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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES


Investment Company Act file number:		811-07064

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:		10/31/2014

Date of reporting period:		4/30/2014


Item 1				–		Reports to Stockholders

LOGO

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

THE TARGET PORTFOLIO TRUST^®

SEMIANNUAL REPORT ^· APRIL 30, 2014

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 each Portfolio’s securities are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of April 30, 2014, were not audited, and accordingly, no auditor’s opinion is expressed on them.

Target Funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. ^© 2014 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, the Prudential logo, the Rock symbol, Bring Your Challenges, Target Funds, and Target Portfolio Trust are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

TARGET PORTFOLIO TRUST

Mortgage Backed Securities Portfolio

Supplement dated June 16, 2014

to the Currently Effective Prospectus and Summary Prospectus

Effective as of June 30, 2014, the Portfolio’s investment policies with respect to investments in debt obligations will change, as explained below:

Currently, the Portfolio may invest in debt obligations that are rated at least A by Moody’s or S&P, or the equivalent by another major rating service, and may also invest in debt obligations that are unrated, but which the subadviser believes are comparable in quality.

Effective as of June 30, 2014, in addition to investing in debt obligations as described above, the Portfolio may also invest up to 10% of its investable assets in debt obligations rated the equivalent of BBB or lower, as well as unrated debt obligations which the subadviser believes are comparable in quality.

LR589

June 16, 2014

Dear Target Shareholder:

We hope you find the semiannual report for Target informative and useful. The report covers performance for the six-month period that ended April 30, 2014. Please note that Target has changed its fiscal year-end from October 31 to July 31. Going forward, Target’s annual and semi-annual reports will be based on the new fiscal year-end cycle, which will not affect the management or operation of the Portfolio.

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

LOGO

Stuart S. Parker, President

The Target Portfolio Trust


The TARGET Portfolio Trust			1

Target Large Capitalization Growth Portfolio

Performance (Unaudited)

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


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class R		3.63	%		18.95	%		114.19	%		N/A			53.32% (8/22/06)
Class T		3.85			19.49			119.41			84.28	%		—
Russell 1000^® Growth Index		6.95			20.66			143.35			115.67			—
S&P 500 Index		8.35			20.42			139.88			109.22			—
Lipper Large-Cap Growth Funds Average		4.73			20.17			122.23			101.60			—

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class R					21.70	%		18.92	%		N/A			6.01% (8/22/06)
Class T					22.29			19.50			5.92	%		—
Russell 1000 Growth Index					23.22			21.68			7.86			—
S&P 500 Index					21.84			21.14			7.41			—
Lipper Large-Cap Growth Funds Average					23.49			19.81			7.15			—

Source: Prudential Investments LLC and Lipper Inc.

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

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


	Class R	Class T
Maximum initial sales charge	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.75% (.50% currently)	None


2		The TARGET Portfolio Trust

Benchmark Definitions

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.

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.

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 U.S. Diversified Equity (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.

Benchmark Inception Returns

Large Capitalization Growth Portfolio—Russell 1000 Growth Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 91.59% for Class R. Russell 1000 Growth Index Closest Month-End to Inception average annual total return as of 3/31/14 is 8.95% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 70.19% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 3/31/14 is 7.16% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/14 is 76.59% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/14 is 7.95% for Class R.

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


The TARGET Portfolio Trust			3

Target Large Capitalization Value Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class R		8.53	%		21.88	%		122.09	%		N/A			32.46% (8/22/06)
Class T		8.83			22.52			127.46			85.42	%		—
Russell 1000^® Value Index		9.61			20.90			143.92			114.94			—
S&P 500 Index		8.35			20.42			139.88			109.22			—
Lipper Large-Cap Value Funds Average		8.42			20.18			126.05			97.80			—

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class R					24.71	%		19.42	%		N/A			3.74% (8/22/06)
Class T					25.37			20.00			6.07	%		—
Russell 1000 Value Index					21.57			21.75			7.58			—
S&P 500 Index					21.84			21.14			7.41			—
Lipper Large-Cap Value Funds Average					21.83			19.83			6.76			—

Source: Prudential Investments LLC and Lipper Inc.

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


	Class R	Class T
Maximum initial sales charge	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.75% (.50% currently)	None


4		The TARGET Portfolio Trust

Benchmark Definitions

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 lower price-to-book and 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.

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 U.S. Diversified Equity (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.

Benchmark Inception Returns

Large Capitalization Value Portfolio—Russell 1000 Value Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 56.10% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total return as of 3/31/14 is 5.92% for Class R. S&P 500 Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 70.19% for Class R. S&P 500 Index Closest Month-End to Inception average annual total return as of 3/31/14 is 7.16% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/14 is 51.51% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/14 is 5.52% for Class R.

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


The TARGET Portfolio Trust			5

Target Small Capitalization Growth Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class R		–0.71	%		14.17	%		133.74	%		N/A			38.68% (8/22/06)
Class T		–0.50			14.74			139.52			67.99	%		—
Russell 2000^® Growth Index		1.27			21.46			154.04			133.55			—
Russell 2000^® Index		3.08			20.50			147.16			129.70			—
Lipper Small-Cap Growth Funds Average		0.43			21.03			151.56			126.13			—

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class R					20.99	%		22.98	%		N/A			5.36% (8/22/06)
Class T					21.56			23.57			5.58	%		—
Russell 2000 Growth Index					27.19			25.24			8.87			—
Russell 2000 Index					24.90			24.31			8.53			—
Lipper Small-Cap Growth Funds Average					26.80			24.68			8.50			—

Source: Prudential Investments LLC and Lipper Inc.

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


	Class R	Class T
Maximum initial sales charge	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.75% (.50% currently)	None


6		The TARGET Portfolio Trust

Benchmark Definitions

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 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.

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) below Lipper’s U.S. Diversified Equity (USDE) small-cap ceiling. 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.

Benchmark Inception Returns

Small Capitalization Growth Portfolio—Russell 2000 Growth Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 90.06% for Class R. Russell 2000 Growth Index Closest Month-End to Inception average annual total return as of 3/31/14 is 9.60% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 73.69% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 3/31/14 is 8.11% for Class R. Lipper Average Closest Month-End to Inception cumulative total return as of 4/30/14 is 84.01% for Class R. Lipper Average Closest Month-End to Inception average annual total return as of 3/31/14 is 9.05% for Class R.

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


The TARGET Portfolio Trust			7

Target Small Capitalization Value Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class A		N/A			N/A			N/A			N/A			2.06% (2/14/14)
Class R		4.64	%		20.32	%		141.35	%		N/A			85.76 (8/22/06)
Class T		4.91			20.88			147.35			174.13	%		—
Russell 2000^® Value Index		4.97			19.61			139.91			123.31			—
Russell 2000 Index		3.08			20.50			147.16			129.70			—
Lipper Small-Cap Value Funds Average		5.83			22.51			153.81			134.09			—
Lipper Small-Cap Core Funds Average		4.39			21.42			147.01			135.46			—

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class A					N/A			N/A			N/A			N/A
Class R					21.93	%		22.75	%		N/A			8.69% (8/22/06)
Class T					22.49			23.35			10.45	%		—
Russell 2000 Value Index					22.65			23.33			8.07			—
Russell 2000 Index					24.90			24.31			8.53			—
Lipper Small-Cap Value Funds Average					24.02			25.08			8.65			—
Lipper Small-Cap Core Funds Average					23.71			23.93			8.73			—

Source: Prudential Investments LLC and Lipper Inc.

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


8		The TARGET Portfolio Trust


	Class A	Class R	Class T
Maximum initial sales charge	5.50% of the public Offering price	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	.75% (.50% currently)	None

Benchmark Definitions

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 lower price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

Russell 2000 Index

Lipper Small-Cap Value Funds Average

Lipper Small-Cap Value 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 value funds typically have a below-average price-to-earnings ratio, piece-to-book ratio, and a three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. Although Lipper classifies the Portfolio in the Lipper Small-Cap Core Funds Performance Universe, returns for the Lipper Small-Cap Value Funds Performance Universe are also shown because the Portfolio’s manager believes that the funds included in the Lipper Small-Cap Value Funds Performance Universe provide a more appropriate basis for Portfolio performance comparisons.

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 U.S. Diversified Equity (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.


The TARGET Portfolio Trust			9

Target Small Capitalization Value Portfolio

Performance (continued)

Benchmark Inception Returns

Small Capitalization Value Portfolio—Russell 2000 Value Index Closest Month-End to Inception cumulative total returns as of 4/30/14 are 3.15% for Class A and 57.71% for Class R. Russell 2000 Value Index Month-End to Inception average annual total return as of 3/31/14 is 6.56% for Class R. Russell 2000 Index Closest Month-End to Inception cumulative total returns as of 4/30/14 are –0.04% for Class A and 73.69% for Class R. Russell 2000 Index Closest Month-End to Inception average annual total return as of 3/31/14 is 8.11% for Class R. Lipper Small-Cap Value Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/14 are 3.75% for Class A and 73.66% for Class R. Lipper Small-Cap Value Funds Average Closest Month-End to Inception average annual total return as of 3/31/14 is 7.72% for Class R. Lipper Small-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/14 are 2.37% for Class A and 76.97% for Class R. Lipper Small-Cap Core Funds Average Closest Month-End to Inception average annual total return as of 3/31/14 is 8.09% for Class R. Class A shares have been in existence for less than one year and have no average annual total return performance information available.

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


10		The TARGET Portfolio Trust

Target International Equity Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class Q		3.07	%		12.29	%		N/A			N/A			18.86% (3/1/11)
Class R		2.71			11.59			81.46	%		N/A			26.03 (8/22/06)
Class T		3.04			12.18			85.98			98.52	%		—
MSCI EAFE ND Index		4.44			13.35			89.01			95.36			—
Lipper Customized Blend Funds Average		3.67			12.05			88.22			93.38			—
Lipper International Multi-Cap Core Funds Average		3.57			12.04			89.98			92.42			—

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class Q					15.66	%		N/A			N/A			5.36% (3/1/11)
Class R					15.03			15.07	%		N/A			2.95 (8/22/06)
Class T					15.54			15.64			6.73	%		—
MSCI EAFE ND Index					17.54			16.02			6.53			—
Lipper Customized Blend Funds Average					15.64			15.64			6.32			—
Lipper International Multi-Cap Core Funds Average					15.70			15.84			6.27			—

Source: Prudential Investments LLC and Lipper Inc.

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


	Class Q	Class R	Class T
Maximum initial sales charge	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	None	.75% (.50% currently)	None


The TARGET Portfolio Trust			11

Target International Equity Portfolio

Performance (continued)

Benchmark Definitions

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.

Lipper Customized Blend Funds Average

The Lipper Customized Blend Funds Average is a 50/50 blend of the Lipper International Multi-Cap Core Funds and Lipper International Large-Cap Core Funds Averages. Although Lipper classifies the Portfolio in the Lipper International Multi-Cap Core Funds Performance Universe, returns for the Lipper Customized Blend Funds Performance Universe are also shown because the Portfolio’s manager believes that the funds included in this custom blend universe provide a more appropriate basis for Portfolio performance comparisons.

Lipper International Multi-Cap Core Funds Average

Lipper International Multi-Cap Core funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-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 the MSCI EAFE Index.

Benchmark Inception Returns

International Equity Portfolio—MSCI EAFE ND Index Closest Month-End to Inception cumulative total returns as of 4/30/14 are 22.22% for Class Q; 27.66% for Class R. MSCI EAFE ND Index Closest Month-End to Inception average annual total returns as of 3/31/14 are 6.23% for Class Q; 3.08% for Class R. Lipper Customized Blend Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/14 are 20.12% for Class Q and 26.70% for Class R. Lipper Customized Blend Funds Average Closest Month-End to Inception average annual total returns as of 3/31/14 are 5.74% for Class Q and 2.94% for Class R. Lipper International Multi-Cap Core Funds Average Closest Month-End to Inception cumulative total returns as of 4/30/14 are 20.59% for Class Q; 26.82% for Class R. Lipper International Multi-Cap Core Funds Average Closest Month-End to Inception average annual total returns as of 3/31/14 are 5.89% for Class Q; 2.96% 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.


12		The TARGET Portfolio Trust

Target Total Return Bond Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years			Since Inception
Class R		0.74	%		–2.49	%		33.62	%		N/A			54.51% (8/22/06)
Class T		0.99			–2.06			37.07			76.60	%		—
Barclays U.S. Aggregate Bond Index		1.74			–0.26			26.88			60.23			—
Lipper Core Bond Funds Average		2.08			–0.15			35.69			54.61			—
Lipper Corporate Debt BBB-Rated Funds Average		3.67			0.64			55.54			74.01			—

				Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years			Since Inception
Class R					–2.11	%		6.22	%		N/A			5.78% (8/22/06)
Class T					–1.51			6.78			5.55	%		—
Barclays U.S. Aggregate Bond Index					–0.10			4.80			4.46			—
Lipper Core Bond Funds Average					0.01			6.35			4.05			—
Lipper Corporate Debt BBB-Rated Funds Average					1.32			9.48			5.21			—

Source: Prudential Investments LLC and Lipper Inc.

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


	Class R	Class T
Maximum initial sales charge	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.75% (.50% currently)	None


The TARGET Portfolio Trust			13

Target Total Return Bond Portfolio

Performance (continued)

Benchmark Definitions

Barclays U.S. Aggregate Bond Index

The Barclays 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.

Lipper Core Bond Funds Average

Lipper Core Bond funds invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years. Although Lipper classifies the Portfolio in the Lipper Corporate Debt BBB-Rated Funds Performance Universe, returns for the Lipper Core Bond Funds Performance Universe are also shown because the Portfolio’s manager believes that the funds included in the Lipper Core Bond Funds Performance Universe provide a more appropriate basis for Portfolio performance comparisons.

Lipper Corporate Debt BBB-Rated Funds Average

Lipper Corporate Debt BBB-Rated funds invest at least 65% of their assets in corporate and government debt issues rated in the top four grades.

Benchmark Inception Returns

Total Return Bond Portfolio—Barclays U.S. Aggregate Bond Index Closest Month-End to Inception cumulative total return as of 4/30/14 is 46.73% for Class R. Barclays U.S. Aggregate Bond Index Closest Month-End to Inception average annual total return as of 3/31/14 is 5.07% for Class R. Lipper Core Bond Funds Average Closest Month-End to Inception cumulative total return as of 4/30/14 is 43.46% for Class R. Lipper Core Bond Funds Average Closest Month-End to Inception average annual total return as of 3/31/14 is 4.72% for Class R. Lipper Corporate Debt BBB-Rated Funds Average Closest Month-End to Inception cumulative total return as of 4/30/14 is 59.59% for Class R. Lipper Corporate Debt BBB-Rated Funds Average Closest Month-End to Inception average annual total return as of 3/31/14 is 6.12% for Class R.

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


14		The TARGET Portfolio Trust

Target Intermediate-Term Bond Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years
Class T		0.32	%		–2.61	%		29.33	%		69.30	%
Barclays Intermediate Govt./Credit Bond Index		0.88			–0.24			22.80			51.48
Lipper Core Bond Funds Average		2.08			–0.15			35.69			54.61

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years
Class T					–2.00	%		5.42	%		5.15	%
Barclays Intermediate Govt./Credit Bond Index					–0.13			4.18			3.94
Lipper Core Bond Funds Average					0.01			6.35			4.05

Source: Prudential Investments LLC and Lipper Inc.

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


		Class T
Maximum initial sales charge		None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)		None
Annual distribution and service (12b-1) fees		None

Benchmark Definitions

Barclays Intermediate Government/Credit Bond Index

The Barclays 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.


The TARGET Portfolio Trust			15

Lipper Core Bond Funds Average

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


16		The TARGET Portfolio Trust

Target Mortgage-Backed Securities Portfolio

Performance (Unaudited)


	Cumulative Total Returns as of 4/30/14
	Six Months			One Year			Five Years			Ten Years
Class T		1.40	%		–0.18	%		38.79	%		64.21	%
Barclays Mortgage-Backed Securities Index		1.41			0.59			19.92			60.75
Citigroup Mortgage-Backed Securities Index		1.34			0.52			20.03			61.36
Lipper U.S. Mortgage Funds Average		1.45			0.19			26.10			51.25

	Average Annual Total Returns as of 3/31/14
				One Year			Five Years			Ten Years
Class T					–0.45	%		6.71	%		4.81	%
Barclays Mortgage-Backed Securities Index					0.20			3.57			4.58
Citigroup Mortgage-Backed Securities Index					0.11			3.57			4.62
Lipper U.S. Mortgage Funds Average					–0.10			4.65			3.89

Source: Prudential Investments LLC and Lipper Inc.

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


		Class T
Maximum initial sales charge		None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)		None
Annual distribution and service (12b-1) fees		None


The TARGET Portfolio Trust			17

Benchmark Definitions

Barclays Mortgage-Backed Securities Index

The Barclays 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.

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 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.

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


18		The TARGET Portfolio Trust

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

Actual Expenses

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

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 pages. 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


The TARGET Portfolio Trust			19

Fees and Expenses (continued)

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.

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

Class R
Actual	$	1,000.00	$	1,036.30		1.29	%	$	6.51
Hypothetical	$	1,000.00	$	1,018.40		1.29	%	$	6.46
Class T
Actual	$	1,000.00	$	1,038.50		0.79	%	$	3.99
Hypothetical	$	1,000.00	$	1,020.88		0.79	%	$	3.96

Large Capitalization Value Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	1,085.30		1.29	%	$	6.67
Hypothetical	$	1,000.00	$	1,018.40		1.29	%	$	6.46
Class T
Actual	$	1,000.00	$	1,088.30		0.79	%	$	4.09
Hypothetical	$	1,000.00	$	1,020.88		0.79	%	$	3.96


20		The TARGET Portfolio Trust


Small Capitalization Growth Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class R
Actual	$	1,000.00	$	992.90		1.36	%	$	6.72
Hypothetical	$	1,000.00	$	1,018.05		1.36	%	$	6.80
Class T
Actual	$	1,000.00	$	995.00		0.86	%	$	4.25
Hypothetical	$	1,000.00	$	1,020.53		0.86	%	$	4.31

Small Capitalization Value Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class A
Actual**	$	1,000.00	$	1,020.60		0.98	%	$	2.06
Hypothetical	$	1,000.00	$	1,019.93		0.98	%	$	4.91
Class R
Actual	$	1,000.00	$	1,046.40		1.23	%	$	6.24
Hypothetical	$	1,000.00	$	1,018.70		1.23	%	$	6.16
Class T
Actual	$	1,000.00	$	1,049.10		0.73	%	$	3.71
Hypothetical	$	1,000.00	$	1,021.17		0.73	%	$	3.66

International Equity Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class Q
Actual	$	1,000.00	$	1,030.70		0.81	%	$	4.08
Hypothetical	$	1,000.00	$	1,020.78		0.81	%	$	4.06
Class R
Actual	$	1,000.00	$	1,027.10		1.41	%	$	7.09
Hypothetical	$	1,000.00	$	1,017.80		1.41	%	$	7.05
Class T
Actual	$	1,000.00	$	1,030.40		0.91	%	$	4.58
Hypothetical	$	1,000.00	$	1,020.28		0.91	%	$	4.56


The TARGET Portfolio Trust			21

Fees and Expenses (continued)


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

Class R
Actual	$	1,000.00	$	1,007.40		1.15	%	$	5.72
Hypothetical	$	1,000.00	$	1,019.09		1.15	%	$	5.76
Class T
Actual	$	1,000.00	$	1,009.90		0.65	%	$	3.24
Hypothetical	$	1,000.00	$	1,021.57		0.65	%	$	3.26

Intermediate-Term Bond Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class T
Actual	$	1,000.00	$	1,003.20		0.78	%	$	3.87
Hypothetical	$	1,000.00	$	1,020.93		0.78	%	$	3.91

Mortgage Backed Securities Portfolio	Beginning Account Value November 1, 2013		Ending Account Value April 30, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*

Class T
Actual	$	1,000.00	$	1,014.00		0.97	%	$	4.84
Hypothetical	$	1,000.00	$	1,019.98		0.97	%	$	4.86

*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 181 days in the six-month period ended April 30, 2014, and divided by the 365 days.

**“Actual” expenses are calculated using the 37-day period ended April 30, 2014, due to the Class’s inception date of February 14, 2014.

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

Target Portfolio Trust—Large Capitalization Growth Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.54	%		1.29	%
T		0.79			0.79


22		The TARGET Portfolio Trust

Target Portfolio Trust—Large Capitalization Value Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.54	%		1.29	%
T		0.79			0.79

Target Portfolio Trust—Small Capitalization Growth Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.61	%		1.36	%
T		0.86			0.86

Target Portfolio Trust—Small Capitalization Value Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
A		0.97	%		0.92	%
R		1.42			1.17
T		0.67			0.67

Target Portfolio Trust—International Equity Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
Q		0.81	%		0.81	%
R		1.66			1.41
T		0.91			0.91

Target Portfolio Trust—Total Return Bond Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
R		1.40	%		1.15	%
T		0.65			0.65

Target Portfolio Trust—Intermediate-Term Bond Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
T		0.78	%		0.78	%

Target Portfolio Trust—Mortgage-Backed Securities Portfolio


Class	Gross Operating Expenses			Net Operating Expenses
T		0.97	%		0.97	%

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


The TARGET Portfolio Trust			23


Portfolio of Investments As of April 30, 2014 (Unaudited)		*Large Capitalization Growth Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—97.3%

		COMMON STOCKS

		Aerospace & Defense—1.9%
	10,060	B/E Aerospace, Inc.*	$	882,966
	17,260	Honeywell International, Inc.		1,603,454
	11,134	Precision Castparts Corp.		2,817,904

				5,304,324


		Auto Components—0.1%
	4,470	BorgWarner, Inc.		277,766


		Beverages—0.8%
	8,330	Constellation Brands, Inc. (Class A Stock)*(a)		665,067
	27,572	Diageo PLC (United Kingdom)		844,796
	5,218	Pernod-Ricard SA (France)		626,204

				2,136,067


		Biotechnology—4.8%
	12,350	Alexion Pharmaceuticals, Inc.*		1,953,770
	8,969	Biogen Idec, Inc.*		2,575,179
	6,591	Celgene Corp.*		968,943
	82,939	Gilead Sciences, Inc.*		6,509,882
	530	Intercept Pharmaceuticals, Inc.*		139,984
	4,050	Isis Pharmaceuticals, Inc.*(a)		107,771
	3,762	Regeneron Pharmaceuticals, Inc.*(a)		1,116,900

				13,372,429


		Capital Markets—2.9%
	5,421	Affiliated Managers Group, Inc.*		1,074,442
	2,316	BlackRock, Inc.		697,116
	194,139	Charles Schwab Corp. (The)		5,154,391
	32,140	Morgan Stanley		994,090

				7,920,039


		Chemicals—3.3%
	8,130	Airgas, Inc.		863,894
	41,596	Ecolab, Inc.		4,352,605
	21,888	Monsanto Co.		2,423,002
	6,966	Sherwin-Williams Co. (The)		1,392,085

				9,031,586


		Commercial Services & Supplies—1.5%
	34,603	Stericycle, Inc.*		4,029,173


		Communications Equipment—2.9%
	102,621	QUALCOMM, Inc.		8,077,299

See Notes to Financial Statements.


The TARGET Portfolio Trust			25

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Construction & Engineering—1.6%
	57,054	Fluor Corp.	$	4,318,988


		Consumer Finance—0.6%
	20,750	American Express Co.		1,814,172


		Diversified Financial Services—0.9%
	12,200	IntercontinentalExchange Group, Inc.		2,494,168


		Electrical Equipment—0.5%
	28,470	AMETEK, Inc.		1,500,938


		Electronic Equipment, Instruments & Components—2.3%
	45,983	Amphenol Corp. (Class A Stock)		4,384,479
	74,010	National Instruments Corp.		2,021,213

				6,405,692


		Energy Equipment & Services—5.9%
	22,333	Core Laboratories NV		4,191,458
	81,766	FMC Technologies, Inc.*		4,636,132
	9,900	Halliburton Co.		624,393
	68,171	Schlumberger Ltd.		6,922,765

				16,374,748


		Food & Staples Retailing—3.8%
	40,105	Costco Wholesale Corp.		4,639,347
	15,610	CVS Caremark Corp.		1,135,159
	97,439	Whole Foods Market, Inc.		4,842,718

				10,617,224


		Food Products—2.9%
	8,812	Danone (France)		650,669
	66,707	Mead Johnson Nutrition Co.		5,887,560
	39,610	Mondelez International, Inc. (Class A Stock)		1,412,096

				7,950,325


		Health Care Equipment & Supplies—2.4%
	2,241	C.R. Bard, Inc.		307,757
	3,561	Cooper Cos., Inc. (The)		469,731
	24,664	Covidien PLC		1,757,310
	11,248	Intuitive Surgical, Inc.*		4,068,402

				6,603,200


		Health Care Providers & Services—4.1%
	56,899	DaVita HealthCare Partners, Inc.*		3,943,101
	110,173	Express Scripts Holding Co.*		7,335,318

				11,278,419

See Notes to Financial Statements.


26			The TARGET Portfolio Trust


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

		Health Care Technology—0.3%
	15,512	Cerner Corp.*(a)	$	795,766


		Hotels, Restaurants & Leisure—4.3%
	22,260	Las Vegas Sands Corp.		1,761,434
	22,180	Marriott International, Inc. (Class A Stock)(a)		1,284,887
	81,231	Starbucks Corp.		5,736,533
	10,896	Wynn Resorts Ltd.		2,221,586
	11,131	Yum! Brands, Inc.		856,976

				11,861,416


		Household Products—0.4%
	16,785	Colgate-Palmolive Co.		1,129,631


		Industrial Conglomerates—3.1%
	101,268	Danaher Corp.		7,431,046
	8,014	Roper Industries, Inc.		1,113,545

				8,544,591


		Insurance—0.2%
	12,250	MetLife, Inc.		641,288


		Internet & Catalog Retail—1.5%
	4,544	Amazon.com, Inc.*		1,381,967
	2,396	Priceline Group, Inc. (The)*		2,773,969

				4,155,936


		Internet Software & Services—6.2%
	24,270	eBay, Inc.*		1,257,914
	38,600	Facebook, Inc. (Class A Stock)*		2,307,508
	11,644	Google, Inc. (Class A Stock)*		6,228,143
	11,644	Google, Inc. (Class C Stock)*		6,132,429
	5,218	LinkedIn Corp. (Class A Stock)*		800,806
	11,400	Yahoo!, Inc.*		409,830

				17,136,630


		IT Services—8.5%
	41,369	Accenture PLC (Class A Stock)		3,318,621
	100,518	Cognizant Technology Solutions Corp. (Class A Stock)*		4,815,315
	9,050	FleetCor Technologies, Inc.*		1,032,876
	166,021	Genpact Ltd.*(a)		2,799,114
	33,246	MasterCard, Inc. (Class A Stock)		2,445,243
	44,847	Visa, Inc. (Class A Stock)		9,086,451

				23,497,620


		Life Sciences Tools & Services—2.3%
	35,502	Covance, Inc.*		3,134,117
	1,050	Illumina, Inc.*(a)		142,642
	27,217	Thermo Fisher Scientific, Inc.		3,102,738

				6,379,497

See Notes to Financial Statements.


The TARGET Portfolio Trust			27

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Machinery—0.8%
	9,730	Colfax Corp.*	$	700,365
	7,106	Cummins, Inc.		1,071,940
	6,989	Joy Global, Inc.(a)		421,996

				2,194,301


		Media—4.8%
	3,100	AMC Networks, Inc. (Class A Stock)*		203,577
	41,918	Comcast Corp. (Special Class A Stock)		2,139,076
	54,970	Discovery Communications, Inc. (Class A Stock)*		4,172,223
	18,600	Time Warner, Inc.		1,236,156
	72,770	Twenty-First Century Fox, Inc. (Class A Stock)		2,330,095
	12,410	Viacom, Inc. (Class B Stock)		1,054,602
	26,330	Walt Disney Co. (The)		2,089,022

				13,224,751


		Oil, Gas & Consumable Fuels—1.9%
	13,510	Anadarko Petroleum Corp.		1,337,760
	3,690	Antero Resources Corp*		242,322
	19,310	Cabot Oil & Gas Corp.		758,497
	17,454	Noble Energy, Inc.		1,252,848
	9,033	Pioneer Natural Resources Co.		1,745,808

				5,337,235


		Personal Products—1.9%
	70,845	Estee Lauder Cos., Inc. (The) (Class A Stock)		5,141,222


		Pharmaceuticals—2.4%
	10,270	Actavis PLC*(a)		2,098,469
	37,500	Bristol-Myers Squibb Co.		1,878,375
	2,360	Forest Laboratories, Inc.*		216,908
	7,265	Perrigo Co. PLC		1,052,408
	7,730	Valeant Pharmaceuticals International, Inc.*		1,033,578
	15,580	Zoetis, Inc.		471,451

				6,751,189


		Professional Services—0.3%
	13,370	Verisk Analytics, Inc. (Class A Stock)*		803,403


		Real Estate Investment Trusts (REITs)—1.0%
	33,962	American Tower Corp.		2,836,506


		Road & Rail—0.6%
	4,755	Kansas City Southern		479,684
	5,829	Union Pacific Corp.		1,110,017

				1,589,701

See Notes to Financial Statements.


28			The TARGET Portfolio Trust


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

		Semiconductors & Semiconductor Equipment—0.6%
	39,430	Altera Corp.	$	1,282,264
	9,100	Linear Technology Corp.		404,950

				1,687,214


		Software—3.8%
	27,346	ANSYS, Inc.*		2,086,773
	8,860	Autodesk, Inc.*		425,457
	7,600	Citrix Systems, Inc.*(a)		450,756
	46,060	Oracle Corp.		1,882,933
	11,110	PTC, Inc.*		392,961
	98,179	Salesforce.com, Inc.*		5,070,945
	3,250	VMware, Inc. (Class A Stock)*(a)		300,658

				10,610,483


		Specialty Retail—1.8%
	1,338	AutoZone, Inc.*(a)		714,345
	26,351	Ross Stores, Inc.		1,793,976
	8,840	Tiffany & Co.		773,412
	16,580	TJX Cos., Inc. (The)		964,624
	8,460	Tractor Supply Co.(a)		568,850
	4,130	Urban Outfitters, Inc.*(a)		147,255

				4,962,462


		Technology Hardware, Storage & Peripherals—3.3%
	11,206	Apple, Inc.		6,612,548
	101,686	EMC Corp.		2,623,499

				9,236,047


		Textiles, Apparel & Luxury Goods—2.7%
	21,752	Fossil Group, Inc.*		2,319,851
	5,043	LVMH Moet Hennessy Louis Vuitton SA (France)		993,441
	9,050	Michael Kors Holdings Ltd.*		825,360
	12,350	NIKE, Inc. (Class B Stock)		900,932
	4,929	PVH Corp.		618,935
	29,980	VF Corp.		1,831,478

				7,489,997


		Tobacco—0.3%
	11,490	Philip Morris International, Inc.		981,591


		Trading Companies & Distributors—1.1%
	59,960	Fastenal Co.		3,002,797

		TOTAL LONG-TERM INVESTMENTS (cost $194,539,274)		269,497,831

See Notes to Financial Statements.


The TARGET Portfolio Trust			29

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—6.0%

		AFFILIATED MONEY MARKET MUTUAL FUND
	16,537,669	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $16,537,669; includes $8,311,742 of cash collateral for securities on loan)(Note 3)(b)(w)	$	16,537,669

		TOTAL INVESTMENTS—103.3% (cost $211,076,943; Note 5)		286,035,500
		Liabilities in excess of other assets—(3.3%)		(9,194,358	)

		NET ASSETS—100.0%	$	276,841,142

*	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 $8,232,611; cash collateral of $8,311,742 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements. Cash collateral is less than 102% of the market value of securities loaned due to significant market increases on last business day of the reporting period. Collateral was subsequently received on the following business day and the Portfolio remained in compliance.

(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 in active markets for identical securities.

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

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	5,304,324	$	—	$	—
Auto Components		277,766		—		—
Beverages		665,067		1,471,000		—
Biotechnology		13,372,429		—		—
Capital Markets		7,920,039		—		—
Chemicals		9,031,586		—		—
Commercial Services & Supplies		4,029,173		—		—
Communications Equipment		8,077,299		—		—
Construction & Engineering		4,318,988		—		—
Consumer Finance		1,814,172		—		—
Diversified Financial Services		2,494,168		—		—
Electrical Equipment		1,500,938		—		—

See Notes to Financial Statements.


30			The TARGET Portfolio Trust


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Electronic Equipment, Instruments & Components	$	6,405,692	$	—	$	—
Energy Equipment & Services		16,374,748		—		—
Food & Staples Retailing		10,617,224		—		—
Food Products		7,299,656		650,669		—
Health Care Equipment & Supplies		6,603,200		—		—
Health Care Providers & Services		11,278,419		—		—
Health Care Technology		795,766		—		—
Hotels, Restaurants & Leisure		11,861,416		—		—
Household Products		1,129,631		—		—
Industrial Conglomerates		8,544,591		—		—
Insurance		641,288		—		—
Internet & Catalog Retail		4,155,936		—		—
Internet Software & Services		17,136,630		—		—
IT Services		23,497,620		—		—
Life Sciences Tools & Services		6,379,497		—		—
Machinery		2,194,301		—		—
Media		13,224,751		—		—
Oil, Gas & Consumable Fuels		5,337,235		—		—
Personal Products		5,141,222		—		—
Pharmaceuticals		6,751,189		—		—
Professional Services		803,403		—		—
Real Estate Investment Trusts (REITs)		2,836,506		—		—
Road & Rail		1,589,701		—		—
Semiconductors & Semiconductor Equipment		1,687,214		—		—
Software		10,610,483		—		—
Specialty Retail		4,962,462		—		—
Technology Hardware, Storage & Peripherals		9,236,047		—		—
Textiles, Apparel & Luxury Goods		6,496,556		993,441		—
Tobacco		981,591		—		—
Trading Companies & Distributors		3,002,797		—		—
Affiliated Money Market Mutual Fund		16,537,669		—		—

Total	$	282,920,390	$	3,115,110	$	—

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


IT Services	8.5	%
Internet Software & Services	6.2
Affiliated Money Market Mutual Fund (including 3.0% of collateral for securities on loan)	6.0
Energy Equipment & Services	5.9
Biotechnology	4.8
Media	4.8
Hotels, Restaurants & Leisure	4.3
Health Care Providers & Services	4.1
Food & Staples Retailing	3.8
Software	3.8
Chemicals	3.3
Technology Hardware, Storage & Peripherals	3.3
Industrial Conglomerates	3.1	%
Capital Markets	2.9
Communications Equipment	2.9
Food Products	2.9
Textiles, Apparel & Luxury Goods	2.7
Health Care Equipment & Supplies	2.4
Pharmaceuticals	2.4
Electronic Equipment, Instruments & Components	2.3
Life Sciences Tools & Services	2.3
Aerospace & Defense	1.9
Oil, Gas & Consumable Fuels	1.9
Personal Products	1.9

See Notes to Financial Statements.


The TARGET Portfolio Trust			31

Large Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


Industry (cont’d.)
Specialty Retail	1.8	%
Construction & Engineering	1.6
Commercial Services & Supplies	1.5
Internet & Catalog Retail	1.5
Trading Companies & Distributors	1.1
Real Estate Investment Trusts (REITs)	1.0
Diversified Financial Services	0.9
Beverages	0.8
Machinery	0.8
Consumer Finance	0.6
Road & Rail	0.6
Semiconductors & Semiconductor Equipment	0.6	%
Electrical Equipment	0.5
Household Products	0.4
Health Care Technology	0.3
Professional Services	0.3
Tobacco	0.3
Insurance	0.2
Auto Components	0.1

	103.3
Liabilities in excess of other assets	(3.3	)

	100.0	%

See Notes to Financial Statements.


32			The TARGET Portfolio Trust


Portfolio of Investments As of April 30, 2014 (Unaudited)		*Large Capitalization Value Portfolio*


SHARES		DESCRIPTION		VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—97.5%

		COMMON STOCKS

		Aerospace & Defense—3.6%
	32,700	Boeing Co. (The)		$	4,218,954
	10,200	Embraer SA (Brazil), ADR			350,880
	10,500	Lockheed Martin Corp.			1,723,470
	31,500	Northrop Grumman Corp.			3,827,565

					10,120,869


		Auto Components—1.9%
	41,800	Delphi Automotive PLC (United Kingdom)			2,793,912
	40,200	Johnson Controls, Inc.			1,814,628
	5,300	Lear Corp.			440,218
	4,600	Magna International, Inc. (Canada)			450,754

					5,499,512


		Automobiles—1.5%
	172,900	Ford Motor Co.			2,792,335
	26,900	General Motors Co.			927,512
	12,800	Honda Motor Co. Ltd. (Japan)			426,240

					4,146,087


		Banks—10.9%
	344,786	Bank of America Corp.			5,220,060
	11,000	BB&T Corp.			410,630
	58,285	CIT Group, Inc.			2,509,169
	114,693	Citigroup, Inc.			5,494,942
	97,120	Fifth Third Bancorp			2,001,643
	122,700	JPMorgan Chase & Co.			6,868,746
	25,700	PNC Financial Services Group, Inc. (The)			2,159,828
	125,643	Wells Fargo & Co.			6,236,919

					30,901,937


		Beverages—1.0%
	19,200	Molson Coors Brewing Co. (Class B Stock)			1,151,424
	20,350	PepsiCo, Inc.			1,747,861

					2,899,285


		Biotechnology—0.4%
	9,300	Amgen, Inc.			1,039,275


		Capital Markets—3.3%
	27,700	Bank of New York Mellon Corp. (The)			938,199
	11,025	BlackRock, Inc.			3,318,525
	6,900	Goldman Sachs Group, Inc. (The)			1,102,758
	84,780	Morgan Stanley	��		2,622,245

See Notes to Financial Statements.


The TARGET Portfolio Trust			33

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Capital Markets (continued)
	19,900	State Street Corp.	$	1,284,744

				9,266,471


		Chemicals—2.5%
	34,415	E.I. du Pont de Nemours & Co.		2,316,818
	5,700	PPG Industries, Inc.		1,103,634
	28,165	Praxair, Inc.		3,676,940

				7,097,392


		Communications Equipment—0.7%
	91,200	Cisco Systems, Inc.		2,107,632


		Consumer Finance—2.2%
	53,200	Capital One Financial Corp.		3,931,480
	92,500	SLM Corp.		2,381,875

				6,313,355


		Diversified Financial Services—1.4%
	55,030	CME Group, Inc.		3,873,562


		Diversified Telecommunication Services—1.7%
	52,500	AT&T, Inc.		1,874,250
	57,385	CenturyLink, Inc.(a)		2,003,310
	22,800	Verizon Communications, Inc.		1,065,444

				4,943,004


		Electric Utilities—2.4%
	40,300	American Electric Power Co., Inc.		2,168,543
	10,300	Edison International		582,568
	32,700	Exelon Corp.		1,145,481
	57,700	PPL Corp.		1,923,718
	21,200	Southern Co. (The)		971,596

				6,791,906


		Electronic Equipment, Instruments & Components—1.0%
	135,800	Corning, Inc.		2,839,578


		Energy Equipment & Services—1.3%
	48,015	National Oilwell Varco, Inc.		3,770,618


		Food & Staples Retailing—3.2%
	55,480	CVS Caremark Corp.		4,034,506
	24,700	Kroger Co. (The)		1,137,188
	35,500	Wal-Mart Stores, Inc.		2,829,705
	16,708	Walgreen Co.		1,134,473

				9,135,872

See Notes to Financial Statements.


34			The TARGET Portfolio Trust


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

		Food Products—0.8%
	36,100	ConAgra Foods, Inc.	$	1,101,411
	10,700	Kellogg Co.		715,081
	12,600	Mondelez International, Inc. (Class A Stock)		449,190

				2,265,682


		Health Care Equipment & Supplies—2.0%
	64,500	Abbott Laboratories		2,498,730
	38,900	Medtronic, Inc.		2,288,098
	9,800	Zimmer Holdings, Inc.		948,640

				5,735,468


		Health Care Providers & Services—3.7%
	13,524	Cigna Corp.		1,082,461
	10,300	Humana, Inc.		1,130,425
	86,825	UnitedHealth Group, Inc.		6,515,348
	17,000	WellPoint, Inc.		1,711,560

				10,439,794


		Hotels, Restaurants & Leisure—0.4%
	47,372	International Game Technology		594,519
	6,700	McDonald’s Corp.		679,246

				1,273,765


		Household Durables—0.4%
	7,300	Whirlpool Corp.		1,119,674


		Independent Power & Renewable Electricity Producers—0.5%
	47,300	NRG Energy, Inc.		1,547,656


		Industrial Conglomerates—1.1%
	116,000	General Electric Co.		3,119,240


		Insurance—7.5%
	97,300	Allstate Corp. (The)		5,541,235
	144,590	American International Group, Inc.		7,682,067
	70,415	Marsh & McLennan Cos., Inc.		3,472,163
	39,500	MetLife, Inc.		2,067,825
	11,600	Travelers Cos., Inc. (The)		1,050,728
	47,200	Unum Group		1,567,984

				21,382,002


		IT Services—1.2%
	7,100	International Business Machines Corp.		1,394,937
	174,900	Xerox Corp.		2,114,541

				3,509,478


		Life Sciences Tools & Services—1.4%
	73,975	Agilent Technologies, Inc.		3,997,609

See Notes to Financial Statements.


The TARGET Portfolio Trust			35

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Machinery—3.4%
	14,200	Cummins, Inc.	$	2,142,070
	11,500	Deere & Co.		1,073,410
	58,185	Ingersoll-Rand PLC		3,479,463
	16,900	PACCAR, Inc.		1,081,262
	7,600	Parker Hannifin Corp.		964,288
	10,500	Stanley Black & Decker, Inc.		901,845

				9,642,338


		Media—1.4%
	15,200	CBS Corp. (Class B Stock)		877,952
	27,800	Comcast Corp. (Special Class A Stock)		1,418,634
	48,700	Interpublic Group of Cos., Inc. (The)		848,354
	6,600	Time Warner Cable, Inc.		933,636

				4,078,576


		Metals & Mining—0.7%
	55,300	Freeport-McMoRan Copper & Gold, Inc.		1,900,661


		Multi-Utilities—0.9%
	64,400	Public Service Enterprise Group, Inc.		2,638,468


		Multiline Retail—1.3%
	21,700	Macy’s, Inc.		1,246,231
	38,500	Target Corp.		2,377,375

				3,623,606


		Oil, Gas & Consumable Fuels—8.5%
	38,800	Chesapeake Energy Corp.		1,115,500
	22,800	Chevron Corp.		2,861,856
	29,300	ConocoPhillips		2,177,283
	11,000	Exxon Mobil Corp.		1,126,510
	36,265	HollyFrontier Corp.(a)		1,907,177
	95,100	Marathon Oil Corp.		3,437,865
	45,600	Murphy Oil Corp.		2,892,408
	61,691	Royal Dutch Shell PLC (Netherlands), ADR		4,857,549
	52,800	Total SA, ADR (France)(a)		3,761,472

				24,137,620


		Paper & Forest Products—1.5%
	93,375	International Paper Co.		4,355,944


		Pharmaceuticals—7.1%
	51,720	AbbVie, Inc.		2,693,578
	27,800	AstraZeneca PLC, ADR (United Kingdom)(a)		2,197,590
	36,000	Eli Lilly & Co.		2,127,600

See Notes to Financial Statements.


36			The TARGET Portfolio Trust


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

		Pharmaceuticals (continued)
	40,200	Johnson & Johnson	$	4,071,858
	44,500	Merck & Co., Inc.		2,605,920
	10,500	Novartis AG, ADR (Switzerland)		912,870
	69,600	Pfizer, Inc.		2,177,088
	43,500	Sanofi, ADR (France)(a)		2,340,300
	21,600	Teva Pharmaceutical Industries Ltd. (Israel), ADR		1,055,376

				20,182,180


		Professional Services—0.2%
	5,300	ManpowerGroup, Inc.		431,102


		Road & Rail—0.4%
	11,300	Norfolk Southern Corp.		1,068,189


		Semiconductors & Semiconductor Equipment—1.9%
	82,900	Intel Corp.		2,212,601
	68,410	Texas Instruments, Inc.		3,109,234

				5,321,835


		Software—5.6%
	63,958	CA, Inc.		1,927,694
	38,590	Check Point Software Technologies Ltd. (Israel)*(a)		2,472,075
	223,285	Microsoft Corp.		9,020,714
	59,800	Oracle Corp.		2,444,624

				15,865,107


		Specialty Retail—0.7%
	29,970	PetSmart, Inc.		2,028,370


		Technology Hardware, Storage & Peripherals—4.4%
	10,320	Apple, Inc.		6,089,729
	118,631	Hewlett-Packard Co.		3,921,941
	45,440	Seagate Technology PLC		2,389,235

				12,400,905


		Tobacco—0.5%
	25,500	Altria Group, Inc.		1,022,805
	5,500	Philip Morris International, Inc.		469,865

				1,492,670


		Wireless Telecommunication Services—1.0%
	74,200	Vodafone Group PLC (United Kingdom), ADR		2,816,632

		TOTAL LONG-TERM INVESTMENTS (cost $203,134,474)		277,120,926

See Notes to Financial Statements.


The TARGET Portfolio Trust			37

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


SHARES		DESCRIPTION	VALUE (NOTE 1)
		SHORT-TERM INVESTMENT—7.5%

		AFFILIATED MONEY MARKET MUTUAL FUND
	21,280,803	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $21,280,803; includes $15,086,230 of cash collateral for securities on loan)(Note 3)(b)(w)	$	21,280,803

		TOTAL INVESTMENTS—105.0% (cost $224,415,277; Note 5)		298,401,729
		Liabilities in excess of other assets—(5.0%)		(14,075,565	)

		NET ASSETS—100.0%	$	284,326,164

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 $14,921,409; cash collateral of $15,086,230 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements. Cash collateral is less than 102% of the market value of securities loaned due to significant market increases on last business day of the reporting period. Collateral was subsequently received on the following business day and the Portfolio remained in compliance.

(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 in active markets for identical securities.

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	10,120,869	$	—	$	—
Auto Components		5,499,512		—		—
Automobiles		4,146,087		—		—
Banks		30,901,937		—		—
Beverages		2,899,285		—		—
Biotechnology		1,039,275		—		—
Capital Markets		9,266,471		—		—
Chemicals		7,097,392		—		—
Communications Equipment		2,107,632		—		—
Consumer Finance		6,313,355		—		—

See Notes to Financial Statements.


38			The TARGET Portfolio Trust


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Diversified Financial Services	$	3,873,562	$	—	$	—
Diversified Telecommunication Services		4,943,004		—		—
Electric Utilities		6,791,906		—		—
Electronic Equipment, Instruments & Components		2,839,578		—		—
Energy Equipment & Services		3,770,618		—		—
Food & Staples Retailing		9,135,872		—		—
Food Products		2,265,682		—		—
Health Care Equipment & Supplies		5,735,468		—		—
Health Care Providers & Services		10,439,794		—		—
Hotels, Restaurants & Leisure		1,273,765		—		—
Household Durables		1,119,674		—		—
Independent Power & Renewable Electricity Producers		1,547,656		—		—
Industrial Conglomerates		3,119,240		—		—
Insurance		21,382,002		—		—
IT Services		3,509,478		—		—
Life Sciences Tools & Services		3,997,609		—		—
Machinery		9,642,338		—		—
Media		4,078,576		—		—
Metals & Mining		1,900,661		—		—
Multi-Utilities		2,638,468		—		—
Multiline Retail		3,623,606		—		—
Oil, Gas & Consumable Fuels		24,137,620		—		—
Paper & Forest Products		4,355,944		—		—
Pharmaceuticals		20,182,180		—		—
Professional Services		431,102		—		—
Road & Rail		1,068,189		—		—
Semiconductors & Semiconductor Equipment		5,321,835		—		—
Software		15,865,107		—		—
Specialty Retail		2,028,370		—		—
Technology Hardware, Storage & Peripherals		12,400,905		—		—
Tobacco		1,492,670		—		—
Wireless Telecommunication Services		2,816,632		—		—
Affiliated Money Market Mutual Fund		21,280,803		—		—

Total	$	298,401,729	$	—	$	—

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


Banks	10.9	%
Oil, Gas & Consumable Fuels	8.5
Affiliated Money Market Mutual Fund (including 5.3% of collateral for securities on loan)	7.5
Insurance	7.5
Pharmaceuticals	7.1
Software	5.6
Technology Hardware, Storage & Peripherals	4.4
Health Care Providers & Services	3.7
Aerospace & Defense	3.6
Machinery	3.4
Capital Markets	3.3	%
Food & Staples Retailing	3.2
Chemicals	2.5
Electric Utilities	2.4
Consumer Finance	2.2
Health Care Equipment & Supplies	2.0
Auto Components	1.9
Semiconductors & Semiconductor Equipment	1.9
Diversified Telecommunication Services	1.7
Automobiles	1.5
Paper & Forest Products	1.5

See Notes to Financial Statements.


The TARGET Portfolio Trust			39

Large Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


Industry (cont’d.)
Diversified Financial Services	1.4	%
Life Sciences Tools & Services	1.4
Media	1.4
Energy Equipment & Services	1.3
Multiline Retail	1.3
IT Services	1.2
Industrial Conglomerates	1.1
Beverages	1.0
Electronic Equipment, Instruments & Components	1.0
Wireless Telecommunication Services	1.0
Multi-Utilities	0.9
Food Products	0.8
Communications Equipment	0.7
Metals & Mining	0.7	%
Specialty Retail	0.7
Independent Power & Renewable Electricity Producers	0.5
Tobacco	0.5
Biotechnology	0.4
Hotels, Restaurants & Leisure	0.4
Household Durables	0.4
Road & Rail	0.4
Professional Services	0.2

	105.0
Liabilities in excess of other assets	(5.0	)

	100.0	%

See Notes to Financial Statements.


40			The TARGET Portfolio Trust


Portfolio of Investments As of April 30, 2014 (Unaudited)		*Small Capitalization Growth Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—99.0%

		COMMON STOCKS—99.0%

		Aerospace & Defense—1.4%
	8,116	Astronics Corp.*	$	463,586
	33,155	Hexcel Corp.*		1,382,232

				1,845,818


		Airlines—2.3%
	12,092	American Airlines Group, Inc.*		424,067
	96,284	JetBlue Airways Corp.*(a)		761,125
	32,537	Spirit Airlines, Inc.*		1,849,403

				3,034,595


		Auto Components—0.5%
	12,240	Tenneco, Inc.*(a)		732,809


		Banks—4.8%
	16,841	Bancorp, Inc. (The)*		266,425
	19,603	Bank of the Ozarks, Inc.		1,174,220
	36,172	CoBiz Financial, Inc.		363,167
	15,450	Customers Bancorp, Inc.*		340,363
	4,330	First Internet Bancorp		94,524
	21,700	First NBC Bank Holding Co.*		674,870
	28,490	Opus Bank*		855,555
	19,452	Pacific Premier Bancorp, Inc.*		265,520
	10,742	PacWest Bancorp		422,912
	20,371	Square 1 Financial, Inc.*(a)		383,993
	7,742	SVB Financial Group*		825,994
	10,567	Talmer Bancorp, Inc.*		141,703
	11,535	UMB Financial Corp.(a)		677,220

				6,486,466


		Biotechnology—7.7%
	21,790	Acorda Therapeutics, Inc.*		772,455
	8,460	Adamas Pharmaceuticals, Inc.*		156,087
	8,605	Aegerion Pharmaceuticals, Inc.*(a)		380,857
	14,496	Alnylam Pharmaceuticals, Inc.*		717,987
	10,755	Cara Therapeutics, Inc.*		154,764
	120,102	Cell Therapeutics, Inc.*(a)		354,301
	13,006	Cepheid, Inc.*		565,501
	5,742	Cubist Pharmaceuticals, Inc.*(a)		402,285
	16,070	Epizyme, Inc.*(a)		350,647
	2,942	Intercept Pharmaceuticals, Inc.*		777,041
	19,210	InterMune, Inc.*		616,257
	16,640	Intrexon Corp.*(a)		314,163
	7,355	Isis Pharmaceuticals, Inc.*(a)		195,717

See Notes to Financial Statements.


The TARGET Portfolio Trust			41

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Biotechnology (continued)
	13,200	MacroGenics, Inc.*	$	263,208
	15,970	Neurocrine Biosciences, Inc.*		223,899
	39,003	NPS Pharmaceuticals, Inc.*		1,038,260
	14,633	Ophthotech Corp.*(a)		497,376
	6,070	Ovascience, Inc.*		49,288
	13,309	Portola Pharmaceuticals, Inc.*(a)		312,229
	9,963	Receptos, Inc.*		336,650
	15,353	Sarepta Therapeutics, Inc.*(a)		570,057
	9,295	Seattle Genetics, Inc.*(a)		357,672
	20,209	Theravance, Inc.*(a)		544,026
	1,520	Ultragenyx Pharmaceutical, Inc.*		58,946
	27,735	Verastem, Inc.*		231,587

				10,241,260


		Building Products—2.7%
	12,513	Apogee Enterprises, Inc.		397,538
	36,192	PGT, Inc.*		360,110
	32,387	Trex Co., Inc.*		2,543,027
	11,361	USG Corp.*(a)		339,240

				3,639,915


		Capital Markets—1.7%
	11,310	Evercore Partners, Inc. (Class A Stock)		604,293
	4,020	Financial Engines, Inc.		177,885
	26,194	FXCM, Inc. (Class A Stock)		405,483
	21,246	Stifel Financial Corp.*(a)		993,675
	5,650	WisdomTree Investments, Inc.*(a)		63,789

				2,245,125


		Chemicals—2.5%
	42,089	Huntsman Corp.		1,054,330
	24,911	PolyOne Corp.		933,415
	18,747	Quaker Chemical Corp.		1,395,339

				3,383,084


		Commercial Services & Supplies—0.8%
	23,045	Waste Connections, Inc.		1,029,190


		Communications Equipment—1.9%
	14,480	Applied Optoelectronics, Inc.*		325,800
	57,976	Aruba Networks, Inc.*(a)		1,146,186
	11,917	CalAmp Corp.*		211,527
	21,125	Ixia*		262,372
	9,440	Palo Alto Networks, Inc.*		600,195

				2,546,080

See Notes to Financial Statements.


42			The TARGET Portfolio Trust


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

		Construction & Engineering—1.4%
	5,605	EMCOR Group, Inc.	$	257,774
	19,989	Northwest Pipe Co.*		715,007
	19,480	Primoris Services Corp.		545,050
	10,298	Tutor Perini Corp.*		304,821

				1,822,652


		Construction Materials—1.2%
	18,744	Texas Industries, Inc.*(a)		1,625,105


		Diversified Consumer Services—0.5%
	7,965	Grand Canyon Education, Inc.*		343,451
	6,458	Sotheby’s		271,623

				615,074


		Diversified Telecommunication Services—0.8%
	69,687	8x8, Inc.*		675,964
	41,710	ORBCOMM, Inc.*		261,522
	45,980	Vonage Holdings Corp.*		176,563

				1,114,049


		Electrical Equipment—1.0%
	6,230	Acuity Brands, Inc.		776,071
	21,595	Thermon Group Holdings, Inc.*		514,393

				1,290,464


		Electronic Equipment, Instruments & Components—3.4%
	11,660	Coherent, Inc.*		696,218
	7,180	Control4 Corp.*(a)		126,799
	15,080	FARO Technologies, Inc.*		601,692
	45,522	InvenSense, Inc.*(a)		980,089
	23,821	IPG Photonics Corp.*(a)		1,539,551
	12,170	Methode Electronics, Inc.		337,596
	54,460	Neonode, Inc.*(a)		291,361

				4,573,306


		Energy Equipment & Services—0.7%
	16,496	Geospace Technologies Corp.*(a)		958,912


		Food & Staples Retailing—1.9%
	18,875	Fresh Market, Inc. (The)*(a)		700,262
	35,704	Natural Grocers by Vitamin Cottage, Inc.*		1,271,062
	7,820	United Natural Foods, Inc.*		539,815

				2,511,139


		Food Products—1.4%
	7,890	Pinnacle Foods, Inc.		239,856
	58,525	Whitewave Foods Co. (The) (Class A Stock)*		1,620,557

				1,860,413

See Notes to Financial Statements.


The TARGET Portfolio Trust			43

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Health Care Equipment & Supplies—4.7%
	9,665	Align Technology, Inc.*	$	487,019
	11,290	Atricure, Inc.*		173,866
	8,910	Cooper Cos., Inc. (The)		1,175,318
	9,181	Cyberonics, Inc.*		543,148
	14,680	Cynosure, Inc. (Class A Stock)*		360,247
	27,689	Endologix, Inc.*		351,097
	15,310	Inogen, Inc.*		216,024
	8,070	LDR Holding Corp.*		201,104
	10,737	Natus Medical, Inc.*		266,600
	11,011	Sirona Dental Systems, Inc.*(a)		828,247
	13,283	Spectranetics Corp. (The)*		282,397
	3,100	Tandem Diabetes Care, Inc.*		54,467
	40,289	Thoratec Corp.*		1,320,674

				6,260,208


		Health Care Providers & Services—5.5%
	26,258	Acadia Healthcare Co., Inc.*(a)		1,103,361
	21,116	Air Methods Corp.*(a)		1,175,528
	24,562	Centene Corp.*		1,630,917
	11,225	Hanger, Inc.*(a)		389,171
	12,670	MWI Veterinary Supply, Inc.*		1,984,629
	4,380	Surgical Care Affiliates, Inc.*		128,684
	20,447	Team Health Holdings, Inc.*		991,270

				7,403,560


		Health Care Technology—1.5%
	11,830	Icad, Inc.*		102,684
	49,409	MedAssets, Inc.*		1,128,008
	9,042	Medidata Solutions, Inc.*		328,315
	18,412	Omnicell, Inc.*		487,550

				2,046,557


		Hotels, Restaurants & Leisure—4.3%
	20,411	Bally Technologies, Inc.*(a)		1,328,960
	21,353	Chuy’s Holdings, Inc.*		767,641
	32,107	Diversified Restaurant Holdings, Inc.*		160,856
	13,708	Jack in the Box, Inc.*		733,926
	30,472	Multimedia Games Holding Co., Inc.*		889,783
	77,053	Orient-Express Hotels Ltd. (Class A Stock)*		1,009,394
	11,621	Potbelly Corp.*(a)		197,557
	9,249	Red Robin Gourmet Burgers, Inc.*		628,747

				5,716,864

See Notes to Financial Statements.


44			The TARGET Portfolio Trust


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

		Household Durables—0.7%
	25,505	Universal Electronics, Inc.*	$	952,612


		Insurance—0.9%
	20,581	AmTrust Financial Services, Inc.(a)		795,867
	2,948	Enstar Group Ltd.*		380,587

				1,176,454


		Internet & Catalog Retail—0.9%
	37,286	HomeAway, Inc.*		1,216,269


		Internet Software & Services—3.8%
	30,224	Angie’s List, Inc.*(a)		341,833
	16,720	ChannelAdvisor Corp.*		438,733
	35,410	Chegg, Inc.*		186,611
	24,821	Cornerstone OnDemand, Inc.*		912,420
	15,476	Demandware, Inc.*		768,074
	19,105	E2open, Inc.*(a)		329,943
	7,927	Everyday Health, Inc.*		111,691
	35,000	Global Eagle Entertainment, Inc.*		386,050
	28,082	Marin Software, Inc.*(a)		263,409
	2,300	Q2 Holdings, Inc.*(a)		28,244
	17,506	Saba Software, Inc.*		192,566
	11,267	SciQuest, Inc.*		270,183
	26,452	Trulia, Inc.*(a)		899,368

				5,129,125


		IT Services—0.4%
	18,442	EPAM Systems, Inc.*		574,099


		Leisure Products—0.5%
	29,599	Black Diamond, Inc.*(a)		330,029
	14,140	Malibu Boats, Inc. (Class A Stock)*		314,756

				644,785


		Life Sciences Tools & Services—1.0%
	27,060	Cambrex Corp.*		554,460
	20,113	NanoString Technologies, Inc.*		326,233
	9,958	PAREXEL International Corp.*		451,595

				1,332,288


		Machinery—4.5%
	7,219	Chart Industries, Inc.*(a)		492,480
	14,893	Colfax Corp.*		1,071,998
	5,461	Crane Co.		397,179
	26,668	Manitowoc Co., Inc. (The)		847,509
	5,180	Middleby Corp. (The)*(a)		1,307,846
	5,830	Proto Labs, Inc.*		352,948
	11,130	TriMas Corp.*		399,122
	5,244	WABCO Holdings, Inc.*		561,161

See Notes to Financial Statements.


The TARGET Portfolio Trust			45

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Machinery (continued)
	13,676	Woodward, Inc.	$	613,095

				6,043,338


		Media—0.6%
	12,228	Carmike Cinemas, Inc.*		362,683
	36,441	Gray Television, Inc.*		409,961

				772,644


		Metals & Mining—1.1%
	32,046	RTI International Metals, Inc.*		902,416
	12,290	US Silica Holdings, Inc.		555,139

				1,457,555


		Oil, Gas & Consumable Fuels—4.5%
	15,025	Diamondback Energy, Inc.*(a)		1,080,898
	26,154	Gulfport Energy Corp.*		1,926,765
	131,504	Magnum Hunter Resources Corp.*		1,117,784
	23,312	Rex Energy Corp.*		490,951
	40,085	Rice Energy, Inc.*		1,190,524
	9,420	Sanchez Energy Corp.*(a)		266,398

				6,073,320


		Pharmaceuticals—1.2%
	6,710	Ani Pharmaceuticals, Inc.*		208,748
	38,794	Depomed, Inc.*		543,504
	40,836	Horizon Pharma, Inc.*(a)		579,054
	4,555	Pacira Pharmaceuticals, Inc.*		311,972

				1,643,278


		Professional Services—1.1%
	6,066	Advisory Board Co. (The)*		347,339
	28,871	Kforce, Inc.		667,498
	9,770	Korn/Ferry International*		283,818
	8,424	Paylocity Holding Corp.*		159,298

				1,457,953


		Real Estate Investment Trusts (REITs)—0.9%
	27,953	Geo Group, Inc. (The)		937,264
	30,725	Two Harbors Investment Corp.		318,926

				1,256,190


		Road & Rail—1.4%
	10,862	Landstar System, Inc.		684,197
	35,420	Quality Distribution, Inc.*		445,230

See Notes to Financial Statements.


46			The TARGET Portfolio Trust


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

		Road & Rail (continued)
	29,132	Roadrunner Transportation Systems, Inc.*	$	717,521

				1,846,948


		Semiconductors & Semiconductor Equipment—3.8%
	43,660	Cavium, Inc.*		1,849,874
	27,562	Inphi Corp.*		407,642
	23,121	Kulicke & Soffa Industries, Inc. (Singapore)*		340,110
	20,810	Microsemi Corp.*		489,451
	14,182	PDF Solutions, Inc.*		266,196
	27,000	SunEdison, Inc.*(a)		519,210
	20,828	Teradyne, Inc.*		368,031
	21,522	Veeco Instruments, Inc.*		795,669

				5,036,183


		Software—6.5%
	10,392	A10 Networks, Inc.*		136,031
	19,711	Aspen Technology, Inc.*		847,376
	3,956	Concur Technologies, Inc.*(a)		318,339
	25,939	Fortinet, Inc.*		570,139
	19,515	Gigamon, Inc.*		307,752
	36,460	Glu Mobile, Inc.*		145,840
	17,940	Guidewire Software, Inc.*		677,414
	27,859	Imperva, Inc.*		637,414
	15,305	Infoblox, Inc.*		300,284
	17,108	NICE Systems Ltd., ADR (Israel)		739,066
	24,470	Proofpoint, Inc.*		622,517
	12,782	PTC, Inc.*		452,099
	43,304	QLIK Technologies, Inc.*		951,822
	22,765	Qualys, Inc.*		439,137
	18,790	Rally Software Development Corp.*		245,773
	8,457	Ultimate Software Group, Inc. (The)*(a)		1,011,711
	10,836	Varonis Systems, Inc.*		273,826

				8,676,540


		Specialty Retail—5.8%
	46,683	Christopher & Banks Corp.*		291,302
	6,375	Five Below, Inc.*		256,976
	32,369	Genesco, Inc.*		2,472,020
	8,885	Lithia Motors, Inc. (Class A Stock)		659,978
	5,735	Lumber Liquidators Holdings, Inc.*		499,863
	5,300	MarineMax, Inc.*		85,118
	7,748	Outerwall, Inc.*(a)		537,324
	8,774	Penske Automotive Group, Inc.		402,376
	47,952	Tile Shop Holdings, Inc.*(a)		675,883
	15,312	Tilly’s, Inc. (Class A Stock)*		173,026
	1	TravelCenters of America LLC*		7
	36,164	Vitamin Shoppe, Inc.*		1,731,532

				7,785,405

See Notes to Financial Statements.


The TARGET Portfolio Trust			47

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Technology Hardware, Storage & Peripherals—0.1%
	12,529	Transact Technologies, Inc.	$	133,935


		Textiles, Apparel & Luxury Goods—2.1%
	8,275	Deckers Outdoor Corp.*(a)		653,311
	22,220	Kate Spade & Co.*		772,589
	24,164	Steven Madden Ltd.*		860,480
	16,807	Vince Holding Corp*		462,361

				2,748,741


		Thrifts & Mortgage Finance—1.1%
	38,084	Home Loan Servicing Solutions Ltd.		843,561
	70,525	MGIC Investment Corp.*(a)		606,515

				1,450,076


		Trading Companies & Distributors—1.0%
	18,329	H&E Equipment Services, Inc.*		706,583
	7,380	WESCO International, Inc.*(a)		647,816

				1,354,399


		Transportation Infrastructure—0.5%
	36,202	Wesco Aircraft Holdings, Inc.*		733,453

		TOTAL COMMON STOCKS (cost $105,070,278)		132,478,235


UNITS		WARRANTS*

		Oil, Gas & Consumable Fuels
	8,265	Magnum Hunter Resources Corp., expiring 04/15/16 (cost $0)(a)		10,869

		TOTAL LONG-TERM INVESTMENTS (cost $105,070,278)		132,489,104


SHARES		SHORT-TERM INVESTMENT—15.8%

		AFFILIATED MONEY MARKET MUTUAL FUND
	21,155,809	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $21,155,809; includes $19,628,810 of cash collateral for securities on loan)(Note 3)(b)(w)		21,155,809

		TOTAL INVESTMENTS—114.8% (cost $126,226,087; Note 5)		153,644,913
		Liabilities in excess of other assets—(14.8%)		(19,801,812	)

		NET ASSETS—100.0%	$	133,843,101

The following abbreviation is used in the portfolio descriptions:

ADR—American Depositary Receipt

*	Non-income producing security.

See Notes to Financial Statements.


48			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 $19,313,595; cash collateral of $19,628,810 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

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

(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 in active markets for identical securities.

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	1,845,818	$	—	$	—
Airlines		3,034,595		—		—
Auto Components		732,809		—		—
Banks		6,486,466		—		—
Biotechnology		10,241,260		—		—
Building Products		3,639,915		—		—
Capital Markets		2,245,125		—		—
Chemicals		3,383,084		—		—
Commercial Services & Supplies		1,029,190		—		—
Communications Equipment		2,546,080		—		—
Construction & Engineering		1,822,652		—		—
Construction Materials		1,625,105		—		—
Diversified Consumer Services		615,074		—		—
Diversified Telecommunication Services		1,114,049		—		—
Electrical Equipment		1,290,464		—		—
Electronic Equipment, Instruments & Components		4,573,306		—		—
Energy Equipment & Services		958,912		—		—
Food & Staples Retailing		2,511,139		—		—
Food Products		1,860,413		—		—
Health Care Equipment & Supplies		6,260,208		—		—
Health Care Providers & Services		7,403,560		—		—
Health Care Technology		2,046,557		—		—
Hotels, Restaurants & Leisure		5,716,864		—		—
Household Durables		952,612		—		—
Insurance		1,176,454		—		—
Internet & Catalog Retail		1,216,269		—		—
Internet Software & Services		5,129,125		—		—
IT Services		574,099		—		—
Leisure Products		644,785		—		—
Life Sciences Tools & Services		1,332,288		—		—

See Notes to Financial Statements.


The TARGET Portfolio Trust			49

Small Capitalization Growth Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Machinery	$	6,043,338	$	—	$	—
Media		772,644		—		—
Metals & Mining		1,457,555		—		—
Oil, Gas & Consumable Fuels		6,073,320		—		—
Pharmaceuticals		1,643,278		—		—
Professional Services		1,457,953		—		—
Real Estate Investment Trusts (REITs)		1,256,190		—		—
Road & Rail		1,846,948		—		—
Semiconductors & Semiconductor Equipment		5,036,183		—		—
Software		8,676,540		—		—
Specialty Retail		7,785,405		—		—
Technology Hardware, Storage & Peripherals		133,935		—		—
Textiles, Apparel & Luxury Goods		2,748,741		—		—
Thrifts & Mortgage Finance		1,450,076		—		—
Trading Companies & Distributors		1,354,399		—		—
Transportation Infrastructure		733,453		—		—
Warrants
Oil, Gas & Consumable Fuels		—		—		10,869
Affiliated Money Market Mutual Fund		21,155,809		—		—

Total	$	153,634,044	$	—	$	10,869

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


Affiliated Money Market Mutual Fund (including 14.7% of collateral for securities on loan)	15.8	%
Biotechnology	7.7
Software	6.5
Specialty Retail	5.8
Health Care Providers & Services	5.5
Banks	4.8
Health Care Equipment & Supplies	4.7
Machinery	4.5
Oil, Gas & Consumable Fuels	4.5
Hotels, Restaurants & Leisure	4.3
Internet Software & Services	3.8
Semiconductors & Semiconductor Equipment	3.8
Electronic Equipment, Instruments & Components	3.4
Building Products	2.7
Chemicals	2.5
Airlines	2.3
Textiles, Apparel & Luxury Goods	2.1
Communications Equipment	1.9
Food & Staples Retailing	1.9	%
Capital Markets	1.7
Health Care Technology	1.5
Aerospace & Defense	1.4
Construction & Engineering	1.4
Food Products	1.4
Road & Rail	1.4
Construction Materials	1.2
Pharmaceuticals	1.2
Metals & Mining	1.1
Professional Services	1.1
Thrifts & Mortgage Finance	1.1
Electrical Equipment	1.0
Life Sciences Tools & Services	1.0
Trading Companies & Distributors	1.0
Insurance	0.9
Internet & Catalog Retail	0.9
Real Estate Investment Trusts (REITs)	0.9
Commercial Services & Supplies	0.8
Diversified Telecommunication Services	0.8
Energy Equipment & Services	0.7

See Notes to Financial Statements.


50			The TARGET Portfolio Trust


Industry (cont’d.)
Household Durables	0.7	%
Media	0.6
Auto Components	0.5
Diversified Consumer Services	0.5
Leisure Products	0.5
Transportation Infrastructure	0.5
IT Services	0.4
Technology Hardware, Storage & Peripherals	0.1

	114.8
Liabilities in excess of other assets	(14.8	)

	100.0	%

See Notes to Financial Statements.


The TARGET Portfolio Trust			51


*Small Capitalization Value Portfolio*		Portfolio of Investments As of April 30, 2014 (Unaudited)


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—96.6%

		COMMON STOCKS—96.4%

		Aerospace & Defense—3.3%
	231,840	AAR Corp.	$	6,004,656
	39,237	Alliant Techsystems, Inc.		5,658,760
	82,233	Curtiss-Wright Corp.		5,257,978
	65,452	Elbit Systems Ltd. (Israel)		3,875,413
	22,800	Engility Holdings, Inc.*		994,992
	73,200	Esterline Technologies Corp.*		7,980,264
	281,542	Hexcel Corp.*		11,737,486
	110,758	Moog, Inc. (Class A Stock)*		7,249,111
	89,350	Teledyne Technologies, Inc.*		8,297,041
	123,351	Triumph Group, Inc.		7,994,378

				65,050,079


		Air Freight & Logistics
	4,500	Park-Ohio Holdings Corp.*		262,755
	1,383	XPO Logistics, Inc.*(a)		37,535

				300,290


		Airlines—0.4%
	14,152	Alaska Air Group, Inc.		1,331,420
	199,357	Hawaiian Holdings, Inc.*(a)		2,880,709
	228,522	JetBlue Airways Corp.*		1,806,467
	64,000	Republic Airways Holdings, Inc.*		531,840
	170,999	SkyWest, Inc.		1,983,588

				8,534,024


		Auto Components—0.3%
	23,800	Dana Holding Corp.(a)		503,846
	8,415	Lear Corp.		698,950
	100,501	Modine Manufacturing Co.*		1,656,256
	12,100	Remy International, Inc.		320,892
	47,328	Shiloh Industries, Inc.*		934,255
	53,700	Stoneridge, Inc.*		574,053
	44,734	Tower International, Inc.*		1,244,053

				5,932,305


		Banks—7.9%
	2,090	1st Source Corp.		61,634
	10,100	Ameris Bancorp*		214,827
	64,602	Associated Banc-Corp.		1,133,765
	49,090	Banco Latinoamericano de Comercio Exterior SA (Panama)		1,262,595
	1,600	Bank of Kentucky Financial Corp. (The)		55,216
	2,500	Bank of Marin Bancorp		113,525
	106,031	BankUnited, Inc.		3,497,963

See Notes to Financial Statements.


52			The TARGET Portfolio Trust


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

		Banks (continued)
	32,059	Banner Corp.	$	1,267,613
	10,200	BBCN Bancorp, Inc.		157,182
	2,900	BNC Bancorp		47,270
	104,227	Boston Private Financial Holdings, Inc.		1,303,880
	1,600	Camden National Corp.		61,072
	183,500	Capital Bank Financial Corp. (Class A Stock)*		4,376,475
	50,906	Cardinal Financial Corp.		855,221
	88,973	Cathay General Bancorp		2,099,763
	2,400	Center Bancorp, Inc.		44,424
	4,300	Chemical Financial Corp.		120,701
	7,100	Citizens & Northern Corp.		133,054
	8,100	City Holding Co.		348,219
	8,400	CoBiz Financial, Inc.		84,336
	4,543	Columbia Banking System, Inc.		112,757
	4,700	Community Bank System, Inc.		174,793
	7,500	Community Trust Bancorp, Inc.		276,525
	6,700	CommunityOne Bancorp*(a)		65,325
	1,000	ConnectOne Bancorp, Inc.*		48,000
	30,800	Customers Bancorp, Inc.*		678,524
	50,500	CVB Financial Corp.		730,230
	72,611	Eagle Bancorp, Inc.*		2,424,481
	7,971	East West Bancorp, Inc.		275,079
	16,500	Enterprise Financial Services Corp.		294,855
	15,808	Fidelity Southern Corp.		208,824
	8,600	Financial Institutions, Inc.		199,090
	21,800	First BanCorp (Puerto Rico)*		112,052
	3,300	First BanCorp (United States)		56,793
	1,000	First Bancorp, Inc.		15,930
	21,000	First Busey Corp.		115,500
	66,800	First Commonwealth Financial Corp.		573,812
	12,600	First Community Bancshares, Inc.		186,606
	12,500	First Financial Bancorp		202,375
	2,600	First Financial Corp.		83,226
	3,686	First Financial Holdings, Inc.		211,835
	171,516	First Horizon National Corp.		1,970,719
	211,497	First Interstate Bancsystem, Inc.		5,264,160
	70,526	First Merchants Corp.		1,496,562
	298,426	First Midwest Bancorp, Inc.		4,885,234
	91,202	First NBC Bank Holding Co.*		2,836,382
	403,700	First Niagara Financial Group, Inc.		3,601,004
	1,600	First of Long Island Corp. (The)		58,032
	871,173	FirstMerit Corp.		16,892,045
	8,300	Flushing Financial Corp.		159,526
	317,300	Fulton Financial Corp.		3,867,887
	1,600	German American Bancorp, Inc.		41,664
	5,500	Great Southern Bancorp, Inc.		157,685
	11,200	Hampton Roads Bankshares, Inc.*		18,592
	92,252	Hancock Holding Co.		3,111,660

See Notes to Financial Statements.


The TARGET Portfolio Trust			53

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Banks (continued)
	86,512	Hanmi Financial Corp.	$	1,840,110
	6,350	Horizon Bancorp		126,937
	23,258	IBERIABANK Corp.		1,462,928
	7,900	Independent Bank Corp.		293,248
	53,441	International Bancshares Corp.		1,227,005
	56,764	Investors Bancorp, Inc.		1,517,302
	12,600	MainSource Financial Group, Inc.		208,278
	38,411	MB Financial, Inc.		1,030,951
	1,600	Merchants Bancshares, Inc.		46,512
	253,525	National Penn Bancshares, Inc.		2,476,939
	18,502	NBT Bancorp, Inc.		419,070
	91,980	OFG Bancorp		1,569,179
	284,600	Old National Bancorp		4,018,552
	79,639	PacWest Bancorp		3,135,388
	29,500	Park Sterling Corp.		192,635
	7,300	Peoples Bancorp, Inc.		190,311
	36,600	Pinnacle Financial Partners, Inc.		1,265,262
	40,568	Popular, Inc. (Puerto Rico)*		1,253,551
	17,300	Preferred Bank*		371,085
	112,967	PrivateBancorp, Inc.		3,114,500
	125,375	Prosperity Bancshares, Inc.		7,397,125
	4,151	Republic Bancorp, Inc. (Class A Stock)		99,666
	9,200	Sierra Bancorp		143,612
	2,900	Simmons First National Corp. (Class A Stock)		104,864
	5,830	Southside Bancshares, Inc.		160,780
	31,700	Southwest Bancorp, Inc.		529,390
	3,500	Square 1 Financial, Inc. (Class A Stock)*		65,975
	2,600	Stock Yards Bancorp, Inc.		76,648
	373,265	Susquehanna Bancshares, Inc.		3,867,025
	301,924	Synovus Financial Corp.		969,176
	4,900	Taylor Capital Group, Inc.*		104,321
	171,246	TCF Financial Corp.		2,688,562
	2,400	Tompkins Financial Corp.		113,136
	349,445	Trustmark Corp.		7,991,807
	19,100	UMB Financial Corp.		1,121,361
	97,916	Umpqua Holdings Corp.		1,628,343
	232,973	Union Bankshares Corp.		5,961,779
	133,101	United Bankshares, Inc.(a)		3,893,204
	81,276	United Community Banks, Inc.*		1,312,607
	418,308	Webster Financial Corp.		12,607,803
	28,700	WesBanco, Inc.		867,888
	12,700	West Bancorporation, Inc.		184,277
	80,728	Western Alliance Bancorp*		1,862,395
	191,653	Wilshire Bancorp, Inc.		1,916,530

See Notes to Financial Statements.


54			The TARGET Portfolio Trust


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

		Banks (continued)
	40,506	Wintrust Financial Corp.	$	1,815,479
	12,000	Yadkin Financial Corp.*		229,800
	36,837	Zions Bancorporation		1,065,326

				153,185,121


		Biotechnology—0.2%
	1,700	Adamas Pharmaceuticals, Inc.*		31,365
	2,100	Akebia Therapeutics, Inc.*(a)		51,177
	9,800	Applied Genetic Technologies Corp.*		122,794
	800	Auspex Pharmaceuticals, Inc.*		17,152
	10,200	Cara Therapeutics, Inc.*		146,778
	14,700	Celladon Corp.*		172,725
	10,000	Celldex Therapeutics, Inc.*(a)		150,000
	800	Concert Pharmaceuticals, Inc.*		7,152
	9,000	Dicerna Pharmaceuticals, Inc.*(a)		168,930
	9,000	Eleven Biotherapeutics, Inc.*(a)		121,410
	3,300	Flexion Therapeutics, Inc.*		39,105
	5,100	MacroGenics, Inc.*		101,694
	123,871	PDL BioPharma, Inc.		1,051,665
	4,100	TESARO, Inc.*		102,336
	17,500	Trevena, Inc.*		87,675
	6,300	Ultragenyx Pharmaceutical, Inc.*		244,314
	10,015	United Therapeutics Corp.*		1,001,600

				3,617,872


		Building Products—0.2%
	12,800	Gibraltar Industries, Inc.*		218,624
	50,000	Lennox International, Inc.		4,191,500

				4,410,124


		Capital Markets—3.4%
	93,820	American Capital Ltd.*		1,406,362
	273,561	Apollo Investment Corp.		2,185,752
	563,064	Ares Capital Corp.		9,667,809
	60,545	Arlington Asset Investment Corp. (Class A Stock)		1,601,415
	212,910	BGC Partners, Inc. (Class A Stock)		1,526,565
	105,423	BlackRock Kelso Capital Corp.		957,241
	101,555	Cowen Group, Inc. (Class A Stock)*		417,391
	127,400	Eaton Vance Corp.		4,595,318
	33,368	FBR & Co.*		860,894
	58,487	Federated Investors, Inc. (Class B Stock)		1,669,219
	4,478	Fidus Investment Corp.		82,037
	184,001	Fifth Street Finance Corp.		1,713,049
	5,500	Gladstone Capital Corp.		53,185
	33,500	Gladstone Investment Corp.		263,310
	94,149	Hercules Technology Growth Capital, Inc.		1,287,958
	19,100	Investment Technology Group, Inc.*		394,224
	118,744	KCG Holdings, Inc. (Class A Stock)*		1,181,503

See Notes to Financial Statements.


The TARGET Portfolio Trust			55

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Capital Markets (continued)
	153,200	LPL Financial Holdings, Inc.	$	7,254,020
	49,326	Main Street Capital Corp.		1,550,809
	3,900	Manning & Napier, Inc.		64,818
	71,778	Medley Capital Corp.		935,985
	9,000	Moelis & Co.*		239,040
	69,243	New Mountain Finance Corp.		990,867
	94,342	PennantPark Investment Corp.		1,009,459
	17,300	Piper Jaffray Cos.*		758,778
	285,660	Prospect Capital Corp.		3,087,985
	160,075	Raymond James Financial, Inc.		7,955,728
	52,488	Solar Capital Ltd.		1,149,487
	127,324	Stifel Financial Corp.*(a)		5,954,944
	268,954	TCP Capital Corp.		4,354,365
	61,874	THL Credit, Inc.		830,968
	96,220	TICC Capital Corp.		926,599

				66,927,084


		Chemicals—2.3%
	76,508	American Vanguard Corp.		1,362,607
	16,100	Axiall Corp.		750,260
	133,162	Cabot Corp.		7,696,764
	23,191	Cytec Industries, Inc.		2,210,566
	1,600	FutureFuel Corp.		32,112
	5,000	GSE Holding, Inc.*		1,000
	3,300	H.B. Fuller Co.		152,889
	116,668	Innophos Holdings, Inc.		6,584,742
	1,800	Innospec, Inc.		77,508
	3,100	Koppers Holdings, Inc.		132,370
	48,991	Kraton Performance Polymers, Inc.*		1,276,216
	66,100	Methanex Corp. (Canada)(a)		4,098,200
	13,600	Minerals Technologies, Inc.		809,064
	147,717	Olin Corp.(a)		4,150,848
	15,700	Schulman, (A.), Inc.		563,944
	80,350	Scotts Miracle-Gro Co. (The) (Class A Stock)		4,918,223
	35,282	Sensient Technologies Corp.		1,906,992
	120,200	Valspar Corp. (The)		8,779,408
	11,600	Zep, Inc.		200,564

				45,704,277


		Commercial Services & Supplies—2.6%
	44,400	ABM Industries, Inc.		1,202,796
	203,235	ARC Document Solutions, Inc.*		1,300,704
	10,200	Brady Corp. (Class A Stock)		263,058
	138,400	Brink’s Co. (The)		3,520,896

See Notes to Financial Statements.


56			The TARGET Portfolio Trust


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

		Commercial Services & Supplies (continued)
	112,200	Cenveo, Inc.*(a)	$	346,698
	59,669	Clean Harbors, Inc.*(a)		3,580,140
	11,200	Courier Corp.		162,736
	256,884	Ennis, Inc.		3,842,985
	32,242	G&K Services, Inc. (Class A Stock)		1,706,891
	53,541	Interface, Inc.		963,203
	379,992	KAR Auction Services, Inc.		11,316,162
	144,849	Kimball International, Inc. (Class B Stock)		2,427,669
	48,099	Pitney Bowes, Inc.		1,289,053
	75,101	Quad/Graphics, Inc.		1,625,937
	65,854	RR Donnelley & Sons Co.(a)		1,159,030
	30,900	Steelcase, Inc. (Class A Stock)		509,232
	40,416	Team, Inc.*		1,733,442
	118,125	Tetra Tech, Inc.*		3,386,644
	51,059	UniFirst Corp.		4,913,918
	15,100	United Stationers, Inc.(a)		566,703
	17,100	Viad Corp.		394,155
	168,751	West Corp.		4,109,087

				50,321,139


		Communications Equipment—1.0%
	67,339	Alliance Fiber Optic Products, Inc.		1,294,255
	90,608	ARRIS Group, Inc.*		2,363,963
	3,300	Bel Fuse, Inc. (Class B Stock)		71,808
	116,957	Brocade Communications Systems, Inc.*		1,088,870
	275,725	CommScope Holding Co., Inc.*		7,356,343
	14,211	Comtech Telecommunications Corp.		451,199
	339,866	Emulex Corp.*		2,430,042
	407,454	Ixia*		5,060,579
	5,100	PC-Tel, Inc.		42,075

				20,159,134


		Construction & Engineering—1.1%
	76,845	EMCOR Group, Inc.		3,534,102
	122,400	KBR, Inc.		3,105,288
	201,650	MasTec, Inc.*(a)		7,981,307
	55,460	MYR Group, Inc.*		1,301,092
	104,137	Orion Marine Group, Inc.*		1,221,527
	18,907	Tutor Perini Corp.*		559,647
	83,860	URS Corp.		3,951,483

				21,654,446


		Consumer Finance—1.0%
	195,572	Cash America International, Inc.		8,517,161
	7,614	Credit Acceptance Corp.*		1,001,393
	12,657	DFC Global Corp.*		117,963
	6,900	Ezcorp, Inc. (Class A Stock)*		71,967
	110,125	First Cash Financial Services, Inc.*		5,370,796

See Notes to Financial Statements.


The TARGET Portfolio Trust			57

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Consumer Finance (continued)
	29,300	Green Dot Corp. (Class A Stock)*	$	508,941
	9,400	JGWPT Holdings, Inc. (Class A Stock)*		133,198
	45,882	Nelnet, Inc. (Class A Stock)		1,938,973
	42,714	Regional Management Corp.*		655,233
	22,316	World Acceptance Corp.*(a)		1,620,142

				19,935,767


		Containers & Packaging—2.0%
	48,606	Berry Plastics Group, Inc.*		1,093,149
	916,300	Graphic Packaging Holding Co.*		9,401,238
	36,607	Greif, Inc. (Class A Stock)		1,983,733
	83,750	Packaging Corp. of America		5,580,262
	44,300	Rock-Tenn Co. (Class A Stock)		4,235,523
	273,225	Silgan Holdings, Inc.		13,592,944
	88,700	Sonoco Products Co.		3,732,496

				39,619,345


		Distributors
	1,300	Core-Mark Holding Co., Inc.		104,702


		Diversified Consumer Services—0.8%
	8,500	2U, Inc.*		126,820
	32,934	Apollo Education Group, Inc. (Class A Stock)*		950,475
	69,518	Bridgepoint Education, Inc.*		1,101,861
	220,375	Hillenbrand, Inc.		6,699,400
	24,541	ITT Educational Services, Inc.*		662,607
	49,265	K12, Inc.*		1,166,595
	22,300	Lifelock, Inc.*		350,110
	55,752	Matthews International Corp. (Class A Stock)		2,249,593
	20,963	Sotheby’s		881,704
	24,767	Strayer Education, Inc.*		1,055,817

				15,244,982


		Diversified Financial Services—0.2%
	88,303	Gain Capital Holdings, Inc.		891,860
	48,819	Interactive Brokers Group, Inc. (Class A Stock)		1,166,774
	101,867	PHH Corp.*(a)		2,421,379

				4,480,013


		Diversified Telecommunication Services—0.3%
	10,239	Atlantic Tele-Network, Inc.		605,842
	33,217	Cogent Communications Group, Inc.		1,144,990
	14,000	IDT Corp. (Class B Stock)		221,760
	153,840	Inteliquent, Inc.		2,098,378

See Notes to Financial Statements.


58			The TARGET Portfolio Trust


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

			Diversified Telecommunication Services (continued)
	186,971		Iridium Communications, Inc.*	$	1,247,096
	7,000		Straight Path Communications, Inc. (Class B Stock)*		49,000
	38,900		Vonage Holdings Corp.*		149,376

					5,516,442


			Electric Utilities—1.9%
	47,313		Cleco Corp.		2,486,298
	174,470		El Paso Electric Co.		6,598,455
	61,186		Empire District Electric Co. (The)		1,488,043
	7,700		Genie Energy Ltd. (Class B Stock)*		62,370
	371,302		Great Plains Energy, Inc.(a)		9,962,033
	93,620		IDACORP, Inc.		5,255,827
	6,100		MGE Energy, Inc.		233,142
	80,159		PNM Resources, Inc.		2,218,801
	151,985		Portland General Electric Co.		5,086,938
	3,900		UIL Holdings Corp.		143,247
	5,300		Unitil Corp.		175,960
	12,900		UNS Energy Corp.		774,774
	44,920		Westar Energy, Inc.(a)		1,611,730

					36,097,618


			Electrical Equipment—2.0%
	96,300		AZZ, Inc.		4,181,346
	118,823		Babcock & Wilcox Co. (The)		4,133,852
	196,844		EnerSys		13,302,717
	190,516		Franklin Electric Co., Inc.		7,367,254
	22,282		Generac Holdings, Inc.		1,311,964
	43,159		General Cable Corp.		1,105,734
	16,200		Powell Industries, Inc.		1,025,784
	30,061		Regal-Beloit Corp.		2,246,459
	155,725		Thermon Group Holdings, Inc.*		3,709,369

					38,384,479


			Electronic Equipment, Instruments & Components—3.7%
	20,528		Arrow Electronics, Inc.*		1,164,964
	294,700		AVX Corp.		3,934,245
	80,018		Belden, Inc.		5,906,129
	118,343		Benchmark Electronics, Inc.*		2,743,191
	240,890	��	Checkpoint Systems, Inc.*		3,076,165
	100,637		Coherent, Inc.*		6,009,035
	52,234		Fabrinet (Cayman Islands)*		1,128,254
	238,219		FLIR Systems, Inc.		8,108,975
	13,400		GSI Group, Inc.*		162,676
	39,430		Ingram Micro, Inc. (Class A Stock)*		1,063,033
	75,076		Insight Enterprises, Inc.*		1,960,985
	99,066		Itron, Inc.*		3,764,508
	8,725		Jabil Circuit, Inc.		150,594
	143,087		Littelfuse, Inc.		12,956,528

See Notes to Financial Statements.


The TARGET Portfolio Trust			59

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Electronic Equipment, Instruments & Components (continued)
	81,853	Newport Corp.*	$	1,529,014
	42,859	Plexus Corp.*		1,796,649
	17,678	Rogers Corp.*		1,061,034
	362,680	Sanmina Corp.*		7,344,270
	42,089	ScanSource, Inc.*		1,616,639
	21,100	SYNNEX Corp.*		1,421,718
	19,205	Tech Data Corp.*		1,200,120
	44,492	Zebra Technologies Corp. (Class A Stock)*		3,089,524

				71,188,250


		Energy Equipment & Services—3.6%
	87,075	Atwood Oceanics, Inc.*		4,315,437
	11,200	Basic Energy Services, Inc.*		295,904
	197,088	Bristow Group, Inc.		15,136,358
	69,200	C&J Energy Services, Inc.*(a)		2,080,152
	64,100	Core Laboratories NV		12,030,288
	7,900	Dawson Geophysical Co.		223,254
	57,039	Exterran Holdings, Inc.		2,453,818
	285,225	Forum Energy Technologies, Inc.*		8,516,819
	17,100	GulfMark Offshore, Inc. (Class A Stock)		769,671
	31,600	Helix Energy Solutions Group, Inc.*		759,664
	118,997	Key Energy Services, Inc.*		1,194,730
	54,781	Matrix Service Co.*		1,696,568
	170,797	McDermott International, Inc.*(a)		1,234,862
	64,299	Nabors Industries Ltd.*		1,640,910
	412,086	Newpark Resources, Inc.*		4,961,515
	263,951	Parker Drilling Co.*		1,749,995
	427,000	Precision Drilling Corp. (Canada)		5,551,000
	10,763	Superior Energy Services, Inc.		354,318
	32,200	Tesco Corp.*		644,000
	82,400	Tidewater, Inc.(a)		4,196,632
	21,200	Willbros Group, Inc.*		235,532

				70,041,427


		Food & Staples Retailing—1.7%
	129,676	Andersons, Inc. (The)		8,077,518
	64,496	Casey’s General Stores, Inc.		4,428,295
	137,829	Pantry, Inc. (The)*		2,072,948
	881,000	Rite Aid Corp.*		6,431,300
	39,700	Roundy’s, Inc.		268,769
	84,890	Spartan Stores, Inc.		1,828,531
	202,004	SUPERVALU, Inc.*		1,412,008
	21,238	Susser Holdings Corp.*(a)		1,643,396
	51,995	United Natural Foods, Inc.*		3,589,215

See Notes to Financial Statements.


60			The TARGET Portfolio Trust


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

		Food & Staples Retailing (continued)
	78,600	Weis Markets, Inc.	$	3,622,674

				33,374,654


		Food Products—1.2%
	67,500	Cal-Maine Foods, Inc.		4,025,025
	103,600	Chiquita Brands International, Inc.*		1,189,328
	147,888	Darling International, Inc.*		2,959,239
	58,800	Ingredion, Inc.(a)		4,142,460
	69,101	Pilgrim’s Pride Corp.*		1,510,548
	15,200	Pinnacle Foods, Inc.		462,080
	58,458	Sanderson Farms, Inc.		4,809,340
	44,618	Snyder’s-Lance, Inc.		1,185,054
	28,048	TreeHouse Foods, Inc.*		2,099,112

				22,382,186


		Gas Utilities—1.6%
	12,995	AGL Resources, Inc.		701,730
	110,884	Atmos Energy Corp.		5,659,519
	2,600	Chesapeake Utilities Corp.		164,476
	96,100	Laclede Group, Inc. (The)		4,556,101
	8,450	New Jersey Resources Corp.		420,219
	11,400	Northwest Natural Gas Co.		504,678
	99,906	South Jersey Industries, Inc.		5,739,600
	57,401	Southwest Gas Corp.		3,157,629
	95,200	UGI Corp.		4,444,888
	148,737	WGL Holdings, Inc.		5,918,245

				31,267,085


		Health Care Equipment & Supplies—2.3%
	171,100	Alere, Inc.*		5,714,740
	31,640	Anika Therapeutics, Inc.*		1,352,294
	198,140	Cantel Medical Corp.		6,570,323
	30,500	Cooper Cos., Inc. (The)		4,023,255
	3,300	Greatbatch, Inc.*		151,899
	4,300	Inogen, Inc.*		60,673
	143,350	Integra LifeSciences Holdings Corp.*(a)		6,533,893
	44,318	Invacare Corp.		700,224
	20,800	Natus Medical, Inc.*		516,464
	39,100	NuVasive, Inc.*		1,318,061
	15,500	OraSure Technologies, Inc.*		101,525
	80,800	STERIS Corp.		3,882,440
	137,824	Teleflex, Inc.		14,070,452
	4,000	TriVascular Technologies, Inc.*		55,960

				45,052,203


		Health Care Providers & Services—2.3%
	33,806	Addus HomeCare Corp.*		730,886
	8,692	Almost Family, Inc.*		186,617

See Notes to Financial Statements.


The TARGET Portfolio Trust			61

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Health Care Providers & Services (continued)
	54,252	Amsurg Corp.*	$	2,349,654
	72,829	Centene Corp.*		4,835,846
	84,500	Community Health Systems, Inc.*		3,201,705
	104,997	Cross Country Healthcare, Inc.*		744,429
	45,592	HealthSouth Corp.		1,579,307
	205,326	Healthways, Inc.*(a)		3,695,868
	11,600	Kindred Healthcare, Inc.		291,160
	82,863	LifePoint Hospitals, Inc.*		4,633,699
	135,996	MEDNAX, Inc.*(a)		8,057,763
	66,400	Molina Healthcare, Inc.*(a)		2,483,360
	57,465	PharMerica Corp.*		1,562,473
	14,183	Premier, Inc. (Class A Stock)*		425,490
	429,827	Select Medical Holdings Corp.		6,000,385
	34,019	Surgical Care Affiliates, Inc.*		999,478
	10,600	Triple-S Management Corp. (Class B Stock) (Puerto Rico)*		158,788
	42,221	WellCare Health Plans, Inc.*		2,848,651

				44,785,559


		Health Care Technology—0.3%
	274,150	MedAssets, Inc.*		6,258,844


		Hotels, Restaurants & Leisure—1.5%
	29,600	Bob Evans Farms, Inc.		1,387,352
	87,055	Boyd Gaming Corp.*		1,028,990
	44,000	Cracker Barrel Old Country Store, Inc.		4,168,560
	229,547	International Game Technology		2,880,815
	128,420	International Speedway Corp. (Class A Stock)		4,037,525
	1,700	Intrawest Resorts Holdings, Inc.*		19,278
	73,750	Jack in the Box, Inc.*		3,948,575
	8,900	La Quinta Holdings, Inc.*		149,431
	124,195	Life Time Fitness, Inc.*(a)		5,961,360
	88,465	Penn National Gaming, Inc.*		987,269
	17,750	Red Robin Gourmet Burgers, Inc.*		1,206,645
	44,600	Ruth’s Hospitality Group, Inc.		561,514
	159,155	Scientific Games Corp. (Class A Stock)*		1,906,677
	11,000	Speedway Motorsports, Inc.		200,090
	5,100	Zoe’s Kitchen, Inc.*		136,119

				28,580,200


		Household Durables—1.0%
	33,922	Ethan Allen Interiors, Inc.		823,626
	40,250	Harman International Industries, Inc.(a)		4,411,802
	58,904	Helen of Troy Ltd.*		3,693,281
	14,500	Lifetime Brands, Inc.		276,950
	130,041	Meritage Homes Corp.*		5,016,982

See Notes to Financial Statements.


62			The TARGET Portfolio Trust


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

		Household Durables (continued)
	70,775	Ryland Group, Inc. (The)	$	2,717,052
	194,655	Skullcandy, Inc.*		1,498,844
	10,200	Universal Electronics, Inc.*		380,970
	68,800	ZAGG, Inc.*		299,280

				19,118,787


		Insurance—9.0%
	48,856	Allied World Assurance Co. Holdings AG		5,261,303
	60,577	Ambac Financial Group, Inc.*		1,828,214
	611,764	American Equity Investment Life Holding Co.(a)		14,266,336
	89,333	American Financial Group, Inc.		5,219,727
	17,900	AMERISAFE, Inc.		763,435
	46,893	AmTrust Financial Services, Inc.(a)		1,813,352
	33,527	Argo Group International Holdings Ltd.		1,489,269
	184,743	Aspen Insurance Holdings Ltd.		8,457,535
	16,422	Assurant, Inc.		1,107,007
	69,018	Assured Guaranty Ltd.		1,650,220
	22,817	Axis Capital Holdings Ltd.		1,043,878
	653,916	CNO Financial Group, Inc.		11,280,051
	159,280	Employers Holdings, Inc.		3,241,348
	73,558	Endurance Specialty Holdings Ltd.		3,738,218
	8,445	Enstar Group Ltd.*		1,090,250
	233,092	First American Financial Corp.		6,200,247
	65,921	Genworth Financial, Inc. (Class A Stock)*		1,176,690
	32,154	Greenlight Capital Re Ltd. (Class A Stock)*		1,023,462
	74,331	Hanover Insurance Group, Inc. (The)		4,344,647
	219,966	HCC Insurance Holdings, Inc.		10,105,238
	21,877	HCI Group, Inc.		846,202
	47,100	Hilltop Holdings, Inc.*		1,052,214
	255,550	Horace Mann Educators Corp.		7,684,388
	38,588	Infinity Property & Casualty Corp.		2,476,192
	28,951	Kemper Corp.		1,140,959
	405,354	Maiden Holdings Ltd.		4,783,177
	96,452	MBIA, Inc.*		1,168,998
	187,882	Montpelier Re Holdings Ltd. (Bermuda)		5,745,432
	16,787	Navigators Group, Inc. (The)*		956,355
	66,171	Old Republic International Corp.		1,095,792
	11,171	PartnerRe Ltd.		1,177,423
	17,354	Phoenix Cos., Inc. (The)*		763,923
	164,433	Platinum Underwriters Holdings Ltd.		10,311,593
	31,751	Primerica, Inc.		1,457,053
	51,328	ProAssurance Corp.		2,331,318
	258,186	Protective Life Corp.		13,206,214
	123,147	Reinsurance Group of America, Inc.		9,446,606
	12,217	RenaissanceRe Holdings Ltd.		1,236,483
	43,559	RLI Corp.		1,875,651
	14,500	Selective Insurance Group, Inc.		332,630
	17,486	StanCorp Financial Group, Inc.		1,068,395

See Notes to Financial Statements.


The TARGET Portfolio Trust			63

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Insurance (continued)
	88,399	State Auto Financial Corp.	$	1,808,644
	49,221	Stewart Information Services Corp.		1,501,241
	326,475	Symetra Financial Corp.		6,744,973
	195,510	United Fire Group, Inc.		5,439,088
	99,632	Universal Insurance Holdings, Inc.		1,457,616
	29,984	Validus Holdings Ltd.		1,111,507
	26,761	W.R. Berkley Corp.		1,183,907
	1,877	White Mountains Insurance Group Ltd.		1,119,180

				175,623,581


		Internet & Catalog Retail—0.4%
	4,400	Coupons.com, Inc.*(a)		74,008
	100,925	HSN, Inc.		5,857,687
	71,494	Nutrisystem, Inc.		1,072,410
	38,804	Overstock.com, Inc.*		621,640

				7,625,745


		Internet Software & Services—0.4%
	3,300	Amber Road, Inc.*		43,956
	37,100	Chegg, Inc.*(a)		195,517
	170,706	Digital River, Inc.*		2,610,095
	5,600	Five9, Inc.*		39,928
	26,100	IntraLinks Holdings, Inc.*		238,815
	81,500	j2 Global, Inc.		3,778,340
	1,300	OPOWER, Inc.*		23,725
	500	Q2 Holdings, Inc.*(a)		6,140
	7,085	United Online, Inc.		83,957
	17,300	WebMD Health Corp.*(a)		762,757

				7,783,230


		IT Services—2.9%
	181,200	Booz Allen Hamilton Holding Corp.		4,211,088
	307,417	Broadridge Financial Solutions, Inc.		11,786,368
	77,550	CACI International, Inc. (Class A Stock)*(a)		5,401,358
	104,195	Convergys Corp.		2,244,360
	156,000	CSG Systems International, Inc.(a)		4,112,160
	12,196	DST Systems, Inc.		1,124,349
	58,229	ExlService Holdings, Inc.*		1,647,590
	68,200	Global Cash Access Holdings, Inc.*		450,120
	93,160	Global Payments, Inc.		6,225,883
	41,269	Heartland Payment Systems, Inc.		1,689,553
	129,675	iGATE Corp.*		4,746,105
	81,400	Jack Henry & Associates, Inc.		4,490,024
	17,700	Lionbridge Technologies, Inc.*		104,076

See Notes to Financial Statements.


64			The TARGET Portfolio Trust


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

		IT Services (continued)
	19,800	Moduslink Global Solutions, Inc.*(a)	$	79,992
	308,715	Sapient Corp.*		5,022,793
	30,115	Science Applications International Corp.		1,174,485
	115,985	Unisys Corp.*(a)		2,826,554

				57,336,858


		Leisure Products—0.6%
	123,001	Arctic Cat, Inc.		5,029,511
	218,584	Callaway Golf Co.		1,903,867
	572	Johnson Outdoors, Inc. (Class A Stock)		11,972
	77,808	Smith & Wesson Holding Corp.*		1,194,353
	65,778	Sturm Ruger & Co., Inc.(a)		4,232,814

				12,372,517


		Life Sciences Tools & Services—0.9%
	78,812	Albany Molecular Research, Inc.*		1,265,721
	49,503	Charles River Laboratories International, Inc.*		2,659,301
	70,780	Covance, Inc.*		6,248,459
	152,824	PerkinElmer, Inc.		6,414,023

				16,587,504


		Machinery—4.3%
	147,648	Actuant Corp. (Class A Stock)		4,999,361
	20,051	AGCO Corp.		1,116,841
	36,100	Albany International Corp. (Class A Stock)		1,298,878
	153,300	Barnes Group, Inc.		5,905,116
	115,207	Briggs & Stratton Corp.		2,461,974
	58,300	Crane Co.		4,240,159
	24,385	EnPro Industries, Inc.*(a)		1,736,456
	16,900	Global Brass & Copper Holdings, Inc.		268,034
	41,622	Greenbrier Cos., Inc. (The)*		2,182,658
	11,400	Hardinge, Inc.		152,304
	18,646	Hyster-Yale Materials Handling, Inc.		1,797,288
	78,191	ITT Corp.		3,373,160
	64,394	Kadant, Inc.		2,237,691
	89,200	Kennametal, Inc.(a)		4,168,316
	10,200	LB Foster Co. (Class A Stock)		482,970
	16,700	NN, Inc.		326,819
	20,650	Oshkosh Corp.		1,146,281
	186,100	Rexnord Corp.*		4,976,314
	84,346	Snap-on, Inc.		9,784,136
	15,450	Standex International Corp.		917,267
	29,954	Terex Corp.(a)		1,296,709
	121,500	Timken Co. (The)		7,664,220
	66,192	Titan International, Inc.		1,159,022
	73,447	TriMas Corp.*		2,633,809
	87,524	Trinity Industries, Inc.		6,569,551
	26,700	Valmont Industries, Inc.		3,975,897

See Notes to Financial Statements.


The TARGET Portfolio Trust			65

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Machinery (continued)
	409,220	Wabash National Corp.*	$	5,467,179
	37,727	Watts Water Technologies, Inc. (Class A Stock)		2,007,076

				84,345,486


		Marine
	29,002	Matson, Inc.		687,057


		Media—0.7%
	4,300	AMC Entertainment Holdings, Inc. (Class A Stock)*		99,502
	138,600	Cinemark Holdings, Inc.		4,105,332
	168,258	Cumulus Media, Inc. (Class A Stock)*		1,078,534
	10,800	Entercom Communications Corp. (Class A Stock)*(a)		116,640
	64,100	EW Scripps Co. (The) (Class A Stock)*		1,098,033
	41,100	Journal Communications, Inc. (Class A Stock)*		329,622
	124,173	Live Nation Entertainment, Inc.*		2,592,732
	184,533	McClatchy Co. (The) (Class A Stock)*		1,011,241
	17,200	Meredith Corp.		758,004
	43,649	Scholastic Corp.		1,436,488
	13,800	Sinclair Broadcast Group, Inc. (Class A Stock)(a)		368,874

				12,995,002


		Metals & Mining—1.9%
	49,178	Allegheny Technologies, Inc.		2,026,134
	7,500	Ampco-Pittsburgh Corp.		150,225
	49,539	Cliffs Natural Resources, Inc.		877,831
	355,062	Commercial Metals Co.		6,817,190
	82,925	Globe Specialty Metals, Inc.		1,607,087
	352,300	HudBay Minerals, Inc. (Canada)		3,086,148
	31,162	Materion Corp.		1,048,601
	89,875	Reliance Steel & Aluminum Co.		6,364,948
	73,300	Royal Gold, Inc.		4,852,460
	40,021	RTI International Metals, Inc.*		1,126,991
	48,049	Schnitzer Steel Industries, Inc. (Class A Stock)		1,348,735
	216,200	Steel Dynamics, Inc.		3,949,974
	18,300	SunCoke Energy, Inc.*		381,921
	40,516	United States Steel Corp.		1,054,226
	2,000	US Silica Holdings, Inc.		90,340
	34,400	Worthington Industries, Inc.		1,265,920

				36,048,731


		Multi-Utilities—0.4%
	21,663	Allliant Energy Corp.		1,266,852
	65,898	Avista Corp.		2,118,620
	20,710	Integrys Energy Group, Inc.		1,269,109
	52,731	NorthWestern Corp.		2,551,126

				7,205,707

See Notes to Financial Statements.


66			The TARGET Portfolio Trust


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

		Multiline Retail—0.2%
	42,342	Burlington Stores, Inc.*	$	1,100,469
	17,957	Dillard’s, Inc. (Class A Stock)		1,758,529

				2,858,998


		Oil, Gas & Consumable Fuels—3.6%
	81,206	Alon USA Energy, Inc.		1,322,846
	26,275	Bill Barrett Corp.*		622,192
	24,181	Carrizo Oil & Gas, Inc.*(a)		1,330,439
	9,732	Clayton Williams Energy, Inc.*		1,406,079
	87,006	Comstock Resources, Inc.		2,418,767
	95,500	CVR Energy, Inc.(a)		4,693,825
	34,600	Delek US Holdings, Inc.		1,106,854
	12,400	Energy XXI (Bermuda) Ltd.(a)		296,732
	11,200	EPL Oil & Gas, Inc.*		438,368
	11,600	Equal Energy Ltd.		52,548
	49,197	Goodrich Petroleum Corp.*(a)		1,237,305
	102,670	Green Plains Renewable Energy, Inc.		3,069,833
	26,100	Knightsbridge Tankers Ltd. (Bermuda)		311,895
	126,584	LinnCo LLC		3,488,655
	96,251	Northern Oil and Gas, Inc.*(a)		1,485,153
	233,747	Oasis Petroleum, Inc.*(a)		10,871,573
	58,627	ONEOK, Inc.		3,706,399
	1,600	Panhandle Oil And Gas, Inc. (Class A Stock)		70,160
	40,385	PBF Energy, Inc. (Class A Stock)		1,243,050
	19,014	PDC Energy, Inc.*		1,210,621
	117,725	Penn Virginia Corp.*		1,958,944
	198,092	Renewable Energy Group, Inc.*		2,331,543
	22,180	REX American Resources Corp.*		1,449,685
	7,700	Rice Energy, Inc.*		228,690
	3,700	RSP Permian, Inc.*		104,895
	2,400	SemGroup Corp. (Class A Stock)		153,312
	239,906	Ship Finance International Ltd. (Norway)		4,229,543
	82,760	Stone Energy Corp.*(a)		4,059,378
	249,310	Swift Energy Co.*(a)		3,073,992
	84,100	VAALCO Energy, Inc.*		775,402
	116,400	Warren Resources, Inc.*		590,148
	142,753	Western Refining, Inc.(a)		6,209,755
	2,275	Westmoreland Coal Co.*		67,363
	94,200	World Fuel Services Corp.		4,289,868

				69,905,812


		Paper & Forest Products—0.8%
	69,275	Clearwater Paper Corp.*		4,252,792
	14,161	Domtar Corp.		1,322,071
	82,918	Louisiana-Pacific Corp.*		1,359,026
	23,680	Neenah Paper, Inc.		1,192,761
	34,702	P.H. Glatfelter Co.		885,595
	109,245	Resolute Forest Products, Inc.*		1,948,931

See Notes to Financial Statements.


The TARGET Portfolio Trust			67

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Paper & Forest Products (continued)
	114,348	Schweitzer-Mauduit International, Inc.	$	4,990,147

				15,951,323


		Personal Products—0.2%
	73,900	Elizabeth Arden, Inc.*		2,715,086
	5,300	Revlon, Inc. (Class A Stock)*		159,742
	18,651	USANA Health Sciences, Inc.*		1,265,657

				4,140,485


		Pharmaceuticals—0.3%
	5,100	Egalet Corp.*		58,956
	111,736	Impax Laboratories, Inc.*		2,921,896
	11,200	Lannett Co., Inc.*		386,736
	8,500	Phibro Animal Health Corp. (Class A Stock)*		150,110
	43,592	Prestige Brands Holdings, Inc.*		1,461,204
	18,733	Questcor Pharmaceuticals, Inc.		1,539,478
	6,500	Revance Therapeutics, Inc.*		222,820

				6,741,200


		Professional Services—1.2%
	7,663	Barrett Business Services, Inc.		386,292
	6,100	CDI Corp.		93,452
	56,025	Dun & Bradstreet Corp. (The)		6,205,329
	10,400	Heidrick & Struggles International, Inc.		196,040
	155,406	ICF International, Inc.*		6,056,172
	101,178	Kelly Services, Inc. (Class A Stock)		2,130,808
	108,757	Korn/Ferry International*		3,159,391
	77,221	Navigant Consulting, Inc.*		1,297,313
	3,600	Paylocity Corp*		68,076
	28,100	Resources Connection, Inc.		382,441
	104,580	RPX Corp.*		1,713,020
	31,800	TrueBlue, Inc.*		850,650
	9,600	VSE Corp.		599,712

				23,138,696


		Real Estate Investment Trusts (REITs)—5.5%
	4,900	Acadia Realty Trust		132,937
	135,700	Altisource Residential Corp.		3,815,884
	16,500	American Campus Communities, Inc.		630,300
	500,331	Anworth Mortgage Asset Corp.		2,701,787
	62,573	Apollo Commercial Real Estate Finance, Inc.		1,064,367
	11,980	Ashford Hospitality Prime, Inc.		183,773
	59,600	Ashford Hospitality Trust, Inc.		611,496
	238,600	Associated Estates Realty Corp.		4,003,708

See Notes to Financial Statements.


68			The TARGET Portfolio Trust


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

		Real Estate Investment Trusts (REITs) (continued)
	205,477	Blackstone Mortgage Trust, Inc. (Class A Stock)	$	5,841,711
	259,989	Capstead Mortgage Corp.		3,322,659
	56,172	CBL & Associates Properties, Inc.		1,020,645
	60,100	Cedar Realty Trust, Inc.		372,019
	11,000	Chatham Lodging Trust		223,630
	18,300	Chesapeake Lodging Trust		493,917
	366,696	Chimera Investment Corp.		1,133,091
	86,428	Colony Financial, Inc.		1,879,809
	24,000	CoreSite Realty Corp.		730,080
	283,137	Cousins Properties, Inc.		3,292,883
	12,900	CyrusOne, Inc.		258,000
	33,000	CYS Investments, Inc.		283,800
	137,400	DCT Industrial Trust, Inc.		1,074,468
	127,400	DiamondRock Hospitality Co.		1,563,198
	113,541	Dynex Capital, Inc.		974,182
	2,000	EastGroup Properties, Inc.		126,500
	202,991	Education Realty Trust, Inc.		2,070,508
	5,700	EPR Properties		305,577
	88,461	Equity One, Inc.(a)		1,993,026
	6,500	Extra Space Storage, Inc.		340,145
	38,300	FelCor Lodging Trust, Inc.		353,509
	79,800	First Industrial Realty Trust, Inc.		1,465,926
	371,666	First Potomac Realty Trust		4,842,808
	334,500	Franklin Street Properties Corp.		4,074,210
	8,300	Geo Group, Inc. (The)		278,299
	5,500	Getty Realty Corp.		104,060
	4,500	Government Properties Income Trust		114,525
	1,082,675	Hersha Hospitality Trust		6,290,342
	74,400	Highwoods Properties, Inc.		3,002,040
	2,000	Home Properties, Inc.		123,200
	131,786	Invesco Mortgage Capital, Inc.		2,196,873
	84,500	Kite Realty Group Trust		523,900
	4,300	LaSalle Hotel Properties		142,244
	202,131	Lexington Realty Trust		2,174,930
	12,800	LTC Properties, Inc.		494,464
	421,951	Medical Properties Trust, Inc.		5,696,338
	447,991	MFA Financial, Inc.		3,552,569
	33,336	Mid-America Apartment Communities, Inc.		2,321,852
	285,167	New Residential Investment Corp.		1,739,519
	188,085	New York Mortgage Trust, Inc.		1,386,186
	114,900	Omega Healthcare Investors, Inc.		3,996,222
	39,100	Parkway Properties, Inc.		737,426
	8,800	Pennsylvania Real Estate Investment Trust		145,640
	117,323	Pennymac Mortgage Investment Trust		2,750,051
	31,300	Potlatch Corp.		1,196,599
	59,200	RAIT Financial Trust		484,256
	11,600	Ramco-Gershenson Properties Trust		191,168
	164,131	Redwood Trust, Inc.(a)		3,578,056

See Notes to Financial Statements.


The TARGET Portfolio Trust			69

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Real Estate Investment Trusts (REITs) (continued)
	181,629	Resource Capital Corp.	$	998,960
	326,197	Retail Properties of America, Inc. (Class A Stock)		4,671,141
	137,900	Starwood Property Trust, Inc.		3,316,495
	27,580	Starwood Waypoint Residential Trust*		749,349
	5,700	Sun Communities, Inc.		259,749
	71,700	Sunstone Hotel Investors, Inc.		1,026,027
	113,258	Two Harbors Investment Corp.		1,175,618
	14,300	Winthrop Realty Trust		198,770

				106,797,421


		Real Estate Management & Development
	14,700	Alexander & Baldwin, Inc.		548,457


		Road & Rail—0.7%
	4,700	AMERCO, Inc.		1,175,517
	53,804	Arkansas Best Corp.*		2,120,954
	74,825	Celadon Group, Inc.		1,721,723
	122,050	Con-way, Inc.		5,184,684
	73,336	Quality Distribution, Inc.*		921,834
	1,850	Saia, Inc.*		76,164
	67,843	Swift Transportation Co.*(a)		1,631,624
	3,300	Universal Truckload Services, Inc.		81,378

				12,913,878


		Semiconductors & Semiconductor Equipment—2.7%
	35,700	Alpha & Omega Semiconductor Ltd.*		257,040
	248,151	Amkor Technology, Inc.*		1,972,801
	2,400	Audience, Inc.*		27,600
	101,894	Brooks Automation, Inc.		1,042,376
	145,949	Cabot Microelectronics Corp.*		6,329,808
	91,393	Cirrus Logic, Inc.*(a)		2,038,064
	9,200	DSP Group, Inc.*		73,232
	511,416	Entegris, Inc.*		5,671,603
	132,574	Fairchild Semiconductor International, Inc.*		1,687,667
	37,131	First Solar, Inc.*(a)		2,505,971
	38,900	Integrated Silicon Solution, Inc.*		562,494
	71,605	International Rectifier Corp.*		1,864,594
	15,900	IXYS Corp.		171,561
	7,400	LTX-Credence Corp.*		71,262
	97,660	MKS Instruments, Inc.		2,749,129
	146,815	Monolithic Power Systems, Inc.*		5,446,837
	90,044	OmniVision Technologies, Inc.*		1,758,559
	12,400	Pericom Semiconductor Corp.*		100,068
	376,560	RF Micro Devices, Inc.*		3,178,166
	55,575	Semtech Corp.*		1,332,689

See Notes to Financial Statements.


70			The TARGET Portfolio Trust


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

		Semiconductors & Semiconductor Equipment (continued)
	205,900	Skyworks Solutions, Inc.*	$	8,452,195
	173,968	Spansion, Inc. (Class A Stock)*		3,101,849
	167,927	Ultra Clean Holdings, Inc.*		1,430,738

				51,826,303


		Software—2.5%
	21,600	Actuate Corp.*		121,608
	21,137	AVG Technologies NV*		395,896
	221,501	BroadSoft, Inc.*		5,621,695
	145,315	Cadence Design Systems, Inc.*		2,261,101
	56,325	CommVault Systems, Inc.*		2,726,130
	84,725	Ellie Mae, Inc.*		2,066,443
	170,248	Epiq Systems, Inc.		2,177,472
	168,096	Fair Isaac Corp.		9,615,091
	3,500	FireEye, Inc.*(a)		137,410
	13,400	Imperva, Inc.*		306,592
	190,288	Mentor Graphics Corp.		3,938,962
	5,800	Paycom Software, Inc.*		89,378
	6,133	Pegasystems, Inc.		101,624
	1,600	Proofpoint, Inc.*		40,704
	83,661	PTC, Inc.*		2,959,090
	4,900	Rubicon Project, Inc. (The)*(a)		70,413
	159,625	SS&C Technologies Holdings, Inc.*		6,212,605
	61,300	Telenav, Inc.*		375,769
	158,057	Tivo, Inc.*		1,874,556
	6,600	Varonis Systems, Inc.*		166,782
	183,350	Verint Systems, Inc.*		8,025,229

				49,284,550


		Specialty Retail—3.1%
	106,000	Aaron’s, Inc.(a)		3,123,820
	116,891	Abercrombie & Fitch Co. (Class A Stock)(a)		4,296,913
	160,072	American Eagle Outfitters, Inc.(a)		1,850,432
	12,504	ANN, Inc.*		490,032
	173,064	Barnes & Noble, Inc.*(a)		2,838,250
	73,152	Brown Shoe Co., Inc.		1,725,656
	92,100	Buckle, Inc. (The)(a)		4,327,779
	5,500	Cato Corp. (The) (Class A Stock)		156,695
	302,475	Chico’s FAS, Inc.		4,803,303
	41,575	Children’s Place Retail Stores, Inc. (The)		1,995,600
	33,675	CST Brands, Inc.		1,098,815
	5,700	Destination Maternity Corp.		140,562
	116,217	Express, Inc.*		1,693,282
	29,508	GameStop Corp. (Class A Stock)		1,170,877
	128,825	GNC Holdings, Inc. (Class A Stock)		5,797,125
	159,500	Group 1 Automotive, Inc.(a)		11,504,735
	79,947	hhgregg, Inc.*		689,143
	56,456	Kirkland’s, Inc.*		965,962

See Notes to Financial Statements.


The TARGET Portfolio Trust			71

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Specialty Retail (continued)
	143,800	Men’s Wearhouse, Inc. (The)	$	6,813,244
	26,862	Murphy USA, Inc.*		1,141,635
	80,465	Pier 1 Imports, Inc.		1,469,291
	81,527	Select Comfort Corp.*		1,500,097
	5,665	Systemax, Inc.*		97,948
	3,100	Trans World Entertainment Corp.		10,137

				59,701,333


		Technology Hardware, Storage & Peripherals—0.2%
	26,300	Avid Technology, Inc.*		198,565
	48,329	Diebold, Inc.		1,817,654
	8,100	Electronics For Imaging, Inc.*		306,099
	6,100	Fusion-io, Inc.*		52,643
	30,989	Lexmark International, Inc. (Class A Stock)		1,332,527
	4,500	QLogic Corp.*		52,110
	23,000	Super Micro Computer, Inc.*		468,280

				4,227,878


		Textiles, Apparel & Luxury Goods—0.5%
	20,923	Columbia Sportswear Co.		1,798,960
	3,300	G-III Apparel Group Ltd.*		236,841
	17,700	Iconix Brand Group, Inc.*(a)		752,250
	11,311	Oxford Industries, Inc.		746,639
	4,100	RG Barry Corp.		74,948
	41,100	Vera Bradley, Inc.*(a)		1,163,130
	146,525	Wolverine World Wide, Inc.(a)		4,117,352

				8,890,120


		Thrifts & Mortgage Finance—1.0%
	349,761	Astoria Financial Corp.(a)		4,637,831
	2,900	BankFinancial Corp.		28,536
	4,700	Berkshire Hills Bancorp, Inc.		110,121
	15,700	Charter Financial Corp.		172,700
	5,900	First Defiance Financial Corp.		159,418
	148,827	Flagstar Bancorp, Inc.*		2,619,355
	191,400	Home Loan Servicing Solutions Ltd.		4,239,510
	23,700	HomeStreet, Inc.		430,392
	5,100	OceanFirst Financial Corp.		82,722
	7,300	Provident Financial Holdings, Inc.		102,711
	78,151	Provident Financial Services, Inc.		1,358,264
	226,780	Washington Federal, Inc.		4,893,913
	5,300	WSFS Financial Corp.		358,386

				19,193,859

See Notes to Financial Statements.


72			The TARGET Portfolio Trust


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

		Tobacco—0.2%
	74,500	Universal Corp.	$	4,065,465


		Trading Companies & Distributors—1.7%
	13,400	Aircastle Ltd.		235,438
	13,150	Applied Industrial Technologies, Inc.		630,148
	148,602	CAI International, Inc.*		3,232,094
	14,225	DXP Enterprises, Inc.*		1,610,412
	213,327	GATX Corp.		14,000,651
	188,733	TAL International Group, Inc.*		7,960,758
	61,875	WESCO International, Inc.*(a)		5,431,387

				33,100,888


		Water Utilities
	4,700	American States Water Co.		142,692
	2,400	Artesian Resources Corp. (Class A Stock)		52,848
	3,900	California Water Service Group		87,750
	2,200	Consolidated Water Co. Ltd. (Ordinary Shares) (Cayman Islands)		25,564

				308,854


		Wireless Telecommunication Services—0.4%
	14,600	RingCentral, Inc. (Class A Stock)*		221,336
	70,500	SBA Communications Corp. (Class A Stock)*		6,328,080
	40,851	Telephone & Data Systems, Inc.		1,110,739
	37,030	USA Mobility, Inc.		634,324

				8,294,479

		TOTAL COMMON STOCKS (cost $1,470,117,881)		1,877,729,855


		EXCHANGE TRADED FUNDS—0.2%
	19,797	iShares Russell 2000 Index Fund(a)		2,216,868
	20,789	iShares Russell 2000 Value Index Fund		2,043,351

		TOTAL EXCHANGE TRADED FUNDS (cost $3,757,101)		4,260,219

PRINCIPAL AMOUNT (000)#

		U.S. TREASURY OBLIGATION
	365	U.S. Treasury Notes(k) 0.25%, 11/30/14 (cost $365,243)		365,399

		TOTAL LONG-TERM INVESTMENTS (cost $1,474,240,225)		1,882,355,473

SHARES		SHORT-TERM INVESTMENT—10.3%

		AFFILIATED MONEY MARKET MUTUAL FUND
	200,159,971	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $200,159,971; includes $132,640,816 of cash collateral for securities on loan)(Note 3)(b)(w)		200,159,971

		TOTAL INVESTMENTS—106.9% (cost $1,674,400,196; Note 5)		2,082,515,444
		Liabilities in excess of other assets—(6.9%)		(134,463,977	)

		NET ASSETS—100.0%	$	1,948,051,467

See Notes to Financial Statements.


The TARGET Portfolio Trust			73

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

*	Non-income producing security.

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $130,266,721; cash collateral of $132,640,816 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

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

(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.

Futures contracts open at April 30, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2014		Unrealized Depreciation⁽¹⁾
Long Position:
53	Russell 2000 Mini Index	Jun. 2014	$	6,079,235	$	5,955,080	$	(124,155	)

⁽¹⁾	U.S. Treasury security with a market value of $365,399 has been segregated with Goldman Sachs & Co. to cover requirements for open contracts at April 30, 2014.

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

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

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	65,050,079	$	—	$	—
Air Freight & Logistics		300,290		—		—
Airlines		8,534,024		—		—
Auto Components		5,932,305		—		—
Banks		153,185,121		—		—
Biotechnology		3,617,872		—		—
Building Products		4,410,124		—		—
Capital Markets		66,927,084		—		—
Chemicals		45,704,277		—		—
Commercial Services & Supplies		50,321,139		—		—
Communications Equipment		20,159,134		—		—
Construction & Engineering		21,654,446		—		—
Consumer Finance		19,935,767		—		—
Containers & Packaging		39,619,345		—		—
Distributors		104,702		—		—

See Notes to Financial Statements.


74			The TARGET Portfolio Trust


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Diversified Consumer Services	$	15,244,982	$	—	$	—
Diversified Financial Services		4,480,013		—		—
Diversified Telecommunication Services		5,516,442		—		—
Electric Utilities		36,097,618		—		—
Electrical Equipment		38,384,479		—		—
Electronic Equipment, Instruments & Components		71,188,250		—		—
Energy Equipment & Services		70,041,427		—		—
Food & Staples Retailing		33,374,654		—		—
Food Products		22,382,186		—		—
Gas Utilities		31,267,085		—		—
Health Care Equipment & Supplies		45,052,203		—		—
Health Care Providers & Services		44,785,559		—		—
Health Care Technology		6,258,844		—		—
Hotels, Restaurants & Leisure		28,580,200		—		—
Household Durables		19,118,787		—		—
Insurance		175,623,581		—		—
Internet & Catalog Retail		7,625,745		—		—
Internet Software & Services		7,783,230		—		—
IT Services		57,336,858		—		—
Leisure Products		12,372,517		—		—
Life Sciences Tools & Services		16,587,504		—		—
Machinery		84,345,486		—		—
Marine		687,057		—		—
Media		12,995,002		—		—
Metals & Mining		36,048,731		—		—
Multi-Utilities		7,205,707		—		—
Multiline Retail		2,858,998		—		—
Oil, Gas & Consumable Fuels		69,905,812		—		—
Paper & Forest Products		15,951,323		—		—
Personal Products		4,140,485		—		—
Pharmaceuticals		6,741,200		—		—
Professional Services		23,138,696		—		—
Real Estate Investment Trusts (REITs)		106,797,421		—		—
Real Estate Management & Development		548,457		—		—
Road & Rail		12,913,878		—		—
Semiconductors & Semiconductor Equipment		51,826,303		—		—
Software		49,284,550		—		—
Specialty Retail		59,701,333		—		—
Technology Hardware, Storage & Peripherals		4,227,878		—		—
Textiles, Apparel & Luxury Goods		8,890,120		—		—
Thrifts & Mortgage Finance		19,193,859		—		—
Tobacco		4,065,465		—		—
Trading Companies & Distributors		33,100,888		—		—
Water Utilities		308,854		—		—
Wireless Telecommunication Services		8,294,479		—		—
Exchange Traded Funds		4,260,219		—		—
U.S. Treasury Obligation		—		365,399		—
Affiliated Money Market Mutual Fund		200,159,971		—		—

See Notes to Financial Statements.


The TARGET Portfolio Trust			75

Small Capitalization Value Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


	Level 1			Level 2		Level 3
Other Financial Instruments*
Futures Contracts	$	(124,155	)	$	—	$	—

Total	$	2,082,025,890		$	365,399	$	—

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

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


Affiliated Money Market Mutual Funds (including 6.8% of collateral for security on loan)	10.3	%
Insurance	9.0
Banks	7.9
Real Estate Investment Trusts (REITs)	5.5
Machinery	4.3
Electronic Equipment, Instruments & Components	3.7
Energy Equipment & Services	3.6
Oil, Gas & Consumable Fuels	3.6
Capital Markets	3.4
Aerospace & Defense	3.3
Specialty Retail	3.1
IT Services	2.9
Semiconductors & Semiconductor Equipment	2.7
Commercial Services & Supplies	2.6
Software	2.5
Chemicals	2.3
Health Care Equipment & Supplies	2.3
Health Care Providers & Services	2.3
Containers & Packaging	2.0
Electrical Equipment	2.0
Electric Utilities	1.9
Metals & Mining	1.9
Food & Staples Retailing	1.7
Trading Companies & Distributors	1.7
Gas Utilities	1.6
Hotels, Restaurants & Leisure	1.5
Professional Services	1.2
Food Products	1.2
Construction & Engineering	1.1
Communications Equipment	1.0	%
Consumer Finance	1.0
Thrifts & Mortgage Finance	1.0
Household Durables	1.0
Life Sciences Tools & Services	0.9
Paper & Forest Products	0.8
Diversified Consumer Services	0.8
Media	0.7
Road & Rail	0.7
Leisure Products	0.6
Textiles, Apparel & Luxury Goods	0.5
Airlines	0.4
Wireless Telecommunication Services	0.4
Internet Software & Services	0.4
Internet & Catalog Retail	0.4
Multi-Utilities	0.4
Pharmaceuticals	0.3
Health Care Technology	0.3
Auto Components	0.3
Diversified Telecommunication Services	0.3
Diversified Financial Services	0.2
Building Products	0.2
Exchange Traded Funds	0.2
Technology Hardware, Storage & Peripherals	0.2
Personal Products	0.2
Tobacco	0.2
Biotechnology	0.2
Multiline Retail	0.2

	106.9
Liabilities in excess of other assets	(6.9	)

	100.0	%

See Notes to Financial Statements.


76			The TARGET Portfolio Trust


Portfolio of Investments As of April 30, 2014 (Unaudited)		*International Equity Portfolio*


SHARES		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—96.0%

		COMMON STOCKS—96.0%

		Australia—4.3%
	645,700	Arrium Ltd.	$	719,601
	166,700	Ausdrill Ltd.		144,625
	165,969	Bank of Queensland Ltd.		1,897,439
	91,300	Bendigo & Adelaide Bank Ltd.		978,515
	125,300	Bradken Ltd.		494,504
	248,800	Challenger Ltd.		1,636,920
	288,000	Downer EDI Ltd.		1,344,471
	502,300	Emeco Holdings Ltd.*		122,345
	249,100	Fortescue Metals Group Ltd.		1,178,223
	95,300	GrainCorp Ltd. (Class A Stock)		785,980
	54,000	Leighton Holdings Ltd.(a)		960,235
	178,100	Lend Lease Group		2,152,507
	259,000	Metcash Ltd.		668,896
	75,100	Mineral Resources Ltd.		815,406
	54,600	National Australia Bank Ltd.		1,797,829
	46,600	Orica Ltd.		951,033
	914,400	Pacific Brands Ltd.		430,524
	36,800	Rio Tinto Ltd.		2,122,220
	237,600	Toll Holdings Ltd.		1,171,981

				20,373,254


		Austria—0.6%
	39,100	OMV AG		1,828,096
	18,000	Voestalpine AG		822,228

				2,650,324


		Belgium—1.2%
	102,600	AGFA-Gevaert NV*		392,864
	34,507	Anheuser-Busch InBev NV		3,761,114
	20,300	Delhaize Group SA		1,511,603
	16,878	Dexia SA*		960

				5,666,541


		Brazil—0.2%
	30,690	Embraer SA, ADR		1,055,736


		Canada—0.5%
	40,269	Canadian National Railway Co.		2,358,715


		China—2.7%
	18,918	Baidu, Inc., ADR*		2,910,534
	369,029	China Mobile Ltd.		3,512,595
	4,284,312	Industrial & Commercial Bank of China Ltd. (Class H Stock)		2,559,955

See Notes to Financial Statements.


The TARGET Portfolio Trust			77

International Equity Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		China (continued)
	1,482,000	Poly Property Group Co. Ltd.	$	643,460
	1,824,000	Shougang Fushan Resources Group Ltd.		548,959
	13,400	SINA Corp.*		640,520
	269,710	Sinopharm Group Co. Ltd. (Class H Stock)		712,212
	25,295	Tencent Holdings Ltd.		1,592,572

				13,120,807


		Denmark—1.4%
	600	A.P. Moeller - Maersk A/S (Class B Stock)		1,432,356
	119,355	Novo Nordisk A/S (Class B Stock)		5,417,048

				6,849,404


		Finland—0.7%
	49,260	Kone Oyj (Class B Stock)		2,111,549
	41,200	Tieto Oyj		1,127,447

				3,238,996


		France—11.0%
	38,030	Accor SA		1,861,931
	14,193	Air Liquide SA		2,030,555
	37,700	Alstom SA		1,557,913
	6,200	Arkema SA		692,491
	62,600	AXA SA		1,633,608
	32,000	BNP Paribas SA		2,404,620
	41,684	Cie Generale des Etablissements Michelin		5,111,734
	7,600	Ciments Francais SA		817,148
	73,800	CNP Assurances		1,702,531
	97,828	Credit Agricole SA*		1,543,572
	42,900	Electricite de France SA		1,647,397
	26,204	LVMH Moet Hennessy Louis Vuitton SA		5,162,032
	47,717	Publicis Groupe SA		4,082,150
	19,800	Renault SA		1,935,840
	30,000	Sanofi		3,237,591
	26,100	SCOR SE		955,070
	24,200	Societe Generale SA		1,507,107
	37,000	Thales SA		2,355,980
	105,401	Total SA		7,540,817
	20,400	Valeo SA		2,801,513
	71,500	Vivendi SA		1,920,971

				52,502,571


		Germany—7.8%
	34,836	Adidas AG		3,724,023
	18,300	Allianz SE		3,184,742

See Notes to Financial Statements.


78			The TARGET Portfolio Trust


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

		Germany (continued)
	3,600	Aurubis AG	$	192,328
	21,900	BASF SE		2,540,522
	6,900	Continental AG		1,623,600
	37,400	Daimler AG		3,481,902	��
	85,411	Deutsche Bank AG		3,761,964
	24,600	DMG Mori Seiki AG		775,181
	54,400	E.ON SE		1,042,022
	48,100	Freenet AG		1,665,851
	51,643	Fresenius Medical Care AG & Co. KGaA		3,558,075
	12,800	Hannover Rueck SE		1,192,727
	7,400	Heidelberger Druckmaschinen AG*		23,471
	16,400	Metro AG		657,045
	8,400	Muenchener Rueckversicherungs AG		1,941,733
	18,900	Rheinmetall AG		1,259,110
	22,000	RWE AG		839,543
	26,699	SAP AG		2,157,999
	14,900	Stada Arzneimittel AG		649,723
	12,100	Volkswagen AG		3,244,595

				37,516,156


		Hong Kong—3.1%
	821,126	AIA Group Ltd.		3,993,624
	97,000	Cheung Kong Holdings Ltd.		1,656,504
	583,200	First Pacific Co. Ltd.		648,529
	161,119	Hong Kong Exchanges and Clearing Ltd.		2,897,458
	1,087,000	Huabao International Holdings Ltd.		514,866
	292,680	Kingboard Chemical Holdings Ltd.		559,368
	327,146	Sands China Ltd.		2,401,829
	2,444,000	Skyworth Digital Holdings Ltd.		1,172,465
	308,300	Yue Yuen Industrial Holdings Ltd.		955,124

				14,799,767


		Ireland—0.3%
	33,100	Permanent TSB Group Holdings PLC (Chi-X)*		4,385
	15,500	Permanent TSB Group Holdings PLC (XLON)*		2,043
	66,600	Smurfit Kappa Group PLC		1,483,693

				1,490,121


		Israel—0.7%
	182,600	Bank Hapoalim BM		1,031,506
	16,000	Elbit Systems Ltd.		944,487
	29,400	Teva Pharmaceutical Industries Ltd.		1,441,187

				3,417,180


		Italy—1.8%
	1,590	Banco Popolare SC*		32,860
	361,000	Enel SpA		2,044,677
	104,300	Eni SpA		2,701,296

See Notes to Financial Statements.


The TARGET Portfolio Trust			79

International Equity Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Italy (continued)
	821,904	Intesa Sanpaolo SpA	$	2,812,577
	682,500	Telecom Italia SpA*		877,031

				8,468,441


		Japan—16.4%
	22,600	Alpine Electronics, Inc.		269,448
	36,400	Aoyama Trading Co. Ltd.		903,264
	513,000	Aozora Bank Ltd.		1,526,074
	124,000	Asahi Kasei Corp.		843,052
	156,000	Bank of Yokohama Ltd. (The)		784,071
	66,399	Bridgestone Corp.		2,377,450
	102,000	Calsonic Kansei Corp.		502,466
	65,200	Daihatsu Motor Co. Ltd.		1,079,967
	16,650	FANUC Corp.		3,004,258
	243,000	Fukuoka Financial Group, Inc.		992,414
	30,600	Fuyo General Lease Co. Ltd.		1,052,966
	51,900	Heiwa Corp.		863,613
	16,700	Hogy Medical Co. Ltd		861,321
	43,200	Idemitsu Kosan Co. Ltd.		955,305
	72,837	Japan Tobacco, Inc.		2,394,048
	169,160	JX Holdings, Inc.		878,922
	35,300	KDDI Corp.		1,882,609
	49,200	Keihin Corp.		714,010
	164,516	Kubota Corp.		2,120,369
	56,000	KYORIN Holdings, Inc.		1,079,402
	78,200	Kyowa Exeo Corp.		1,011,572
	247,900	Marubeni Corp.		1,656,571
	26,500	Matsumotokiyoshi Holdings Co. Ltd.		782,001
	27,100	Megmilk Snow Brand Co. Ltd.		359,590
	9,100	Miraca Holdings, Inc.		394,461
	58,300	Mitsubishi Corp.		1,043,996
	103,327	Mitsubishi Estate Co. Ltd.		2,344,531
	1,052,895	Mitsubishi UFJ Financial Group, Inc.		5,600,872
	130,500	Mitsui & Co. Ltd.		1,850,801
	719,300	Mizuho Financial Group, Inc.		1,408,827
	245,000	Morinaga Milk Industry Co. Ltd.		914,538
	36,300	Namco Bandai Holdings, Inc.		784,267
	65,700	Nichii Gakkan Co.		579,502
	47,100	Nippon Telegraph & Telephone Corp.		2,613,710
	254,300	Nishi-Nippon City Bank Ltd. (The)		578,430
	127,600	Nissan Motor Co. Ltd.		1,101,009
	110,000	NTT DOCOMO, Inc.		1,754,560
	67,200	Otsuka Holdings Co. Ltd.		1,935,884
	432,600	Resona Holdings, Inc.		2,211,885

See Notes to Financial Statements.


80			The TARGET Portfolio Trust


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

		Japan (continued)
	150,200	Sankyu, Inc.	$	572,536
	82,000	Seino Holdings Co. Ltd.		810,467
	36,500	Shimachu Co. Ltd.		802,001
	28,200	Shizuoka Gas Co. Ltd.		169,686
	38,722	SoftBank Corp.		2,883,938
	149,600	Sumitomo Corp.		1,941,881
	57,000	Sumitomo Metal Mining Co. Ltd.		860,958
	52,700	Sumitomo Mitsui Financial Group, Inc.		2,083,247
	792,370	Sumitomo Mitsui Trust Holdings, Inc.		3,265,118
	203,400	Toagosei Co. Ltd.		851,123
	51,700	Toho Holdings Co. Ltd.		1,042,182
	50,400	Toppan Forms Co. Ltd.		463,089
	85,111	Toyota Motor Corp.		4,598,391
	23,500	Tsumura & Co.		558,572
	6,800	Tsuruha Holdings, Inc.		684,397
	106,900	UNY Group Holdings Co. Ltd.		689,886
	30,200	West Japan Railway Co.		1,224,697
	130,100	Yokohama Rubber Co. Ltd. (The)		1,162,055

				78,676,260


		Liechtenstein—0.1%
	3,800	Verwaltungs-und Privat-Bank AG		378,662


		Netherlands—3.9%
	175,900	Aegon NV		1,612,370
	27,503	ASML Holding NV		2,244,632
	412,483	ING Groep NV, CVA*		5,896,378
	113,908	Koninklijke Ahold NV		2,202,048
	4,300	Royal Dutch Shell PLC (Class A Stock)		170,098
	156,100	Royal Dutch Shell PLC (Class B Stock)		6,628,127

				18,753,653


		New Zealand—0.3%
	825,600	Air New Zealand Ltd.		1,496,041


		Norway—1.2%
	94,500	DNB ASA		1,675,063
	11,700	Fred Olsen Energy ASA		373,217
	66,900	Statoil ASA		2,039,474
	37,700	Yara International ASA		1,782,135

				5,869,889


		Portugal—0.2%
	226,600	EDP-Energias de Portugal SA		1,100,745


		Singapore—0.5%
	106,000	DBS Group Holdings Ltd.		1,436,000
	56,000	United Overseas Bank Ltd.		974,687

				2,410,687

See Notes to Financial Statements.


The TARGET Portfolio Trust			81

International Equity Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		Spain—2.9%
	15,100	ACS Actividades de Construccion y Servicios SA	$	648,157
	58,649	Amadeus IT Holding SA (Class A Stock)		2,439,238
	256,376	Banco Bilbao Vizcaya Argentaria SA		3,157,968
	211,617	Banco Santander SA		2,104,670
	86,900	Gas Natural SDG SA		2,491,858
	63,100	Repsol SA		1,698,932
	89,000	Telefonica SA		1,493,606

				14,034,429


		Sweden—2.9%
	87,100	Boliden AB		1,330,217
	71,699	Hennes & Mauritz AB (Class B Stock)		2,934,849
	19,200	NCC AB (Class B Stock)		672,682
	110,100	Nordea Bank AB		1,595,416
	17,400	Oriflame Cosmetics SA, SDR(a)		445,562
	71,400	Securitas AB (Class B Stock)		863,129
	61,000	Swedbank AB (Class A Stock)		1,632,477
	203,600	Telefonaktiebolaget LM Ericsson (Class B Stock)		2,455,102
	249,900	TeliaSonera AB		1,819,037

				13,748,471


		Switzerland—8.8%
	13,600	Baloise Holding AG		1,656,120
	4,400	Bucher Industries AG		1,433,193
	72,936	Credit Suisse Group AG*		2,312,264
	2,200	Georg Fischer AG*		1,745,272
	2,000	Helvetia Holding AG		996,897
	51,596	Julius Baer Group Ltd.*		2,416,779
	9,200	Lonza Group AG*		962,877
	69,880	Nestle SA		5,400,626
	91,303	Novartis AG		7,937,205
	22,124	Roche Holding AG		6,489,993
	8,400	Swiss Life Holding AG*		2,069,556
	31,300	Swiss Re AG*		2,736,906
	170,408	UBS AG*		3,563,893
	8,700	Zurich Insurance Group AG*		2,494,801

				42,216,382


		Taiwan—0.7%
	160,029	Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)		3,216,583


		United Kingdom—16.9%
	80,600	Alent PLC		432,748
	53,000	AMEC PLC		1,106,909
	49,000	Anglo American PLC		1,309,916

See Notes to Financial Statements.


82			The TARGET Portfolio Trust


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

		United Kingdom (continued)
	41,674	ARM Holdings PLC	$	630,742
	77,700	AstraZeneca PLC		6,133,192
	405,913	Aviva PLC		3,617,394
	346,800	BAE Systems PLC		2,346,255
	300,600	Barclays PLC		1,283,570
	313,989	Beazley PLC		1,302,539
	612,900	BP PLC		5,174,759
	391,600	BT Group PLC		2,444,608
	96,750	Burberry Group PLC		2,429,793
	153,400	Carillion PLC		959,574
	243,200	Centrica PLC		1,356,329
	130,066	Compass Group PLC		2,071,805
	80,900	Dairy Crest Group PLC		631,186
	507,900	Debenhams PLC		689,795
	151,230	Experian PLC		2,907,682
	31,400	GlaxoSmithKline PLC		867,595
	142,100	Home Retail Group PLC		490,997
	195,995	HSBC Holdings PLC (XHKG)		2,004,222
	259,200	HSBC Holdings PLC (XLON)		2,648,393
	204,800	Intermediate Capital Group PLC		1,537,183
	397,300	J. Sainsbury PLC		2,253,793
	676,593	Kingfisher PLC		4,787,808
	366,500	Legal & General Group PLC		1,311,969
	5,403	Liberty Global PLC (Class A Stock)(a)		215,147
	144,620	Marston’s PLC		359,591
	38,574	Micro Focus International PLC		505,873
	40,600	Mondi PLC		674,928
	524,912	Old Mutual PLC		1,774,239
	166,100	Pace PLC		1,023,501
	95,229	Pearson PLC		1,785,723
	55,284	Reckitt Benckiser Group PLC		4,462,832
	96,739	Rolls-Royce Holdings PLC*		1,718,317
	293,000	RSA Insurance Group PLC		485,547
	53,467	SABMiller PLC		2,911,316
	114,595	Standard Chartered PLC		2,481,799
	73,300	Tate & Lyle PLC		868,940
	402,500	Tesco PLC		1,993,946
	153,300	Tullett Prebon PLC		824,001
	80,600	Vesuvius PLC		568,514
	61,300	WH Smith PLC		1,136,840
	568,100	WM Morrison Supermarkets PLC		1,928,500
	115,486	WPP PLC		2,490,050

				80,940,360


		United States—4.9%
	39,253	Accenture PLC (Class A Stock)		3,148,876
	15,068	Actavis, Inc.*(a)		3,078,844
	93,300	Boart Longyear Ltd.*		24,703

See Notes to Financial Statements.


The TARGET Portfolio Trust			83

International Equity Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


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

		United States (continued)
	71,099	Carnival PLC	$	2,840,215
	67,880	Liberty Global PLC (Class C Stock)		2,608,628
	48,242	Lululemon Athletica, Inc.*(a)		2,215,755
	38,902	MasterCard, Inc. (Class A Stock)		2,861,242
	36,658	Schlumberger Ltd.		3,722,620
	36,498	Yum! Brands, Inc.		2,809,981

				23,310,864

		TOTAL COMMON STOCKS (cost $384,609,740)		459,661,039


		PREFERRED STOCK

		United Kingdom
	14,533,104	Rolls-Royce Holdings PLC (PRFC C)*(g) (cost $24,450)		24,537

UNITS

		RIGHTS*

		Australia
	17,169	Bank of Queensland Ltd., expiring 05/09/14 (cost $0)		24,823

		TOTAL LONG-TERM INVESTMENTS (cost $384,634,190)		459,710,399

SHARES
		SHORT-TERM INVESTMENT—4.5%

		AFFILIATED MONEY MARKET MUTUAL FUND
	21,396,697	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $21,396,697; includes $6,007,784 of cash collateral for securities on loan) (Note 3)(b)(w)		21,396,697

		TOTAL INVESTMENTS—100.5% (cost $406,030,887; Note 5)		481,107,096
		Liabilities in excess of other assets(x)—(0.5%)		(2,302,302	)

		NET ASSETS—100.0%	$	478,804,794

The following abbreviations are used in the Portfolio descriptions:

ADR—American Depositary Receipt

Chi-X—European Equity Exchange

CVA—Certificate Van Aandelen (Bearer)

PRFC—Preference Shares

SDR—Swedish Depositary Receipt

XHKG—Hong Kong Stock Exchange

XLON—London Stock Exchange

See Notes to Financial Statements.


84			The TARGET Portfolio Trust

EUR—Euro

JPY—Japanese Yen

*	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 $5,877,079; cash collateral of $6,007,784 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

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

(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, 2014:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Depreciation
Japanese Yen,
Expiring 07/07/14	State Street Bank	JPY	384,759	$	3,804,187	$	3,765,026	$	(39,161	)


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Depreciation
Euro,
Expiring 10/28/14	State Street Bank	EUR	9,310	$	12,856,409	$	12,913,178	$	(56,769	)
Japanese Yen,
Expiring 07/07/14	State Street Bank	JPY	1,840,446		17,571,902		18,009,509		(437,607	)

				$	30,428,311	$	30,922,687	$	(494,376	)

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 in active markets for identical securities.

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	668,896	$	19,704,358	$	—
Austria		—		2,650,324		—
Belgium		393,824		5,272,717		—
Brazil		1,055,736		—		—
Canada		2,358,715		—		—
China		3,551,054		9,569,753		—
Denmark		—		6,849,404		—
Finland		—		3,238,996		—
France		817,148		51,685,423		—

See Notes to Financial Statements.


The TARGET Portfolio Trust			85

International Equity Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


	Level 1		Level 2			Level 3
Investments in Securities (continued)
Germany	$	—	$	37,516,156		$	—
Hong Kong		—		14,799,767			—
Ireland		6,428		1,483,693			—
Israel		—		3,417,180			—
Italy		—		8,468,441			—
Japan		—		78,676,260			—
Liechtenstein		378,662		—			—
Netherlands		—		18,753,653			—
New Zealand		—		1,496,041			—
Norway		—		5,869,889			—
Portugal		—		1,100,745			—
Singapore		—		2,410,687			—
Spain		—		14,034,429			—
Sweden		—		13,748,471			—
Switzerland		—		42,216,382			—
Taiwan		3,216,583		—	��		—
United Kingdom		1,133,442		79,806,918			—
United States		23,310,864		—			—
Preferred Stock
United Kingdom		—		24,537			—
Rights
Australia		—		24,823			—
Affiliated Money Market Mutual Fund		21,396,697		—			—
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts		—		(533,537	)		—

Total	$	58,288,049	$	422,285,510		$	—

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

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


Banks	11.8	%
Pharmaceuticals	8.1
Insurance	7.3
Oil, Gas & Consumable Fuels	6.3
Affiliated Money Market Mutual Fund (including 1.3% of collateral for securities on loan)	4.5
Automobiles	3.2
Capital Markets	3.1
Textiles, Apparel & Luxury Goods	3.1
Auto Components	2.9
Food & Staples Retailing	2.7
Hotels, Restaurants & Leisure	2.6
Machinery	2.6	%
Diversified Financial Services	2.4
Wireless Telecommunication Services	2.4
Diversified Telecommunication Services	2.3
Media	2.3
Chemicals	2.2
Specialty Retail	2.2
IT Services	2.0
Metals & Mining	2.0
Food Products	1.9
Aerospace & Defense	1.8
Real Estate Management & Development	1.5
Beverages	1.4

See Notes to Financial Statements.


86			The TARGET Portfolio Trust


Industry (cont’d.)
Health Care Providers & Services	1.3	%
Semiconductors & Semiconductor Equipment	1.3
Trading Companies & Distributors	1.3
Energy Equipment & Services	1.1
Road & Rail	1.1
Internet Software & Services	1.0
Electric Utilities	0.9
Household Products	0.9
Commercial Services & Supplies	0.8
Construction & Engineering	0.8
Communications Equipment	0.7
Multi-Utilities	0.7
Professional Services	0.6
Software	0.6
Gas Utilities	0.5
Tobacco	0.5
Household Durables	0.4
Leisure Products	0.4
Airlines	0.3
Containers & Packaging	0.3	%
Electrical Equipment	0.3
Industrial Conglomerates	0.3
Marine	0.3
Air Freight & Logistics	0.2
Construction Materials	0.2
Health Care Equipment & Supplies	0.2
Life Sciences Tools & Services	0.2
Distributors	0.1
Electronic Equipment, Instruments & Components	0.1
Health Care Technology	0.1
Internet & Catalog Retail	0.1
Multiline Retail	0.1
Paper & Forest Products	0.1
Personal Products	0.1

	100.5
Liabilities in excess of other assets	(0.5	)

	100.0	%

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

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


Counterparty	Gross amounts of recognized assets(1)			Gross amounts available for offset		Collateral Received(3)		Net Amount
State Street Bank	$	—		$	—	$	—	$	—


Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
State Street Bank	$	(533,537	)	$	—	$	—	$	(533,537	)

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

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

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			87


*Total Return Bond Portfolio*		Portfolio of Investments As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—92.1%

		ASSET-BACKED SECURITIES—3.2%

		Non-Residential Mortgage-Backed Security—0.7%
	2,911	SLM Student Loan Trust, Series 2008-9, Class A 1.729%(c), 04/25/23	$	3,009,910


		Residential Mortgage-Backed Securities—2.5%
	4,023	Bear Stearns Asset Backed Securities I Trust, Series 2007-HE5, Class 1A2 0.332%(c), 06/25/47		3,857,402
	700	Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3, Class A4 0.392%(c), 10/25/36		649,981
	1,898	Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A3, 144A 0.372%(c), 07/25/37		1,210,889
	1,800	Ownit Mortgage Loan Trust, Series 2005-2, Class M4 1.082%(c), 03/25/36		1,764,837
	2,495	Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class M1 0.977%(c), 05/25/35		2,312,898
	311	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-7XS, Class 2A1A 1.655%(c), 04/25/35		298,791

				10,094,798

		TOTAL ASSET-BACKED SECURITIES (cost $12,870,947)		13,104,708


		COMMERCIAL MORTGAGE-BACKED SECURITIES—0.5%
	800	Banc of America Commercial Mortgage Trust, Series 2007-3, Class A5 5.377%, 06/10/49		884,261
	15,668	UBS - Barclays Commercial Mortgage Trust, Series 2013-C5, Class XA, IO, 144A 1.140%(c), 03/10/46		1,124,634

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,103,792)		2,008,895


		CORPORATE BONDS—24.3%

		Airlines—0.1%
	422	UAL 1991 Equipment Trust AB, Equipment Trust(g)(i) 10.850%, 02/19/15		211,350

See Notes to Financial Statements.


88			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Auto Components—0.3%
	1,100	AutoZone, Inc., Sr. Unsec’d. Notes 6.950%, 06/15/16	$	1,229,275


		Automobiles—0.2%
	600	Daimler Finance North America LLC (Germany), Gtd. Notes, 144A 1.300%, 07/31/15		605,622


		Banks—9.0%
	1,400	Banco Santander Chile (Chile), Sr. Unsec’d. Notes, 144A 1.124%(c), 04/11/17		1,400,013
	1,200	Bank of America Corp., Sr. Unsec’d. Notes 0.487%(c), 10/14/16		1,192,556
	800	7.625%, 06/01/19		987,255
	300	Sr. Unsec’d. Notes, MTN 5.650%, 05/01/18		340,292
GBP	300	5.750%, 12/12/14		520,848
	3,600	Bank of Nova Scotia (Canada), Sr. Unsec’d. Notes 0.538%(c), 04/11/17		3,597,937
	2,100	Citigroup, Inc., Sr. Unsec’d. Notes 0.916%(c), 11/15/16		2,110,903
	3,800	1.250%, 01/15/16		3,821,136
	1,900	HSBC Bank USA NA, Sub. Notes 4.875%, 08/24/20		2,088,159
	6,400	JPMorgan Chase & Co., Sr. Unsec’d. Notes 0.887%(c), 10/15/15		6,433,440
	4,900	Sr. Unsec’d. Notes, MTN 0.854%(c), 02/26/16		4,925,735
	3,100	Lloyds Bank PLC (United Kingdom), Jr. Sub. Notes, 144A(g) 12.000%(c), 12/29/49		4,378,750
	2,000	Russian Agricultural Bank OJSC Via RSHB Capital SA (Russia), Sr. Unsec’d. Notes, 144A 9.000%, 06/11/14		2,010,000
	2,700	Sumitomo Mitsui Trust Bank Ltd. (Japan), Gtd. Notes, 144A 1.800%, 03/28/18		2,675,376

				36,482,400

See Notes to Financial Statements.


The TARGET Portfolio Trust			89

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Capital Markets—1.6%
	300	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes 6.150%, 04/01/18	$	343,738
	400	Sr. Unsec’d. Notes, MTN 0.628%(c), 07/22/15		400,042
	3,200	Morgan Stanley, Notes, MTN 6.625%, 04/01/18		3,733,523
	1,800	Sr. Unsec’d. Notes, MTN 5.750%, 10/18/16		1,992,819

				6,470,122


		Consumer Finance—2.7%
	1,000	Ally Financial, Inc., Gtd. Notes 2.750%, 01/30/17		1,012,500
	3,600	8.000%, 03/15/20		4,351,500
	400	CitiFinancial, Inc., Sr. Unsec’d. Notes 6.625%, 06/01/15		421,417
	2,000	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 5.625%, 09/15/15		2,128,426
	800	Sr. Unsec’d. Notes, MTN 1.333%(c), 08/28/14		802,534
	1,700	General Electric Capital Corp., Sr. Unsec’d. Notes, MTN 0.535%(c), 06/20/14		1,700,598
	100	Springleaf Finance Corp., Gtd. Notes, MTN 5.400%, 12/01/15		104,500
	500	6.900%, 12/15/17		548,750

				11,070,225


		Diversified Financial Services—0.5%
	2,000	Anglo American Capital PLC (United Kingdom), Gtd. Notes, 144A(g) 1.176%(c), 04/15/16		2,006,060


		Diversified Telecommunication Services—1.3%
	1,300	AT&T, Inc., Sr. Unsec’d. Notes 0.654%(c), 03/30/17		1,299,263

See Notes to Financial Statements.


90			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Diversified Telecommunication Services (continued)
	1,000	Verizon Communications, Inc., Sr. Unsec’d. Notes 1.763%(c), 09/15/16	$	1,029,091
	200	1.984%(c), 09/14/18		211,164
	2,200	2.500%, 09/15/16		2,276,892
	500	3.650%, 09/14/18		533,815

				5,350,225


		Insurance—0.8%
	700	American International Group, Inc., Sr. Unsec’d. Notes 8.250%, 08/15/18		874,541
	2,000	Metropolitan Life Global Funding I, Sec’d. Notes, 144A(g) 1.700%, 06/29/15		2,025,904
	200	XLIT Ltd. (Ireland), Gtd. Notes 5.250%, 09/15/14		203,420

				3,103,865


		Media—1.4%
	1,500	Dish DBS Corp., Gtd. Notes 7.750%, 05/31/15		1,601,250
	4,200	Pearson Dollar Finance PLC (United Kingdom), Gtd. Notes, 144A 5.700%, 06/01/14		4,213,818

				5,815,068


		Metals & Mining—0.6%
	2,500	Gerdau Trade, Inc. (Brazil), Gtd. Notes, 144A 5.750%, 01/30/21		2,631,250


		Oil, Gas & Consumable Fuels—1.5%
	1,900	Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes 0.609%(c), 03/30/16		1,902,365
	300	El Paso LLC, Gtd. Notes, MTN 7.800%, 08/01/31		322,177
	2,300	Statoil ASA (Norway), Gtd. Notes 0.697%(c), 11/08/18		2,316,387
	1,300	Suncor Energy, Inc. (Canada), Sr. Unsec’d. Notes 6.850%, 06/01/39		1,713,568

				6,254,497

See Notes to Financial Statements.


The TARGET Portfolio Trust			91

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Paper & Forest Products—1.0%
	3,600	International Paper Co., Sr. Unsec’d. Notes 5.250%, 04/01/16	$	3,869,694


		Pharmaceuticals—0.7%
	1,200	Cardinal Health, Inc., Sr. Unsec’d. Notes 6.000%, 06/15/17		1,355,555
	1,275	Valeant Pharmaceuticals International, Gtd. Notes, 144A 6.750%, 08/15/21		1,367,437

				2,722,992


		Real Estate Investment Trusts (REITs)—1.0%
	3,700	Goodman Funding Pty Ltd. (Australia), Gtd. Notes, 144A 6.375%, 11/12/20		4,207,311


		Road & Rail—0.5%
	1,600	CSX Corp., Sr. Unsec’d. Notes 6.250%, 03/15/18		1,847,507


		Specialty Retail—0.5%
	1,900	L Brands, Inc., Sr. Unsec’d. Notes 6.900%, 07/15/17		2,161,250


		Technology Hardware, Storage & Peripherals—0.1%
	400	Apple, Inc., Sr. Unsec’d. Notes 2.850%, 05/06/21		401,797


		Tobacco
	89	Altria Group, Inc., Gtd. Notes 9.700%, 11/10/18		117,485


		Trading Companies & Distributors—0.5%
	1,900	International Lease Finance Corp., Sr. Sec’d. Notes, 144A 7.125%, 09/01/18		2,204,000

		TOTAL CORPORATE BONDS (cost $92,849,482)		98,761,995

See Notes to Financial Statements.


92			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		FOREIGN GOVERNMENT BONDS—9.4%
BRL	7,400	Brazil Letras do Tesouro Nacional (Brazil), Bills 12.347%(s), 01/01/17	$	2,430,718
EUR	100	Italy Buoni Poliennali del Tesoro (Italy), Bonds 1.500%, 12/15/16		140,352
EUR	700	2.250%, 05/15/16		998,539
EUR	400	3.000%, 06/15/15		568,940
EUR	200	3.000%, 11/01/15		286,694
EUR	6,500	3.750%, 08/01/15		9,353,994
EUR	100	3.750%, 04/15/16		146,550
EUR	800	3.750%, 08/01/16		1,179,861
EUR	3,700	4.500%, 07/15/15		5,362,772
EUR	1,000	Italy Certificati di Credito del Tesoro (Italy), Bonds 0.830%(s), 06/30/15		1,375,694
EUR	200	Spain Government Bond (Spain), Bonds 3.150%, 01/31/16		289,232
EUR	500	3.250%, 04/30/16		727,594
EUR	1,100	3.300%, 07/30/16		1,608,814
EUR	800	3.750%, 10/31/15		1,160,511
EUR	8,700	4.000%, 07/30/15		12,565,393

		TOTAL FOREIGN GOVERNMENT BONDS (cost $37,430,783)		38,195,658


		MUNICIPAL BONDS—4.3%

		California—1.4%
	4,300	Los Angeles County Public Works Financing Authority, Revenue Bonds, BABs 7.618%, 08/01/40		5,604,061


		Illinois—0.2%
	800	Chicago Transit Authority, Series B, Revenue Bonds 6.899%, 12/01/40		964,368


		Kentucky—1.0%
	800	Kentucky State Property & Building Commission, Revenue Bonds, BABs 4.303%, 11/01/19		863,032
	1,000	4.403%, 11/01/20		1,059,470
	1,900	5.373%, 11/01/25		2,092,546

				4,015,048


		New Jersey—0.7%
	400	New Jersey State Turnpike Authority, Revenue Bonds 5.000%, 01/01/26		458,028
	500	5.000%, 01/01/27		567,240

See Notes to Financial Statements.


The TARGET Portfolio Trust			93

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		MUNICIPAL BONDS (continued)

		New Jersey (continued)
	1,800	Port Authority of New York & New Jersey, Revenue Bonds 4.458%, 10/01/62	$	1,742,022

				2,767,290


		New York—1.0%
	1,400	New York City Transitional Finance Authority, Revenue Bonds, BABs 4.725%, 11/01/23		1,545,964
	1,100	4.905%, 11/01/24		1,232,803
	1,100	5.075%, 11/01/25		1,242,857

				4,021,624

		TOTAL MUNICIPAL BONDS (cost $16,352,649)		17,372,391


		RESIDENTIAL MORTGAGE-BACKED SECURITIES—2.5%
	966	Alternative Loan Trust, Series 2006-OA17, Class 1A1A 0.347%(c), 12/20/46		727,194
	98	Series 2007-16CB, Class 5A1 6.250%, 08/25/37		80,749
	823	American Home Mortgage Assets Trust, Series 2006-1, Class 2A1 0.342%(c), 05/25/46		591,724
	85	Banc of America Funding Trust, Series 2006-I, Class 4A1 2.737%(c), 10/20/46		62,714
	48	Banc of America Mortgage Trust, Series 2005-B, Class 2A2 3.612%(c), 03/25/35		44,607
	6	Bear Stearns Adjustable Rate Mortgage Trust, Series 2002-11, Class 1A1 2.344%(c), 02/25/33		5,488
	784	Series 2005-4, Class 3A1 2.709%(c), 08/25/35		719,164
	655	Series 2007-3, Class 1A1 2.976%(c), 05/25/47		548,386
	229	Bear Stearns Alt-A Trust, Series 2005-4, Class 23A2 2.533%(c), 05/25/35		231,788
	746	CHL Mortgage Pass-Through Trust, Series 2005-29, Class A1 5.750%, 12/25/35		693,032

See Notes to Financial Statements.


94			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	200	Citigroup Mortgage Loan Trust, Series 2005-6, Class A2 2.290%(c), 09/25/35	$	198,680
	690	Series 2007-10, Class 22AA 3.075%(c), 09/25/37		574,003
	686	Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1A 0.362%(c), 07/20/46		413,953
	1,000	Countrywide Asset-Backed Certificates, Series 2005-16, Class MV1 0.612%(c), 05/25/36		810,943
	771	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1 2.795%(c), 10/25/33		775,264
	1	Indymac ARM Trust, Series 2001-H2, Class A1 1.717%(c), 01/25/32		1,430
	205	Merrill Lynch Mortgage Investors Trust, Series 2005-A10, Class A 0.362%(c), 02/25/36		185,908
	2,922	Opteum Mortgage Acceptance Corp. Trust, Series 2006-1, Class 1A1B 0.342%(c), 04/25/36		2,832,712
	10	Residential Funding Mortgage Securities I Trust, Series 2003-S9, Class A1 6.500%, 03/25/32		10,410
	749	Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR2, Class 2A1 2.615%(c), 03/25/36		750,861

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $9,680,768)		10,259,010


		U.S. GOVERNMENT AGENCY OBLIGATIONS—11.2%
	369	Federal Home Loan Mortgage Corp. 1.532%(c), 07/25/44		374,230
	11	2.388%(c), 01/01/24		11,065
	11	2.403%(c), 09/01/35		11,334
	4,000	4.500%, TBA		4,281,250
	7	5.500%, 06/01/31		7,513
	5	7.500%, 09/01/16-07/01/17		5,937
	34	Federal National Mortgage Assoc. 1.863%(c), 01/01/20		35,705
	43	1.996%(c), 12/01/34		45,811
	33	3.312%(c), 05/01/36		34,600
	213	3.500%, 08/01/20		225,860
	286	4.000%, 12/01/40		301,372
	455	4.500%, 01/01/25-05/01/41		488,262

See Notes to Financial Statements.


The TARGET Portfolio Trust			95

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)

		U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	1,000	4.500%, TBA	$	1,070,000
	35,000	5.000%, TBA		38,379,687
	100	Government National Mortgage Assoc. 1.625%(c), 02/20/17-11/20/29		103,934
	29	2.000%(c), 08/20/22-10/20/26		30,545
	25	8.500%, 06/15/30-08/20/30		27,699

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $45,160,262)		45,434,804


		U.S. TREASURY OBLIGATIONS—36.7%
	3,000	U.S. Treasury Floating Rate Notes 0.089%(c), 04/30/16		2,999,700
	17,500	0.095%(c)(h)(k), 01/31/16		17,493,787
	16,200	U.S. Treasury Inflation Indexed Bonds, TIPS 0.125%, 01/15/22-01/15/23		16,433,862
	5,300	0.375%, 07/15/23		5,346,739
	3,800	1.125%, 01/15/21		4,359,562
	100	1.250%, 07/15/20		116,783
	700	2.000%(k), 07/15/14		883,896
	5,800	2.375%, 01/15/25		8,600,760
	3,400	U.S. Treasury Notes 0.625%, 11/15/16-05/31/17		3,386,548
	3,500	0.750%, 12/31/17-02/28/18		3,436,694
	3,000	0.875%, 09/15/16-04/30/17		3,005,977
	3,200	1.250%(h), 11/30/18		3,155,002
	34,300	1.500%, 01/31/19-02/28/19		34,089,815
	46,100	1.625%, 03/31/19-04/30/19		46,013,808
	100	2.250%, 07/31/18		103,398

		TOTAL U.S. TREASURY OBLIGATIONS (cost $149,937,278)		149,426,331

		TOTAL LONG-TERM INVESTMENTS (cost $366,385,961)		374,563,792


		SHORT-TERM INVESTMENTS—24.8%

		REPURCHASE AGREEMENTS(m)—19.1%
	27,900	Barclays Capital, Inc. 0.05%, dated 04/30/14, due 05/01/14 in the amount of $27,900,039		27,900,000
	14,400	Barclays Capital, Inc. 0.06%, dated 04/30/14, due 05/01/14 in the amount of $14,400,024		14,400,000
	8,300	Citigroup Global Markets, Inc. 0.06%, dated 04/30/14, due 05/01/14 in the amount of $8,300,014		8,300,000
	7,800	Deutsche Bank Securities 0.05%, dated 04/30/14, due 05/01/14 in the amount of $7,800,011		7,800,000

See Notes to Financial Statements.


96			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		REPURCHASE AGREEMENTS (continued)
	8,200	J.P.Morgan Securities LLC 0.07%, dated 04/30/14, due 05/01/14 in the amount of $8,200,016	$	8,200,000
	11,100	Morgan Stanley & Co. LLC 0.06%, dated 04/30/14, due 05/01/14 in the amount of $11,100,019		11,100,000

		TOTAL REPURCHASE AGREEMENTS (cost $77,700,000)		77,700,000


		COMMERCIAL PAPER(n)—4.2%
	4,000	Edison International 0.700%, 07/01/14		3,998,133
	2,000	Entergy Corp. 0.950%, 08/05/14		1,997,403
	500	Ford Motor Credit 0.840%, 06/02/14		499,810
	500	0.900%, 07/01/14		499,637
	4,100	Glencore Funding LLC 0.690%, 10/07/14		4,093,622
	2,000	Kansas City Southern Railway 0.650%, 05/12/14		1,999,603
	2,000	Mohawk Industries, Inc. 0.720%, 07/07/14		1,998,281
	1,900	Thermo Fisher Scientific 0.550%, 07/02/14		1,898,497

		TOTAL COMMERCIAL PAPER (cost $16,971,681)		16,984,986

SHARES

		AFFILIATED MONEY MARKET MUTUAL FUND—0.8%
	3,176,952	Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $3,176,952)(Note 3)(w)		3,176,952

PRINCIPAL AMOUNT (000)#

		FOREIGN TREASURY OBLIGATIONS(n)—0.6%
BRL	4,000	Brazil Letras Do Tesouro Nacional (Brazil) 11.18%, 04/01/15		1,623,461
MXN	122,930	Mexico Cetes (Mexico) 3.65%, 06/26/14		934,823

		TOTAL FOREIGN TREASURY OBLIGATIONS (cost $2,552,530)		2,558,284

See Notes to Financial Statements.


The TARGET Portfolio Trust			97

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CERTIFICATE OF DEPOSIT(n)—0.1%
	300	Credit Suisse (Switzerland) (cost $300,000) 0.465%, 06/17/14	$	299,950

		TOTAL SHORT-TERM INVESTMENTS (cost $100,701,163)		100,720,172

		TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 116.9% (cost $467,087,124; Note 5)		475,283,964


NOTIONAL AMOUNT (000)#		OPTIONS WRITTEN*	COUNTERPARTY

		Call Options
	200	5 Year CDX.O IG.21.V1, expiring 06/18/14, Strike Price $0.55	Bank of America	(163	)
	17,400	10 Year Euro-Bund, expiring 05/23/14, Strike Price $145.00		(98,973	)
	1,100	10 Year U.S. Treasury Notes, expiring 05/23/14, Strike Price $125.00		(3,953	)
	2,300	Interest Rate Swap Options, Pay a fixed rate of 1.40% and receive a floating rate based on 3-month LIBOR, expiring 05/06/14	Goldman Sachs & Co.	—
	3,000	Pay a fixed rate of 1.40% and receive a floating rate based on 3-month LIBOR, expiring 05/06/14	Morgan Stanley	—
	2,500	Pay a fixed rate of 1.50% and receive a floating rate based on 3-month LIBOR, expiring 05/19/14	Morgan Stanley	(164	)
	1,300	Pay a fixed rate of 1.55% and receive a floating rate based on 3-month LIBOR, expiring 07/28/14	Morgan Stanley	(1,108	)
	2,600	Pay a fixed rate of 1.55% and receive a floating rate based on 3-month LIBOR, expiring 07/28/14	JPMorgan Chase	(2,215	)
	4,300	Pay a fixed rate of 1.56% and receive a floating rate based on 3-month LIBOR, expiring 09/02/14	JPMorgan Chase	(5,295	)
	3,200	Pay a fixed rate of 2.64% and receive a floating rate based on 3-month LIBOR, expiring 06/11/14	Deutsche Bank	(7,351	)
	2,500	Pay a fixed rate of 2.75% and receive a floating rate based on 3-month LIBOR, expiring 06/16/14	Morgan Stanley	(14,252	)

				(133,474	)


		Put Options
	200	5 Year CDX.O IG.21.V1, expiring 06/18/14, Strike Price $0.85	Bank of America	(33	)
	300	5 Year CDX.O IG.21.V1, expiring 06/18/14, Strike Price $0.90	JPMorgan Chase	(36	)
	100	5 Year CDX.O IG.21.V1, expiring 06/18/14, Strike Price $0.90	Citigroup Global Markets	(12	)

See Notes to Financial Statements.


98			The TARGET Portfolio Trust


NOTIONAL AMOUNT (000)#		DESCRIPTION	COUNTERPARTY	VALUE (NOTE 1)
		PUT OPTIONS (continued)
	1,100	10 Year U.S. Treasury Notes, expiring 05/23/14, Strike Price $122.00		$	(687	)
	200	Currency Option USD vs JPY, expiring 02/18/19, @ FX Rate 80.00	Bank of America		(9,606	)
	2,500	Interest Rate Swap Options, Receive a fixed rate of 1.80% and pay a floating rate based on 3-month LIBOR, expiring 05/19/14	Morgan Stanley		(7,949	)
	4,300	Receive a fixed rate of 1.86% and pay a floating rate based on 3-month LIBOR, expiring 09/02/14	JPMorgan Chase		(48,559	)
	2,300	Receive a fixed rate of 1.90% and pay a floating rate based on 3-month LIBOR, expiring 05/06/14	Goldman Sachs & Co.		(901	)
	3,600	Receive a fixed rate of 2.40% and pay a floating rate based on 3-month LIBOR, expiring 07/28/14	Morgan Stanley		(3,839	)
	3,200	Receive a fixed rate of 3.04% and pay a floating rate based on 3-month LIBOR, expiring 06/11/14	Deutsche Bank		(5,226	)
	2,500	Receive a fixed rate of 3.05% and pay a floating rate based on 3-month LIBOR, expiring 06/16/14	Morgan Stanley		(4,555	)

					(81,403	)

		TOTAL OPTIONS WRITTEN (premiums received $339,563)			(214,877	)

		TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—116.9% (cost $466,747,561; Note 5)			475,069,087
		Liabilities in excess of other assets(x) (16.9%)			(68,542,965	)

		NET ASSETS—100.0%		$	406,526,122

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.

BABs—Build America Bonds

CDX—Credit Derivative Index

FHLMC—Federal Home Loan Mortgage Corp.

IO—Interest Only

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

TBA—To Be Announced

TIPS—Treasury Inflation Protected Securities

AUD—Australian Dollar

BRL—Brazilian Real

EUR—Euro

GBP—British Pound

See Notes to Financial Statements.


The TARGET Portfolio Trust			99

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

JPY—Japanese Yen

MXN—Mexican Peso

NOK—Norwegian Krone

USD—United States Dollar

*	Non-income producing security.

#	Principal or notional 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, 2014.

(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 and/or principal repayments; non-income producing securities.

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

(m)

The aggregate value of Repurchase Agreements is $77,700,000. Repurchase Agreements are collateralized by FHLMC (coupon rate 2.255%, maturity date 12/05/22) and U.S. Treasury Notes (coupon rates 0.070%-2.500%, maturity dates 04/30/15-09/30/19), with the aggregate value, including accrued interest, of $79,360,149. Repurchase Agreements are subject to contractual netting agreements. For further detail on individual repurchase agreements and the corresponding counterparty, see the Portfolio of Investments.

(n)	Rate quoted represents yield to maturity at purchase date.

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

(w)	Prudential Investments LLC, the manager of the Fund, 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, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Long Positions:
9	90 Day Euro Dollar	Mar. 2015	$	2,237,512	$	2,241,675	$	4,163
161	90 Day Euro Dollar	Jun. 2015		40,013,539		40,030,637		17,098
503	90 Day Euro Dollar	Sep. 2015		124,318,761		124,781,725		462,964
676	90 Day Euro Dollar	Dec. 2015		167,206,563		167,242,400		35,837
252	90 Day Euro Dollar	Mar. 2016		62,127,972		62,158,950		30,978
91	90 Day Euro Dollar	Jun. 2016		22,311,868		22,378,038		66,170
17	90 Day Euro Dollar	Sep. 2016		4,180,459		4,168,400		(12,059	)
37	2 Year U.S. Treasury Notes	Jun. 2014		8,130,813		8,135,375		4,562
300	5 Year U.S. Treasury Notes	Jun. 2014		35,894,439		35,835,937		(58,502	)
339	10 Year U.S. Treasury Notes	Jun. 2014		42,123,140		42,179,016		55,876

							$	607,087

⁽¹⁾	Cash of $935,000 and U.S. Treasury Securities with a combined market value of $724,427 have been segregated with Goldman Sachs to cover requirements for open futures contracts at April 30, 2014.

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


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 05/05/14	Credit Suisse First Boston Corp.	BRL	1,807	$	802,353	$	809,038	$	6,685
Expiring 05/05/14	UBS Securities	BRL	5,749		2,584,899		2,574,029		(10,870	)

See Notes to Financial Statements.


100			The TARGET Portfolio Trust

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


Purchase Contracts (continued)	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Euro,
Expiring 05/02/14	Barclays Capital Group	EUR	3,232	$	4,450,761	$	4,483,887	$	33,126
Expiring 05/02/14	BNP Paribas	EUR	328		449,544		455,048		5,504
Expiring 05/02/14	UBS Securities	EUR	26,078		36,026,757		36,179,085		152,328
Mexican Peso,
Expiring 05/14/14	Deutsche Bank	MXN	8,028		600,000		612,936		12,936
Expiring 05/14/14	Hong Kong & Shanghai Bank	MXN	12,042		900,000		919,377		19,377
Expiring 08/25/14	Goldman Sachs & Co.	MXN	20,070		1,523,658		1,519,456		(4,202	)
Norwegian Krone,
Expiring 05/13/14	Citigroup Global Markets	NOK	80		13,007		13,451		444

					$47,350,979	$	47,566,307	$	215,328


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 05/02/14	Hong Kong & Shanghai Bank	AUD	222	$	204,490	$	206,208	$	(1,718	)
Expiring 06/03/14	Hong Kong & Shanghai Bank	AUD	222		205,263		205,745		(482	)
Brazilian Real,
Expiring 05/05/14	Goldman Sachs & Co.	BRL	518		233,800		231,752		2,048
Expiring 05/05/14	Morgan Stanley	BRL	1,807		802,923		809,038		(6,115	)
Expiring 05/05/14	UBS Securities	BRL	5,231		2,188,521		2,342,277		(153,756	)
Expiring 06/03/14	UBS Securities	BRL	5,749		2,563,689		2,550,329		13,360
Expiring 04/02/15	BNP Paribas	BRL	23		9,430		9,468		(38	)
Expiring 04/02/15	BNP Paribas	BRL	18		7,431		7,469		(38	)
Expiring 04/02/15	Credit Suisse First Boston Corp.	BRL	1,977		802,370		806,773		(4,403	)
Expiring 04/02/15	Hong Kong & Shanghai Bank	BRL	1,982		804,653		808,773		(4,120	)
British Pound,
Expiring 06/12/14	Goldman Sachs & Co.	GBP	330		552,920		556,984		(4,064	)
Euro,
Expiring 05/02/14	Barclays Capital Group	EUR	111		153,152		153,995		(843	)
Expiring 05/02/14	Citigroup Global Markets	EUR	35		48,241		48,557		(316	)
Expiring 05/02/14	Royal Bank of Scotland PLC	EUR	29,414		40,521,579		40,807,255		(285,676	)
Expiring 05/02/14	UBS Securities	EUR	78		107,128		108,213		(1,085	)
Expiring 06/03/14	UBS Securities	EUR	26,078		36,023,236		36,176,334		(153,098	)
Japanese Yen,
Expiring 05/13/14	Citigroup Global Markets	JPY	361,700		3,546,913		3,538,216		8,697
Mexican Peso,
Expiring 05/14/14	Goldman Sachs & Co.	MXN	20,070		1,535,901		1,532,313		3,588
Expiring 06/26/14	BNP Paribas	MXN	12,082		918,758		919,014		(256	)

				$	91,230,398	$	91,818,713	$	(588,315	)

See Notes to Financial Statements.


The TARGET Portfolio Trust			101

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

Interest rate swap agreements outstanding at April 30, 2014:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	Over-the-counter swap agreements:
BRL	6,800		01/02/15		9.930%	Brazilian interbank overnight lending rate(1)	$	66,819		$	1,024		$	65,795		Morgan Stanley
BRL	7,900		01/02/15		8.560%	Brazilian interbank overnight lending rate(1)		(61,803	)		149			(61,952	)	UBS AG
BRL	8,900		01/02/15		8.270%	Brazilian interbank overnight lending rate(1)		(86,424	)		(8,124	)		(78,300	)	Morgan Stanley
MXN	2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		1,622			(553	)		2,175		Goldman Sachs & Co.
	MXN 2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		1,619			(648	)		2,267		JPMorgan Chase Bank
	MXN 2,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		1,622			(792	)		2,414		Deutsche Bank
	MXN 5,000		01/18/19		5.700%	28 day Mexican interbank rate(1)		4,056			(1,278	)		5,334		Bank of America

							$	(72,489	)	$	(10,222	)	$	(62,267	)


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Apr. 30, 2014			Value at Trade Date		Unrealized Depreciation
	Exchange-traded swap agreements:
	77,400		09/21/17	3.000%	3monthLIBOR(1)	$	568,359		$	595,732	$	(27,373	)
	16,600		12/18/43	3.500%	3monthLIBOR(1)		(385,261	)		870,232		(1,255,493	)

						$	183,098		$	1,465,964	$	(1,282,866	)

(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, 2014:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Implied Credit Spread at April 30, 2014(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation	Counterparty
Over-the-counter credit default swaps on corporate and/or sovereign issues—Sell Protection (1):
Federal Republic of Brazil		09/20/16		1.000%		9,800		0.658%	$	80,716		$	(105,363	)	$186,079	JPMorgan Chase Bank
Government of Italy		03/20/19		1.000%		5,800		1.106%		(21,985	)		(93,390	)	71,405	Deutsche Bank
Government of Italy		03/20/19		1.000%		1,400		1.106%		(5,307	)		(22,858	)	17,551	Morgan Stanley

See Notes to Financial Statements.


102			The TARGET Portfolio Trust

Credit default swap agreements outstanding at April 30, 2014 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Implied Credit Spread at April 30, 2014(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Counterparty
Over-the-counter credit default swaps on corporate and/or sovereign issues—Sell Protection (1) (continued):
Government of Italy		03/20/19		1.000%		800		1.138%	$	(4,466	)	$	(14,547	)	$	10,081	Deutsche Bank
Government of Italy		03/20/19		1.000%		3,300		1.138%		(18,422	)		(58,462	)		40,040	Bank of America
Government of Italy		03/20/19		1.000%		100		1.138%		(558	)		(740	)		182	Deutsche Bank
Government of Italy		03/20/19		1.000%		100		1.138%		(558	)		(630	)		72	Barclays Capital Group
Japan Gov’t. Series 55		09/20/16		1.000%		3,100		0.203%		61,745			47,400			14,345	JPMorgan Chase Bank
United Mexican States		09/20/16		1.000%		9,800		0.332%		157,455			30,144			127,311	JPMorgan Chase Bank

									$	248,620		$	(218,446	)	$	467,066


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(2)#		Value at April 30, 2014(3)		Value at Trade Date		Unrealized Appreciation
Exchange-traded credit default swaps—Sell Protection (1):
Dow Jones CDX IG22 5Y Index		06/20/19		1.000%		9,200	$	172,377	$	139,390	$	32,987

The Portfolio entered into credit default swap agreements on corporate issues, sovereign issues, asset-backed securities and credit indices as the protection seller to provide a measure of protection against the current portfolio of investments’ exposure to market conditions, or to take an active position with respect to the likelihood of a particular issuer’s default or the referenced entity’s credit soundness

(1)

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

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

(3)

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

(4)

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

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			103

Total Return Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

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

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

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Non-Residential Mortgage-Backed Securities	$	—		$	3,009,910		$	—
Residential Mortgage-Backed Securities		—			10,094,798			—
Commercial Mortgage-Backed Securities		—			2,008,895			—
Corporate Bonds		—			98,761,995			—
Foreign Government Bonds		—			38,195,658			—
Municipal Bonds		—			17,372,391			—
Residential Mortgage-Backed Securities		—			10,259,010			—
U.S. Government Agency Obligations		—			45,434,804			—
U.S. Treasury Obligations		—			149,426,331			—
Repurchase Agreements		—			77,700,000			—
Commercial Paper		—			16,984,986			—
Affiliated Money Market Mutual Fund		3,176,952			—			—
Foreign Treasury Obligations		—			2,558,284			—
Certificate of Deposit		—			299,950			—
Options Written		(103,613	)		(111,264	)		—
Other Financial Instruments*
Futures Contracts		607,087			—			—
Forward Foreign Currency Exchange Contracts		—			(372,987	)		—
Interest Rate Swap Agreements		—			(1,345,133	)		—
Credit Default Swap Agreements		—			500,053			—

Total	$	3,680,426		$	470,777,681		$	—

*	Other financial instruments are derivative instruments not reflected in the Schedule 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, 2014 was as follows:


U.S. Treasury Obligations	36.7	%
Repurchase Agreements	19.1
U.S. Government Agency Obligations	11.2
Foreign Government Bonds	9.4
Banks	9.0
Residential Mortgage-Backed Securities	5.0
Municipal Bonds	4.3
Commercial Paper	4.2
Consumer Finance	2.7
Capital Markets	1.6
Oil, Gas & Consumable Fuels	1.5	%
Media	1.4
Diversified Telecommunication Services	1.3
Paper & Forest Products	1.0
Real Estate Investment Trusts (REITs)	1.0
Affiliated Money Market Mutual Fund	0.8
Insurance	0.8
Non-Residential Mortgage-Backed Securities	0.7
Pharmaceuticals	0.7
Foreign Treasury Obligations	0.6

See Notes to Financial Statements.


104			The TARGET Portfolio Trust


Industry (cont’d.)
Metals & Mining	0.6	%
Commercial Mortgage-Backed Securities	0.5
Diversified Financial Services	0.5
Road & Rail	0.5
Specialty Retail	0.5
Trading Companies & Distributors	0.5
Auto Components	0.3
Automobiles	0.2
Airlines	0.1	%
Certificate of Deposit	0.1
Technology Hardware, Storage & Peripherals	0.1

	116.9
Liabilities in excess of other assets	(16.9	)

	100.0	%

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


Counterparty	Gross amounts of recognized assets(1)		Gross amounts available for offset			Collateral Received(3)		Net Amount
Bank of America, N.A.	$	45,374	$	(45,374	)	$	—	$	—
Barclays Capital Group		33,198		(1,473	)		—		31,725
BNP Paribas		5,504		(332	)		—		5,172
Citigroup Global Markets		9,141		(328	)		—		8,813
Credit Suisse First Boston Corp.		6,685		(4,403	)		—		2,282
Deutsche Bank AG		97,018		(97,018	)		—		—
Goldman Sachs & Co.		7,811		(7,811	)		—		—
Hong Kong & Shanghai Bank		19,377		(6,320	)		—		13,057
JPMorgan Chase		407,546		(162,116	)		—		245,430
Morgan Stanley & Co.		84,370		(84,370	)		—		—
Royal Bank of Scotland PLC		—		—			—		—
UBS Securities		165,837		(165,837	)		—		—

	$	881,861


Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
Bank of America, N.A.	$	(69,542	)	$	45,374	$	—	$	(24,168	)
Barclays Capital Group		(1,473	)		1,473		—		—
BNP Paribas		(332	)		332		—		—
Citigroup Global Markets		(328	)		328		—		—
Credit Suisse First Boston Corp.		(4,403	)		4,403		—		—
Deutsche Bank AG		(122,046	)		97,018		—		(25,028	)
Goldman Sachs & Co.		(9,720	)		7,811		—		(1,909	)
Hong Kong & Shanghai Bank		(6,320	)		6,320		—		—
JPMorgan Chase		(162,116	)		162,116		—		—
Morgan Stanley & Co.		(147,264	)		84,370		—		(62,894	)
Royal Bank of Scotland PLC		(285,676	)		—		—		(285,676	)
UBS Securities		(380,761	)		165,837		289,432		—

	$	(1,189,981	)

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

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

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			105


*Intermediate-Term Bond Portfolio*		Portfolio of Investments As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—95.9%

		ASSET-BACKED SECURITIES—4.2%

		Collateralized Debt Obligations
	37	Kingsland I Ltd., Series 2005-1A, Class A1A, 144A 0.483%(c), 06/13/19	$	37,429


		Collateralized Loan Obligations—1.0%
	48	BlueMountain CLO Ltd., (Cayman Islands), Series 2005-1A, Class A1F, 144A 0.478%(c), 11/15/17		48,221
	725	Franklin CLO Ltd., Series 5A, Class A2, 144A 0.493%(c), 06/15/18		719,564
	538	Jersey Street CLO Ltd., (Cayman Islands), Series 2006-1A, Class A, 144A 0.478%(c), 10/20/18		534,101

				1,301,886


		Non-Residential Mortgage-Backed Security—1.1%
	1,294	SLM Student Loan Trust, Series 2008-9, Class A 1.729%(c), 04/25/23		1,337,738


		Residential Mortgage-Backed Securities—2.1%
	500	Countrywide Asset-Backed Certificates, Series 2004-15, Class MV5 1.052%(c), 04/25/35		381,709
	1,264	GSAA Home Equity Trust, Series 2007-8, Class A3 0.602%(c), 08/25/37		1,075,904
	865	Morgan Stanley ABS Capital I. Inc., Trust, Series 2007-HE5, Class A2A 0.262%(c), 03/25/37		461,385
	594	RAAC Trust, Series 2007-SP3, Class A1 1.352%(c), 09/25/47		579,355
	217	Securitized Asset-Backed Receivables LLC Trust, Series 2007-BR5, Class A2A 0.282%(c), 05/25/37		141,533

				2,639,886

		TOTAL ASSET-BACKED SECURITIES (cost $5,226,595)		5,316,939

See Notes to Financial Statements.


106			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		COMMERCIAL MORTGAGE-BACKED SECURITIES—2.5%
	973	Commercial Mortgage Trust, Pass-Through Certificates, Series 2010-C1, Class A1, 144A 3.156%, 07/10/46	$	996,137
	600	Credit Suisse Mortgage Capital Certificates, Series 2010-RR1, Class 2A, 144A 5.695%(c), 09/15/40		651,446
	600	Series 2010-RR1, Class 3A, 144A 5.716%(c), 06/10/49		639,371
	628	Series 2010-RR7, Class 2A, 144A 5.467%(c), 09/16/39		678,011
	229	Merrill Lynch Floating Trust, Series 2008-LAQA, Class A1, 144A 0.690%(c), 07/09/21		228,342

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,003,137)		3,193,307


		CORPORATE BONDS—26.7%

		Airlines—0.7%
	284	Delta Air Lines 2010-1, Class A, Pass Through Trust, Pass-Through Certificates 6.200%, 01/02/20		317,733
	188	Doric Nimrod Air Finance Alpha Ltd. 2012-1, Class A , Pass-Through Trust, (United Arab Emirates), Pass-Through Certificates, 144A 5.125%, 11/30/24		195,287
	632	UAL 1991 Equipment Trust AB, Equipment Trust(i) 0.109%, 02/19/15		317,025

				830,045


		Banks—8.9%
	500	Banco Santander Chile, (Chile), Sr. Unsec’d. Notes, 144A 3.750%, 09/22/15		516,156
	1,510	Bank of America Corp., Sr. Unsec’d. Notes 5.625%, 10/14/16		1,665,355
	100	5.750%, 12/01/17		113,147
	235	6.500%, 08/01/16		262,160
	400	Bank of America NA, Sub. Notes 0.533%(c), 06/15/17		395,240
	1,000	DNB Bank ASA, (Norway), Sr. Unsec’d. Notes, 144A 3.200%, 04/03/17		1,052,460
	100	Eksportfinans ASA, (Norway), Sr. Unsec’d. Notes 2.000%, 09/15/15		99,850
	400	2.375%, 05/25/16		399,200
	100	5.500%, 05/25/16		106,000

See Notes to Financial Statements.


The TARGET Portfolio Trust			107

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Banks (continued)
	2,000	Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes, MTN 7.500%, 02/15/19	$	2,428,430
	1,100	Royal Bank of Scotland Group PLC, (United Kingdom), Sub. Notes 5.050%, 01/08/15		1,127,841
	1,200	Toronto-Dominion Bank (The), (Canada), Covered Bonds, 144A 2.200%, 07/29/15		1,226,700
	1,900	Wells Fargo & Co., Sr. Unsec’d. Notes 1.250%, 07/20/16		1,916,241

				11,308,780


		Diversified Financial Services—6.7%
	1,100	Ally Financial, Inc., Gtd. Notes 3.500%, 07/18/16		1,136,025
	2,500	BNP Paribas Home Loan SFH, (France), Covered Bonds, 144A 2.200%, 11/02/15		2,558,175
	100	JPMorgan Chase & Co., Sr. Unsec’d. Notes 3.150%, 07/05/16		104,556
	100	6.300%, 04/23/19		118,256
EUR	1,000	JPMorgan Chase Bank NA, Sub. Notes 1.029%(c), 05/31/17		1,380,411
EUR	200	4.375%(c), 11/30/21		295,505
	700	6.000%, 10/01/17		798,087
	1,800	Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes, MTN 2.851%, N/A		326,250
	600	5.625%, N/A		110,250
	1,200	Morgan Stanley, Sr. Unsec’d. Notes 3.450%, 11/02/15		1,245,270
	350	SLM Corp., Sr. Unsec’d. Notes, MTN 6.250%, 01/25/16		377,563

				8,450,348

See Notes to Financial Statements.


108			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Electric—3.6%
	1,200	CMS Energy Corp., Sr. Unsec’d. Notes 4.250%, 09/30/15	$	1,256,451
	1,200	Entergy Corp., Sr. Unsec’d. Notes 3.625%, 09/15/15		1,241,336
	600	Orange & Rockland Utilities, Inc., Sr. Unsec’d. Notes, 144A 2.500%, 08/15/15		608,566
	1,300	Public Service Electric & Gas Co., Sr. Sec’d. Notes, MTN 5.300%, 05/01/18		1,473,802

				4,580,155


		Financial Services—1.8%
	300	Denali Borrower LLC/Denali Finance Corp., Sr. Sec’d. Notes, 144A 5.625%, 10/15/20		308,250
	1,700	Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes 2.375%, 01/16/18		1,724,371
	200	3.875%, 01/15/15		204,611

				2,237,232


		Healthcare Providers & Services—1.0%
	700	HCA, Inc., Sr. Sec’d. Notes 3.750%, 03/15/19		705,250
	500	7.250%, 09/15/20		539,375

				1,244,625


		Oil, Gas & Consumable Fuels—1.7%
	400	Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A 4.000%, 07/15/15(g)		413,391
	600	5.450%, 07/15/20		670,614
	1,000	Shell International Finance BV, (Netherlands), Gtd. Notes 3.100%, 06/28/15		1,032,416
	100	Southwestern Energy Co., Gtd. Notes 4.100%, 03/15/22		104,245

				2,220,666

See Notes to Financial Statements.


The TARGET Portfolio Trust			109

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		CORPORATE BONDS (continued)

		Pipelines—1.2%
	1,500	TransCanada Pipelines Ltd., (Canada), Sr. Unsec’d. Notes 3.800%, 10/01/20	$	1,590,026


		Software—1.0%
	1,200	Oracle Corp., Sr. Unsec’d. Notes 3.875%, 07/15/20		1,288,357


		Telecommunications—0.1%
	100	Verizon Communications, Inc., Sr. Unsec’d. Notes 4.500%, 09/15/20		108,984

		TOTAL CORPORATE BONDS (cost $32,505,314)		33,859,218


		FOREIGN GOVERNMENT BONDS—3.6%
BRL	10,300	Brazil Letras do Tesouro Nacional, (Brazil), Bills 9.811%(s), 01/01/17		3,383,297
BRL	1,400	Brazil Notas do Tesouro Nacional, (Brazil), Series F, Notes 10.000%, 01/01/21		562,471
EUR	400	Slovenia Government International Bond (Slovenia), Sr. Unsec’d. Notes 4.700%, 11/01/16		600,893

		TOTAL FOREIGN GOVERNMENT BONDS (cost $4,852,932)		4,546,661


		MUNICIPAL BONDS—4.8%

		California—0.8%
	800	Tobacco Securitization Authority of Southern California, Revenue Bonds 5.000%, 06/01/37		627,592
	325	University of California, Revenue Bonds, BABs 5.035%, 05/15/21		363,093

				990,685


		Florida—0.7%
	800	County of Broward Florida, Revenue Bonds, BABs 6.206%, 10/01/30		876,264

See Notes to Financial Statements.


110			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		MUNICIPAL BONDS (continued)

		Illinois—0.8%
	1,000	Illinois State Toll Highway Authority, Revenue Bonds, BABs 5.293%, 01/01/24	$	1,066,800


		New York—1.9%
	1,200	New York City Transitional Finance Authority, Revenue Bonds 5.008%, 08/01/27		1,318,188
	1,100	Revenue Bonds, BABs 4.075%, 11/01/20		1,177,671

				2,495,859


		West Virginia—0.6%
	875	Tobacco Settlement Financial Authority of West Virginia, Revenue Bonds 7.467%, 06/01/47		734,344

		TOTAL MUNICIPAL BONDS (cost $5,936,694)		6,163,952


		RESIDENTIAL MORTGAGE-BACKED SECURITIES—9.9%
	92	American Home Mortgage Investment Trust, Series 2004-4, Class 5A 2.330%(c), 02/25/45		92,085
	149	Banc of America Funding Corp., Series 2006-A, Class 1A1 2.635%(c), 02/20/36		149,417
	735	BCAP LLC Trust, Series 2011-RR4, Class 7A1, 144A 5.250%, 04/26/37		695,597
	212	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 11A2 2.652%(c), 11/25/34		213,724
	543	Series 2004-8, Class 13A1 2.736%(c), 11/25/34		486,699
	274	Series 2005-5, Class A2 2.250%(c), 08/25/35		278,584
	539	Bear Stearns Alt-A Trust, Series 2006-6, Class 31A1 2.650%(c), 11/25/36		396,569
	519	Series 2006-6, Class 32A1 2.608%(c), 11/25/36		361,001
	139	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A 2.510%(c), 10/25/35		137,803
	861	Series 2006-AR1, Class 1A1 2.500%(c), 10/25/35		836,977

See Notes to Financial Statements.


The TARGET Portfolio Trust			111

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	27	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, 12/25/33	$	28,293
	509	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-25, Class 1A1 0.482%(c), 02/25/35		477,022
	12	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1 6.500%, 04/25/33		12,486
EUR	729	EMF-NL, (Netherlands), Series 2008-APRX, Class A2 1.127%(c), 04/17/41		939,595
	1,500	Fannie Mae REMICS, Series 2007-114, Class A6 0.352%(c), 10/27/37		1,496,268
	183	FHLMC Structured Pass-Through Securities, Series T-59, Class 1A2 7.000%, 10/25/43		208,303
	424	Series T-75, Class A1 0.192%(c), 12/25/36		421,121
	437	Freddie Mac REMICS, Series 3346, Class FA 0.382%(c), 02/15/19		438,065
	44	Government National Mortgage Assoc., Series 2000-9, Class FG 0.752%(c), 02/16/30		44,794
	58	Series 2000-9, Class FH 0.652%(c), 02/16/30		58,864
	136	Series 2000-11, Class PH 7.500%, 02/20/30		160,778
	534	Series 2011-H21, Class FT 0.810%(c), 10/20/61		535,878
	451	Series 2012-H29, Class SA 0.674%(c), 10/20/62		450,662
	69	Granite Master Issuer PLC, (United Kingdom), Series 2006-3, Class A7 0.352%(c), 12/20/54		68,684
	299	Greenpoint Mortgage Funding Trust, Series 2005-AR2, Class A1 0.382%(c), 06/25/45		255,932
	192	GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1 2.651%(c), 09/25/35		194,487

See Notes to Financial Statements.


112			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	208	Merrill Lynch Mortgage Investors Trust, Series 2005-2, Class 3A 1.154%(c), 10/25/35	$	195,786
	246	Series 2005-A10, Class A 0.362%(c), 02/25/36		223,090
	1,008	NCUA Guaranteed Notes Trust, Series 2010-R2, Class 1A 0.522%(c), 11/06/17		1,009,999
	87	Reperforming Loan REMIC Trust, Series 2003-R4, Class 2A, 144A 6.500%(c), 01/25/34		89,653
	141	Sequoia Mortgage Trust, Series 10, Class 2A1 0.917%(c), 10/20/27		133,365
	101	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1 0.406%(c), 07/19/35		91,772
	17	Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2001-21A, Class 1A1 2.218%(c), 01/25/32		16,833
	205	Washington Mutual, Inc., Mortgage Pass-Through Certificates, Series 2002-AR6, Class A 1.480%(c), 06/25/42		192,136
	12	Series 2002-AR9, Class 1A 1.530%(c), 08/25/42		10,897
	1,233	Series 2005-AR13, Class A1A1 0.442%(c), 10/25/45		1,144,800

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $12,691,866)		12,548,019


		U.S. GOVERNMENT AGENCY OBLIGATIONS—1.7%
	8	Federal National Mortgage Assoc. 2.264%(c), 07/01/25		8,417
	17	3.000%(c), 08/01/24		17,013
	1,007	4.500%, 08/01/40-04/01/41		1,082,504
	3	5.206%(c), 12/01/30		2,878
	461	Government National Mortgage Assoc. 1.625%(c), 05/20/23-07/20/30		478,411
	87	2.000%(c), 10/20/24-06/20/27		90,598
	29	2.500%(c), 02/20/25		30,713
	122	Small Business Administration Participation Certificates, Series 2008-20A, Class 1 5.170%, 01/01/28		134,252

See Notes to Financial Statements.


The TARGET Portfolio Trust			113

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	241	Series 2008-20D, Class 1 5.370%, 04/01/28	$	266,487

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $2,065,746)		2,111,273


		U.S. TREASURY OBLIGATIONS—42.5%
	6,500	U.S. Treasury Inflationary Indexed Bonds, TIPS 0.625%, 01/15/24		6,608,182
	200	2.000%, 01/15/26		273,183
	310	2.500%, 01/15/29		418,608
	60	3.875%, 04/15/29		122,849
	3,200	U.S. Treasury Notes 0.750%, 12/31/17		3,148,250
	17,800	1.375%(h)(k), 07/31/18		17,756,888
	2,100	1.625%, 04/30/19		2,094,422
	4,900	1.750%, 10/31/20		4,785,541
	1,400	2.000%, 09/30/20		1,391,141
	4,500	2.125%, 01/31/21		4,481,721
	12,800	2.750%, 11/15/23-02/15/24		12,921,190

		TOTAL U.S. TREASURY OBLIGATIONS (cost $54,054,470)		54,001,975

		TOTAL LONG-TERM INVESTMENTS (cost $120,336,754)		121,741,344


		SHORT-TERM INVESTMENTS—2.5%

		FOREIGN TREASURY OBLIGATIONS(n)—0.7%
EUR	126	Hellenic Republic Treasury Bills, Series 26W 3.100%, 10/10/14		173,075
MXN	67,210	Mexican Cetes 3.560%, 06/12/14		511,742
MXN	33,100	3.580%, 06/26/14		251,710
MXN	2,340	3.610%, 05/15/14		17,863

		TOTAL FOREIGN TREASURY OBLIGATIONS (cost $958,317)		954,390


		U.S. TREASURY OBLIGATIONS(n)—0.4%
	185	U.S. Treasury Bills 0.003%, 06/26/14		184,997
	300	0.023%(k), 07/17/14		299,987

		TOTAL U.S. TREASURY OBLIGATIONS (cost $484,978)		484,984

See Notes to Financial Statements.


114			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		U.S. GOVERNMENT AGENCY OBLIGATION—1.4%
	1,800	Federal Home Loan Mortgage Corp. 0.055%, 09/02/14 (cost $1,799,659)	$	1,799,690

NOTIONAL AMOUNT (000)#		OPTIONS PURCHASED*
		Call Options
	184,000	90 Day Euro Dollar, expiring 12/15/14, Strike Price $99.75 (cost $16,408)		4,600

		TOTAL SHORT-TERM INVESTMENTS (cost $3,259,362)		3,243,664

		TOTAL INVESTMENTS, BEFORE SECURITY SOLD SHORT AND OPTIONS WRITTEN—98.4% (cost $123,596,116; Note 5)		124,985,008

PRINCIPAL AMOUNT (000)#		SECURITY SOLD SHORT—(0.8)%
		U.S. GOVERNMENT AGENCY OBLIGATION
	1,000	Federal National Mortgage Assoc. (proceeds received $1,067,344) 4.500%, TBA		(1,070,000	)

NOTIONAL AMOUNT (000)#		OPTIONS WRITTEN*
		Call Options
	184,000	90 Day Euro Dollar, expiring 12/15/14, Strike Price $99.00		(460	)
	1,200	10 Year U.S. Treasury Notes, expiring 05/23/14, Strike Price $126.00		(1,313	)

				(1,773	)


		Put Options
	1,200	10 Year U.S. Treasury Notes, expiring 05/23/14, Strike Price $121.00		(187	)

		TOTAL OPTIONS WRITTEN (premiums received $31,826)		(1,960	)

		TOTAL INVESTMENTS, NET OF SECURITY SOLD SHORT AND OPTIONS WRITTEN—97.6% (cost $122,496,946; Note 5)		123,913,048
		Other assets in excess of liabilities(x)—2.4%		3,107,321

		NET ASSETS—100.0%	$	127,020,369

The following abbreviations are used in the portfolio descriptions:

BABs—Build America Bonds

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

Euribor—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

See Notes to Financial Statements.


The TARGET Portfolio Trust			115

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

iTraxx—International Credit Derivative Index

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

N/A—Not Applicable

REMICS—Real Estate Mortgage Investment Conduit Security

SFH—Single Family Home

SLM—Student Loan Mortgage

TBA—To Be Announced

TIPS—Treasury Inflation Protected Securities

AUD—Australian Dollar

BRL—Brazilian Real

EUR—Euro

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

USD—United States Dollar

*	Non-income producing security.

#	Principal or notional 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, 2014.

(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.

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

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

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

Futures contracts open at April 30, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Long Positions:
112	90 Day Euribor	Dec. 2015	$	27,689,032	$	27,708,800	$	19,768
21	90 Day Euribor	Mar. 2016		5,182,538		5,179,913		(2,625	)
189	3 Year Australian Treasury Bonds	Jun. 2014		50,977,038		51,006,205		29,167
107	10 Year U.S. Treasury Notes	Jun. 2014		13,243,755		13,313,141		69,386

								115,696

Short Positions:
61	90 Day Euro Dollar	Dec. 2016		14,892,198		14,916,025		(23,827	)
21	90 Day Euro Dollar	Mar. 2017		5,125,051		5,123,213		1,838
63	10 Year Australian Treasury Bonds	Jun. 2014		49,801,474		49,901,619		(100,145	)
21	20 Year U.S. Treasury Bonds	Jun. 2014		2,758,219		2,833,688		(75,469	)
5	30 Year USD Deliverable Interest Rate Swap	Jun. 2014		501,952		527,656		(25,704	)
3	30 Year U.S. Ultra Treasury Bonds	Jun. 2014		422,239		441,844		(19,605	)

								(242,912	)

							$	(127,216	)

⁽¹⁾	Cash of $308,000 and U.S. Treasury Securities, with a combined market value of $219,335 have been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts at April 30, 2014.

See Notes to Financial Statements.


116			The TARGET Portfolio Trust

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


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Payable		Current Value		Unrealized Appreciation (Depreciation)
Brazilian Real,
Expiring 05/05/14	JPMorgan Chase	BRL	1,118	$	502,059	$	500,397	$	(1,662	)
Expiring 05/05/14	UBS AG	BRL	5,667		2,548,145		2,537,430		(10,715	)
Expiring 06/03/14	Credit Suisse First Boston Corp.	BRL	468		209,000		207,688		(1,312	)
Expiring 06/03/14	Goldman Sachs & Co.	BRL	123		55,000		54,386		(614	)
Expiring 06/03/14	Goldman Sachs & Co.	BRL	305		136,331		135,476		(855	)
Expiring 06/03/14	Goldman Sachs & Co.	BRL	306		136,000		135,569		(431	)
British Pound,
Expiring 05/02/14	JPMorgan Chase	GBP	70		117,495		118,186		691
Euro,
Expiring 05/02/14	UBS AG	EUR	2,666		3,683,079		3,698,652		15,573
Mexican Peso,
Expiring 05/14/14	Goldman Sachs & Co.	MXN	3,052		233,557		233,011		(546	)

				$	7,620,666	$	7,620,795	$	129


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date Receivable		Current Value		Unrealized Appreciation (Depreciation)
Australian Dollar,
Expiring 05/02/14	Hong Kong & Shanghai Bank	AUD	165	$	151,985	$	153,262	$	(1,277	)
Brazilian Real,
Expiring 05/05/14	Credit Suisse First Boston Corp.	BRL	3,113		1,308,818		1,393,679		(84,861	)
Expiring 05/05/14	UBS AG	BRL	3,022		1,264,341		1,353,168		(88,827	)
Expiring 05/05/14	UBS AG	BRL	650		293,000		290,981		2,019
Expiring 06/03/14	JPMorgan Chase	BRL	1,118		497,932		495,790		2,142
Expiring 06/03/14	JPMorgan Chase	BRL	364		152,875		161,308		(8,433	)
Expiring 06/03/14	Morgan Stanley	BRL	900		376,453		399,408		(22,955	)
Expiring 06/03/14	UBS AG	BRL	5,667		2,527,237		2,514,067		13,170
Expiring 10/02/14	Credit Suisse First Boston Corp.	BRL	484		209,000		207,530		1,470
Expiring 10/02/14	Goldman Sachs & Co.	BRL	316		136,000		135,440		560
Expiring 10/02/14	Goldman Sachs & Co.	BRL	316		136,331		135,261		1,070
Expiring 10/02/14	Goldman Sachs & Co.	BRL	127		55,000		54,335		665
British Pound,
Expiring 05/02/14	Royal Bank of Canada	GBP	70		115,321		118,186		(2,865	)
Expiring 06/03/14	JPMorgan Chase	GBP	70		117,466		118,157		(691	)
Euro,
Expiring 05/02/14	JPMorgan Chase	EUR	126		173,853		174,805		(952	)
Expiring 05/02/14	Royal Bank of Canada	EUR	2,540		3,499,178		3,523,847		(24,669	)
Expiring 06/03/14	UBS AG	EUR	2,666		3,682,719		3,698,371		(15,652	)
Japanese Yen,
Expiring 05/13/14	Citigroup Global Markets	JPY	2,300		22,554		22,499		55
Mexican Peso,
Expiring 05/14/14	Barclays Capital Group	MXN	2,942		223,236		224,613		(1,377	)
Expiring 05/14/14	BNP Paribas	MXN	110		8,245		8,398		(153	)
Expiring 05/15/14	Deutsche Bank AG	MXN	231		17,667		17,611		56
Expiring 06/12/14	Goldman Sachs & Co.	MXN	6,785		517,107		516,736		371
Expiring 08/25/14	Goldman Sachs & Co.	MXN	3,052		231,695		231,056		639

				$	15,718,013	$	15,948,508	$	(230,495	)

See Notes to Financial Statements.


The TARGET Portfolio Trust			117

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

Interest rate swap agreements outstanding at April 30, 2014:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Depreciation			Counterparty
	Over-the-counter swap agreements:
BRL	8,400		01/02/17		8.210%	Brazilian interbank overnight lending rate(1)	$	(302,085	)	$	(11,543	)	$	(290,542	)	JPMorgan Chase
BRL	1,000		01/02/17		8.585%	Brazilian interbank overnight lending rate(1)		(31,522	)		—			(31,522	)	Barclays Bank PLC
BRL	800		01/02/17		8.180%	Brazilian interbank overnight lending rate(1)		(29,108	)		(976	)		(28,132	)	Barclays Bank PLC

							$	(362,715	)	$	(12,519	)	$	(350,196	)


Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at April 30, 2014			Value at Trade Date			Unrealized Appreciation (Depreciation)
	Exchange-traded swap agreements:
	3,200		12/18/20		2.500	%	3 month LIBOR(1)	$	88,357		$	32,960		$	55,397
	5,000		06/19/43		2.750	%	3 month LIBOR(1)		627,826			471,300			156,526
	1,600		12/18/43		3.500	%	3 month LIBOR(1)		(37,134	)		51,560			(88,694	)
	5,800		04/16/24		2.800	%	3 month LIBOR(1)		(33,057	)		—			(33,057	)
AUD	17,600		06/18/19		4.000	%	3 month LIBOR(1)		285,785			(28,275	)		314,060
EUR	5,700		08/08/23		2.923	%	6 month Euribor(1)		(198,334	)		—			(198,334	)
JPY	280,000		09/18/23		1.000	%	6 month LIBOR(1)		(69,211	)		(33,165	)		(36,046	)

								$	664,232		$	494,380		$	169,852

(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, 2014:


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Implied Credit Spread at April 30, 2014(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation		Upfront Counterparty
Over-the-counter credit default swaps on corporate and/or sovereign issues—Sell Protection(1):
BP Capital Markets		06/20/15		5.000%		700		0.104%	$	43,234	$	4,837		$	38,397	Goldman Sachs
BP Capital Markets		06/20/15		5.000%		800		0.104%		49,411		2,736			46,675	Credit Suisse First Boston Corp.
Citigroup, Inc.		09/20/14		1.000%		2,700		0.175%		11,936		(6,187	)		18,123	Credit Suisse First Boston Corp.

See Notes to Financial Statements.


118			The TARGET Portfolio Trust

Credit default swap agreements outstanding at April 30, 2014 (continued):


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Implied Credit Spread at April 30, 2014(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation		Upfront Counterparty
Finmeccanica Finance SA		03/20/19		5.000%	EUR	300		2.092%	$	58,227	$	40,905		$	17,322	Barclays Bank PLC
Finmeccanica Finance SA		03/20/19		5.000%	EUR	100		2.092%		19,409		14,974			4,435	Credit Suisse First Boston Corp.
Finmeccanica Finance SA		03/20/19		5.000%	EUR	300		2.092%		58,174		46,035			12,139	Barclays Bank PLC
Finmeccanica Finance SA		03/20/19		5.000%	EUR	200		2.092%		38,783		28,602			10,181	Credit Suisse First Boston Corp.
Japan Gov’t. Series 55		03/20/16		1.000%		600		0.167%		9,946		1,658			8,288	Goldman Sachs
Lloyds TSB Bank		09/20/17		3.000%	EUR	1,200		0.467%		148,232		6,680			141,552	Morgan Stanley & Co.
Lloyds TSB Bank		09/20/17		3.000%	EUR	400		0.467%		49,411		2,649			46,762	Deutsche Bank
Republic of Italy		06/20/17		1.000%	EUR	300		0.673%		4,662		(35,326	)		39,988	Bank of America, N.A.
Shell International		09/20/15		1.000%		200		0.115%		2,695		1,492			1,203	Credit Suisse First Boston Corp.

									$	494,120	$	109,055		$	385,065


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation			Counterparty
Over-the-counter credit default swaps—Buy Protection(2):
Credit Agricole SA		12/20/16		1.000%	EUR	300	$	(6,631	)	$	16,262	$	(22,893	)	Goldman Sachs
Credit Agricole SA		12/20/16		1.000%	EUR	500		(11,052	)		26,535		(37,587	)	Citigroup
Dow Jones iTraxx 15		06/20/16		1.000%	EUR	2,100		(47,446	)		189,327		(236,773	)	Morgan Stanley & Co.

							$	(65,129	)	$	232,124	$	(297,253	)


Reference Entity/Obligation	Termination Date		Fixed Rate		Notional Amount (000)(3)#		Value at April 30, 2014			Value at Trade Date			Unrealized Appreciation (Depreciation)
Exchange-traded credit default swaps—Buy Protection(2):
CDX IG.22 5Y		06/20/19		1.000%		2,000	$	37,336		$	29,563		$	7,773
Dow Jones iTraxx 17		06/20/17		5.000%	EUR	2,548		(412,764	)		(203,164	)		(209,600	)
Dow Jones iTraxx 18		12/20/17		5.000%	EUR	4,988		(849,754	)		(231,308	)		(618,446	)

							$	(1,225,182	)	$	(404,909	)	$	(820,273	)

See Notes to Financial Statements.


The TARGET Portfolio Trust			119

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

Credit default swap agreements outstanding at April 30, 2014 (continued):

(1)

(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)

#	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 in active markets for identical securities.

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Debt Obligations	$	—	$	37,429	$	—
Collateralized Loan Obligations		—		1,301,886		—
Non-Residential Mortgage-Backed Security		—		1,337,738		—
Residential Mortgage-Backed Securities		—		2,639,886		—
Commercial Mortgage-Backed Securities		—		3,193,307		—
Corporate Bonds		—		33,541,485		317,733
Foreign Government Bonds		—		4,546,661		—
Municipal Bonds		—		6,163,952		—
Residential Mortgage-Backed Securities		—		12,548,019		—
U.S. Government Agency Obligations		—		3,910,963		—
U.S. Treasury Obligations		—		54,486,959		—
Foreign Treasury Obligations		—		954,390		—

See Notes to Financial Statements.


120			The TARGET Portfolio Trust


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Options Purchased	$	4,600		$	—		$	—
Security Sold Short—U.S. Government Agency Obligation		—			(1,070,000	)		—
Options Written		(1,960	)		—			—
Other Financial Instruments*
Futures Contracts		(127,216	)		—			—
Forward Foreign Currency Exchange Contracts		—			(230,366	)		—
Credit Default Swap Agreements		—			(732,461	)		—
Interest Rate Swap Agreements		—			(180,344	)		—

Total	$	(124,576	)	$	122,449,504		$	317,733

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

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


	Corporate Bonds			Residential Mortgage-Backed Securities
Balance as of 10/31/13	$	527,331		$	1,881,072
Accrued discounts/premiums		(19,010	)		—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)**		3,832			—
Purchases		—			—
Sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		(194,420	)		(1,881,072	)

Balance as of 04/30/14	$	317,733		$	—

**	Of which, $ 3,832 was included in Net Assets relating to securities held at the reporting period end.

It is the Portfolio’s policy to recognize transfers in and transfers out at the fair value as of the beginning of the period. At the reporting period end, there were two Residential Mortgage-Backed securities and one Corporate Bond security transferred out Level 3 as a result of being priced by a single broker.

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			121

Intermediate-Term Bond Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

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


U.S. Treasury Obligations	42.9	%
Residential Mortgage-Backed Securities	12.0
Banks	8.9
Diversified Financial Services	6.7
Municipal Bonds	4.8
Electric	3.6
Foreign Government Bonds	3.6
U.S. Government Agency Obligations	3.1
Commercial Mortgage-Backed Securities	2.5
Financial Services	1.8
Oil, Gas & Consumable Fuels	1.7
Pipelines	1.2
Non-Residential Mortgage-Backed Securities	1.1	%
Collateralized Loan Obligations	1.0
Healthcare Providers & Services	1.0
Software	1.0
Airlines	0.7
Foreign Treasury Obligations	0.7
Telecommunications	0.1
U.S. Government Agency Obligation	(0.8	)

	97.6
Other assets in excess of liabilities	2.4

	100.0	%

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

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


Counterparty	Gross amounts of recognized assets(1)		Gross amounts available for offset			Collateral Received(3)			Net Amount
Bank of America, N.A.	$	39,988	$	(35,326	)	$	—		$	4,662
Barclays Capital Group		116,401		(62,007	)		—			54,394
BNP Paribas		—		—			—			—
Citigroup Global Markets		26,590		(26,590	)		—			—
Credit Suisse First Boston Corp.		129,891		(92,360	)		(30,007	)		7,524
Deutsche Bank AG		49,467		—			—			49,467
Goldman Sachs & Co.		72,747		(25,339	)		—			47,408
Hong Kong & Shanghai Bank		—		—			—			—
JPMorgan Chase		2,833		(2,833	)		—			—
Morgan Stanley & Co.		337,559		(259,728	)		(155,012	)		—
Royal Bank of Canada		—		—			—			—
UBS Securities		30,762		(30,762	)		—			—

	$	806,238


Counterparty	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
Bank of America, N.A.	$	(35,326	)	$	35,326	$	—	$	—
Barclays Capital Group		(62,007	)		62,007		—		—
BNP Paribas		(153	)		—		—		(153	)
Citigroup Global Markets		(37,587	)		26,590		—		(10,997	)
Credit Suisse First Boston Corp.		(92,360	)		92,360		—		—
Deutsche Bank AG		—			—		—		—
Goldman Sachs & Co.		(25,339	)		25,339		—		—
Hong Kong & Shanghai Bank		(1,277	)		—		—		(1,277	)

See Notes to Financial Statements.


122			The TARGET Portfolio Trust

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


Counterparty (continued)	Gross amounts of recognized liabilities(2)			Gross amounts available for offset		Collateral Pledged(3)		Net Amount
JPMorgan Chase	$	(313,823	)	$	2,833	$	306,341	$	(4,649	)
Morgan Stanley & Co.		(259,728	)		259,728		—		—
Royal Bank of Canada		(27,534	)		—		—		(27,534	)
UBS Securities		(115,194	)		30,762		—		(84,432	)

	$	(970,328	)

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

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

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

See Notes to Financial Statements.


The TARGET Portfolio Trust			123


*Mortgage Backed Securities Portfolio*		Portfolio of Investments As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		LONG-TERM INVESTMENTS—115.0%

		ASSET-BACKED SECURITIES—4.9%

		Collateralized Loan Obligations—1.0%
	425	Dryden Sr. Loan Fund, Series 2014-33A, Class A, 144A 1.707%(c), 07/15/26	$	425,000


		Non-Residential Mortgage-Backed Securities—3.9%
	200	American Credit Acceptance Receivables Trust, Series 2012-3, Class B, 144A 2.280%, 09/17/18		201,512
	350	AmeriCredit Automobile Receivables Trust, Series 2012-2, Class D 3.380%, 04/09/18		363,932
	72	Carfinance Capital Auto Trust, Series 2013-1A, Class A, 144A 1.650%, 07/17/17		72,168
	366	CPS Auto Receivables Trust, Series 2013-A, Class A, 144A 1.310%, 06/15/20		365,163
	290	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class B, 144A 2.290%, 04/15/22		289,982
	110	Huntington Auto Trust, Series 2012-2, Class B 1.070%, 02/15/18		110,596
	180	Springleaf Funding Trust, Series 2014-AA, Class A, 144A 2.410%, 12/15/22		179,711
	90	World Omni Auto Receivables Trust, Series 2012-B, Class B 1.060%, 09/16/19		90,011

				1,673,075

		TOTAL ASSET-BACKED SECURITIES (cost $2,091,068)		2,098,075


		COMMERCIAL MORTGAGE-BACKED SECURITIES—1.3%
	244	FREMF Mortgage Trust, Series 2012-K501, Class C, 144A 3.490%(c), 11/25/46		246,064
	300	Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class A5 5.908%(c), 05/15/43		326,535

		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $585,585)		572,599

See Notes to Financial Statements.


124			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		MUNICIPAL BOND—0.4%
		New York
	180	Utility Debt Securitization Authority, Series T, Revenue Bonds 3.435%, 12/15/25 (cost $179,990)	$	182,693


		RESIDENTIAL MORTGAGE-BACKED SECURITIES—11.7%
	388	Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21 0.382%(c), 09/25/35		366,183
	126	Bear Stearns ARM Trust, Series 2003-7, Class 6A 2.523%(c), 10/25/33		127,346
	150	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 3A1 2.530%(c), 03/25/36		131,050
	191	Connecticut Avenue Securities, Series 2013-C01, Class M1 2.152%(c), 10/25/23		195,072
	97	Countrywide Alternative Loan Trust, Series 2005-73CB, Class 1A7 5.500%, 01/25/36		89,864
	273	Series 2005-85CB, Class 2A2 5.500%, 02/25/36		250,647
	200	Series 2005-J11, Class 1A3 5.500%, 11/25/35		179,194
	119	Series 2007-HY5R, Class 2A1A 2.558%(c), 03/25/47		116,817
	43	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-14, Class A3 6.250%, 09/25/36		39,121
	43	Series 2006-J2, Class 1A6 6.000%, 04/25/36		41,317
	7	Federal Home Loan Mortgage Corp., Series 74, Class F 6.000%, 10/15/20		7,248
	1	Series 83, Class Z 9.000%, 10/15/20		1,091
	8	Series 186, Class E 6.000%, 08/15/21		8,933
	2	Series 1058, Class H 8.000%, 04/15/21		2,473
	2	Series 1116, Class I 5.500%, 08/15/21		2,402
	14	Series 1120, Class L 8.000%, 07/15/21		15,815
	214	Series 2809, Class UC 4.000%, 06/15/19		225,052
	285	Series 3787, Class AY 3.500%, 01/15/26		295,924

See Notes to Financial Statements.


The TARGET Portfolio Trust			125

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	330	Series 3840, Class HB 3.500%, 04/15/26	$	338,190
	117	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-42, Class A5 7.500%, 02/25/42		137,316
	4	Federal National Mortgage Assoc., Series 56, Class 1, Interest Strip 6.000%, 04/01/19		4,119
	4	Series 1988-19, Class J 8.500%, 07/25/18		3,888
	2	Series 1990-10, Class L 8.500%, 02/25/20		2,319
	4	Series 1990-108, Class G 7.000%, 09/25/20		4,530
	4	Series 1991-21, Class J 7.000%, 03/25/21		4,773
	8	Series 1992-113, Class Z 7.500%, 07/25/22		9,523
	111	Series 1993-223, Class ZA 6.500%, 12/25/23		123,475
	42	Series 2001-51, Class QN 6.000%, 10/25/16		44,025
	54	Series 2003-33, Class PT 4.500%, 05/25/33		58,582
	285	Series 2011-67, Class BE 3.500%, 07/25/26		290,194
	7	Series G14, Class L 8.500%, 06/25/21		7,494
	6	Series G92-24, Class Z 6.500%, 04/25/22		6,693
	33	Series G92-59, Class D 6.000%, 10/25/22		37,524
	106	Series G94-4, Class PG 8.000%, 05/25/24		119,298
	6	First Boston Mortgage Securities Corp., Strip Coupon, Series B, Class I-O, IO 8.985%, 04/25/17		556
	6	Series B, Class P-O, PO 1.000%(s), 04/25/17		6,432
	38	Government National Mortgage Assoc., Series 2006-35, Class LO, PO 5.400%(s), 07/20/36		34,335
	60	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2 2.666%(c), 04/25/35		58,284

See Notes to Financial Statements.


126			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
	166	Series 2007-AR2, Class 1A1 2.692%(c), 05/25/47	$	137,536
	97	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3 5.500%, 06/25/37		94,971
	111	Morgan Stanley Mortgage Loan Trust, Series 2007-12, Class 3A22 6.000%, 08/25/37		101,461
	348	Residential Asset Securitization Trust, Series 2004-A3, Class A7 5.250%, 06/25/34		361,521
	176	Springleaf Mortgage Loan Trust, Series 2012-3A, Class A, 144A 1.570%(c), 12/25/59		175,872
	175	Series 2012-3A, Class M1, 144A 2.660%(c), 12/25/59		174,103
	365	Series 2013-1A, Class M1, 144A 2.310%(c), 06/25/58		355,662
	98	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR1, Class A5 2.117%(c), 03/25/33		98,503
	111	Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR10, Class 5A2 2.612%(c), 07/25/36		107,633

		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $4,913,689)		4,994,361


		U.S. GOVERNMENT AGENCY OBLIGATIONS—96.7%
	1,300	Federal Home Loan Mortgage Corp. 3.000%, TBA		1,265,520
	400	3.500%, TBA		420,375
	200	3.500%, TBA		202,898
	4,800	4.000%, TBA		5,022,188
	1,400	4.500%, TBA		1,503,469
	628	5.000%, 10/01/35		688,572
	300	5.000%, TBA		328,219
	64	5.500%, 06/01/34		70,604
	481	6.000%, 01/01/15-02/01/21		516,168
	31	6.500%, 01/01/18-06/01/22		34,204
	14	7.500%, 06/01/28		15,711
	1	8.500%, 04/01/18		568
	7	11.500%, 03/01/16		7,352
	1,300	Federal National Mortgage Assoc. 2.500%, TBA		1,304,672
	400	3.000%, TBA		412,781
	1,300	3.000%, TBA		1,337,883
	5,100	3.000%, TBA		4,969,313
	5,400	3.500%, TBA		5,480,578

See Notes to Financial Statements.


The TARGET Portfolio Trust			127

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT (000)#			DESCRIPTION	VALUE (NOTE 1)
			U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	700		4.000%, TBA	$	742,629
	534		4.500%, 05/01/35		577,635
	1,800		4.500%, TBA		1,932,469
	198		5.000%, 11/01/18		209,994
	37		5.000%, 07/01/33(k)		41,296
	600		5.000%, TBA		657,938
	200		5.500%, 09/01/34-07/01/35		222,737
	800		5.500%, TBA		884,500
	200		5.500%, TBA		220,844
	152		6.000%, 03/01/23-12/01/39		170,033
	73		6.500%, 06/01/15-08/01/17		74,323
	7		8.000%, 12/01/22		7,840
	280		Government National Mortgage Assoc. 4.000%, 04/15/43		296,831
	5,100		4.000%, TBA		5,396,437
	1,056		4.500%, 06/15/41-09/20/41		1,146,011
	700		4.500%, TBA		758,734
	1,200		4.500%, TBA		1,300,875
	103		5.000%, 06/15/40		114,055
	200		5.000%, TBA		219,500
	728		5.500%, 11/15/38(k)		808,045
	12		5.500%, 12/15/38-04/15/39		13,648
	522		6.000%, 07/15/24-12/15/40		583,723
	537		6.500%, 06/15/23-12/15/35		606,674
	570		7.000%, 11/15/31-11/15/33		665,693
	9		7.500%, 12/20/23		9,546
	129		8.000%, 03/15/17-11/15/30		136,676
	13		8.250%, 06/20/17-07/20/17		12,791
	22		8.500%, 04/20/17		22,030
	20		9.000%, 01/15/20		22,743
	—	(r)	9.500%, 06/15/20		368

			TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $40,845,856)		41,437,693

			TOTAL LONG-TERM INVESTMENTS (cost $48,616,188)		49,285,421

SHARES			SHORT-TERM INVESTMENT—66.0%

			AFFILIATED MONEY MARKET MUTUAL FUND
	28,291,816		Prudential Investment Portfolios 2—Prudential Core Taxable Money Market Fund (cost $28,291,816)(Note 3)(w)		28,291,816

			TOTAL INVESTMENTS, BEFORE SECURITIES SOLD SHORT—181.0% (cost $76,908,004; Note 5)		77,577,237

See Notes to Financial Statements.


128			The TARGET Portfolio Trust


PRINCIPAL AMOUNT (000)#		DESCRIPTION	VALUE (NOTE 1)
		SECURITIES SOLD SHORT—(8.3)%
		U.S. GOVERNMENT AGENCY OBLIGATIONS
	1,300	Federal National Mortgage Assoc. 3.500%, TBA	$	(1,369,062	)
	1,500	4.000%, TBA		(1,571,543	)
	600	Government National Mortgage Assoc. 3.500%, TBA		(616,875	)

		TOTAL SECURITIES SOLD SHORT (proceeds received $3,545,129)		(3,557,480	)

		TOTAL INVESTMENTS, NET OF SECURITIES SOLD SHORT—172.7% (cost $73,362,875; Note 5)		74,019,757
		Liabilities in excess of other assets(x)—(72.7%)		(31,166,958	)

		NET ASSETS—100.0%	$	42,852,799

The following abbreviations are used in the portfolio descriptions:

FREMF—Freddie Mac Mortgage Trust

IO—Interest Only

PO—Principal Only

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, 2014.

(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 principal only securities. Rate represents yield to maturity 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, 2014:


Number of Contracts	Type	Expiration Date	Value at Trade Date		Value at April 30, 2014		Unrealized Appreciation (Depreciation)⁽¹⁾
Long Positions:
8	10 Year U.S. Treasury Notes	Jun. 2014	$	995,469	$	995,375	$	(94	)
8	20 Year U.S. Treasury Bonds	Jun. 2014		1,068,190		1,079,500		11,310

								11,216

Short Positions:
5	2 Year U.S. Treasury Notes	Jun. 2014		1,096,726		1,099,375		(2,649	)
2	5 Year U.S. Treasury Notes	Jun. 2014		238,983		238,906		77

								(2,572	)

							$	8,644

⁽¹⁾	U.S. Government Agency Obligations, with a market value of $66,662 have been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts at April 30, 2014.

See Notes to Financial Statements.


The TARGET Portfolio Trust			129

Mortgage Backed Securities Portfolio

(continued)

Portfolio of Investments
As of April 30, 2014 (Unaudited)

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 in active markets for identical securities.

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

The following is a summary of the inputs used as of April 30, 2014 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	—		$	425,000
Non-Residential Mortgage-Backed Securities		—		1,493,364			179,711
Commercial Mortgage-Backed Securities		—		572,599			—
Municipal Bond		—		182,693			—
Residential Mortgage-Backed Securities		—		4,994,361			—
U.S. Government Agency Obligations		—		41,437,693			—
Affiliated Money Market Mutual Fund		28,291,816		—			—
Securities Sold Short:
U.S. Government Agency Obligations		—		(3,557,480	)		—
Other Financial Instruments*
Futures Contracts		8,644		—			—

Total	$	28,300,460	$	45,123,230		$	604,711

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

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


	Asset-Backed Securities
Balance as of 10/31/13	$	—
Accrued discounts/premiums		1
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)**		(260	)
Purchases		604,970
Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 04/30/14	$	604,711

**	Of which, $(260) was included in Net Assets relating to securities held at the reporting period end.

See Notes to Financial Statements.


130			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, 2014 was as follows:


U.S. Government Agency Obligations	96.7	%
Affiliated Money Market Mutual Fund	66.0
Residential Mortgage-Backed Securities	11.7
Non-Residential Mortgage- Backed Securities	3.9
Commercial Mortgage-Backed Securities	1.3
Collateralized Loan Obligations	1.0
Municipal Bond	0.4
U.S. Government Agency Obligations	(8.3	)

	172.7
Liabilities in excess of other assets	(72.7	)

	100.0	%

See Notes to Financial Statements.


The TARGET Portfolio Trust			131

Statement of Assets & Liabilities as of April 30, 2014 (Unaudited)


	LARGE CAPITALIZATION GROWTH PORTFOLIO		LARGE CAPITALIZATION VALUE PORTFOLIO		SMALL CAPITALIZATION GROWTH PORTFOLIO		SMALL CAPITALIZATION VALUE PORTFOLIO

ASSETS
Investments at value(C):
Unaffiliated investments(A)	$	269,497,831	$	277,120,926	$	132,489,104	$	1,882,355,473
Affiliated investments(B)		16,537,669		21,280,803		21,155,809		200,159,971
Receivable for investments sold		141,477		2,154,509		1,478,702		5,486,887
Receivable for Trust shares sold		195,083		178,287		135,923		3,825,872
Dividends and interest receivable		115,021		220,336		28,025		870,309
Due from broker for variation margin		—		—		—		38,810
Receivable for foreign tax reclaim		1,986		7,393		—		—
Prepaid expenses and other assets		859		1,554		434		5,408
Total assets		286,489,926		300,963,808		155,287,997		2,092,742,730

LIABILITIES
Collateral for securities on loan		8,311,742		15,086,230		19,628,810		132,640,816
Payable for investments purchased		621,654		925,990		1,416,421		6,870,107
Payable for Trust shares reacquired		398,259		293,884		211,989		4,047,594
Management fee payable		137,038		138,576		67,432		962,035
Distribution fee payable		76,814		78,364		38,322		56,134
Accrued expenses and other liabilities		58,857		70,426		57,092		20,829
Affiliated transfer agent fee payable		40,839		40,593		21,249		90,047
Deferred trustees’ fees		3,581		3,581		3,581		3,581
Deposit due to broker		—		—		—		120
Total liabilities		9,648,784		16,637,644		21,444,896		144,691,263

NET ASSETS	$	276,841,142	$	284,326,164	$	133,843,101	$	1,948,051,467

See Notes to Financial Statements.


132			The TARGET Portfolio Trust

Statement of Assets & Liabilities as of April 30, 2014 (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	$	14,662		$	18,691		$	8,642		$	72,684
Paid-in capital in excess of par		197,728,180			248,122,353			110,742,846			1,396,272,871
		197,742,842			248,141,044			110,751,488			1,396,345,555
Undistributed net investment income (loss)		(1,003,746	)		2,361,121			(1,072,954	)		5,416,693
Accumulated net realized gain (losses)		5,143,481			(40,162,453	)		(3,254,259	)		138,298,126
Net unrealized appreciation (depreciation)		74,958,565			73,986,452			27,418,826			407,991,093
Net assets, April 30, 2014	$	276,841,142		$	284,326,164		$	133,843,101		$	1,948,051,467
(A) Identified cost of unaffiliated investments	$	194,539,274		$	203,134,474		$	105,070,278		$	1,474,240,225
(B) Identified cost of affiliated investments	$	16,537,669		$	21,280,803		$	21,155,809		$	200,159,971
(C) Including securities on loan of	$	8,232,611		$	14,921,409		$	19,313,595		$	130,266,721

NET ASSET VALUE:
Class A:
Net Assets		—			—			—		$	12,613
Shares Outstanding		—			—			—			470.6
Net asset value and redemption price per share		—			—			—		$	26.80
Maximum sales charge (5.50% of offering price)		—			—			—			1.56
Maximum offering price to public		—			—			—		$	28.36
Class R:
Net Assets	$	186,689,670		$	193,586,771		$	91,603,739		$	142,990,415
Shares Outstanding		9,935,706			12,741,688			5,982,551			5,368,796
Net asset value, offering price and redemption price per share	$	18.79		$	15.19		$	15.31		$	26.63
Class T:
Net Assets	$	90,151,472		$	90,739,393		$	42,239,362		$	1,805,048,439
Shares Outstanding		4,726,429			5,949,701			2,659,762			67,314,291
Net asset value, offering price and redemption price per share	$	19.07		$	15.25		$	15.88		$	26.82

See Notes to Financial Statements.


The TARGET Portfolio Trust			133

Statement of Assets & Liabilities as of April 30, 2014 (Unaudited) (continued)


	INTERNATIONAL EQUITY PORTFOLIO		TOTAL RETURN BOND PORTFOLIO		INTERMEDIATE- TERM BOND PORTFOLIO		MORTGAGE BACKED SECURITIES PORTFOLIO

ASSETS
Investments at value(C):
Unaffiliated investments(A)	$	459,710,399	$	394,407,012	$	124,985,008	$	49,285,421
Repurchase agreements(E)		—		77,700,000		—		—
Affiliated investments(B)		21,396,697		3,176,952		—		28,291,816
Cash		—		143,066		—		309
Foreign currency, at value(D)		2,274,938		364,364		384,040		—
Deposit with broker		—		1,116,211		644,000		—
Receivable for investments sold		3,495,156		245,335,792		4,688,762		13,066,602
Dividends and interest receivable		2,139,059		3,140,995		1,444,896		55,208
Payments paid for swap agreements		—		78,717		382,692		—
Receivable for Trust shares sold		313,284		556,935		346,167		12,243
Receivable for foreign tax reclaim		886,057		—		—		—
Due from broker for variation margin		—		—		—		3,328
Unrealized appreciation on forward foreign currency exchange contracts		—		258,093		38,481		—
Unrealized appreciation on over-the-counter swap agreements		—		545,051		385,065		—
Prepaid expenses and other assets		1,362		1,587		507		226
Total assets		490,216,952		726,824,775		133,299,618		90,715,153

LIABILITIES
Payable for investments purchased		3,890,081		316,945,560		2,142,344		44,119,501
Collateral for securities on loan		6,007,784		—		—		—
Securities sold short, at value(F)		—		—		1,070,000		3,557,480
Payable for Trust shares reacquired		456,880		873,891		431,104		105,148
Management fee payable		270,450		149,997		46,926		15,772
Payable to custodian		—		—		444,990		—
Accrued expenses and other liabilities		99,412		158,005		132,886		60,282
Distribution fee payable		99,515		97,460		—		—
Affiliated transfer agent fee payable		50,918		51,582		486		149
Deferred trustees’ fees		3,581		3,581		3,581		3,581
Dividends payable		—		1,710		3,814		441
Due to broker		—		—		185,000		—
Due to broker for variation margin		—		723,273		845,830		—
Options written(G)		—		214,877		1,960		—
Payments received for swap agreements		—		307,385		54,032		—
Unrealized depreciation on forward foreign currency exchange contracts		533,537		631,080		268,847		—
Unrealized depreciation on over-the-counter swap agreements		—		140,252		647,449		—
Total liabilities		11,412,158		320,298,653		6,279,249		47,862,354

NET ASSETS	$	478,804,794	$	406,526,122	$	127,020,369	$	42,852,799

See Notes to Financial Statements.


134			The TARGET Portfolio Trust

Statement of Assets & Liabilities as of April 30, 2014 (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	$	34,465		$	37,073		$	12,702		$	4,047
Paid-in capital in excess of par		427,644,717			399,923,054			128,380,855			45,351,029
		427,679,182			399,960,127			128,393,557			45,355,076
Undistributed net investment income (loss)		3,175,371			(415,299	)		395,016			38,746
Accumulated net realized gain (losses)		(26,665,283	)		(743,676	)		(1,751,219	)		(3,206,549	)
Net unrealized appreciation (depreciation)		74,615,524			7,724,970			(16,985	)		665,526
Net assets, April 30, 2014	$	478,804,794		$	406,526,122		$	127,020,369		$	42,852,799
(A) Identified cost of unaffiliated investments	$	384,634,190		$	386,210,172		$	123,596,116		$	48,616,188
(B) Identified cost of affiliated investments	$	21,396,697		$	3,176,952			—		$	28,291,816
(C) Including securities on loan of	$	5,877,079			—			—			—
(D) Identified cost of currency	$	2,242,455		$	358,656		$	376,611			—
(E) Identified cost of repurchase agreements		—		$	77,700,000			—			—
(F) Proceeds received from short sales		—			—		$	1,067,344		$	3,545,129
(G) Premiums received from options written		—		$	339,563		$	31,826			—

NET ASSET VALUE:
Class Q:
Net Assets	$	164,044,435			—			—			—
Shares Outstanding		11,788,315			—			—			—
Net asset value, offering price and redemption price per share	$	13.92			—			—			—
Class R:
Net Assets	$	247,146,364		$	239,902,108			—			—
Shares Outstanding		17,815,095			21,945,081			—			—
Net asset value, offering price and redemption price per share	$	13.87		$	10.93			—			—
Class T:
Net Assets	$	67,613,995		$	166,624,014		$	127,020,369		$	42,852,799
Shares Outstanding		4,861,164			15,127,914			12,544,993			4,046,901
Net asset value, offering price and redemption price per share	$	13.91		$	11.01		$	10.13		$	10.59

See Notes to Financial Statements.


The TARGET Portfolio Trust			135

Statement of Operations

Six Months Ended April 30, 2014 (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	$	1,138,792		$	4,749,174		$	236,287		$	16,444,905
Affiliated income from securities lending, net		10,567			8,904			124,745			515,698
Less: Foreign withholding taxes		(7,427	)		(33,852	)		(975	)		(28,903	)
Affiliated dividend income		4,401			4,328			1,887			48,415
Interest		6			2			—			167
Total income		1,146,339			4,728,556			361,944			16,980,282
Expenses
Management fee		826,042			818,159			411,606			5,596,008
Distribution fee—Class A		—			—			—			6
Distribution fee—Class R		686,296			687,663			345,683			475,946
Transfer agent’s fees and expenses(a)		136,000			136,000			80,000			325,000
Custodian’s fees and expenses		53,000			43,000			35,000			144,000
Reports to shareholders		18,000			19,000			16,000			44,000
Registration fees		16,000			16,000			16,000			21,000
Audit fees		13,000			13,000			13,000			17,000
Trustees’ fees		8,000			8,000			7,000			22,000
Legal fees		9,000			10,000			8,000			11,000
Insurance fees		2,000			2,000			1,000			11,000
Interest expense		127			94			32			—
Miscellaneous		7,079			7,747			4,618			15,394
Total expenses		1,774,544			1,760,663			937,939			6,682,354
Less: Distribution fee waiver—Class A		—			—			—			(1	)
Less: Distribution fee waiver—Class R		(228,765	)		(229,221	)		(115,228	)		(158,649	)
Net expenses		1,545,779			1,531,442			822,711			6,523,704
Net investment income (loss)		(399,440	)		3,197,114			(460,767	)		10,456,578

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		7,622,538			12,782,661			13,901,658			146,803,628
Futures transactions		—			—			—			650,079
Foreign currency transactions		(152	)		—			—			—
Total net realized gain (loss)		7,622,386			12,782,661			13,901,658			147,453,707
Net change in unrealized appreciation (depreciation) on:
Investments		2,793,366			6,899,080			(14,440,041	)		(68,032,092	)
Futures		—			—			—			(146,875	)
Foreign currencies		5			—			—			—
Net change in unrealized appreciation (depreciation)		2,793,371			6,899,080			(14,440,041	)		(68,178,967	)
Net gain (loss)		10,415,757			19,681,741			(538,383	)		79,274,740

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,016,317		$	22,878,855		$	(999,150	)	$	89,731,318
(a) Including affiliated expense of	$	117,800		$	117,500		$	59,700		$	230,900

See Notes to Financial Statements.


136			The TARGET Portfolio Trust

Statement of Operations

Six Months Ended April 30, 2014 (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	$	7,473,475		$	—		$	—		$	—
Interest income		1,752			3,881,656			1,859,941			360,323
Affiliated dividend income		9,252			1,251			284			16,856
Less: Foreign withholding taxes		(509,650	)		—			—			—
Affiliated income from securities lending, net		13,409			—			—			—
Total income		6,988,238			3,882,907			1,860,225			377,179
Expenses
Management fee		1,564,059			911,951			286,946			94,411
Distribution fee—Class R		850,024			854,491			—			—
Transfer agent’s fees and expenses(a)		153,000			225,000			57,000			13,000
Custodian’s fees and expenses		132,000			79,000			67,000			37,000
Audit fees		17,000			32,000			32,000			17,000
Reports to shareholders		20,000			29,000			20,000			10,000
Registration fees		23,000			18,000			11,000			9,000
Legal fees		10,000			10,000			9,000			8,000
Trustees’ fees		9,000			12,000			7,000			7,000
Insurance fees		3,000			3,000			1,000			—
Interest expense		—			—			72			—
Miscellaneous		25,474			6,207			6,632			7,616
Total expenses		2,806,557			2,180,649			497,650			203,027
Less: Distribution fee waiver—Class R		(283,341	)		(284,830	)		—			—
Net expenses		2,523,216			1,895,819			497,650			203,027
Net investment income (loss)		4,465,022			1,987,088			1,362,575			174,152

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES
Net realized gain (loss) on:
Investment transactions		2,735,849			3,548,318			(189,196	)		642,688
Futures transactions		—			682,391			(79,892	)		28,929
Options written transactions		—			334,752			156,766			—
Swap agreements transactions		—			283,869			(300,715	)		—
Foreign currency transactions		443,465			(889,474	)		(117,857	)		(36	)
Total net realized gain (loss)		3,179,314			3,959,856			(530,894	)		671,581
Net change in unrealized appreciation (depreciation) on:
Investments		5,906,526			(866,114	)		305,632			(260,998	)
Futures		—			(840,913	)		(124,483	)		30,430
Foreign currencies		(265,406	)		37,359			(7,261	)		—
Options written		—			84,488			(8,165	)		—
Swaps		—			(644,361	)		(533,641	)		—
Short sales		—			2,812			(2,656	)		(13,996	)
Net change in unrealized appreciation (depreciation)		5,641,120			(2,226,729	)		(370,574	)		(244,564	)
Net gain (loss)		8,820,434			1,733,127			(901,468	)		427,017

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,285,456		$	3,720,215		$	461,107		$	601,169
(a) Including affiliated expense of	$	145,400		$	148,200		$	1,500		$	500

See Notes to Financial Statements.


The TARGET Portfolio Trust			137

Statement of Changes in Net Assets (Unaudited)


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss	$	(399,440	)	$	(67,415	)
Net realized gain on investment transactions		7,622,386			35,938,734
Net change in unrealized appreciation (depreciation) on investments		2,793,371			27,630,749
Net increase in net assets resulting from operations		10,016,317			63,502,068
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		—			(274,592	)
Class T		—			(555,589	)
Total dividends from net investment income		—			(830,181	)
Distributions from net realized gains
Class R		(9,234,451	)		—
Class T		(4,631,311	)		—
Total distributions from net realized gains		(13,865,762	)		—
Trust share transactions (Note 6)
Net proceeds from shares sold		27,361,414			51,433,823
Net asset value of shares issued in reinvestment of dividends and distributions		13,707,149			809,020
Cost of shares reacquired		(28,767,001	)		(56,810,294	)
Net increase (decrease) in net assets from Trust share transactions		12,301,562			(4,567,451	)
Total increase		8,452,117			58,104,436

NET ASSETS:
Beginning of period		268,389,025			210,284,589
End of period	$	276,841,142		$	268,389,025

See Notes to Financial Statements.


138			The TARGET Portfolio Trust

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


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	3,197,114		$	3,415,311
Net realized gain on investment transactions		12,782,661			14,672,477
Net change in unrealized appreciation (depreciation) on investments		6,899,080			44,093,729
Net increase in net assets resulting from operations		22,878,855			62,181,517
Dividends from net investment income (Note 1)
Class R		(1,990,700	)		(2,007,775	)
Class T		(1,392,070	)		(1,552,574	)
		(3,382,770	)		(3,560,349	)
Trust share transactions (Note 6)
Net proceeds from shares sold		27,270,335			49,811,199
Net asset value of shares issued in reinvestment of dividends and distributions		3,341,125			3,507,985
Cost of shares reacquired		(30,421,037	)		(61,015,500	)
Net increase (decrease) in net assets from Trust share transactions		190,423			(7,696,316	)
Total increase		19,686,508			50,924,852

NET ASSETS:
Beginning of period		264,639,656			213,714,804
End of period(a)	$	284,326,164		$	264,639,656
(a) Includes undistributed net investment income of:	$	2,361,121		$	2,546,777

See Notes to Financial Statements.


The TARGET Portfolio Trust			139

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


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss	$	(460,767	)	$	(194,102	)
Net realized gain on investment transactions		13,901,658			8,909,751
Net change in unrealized appreciation (depreciation) on investments		(14,440,041	)		24,945,841
Net increase (decrease) in net assets resulting from operations		(999,150	)		33,661,490
Trust share transactions (Note 6)
Net proceeds from shares sold		17,220,332			30,464,379
Cost of shares reacquired		(13,055,022	)		(33,289,863	)
Net increase (decrease) in net assets from Trust share transactions		4,165,310			(2,825,484	)
Total increase		3,166,160			30,836,006

NET ASSETS:
Beginning of period		130,676,941			99,840,935
End of period	$	133,843,101		$	130,676,941

See Notes to Financial Statements.


140			The TARGET Portfolio Trust

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


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	10,456,578		$	18,548,643
Net realized gain on investment transactions		147,453,707			126,968,598
Net change in unrealized appreciation (depreciation) on investments		(68,178,967	)		285,000,897
Net increase in net assets resulting from operations		89,731,318			430,518,138
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(672,379	)		(776,701	)
Class T		(16,894,291	)		(15,186,130	)
		(17,566,670	)		(15,962,831	)
Distributions from net realized gains
Class R		(8,544,731	)		(2,403,994	)
Class T		(116,938,940	)		(30,592,305	)
		(125,483,671	)		(32,996,299	)
Trust share transactions (Note 6)
Net proceeds from shares sold		302,972,164			421,010,529
Net asset value of shares issued in reinvestment of dividends and distributions		128,409,001			44,238,738
Cost of shares reacquired		(171,836,004	)		(268,940,864	)
Net increase in net assets from Trust share transactions		259,545,161			196,308,403
Total increase		206,226,138			577,867,411

NET ASSETS:
Beginning of period		1,741,825,329			1,163,957,918
End of period(a)	$	1,948,051,467		$	1,741,825,329
(a) Includes undistributed net investment income of:	$	5,416,693		$	12,526,785

See Notes to Financial Statements.


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


	INTERNATIONAL EQUITY PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	4,465,022		$	6,984,177
Net realized gain on investment transactions		3,179,314			12,174,474
Net change in unrealized appreciation (depreciation) on investments		5,641,120			60,817,098
Net increase in net assets resulting from operations		13,285,456			79,975,749
Dividends from net investment income (Note 1)
Class Q		(2,853,716	)		(3,065,660	)
Class R		(2,935,682	)		(3,008,506	)
Class T		(1,203,254	)		(1,535,049	)
		(6,992,652	)		(7,609,215	)
Trust share transactions (Note 6)
Net proceeds from shares sold		62,108,255			102,407,412
Net asset value of shares issued in reinvestment of dividends and distributions		6,979,844			7,582,919
Cost of shares reacquired		(29,475,554	)		(84,338,457	)
Net increase in net assets from Trust share transactions		39,612,545			25,651,874
Total increase		45,905,349			98,018,408

NET ASSETS:
Beginning of period		432,899,445			334,881,037
End of period(a)	$	478,804,794		$	432,899,445
(a) Includes undistributed net investment income of:	$	3,175,371		$	5,703,001

See Notes to Financial Statements.


142			The TARGET Portfolio Trust

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


	TOTAL RETURN BOND PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	1,987,088		$	6,109,632
Net realized gain (loss) on investment transactions		3,959,856			(3,687,956	)
Net change in unrealized appreciation (depreciation) on investments		(2,226,729	)		(10,791,655	)
Net increase (decrease) in net assets resulting from operations		3,720,215			(8,369,979	)
Dividends and Distributions (Note 1)
Dividends from net investment income
Class R		(1,484,257	)		(2,944,697	)
Class T		(1,596,819	)		(5,049,096	)
		(3,081,076	)		(7,993,793	)
Distributions from net realized gains
Class R		—			(3,476,286	)
Class T		—			(4,965,544	)
		—			(8,441,830	)
Trust share transactions (Note 6)
Net proceeds from shares sold		56,858,907			143,822,780
Net asset value of shares issued in reinvestment of dividends and distributions		3,067,816			16,349,663
Cost of shares reacquired		(67,737,093	)		(170,098,165	)
Net decrease in net assets from Trust share transactions		(7,810,370	)		(9,925,722	)
Total increase (decrease)		(7,171,231	)		(34,731,324	)

NET ASSETS:
Beginning of period		413,697,353			448,428,677
End of period(a)	$	406,526,122		$	413,697,353
(a) Includes undistributed net investment income of:		—		$	678,689

See Notes to Financial Statements.


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


	INTERMEDIATE-TERM BOND PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	1,362,575		$	3,486,045
Net realized gain (loss) on investment transactions		(530,894	)		938,021
Net change in unrealized appreciation (depreciation) on investments		(370,574	)		(6,553,715	)
Net increase (decrease) in net assets resulting from operations		461,107			(2,129,649	)
Dividends and Distributions (Note 1)
Dividends from net investment income
Class T		(1,887,472	)		(3,200,021	)
Distributions from net realized gains
Class T		(795,042	)		(2,612,982	)
Trust share transactions (Note 6)
Net proceeds from shares sold		16,789,953			25,377,628
Net asset value of shares issued in reinvestment of dividends and distributions		2,613,004			5,608,463
Cost of shares reacquired		(22,142,281	)		(60,255,240	)
Net decrease in net assets from Trust share transactions		(2,739,324	)		(29,269,149	)
Total decrease		(4,960,731	)		(37,211,801	)

NET ASSETS:
Beginning of period		131,981,100			169,192,901
End of period(a)	$	127,020,369		$	131,981,100
(a) Includes undistributed net investment income of:	$	395,016		$	919,913

See Notes to Financial Statements.


144			The TARGET Portfolio Trust

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


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Six Months Ended April 30, 2014			Year Ended October 31, 2013

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income	$	174,152		$	602,983
Net realized gain (loss) on investment and foreign currency transactions		671,581			(394,828	)
Net change in unrealized appreciation (depreciation) on investments		(244,564	)		(667,249	)
Net increase (decrease) in net assets resulting from operations		601,169			(459,094	)
Dividends from net investment income (Note 1)
Class T		(228,381	)		(917,467	)
Trust share transactions (Note 6)
Net proceeds from shares sold		4,577,516			11,870,969
Net asset value of shares issued in reinvestment of dividends and distributions		222,918			885,344
Cost of shares reacquired		(4,538,144	)		(12,767,380	)
Net increase (decrease) in net assets from Trust share transactions		262,290			(11,067	)
Total increase (decrease)		635,078			(1,387,628	)

NET ASSETS:
Beginning of period		42,217,721			43,605,349
End of period(a)	$	42,852,799		$	42,217,721
(a) Includes undistributed net investment income of:	$	38,746		$	92,975

See Notes to Financial Statements.


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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.

•

Large Capitalization Value Portfolio—total return consisting of capital appreciation and dividend income.

•

Small Capitalization Growth Portfolio—maximum capital appreciation.

•

Small Capitalization Value Portfolio—above average capital appreciation.

•

International Equity Portfolio—capital appreciation.

•

Total Return Bond Portfolio—total return consisting of current income and capital appreciation.

•

Intermediate-Term Bond Portfolio—current income and reasonable stability of principal.

•

Mortgage Backed Securities Portfolio—high current income primarily and capital appreciation secondarily, each to the extent consistent with the protection of capital.

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.

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

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

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


146			The TARGET Portfolio Trust

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

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

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

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

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

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

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

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

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.


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Reverse Repurchase Agreements: Certain Portfolios may enter into reverse repurchase agreements with qualified, third party broker-dealers as determined by and under the direction of the Trust’s Board of Trustees. Interest on the value of reverse repurchase agreements entered into and outstanding is based upon competitive market rates at the time of execution of the agreement. At the time the Portfolio enters into a reverse repurchase agreement, it establishes and maintains a segregated account with the lender containing liquid investment grade securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Sub- sequent payments, known as “variation margin,” are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial 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, value of equities or foreign currency exchange rates. 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. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearing house acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 foreign currencies.


148			The TARGET Portfolio Trust

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 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.

Options: Certain Portfolios purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates, with respect to securities which the Portfolio currently owns or intends to purchase. The Portfolio’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the 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 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 at the closing of a purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. The Portfolio, as writer of an option, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security underlying the written option. The Portfolio, as purchaser of an over-the-counter option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

Short Sales: Certain Portfolios 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


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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 (collectively a “credit event”) for the referenced entity, typically corporate issues or sovereign issues of an emerging country, on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

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

As a seller of protection on credit default swap agreements, 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.


150			The TARGET Portfolio Trust

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 to 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.

Total Return Swaps: 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 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.

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

The Portfolios are party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to a Portfolio is held in a segregated account by a


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

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

As of April 30, 2014, the Portfolios have not 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. Such risks may be mitigated by engaging in master netting arrangements.

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.


152			The TARGET Portfolio Trust

Fair values of derivative instruments as of April 30, 2014 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 Growth
Equity contracts	Unaffiliated investments	$	10,869		—	$	—

Small Capitalization Value
Equity contracts	—	$	—		Due from broker for variation margin	$	124,155	*

International Equity
Foreign exchange contracts	—	$	—		Unrealized depreciation on forward foreign currency exchange contracts	$	533,537
Equity contracts	Unaffiliated investments		24,823				—

Total		$	24,823			$	533,537

Total Return Bond
Interest rate contracts	Due to broker for variation margin	$	677,648	*	Due to broker for variation margin	$	1,353,427	*
Interest rate contracts	Payments made for swap agreements		1,173		Payments received for swap agreements		11,395
Interest rate contracts	Unrealized appreciation on over-the-counter swaps		77,985		Unrealized depreciation on over-the-counter swaps		140,252
Interest rate contracts	—		—		Options written		205,027
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		258,093		Unrealized depreciation on forward foreign currency exchange contracts		631,080
Foreign exchange contracts	—		—		Options written		9,606
Credit contracts	Due to broker for variation margin		32,987	*	Options written		244
Credit contracts	Payments made for swap agreements		77,544		Payments received for swap agreements		295,990
Credit contracts	Unrealized appreciation on over-the-counter swaps		467,066		—		—

Total		$	1,592,496			$	2,647,021


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Asset Derivatives

Liability Derivatives

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

Balance Sheet Location

Fair
Value

Balance Sheet Location

Fair
Value

Intermediate-Term Bond

Interest rate contracts

Due to broker for variation margin

646,142

Due to broker for variation margin

603,506

Interest rate contracts

Unaffiliated investments

4,600

Options written

1,960

Interest rate contracts

Unrealized appreciation on over-the-counter swaps

—

Unrealized depreciation on over-the-counter swaps

350,196

Interest rate contracts

—

Payments received for swap agreements

12,519

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

38,481

Unrealized depreciation on forward foreign currency exchange contracts

268,847

Credit contracts

Unrealized appreciation on over-the-counter swaps

385,065

Unrealized depreciation on over-the-counter swaps

297,253

Credit contracts

Payments made for swap agreements

382,692

Payments received for swap agreements

41,513

Credit contracts

Due to broker for variation margin

7,773

Due to broker for variation margin

828,046

Total

1,464,753

2,403,840

Mortgage Backed Securities

Interest rate contracts

Due from broker for variation margin

11,387

Due from broker for variation margin

2,743

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

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


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)		Warrants(1)		Options Purchased(1)		Futures		Options Written		Swaps		Forward Currency Contracts(2)		Total
Small Capitalization Value
Equity contracts	$	—	$	—	$	—	$	650,079	$	—	$	—	$	—	$	650,079

International Equity
Foreign exchange contracts	$	—	$	—	$	—	$	—	$	—	$	—	$	429,378	$	429,378
Equity contracts		48,212		—		—		—		—		—		—		48,212

Total	$	48,212	$	—	$	—	$	—	$	—	$	—	$	429,378	$	477,590


154			The TARGET Portfolio Trust


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)		Warrants(1)		Options Purchased(1)			Futures			Options Written		Swaps			Forward Currency Contracts(2)			Total
Total Return Bond
Interest rate contracts	$	—	$	—	$	—		$	682,391		$	333,574	$	95,467		$	—		$	1,111,432
Foreign exchange contracts		—		—		—			—					—			(844,656	)		(844,656	)
Credit contracts		—		—		—			—			1,178		188,402			—			189,580

Total	$	—	$	—	$	—		$	682,391		$	334,752	$	283,869		$	(844,656	)	$	456,356

Intermediate-Term Bond
Interest rate contracts	$	—	$	—	$	—		$	(79,892	)	$	156,766		(110,809	)	$	—		$	(33,935	)
Foreign exchange contracts		—		—		—			—			—					(210,599	)		(210,599	)
Credit contracts		—		—		—			—			—		(189,906	)		—			(189,906	)

Total	$	—	$	—	$	—		$	(79,892	)	$	156,766	$	(300,715	)	$	(210,599	)	$	(434,440	)

Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	(2,492	)	$	28,929		$	—	$	—		$	—		$	26,437


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights(3)		Warrants(3)		Options Purchased(3)			Futures			Options Written		Swaps			Forward Currency Contracts(4)			Total
Small Capitalization Growth
Equity contracts	$	—	$	3,017	$	—		$	—		$	—	$	—		$	—		$	3,017

Small Capitalization Value
Equity contracts	$	—	$	—	$	—		$	(146,875	)	$	—	$	—		$	—		$	(146,875	)

International Equity
Equity contracts	$	24,823	$	—	$	—		$	—		$	—	$	—		$	—		$	24,823
Foreign exchange contracts		—		—		—			—			—		—			(317,261	)		(317,261	)

Total	$	24,823	$	—	$	—		$	—		$	—	$	—		$	(317,261	)	$	(292,438	)


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Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights(3)		Warrants(3)		Options Purchased(3)			Futures			Options Written			Swaps			Forward Currency Contracts(4)			Total
Total Return Bond
Interest rate contracts	$	—	$	—	$	—		$	(840,913	)	$	83,350		$	(886,333	)	$	—		$	(1,643,896	)
Foreign exchange contracts		—		—		—			—			1,564			—			19,066			20,630
Credit contracts		—		—		—			—			(426	)		241,972			—			241,546

Total	$	—	$	—	$	—		$	(840,913	)	$	84,488		$	(644,361	)	$	19,066		$	(1,381,720	)


Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Rights(3)		Warrants(3)		Options Purchased(3)			Futures			Options Written			Swaps			Forward Currency Contracts(4)			Total
Intermediate-Term Bond
Interest rate contracts	$	—	$	—	$	(11,808	)	$	(124,483	)	$	(8,165	)	$	(395,837	)	$	—		$	(540,293	)
Foreign exchange contracts		—		—		—			—			—			—			(23,195	)		(23,195	)
Credit contracts		—		—		—			—			—			(137,804	)		—			(137,804	)

Total	$	—	$	—	$	(11,808	)	$	(124,483	)	$	(8,165	)	$	(533,641	)	$	(23,195	)	$	(701,292	)

Mortgage Backed Securities
Interest rate contracts	$	—	$	—	$	—		$	30,430		$	—		$	—		$	—		$	30,430

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

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

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

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

For the six months ended April 30, 2014, 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	$	—	$	—	$	4,311,025	$	—	$	—
International Equity		—		—		—		—		7,023,186
Total Return Bond		—		254,358		427,933,288		—		24,788,718
Intermediate-Term Bond		10,939		66,450		63,560,459		27,014,959		7,166,151
Mortgage Backed Securities		—		—		1,574,176		3,576,674		—


156			The TARGET Portfolio Trust


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)
Small Capitalization Value	$	—	$	—	$	—	$	—
International Equity		34,630,634		—		—		—
Total Return Bond		64,445,521		98,026,014		—		38,933,333
Intermediate-Term Bond		15,413,945		47,137,282		15,574,609		8,362,135
Mortgage Backed Securities		—		—		—		—

(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.

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 invested in a highly liquid short-term money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the 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, and any 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 and losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount of debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management, that may differ from actual. 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.


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

Certain Portfolios invest 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 when the actual source of distributions is disclosed by the REITs.

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.

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


158			The TARGET Portfolio Trust

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, 2014, the sub-advisers that provide subadvisory services are:


Portfolio		Adviser
Large Capitalization Growth		Brown Advisory, LLC and Massachusetts Financial Services Company (MFS)
Large Capitalization Value		NFJ Investment Group LLC, Hotchkis and Wiley Capital Management, LLC and Epoch Investment Partners, Inc.
Small Capitalization Growth		Eagle Asset Management, Inc. and Emerald Mutual Fund Advisers Trust
Small Capitalization Value		NFJ Investment Group L.P. , EARNEST Partners, LLC, Lee Munder Capital Group LLC, J.P. Morgan Investment Management, Inc., Sterling Capital Management (effective January 21, 2014) 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

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 the 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, 2014, 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, 2015.

PIMS has advised the Trust that it received $100 in front-end sales charges resulting from sales of Small Capitalization Value Class A shares during the six months ended April 30, 2014. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to salespersons and incurred other distributions costs.

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


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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, 2014, PIM was compensated for these services by the following Portfolios of the Trust:


Portfolio	PIM
Large Capitalization Growth	$	3,145
Large Capitalization Value		2,673
Small Capitalization Growth		37,320
Small Capitalization Value		152,912
International Equity		4,066

Certain Portfolios invest in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as affiliated dividend income.

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, 2014, were as follows:


Portfolio	Purchases		Sales
Large Capitalization Growth . . .	$	40,240,561	$	44,913,344
Large Capitalization Value . . .		39,965,716		44,918,885
Small Capitalization Growth		84,153,801		78,870,527
Small Capitalization Value . . .		722,723,329		581,719,889
International Equity . . .		93,835,792		62,504,449
Total Return Bond . . .		1,282,378,532		1,337,194,724
Intermediate-Term Bond		40,808,532		58,983,242
Mortgage Backed Securities		278,234,403		278,600,081

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


Intermediate-Term Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2013		20,400		$	76,659
Written options		205,000			111,938
Expired options		(39,000	)		(156,771	)
Closed options		—			—

Options outstanding at April 30, 2014		186,400		$	31,826


160			The TARGET Portfolio Trust


Total Return Bond	Notional Amount (000)			Premium Received
Options outstanding at October 31, 2013		55,100		$	108,799
Written options		106,980			565,569
Expired options		(100,980	)		(334,145	)
Closed options		(400	)		(660	)

Options outstanding at April 30, 2014		60,700		$	339,563

Note 5. Tax Information

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


	Tax Basis		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Large Capitalization Growth	$	213,546,479	$	74,438,412	$	(1,949,391	)	$	72,489,021
Large Capitalization Value		230,007,399		69,933,946		(1,539,616	)		68,394,330
Small Capitalization Growth		126,649,552		32,673,152		(5,677,791	)		26,995,361
Small Capitalization Value		1,682,332,171		439,365,351		(39,182,078	)		400,183,273
International Equity		407,773,093		91,914,478		(18,580,475	)		73,334,003
Total Return Bond		468,390,139		9,036,100		(2,142,275	)		6,893,825
Intermediate-Term Bond		124,826,250		1,970,728		(1,811,970	)		158,758
Mortgage Backed Securities		76,920,231		813,665		(156,659	)		657,006

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales and other book to tax differences. The other cost basis adjustments were primarily attributable to appreciation (depreciation) on written options, futures, swaps, short sales, forward currency contracts and mark-to-market of receivables and payables.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Portfolios are permitted to carryforward capital losses incurred in the year ended October 31, 2012 and October 31, 2013 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before October 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


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As of October 31, 2013, the pre and post-enactment losses were approximately:


Post-Enactment Losses:
Total Return Bond	$	2,695,000
Mortgage Backed Securities		692,000
Pre-Enactment Losses:


	Expiring October 31,
	2014		2015		2016		2017		2018		2019		Total
Large Capitalization Value	$	—	$	—	$	—	$	47,132,000	$	221,000	$	—	$	47,353,000
Small Capitalization Growth		—		—		—		16,815,000		—		—		16,815,000
International Equity		—		—		—		26,195,000		—		2,738,000		28,933,000
Mortgage Backed Securities		807,000		900,000		531,000		958,000		—		—		3,196,000

The Large Capitalization Growth and Small Capitalization Growth Portfolios elected to treat certain late-year ordinary income losses of approximately $600,000 and $501,000 as having been incurred in the following fiscal year (October 31, 2014).

Management has analyzed the Portfolios’ 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 Portfolios’ financial statements for the current reporting period. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The 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
Six Months Ended April 30, 2014:
Sold		1,298,355		$	24,838,765			131,096		$	2,522,649
Reinvested		500,784			9,234,451			239,310			4,472,698
Redeemed		(1,086,938	)		(20,755,922	)		(412,967	)		(8,011,079	)

Net Increase (Decrease) in Shares Outstanding		712,201		$	13,317,294			(42,561	)	$	(1,015,732	)

Year Ended October 31, 2013:
Sold		2,704,253		$	44,964,560			382,770		$	6,469,263
Reinvested		18,401			274,592			35,371			534,428
Redeemed		(2,263,017	)		(38,103,116	)		(1,125,910	)		(18,707,178	)

Net Increase (Decrease) in Shares Outstanding		459,637		$	7,136,036			(707,769	)	$	(11,703,487	)


162			The TARGET Portfolio Trust


	Class R						Class T
	Shares			Amount			Shares			Amount
Large Capitalization Value
Six Months Ended April 30, 2014:
Sold		1,705,671		$	25,013,870			155,223		$	2,256,465
Reinvested		137,860			1,990,700			93,326			1,350,425
Redeemed		(1,508,634	)		(22,224,907	)		(558,587	)		(8,196,130	)

Net Increase (Decrease) in Shares Outstanding		334,897		$	4,779,663			(310,038	)	$	(4,589,240	)

Year Ended October 31, 2013:
Sold		3,508,690		$	43,966,355			466,834		$	5,844,844
Reinvested		182,029			2,007,775			135,889			1,500,210
Redeemed		(3,252,888	)		(40,693,776	)		(1,649,737	)		(20,321,724	)

Net Increase (Decrease) in Shares Outstanding		437,831		$	5,280,354			(1,047,014	)	$	(12,976,670	)

Small Capitalization Growth
Six Months Ended April 30, 2014:
Sold		935,827		$	14,993,597			133,989		$	2,226,735
Redeemed		(550,690	)		(8,837,875	)		(252,827	)		(4,217,147	)

Net Increase (Decrease) in Shares Outstanding		385,137		$	6,155,722			(118,838	)	$	(1,990,412	)

Year Ended October 31, 2013:
Sold		1,853,306		$	25,101,360			390,056		$	5,363,019
Redeemed		(1,683,289	)		(23,198,872	)		(730,252	)		(10,090,991	)

Net Increase (Decrease) in Shares Outstanding		170,017		$	1,902,488			(340,196	)	$	(4,727,972	)



	Class A*				Class R						Class T
	Shares		Amount		Shares			Amount			Shares			Amount
Small Capitalization Value
Six Months Ended April 30, 2014:
Sold		471	$	12,400		1,257,431		$	33,592,277			9,974,676		$	269,367,487
Reinvested		—		—		356,699			9,217,111			4,591,367			119,191,890
Redeemed		—		—		(577,706	)		(15,367,212	)		(5,808,079	)		(156,468,792	)

Net Increase (Decrease) in Shares Outstanding		471	$	12,400		1,036,424		$	27,442,176			8,757,964		$	232,090,585

Year Ended October 31, 2013:
Sold		—	$	—		1,560,059		$	37,559,057			16,009,439		$	383,451,472
Reinvested		—		—		152,585			3,180,695			1,961,190			41,058,043
Redeemed		—		—		(1,362,581	)		(32,425,818	)		(9,886,028	)		(236,515,046	)

Net Increase (Decrease) in Shares Outstanding		—	$	—		350,063		$	8,313,934			8,084,601		$	187,994,469

*	Commencement of operations was February 14, 2014. As of April 30, 2014, Prudential Financial, Inc. through its affiliates owned 381 Class A shares.


The TARGET Portfolio Trust			163


	Class Q						Class R						Class T
	Shares			Amount			Shares			Amount			Shares			Amount
International Equity
Six Months Ended April 30, 2014:
Sold		909,248		$	12,405,235			3,459,712		$	47,109,705			189,903		$	2,593,315
Reinvested		215,537			2,853,716			221,896			2,935,682			89,913			1,190,446
Redeemed		(195,030	)		(2,652,786	)		(1,591,186	)		(21,691,841	)		(377,125	)		(5,130,927	)

Net Increase (Decrease) in Shares Outstanding		929,755		$	12,606,165			2,090,422		$	28,353,546			(97,309	)	$	(1,347,166	)

Year Ended October 31, 2013:
Sold		1,344,682		$	16,686,727			6,394,524		$	79,080,586			540,350		$	6,640,099
Reinvested		263,373			3,065,660			258,463			3,008,506			129,618			1,508,753
Redeemed		(1,308,008	)		(16,441,113	)		(4,031,434	)		(50,251,263	)		(1,447,300	)		(17,646,081	)

Net Increase (Decrease) in Shares Outstanding		300,047		$	3,311,274			2,621,553		$	31,837,829			(777,332	)	$	(9,497,229	)

Total Return Bond
Six months ended April 30, 2014:
Sold								3,930,170		$	42,693,395			1,296,301		$	14,165,512
Reinvested								137,009			1,484,256			144,849			1,583,560
Redeemed								(2,249,659	)		(24,461,771	)		(3,949,884	)		(43,275,322	)

Net Increase (Decrease) in Shares Outstanding								1,817,520		$	19,715,880			(2,508,734	)	$	(27,526,250	)

Year Ended October 31, 2013:
Sold								8,477,418		$	93,840,129			4,437,394		$	49,982,651
Reinvested								572,923			6,420,983			879,544			9,928,680
Redeemed								(4,674,691	)		(51,655,857	)		(10,705,223	)		(118,442,308	)

Net Increase (Decrease) in Shares Outstanding								4,375,650		$	48,605,255			(5,388,285	)	$	(58,530,977	)


	Class T
	Shares			Amount
Intermediate-Term Bond
Six Months Ended April 30, 2014:
Sold		1,653,996		$	16,789,953
Reinvested		258,325			2,613,004
Redeemed		(2,180,812	)		(22,142,281	)

Net Increase (Decrease) in Shares Outstanding		(268,491	)	$	(2,739,324	)

Year Ended October 31, 2013:
Sold		2,423,486		$	25,377,628
Reinvested		530,434			5,608,463
Redeemed		(5,738,289	)		(60,255,240	)

Net Increase (Decrease) in Shares Outstanding		(2,784,369	)	$	(29,269,149	)


164			The TARGET Portfolio Trust


	Class T
	Shares			Amount
Mortgage Backed Securities
Six Months Ended April 30, 2014:
Sold		437,881		$	4,577,516
Reinvested		21,305			222,918
Redeemed		(433,882	)		(4,538,144	)

Net Increase (Decrease) in Shares Outstanding		25,304		$	262,290

Year Ended October 31, 2013:
Sold		1,119,386		$	11,870,969
Reinvested		83,488			885,344
Redeemed		(1,208,287	)		(12,767,380	)

Net Increase (Decrease) in Shares Outstanding		(5,413	)	$	(11,067	)

Note 7. Borrowings

The Trust, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of .08% of the unused portion of the SCA. Prior to November 5, 2013, the Funds had another SCA with substantially similar terms. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The following Portfolios utilized the line of credit during the six months ended April 30, 2014. 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, 2014
Large Capitalization Growth	$	538,000		1.42	%		6	$	—
Large Capitalization Value		352,000		1.42	%		7		—
Small Capitalization Growth		410,000		1.42	%		2		—


The TARGET Portfolio Trust			165

Financial Highlights (Unaudited)


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	19.10		$	14.70		$	13.56		$	12.76		$	10.85		$	10.11
Income (loss) from investment operations
Net investment income (loss)		(.04	)		(.03	)		(.01	)		(.01	)		(.01	)		.05
Net realized and unrealized gain on investments		.71			4.46			1.15			.81			1.96			.76
Total from investment operations		.67			4.43			1.14			.80			1.95			.81
Less dividends and distributions
Dividends from net investment income		—			(.03	)		—			—			(.04	)		(.07	)
Distributions from realized gains		(.98	)		—			—			—			—			—
Total dividends and distributions		(.98	)		(.03	)		—			—			(.04	)		(.07	)
Net asset value, end of period	$	18.79		$	19.10		$	14.70		$	13.56		$	12.76		$	10.85

TOTAL RETURN(a)		3.63	%		30.20	%		8.41	%		6.27	%		17.99	%		8.13	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	186,690		$	176,200		$	128,828		$	112,255		$	99,676		$	70,097
Average net assets (000)	$	184,529		$	152,695		$	121,998		$	109,325		$	84,636		$	54,036
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.29	%(d)		1.31	%		1.32	%		1.34	%		1.33	%		1.36	%
Expenses before waivers and/or expense reimbursements		1.54	%(d)		1.56	%		1.57	%		1.59	%		1.58	%		1.61	%
Net investment income (loss)		(.46	)%(d)		(.22	)%		(.07	)%		(.08	)%		(.08	)%		.28	%
Portfolio turnover rate		15	%(e)		92	%		70	%		97	%		171	%		243	%

(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 period less than one full year are not annualized.

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


166			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	LARGE CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	19.33		$	14.87		$	13.70		$	12.86		$	10.93		$	10.19
Income (loss) from investment operations
Net investment income		—	(f)		.09			.06			.06			.05			.10
Net realized and unrealized gain on investments		.72			4.47			1.16			.82			1.97			.76
Total from investment operations		.72			4.56			1.22			.88			2.02			.86
Less dividends and distributions
Dividends from net investment income		—			(.10	)		(.05	)		(.04	)		(.09	)		(.12	)
Distributions from realized gains		(.98	)		—			—			—			—			—
Total dividends and distributions		(.98	)		(.10	)		(.05	)		(.04	)		(.09	)		(.12	)
Net asset value, end of period	$	19.07		$	19.33		$	14.87		$	13.70		$	12.86		$	10.93

TOTAL RETURN(a)		3.85	%		30.89	%		8.92	%		6.83	%		18.55	%		8.64	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	90,151		$	92,189		$	81,456		$	92,149		$	110,550		$	124,122
Average net assets (000)	$	93,100		$	85,289		$	87,434		$	102,690		$	116,806		$	123,629
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.79	%(d)		.81	%		.82	%		.84	%		.83	%		.86	%
Expenses before waivers and/or expense reimbursements		.79	%(d)		.81	%		.82	%		.84	%		.83	%		.86	%
Net investment income		.04	%(d)		.32	%		.44	%		.44	%		.45	%		.84	%
Portfolio turnover rate		15	%(e)		92	%		70	%		97	%		171	%		243	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

(f)	Less than $.005.

See Notes to Financial Statements.


The TARGET Portfolio Trust			167

Financial Highlights (Unaudited) (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class R
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.15		$	11.06		$	9.92		$	9.73		$	8.79		$	8.78
Income (loss) from investment operations
Net investment income		.16			.16			.16			.13			.11			.15
Net realized and unrealized gain on investments		1.04			3.10			1.13			.18			.98			.13
Total from investment operations		1.20			3.26			1.29			.31			1.09			.28
Less dividends from net investment income		(.16	)		(.17	)		(.15	)		(.12	)		(.15	)		(.27	)
Net asset value, end of period	$	15.19		$	14.15		$	11.06		$	9.92		$	9.73		$	8.79

TOTAL RETURN(a)		8.53	%		29.86	%		13.23	%		3.19	%		12.45	%		3.59	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	193,587		$	175,554		$	132,434		$	113,434		$	97,308		$	70,291
Average net assets (000)	$	184,897		$	153,243		$	121,917		$	108,407		$	84,613		$	53,491
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.29	%(d)		1.30	%		1.31	%		1.33	%		1.31	%		1.33	%
Expenses before waivers and/or expense reimbursements		1.54	%(d)		1.55	%		1.56	%		1.58	%		1.56	%		1.58	%
Net investment income		2.18	%(d)		1.25	%		1.53	%		1.30	%		1.21	%		1.96	%
Portfolio turnover rate		15	%(e)		37	%		75	%		43	%		32	%		104	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


168			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	LARGE CAPITALIZATION VALUE PORTFOLIO
	Class T
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.23		$	11.12		$	9.97		$	9.78		$	8.83		$	8.82
Income (loss) from investment operations
Net investment income		.20			.22			.21			.18			.16			.20
Net realized and unrealized gain on investments		1.04			3.11			1.14			.18			.98			.12
Total from investment operations		1.24			3.33			1.35			.36			1.14			.32
Less dividends from net investment income		(.22	)		(.22	)		(.20	)		(.17	)		(.19	)		(.31	)
Net asset value, end of period	$	15.25		$	14.23		$	11.12		$	9.97		$	9.78		$	8.83

TOTAL RETURN(a)		8.83	%		30.48	%		13.86	%		3.62	%		13.00	%		4.15	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	90,739		$	89,086		$	81,281		$	87,171		$	109,097		$	128,187
Average net assets (000)	$	90,083		$	84,172		$	84,322		$	99,621		$	119,520		$	129,379
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.79	%(d)		.80	%		.81	%		.83	%		.81	%		.83	%
Expenses before waivers and/or expense reimbursements		.79	%(d)		.80	%		.81	%		.83	%		.81	%		.83	%
Net investment income		2.68	%(d)		1.77	%		2.03	%		1.80	%		1.74	%		2.64	%
Portfolio turnover rate		15	%(e)		37	%		75	%		43	%		32	%		104	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			169

Financial Highlights (Unaudited) (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class R
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.42		$	11.56		$	10.97		$	9.66		$	7.71		$	7.17
Income (loss) from investment operations
Net investment loss		(.05	)		(.04	)		(.09	)		(.07	)		(.05	)		(.04	)
Net realized and unrealized gain (loss) on investments		(.06	)		3.90			.68			1.38			2.00			.58
Total from investment operations		(.11	)		3.86			.59			1.31			1.95			.54
Capital contributions		—			—			—			—			—	(c)		—
Net asset value, end of period	$	15.31		$	15.42		$	11.56		$	10.97		$	9.66		$	7.71

TOTAL RETURN(a)		(.71	)%		33.39	%		5.38	%		13.56	%		25.29	%		7.53	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	91,604		$	86,336		$	62,731		$	52,325		$	41,025		$	28,129
Average net assets (000)	$	92,946		$	75,602		$	57,399		$	47,547		$	35,238		$	22,037
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		1.36	%(d)		1.38	%		1.42	%		1.44	%		1.46	%		1.52	%
Expenses before waivers and/or expense reimbursements		1.61	%(d)		1.63	%		1.67	%		1.69	%		1.71	%		1.77	%
Net investment loss		(.84	)%(d)		(.35	)%		(.93	)%		(.80	)%		(.72	)%		(.77	)%
Portfolio turnover rate		59	%(e)		50	%		71	%		92	%		64	%		92	%

(a)

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

(c)	Less than $0.005 per share.

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


170			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	SMALL CAPITALIZATION GROWTH PORTFOLIO
	Class T
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.96		$	11.90		$	11.24		$	9.84		$	7.82		$	7.25
Income (loss) from investment operations
Net investment income (loss)		(.02	)		.03			(.04	)		(.02	)		(.01	)		(.02	)
Net realized and unrealized gain (loss) on investments		(.06	)		4.03			.70			1.42			2.03			.60
Total from investment operations		(.08	)		4.06			.66			1.40			2.02			.58
Less dividends from net investment income		—			—			—			—			—			(.01	)
Capital contributions		—			—			—			—			—	(c)		—
Net asset value, end of period	$	15.88		$	15.96		$	11.90		$	11.24		$	9.84		$	7.82

TOTAL RETURN(a)		(.50	)%		34.12	%		5.87	%		14.23	%		25.83	%		8.06	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	42,239		$	44,341		$	37,110		$	43,838		$	51,777		$	52,671
Average net assets (000)	$	45,393		$	41,144		$	40,486		$	50,339		$	53,128		$	51,109
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		.86	%(d)		.88	%		.92	%		.94	%		.96	%		1.02	%
Expenses before waivers and/or expense reimbursements		.86	%(d)		.88	%		.92	%		.94	%		.96	%		1.02	%
Net investment income (loss)		(.33	)%(d)		.17	%		(.44	)%		(.29	)%		(.18	)%		(.26	)%
Portfolio turnover rate		59	%(e)		50	%		71	%		92	%		64	%		92	%

(a)

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

(c)	Less than $0.005 per share.

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			171

Financial Highlights (Unaudited) (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class A
	February 14, 2014(d) through April 30, 2014(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	26.26
Income (loss) from investment operations
Net investment income		.05
Net realized and unrealized gain on investments		.49
Total from investment operations		.54
Net asset value, end of period	$	26.80

TOTAL RETURN(a)		2.06	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	13
Average net assets (000)	$	10
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.92	%(e)
Expenses before waivers and/or expense reimbursements		.97	%(e)
Net investment income		.91	%(e)
Portfolio turnover rate		32	%(f)

(a)

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

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

(d)	Commencement of operations.

(e)	Annualized.

(f)	Not Annualized.

See Notes to Financial Statements.


172			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class R
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	27.48		$	21.21		$	20.17		$	18.80		$	15.41		$	14.10
Income (loss) from investment operations
Net investment income		.09			.20			.19			.11			.10			.13
Net realized and unrealized gain on investments		1.12			6.87			1.65			1.35			3.41			1.42
Total from investment operations		1.21			7.07			1.84			1.46			3.51			1.55
Less dividends and distributions
Dividends from net investment income		(.15	)		(.19	)		(.14	)		(.09	)		(.12	)		(.16	)
Distributions from net realized gains		(1.91	)		(.61	)		(.66	)		—			—			(.08	)
Total dividends and distributions		(2.06	)		(.80	)		(.80	)		(.09	)		(.12	)		(.24	)
Net asset value, end of period	$	26.63		$	27.48		$	21.21		$	20.17		$	18.80		$	15.41

TOTAL RETURN(a)		4.64	%		34.55	%		9.51	%		7.75	%		22.93	%		11.37	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	142,990		$	119,047		$	84,483		$	69,790		$	52,587		$	33,574
Average net assets (000)	$	127,971		$	99,668		$	76,205		$	63,352		$	43,680		$	26,425
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.17	%(d)		1.17	%		1.18	%		1.21	%		1.26	%		1.30	%
Expenses before waivers and/or expense reimbursements		1.42	%(d)		1.42	%		1.43	%		1.46	%		1.51	%		1.55	%
Net investment income		.65	%(e)		.83	%		.92	%		.55	%		.57	%		.96	%
Portfolio turnover rate		32	%(e)		40	%		37	%		44	%		33	%		48	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			173

Financial Highlights (Unaudited) (continued)


	SMALL CAPITALIZATION VALUE PORTFOLIO
	Class T
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	27.71		$	21.39		$	20.33		$	18.95		$	15.51		$	14.21
Income (loss) from investment operations
Net investment income		.15			.32			.29			.22			.19			.20
Net realized and unrealized gain on investments		1.15			6.91			1.67			1.34			3.45			1.41
Total from investment operations		1.30			7.23			1.96			1.56			3.64			1.61
Less dividends and distributions
Dividends from net investment income		(.28	)		(.30	)		(.24	)		(.18	)		(.20	)		(.23	)
Distributions from net realized gains		(1.91	)		(.61	)		(.66	)		—			—			(.08	)
Total dividends and distributions		(2.19	)		(.91	)		(.90	)		(.18	)		(.20	)		(.31	)
Net asset value, end of period	$	26.82		$	27.71		$	21.39		$	20.33		$	18.95		$	15.51

TOTAL RETURN(a)		4.91	%		35.16	%		10.11	%		8.22	%		23.64	%		11.82	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	1,805,048		$	1,622,779		$	1,079,475		$	890,245		$	800,761		$	538,202
Average net assets (000)	$	1,752,820		$	1,342,995		$	1,000,086		$	872,587		$	674,452		$	439,058
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.67	%(d)		.67	%		.68	%		.71	%		.76	%		.80	%
Expenses before waivers and/or expense reimbursements		.67	%(d)		.67	%		.68	%		.71	%		.76	%		.80	%
Net investment income		1.16	%(d)		1.32	%		1.42	%		1.06	%		1.07	%		1.46	%
Portfolio turnover rate		32	%(e)		40	%		37	%		44	%		33	%		48	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


174			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class Q
	Six Months Ended April 30, 2014(e)			Year Ended October 31,						March 1, 2011(b), through October 31, 2011(e)
	Six Months Ended April 30, 2014(e)			2013(e)			2012(e)			March 1, 2011(b), through October 31, 2011(e)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.77		$	11.42		$	11.10		$	12.56
Income (loss) from investment operations
Net investment income		.16			.27			.27			.26
Net realized and unrealized gain (loss) on investments		.25			2.37			.32			(1.72	)
Total from investment operations		.41			2.64			.59			(1.46	)
Less dividends from net investment income		(.26	)		(.29	)		(.27	)		—
Net asset value, end of period	$	13.92		$	13.77		$	11.42		$	11.10

TOTAL RETURN(a)		3.07	%		23.57	%		5.60	%		(11.62	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	164,044		$	149,490		$	120,574		$	108,378
Average net assets (000)	$	154,833		$	135,226		$	110,908		$	94,827
Ratios to average net assets(f)
Expenses after waivers and/or expense reimbursements		.81	%(c)		.82	%		.84	%		.87	%(c)
Expenses before waivers and/or expense reimbursements		.81	%(c)		.82	%		.84	%		.87	%(c)
Net investment income		2.31	%(c)		2.15	%		2.51	%		3.21	%(c)
Portfolio turnover rate		14	%(d)		26	%		16	%		19	%(d)

(a)

(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.


The TARGET Portfolio Trust			175

Financial Highlights (Unaudited) (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class R
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.69		$	11.36		$	11.02		$	11.84		$	10.78		$	8.99
Income (loss) from investment operations
Net investment income		.12			.19			.21			.22			.14			.13
Net realized and unrealized gain (loss) on investments		.24			2.36			.32			(.90	)		1.00			2.08
Total from investment operations		.36			2.55			.53			(.68	)		1.14			2.21
Less dividends from net investment income		(.18	)		(.22	)		(.19	)		(.14	)		(.11	)		(.42	)
Capital Contributions		—			—			—			—			.03			—
Net asset value, end of period	$	13.87		$	13.69		$	11.36		$	11.02		$	11.84		$	10.78

TOTAL RETURN(a)		2.71	%		22.83	%		5.01	%		(5.84	)%		10.93	%		26.13	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	247,146		$	215,215		$	148,857		$	108,715		$	79,234		$	57,184
Average net assets (000)	$	228,552		$	179,681		$	125,953		$	93,879		$	68,032		$	43,233
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.41	%(d)		1.44	%		1.45	%		1.48	%		1.54	%		1.51	%
Expenses before waivers and/or expense reimbursements		1.66	%(d)		1.69	%		1.70	%		1.73	%		1.79	%		1.76	%
Net investment income		1.74	%(d)		1.53	%		1.91	%		1.87	%		1.29	%		1.46	%
Portfolio turnover rate		14	%(e)		26	%		16	%		19	%		41	%		38	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


176			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	INTERNATIONAL EQUITY PORTFOLIO
	Class T
	Six Months Ended April 30, 2014(b)			Year Ended October 31,
	Six Months Ended April 30, 2014(b)			2013(b)			2012(b)			2011(b)			2010(b)			2009(b)

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	13.75		$	11.41		$	11.08		$	11.90		$	10.83		$	9.03
Income (loss) from investment operations
Net investment income		.15			.25			.26			.30			.19			.17
Net realized and unrealized gain (loss) on investments		.26			2.37			.32			(.93	)		1.01			2.10
Total from investment operations		.41			2.62			.58			(.63	)		1.20			2.27
Less dividends from net investment income		(.25	)		(.28	)		(.25	)		(.19	)		(.16	)		(.47	)
Capital Contributions		—			—			—			—			.03			—
Net asset value, end of period	$	13.91		$	13.75		$	11.41		$	11.08		$	11.90		$	10.83

TOTAL RETURN(a)		3.04	%		23.39	%		5.52	%		(5.36	)%		11.45	%		26.84	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	67,614		$	68,194		$	65,450		$	74,592		$	98,978		$	119,006
Average net assets (000)	$	67,193		$	65,268		$	67,572		$	112,082		$	106,108		$	110,053
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.91	%(d)		.94	%		.95	%		.98	%		1.04	%		1.01	%
Expenses before waivers and/or expense reimbursements		.91	%(d)		.94	%		.95	%		.98	%		1.04	%		1.01	%
Net investment income		2.15	%(d)		2.02	%		2.39	%		2.47	%		1.75	%		1.94	%
Portfolio turnover rate		14	%(e)		26	%		16	%		19	%		41	%		38	%

(a)

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

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

(d)	Annualized.

(e)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			177

Financial Highlights (Unaudited) (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class R
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2010

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year	$	10.92		$	11.51		$	10.94		$	11.34		$	10.93		$	9.86
Income (loss) from investment operations
Net investment income		.04			.12			.21			.26			.30			.42
Net realized and unrealized gain (loss) on investments		.04			(.33	)		.59			(.03	)		.68			1.82
Total from investment operations		.08			(.21	)		.80			.23			.98			2.24
Less dividends and distributions
Dividends from net investment income		(.07	)		(.17	)		(.23	)		(.27	)		(.30	)		(.62	)
Distributions from net realized gains		—			(.21	)		—			(.36	)		(.27	)		(.55	)
Total dividends and distributions		(.07	)		(.38	)		(.23	)		(.63	)		(.57	)		(1.17	)
Capital Contributions(b)		—			—			—			—			—	(f)		—
Net asset value, end of period	$	10.93		$	10.92		$	11.51		$	10.94		$	11.34		$	10.93

TOTAL RETURN(a)		.74	%		(1.86	)%		7.42	%		2.24	%		9.33	%		24.57	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	239,902		$	219,719		$	181,334		$	127,837		$	102,992		$	71,457
Average net assets (000)	$	229,753		$	198,973		$	154,728		$	117,927		$	86,806		$	56,103
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		1.15	%(g)		1.14	%		1.13	%		1.15	%		1.17	%		1.32	%(d)
Expenses before waivers and/or expense reimbursements		1.40	%(g)		1.39	%		1.38	%		1.40	%		1.42	%		1.57	%(e)
Net investment income		.77	%(g)		1.09	%		1.92	%		2.50	%		2.79	%		4.20	%
Portfolio turnover rate		532	%(h)		500	%		308	%		243	%		369	%		657	%

(a)

(b)

The Portfolio received payments related to an unaffiliated-third party’s settlement of regulatory proceeds involving allegations of improper trading in Portfolio shares during the fiscal year ended October 31, 2010. The Portfolio was not involved in the proceedings or in the calculation of the amount of the settlement.

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

(d)	The annualized expense ratio without interest expense would have been 1.30% for the year ended October 31, 2009.

(e)	The annualized expense ratio without interest expense would have been 1.55% for the year ended October 31, 2009.

(f)	Less than $0.005 per share.

(g)	Annualized.

(h)	Not Annualized.

See Notes to Financial Statements.


178			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	TOTAL RETURN BOND PORTFOLIO
	Class T
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	11.00		$	11.60		$	11.02		$	11.42		$	11.01		$	9.93
Income (loss) from investment operations
Net investment income		.07			.18			.28			.33			.36			.47
Net realized and unrealized gain (loss) on investments		.04			(.35	)		.59			(.04	)		.68			1.84
Total from investment operations		.11			(.17	)		.87			.29			1.04			2.31
Less dividends and distributions
Dividends from net investment income		(.10	)		(.22	)		(.29	)		(.33	)		(.36	)		(.68	)
Distributions from net realized gains		—			(.21	)		—			(.36	)		(.27	)		(.55	)
Total dividends and distributions		(.10	)		(.43	)		(.29	)		(.69	)		(.63	)		(1.23	)
Capital Contributions(e)		—			—			—			—			—	(d)		—
Net asset value, end of period	$	11.01		$	11.00		$	11.60		$	11.02		$	11.42		$	11.01

TOTAL RETURN(a)		.99	%		(1.43	)%		8.01	%		2.76	%		9.82	%		25.15	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	166,624		$	193,978		$	267,095		$	254,598		$	266,960		$	217,784
Average net assets (000)	$	178,918		$	246,978		$	260,059		$	249,230		$	242,590		$	198,247
Ratios to average net assets(b)
Expenses after waivers and/or expense reimbursements		.65	%(f)		.64	%		.63	%		.65	%		.67	%		.82	%(c)
Expenses before waivers and/or expense reimbursements		.65	%(f)		.64	%		.63	%		.65	%		.67	%		.82	%(c)
Net investment income		1.26	%(f)		1.59	%		2.46	%		2.99	%		3.28	%		4.71	%
Portfolio turnover rate		532	%(g)		500	%		308	%		243	%		369	%		657	%

(a)

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

(c)	The annualized expense ratio without interest expense would have been .80% for the year ended October 31, 2009.

(d)	Less than $0.005 per share.

(e)

(f)	Annualized.

(g)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			179

Financial Highlights (Unaudited) (continued)


	INTERMEDIATE-TERM BOND PORTFOLIO
	Class T
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.30		$	10.85		$	10.50		$	10.96		$	10.85		$	10.27
Income (loss) from investment operations
Net investment income		.11			.25			.27			.27			.27			.36
Net realized and unrealized gain (loss) on investments		(.07	)		(.40	)		.56			—	(b)		.66			1.27
Total from investment operations		.04			(.15	)		.83			.27			.93			1.63
Less dividends and distributions
Dividends from net investment income		(.15	)		(.22	)		(.42	)		(.36	)		(.28	)		(.42	)
Distributions from net realized gains		(.06	)		(.18	)		(.06	)		(.37	)		(.54	)		(.63	)
Total dividends and distributions		(.21	)		(.40	)		(.48	)		(.73	)		(.82	)		(1.05	)
Capital Contributions(e)		—			—			—			—			—	(b)		—
Net asset value, end of period	$	10.13		$	10.30		$	10.85		$	10.50		$	10.96		$	10.85

TOTAL RETURN(a)		.32	%		(1.41	)%		8.13	%		2.70	%		9.07	%		17.01	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	127,020		$	131,981		$	169,193		$	182,371		$	248,817		$	245,517
Average net assets (000)	$	128,589		$	149,452		$	177,149		$	210,348		$	247,716		$	218,911
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.78	%(f)		.71	%		.66	%		.66	%		.66	%(d)		.74	%(d)
Expenses before waivers and/or expense reimbursements		.78	%(f)		.71	%		.66	%		.66	%		.66	%(d)		.74	%(d)
Net investment income		2.14	%(f)		2.33	%		2.50	%		2.61	%		2.53	%		3.47	%
Portfolio turnover rate		182	%(g)		193	%		175	%		392	%		938	%		527	%

(a)

(b)	Less than $0.005 per share.

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

(d)	The annualized expense ratio without interest expense would have been .64% and .69%, respectively, for the years ended October 31, 2010 and 2009.

(e)

(f)	Annualized.

(g)	Not Annualized.

See Notes to Financial Statements.


180			The TARGET Portfolio Trust

Financial Highlights (Unaudited) (continued)


	MORTGAGE BACKED SECURITIES PORTFOLIO
	Class T
	Six Months Ended April 30, 2014			Year Ended October 31,
	Six Months Ended April 30, 2014			2013			2012			2011			2010			2009

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.50		$	10.83		$	10.68		$	10.60		$	9.96		$	9.26
Income (loss) from investment operations
Net investment income		.04			.15			.29			.49			.54			.70
Net realized and unrealized gain (loss) on investments		.11			(.26	)		.20			.05			.64			.74
Total from investment operations		.15			(.11	)		.49			.54			1.18			1.44
Less dividends from net investment income		(.06	)		(.22	)		(.34	)		(.46	)		(.54	)		(.74	)
Net asset value, end of period	$	10.59		$	10.50		$	10.83		$	10.68		$	10.60		$	9.96

TOTAL RETURN(a)		1.40	%		(.97	)%		4.64	%		5.26	%		12.13	%		16.20	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	42,853		$	42,218		$	43,605		$	35,281		$	36,157		$	41,112
Average net assets (000)	$	42,308		$	43,290		$	42,171		$	34,208		$	38,594		$	44,081
Ratios to average net assets(c)
Expenses after waivers and/or expense reimbursements		.97	%(e)		.93	%		.93	%		1.03	%		.88	%(b)		1.07	%(b)
Expenses before waivers and/or expense reimbursements		.97	%(e)		.93	%		.93	%		1.03	%		.88	%(b)		1.07	%(b)
Net investment income		.83	%(e)		1.39	%		2.70	%		4.65	%		5.23	%		7.35	%
Portfolio turnover rate(d)		582	%(f)		990	%		847	%		670	%		646	%		425	%

(a)

(b)	The annualized expense ratio without interest expense would have been .87% and .79%, respectively, for the years ended October 31, 2010 and 2009.

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

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

(e)	Annualized.

(f)	Not Annualized.

See Notes to Financial Statements.


The TARGET Portfolio Trust			181

Board Approval of a New Subadvisory Agreement: Target Small Capitalization Value Portfolio

The Board of Trustees (the Board) of the Target Portfolio Trust (the Trust) consists of twelve (12) individuals, ten (10) of whom are Independent Trustees. The Target Small Capitalization Value Portfolio (the Portfolio) is a series of the Trust. The Board is responsible for the oversight of the Portfolio and its 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).

As required by the 1940 Act, at an in-person meeting of the Board held on December 3-5, 2013, the Board, including all of the Independent Trustees, considered and approved a new subadvisory agreement with Sterling Capital Management LLC (Sterling or the Subadviser), which would serve as a sixth subadviser for the Portfolio to complement EARNEST Partners, LLC, J.P. Morgan Investment Management, Inc., Lee Munder Capital Group LLC, NFJ Investment Group LLC and Vaughan Nelson Investment Management, L.P., the current subadvisers 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 Prudential Investments LLC (the Manager) to the Subadviser 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 the Subadviser at or in advance of the meetings on December 3-5, 2013. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreement.

The Trustees determined that the overall arrangements between the Manager and the Subadviser, which will serve as a subadviser to the Portfolio pursuant to the terms of a subadvisory agreement, are in the best interests of the Portfolio and its shareholders in light of the services to be performed and the fees to be charged under the 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 agreement are separately discussed below.

The TARGET Portfolio Trust

Board Approval of a New Subadvisory Agreement: Target Small Capitalization Value Portfolio (continued)

Nature, Quality and Extent of Services

The Board noted that it had received and considered information regarding the nature and extent of services currently provided to the Portfolio by EARNEST Partners, J.P. Morgan, Lee Munder, NFJ and Vaughan Nelson under the current subadvisory agreements at the meetings on June 5-7, 2013. The Board also noted that the nature and extent of services that would be provided by Sterling under the new subadvisory agreement were identical in all material respects to those provided by the current subadvisers.

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

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 Sterling and that there was a reasonable basis on which to conclude that the Portfolio would benefit from the additional subadvisory services to be provided by Sterling under the new subadvisory agreement.

Performance of the Portfolio

The Board considered the performance of other accounts managed by Sterling 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 Sterling in the proposed strategy.

Investment Subadvisory Fee Rates

The Board considered the proposed subadvisory fee rate of 0.40% of all assets subadvised by Sterling that would be payable by the Manager to Sterling under the proposed new subadvisory agreement. The Board also considered, among other things, the fee rates payable to Sterling by other funds with investment objectives and strategies similar to those of the Portfolio. The Board concluded that the proposed subadvisory fee rate was reasonable.

The TARGET Portfolio Trust

Subadviser’s Profitability

Because the engagement of Sterling 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 the level of profitability of a subadviser not affiliated with the Manager, such as Sterling, may not be as significant as the Manager’s profitability given the arm’s-length nature of the process by which the subadvisory fee rates were negotiated by the Manager and the unaffiliated subadvisers, as well as the fact that the Manager compensates the subadvisers out of its management fee. The Board noted that profitability would be reviewed annually in connection with the review of advisory agreements.

Economies of Scale

The Board noted that the proposed subadvisory fee rate payable to Sterling by the Manager did not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board considered the potential for Sterling to experience economies of scale as the amount of assets of the Portfolio managed by Sterling increased in size. The Board noted that it would review economies of scale 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 “fall-out” or ancillary benefits that might be received by Sterling and its affiliates as a result of their relationships with the Portfolio. The Board concluded that any potential benefits to be derived by Sterling, which included the ability to use soft dollar credits, brokerage commissions received by affiliates of Sterling, potential access to additional research resources, larger assets under management and benefits to their respective reputations, were consistent with the types of benefits generally derived by subadvisers to mutual funds.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreement was in the best interests 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 Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

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


MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102

INVESTMENT SUBADVISERS	Brown Advisory, LLC	901 S. Bond Street Suite 400 Baltimore, MD 21231

	Eagle Asset Management	880 Carillon Parkway St. Petersburg, FL 33716

	EARNEST Partners, LLC	1180 Peachtree Street Suite 2300 Atlanta, GA 30309

	Emerald Mutual Fund Advisers Trust	3175 Oregon Pike Leola, PA 17540

	Epoch Investment Partners, Inc.	399 Park Avenue New York, NY 10022

	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

	Massachusetts Financial Services Company	111 Huntington Avenue Boston, MA 02199

	NFJ Investment Group LLC	2100 Ross Avenue Dallas, TX 75201

	Pacific Investment Management Company LLC	650 Newport Center Drive Newport Beach, CA 92660

	Sterling Capital Management LLC (as of January 2014)	Two Morrocroft Centre 4064 Colony Road Suite 300 Charlotte, NC 28211

	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 1-800-SEC-0330. 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

LOGO


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 A)	TSVAX	875921785
International Equity (Class R)	TEQRX	875921827	Small Capitalization Value (Class R)	TSVRX	875921843
International Equity (Class T)	TAIEX	875921504	Small Capitalization Value (Class T)	TASVX	875921306
Total Return Bond (Class R)	TTBRX	875921819	Intermediate-Term Bond (Class T)	TAIBX	875921801

TMF158E2 0263099-00001-00


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 19, 2014

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


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		June 19, 2014

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

Date:		June 19, 2014

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