4,816,525)		4,816,742
			CERTIFICATE OF DEPOSIT(n)—1.0%
		1,800	Itau Unibanco (cost $1,799,355) 1.00%, 05/09/12		1,799,509
SHARES
			AFFILIATED MONEY MARKET MUTUAL FUND—4.0%
		7,084,535	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $7,084,535)(w)		7,084,535

NOTIONAL AMOUNTS (000)#		OPTIONS PURCHASED*—0.1%	COUNTERPARTY
		Put Options
$	4,100	Interest Rate Swap Options, Pay a fixed rate of 3.27% and receive a floating rate based on 3-month LIBOR, expiring 09/24/12 (cost $210,467)	Credit Suisse First Boston Corp.	70,321
		TOTAL SHORT-TERM INVESTMENTS (cost $13,910,882)		13,771,107
		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.0% (cost $178,666,547; Note 5)		181,246,565
		OPTIONS WRITTEN*—(0.1%)
		Call Options—(0.1%)
	1,200	10 Year U.S. Treasury Notes expiring 05/25/12, Strike Price $128.00	Morgan Stanley	(51,750	)
	1,200	Interest Rate Swap Options, Pay a fixed rate of 2.50% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank	(48,337	)
				(100,087	)
		Put Options
	1,200	10 Year U.S. Treasury Notes expiring 05/25/12, Strike Price $128.00	Morgan Stanley	(375	)

See Notes to Financial Statements.

100 THE TARGET PORTFOLIO TRUST

NOTIONAL AMOUNTS (000)#		DESCRIPTION	COUNTERPARTY	VALUE (NOTE 1)
		Put Options (continued)
$	1,200	Interest Rate Swap Options, Pay a fixed rate of 2.50% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank	$	(1,813	)
	9,000	Pay a fixed rate of 2.75% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank		(1	)
	5,400	Pay a fixed rate of 3.00% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Bank of America		(1	)
	3,000	Pay a fixed rate of 3.00% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Barclays Capital Group		—
	5,100	Pay a fixed rate of 3.00% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Citigroup Global Markets		(1	)
	1,000	Pay a fixed rate of 3.00% and receive a floating rate based on 3-month LIBOR, expiring 06/18/12	Deutsche Bank		—
	9,600	Pay a fixed rate of 2.85% and receive a floating rate based on 3-month LIBOR, expiring 09/24/12	Credit Suisse First Boston Corp.		(39,012	)
					(41,203	)
		TOTAL OPTIONS WRITTEN (premiums received $531,773)			(141,290	)
		TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—102.9% (cost $178,134,774)			181,105,275
		Liabilities in excess of other assets(x)—(2.9%)			(5,042,824	)
		NET ASSETS—100%		$	176,062,451

The following abbreviations were used in the Portfolio descriptions:

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

CDO—Collateralized Debt Obligation

FHLMC—Federal Home Loan Mortgage Corp.

FSB—Federal Saving Bank

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

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

SLM—Student Loan Mortgage

TIPS—Treasury Inflation Protected Securities

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan

EUR—Euro

GBP—British Pound

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 101

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

SGD—Singapore Dollar

TWD—New Taiwanese Dollar

USA—United States of America

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

�� The ratings reflected are as of April 30, 2012. 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 April 30, 2012.

(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.

(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.

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

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 06/04/12	Morgan Stanley	BRL	64	$	36,597	$	33,296	$	(3,301	)
British Pound,
Expiring 05/02/12	Deutsche Bank	GBP	4,376		6,963,923		7,101,722		137,799
Chinese Yuan,
Expiring 06/01/12	Citigroup Global Markets	CNY	5,757		904,357		911,456		7,099
Expiring 02/01/13	Deutsche Bank	CNY	14,553		2,296,513		2,297,124		611
Expiring 08/05/13	Deutsche Bank	CNY	2,000		319,285		314,978		(4,307	)
Expiring 08/05/13	UBS Securities	CNY	5,656		895,677		890,790		(4,887	)
Indian Rupee,
Expiring 07/12/12	JPMorgan Chase	INR	94,534		2,033,874		1,765,558		(268,316	)
Indonesian Rupiah,
Expiring 07/02/12	Hong Kong & Shanghai Bank	IDR	8,616,000		953,625		931,502		(22,123	)
Singapore Dollar,
Expiring 05/15/12	Hong Kong & Shanghai Bank	SGD	4,552		3,621,000		3,678,110		57,110
Expiring 08/03/12	Bank of New York Mellon	SGD	4,529		3,613,403		3,660,872		47,469
South Korean Won,
Expiring 07/12/12	UBS Securities	KRW	2,086,206		1,850,457		1,836,818		(13,639	)
				$	23,488,711	$	23,422,226	$	(66,485	)

See Notes to Financial Statements.

102 THE TARGET PORTFOLIO TRUST

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 06/07/12	JPMorgan Chase	AUD	4,274	$	4,403,930	$	4,434,360	$	(30,430	)
British Pound,
Expiring 05/02/12	BNP Paribas	GBP	1,018		1,640,000		1,652,046		(12,046	)
Expiring 05/02/12	Deutsche Bank	GBP	4,477		7,090,315		7,265,633		(175,318	)
Expiring 06/01/12	Bank of New York Mellon	GBP	1,119		1,816,005		1,815,625		380
Canadian Dollar,
Expiring 06/21/12	Citigroup Global Markets	CAD	3,582		3,637,091		3,621,722		15,369
Expiring 06/21/12	Goldman Sachs & Co.	CAD	6,178		6,292,235		6,246,509		45,726
Chinese Yuan,
Expiring 02/01/13	Deutsche Bank	CNY	4,438		688,000		700,455		(12,455	)
Euro,
Expiring 06/14/12	Barclays Capital Group	EUR	9,723		12,703,021		12,872,911		(169,890	)
Expiring 06/14/12	Barclays Capital Group	EUR	69		91,386		91,354		32
Expiring 06/14/12	Royal Bank of Canada	EUR	21		27,734		27,803		(69	)
Indian Rupee,
Expiring 07/12/12	Barclays Capital Group	INR	96,831		1,758,000		1,808,442		(50,442	)
Indonesian Rupiah,
Expiring 07/02/12	UBS Securities	IDR	8,561,810		908,897		925,644		(16,747	)
Japanese Yen,
Expiring 06/07/12	Barclays Capital Group	JPY	140,983		1,715,731		1,766,432		(50,701	)
Malaysian Ringgit,
Expiring 07/16/12	JPMorgan Chase	MYR	34		11,122		11,273		(151	)
Mexican Peso,
Expiring 06/15/12	Morgan Stanley	MXN	44		3,404		3,337		67
New Taiwanese Dollar,
Expiring 06/05/12	UBS Securities	TWD	360		12,240		12,333		(93	)
Philippine Peso,
Expiring 06/08/12	Citigroup Global Markets	PHP	7		164		167		(3	)
Singapore Dollar,
Expiring 05/15/12	Bank of New York Mellon	SGD	4,529		3,664,781		3,659,502		5,279
Expiring 05/15/12	Deutsche Bank	SGD	23		18,457		18,608		(151	)
				$	46,482,513	$	46,934,156	$	(451,643	)

Interest rate swap agreements outstanding at April 30, 2012:

Notional Amount (000)		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation		Counterparty
	Over-the-counter swap agreements:
AUD	2,900		12/15/20		6.000%	6 month Australian Bank Bill rate(1)	$	364,977	$	2,033		$	362,944	Barclays Bank PLC
AUD	1,700		12/15/20		6.000%	6 month Australian Bank Bill rate(1)		213,951		(12,315	)		226,266	Citigroup
AUD	1,500		12/15/21		5.750%	6 month Australian Bank Bill rate(1)		166,238		(14,660	)		180,898	Barclays Bank PLC
AUD	4,400		06/15/22		4.750%	6 month Australian Bank Bill rate(1)		101,285		(24,445	)		125,730	Barclays Bank PLC
AUD	4,400		06/15/22		4.750%	6 month Australian Bank Bill rate(1)		101,286		(23,706	)		124,992	JPMorgan Chase

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 103

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

Interest rate swap agreements outstanding at April 30, 2012 (continued):

Notional Amount (000)		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation		Counterparty
	Over-the-counter swap agreements (continued):
AUD	1,300		06/15/22		4.750%	6 month Australian Bank Bill rate(1)	$	29,926	$	(9,180	)	$	39,106	Citigroup
AUD	100		06/15/22		4.750%	6 month Australian Bank Bill rate(1)		2,302		(546	)		2,848	UBS AG
AUD	100		06/15/22		4.750%	6 month Australian Bank Bill rate(1)		2,302		(650	)		2,952	Deutsche Bank
BRL	14,100		01/02/15		9.980%	Brazilian interbank overnight lending rate(1)		105,665		(4,974	)		110,639	JPMorgan Chase
	Exchange-traded swap agreements:
$	19,600		09/21/16		4.000%	3 month LIBOR(1)		969,626		669,247			300,379	—
							$	2,057,558	$	580,804		$	1,476,754

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

Credit default swap agreements outstanding at April 30, 2012:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Implied Credit Spread at April 30, 2012(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
Over-the-counter credit default swaps on corporate and/or sovereign issues—Sell Protection(1):
Berkshire Hathaway		03/20/13		1.000%	$	2,500		0.506%	$	13,939		$	—		$	13,939		Barclays Bank PLC
BP Capital Markets		06/20/15		5.000%		800		0.745%		110,202			7,548			102,654		Credit Suisse International
BP Capital Markets		06/20/15		5.000%		700		0.745%		96,427			13,345			83,082		Goldman Sachs
Enbridge Energy Partners		06/20/12		0.280%		200		0.292%		61			—			61		Bank of America, N.A.
Energy Transfer Partners		06/20/12		0.330%		200		0.637%		(10	)		—			(10	)	Bank of America, N.A.
Federal Republic of Brazil		03/20/16		1.000%		2,800		1.014%		1,738			(20,623	)		22,361		Citigroup
Japan Gov’t. Series 55		03/20/16		1.000%		600		0.733%		6,808			3,414			3,394		Goldman Sachs
Kinder Morgan		06/20/12		0.290%		200		0.487%		12			—			12		Bank of America, N.A.
MetLife, Inc.		06/20/12		5.000%		1,200		0.800%		13,960			2,929			11,031		Deutsche Bank
Plains All-American Pipeline		06/20/12		0.320%		200		0.380%		58			—			58		Bank of America, N.A.
Republic of Korea		03/20/16		1.000%		2,500		0.969%		5,768			1,611			4,157		Barclays Bank PLC

See Notes to Financial Statements.

104 THE TARGET PORTFOLIO TRUST

Credit default swap agreements outstanding at April 30, 2012 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Implied Credit Spread at April 30, 2012(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
Over-the-counter credit default swaps on corporate and/or sovereign issues—Sell Protection(1) (continued):
Valero Energy Corp.		06/20/12		0.320%	$	200		0.273%	$	88	$	—	$	88	Bank of America, N.A.
									$	249,051	$	8,224	$	240,827

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
Over-the-counter credit default swaps—Buy Protection(2):
Credit Agricole SA		12/20/16		1.000%	EUR	500	$	49,116		$	44,903		$	4,213		Citigroup
Credit Agricole SA		12/20/16		1.000%	EUR	300		29,469			27,602			1,867		Goldman Sachs
Dow Jones iTraxx 15		06/20/16		1.000%	EUR	2,100		250,842			354,480			(103,638	)	Morgan Stanley & Co.
Dow Jones iTraxx 16		12/20/16		5.000%	EUR	5,600		268,696			408,168			(139,472	)	Morgan Stanley & Co.
Dow Jones iTraxx 17		06/20/17		5.000%	EUR	700		48,503			60,176			(11,673	)	Bank of America, N.A.
KB Home		03/20/15		5.000%	$	4,000		(21,908	)		(177,699	)		155,791		Deutsche Bank
Exchange-traded credit default swaps—Buy Protection(2):
Dow Jones CDX IG 18 5Y Index		06/20/17		1.000%		6,400		24,095			26,246			(2,151	)	—
							$	648,813		$	743,876		$	(95,063	)

(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) 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.

(3) 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.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 105

Intermediate-Term Bond Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

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

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

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

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

	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities	$	—		$	2,387,261		$	—
Bank Loans		—			1,756,581			—
Certificate of Deposits		—			3,995,914			—
Commercial Mortgage-Backed Securities		—			4,646,360			—
Corporate Bonds		—			94,293,727			794,634
Foreign Government Bonds		—			12,351,173			—
Municipal Bonds		—			6,267,569			—
Residential Mortgage-Backed Securities		—			11,042,872			—
U.S. Government Agency Obligations		—			1,435,121			—
U.S. Treasury Obligations		—			35,120,497			—
Affiliated Money Market Mutual Fund		7,084,535			—			—
Options Purchased		—			70,321			—
Options Written		(52,125	)		(89,165	)		—
Other Financial Instruments*
Forward foreign currency exchange contracts		—			(518,128	)		—
Interest rate swap agreements		300,379			1,176,375			—
Credit default swap agreements		(2,151	)		147,915			—
Total	$	7,330,638		$	174,084,393		$	794,634

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

See Notes to Financial Statements.

106 THE TARGET PORTFOLIO TRUST

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

U.S. Treasury Obligations	19.9	%
Diversified Financial Services	16.6
Commercial Banks	11.5
Foreign Government Bonds	7.0
Residential Mortgage-Backed Securities	6.3
Affiliated Money Market Mutual Fund	4.0
Electric	4.0
Municipal Bonds	3.6
Pipelines	3.3
Oil, Gas & Consumable Fuels	3.0
Building & Construction	2.7
Commercial Mortgage-Backed Securities	2.6
Certificate Of Deposits	2.3
Insurance	1.7
Telecommunications	1.5
Metals & Mining	1.4
Asset-Backed Securities	1.4
Auto Manufacturers	1.3	%
Financial—Bank & Trust	1.2
Media	1.2
Investment Company	1.1
Bank Loans	1.0
U.S. Government Agency Obligations	0.8
Software	0.8
Electronics	0.7
Food	0.7
Tobacco	0.6
Airlines	0.4
Healthcare—Services	0.3
Options Purchased	0.1
	103.0
Options Written	(0.1	)
Liabilities in excess of other assets	(2.9	)
	100.0	%

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 107

Mortgage Backed Securities Portfolio Portfolio of Investments
As of April 30, 2012 (Unaudited)

PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—116.9%
		COMMERCIAL MORTGAGE-BACKED SECURITIES—2.0%
$	442	Bear Stearns Commercial Mortgage Securities, Series 2004-PWR4, Class A2 5.286%, 06/11/41	$	457,449
	400	GS Mortgage Securities Corp II Series 2007-GG10, Class A4 5.786%(c), 08/10/45		444,287
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $800,079)		901,736
		RESIDENTIAL MORTGAGE-BACKED SECURITIES—14.3%
	207	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 3A1 2.52%(c), 03/25/36		148,019
	141	Countrywide Alternative Loan Trust, Series 2005-73CB, Class 1A7 5.50%, 01/25/36		107,843
	383	Series 2005-85CB, Class 2A2 5.50%, 02/25/36		287,710
	448	Series 2005-J11, Class 1A3 5.50%, 11/25/35		420,530
	345	Series 2007-HY5R, Class 2A1A 5.514%(c), 03/25/47		331,604
	154	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-14, Class A3 6.25%, 09/25/36		153,678
	77	Series 2006-J2, Class 1A6 6.00%, 04/25/36		63,394
	11	Federal Home Loan Mortgage Corp., Series 74, Class F 6.00%, 10/15/20		12,031
	2	Series 83, Class Z 9.00%, 10/15/20		1,962
	16	Series 186, Class E 6.00%, 08/15/21		17,395
	4	Series 1058, Class H 8.00%, 04/15/21		5,082
	4	Series 1116, Class I 5.50%, 08/15/21		4,445
	21	Series 1120, Class L 8.00%, 07/15/21		24,763
	425	Series 2809, Class UC 4.00%, 06/15/19		452,177
	610	Series 2995, Class ST, IO 6.51%(c), 05/15/29		118,432

See Notes to Financial Statements.

108 THE TARGET PORTFOLIO TRUST

PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
$	1,759	Series 3279, Class SD, IO 6.19%(c), 02/15/37	$	243,403
	1,694	Series 3309, Class SC, IO 6.21%(c), 04/15/37		262,106
	285	Series 3787, Class AY 3.50%, 01/15/26		305,215
	330	Series 3840, Class HB 3.50%, 04/15/26		352,911
	144	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-42, Class A5 7.50%, 02/25/42		173,370
	7	Federal National Mortgage Assoc., Series 56, Class 1 6.00%, 04/01/19		7,320
	6	Series 1988-19, Class J 8.50%, 07/25/18		7,247
	3	Series 1990-10, Class L 8.50%, 02/25/20		3,631
	7	Series 1990-108, Class G 7.00%, 09/25/20		7,528
	7	Series 1991-21, Class J 7.00%, 03/25/21		7,447
	14	Series 1992-113, Class Z 7.50%, 07/25/22		16,164
	178	Series 1993-223, Class ZA 6.50%, 12/25/23		201,983
	117	Series 2001-51, Class QN 6.00%, 10/25/16		125,553
	82	Series 2003-33, Class PT 4.50%, 05/25/33		89,624
	1,153	Series 2007-22, Class SD, IO 6.161%(c), 03/25/37		187,787
	285	Series 2011-67, Class BE 3.50%, 07/25/26		305,170
	10	Series G14, Class L 8.50%, 06/25/21		11,367
	10	Series G92-24, Class Z 6.50%, 04/25/22		10,477
	51	Series G92-59, Class D 6.00%, 10/25/22		56,709
	166	Series G94-4, Class PG 8.00%, 05/25/24		190,664
	19	First Boston Mortgage Securities Corp., Series B, Class I-O, IO 8.985%, 04/25/17		2,318
	19	Series B, Class P-O, PO 2.675%(s), 04/25/17		18,620

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 109

Mortgage Backed Securities Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
$	78	Government National Mortgage Assoc., Series 2006-35, Class LO, PO 2.363%(s), 07/20/36	$	71,833
	778	Series 2006-38, Class XS, IO 7.01%(c), 09/16/35		153,900
	77	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2 2.936%(c), 04/25/35		59,173
	221	Series 2007-AR2, Class 1A1 3.342%(c), 05/25/47		135,988
	247	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3 5.50%, 06/25/37		225,890
	174	Morgan Stanley Mortgage Loan Trust, Series 2007-12, Class 3A22 6.00%, 08/25/37		149,539
	573	Residential Asset Securitization Trust, Series 2004-A3, Class A7 5.25%, 06/25/34		582,183
	155	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10, Class 5A2 2.702%(c), 07/25/36		118,044
		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $5,676,104)		6,232,229
		U.S. GOVERNMENT AGENCY OBLIGATIONS—100.6%
	4,400	Federal Home Loan Mortgage Corp. 3.50%, TBA		4,560,187
	1,741	5.00%, 10/01/35		1,884,726
	4,600	5.50%, TBA		5,008,969
	664	6.00%, 01/01/15-02/01/21		719,946
	58	6.50%, 01/01/18-06/01/22		65,220
	18	7.50%, 06/01/28		21,200
	2	8.50%, 04/01/18		1,981
	14	11.50%, 03/01/16		14,291
		Federal National Mortgage Assoc.
	800	3.00%, TBA		834,750
	1,100	3.50%, TBA		1,160,500
	1,629	4.35%, 07/01/20		1,827,101
	1,098	4.50%, 05/01/35		1,184,766
	1,064	4.57%, 06/01/20		1,203,397
	2,092	5.00%, 11/01/18-08/01/35		2,274,616
	234	5.00%, 07/01/33-09/01/34(k)		254,299
	1,000	5.00%, TBA		1,085,937
	1,000	5.50%, TBA		1,091,875

See Notes to Financial Statements.

110 THE TARGET PORTFOLIO TRUST

PRINCIPAL AMOUNT (000)#			DESCRIPTION	VALUE (NOTE 1)
			U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
$	746		5.50%, 06/01/33-05/01/36	$	823,180
	359		6.00%, 03/01/23-12/01/39		398,183
	1,300		6.00%, TBA		1,437,109
	327		6.50%, 05/01/14-08/01/17		351,943
	400		6.50%, TBA		450,500
	—	(r)	7.00%, 05/01/12-07/01/12		152
	12		8.00%, 09/01/22-12/01/22		14,245
	2		9.75%, 11/01/16		2,219
			Government National Mortgage Assoc.
	600		3.50%, TBA		631,969
	4,384		4.00%, 07/15/41-03/15/42		4,748,685
	2,200		4.50%, TBA		2,408,312
	1,056		5.00%, 04/15/40-06/15/40		1,173,139
	1,960		5.50%, 08/15/38-09/15/39		2,190,874
	2,000		5.50%, TBA		2,233,438
	1,073		6.00%, 07/15/24-12/15/40		1,212,161
	1,089		6.50%, 06/15/23-12/15/35		1,273,012
	850		7.00%, 11/15/31-11/15/33		1,001,970
	13		7.50%, 07/20/17-12/20/23		15,759
	211		8.00%, 03/15/17-11/15/30		233,638
	21		8.25%, 06/20/17-07/20/17		21,498
	34		8.50%, 04/20/17		34,011
	39		9.00%, 01/15/20		45,759
	—	(r)	9.50%, 06/15/20		450
			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $42,486,735)		43,895,967
			TOTAL LONG-TERM INVESTMENTS (cost $48,962,918)		51,029,932
SHARES			SHORT-TERM INVESTMENT—29.5%
			AFFILIATED MONEY MARKET MUTUAL FUND
	12,892,352		Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $12,892,352)(w)		12,892,352
			TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—146.4% (cost $61,855,270; Note 5)		63,922,284
PRINCIPAL AMOUNT (000)#			SECURITIES SOLD SHORT—(21.0%)
			U.S. GOVERNMENT AGENCY OBLIGATIONS
			Federal National Mortgage Assoc.
$	3,000		4.00%, TBA		(3,172,969	)
	900		4.50%, TBA		(963,562	)
	4,600		5.50%, TBA		(5,029,813	)
			TOTAL SECURITIES SOLD SHORT (proceeds received $9,106,121)		(9,166,344	)

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 111

Mortgage Backed Securities Portfolio (continued) Portfolio of Investments
As of April 30, 2012 (Unaudited)

DESCRIPTION	VALUE (NOTE 1)
TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—125.4% (cost $52,749,149)	$	54,755,940
Liabilities in excess of other assets(x)—(25.4%)		(11,107,564	)
NET ASSETS—100%	$	43,648,376

The following abbreviations are used in the Portfolio descriptions:

IO—Interest Only

PO—Principal Only Securities

TBA—To Be Announced

# 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 April 30, 2012.

(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 April 30, 2012.

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

Futures contracts open at April 30, 2012:

Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2012		Unrealized Appreciation (Depreciation)
Long Positions:
13	90 Day Euro Dollar	Jun. 2012	$	3,234,547	$	3,234,563	$	16
13	10 Year U.S. Treasury Notes	Jun. 2012		1,709,656		1,719,656		10,000
								10,016
Short Positions:
26	2 Year U.S. Treasury Notes	Jun. 2012		5,725,284		5,734,219		(8,935	)
							$	1,081

Interest rate swap agreements outstanding at April 30, 2012:

Notional Amount (000)		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation			Counterparty
$	2,250		06/24/20		5.370%	3 Month LIBOR(1)	$	(281,995	)	$	—	$	(281,995	)	Goldman Sachs

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

See Notes to Financial Statements.

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

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

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

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

	Level 1		Level 2			Level 3
Investments in Securities
Commerical Mortgage-Backed Securities	$	—	$	901,736		$	—
Residential Mortgage-Backed Securities		—		6,232,229			—
U.S. Government Agency Obligations		—		43,895,967			—
Affiliated Money Market Mutual Fund		12,892,352		—			—
Securities Sold Short—U.S. Government Agency Obligation		—		(9,166,344	)		—
Other Financial Instruments*
Futures		1,081		—			—
Interest rate swap agreements		—		(281,995	)		—
Total	$	12,893,433	$	41,581,593		$	—

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

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

U.S. Government Agency Obligations	100.6	%
Affiliated Money Market Mutual Fund	29.5
Residential Mortgage-Backed Securities	14.3
Commercial Mortgage-Backed Securities	2.0
	146.4
Securities Sold Short	(21.0	)
Liabilities in excess of other assets	(25.4	)
	100.0	%

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 113

Statement of Assets and Liabilities April 30, 2012 (Unaudited)

	LARGE CAPITALIZATION GROWTH PORTFOLIO		LARGE CAPITALIZATION VALUE PORTFOLIO		SMALL CAPITALIZATION GROWTH PORTFOLIO		SMALL CAPITALIZATION VALUE PORTFOLIO
ASSETS
Investments, at value(G):
Unaffiliated investments(A)	$	213,722,212	$	208,741,428	$	100,734,241	$	1,057,910,382
Affiliated investments(B)		19,239,932		34,020,654		22,168,163		221,704,997
Repurchase agreements(C)		—		—		—		—
Cash		3,663		—		—		—
Deposit with broker		—		—		—		—
Foreign currency, at value(D)		—		—		—		—
Receivable for Trust shares sold		248,979		220,436		124,859		1,035,567
Dividends and interest receivable		90,353		191,179		15,792		702,565
Receivable for investments sold		729,199		499,338		442,813		4,435,673
Receivable for foreign tax reclaim		1,174		3,179		—		—
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		1,180		2,951		581		5,522
Total assets		234,036,692		243,679,165		123,486,449		1,285,794,706
LIABILITIES
Collateral for securities on loan		15,476,247		30,715,439		21,780,518		163,754,213
Payable for Trust shares reacquired		268,853		261,931		125,916		958,417
Payable for investments purchased		1,387,033		991,722		342,005		8,076,993
Accrued expenses and other liabilities		131,612		113,123		99,089		315,284
Management fee payable		106,472		103,199		49,325		548,873
Affiliated transfer agent fee payable		27,029		26,297		12,818		44,438
Deferred trustees’ fees		5,599		5,599		5,599		5,599
Distribution fee payable		51,083		50,467		23,707		31,472
Payable to custodian		—		—		123,426		4,261
Dividends payable		—		—		—		—
Due to broker for variation margin		—		—		—		17,800
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		17,453,928		32,267,777		22,562,403		173,757,350
NET ASSETS	$	216,582,764	$	211,411,388	$	100,924,046	$	1,112,037,356

See Notes to Financial Statements.

114 THE TARGET PORTFOLIO TRUST

Statement of Assets and Liabilities April 30, 2012 (Unaudited) (continued)

	LARGE CAPITALIZATION GROWTH PORTFOLIO			LARGE CAPITALIZATION VALUE PORTFOLIO			SMALL CAPITALIZATION GROWTH PORTFOLIO			SMALL CAPITALIZATION VALUE PORTFOLIO
Net assets were comprised of:
Shares of beneficial interest, at par	$	14,110		$	19,522		$	8,255		$	51,804
Paid-in capital, in excess of par		188,318,688			258,386,086			106,695,453			885,501,781
		188,332,798			258,405,608			106,703,708			885,553,585
Undistributed net investment income (loss)		148,989			909,733			(406,746	)		3,337,114
Accumulated net realized gains (losses)		(33,524,623	)		(85,198,697	)		(27,593,810	)		10,264,841
Net unrealized appreciation (depreciation)		61,625,600			37,294,744			22,220,894			212,881,816
Net assets, April 30, 2012	$	216,582,764		$	211,411,388		$	100,924,046		$	1,112,037,356
(A) Identified cost of unaffiliated investments	$	152,096,715		$	171,446,684		$	78,513,347		$	845,033,706
(B) Identified cost of affiliated investments	$	19,239,932		$	34,020,654		$	22,168,163		$	221,704,997
(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	$	14,861,276		$	29,801,383		$	20,966,551		$	158,299,768
NET ASSET VALUE:
Class R:
Net Assets	$	125,527,729		$	124,564,745		$	58,579,726		$	78,040,349
Shares Outstanding		8,209,472			11,515,661			4,844,591			3,654,473
Net asset value, offering price and redemption price per share	$	15.29		$	10.82		$	12.09		$	21.35
Class T:
Net Assets	$	91,055,035		$	86,846,643		$	42,344,320		$	1,033,997,007
Shares Outstanding		5,900,062			8,006,171			3,409,945			48,149,141
Net asset value, offering price and redemption price per share	$	15.43		$	10.85		$	12.42		$	21.47

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 115

Statement of Assets and Liabilities April 30, 2012 (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO		TOTAL RETURN BOND PORTFOLIO		INTERMEDIATE- TERM BOND PORTFOLIO		MORTGAGE BACKED SECURITIES PORTFOLIO
ASSETS
Investments, at value(G):
Unaffiliated investments(A)	$	298,402,922	$	432,544,457	$	174,162,030	$	51,029,932
Affiliated investments(B)		7,953,069		849,509		7,084,535		12,892,352
Repurchase agreements(C)		—		20,700,000		—		—
Cash		—		—		—		—
Deposit with broker		—		45,000		927		—
Foreign currency, at value(D)		3,280,388		154,950		7,072		—
Receivable for Trust shares sold		363,642		1,431,755		83,335		23,417
Dividends and interest receivable		1,738,698		3,282,919		1,211,538		135,584
Receivable for investments sold		461,797		43,811,934		59,505		26,082,270
Receivable for foreign tax reclaim		377,667		—		—		—
Due from broker for variation margin		—		199,799		—		1,219
Payments made for swap agreements		—		561,912		1,621,702		—
Unrealized appreciation on swaps		—		1,648,960		1,879,462		—
Unrealized appreciation on forward currency contracts		258,357		444,118		316,941		—
Prepaid expenses and other assets		1,712		1,975		1,057		242
Total assets		312,838,252		505,677,288		186,428,104		90,165,016
LIABILITIES
Collateral for securities on loan		—		—		—		—
Payable for Trust shares reacquired		330,734		1,029,856		134,433		22,442
Payable for investments purchased		1,197,651		52,051,329		—		36,959,460
Accrued expenses and other liabilities		214,952		162,231		128,579		59,829
Management fee payable		176,624		152,268		64,743		15,945
Affiliated transfer agent fee payable		27,424		33,182		1,413		770
Deferred trustees’ fees		5,599		5,599		5,599		5,599
Distribution fee payable		51,475		64,011		—		—
Payable to custodian		203,898		—		6,303,641		—
Dividends payable		—		6,634		8,292		4,256
Due to broker		—		1,070,000		1,230,000		—
Due to broker for variation margin		—		—		966,852		—
Options written(E)		—		471,363		141,290		—
Payments received for swap agreements		—		235,013		288,798		—
Unrealized depreciation on swaps		—		976,597		256,944		281,995
Unrealized depreciation on forward currency contracts		—		838,898		835,069		—
Securities sold short, at value(F)		—		29,980,316		—		9,166,344
Total liabilities		2,208,357		87,077,297		10,365,653		46,516,640
NET ASSETS	$	310,629,895	$	418,599,991	$	176,062,451	$	43,648,376

See Notes to Financial Statements.

116 THE TARGET PORTFOLIO TRUST

Statement of Assets and Liabilities April 30, 2012 (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO			TOTAL RETURN BOND PORTFOLIO		INTERMEDIATE- TERM BOND PORTFOLIO			MORTGAGE BACKED SECURITIES PORTFOLIO
Net assets were comprised of:
Shares of beneficial interest, at par	$	27,800		$	37,241	$	16,704		$	4,043
Paid-in capital, in excess of par		345,914,840			400,157,799		172,279,447			45,281,457
		345,942,640			400,195,040		172,296,151			45,285,500
Undistributednet investment income (loss)		1,994,715			716,624		586,970			95,698
Accumulatednet realized gains (losses)		(38,009,145	)		825,907		(716,511	)		(3,458,699	)
Net unrealized appreciation (depreciation)		701,685			16,862,420		3,895,841			1,725,877
Net assets, April 30, 2012	$	310,629,895		$	418,599,991	$	176,062,451		$	43,648,376
(A) Identified cost of unaffiliated investments	$	298,028,276		$	415,942,048	$	171,582,012		$	48,962,918
(B) Identified cost of affiliated investments	$	7,953,069		$	849,509	$	7,084,535		$	12,892,352
(C) Identified cost of repurchase agreements		—		$	20,700,000		—			—
(D) Identified cost of currency	$	3,243,209		$	153,539	$	7,004			—
(E) Premiums received from options written		—		$	613,995	$	531,773			—
(F) Proceeds received from short sales		—		$	29,898,594		—		$	9,106,121
(G) Including securities on loan of		—			—		—			—
NET ASSET VALUE:
Class Q:
Net Assets	$	113,940,255			—		—			—
Shares Outstanding		10,185,934			—		—			—
Net asset value, offering price and redemption price per share	$	11.19			—		—			—
Class R:
Net Assets	$	127,548,179		$	159,077,403		—			—
Shares Outstanding		11,430,191			14,233,811		—			—
Net asset value, offering price and redemption price per share	$	11.16		$	11.18		—			—
Class T:
Net Assets	$	69,141,461		$	259,522,588	$	176,062,451		$	43,648,376
Shares Outstanding		6,184,065			23,006,980		16,704,192			4,042,669
Net asset value, offering price and redemption price per share	$	11.18		$	11.28	$	10.54		$	10.80

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 117

Statement of Operations

Six Months Ended April 30, 2012 (Unaudited)

	LARGE CAPITALIZATION GROWTH PORTFOLIO			LARGE CAPITALIZATION VALUE PORTFOLIO			SMALL CAPITALIZATION GROWTH PORTFOLIO			SMALL CAPITALIZATION VALUE PORTFOLIO
NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	1,319,413		$	2,936,103		$	151,054		$	10,142,223
Affiliated dividend income		4,753			5,759			600			55,287
Less: Foreign withholding taxes		(2,431	)		(24,806	)		—			(54,856	)
Affiliated income from securities lending, net		15,690			11,799			40,376			451,443
Unaffiliated interest		—			—			—			293
Total income		1,337,425			2,928,855			192,030			10,594,390
Expenses
Management fee		622,007			607,655			290,967			3,065,938
Loan interest expense (Note 7)		—			—			24			—
Distribution fee—Class R		294,436			292,603			137,073			181,404
Transfer agent’s fees and expenses(a)		113,000			107,000			62,000			250,000
Custodian’s fees and expenses		72,000			54,000			30,000			122,000
Reports to shareholders		21,000			25,000			22,000			52,000
Registration fees		16,000			16,000			15,000			22,000
Legal fees		9,000			9,000			9,000			12,000
Trustees’ fees		7,000			7,000			6,000			16,000
Audit fees		12,000			12,000			13,000			16,000
Miscellaneous		8,808			11,302			7,604			19,798
Total expenses		1,175,251			1,141,560			592,668			3,757,140
Net investment income (loss)		162,174			1,787,295			(400,638	)		6,837,250
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		8,353,345			8,655,915			2,164,930			22,942,095
Futures transactions		—			—			—			501,054
Foreign currency transactions		500			(101	)		—			—
Options written transactions		—			—			—			—
Swap agreement transactions		—			—			—			—
Short sale transactions		—			—			—			—
Total net realized gain (loss)		8,353,845			8,655,814			2,164,930			23,443,149
Net change in unrealized appreciation (depreciation) on:
Investments		17,182,386			10,549,071			7,951,728			70,186,799
Futures		—			—			—			(345,940	)
Foreign currencies		(423	)		—			—			—
Options written		—			—			—			—
Swaps		—			—			—			—
Short sales		—			—			—			—
Net change in unrealized appreciation (depreciation)		17,181,963			10,549,071			7,951,728			69,840,859
Net gain (loss)		25,535,808			19,204,885			10,116,658			93,284,008
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,697,982		$	20,992,180		$	9,716,020		$	100,121,258
(a) ��Including affiliated expense of	$	75,000		$	75,000		$	35,000		$	126,000

See Notes to Financial Statements.

118 THE TARGET PORTFOLIO TRUST

Statement of Operations

Six Months Ended April 30, 2012 (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO			TOTAL RETURN BOND PORTFOLIO			INTERMEDIATE- TERM BOND PORTFOLIO				MORTGAGE BACKED SECURITIES PORTFOLIO
NET INVESTMENT INCOME (LOSS)
Income
Unaffiliated dividend income	$	5,317,963		$	—		$	—			$	—
Affiliated dividend income		10,297			2,078			687				15,730
Less: Foreign withholding taxes		(369,465	)		—			(106	)			—
Unaffiliated interest		—			6,790,221			3,040,791				770,817
Total income		4,958,795			6,792,299			3,041,372				786,547
Expenses
Management fee		1,032,577			883,069			399,872				88,926
Interest expense		—			—			5,894				—
Distribution fee—Class R		291,180			350,137			—				—
Transfer agent’s fees and expenses(a)		133,000			171,000			54,000				15,000
Custodian’s fees and expenses		116,000			77,000			58,000				30,000
Reports to shareholders		27,000			27,000			19,000				12,000
Registration fees		19,000			18,000			14,000				9,000
Legal fees		12,000			10,000			9,000				8,000
Trustees’ fees		9,000			9,000			7,000				5,000
Audit fees		16,000			30,000			28,000				16,000
Miscellaneous		27,778			15,837			11,003				5,685
Total expenses		1,683,535			1,591,043			605,769				189,611
Net investment income (loss)		3,275,260			5,201,256			2,435,603				596,936
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		(4,353,442	)		2,594,934			88,558				565,782
Futures transactions		—			(141,722	)		941,396				(62,164	)
Foreign currency transactions		372,431			(1,276,947	)		(1,054,491	)			—
Options written transactions		—			142,694			124,208				—
Swap agreement transactions		—			973,021			384,339				(72,355	)
Short sale transactions		—			(555,154	)		(45,500	)	��		(84,023	)
Total net realized gain (loss)		(3,981,011	)		1,736,826			438,510				347,240
Net change in unrealized appreciation (depreciation) on:
Investments and other assets		10,878,763			6,635,748			2,998,406				137,859
Futures		—			(110,192	)		(798,225	)			2,298
Foreign currencies		42,337			1,591,223			1,596,056				—
Options written		—			78,016			114,737				—
Swaps		—			(811,268	)		171,572				4,833
Short sales		—			(35,941	)		—				(54,598	)
Net change in unrealized appreciation (depreciation)		10,921,100			7,347,586			4,082,546				90,392
Net gain (loss)		6,940,089			9,084,412			4,521,056				437,632
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,215,349		$	14,285,668		$	6,956,659			$	1,034,568
(a)  Including affiliated expense of	$	75,000		$	94,000		$	4,000			$	2,000

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 119

Statement of Changes in Net Assets (Unaudited)

	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	162,174		$	354,346
Net realized gain on investment and foreign currency transactions		8,353,845			19,332,032
Net change in unrealized appreciation (depreciation) of investments		17,181,963			(5,557,159	)
Net increase in net assets resulting from operations		25,697,982			14,129,219
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		—			—
Class T		(302,875	)		(310,242	)
Total dividends from net investment income		(302,875	)		(310,242	)
Trust share transactions (Note 6)
Net proceeds from shares sold		20,314,794			45,987,894
Net asset value of shares issued in reinvestment of dividends and distributions		292,761			302,077
Cost of shares reacquired		(33,824,065	)		(65,930,611	)
Net decrease in net assets from Trust share transactions		(13,216,510	)		(19,640,640	)
Total increase (decrease)		12,178,597			(5,821,663	)
NET ASSETS
Beginning of period		204,404,167			210,225,830
End of period(a)	$	216,582,764		$	204,404,167
(a) Includes undistributed net investment income of	$	148,989		$	289,690

See Notes to Financial Statements.

120 THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (Unaudited) (continued)

	LARGE CAPITALIZATION VALUE PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	1,787,295		$	3,198,169
Net realized gain on investment and foreign currency transactions		8,655,814			10,800,354
Net change in unrealized appreciation (depreciation) of investments		10,549,071			(5,810,052	)
Net increase in net assets resulting from operations		20,992,180			8,188,471
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(1,713,677	)		(1,256,153	)
Class T		(1,696,624	)		(1,800,447	)
Total dividends from net investment income		(3,410,301	)		(3,056,600	)
Trust share transactions (Note 6)
Net proceeds from shares sold		20,873,842			50,859,161
Net asset value of shares issued in reinvestment of dividends and distributions		3,357,595			3,009,450
Cost of shares reacquired		(31,007,272	)		(64,799,524	)
Net decrease in net assets from Trust share transactions		(6,775,835	)		(10,930,913	)
Total increase (decrease)		10,806,044			(5,799,042	)
NET ASSETS
Beginning of period		200,605,344			206,404,386
End of period(a)	$	211,411,388		$	200,605,344
(a) Includes undistributed net investment income of	$	909,733		$	2,532,739

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 121

Statement of Changes in Net Assets (Unaudited) (continued)

	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss	$	(400,638	)	$	(526,375	)
Net realized gain on investment and foreign currency transactions		2,164,930			19,144,294
Net change in unrealized appreciation (depreciation) of investments		7,951,728			(4,951,558	)
Net increase in net assets resulting from operations		9,716,020			13,666,361
Trust share transactions (Note 6)
Net proceeds from shares sold		11,063,002			28,492,814
Net asset value of shares issued in reinvestment of dividends and distributions		—			—
Cost of shares reacquired		(16,017,893	)		(38,798,427	)
Net decrease in net assets from Trust share transactions		(4,954,891	)		(10,305,613	)
Total increase		4,761,129			3,360,748
NET ASSETS
Beginning of period		96,162,917			92,802,169
End of period	$	100,924,046		$	96,162,917

See Notes to Financial Statements.

122 THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (Unaudited) (continued)

	SMALL CAPITALIZATION VALUE PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	6,837,250		$	9,556,843
Net realized gain on investment and foreign currency transactions		23,443,149			51,844,164
Net change in unrealized appreciation (depreciation) of investments		69,840,859			3,206,953
Net increase in net assets resulting from operations		100,121,258			64,607,960
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(475,538	)		(251,514	)
Class T		(10,416,661	)		(7,554,613	)
Total dividends from net investment income		(10,892,199	)		(7,806,127	)
Distributions from net realized gains
Class R		(2,289,461	)		—
Class T		(28,632,649	)		—
Total distributions from net realized gains		(30,922,110	)		—
Trust share transactions (Note 6)
Net proceeds from shares sold		189,298,797			346,237,356
Net asset value of shares issued in reinvestment of dividends and distributions		37,439,503			6,956,118
Cost of shares reacquired		(133,043,297	)		(303,307,277	)
Net increase in net assets from Trust share transactions		93,695,003			49,886,197
Total increase		152,001,952			106,688,030
NET ASSETS
Beginning of period		960,035,404			853,347,374
End of period(a)	$	1,112,037,356		$	960,035,404
(a) Includes undistributed net investment income of	$	3,337,114		$	7,392,063

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 123

Statement of Changes in Net Assets (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	3,275,260		$	6,566,178
Net realized loss on investment and foreign currency transactions		(3,981,011	)		(4,093,887	)
Net change in unrealized appreciation (depreciation) of investments		10,921,100			(23,310,395	)
Net increase (decrease) in net assets resulting from operations		10,215,349			(20,838,104	)
Dividends and Distributions (Note 1)
Dividends from net investment income
Class Q		(2,649,607	)		—
Class R		(1,926,777	)		(924,975	)
Class T		(1,679,297	)		(1,553,315	)
Total dividends from net investment income		(6,255,681	)		(2,478,290	)
Trust share transactions (Note 6)
Net proceeds from shares sold		40,665,856			199,728,217
Net asset value of shares issued in reinvestment of dividends and distributions		6,222,967			2,450,416
Cost of shares reacquired		(31,903,405	)		(65,389,746	)
Net increase in net assets from Trust share transactions		14,985,418			136,788,887
Total increase		18,945,086			113,472,493
NET ASSETS
Beginning of period		291,684,809			178,212,316
End of period(a)	$	310,629,895		$	291,684,809
(a) Includes undistributed net investment income of	$	1,994,715		$	4,975,136

See Notes to Financial Statements.

124 THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (Unaudited) (continued)

	TOTAL RETURN BOND PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	5,201,256		$	10,400,192
Net realized gain on investment and foreign currency transactions		1,736,826			70,621
Net change in unrealized appreciation (depreciation) of investments		7,347,586			(1,105,578	)
Net increase in net assets resulting from operations		14,285,668			9,365,235
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(1,707,093	)		(2,958,289	)
Class T		(3,703,078	)		(7,513,396	)
Total dividends from net investment income		(5,410,171	)		(10,471,685	)
Distributions from net realized gains
Class R		—			(3,301,173	)
Class T		—			(8,246,685	)
Total distributions from net realized gains		—			(11,547,858	)
Trust share transactions (Note 6)
Net proceeds from shares sold		78,545,170			142,552,732
Net asset value of shares issued in reinvestment of dividends and distributions		5,363,895			22,062,856
Cost of shares reacquired		(56,619,596	)		(139,477,523	)
Net increase in net assets from Trust share transactions		27,289,469			25,138,065
Total increase		36,164,966			12,483,757
NET ASSETS
Beginning of period		382,435,025			369,951,268
End of period(a)	$	418,599,991		$	382,435,025
(a) Includes undistributed net investment income of	$	716,624		$	925,539

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 125

Statement of Changes in Net Assets (Unaudited) (continued)

	INTERMEDIATE-TERM BOND PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	2,435,603		$	5,484,897
Net realized gain on investment and foreign currency transactions		438,510			4,842,804
Net change in unrealized appreciation (depreciation) of investments		4,082,546			(5,942,648	)
Net increase in net assets resulting from operations		6,956,659			4,385,053
Dividends and Distributions (Note 1)
Dividends from net investment income		(5,260,770	)		(7,492,175	)
Distributions from net realized gains		(972,354	)		(8,139,626	)
Trust share transactions (Note 6)
Net proceeds from shares sold		11,582,242			35,487,485
Net asset value of shares issued in reinvestment of dividends and distributions		6,074,125			15,323,051
Cost of shares reacquired		(24,688,083	)		(106,009,822	)
Net decrease in net assets from Trust share transactions		(7,031,716	)		(55,199,286	)
Total decrease		(6,308,181	)		(66,446,034	)
NET ASSETS
Beginning of period		182,370,632			248,816,666
End of period(a)	$	176,062,451		$	182,370,632
(a) Includes undistributed net investment income	$	586,970		$	3,412,137

See Notes to Financial Statements.

126 THE TARGET PORTFOLIO TRUST

Statement of Changes in Net Assets (Unaudited) (continued)

	MORTGAGE BACKED SECURITIES PORTFOLIO
	Six Months Ended April 30, 2012			Year Ended October 31, 2011
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	596,936		$	1,589,946
Net realized gain on investment transactions		347,240			845,536
Net change in unrealized appreciation (depreciation) of investments		90,392			(712,912	)
Net increase in net assets resulting from operations		1,034,568			1,722,570
Dividends and Distributions (Note 1)
Dividends from net investment income		(593,739	)		(1,498,727	)
Trust share transactions (Note 6)
Net proceeds from shares sold		12,452,393			10,685,987
Net asset value of shares issued in reinvestment of dividends and distributions		567,012			1,484,331
Cost of shares reacquired		(5,092,921	)		(13,269,886	)
Net increase (decrease) in net assets from Trust share transactions		7,926,484			(1,099,568	)
Total increase (decrease)		8,367,313			(875,725	)
NET ASSETS
Beginning of period		35,281,063			36,156,788
End of period(a)	$	43,648,376		$	35,281,063
(a) Includes undistributed net investment income of	$	95,698		$	92,501

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 127

Notes to Financial Statements (Unaudited)

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 eight separate portfolios (the “Portfolio” or “Portfolios”). All the Portfolios are diversified, as defined under the Investment Company Act of 1940, as amended, (“1940 Act”). 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;

• International Equity Portfolio—capital appreciation through investment primarily in stocks of foreign companies;

• 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;

The ability of issuers of debt securities 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.

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

128 THE TARGET PORTFOLIO TRUST

closing price (NOCP) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the 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 may hold 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.

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, 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).

Short-term debt securities of sufficient credit quality held by the 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 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.”

THE TARGET PORTFOLIO TRUST 129

Subsequent 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.

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

130 THE TARGET PORTFOLIO TRUST

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 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.

THE TARGET PORTFOLIO TRUST 131

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. Swap agreements are negotiated in the over-the-counter market and may be executed either directly with counterparty (“OTC Traded”) or through a central clearing facility, such as a registered commodities exchange (“Exchange Traded”). Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Upon entering into an exchange traded swap, the Portfolio pledges with the cleaning broker an initial margin and thereafter, pays or receives an amount, known as “variation margin”, based on daily changes in valuation of swap contract. Payments received or paid by the 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. Certain Portfolios took an active short position with respect to the likelihood of a particular issuer’s default

132 THE TARGET PORTFOLIO TRUST

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.

Total Return Swap: In a total return swap, one party would receive payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pay a fixed amount. The Portfolio is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. Mortgage Backed Securities entered into total return swaps to manage its exposure to an index. The Portfolio’s maximum risk

THE TARGET PORTFOLIO TRUST 133

of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract. 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.

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 April 30, 2012, none of the Portfolios have met conditions under such agreements, which give the counterparty the right to call for an early termination.

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 April 30, 2012 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 to broker for variation margin	$	5,140	*	—		—

134 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
International Equity
Foreign exchange contracts	Unrealized appreciation on forward currency contracts	$	258,357		—		—
Total Return Bond
Interest rate contracts	Payments made for swap agreements	$	201,365		Due from broker for variation margin	$	71,750	*
Interest rate contracts	Unrealized appreciation on swaps		1,424,297		Payments received for swap agreements		119,399
Interest rate contracts	—		—		Unrealized depreciation on swaps		130,342
Interest rate contracts	—		—		Options written		471,363
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		444,118		Unrealized depreciation on forward currency contracts		838,898
Credit contracts	Unrealized appreciation on swaps		224,663		Unrealized depreciation on swaps		846,255
Credit contracts	Payments made for swap agreements		360,547		Payments received for swap agreements		115,614
Total		$	2,654,990			$	2,593,621
Intermediate-Term Bond
Interest rate contracts	Unaffiliated investments	$	70,321		Options written	$	141,290
Interest rate contracts	Unrealized appreciation on swaps		1,476,754		—		—
Interest rate contracts	Payments made for swap agreements		671,280		Payments received for swap agreements		90,476
Foreign exchange contracts	Unrealized appreciation on forward currency contracts		316,941		Unrealized depreciation on forward currency contracts		835,069
Credit contracts	Unrealized appreciation on swaps		402,708		Unrealized depreciation on swaps		256,944
Credit contracts	Payments made for swap agreements		950,422		Payments received for swap agreements		198,322
Total		$	3,888,426			$	1,522,101
Mortgage Backed Securities
Interest rate contracts	Due from broker for variation margin	$	10,016	*	Due from broker for variation margin	$	8,935	*
Interest rate contracts	—		—		Unrealized depreciation on swaps		(281,995	)
Total		$	10,016			$	(273,060	)

* 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 TARGET PORTFOLIO TRUST 135

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

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights		Options Purchased		Futures			Options Written		Swaps			Forward Currency Contracts			Total
Small Capitalization Value
Equity contracts	$	—	$	—	$	501,054		$	—	$	—		$	—		$	501,054
International Equity
Foreign exchange contracts	$	—	$	—	$	—		$	—	$	—		$	444,346		$	444,346
Equity contracts		141,194		—		—			—		—			—			141,194
Total	$	141,194	$	—	$	—		$	—	$	—		$	444,346		$	585,540
Total Return Bond
Interest rate contracts	$	—	$	—	$	(141,722	)	$	119,073	$	1,080,105		$	—		$	1,057,456
Foreign exchange contracts		—		—		—					—			(1,349,745	)		(1,349,745	)
Credit contracts		—		—		—			23,621		(107,084	)		—			(83,463	)
Total	$	—	$	—	$	(141,722	)	$	142,694	$	973,021		$	(1,349,745	)	$	(375,752	)
Intermediate-Term Bond
Interest rate contracts	$	—	$	12,038	$	941,396		$	124,208	$	507,128		$	—		$	1,584,770
Foreign exchange contracts		—		—		—			—		—			(2,041,031	)		(2,041,031	)
Credit contracts		—		—		—			—		(122,789	)		—			(122,789	)
Total	$	—	$	12,038	$	941,396		$	124,208	$	384,339		$	(2,041,031	)	$	(579,050	)
Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	(62,164	)	$	—	$	(72,355	)	$	—		$	(134,519	)
Total	$	—	$	—	$	(62,164	)	$	—	$	(72,355	)	$	—		$	(134,519	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights		Options Purchased		Futures			Options Written		Swaps			Forward Currency Contracts		Total
Small Capitalization Value
Equity contracts	$	—	$	—	$	(345,940	)	$	—	$	—		$	—	$	(345,940	)
International Equity
Foreign exchange contracts	$	—	$	—	$	—		$	—	$	—		$	603	$	603
Total Return Bond
Interest rate contracts	$	—	$	—	$	(110,192	)	$	78,016	$	(164,593	)	$	—	$	(196,769	)
Foreign exchange contracts		—		—		—			—		—			1,608,472		1,608,472
Credit contracts		—		—		—			—		(646,675	)		—		(646,675	)
Total	$	—	$	—	$	(110,192	)	$	78,016	$	(811,268	)	$	1,608,472	$	765,028

136 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		Options Purchased			Futures			Options Written		Swaps			Forward Currency Contracts		Total
Intermediate-Term Bond
Interest rate contracts	$	—	$	(214,598	)	$	(798,225	)	$	114,737	$	738,305		$	—	$	(159,781	)
Foreign exchange contracts		—		—			—			—		—			1,615,588		1,615,588
Credit contracts		—		—			—			—		(566,733	)		—		(566,733	)
Total	$	—	$	(214,598	)	$	(798,225	)	$	114,737	$	171,572		$	1,615,588	$	889,074
Mortgage Backed Securities
Interest rate contracts	$	—	$	—		$	2,298		$	—	$	(407	)	$	—	$	1,891
Credit contracts		—					—			—		5,240			—		5,240
Total	$	—	$	—		$	2,298		$	—	$	4,833		$	—	$	7,131

For the six months ended April 30, 2012, the average volume of derivative activities are as follows:

Portfolio	Options Purchased(1)		Options Written(2)		Futures Contracts - Long Positions(3)		Futures Contracts - Short Positions(3)		Forward foreign currency exchange purchase contracts(4)
Small Capitalization Value	$	—	$	—	$	2,449,483	$	—	$	—
International Equity		—		—		—		—		—
Total Return Bond		—		356,414		14,337,985		16,266,526		37,681,842
Intermediate-Term Bond		210,467		563,928		42,729,233		—		24,066,064
Mortgage Backed Securities		—		—		3,802,026		6,469,855		—

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)		Total Return swap agreements(6)
Small Capitalization Value	$	—	$	—	$	—	$	—	$	—
International Equity		8,041,238		—		—		—		—
Total Return Bond		87,617,489		71,788,231		47,822,900		5,133,333		—
Intermediate-Term Bond		45,654,592		33,819,986		18,667,386		15,100,000		—
Mortgage Backed Securities		—		10,750,000		—		—		1,125,797

(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 137

Securities Lending: The Portfolio may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the 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 securities 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 fluctuations 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 gains or losses from investment and currency transactions on sales of portfolio securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis which may require the use of certain estimates by management. 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. The Trust invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. These estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs. Net investment income or loss (other than distributions fees which are charged directly to the respective class), and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Total Return Bond Portfolio, Intermediate-Term Bond Portfolio, and Mortgage Backed Securities 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.

138 THE TARGET PORTFOLIO TRUST

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.

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 sub-advisers. PI supervises the sub-advisers’ performance of advisory services and makes recommendations to the Trustees as to whether the sub-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 sub-advisers noted below each furnished investment advisory services in connection with the management of the Portfolios. Each of the sub-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 sub-advisers, as PI deems appropriate. In order to maintain an approximate allocation between the sub-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 April 30, 2012, 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 LLC., Hotchkis and Wiley Capital Management, LLC and Eaton Vance Management*
Small Capitalization Growth	Eagle Asset Management, Inc. and Emerald Mutual Fund Advisers Trust, effective January 17, 2012
Small Capitalization Value	NFJ Investment Group L.P. , EARNEST Partners, LLC, Lee Munder Capital Group LLC, 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	Wellington Management Company, LLP

* Effective on or about July 16, 2012, Epoch Investment Partners, Inc will replace Eaton Vance Management as a subadviser for the Large Capitalization Value Portfolio.

THE TARGET PORTFOLIO TRUST 139

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 sub-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	%

The Trust has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class Q, Class R and Class T 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 Q and 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 six months ended April 30, 2012, PIMS has contractually agreed to limit such fees to 0.50% of the average daily net assets of the Class R shares through February 28, 2013.

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.

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Trust’s security lending agent. For the six months ended April 30, 2012, PIM was compensated for these services by the following Portfolios of the Trust:

Portfolio	PIM
Large Capitalization Growth	$	4,716
Large Capitalization Value		3,545
Small Capitalization Growth		12,071
Small Capitalization Value		134,310

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

140 THE TARGET PORTFOLIO TRUST

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments and U.S. Government securities, for the six months ended April 30, 2012, were as follows:

Portfolio	Purchases		Sales
Large Capitalization Growth	$	59,486,729	$	69,006,915
Large Capitalization Value		66,708,006		72,342,261
Small Capitalization Growth		40,406,981		45,394,751
Small Capitalization Value		220,173,012		165,875,763
International Equity		29,403,487		19,458,548
Total Return Bond		456,577,482		508,811,558
Intermediate-Term Bond		25,522,424		70,466,868
Mortgage Backed Securities		175,735,377		171,805,080

Transactions in options written during the six months ended April 30, 2012, were as follows:

Intermediate-Term Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2011		53,300		$	580,005
Written options		2,640			77,928
Expired options		—			—
Closed options		(20,200	)		(126,160	)
Options outstanding at April 30, 2012		35,740		$	531,773
Total Return Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2011		47,300		$	416,073
Written options		90,600			613,996
Expired options		(25,500	)		(276,911	)
Closed options		(72,800	)		(139,163	)
Options outstanding at April 30, 2012		39,600		$	613,995

Note 5. Tax Information

For federal income tax purposes, certain Portfolios had capital loss carryforwards as of October 31, 2011 of approximately:

	Expiring October 31,
	2012		2013		2014		2015		2016		2017		2018		2019		Total
Large Capitalization Growth	$	—	$	—	$	—	$	—	$	4,808,000	$	32,835,000	$	—	$	—	$	37,643,000
Large Capitalization Value		—		—		—		—		8,553,000		74,753,000		221,000		—		83,527,000
Small Capitalization Growth		—		—		—		—		2,396,000		26,562,000		—		—		28,958,000
International Equity		—		—		—		—		1,524,000		28,616,000		—		2,738,000		32,878,000
Mortgage Backed Securities		—		—		1,457,000		900,000		531,000		958,000		—		—		3,846,000
Total Return Bond		—		—		—		—		—		—		—		527,000		527,000

THE TARGET PORTFOLIO TRUST 141

Accordingly, no capital gain distributions are expected to be paid to shareholders until future net gains have been realized in excess of such carryforwards. Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), the Portfolios are permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. However, any post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to the taxable years beginning prior to the effective date of the Act may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The federal income tax basis of the Portfolio’s investments and the net unrealized appreciation/ depreciation as of April 30, 2012 were as follows:

	Tax Basis		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Large Capitalization Growth	$	175,572,439	$	60,500,165	$	(3,110,460	)	$	57,389,705
Large Capitalization Value		215,794,223		31,396,074		(4,428,215	)		26,967,859
Small Capitalization Growth		101,481,853		25,147,385		(3,726,834	)		21,420,551
Small Capitalization Value		1,078,056,940		239,138,858		(37,580,419	)		201,558,439
International Equity		307,269,737		38,332,645		(39,246,391	)		(913,746	)
Total Return Bond		438,844,112		17,768,091		(2,518,237	)		15,249,854
Intermediate-Term Bond		180,116,235		4,159,630		(3,029,300	)		1,130,330
Mortgage Backed Securities		61,866,286		2,479,380		(423,383	)		2,055,997

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

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. 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 Portfolios received amounts related to settlements of regulatory proceedings involving allegations of improper trading. The per share effect of these amounts is disclosed in the financial highlights.

	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

142 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
Period Ended April 30, 2012:
Sold		1,229,182		$	17,410,781			203,975		$	2,904,013
Reinvested		—			—			22,196			292,761
Redeemed		(1,297,299	)		(18,855,362	)		(1,051,714	)		(14,968,703	)
Net Increase (Decrease)		(68,117	)	$	(1,444,581	)		(825,543	)	$	(11,771,929	)
Year Ended October 31, 2011:
Sold		2,816,204		$	38,117,451			577,380		$	7,870,443
Reinvested		—			—			22,526			302,077
Redeemed		(2,351,978	)		(31,911,333	)		(2,471,202	)		(34,019,278	)
Net Increase (Decrease)		464,226		$	6,206,118			(1,871,296	)	$	(25,846,758	)
Large Capitalization Value
Period Ended April 30, 2012:
Sold		1,720,569		$	17,694,207			309,327		$	3,179,635
Reinvested		180,008			1,713,677			172,499			1,643,918
Redeemed		(1,822,623	)		(18,612,431	)		(1,216,566	)		(12,394,841	)
Net Increase (Decrease)		77,954		$	795,453			(734,740	)	$	(7,571,288	)
Year Ended October 31, 2011:
Sold		4,173,124		$	42,081,540			860,501		$	8,777,621
Reinvested		124,372			1,256,153			173,422			1,753,297
Redeemed		(2,857,323	)		(29,120,411	)		(3,448,245	)		(35,679,113	)
Net Increase (Decrease)		1,440,173		$	14,217,282			(2,414,322	)	$	(25,148,195	)
Small Capitalization Growth
Period Ended April 30, 2012:
Sold		898,543		$	10,232,434			71,595		$	830,568
Reinvested		—			—			—			—
Redeemed		(823,904	)		(9,493,969	)		(562,554	)		(6,523,924	)
Net Increase (Decrease)		74,639		$	738,465			(490,959	)	$	(5,693,356	)
Year Ended October 31, 2011:
Sold		2,239,152		$	24,344,979			368,799		$	4,147,835
Reinvested		—			—			—			—
Redeemed		(1,717,953	)		(19,145,178	)		(1,728,981	)		(19,653,249	)
Net Increase (Decrease)		521,199		$	5,199,801			(1,360,182	)	$	(15,505,414	)
Small Capitalization Value
Period Ended April 30, 2012:
Sold		728,114		$	14,949,414			8,347,100		$	174,349,383
Reinvested		144,010			2,764,999			1,799,404			34,674,504
Redeemed		(677,898	)		(13,689,041	)		(5,780,466	)		(119,354,256	)
Net Increase (Decrease)		194,226		$	4,025,372			4,366,038		$	89,669,631
Year Ended October 31, 2011:
Sold		1,762,400		$	35,858,712			14,715,096		$	310,378,644
Reinvested		12,402			251,514			329,465			6,704,604
Redeemed		(1,111,170	)		(23,053,163	)		(13,529,063	)		(280,254,114	)
Net Increase (Decrease)		663,632		$	13,057,063			1,515,498		$	36,829,134

THE TARGET PORTFOLIO TRUST 143

	Class Q*						Class R						Class T
	Shares			Amount			Shares			Amount			Shares			Amount
International Equity
Period Ended April 30, 2012:
Sold		603,201		$	6,564,487			2,889,459		$	31,207,748			265,562		$	2,893,621
Reinvested		257,744			2,649,607			187,429			1,926,776			160,174			1,646,584
Redeemed		(441,817	)		(4,791,708	)		(1,512,289	)		(16,562,651	)		(974,004	)		(10,549,046	)
Net Increase (Decrease)		419,128		$	4,422,386			1,564,599		$	16,571,873			(548,268	)	$	(6,008,841	)
Year Ended October 31, 2011:
Sold		1,023,837		$	11,246,758			5,147,523		$	60,065,463			10,416,360		$	128,415,996
Reinvested		—			—			79,602			924,975			131,164			1,525,441
Redeemed		(608,944	)		(7,220,510	)		(2,055,676	)		(24,384,369	)		(2,780,213	)		(33,784,867	)
		414,893			4,026,248			3,171,449			36,606,069			7,767,311			96,156,570
Shares issued upon conversion from Class T		9,351,913			118,675,777			—			—			—			—
Shares reacquired upon conversion into Class Q		—			—			—			—			(9,351,913	)		(118,675,777	)
Net Increase (Decrease)		9,766,806		$	122,702,025			3,171,449		$	36,606,069			(1,584,602	)	$	(22,519,207	)
Total Return Bond
Period Ended April 30, 2012:
Sold								3,961,438		$	43,760,558			3,119,718		$	34,784,612
Reinvested								154,166			1,707,093			327,631			3,656,802
Redeemed								(1,562,477	)		(17,259,083	)		(3,536,450	)		(39,360,513	)
Net Increase (Decrease)								2,553,127		$	28,208,568			(89,101	)	$	(919,099	)
Year Ended October 31, 2011:
Sold								5,980,875		$	64,642,701			7,135,190		$	77,910,031
Reinvested								591,539			6,331,587			1,459,943			15,731,269
Redeemed								(3,970,230	)		(43,056,478	)		(8,867,059	)		(96,421,045	)
Net Increase (Decrease)								2,602,184		$	27,917,810			(271,926	)	$	(2,779,745	)
Intermediate-Term Bond
Period Ended April 30, 2012:
Sold								—		$	—			1,109,998		$	11,582,242
Reinvested								—			—			586,612			6,074,125
Redeemed								—			—			(2,367,572	)		(24,688,083	)
Net Increase (Decrease)								—		$	—			(670,962	)	$	(7,031,716	)
Year Ended October 31, 2011:
Sold								—		$	—			3,382,892		$	35,487,485
Reinvested								—			—			1,482,405			15,323,051
Redeemed								—			—			(10,182,399	)		(106,009,822	)
Net Increase (Decrease)								—		$	—			(5,317,102	)	$	(55,199,286	)
Mortgage Backed Securities
Period Ended April 30, 2012:
Sold								—		$	—			1,160,158		$	12,452,393
Reinvested								—			—			52,754			567,012
Redeemed								—			—			(474,214	)		(5,092,921	)
Net Increase (Decrease)								—		$	—			738,698		$	7,926,484

144 THE TARGET PORTFOLIO TRUST

	Class R				Class T
	Shares		Amount		Shares			Amount
Year Ended October 31, 2011:
Sold		—	$	—		1,004,440		$	10,685,987
Reinvested		—		—		140,629			1,484,331
Redeemed		—		—		(1,253,523	)		(13,269,886	)
Net Increase (Decrease)		—	$	—		(108,454	)	$	(1,099,568	)

* Commencement of offering was March 1, 2011.

Note 7. Borrowings

The Trust, along with other affiliated registered investment companies (the “Companies”), is a party to a syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period December 16, 2011 through December 14, 2012. The Companies pay an annualized commitment fee of 0.08% of the unused portion of the SCA. Prior to December 16, 2011, the Companies had another Syndicated Credit Agreement of a $750 million commitment with an annualized commitment fee of 0.10% of the unused portion. Interest on any borrowings under these is contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The following Portfolio utilized the line of credit during the six months ended April 30, 2012. 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 April 30, 2012
Small Capitalization Growth	$	567,000		1.50	%		1	$	—

Note 8. New Accounting Pronouncements

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

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

THE TARGET PORTFOLIO TRUST 145

Financial Highlights (Unaudited)

	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Six Months Ended April 30, 2012(f)			Year Ended October 31,												Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December  31, 2006
				2011(f)			2010(f)			2009			2008(f)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.56		$	12.76		$	10.85		$	10.11		$	17.46		$	15.31		$	14.32
Income (loss) from investment operations
Net investment income (loss)		—	(i)		(.01	)		(.01	)		.05			.05			(.02	)		.03
Net realized and unrealized gain (loss) on investments		1.73			.81			1.96			.76			(6.43	)		2.31			1.30
Total from investment operations		1.73			.80			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	$	15.29		$	13.56		$	12.76		$	10.85		$	10.11		$	17.46		$	15.31
TOTAL RETURN(a)		12.76	%		6.27	%		17.99	%		8.13	%		(38.48	)%		14.95	%		9.34	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	125,528		$	112,255		$	99,676		$	70,097		$	48,348		$	31,982		$	2,216
Average net assets (000)	$	118,422		$	109,325		$	84,636		$	54,036		$	46,321		$	14,059		$	429
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.35	%(c)		1.34	%		1.33	%		1.36	%		1.24	%		1.18	%(c)		1.25	%(c)
Expenses, excluding distribution and service (12b-1) fees		.85	%(c)		.84	%		.83	%		.86	%		.74	%		.68	%(c)		.75	%(c)
Net investment income (loss)		(.06	)%(c)		(.08	)%		(.08	)%		.28	%		.35	%		(.14	)%(c)		.28	%(c)
Portfolio turnover rate		29	%(d)		97	%		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 offering.

(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) Less than $0.005 per share.

See Notes to Financial Statements.

146 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Six Months Ended April 30, 2012(e)			Year Ended October 31,												Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31, 2006
				2011(e)			2010(e)			2009			2008(e)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.70		$	12.86		$	10.93		$	10.19		$	17.55		$	15.33		$	14.60
Income (loss) from investment operations
Net investment income		.03			.06			.05			.10			.13			.04			.08
Net realized and unrealized gain (loss) on investments		1.75			.82			1.97			.76			(6.47	)		2.32			1.18
Total from investment operations		1.78			.88			2.02			.86			(6.34	)		2.36			1.26
Less dividends and distributions
Dividends from net investment income		(.05	)		(.04	)		(.09	)		(.12	)		(.07	)		—	(d)		(.09	)
Distributions from net realized gains		—			—			—			—			(.95	)		(.14	)		(.44	)
Total dividends and distributions		(.05	)		(.04	)		(.09	)		(.12	)		(1.02	)		(.14	)		(.53	)
Net asset value, end of period	$	15.43		$	13.70		$	12.86		$	10.93		$	10.19		$	17.55		$	15.33
TOTAL RETURN(a)		13.02	%		6.83	%		18.55	%		8.64	%		(38.14	)%		15.41	%		8.67	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	91,055		$	92,149		$	110,550		$	124,122		$	150,428		$	313,718		$	301,566
Average net assets (000)	$	90,053		$	102,690		$	116,806		$	123,629		$	237,628		$	303,340		$	299,597
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.85	%(b)		.84	%		.83	%		.86	%		.74	%		.68	%(b)		.75	%
Expenses, excluding distribution and service (12b-1) fees		.85	%(b)		.84	%		.83	%		.86	%		.74	%		.68	%(b)		.75	%
Net investment income		.45	%(b)		.44	%		.45	%		.84	%		.91	%		.29	%(b)		.51	%
Portfolio turnover rate		29	%(c)		97	%		171	%		243	%		101	%		81	%(c)		69	%

(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) 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.

THE TARGET PORTFOLIO TRUST 147

Financial Highlights (Unaudited) (continued)

	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class R
	Six Months Ended April 30, 2012(g)			Year Ended October 31,												Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December  31, 2006(g)
				2011(g)			2010(g)			2009(g)			2008(g)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	9.92		$	9.73		$	8.79		$	8.78		$	16.24		$	15.60		$	15.07
Income (loss) from investment operations
Net investment income		.08			.13			.11			.15			.23			.15			.08
Net realized and unrealized gain (loss) on investments		.97			.18			.98			.13			(6.31	)		.67			1.48
Total from investment operations		1.05			.31			1.09			.28			(6.08	)		.82			1.56
Less dividends and distributions
Dividends from net investment income		(.15	)		(.12	)		(.15	)		(.27	)		(.22	)		—	(f)		(.24	)
Distributions from net realized gains		—			—			—			—			(1.16	)		(.18	)		(.79	)
Total dividends and distributions		(.15	)		(.12	)		(.15	)		(.27	)		(1.38	)		(.18	)		(1.03	)
Net asset value, end of period	$	10.82		$	9.92		$	9.73		$	8.79		$	8.78		$	16.24		$	15.60
TOTAL RETURN(a)		10.78	%		3.19	%		12.45	%		3.59	%		(40.60	)%		5.24	%		10.44	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	124,565		$	113,434		$	97,308		$	70,291		$	46,778		$	30,958		$	2,194
Average net assets (000)	$	117,684		$	108,407		$	84,613		$	53,491		$	46,282		$	14,046		$	445
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(e)		1.34	%(c)		1.33	%		1.31	%		1.33	%		1.21	%		1.19	%(c)		1.22	%(c)
Expenses, excluding distribution and service (12b-1) fees		.84	%(c)		.83	%		.81	%		.83	%		.71	%		.69	%(c)		.72	%(c)
Net investment income		1.55	%(c)		1.30	%		1.21	%		1.96	%		1.90	%		1.13	%(c)		1.69	%(c)
Portfolio turnover rate		33	%(d)		43	%		32	%		104	%		77	%		48	%(d)		44	%(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 offering.

(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.

148 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class T
	Six Months Ended April 30, 2012(e)			Year Ended October 31,												Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31, 2006(e)
				2011(e)			2010(e)			2009(e)			2008(e)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	9.97		$	9.78		$	8.83		$	8.82		$	16.31		$	15.60		$	15.11
Income (loss) from investment operations
Net investment income		.11			.18			.16			.20			.30			.22			.28
Net realized and unrealized gain (loss) on investments		.97			.18			.98			.12			(6.33	)		.67			2.45
Total from investment operations		1.08			.36			1.14			.32			(6.03	)		.89			2.73
Less dividends and distributions
Dividends from net investment income		(.20	)		(.17	)		(.19	)		(.31	)		(.30	)		—	(d)		(.29	)
Distributions from net realized gains		—			—			—			—			(1.16	)		(.18	)		(1.95	)
Total dividends and distributions		(.20	)		(.17	)		(.19	)		(.31	)		(1.46	)		(.18	)		(2.24	)
Net asset value, end of period	$	10.85		$	9.97		$	9.78		$	8.83		$	8.82		$	16.31		$	15.60
TOTAL RETURN(a)		11.10	%		3.62	%		13.00	%		4.15	%		(40.29	)%		5.70	%		19.34	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	86,847		$	87,171		$	109,097		$	128,187		$	168,217		$	372,900		$	393,111
Average net assets (000)	$	85,981		$	99,621		$	119,520		$	129,379		$	279,413		$	392,564		$	371,251
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.84	%(b)		.83	%		.81	%		.83	%		.71	%		.69	%(b)		.72	%
Expenses, excluding distribution and service (12b-1) fees		.84	%(b)		.83	%		.81	%		.83	%		.71	%		.69	%(b)		.72	%
Net investment income		2.05	%(b)		1.80	%		1.74	%		2.64	%		2.40	%		1.61	%(b)		1.79	%
Portfolio turnover rate		33	%(c)		43	%		32	%		104	%		77	%		48	%(c)		44	%

(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) 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.

THE TARGET PORTFOLIO TRUST 149

Financial Highlights (Unaudited) (continued)

	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December  31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.97		$	9.66		$	7.71		$	7.17		$	13.73		$	12.12		$	11.04
Income (loss) from investment operations
Net investment loss		(.06	)		(.07	)		(.05	)		(.04	)		(.03	)		(.06	)		—	(c)
Net realized and unrealized gain (loss) on investments		1.18			1.38			2.00			.58			(6.53	)		1.67			1.08
Total from investment operations		1.12			1.31			1.95			.54			(6.56	)		1.61			1.08
Capital contributions		—			—			—	(c)		—			—			—			—
Net asset value, end of period	$	12.09		$	10.97		$	9.66		$	7.71		$	7.17		$	13.73		$	12.12
TOTAL RETURN(a)		10.21	%		13.56	%		25.29	%		7.53	%		(47.78	)%		13.28	%		9.78	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	58,580		$	52,325		$	41,025		$	28,129		$	18,607		$	12,942		$	898
Average net assets (000)	$	55,130		$	47,547		$	35,238		$	22,037		$	18,762		$	5,725		$	186
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(f)		1.44	%(d)		1.44	%		1.46	%		1.52	%		1.30	%		1.28	%(d)		1.34	%(d)
Expenses, excluding distribution and service (12b-1) fees		.94	%(d)		.94	%		.96	%		1.02	%		.80	%		.78	%(d)		.84	%(d)
Net investment loss		(1.04	)%(d)		(.80	)%		(.72	)%		(.77	)%		(.39	)%		(.56	)%(d)		(.05	)%(d)
Portfolio turnover rate		41	% (e)		92	%		64	%		92	%		223	%		87	%(e)		96	%(e)

(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 offering.

(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.

150 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(d)(e)			Year Ended December 31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.24		$	9.84		$	7.82		$	7.25		$	13.82		$	12.14		$	11.28
Income (loss) from investment operations
Net investment income (loss)		(.02	)		(.02	)		(.01	)		(.02	)		.02			(.01	)		(.05	)
Net realized and unrealized gain (loss) on investments		1.20			1.42			2.03			.60			(6.59	)		1.69			.91
Total from investment operations		1.18			1.40			2.02			.58			(6.57	)		1.68			.86
Less dividends from net investment income		—			—			—			(.01	)		—			—			—
Capital contributions		—			—			—	(g)		—			—			—			—
Net asset value, end of period	$	12.42		$	11.24		$	9.84		$	7.82		$	7.25		$	13.82		$	12.14
TOTAL RETURN(a)		10.50	%		14.23	%		25.83	%		8.06	%		(47.54	)%		13.84	%		7.62	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	42,344		$	43,838		$	51,777		$	52,671		$	58,235		$	137,630		$	136,422
Average net assets (000)	$	42,391		$	50,339		$	53,128		$	51,109		$	97,771		$	136,851		$	140,489
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.94	%(b)		.94	%		.96	%		1.02	%		.80	%		.78	%(b)		.84	%
Expenses, excluding distribution and service (12b-1) fees		.94	%(b)		.94	%		.96	%		1.02	%		.80	%		.78	%(b)		.84	%
Net investment income (loss)		(.54	)%(b)		(.29	)%		(.18	)%		(.26	)%		.17	%		(.07	)%(b)		(.39	)%
Portfolio turnover rate		41	%(c)		92	%		64	%		92	%		223	%		87	%(c)		96	%

(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) 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.

THE TARGET PORTFOLIO TRUST 151

Financial Highlights (Unaudited) (continued)

	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class R
	Six Months Ended April 30, 2012(g)			Year Ended October 31,												Ten Months Ended October 31, 2007(g)(h)			August 22, 2006(b) through December  31, 2006
				2011(g)			2010(g)			2009(g)			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	20.17		$	18.80		$	15.41		$	14.10		$	21.90		$	20.46		$	20.05
Income (loss) from investment operations
Net investment income		.09			.11			.10			.13			.16			.13			.14
Net realized and unrealized gain (loss) on investments		1.89			1.35			3.41			1.42			(6.52	)		1.42			1.74
Total from investment operations		1.98			1.46			3.51			1.55			(6.36	)		1.55			1.88
Less dividends and distributions
Dividends from net investment income		(.14	)		(.09	)		(.12	)		(.16	)		(.23	)		—	(f)		(.18	)
Distributions from net realized gains		(.66	)		—			—			(.08	)		(1.21	)		(.11	)		(1.29	)
Total dividends and distributions		(.80	)		(.09	)		(.12	)		(.24	)		(1.44	)		(.11	)		(1.47	)
Net asset value, end of period	$	21.35		$	20.17		$	18.80		$	15.41		$	14.10		$	21.90		$	20.46
TOTAL RETURN(a)		10.23	%		7.75	%		22.93	%		11.37	%		(30.57	)%		7.55	%		9.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	78,040		$	69,790		$	52,587		$	33,574		$	22,660		$	15,112		$	1,061
Average net assets (000)	$	72,960		$	63,352		$	43,680		$	26,425		$	22,626		$	6,828		$	217
Ratios to average net assets(i)
Expenses, including distribution and service (12b-1) fees(e)		1.20	%(c)		1.21	%		1.26	%		1.30	%		1.30	%		1.23	%(c)		1.30	%(c)
Expenses, excluding distribution and service (12b-1) fees		.70	%(c)		.71	%		.76	%		.80	%		.80	%		.73	%(c)		.80	%(c)
Net investment income		.87	%(c)		.55	%		.57	%		.96	%		.89	%		.73	%(c)		1.37	%(c)
Portfolio turnover rate		17	%(d)		44	%		33	%		48	%		54	%		32	%(d)		36	%(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 offering.

(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.

152 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class T
	Six Months Ended April 30, 2012(e)			Year Ended October 31,												Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31, 2006
				2011(e)			2010(e)			2009(e)			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	20.33		$	18.95		$	15.51		$	14.21		$	22.00		$	20.47		$	18.98
Income (loss) from investment operations
Net investment income		.14			.22			.19			.20			.23			.25			.23
Net realized and unrealized gain (loss) on investments		1.90			1.34			3.45			1.41			(6.53	)		1.39			3.09
Total from investment operations		2.04			1.56			3.64			1.61			(6.30	)		1.64			3.32
Less dividends and distributions
Dividends from net investment income		(.24	)		(.18	)		(.20	)		(.23	)		(.28	)		—	(d)		(.22	)
Distributions from net realized gains		(.66	)		—			—			(.08	)		(1.21	)		(.11	)		(1.61	)
Total dividends and distributions		(.90	)		(.18	)		(.20	)		(.31	)		(1.49	)		(.11	)		(1.83	)
Net asset value, end of period	$	21.47		$	20.33		$	18.95		$	15.51		$	14.21		$	22.00		$	20.47
TOTAL RETURN(a)		10.52	%		8.22	%		23.64	%		11.82	%		(30.23	)%		8.04	%		17.72	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	1,033,997		$	890,245		$	800,761		$	538,202		$	374,101		$	411,690		$	320,728
Average net assets (000)	$	954,634		$	872,587		$	674,452		$	439,058		$	414,364		$	403,020		$	290,505
Ratios to average net assets(g)
Expenses, including distribution and service (12b-1) fees		.70	%(b)		.71	%		.76	%		.80	%		.80	%		.73	%(b)		.80	%
Expenses, excluding distribution and service (12b-1) fees		.70	%(b)		.71	%		.76	%		.80	%		.80	%		.73	%(b)		.80	%
Net investment income		1.37	%(b)		1.06	%		1.07	%		1.46	%		1.38	%		1.38	%(b)		1.17	%
Portfolio turnover rate		17	%(c)		44	%		33	%		48	%		54	%		32	%(c)		36	%

(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) 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.

THE TARGET PORTFOLIO TRUST 153

Financial Highlights (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO
	Class Q
	Six Months Ended April 30, 2012(e)			March 1, 2011(b), through October 31, 2011(e)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.10		$	12.56
Income (loss) from investment operations
Net investment income		.14			.26
Net realized and unrealized gain (loss) on investments		.22			(1.72	)
Total from investment operations		.36			(1.46	)
Less dividends and distributions
Dividends from net investment income		(.27	)		—
Distributions from net realized gains		—			—
Total dividends and distributions		(.27	)		—
Capital contributions		—			—
Net asset value, end of period	$	11.19		$	11.10
TOTAL RETURN(a)		3.47	%		(11.62	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	113,940		$	108,378
Average net assets (000)	$	109,034		$	94,827
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.85	%(c)		.87	%(c)
Expenses, excluding distribution and service (12b-1) fees		.85	%(c)		.87	%(c)
Net investment income		2.50	%(c)		3.21	%(c)
Portfolio turnover rate		7	%(d)		19	%(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 offering.

(c) Annualized.

(d) Not Annualized.

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

(f) Does not include expenses of the underlying fund in which the Portfolio invests.

See Notes to Financial Statements.

154 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO
	Class R
	Six Months Ended April 30, 2012(f)			Year Ended October 31,												Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December  31, 2006
				2011(f)			2010(f)			2009(f)			2008(f)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.02		$	11.84		$	10.78		$	8.99		$	20.04		$	16.21		$	16.09
Income (loss) from investment operations
Net investment income		.10			.22			.14			.13			.29			.33			.16
Net realized and unrealized gain (loss) on investments		.23			(.90	)		1.00			2.08			(8.84	)		3.68			1.66
Total from investment operations		.33			(.68	)		1.14			2.21			(8.55	)		4.01			1.82
Less dividends and distributions
Dividends from net investment income		(.19	)		(.14	)		(.11	)		(.42	)		(.31	)		—			(.25	)
Distributions from net realized gains		—			—			—			—			(2.19	)		(.18	)		(1.45	)
Total dividends and distributions		(.19	)		(.14	)		(.11	)		(.42	)		(2.50	)		(.18	)		(1.70	)
Capital contributions		—			—			.03			—			—			—			—
Net asset value, end of period	$	11.16		$	11.02		$	11.84		$	10.78		$	8.99		$	20.04		$	16.21
TOTAL RETURN(a)		3.16	%		(5.84	)%		10.93	%		26.13	%		(48.30	)%		24.85	%		11.74	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	127,548		$	108,715		$	79,234		$	57,184		$	35,482		$	26,811		$	1,728
Average net assets (000)	$	117,112		$	93,879		$	68,032		$	43,233		$	36,790		$	11,612		$	346
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.49	%(c)		1.48	%		1.54	%		1.51	%		1.33	%		1.33	%(c)		1.43	%(c)
Expenses, excluding distribution and service (12b-1) fees		.99	%(c)		.98	%		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%(c)
Net investment income		1.92	%(c)		1.87	%		1.29	%		1.46	%		2.12	%		2.20	%(c)		.39	%(c)
Portfolio turnover rate		7	%(d)		19	%		41	%		38	%		30	%		37	%(d)		41	%(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 offering.

(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 155

Financial Highlights (Unaudited) (continued)

	INTERNATIONAL EQUITY PORTFOLIO
	Class T
	Six Months Ended April 30, 2012(e)			Year Ended October 31,												Ten Months Ended October 31, 2007(e)(f)			Year Ended December 31, 2006
				2011(e)			2010(e)			2009(e)			2008(e)
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.08		$	11.90		$	10.83		$	9.03		$	20.13		$	16.22		$	13.99
Income (loss) from investment operations
Net investment income		.12			.30			.19			.17			.36			.39			.29
Net realized and unrealized gain (loss) on investments		.23			(.93	)		1.01			2.10			(8.86	)		3.70			3.68
Total from investment operations		.35			(.63	)		1.20			2.27			(8.50	)		4.09			3.97
Less dividends and distributions
Dividends from net investment income		(.25	)		(.19	)		(.16	)		(.47	)		(.41	)		—			(.29	)
Distributions from net realized gains		—			—			—			—			(2.19	)		(.18	)		(1.45	)
Total dividends and distributions		(.25	)		(.19	)		(.16	)		(.47	)		(2.60	)		(.18	)		(1.74	)
Capital contributions		—			—			.03			—			—			—			—
Net asset value, end of period	$	11.18		$	11.08		$	11.90		$	10.83		$	9.03		$	20.13		$	16.22
TOTAL RETURN(a)		3.39	%		(5.36	)%		11.45	%		26.84	%		(47.99	)%		25.33	%		29.02	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	69,141		$	74,592		$	98,978		$	119,006		$	123,970		$	297,083		$	268,314
Average net assets (000)	$	70,497		$	112,082		$	106,108		$	110,053		$	218,670		$	277,744		$	248,571
Ratios to average net assets(b)
Expenses, including distribution and service (12b-1) fees		.99	%(c)		.98	%		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%
Expenses, excluding distribution and service (12b-1) fees		.99	%(c)		.98	%		1.04	%		1.01	%		.83	%		.83	%(c)		.93	%
Net investment income		2.28	%(c)		2.47	%		1.75	%		1.94	%		2.49	%		2.61	%(c)		1.73	%
Portfolio turnover rate		7	%(d)		19	%		41	%		38	%		30	%		37	%(d)		41	%

(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) 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.

156 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	TOTAL RETURN BOND PORTFOLIO
	Class R
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(f)(g)			August 22, 2006(b) through December  31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.94		$	11.34		$	10.93		$	9.86		$	10.54		$	10.31		$	10.31
Income (loss) from investment operations
Net investment income		.12			.26			.30			.42			.46			.33			.12
Net realized and unrealized gain (loss) on investments		.26			(.03	)		.68			1.82			(.68	)		.24			.01
Total from investment operations		.38			.23			.98			2.24			(.22	)		.57			.13
Less dividends and distributions
Dividends from net investment income		(.14	)		(.27	)		(.30	)		(.62	)		(.46	)		(.34	)		(.13	)
Distributions from net realized gains		—			(.36	)		(.27	)		(.55	)		—			—			—
Total dividends and distributions		(.14	)		(.63	)		(.57	)		(1.17	)		(.46	)		(.34	)		(.13	)
Capital contributions		—			—			—	(k)		—			—			—			—
Net asset value, end of period	$	11.18		$	10.94		$	11.34		$	10.93		$	9.86		$	10.54		$	10.31
TOTAL RETURN(a)		3.43	%		2.24	%		9.33	%		24.57	%		(2.24	)%		5.63	%		1.27	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	159,077		$	127,837		$	102,992		$	71,457		$	53,218		$	23,670		$	1,503
Average net assets (000)	$	140,824		$	117,927		$	86,806		$	56,103		$	42,474		$	10,429		$	246
Ratios to average net assets(h)
Expenses, including distribution and service (12b-1) fees(e)		1.13	%(c)		1.15	%		1.17	%		1.32	%(i)		1.23	%		1.14	%(c)		1.18	%(c)
Expenses, excluding distribution and service (12b-1) fees		.63	%(c)		.65	%		.67	%		.82	%(j)		.73	%		.64	%(c)		.68	%(c)
Net investment income		2.31	%(c)		2.50	%		2.79	%		4.20	%		4.39	%		3.84	%(c)		3.46	%(c)
Portfolio turnover rate(l)		126	%(d)		243	%		369	%		657	%		697	%		421	%(d)		483	%(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 offering.

(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.

(l) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

See Notes to Financial Statements.

THE TARGET PORTFOLIO TRUST 157

Financial Highlights (Unaudited) (continued)

	TOTAL RETURN BOND PORTFOLIO
	Class T
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(d)(e)			Year Ended December 31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.02		$	11.42		$	11.01		$	9.93		$	10.60		$	10.38		$	10.39
Income (loss) from investment operations
Net investment income		.16			.33			.36			.47			.53			.39			.40
Net realized and unrealized gain (loss) on investments		.26			(.04	)		.68			1.84			(.68	)		.22			.03
Total from investment operations		.42			.29			1.04			2.31			(.15	)		.61			.43
Less dividends and distributions
Dividends from net investment income		(.16	)		(.33	)		(.36	)		(.68	)		(.52	)		(.39	)		(.44	)
Distributions from net realized gains		—			(.36	)		(.27	)		(.55	)		—			—			—
Total dividends and distributions		(.16	)		(.69	)		(.63	)		(1.23	)		(.52	)		(.39	)		(.44	)
Capital contributions		—			—			—	(h)		—			—			—			—
Net asset value, end of period	$	11.28		$	11.02		$	11.42		$	11.01		$	9.93		$	10.60		$	10.38
TOTAL RETURN(a)		3.86	%		2.76	%		9.82	%		25.15	%		(1.71	)%		5.94	%		4.27	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	259,523		$	254,598		$	266,960		$	217,784		$	194,970		$	183,262		$	167,154
Average net assets (000)	$	253,807		$	249,230		$	242,590		$	198,247		$	206,986		$	174,725		$	162,621
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.63	%(b)		.65	%		.67	%		.82	%(g)		.73	%		.64	%(b)		.68	%
Expenses, excluding distribution and service (12b-1) fees		.63	%(b)		.65	%		.67	%		.82	%(g)		.73	%		.64	%(b)		.68	%
Net investment income		2.84	%(b)		2.99	%		3.28	%		4.71	%		4.86	%		4.53	%(b)		4.14	%
Portfolio turnover rate(i)		126	%(c)		243	%		369	%		657	%		697	%		421	%(c)		483	%

(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) 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.

(i) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

See Notes to Financial Statements.

158 THE TARGET PORTFOLIO TRUST

Financial Highlights (Unaudited) (continued)

	INTERMEDIATE-TERM BOND PORTFOLIO
	Class T
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(e)			Year Ended December 31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.50		$	10.96		$	10.85		$	10.27		$	10.25		$	10.13		$	10.18
Income (loss) from investment operations
Net investment income		.15			.27			.27			.36			.44			.40			.43
Net realized and unrealized gain (loss) on investments		.26			—	(b)		.66			1.27			.08			.11			(.03	)
Total from investment operations		.41			.27			.93			1.63			.52			.51			.40
Less dividends and distributions
Dividends from net investment income		(.31	)		(.36	)		(.28	)		(.42	)		(.50	)		(.39	)		(.45	)
Distributions from net realized gains		(.06	)		(.37	)		(.54	)		(.63	)		—			—			—
Total dividends and distributions		(.37	)		(.73	)		(.82	)		(1.05	)		(.50	)		(.39	)		(.45	)
Capital contributions		—			—			—	(b)		—			—			—			—
Net asset value, end of period	$	10.54		$	10.50		$	10.96		$	10.85		$	10.27		$	10.25		$	10.13
TOTAL RETURN(a)		3.95	%		2.70	%		9.07	%		17.01	%		5.07	%		5.13	%		4.12	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	176,062		$	182,371		$	248,817		$	245,517		$	204,548		$	233,423		$	245,223
Average net assets (000)	$	178,697		$	210,348		$	247,716		$	218,911		$	227,475		$	235,800		$	249,376
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.68	%(c)		.66	%		.66	%(g)		.74	%(g)		.60	%		.58	%(c)		.64	%
Expenses, excluding distribution and service (12b-1) fees		.68	%(c)		.66	%		.66	%(g)		.74	%(g)		.60	%		.58	%(c)		.64	%
Net investment income		2.74	%(c)		2.61	%		2.53	%		3.47	%		4.21	%		4.71	%(c)		4.23	%
Portfolio turnover rate		99	%(d)		392	%		938	%		527	%		395	%		284	%(d)		134	%

(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) 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 159

Financial Highlights (Unaudited) (continued)

	MORTGAGE BACKED SECURITIES PORTFOLIO
	Class T
	Six Months Ended April 30, 2012			Year Ended October 31,												Ten Months Ended October 31, 2007(e)			Year Ended December 31, 2006
				2011			2010			2009			2008
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.68		$	10.60		$	9.96		$	9.26		$	9.95		$	9.99		$	10.10
Income (loss) from investment operations
Net investment income		.16			.49			.54			.70			.63			.41			.44
Net realized and unrealized gain (loss) on investments		.12			.05			.64			.74			(.66	)		(.03	)		(.07	)
Total from investment operations		.28			.54			1.18			1.44			(.03	)		.38			.37
Less dividends
Dividends from net investment income		(.16	)		(.46	)		(.54	)		(.74	)		(.66	)		(.39	)		(.48	)
Tax return of capital		—			—			—			—			—			(.03	)		—
Total dividends		(.16	)		(.46	)		(.54	)		(.74	)		(.66	)		(.42	)		(.48	)
Net asset value, end of period	$	10.80		$	10.68		$	10.60		$	9.96		$	9.26		$	9.95		$	9.99
TOTAL RETURN(a)		2.64	%		5.26	%		12.13	%		16.20	%		(.36	)%		3.89	%		3.82	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	43,648		$	35,281		$	36,157		$	41,112		$	51,368		$	73,581		$	75,471
Average net assets (000)	$	39,740		$	34,208		$	38,594		$	44,081		$	64,999		$	75,508		$	77,483
Ratios to average net assets(f)
Expenses, including distribution and service (12b-1) fees		.96	%(c)		1.03	%		.88	%(b)		1.07	%(b)		1.94	%(b)		1.82	%(b)(c)		1.89	%(b)
Expenses, excluding distribution and service (12b-1) fees		.96	%(c)		1.03	%		.88	%(b)		1.07	%(b)		1.94	%(b)		1.82	%(b)(c)		1.89	%(b)
Net investment income		3.02	%(c)		4.65	%		5.23	%		7.35	%		6.34	%		4.91	%(c)		4.46	%
Portfolio turnover rate(g)		365	%(d)		670	%		646	%		425	%		338	%		318	%(d)		471	%

(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) 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% for the year ended December 31, 2006.

(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 Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

See Notes to Financial Statements.

160 THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements

Approval of a New Subadvisory Agreement for the Small Capitalization Growth Portfolio

The Board of Trustees (the “Board”) of the Target Portfolio Trust consists of ten (10) individuals, eight (8) of whom are Independent Trustees. The Board is responsible for the oversight of the Portfolios and their operations, and performs the various duties imposed on the trustees of investment companies by the Investment Company Act of 1940, as amended (the “1940 Act”). The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Trustee. The Board has established two standing committees in connection with the governance of the Trust: the Audit Committee and the Nominating and Governance Committee. Each committee is chaired by an Independent Trustee.

At a November 30-December 1, 2011 meeting of the Board, the Trustees, including all of the Independent Trustees, considered and approved a new subadvisory agreement (the “Subadvisory Agreement”) between Prudential Investments LLC (the “Manager”) and Emerald Mutual Fund Advisers Trust (“Emerald”), which will serve as a second subadviser for the Small Capitalization Growth Portfolio (the “Portfolio”) to complement Eagle Asset Management Inc., the current subadviser for the Portfolio.

In approving the agreement, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Portfolio by the Subadviser; any relevant comparable performance information; the fees proposed to be paid by the Manager to Emerald under the agreement; and the potential for economies of scale that may be shared with the Portfolio and its shareholders. In connection with its deliberations, the Board considered information provided by the Manager and Emerald at or in advance of the meetings on November 30-December 1, 2011. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the Subadvisory Agreement.

The Trustees determined that the overall arrangements between the Manager and Emerald, pursuant to the terms of the Subadvisory Agreement, are appropriate in light of the services to be performed and the fees to be charged under the Subadvisory Agreement 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’ reaching their determinations to approve the Subadvisory Agreement are separately discussed below.

THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

Nature, quality and extent of services

The Board received and considered information regarding the nature and extent of services to be provided to the Portfolio by Emerald under the Subadvisory Agreement, namely that Emerald would provide day-to-day fund management services to a portion of the Portfolio and comply with all Portfolio policies and applicable rules and regulations. The Board also noted that the nature and extent of the services to be provided to the Portfolio under the Subadvisory Agreement were substantially similar to those provided by Eagle under its subadvisory agreement.

With respect to the quality of services, the Board considered, among other things, the background and experience of the Emerald fund management team. The Board met with representatives from Emerald and reviewed the qualifications, backgrounds and responsibilities of the portfolio managers who would be responsible for the day-to-day management of a portion of the Portfolio. The Board was also provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to Emerald. The Board noted that it received a favorable compliance report from the Portfolio’s Chief Compliance Officer (CCO) as to Emerald.

The Board concluded that it was satisfied with the nature, extent and quality of the investment subadvisory services anticipated to be provided to the Portfolio by Emerald and that there was a reasonable basis on which to conclude that the Portfolio would benefit from the subadvisory services to be provided by Emerald under the Subadvisory Agreement.

Performance of the Portfolio

The Board received and considered information regarding the performance of other investment companies managed by Emerald utilizing an investment style and strategy similar to that proposed for the Portfolio. The Board concluded that it was satisfied with the performance record of Emerald in the proposal strategy.

Investment Subadvisory Fee Rates

The Board considered the proposed subadvisory fee rates payable by the Manager to Emerald under the Subadvisory Agreement. The Board also considered, among other things, the fee rates payable to Emerald by other funds with an investment objective similar to that of the Portfolio. The Board noted that the Manager, and not the Portfolio, pays the subadvisory fees, and therefore any change in the proposed subadvisory fee rates would not have any impact on the amount of management fees

THE TARGET PORTFOLIO TRUST

paid by the Portfolio. Instead, any increase or decrease in the subadvisory fee rate will increase or decrease, as applicable, the net fees retained by the Manager.

The Board considered the proposed subadvisory fees of 0.45% of the Portfolio’s first $100 million of average daily net assets and 0.40% of the Portfolio’s average daily net assets in excess of $100 million to be paid by the Manager to the Subadviser. The Board noted that the proposed fee for Emerald is based on combined assets that include the assets of another fund subadvised by the Manager and that the rate is substantially similar to the rate paid to the other subadviser to the Fund. The Board concluded that the proposed subadvisory fee was reasonable.

Subadviser’s Profitability

Because the engagement of Emerald is new, there is no historical profitability with regard to its arrangements with the Portfolio. As a result, the Board did not consider this factor. The Board noted that profitability would be reviewed annually in connection with the review of advisory agreements.

Economies of Scale

The Board considered the potential for Emerald to experience economies of scale as the amount of assets of the Portfolio managed by the new subadviser increased in size. The Board considered that the proposed subadvisory fee for Emerald would include breakpoints in the fee rate paid by the Manager to Emerald, and that the subadvisory breakpoints would reduce that fee rate if the amount of assets of the Portfolio managed by Emerald increased in size. The Board noted that it would review such information in connection with future annual reviews of advisory agreements.

Other Benefits to the Subadviser or its Affiliates from Serving as Subadviser

The Board considered potential ancillary benefits that might be received by Emerald and its affiliates as a result of its relationships with the Portfolio. The Board concluded that the potential benefits to be derived by Emerald included the ability to use soft dollar credits, brokerage commissions received by affiliates of Emerald, 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 to be derived by the Manager and Emerald were consistent with the types of benefits generally derived by subadvisers to mutual funds.

*    *    *

THE TARGET PORTFOLIO TRUST

Approval of Advisory Agreements (continued)

After full consideration of these factors, the Board concluded that the approval of the Subadvisory Agreement was in the best interest of the Portfolio and its shareholders.

THE TARGET PORTFOLIO TRUST

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

PROXY VOTING

The Board of Trustees of The 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 • Stuart S. Parker • Richard A. Redeker • Robin B. Smith • Stephen G. Stoneburn

OFFICERS

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

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISERS	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
	Emerald Mutual Fund Advisers Trust	3175 Oregon Pike Leola, PA 17540
	Hotchkis and Wiley Capital Management, LLC	725 S. Figueroa Street 39th Floor Los Angeles, CA 90017
	J.P. Morgan Investment Management, Inc.	245 Park Avenue New York, NY 10167
	Lee Munder Capital Group LLC	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	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, 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 Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Trust’s schedule of portfolio holdings is also available on the Trust’s website as of the end of each month.

Mutual Funds:

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

THE TARGET PORTFOLIO TRUST	NASDAQ	CUSIP		NASDAQ	CUSIP
Large Capitalization Growth (Class R)	TLCRX	875921868	Total Return Bond (Class T)	TATBX	875921884
Large Capitalization Growth (Class T)	TALGX	875921207	Mortgage Backed Securities (Class T)	TGMBX	875921702
Small Capitalization Growth (Class R)	TSCRX	875921835	Large Capitalization Value (Class R)	TLVRX	875921850
Small Capitalization Growth (Class T)	TASGX	875921405	Large Capitalization Value (Class T)	TALVX	875921108
International Equity (Class Q)	TIEQX	875921793	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

TMF158E2    0226501-00001-00

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

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

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

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

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

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

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

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

                applicable.

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

Item 11  –  Controls and Procedures

    (a)     It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

    (b)     There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12  –  Exhibits

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

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

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

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

SIGNATURES

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

Registrant:	The Target Portfolio Trust
By:	/s/ Deborah A. Docs
	Deborah A. Docs Secretary
Date:	June 21, 2012

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker President and Principal Executive Officer
Date:	June 21, 2012
By:	/s/ Grace C. Torres
	Grace C. Torres Treasurer and Principal Financial Officer
Date:	June 21, 2012